Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Friday, March 29, 2024 · 699,655,596 Articles · 3+ Million Readers

Two River Bancorp Reports Record 2018 First Quarter Financial Results Highlighted by a 48.5% Increase in Net Income and EPS of $0.31

Company Declares Quarterly Cash Dividend of $0.045 per share

TINTON FALLS, N.J., April 19, 2018 (GLOBE NEWSWIRE) -- Two River Bancorp (Nasdaq:TRCB) (the "Company"), the parent company of Two River Community Bank (the "Bank"), today reported financial results for the first quarter ended March 31, 2018, highlighted by record first quarter net income and earnings per diluted share driven by 10.1% annualized loan growth and continued solid asset quality.

2018 First Quarter Financial Highlights
(comparisons to respective prior year’s period)

  • Net income increased 48.5% to $2.68 million
  • Earnings per diluted share (EPS) increased 47.6% to $0.31
  • Return on average assets of 1.04%, up from 0.76%
  • Return on average equity of 10.08%, up from 7.18%
  • Net interest margin improved 18 basis points to 3.63%
  • Net interest income increased 15.3% to $8.80 million
  • Non-interest income increased 16.4% to $1.31 million

(Totals at March 31, 2018; comparisons to December 31, 2017)

  • Total loans were $872.3 million, an increase of $21.5 million, or 10.1% annualized
  • Total deposits were $870.9 million, an increase of $9.3 million, or 4.3% annualized
  • Total assets increased to a record $1.042 billion, compared to $1.040 billion
  • Tangible book value per share(1) increased to $10.66, compared to $10.44

Management Commentary
William D. Moss, President and CEO, stated, “We achieved record bottom line results and solid improvement in all key performance metrics during the first quarter. Total loan growth increased by over 10% annualized, despite the sale of a $5.0 million pool of portfolio residential adjustable rate mortgages. The growth in our commercial loan sector originated from a wide range of office, industrial, and residential lending sources without any significant product concentration. On an annualized basis, C&I and construction lending grew over 20% in the first quarter, driven by local relationships and subsequent referrals in our markets. The first quarter volume of loan closings and sizable pipeline will continue to support our performance for the balance of the year.” 

Dividend Information
On April 18, 2018, the Company's Board of Directors declared a regular quarterly cash dividend of $0.045 per share, payable May 30, 2018 to shareholders of record as of May 11, 2018, which marks the 21st consecutive quarterly cash dividend paid by the Company to its shareholders. 

(1)    Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.


Key Quarterly Performance Metrics

  1st Qtr.
4th Qtr.
3rd Qtr. 2nd Qtr. 1st Qtr.
2018
2017
2017
2017
2017
Net Income (in thousands) $ 2,676   $ 335   $ 2,237   $ 2,128   $ 1,802  
Earnings per Common Share – Diluted $ 0.31   $ 0.04   $ 0.26   $ 0.25   $ 0.21  
Return on Average Assets   1.04 %   0.13 %   0.89 %   0.87 %   0.76 %
Return on Average Tangible Assets(1)   1.06 %   0.13 %   0.91 %   0.88 %   0.77 %
Return on Average Equity   10.08 %   1.24 %   8.39 %   8.26 %   7.18 %
Return on Average Tangible Equity(1)   12.12 %   1.49 %   10.13 %   10.01 %   8.74 %
Net Interest Margin   3.63 %   3.56 %   3.62 %   3.49 %   3.45 %
Non-Performing Assets to Total Assets   0.19 %   0.20 %   0.23 %   0.32 %   0.18 %
Allowance as a % of Loans   1.26 %   1.25 %   1.25 %   1.25 %   1.25 %

(1)    Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.


Loan Composition
The components of the Company’s loan portfolio at March 31, 2018 and December 31, 2017 are as follows:  

     
    (In Thousands)
    March 31, 
2018
  December 31,
2017

Commercial and industrial   $   106,758     $ 101,371  
Real estate – construction     124,828       118,094  
Real estate – commercial     545,728       537,733  
Real estate – residential     65,035       64,238  
Consumer     30,748       30,203  
Unearned fees     (770 )     (765 )
      872,327       850,874  
Allowance for loan losses     (10,962 )     (10,668 )
Net Loans   $   861,365     $ 840,206  


Deposit Composition
The components of the Company’s deposits at March 31, 2018 and December 31, 2017 are as follows:  


 
   
    (In Thousands)
    March 31,
2018
    December 31,
 2017
 
Non-interest bearing   $   158,775     $ 167,297  
NOW accounts     217,083       232,673  
Savings deposits     257,711       242,448  
Money market deposits     56,367       59,818  
Listed service CD’s     45,688       44,436  
Time deposits / IRA     82,230       74,183  
Wholesale deposits     53,050       40,702  
Total Deposits   $   870,904     $ 861,557  


2018 First Quarter Financial Review

Net Income
Net income for the three months ended March 31, 2018 was $2.68 million, or $0.31 per diluted common share, compared to $1.80 million, or $0.21 per diluted common share, for the same period last year, an increase of 48.5%. The increase was due primarily to higher net interest income and non-interest income, coupled with a $90,000 tax benefit related to the accounting treatment of equity-based compensation, along with a lower corporate tax rate.

Net Interest Income
Net interest income for the quarter ended March 31, 2018 was $8.80 million, an increase of 15.3% compared to $7.63 million in the corresponding prior year period. This was largely due to an increase of $87.9 million, or 9.8%, in average interest earning assets, primarily driven from growth in the Company’s loan portfolio. 

Net Interest Margin
The Company reported a net interest margin of 3.63% for the first quarter of 2018, compared to the 3.56% reported in the fourth quarter of 2017 and 3.45% reported in the first quarter of 2017. The net interest margin improvement of 7 basis points from the fourth quarter of 2017 was primarily the result of higher yielding interest-earning assets. 

Non-Interest Income
Non-interest income for the quarter ended March 31, 2018 totaled $1.31 million, an increase of $185,000, or 16.4%, compared to the same period in 2017. This was largely the result of a $214,000, or 182.9%, increase in gains on the sale of SBA loans. For the first quarter of 2018, mortgage banking revenue was $338,000, which included a $100,000 gain from the sale of a pool of residential adjustable rate mortgages, compared to $426,000 in the corresponding period in 2017, which included a $91,000 gain from the sale of a pool of residential adjustable rate mortgages. The Company experienced a slowdown in residential lending activity partially due to a prolonged winter that led to a late start to the spring housing market, coupled with tighter competition for purchase transactions.

Non-Interest Expense
Non-interest expense for the quarter ended March 31, 2018 totaled $6.23 million, an increase of $450,000, or 7.8%, compared to the same period in 2017, mainly due to higher salaries and benefits resulting from annual merit increases, along with new hires within the lending and deposit teams. 

Provision / Allowance for Loan Losses
During the quarter, the Company reported a $400,000 provision for loan losses, compared to $225,000 in the prior year period. The increase was largely due to the strong loan growth during the period. The Company had $106,000 in net loan charge-offs during the quarter, compared to $223,000 of net loan charge offs in the same period last year. 

As of March 31, 2018, the Company's allowance for loan losses was $10.96 million, compared to $10.67 million at December 31, 2017. The loss allowance as a percentage of total loans was 1.26% at March 31, 2018, compared to 1.25% at December 31, 2017.

Financial Condition / Balance Sheet
At March 31, 2018, the Company maintained capital ratios that were in excess of regulatory standards for well-capitalized institutions. The Company's Tier 1 capital to average assets ratio was 8.88%, common equity Tier 1 to risk weighted assets ratio was 9.73%, Tier 1 capital to risk weighted assets ratio was 9.73%, and total capital to risk weighted assets ratio was 11.96%.

Total assets as of March 31, 2018 were $1.042 billion, compared to $1.040 billion at December 31, 2017 and $967.1 million at March 31, 2017.

Total loans as of March 31, 2018 grew to $872.3 million, compared to $850.9 million reported at December 31, 2017 and $762.7 million at March 31, 2017. This loan growth was funded primarily by a combination of deposit growth and excess cash on hand. 

Total deposits as of March 31, 2018 grew to $870.9 million, compared to $861.6 million as of December 31, 2017 and $799.7 million at March 31, 2017. Core checking deposits at March 31, 2018 were $375.9 million, compared to $400.0 million at December 31, 2017 and $344.5 million at March 31, 2017. The Company continues to focus on building core checking account deposit relationships, which can vary from quarter to quarter due to seasonality in municipal relationships.

Asset Quality
The Company's non-performing assets at March 31, 2018 were $1.97 million, compared to $2.07 million at December 31, 2017 and $1.77 million at March 31, 2017. Non-performing assets to total assets at March 31, 2018 were 0.19%, compared to 0.20% at December 31, 2017 and 0.18% at March 31, 2017.

Non-accrual loans were $1.97 million at March 31, 2018, compared to $2.07 million at December 31, 2017 and $1.77 million at March 31, 2017. There was no OREO at both March 31, 2018 and December 31, 2017, compared to $259,000 at March 31, 2017.

Troubled debt restructured loan balances amounted to $6.84 million at March 31, 2018, with all but $878,000 performing. This compared to $7.05 million at December 31, 2017 and $8.16 million at March 31, 2017.

About the Company
Two River Bancorp is the holding company for Two River Community Bank, which is headquartered in Tinton Falls, New Jersey. Two River Community Bank operates 14 branches along with two loan production offices throughout Monmouth, Middlesex, Union, and Ocean Counties, New Jersey. More information about Two River Community Bank and Two River Bancorp is available at www.tworiverbank.com.

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continue," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy," or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; loan and investment prepayments differing from our assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees, customers or outsiders; and the inability to successfully implement or expand new lines of business or new products and services. For a list of other factors which would affect our results, see the Company's filings with the Securities and Exchange Commission, including those risk factors identified in the "Risk Factor" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2017. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation for updating any such forward-looking statements at any time, except as required by law.

Investor Contact:
Adam Prior, Senior Vice President 
The Equity Group Inc.
Phone: (212) 836-9606
Email: aprior@equityny.com 

Media Contact:
Adam Cadmus, Marketing Director
Two River Community Bank
Phone: (732) 982-2167
Email: acadmus@tworiverbank.com


TWO RIVER BANCORP
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
For the Three Months Ended March 31, 2018 and 2017
     (in thousands, except per share data)

    Three Months Ended
March 31,
 
    2018     2017  
Interest Income:            
Loans, including fees   $   9,821     $ 8,403  
Securities:            
Taxable     297       233  
Tax-exempt     282       285  
Interest-bearing deposits     67       72  
Total Interest Income     10,467       8,993  
Interest Expense:            
Deposits     1,358       1,038  
Securities sold under agreements to repurchase     14       15  
Federal Home Loan Bank (“FHLB”) and other borrowings     130       145  
Subordinated debt     165       165  
Total Interest Expense     1,667       1,363  
Net Interest Income     8,800       7,630  
Provision for Loan Losses       400       225  
Net Interest Income after Provision for Loan Losses     8,400       7,405  
Non-Interest Income:            
Service fees on deposit accounts     238       150  
Mortgage banking     338       426  
Other loan fees     111       92  
Earnings from investment in bank owned life insurance     130       136  
Gain on sale of SBA loans       331       117  
Other income       162       204  
Total Non-Interest Income     1,310       1,125  
Non-Interest Expenses:            
Salaries and employee benefits       3,885       3,453  
Occupancy and equipment       1,090       1,054  
Professional       340       341  
Insurance       57       48  
FDIC insurance and assessments       123       123  
Advertising       60       110  
Data processing       152       130  
Outside service fees       81       103  
OREO expenses, impairment and sales, net       (1 )     (3 )
Loan workout expenses     51       27  
Other operating       389       391  
Total Non-Interest Expenses     6,227       5,777  
Income before Income Taxes     3,483       2,753  
Income Tax Expense     807       951  
Net Income   $   2,676     $ 1,802  
Earnings Per Common Share:            
Basic   $   0.32     $ 0.22  
Diluted   $   0.31     $ 0.21  
Weighted average common shares outstanding:            
Basic     8,447       8,341  
Diluted     8,675       8,618  


TWO RIVER BANCORP
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except share data)

  March 31,   December 31,  
  2018   2017  
ASSETS            
Cash and due from banks $ 13,452   $ 29,575  
Interest-bearing deposits in bank   15,143     18,644  
Cash and cash equivalents   28,595     48,219  
             
Securities available for sale     32,835     31,132  
Securities held to maturity   57,819     58,002  
Restricted investments, at cost     5,597     5,430  
Loans held for sale     1,834     2,581  
Loans   872,327     850,874  
Allowance for loan losses   (10,962 )   (10,668 )
Net loans   861,365     840,206  
             
Bank owned life insurance   21,703     21,573  
Premises and equipment, net     6,157     6,239  
Accrued interest receivable     2,492     2,554  
Goodwill     18,109     18,109  
Other assets     5,721     5,753  
             
Total Assets $   1,042,227   $ 1,039,798  
             
LIABILITIES AND SHAREHOLDERS’ EQUITY            
Liabilities:            
Deposits:            
Non-interest-bearing $ 158,775   $ 167,297  
Interest-bearing     712,129     694,260  
Total Deposits     870,904     861,557  
             
Securities sold under agreements to repurchase     18,472     27,120  
FHLB and other borrowings     24,500     25,800  
Subordinated debt    9,896     9,888  
Accrued interest payable     69     70  
Other liabilities     9,406     8,792  
             
Total Liabilities   933,247     933,227  
             
Shareholders’ Equity            
Preferred stock, no par value; 6,500,000 shares authorized, no shares issued and outstanding     -      -  
Common stock, no par value; 25,000,000 shares authorized;            
Issued –  8,836,726 and 8,782,124 at March 31, 2018 and December 31, 2017, respectively            
Outstanding –  8,524,632 and 8,470,030 at March 31, 2018 and December 31, 2017, respectively   79,932     79,678  
Retained earnings     31,907     29,593  
Treasury stock, at cost; 312,094 shares at March 31, 2018 and December 31, 2017, respectively    (2,396 )   (2,396 )
Accumulated other comprehensive loss     (463 )   (304 )
Total Shareholders' Equity     108,980     106,571  
             
Total Liabilities and Shareholders’ Equity $ 1,042,227   $ 1,039,798  


TWO RIVER BANCORP
Selected Consolidated Financial Data (Unaudited)

Selected Consolidated Earnings Data
(in thousands, except per share data)

   Three Months Ended
  March 31,   December 31,   March 31,
Selected Consolidated Earnings Data:  2018    2017    2017
Total Interest Income $  10,467   $ 10,074   $ 8,993
Total Interest Expense   1,667     1,545     1,363
Net Interest Income   8,800     8,529     7,630
Provision for Loan Losses   400     675     225
Net Interest Income after Provision for Loan Losses   8,400     7,854     7,405
Other Non-Interest Income   1,310     1,343     1,125
Other Non-Interest Expenses   6,227     5,919     5,777
Income before Income Taxes   3,483     3,278     2,753
Income Tax Expense   807     2,943     951
Net Income $    2,676   $ 335   $ 1,802
           
Per Common Share Data:          
Basic Earnings $   0.32   $ 0.04   $ 0.22
Diluted Earnings $   0.31   $ 0.04   $ 0.21
Book Value $   12.78   $ 12.58   $ 12.21
Tangible Book Value(1) $   10.66   $ 10.44   $ 10.05
Average Common Shares Outstanding (in thousands):          
Basic   8,447     8,420     8,341
Diluted   8,675     8,673     8,618

(1)  Non-GAAP Financial Information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.

             

Selected Period End Balances
(in thousands)

  March 31,   Dec. 31,   Sept. 30,   June 30,   March 31,  
  2018   2017   2017   2017   2017  
Total Assets $   1,042,227   $ 1,039,798   $ 1,000,245   $ 983,099   $ 967,073  
Investment Securities and Restricted Stock   96,251     94,564     92,641     92,634     94,850  
Total Loans   872,327     850,874     816,078     794,908     762,687  
Allowance for Loan Losses   (10,962 )   (10,668 )   (10,223 )   (9,953 )   (9,567 )
Goodwill and Other Intangible Assets   18,109     18,109     18,109     18,109     18,109  
Total Deposits   870,904     861,557     821,872     810,725     799,705  
Repurchase Agreements   18,472     27,120     22,576     25,823     21,437  
FHLB and Other Borrowings   24,500     25,800     30,300     24,300     24,300  
Subordinated Debt   9,896     9,888     9,879     9,871     9,863  
Shareholders' Equity   108,980     106,571     106,567     104,524     102,406  
                     
Asset Quality Data (by Quarter)                    
(dollars in thousands) March 31,   Dec. 31,   Sept. 30,   June 30,   March 31,  
  2018   2017   2017   2017   2017  
Nonaccrual Loans $   1,972   $ 2,070   $ 2,345   $ 2,946   $ 1,511  
OREO   -     -     -     233     259  
Total Non-Performing Assets   1,972     2,070     2,345     3,179     1,770  
                     
Troubled Debt Restructured Loans:                    
Performing   5,965     6,053     6,925     6,990     7,754  
Non-Performing   878     994     1,129     960     405  
                     
Non-Performing Loans to Total Loans   0.23 %   0.24 %   0.29 %   0.37 %   0.20 %
Non-Performing Assets to Total Assets   0.19 %   0.20 %   0.23 %   0.32 %   0.18 %
Allowance as a % of Loans   1.26 %   1.25 %   1.25 %   1.25 %   1.25 %
                     


Capital Ratios          
    March 31, 2018   December 31, 2017  
  CET 1 Capital
to Risk Weighted
Assets Ratio
 
 
 
Tier 1
Capital
to
Average
Assets
Ratio
 
 
 
Tier 1
Capital
to Risk
Weighted
Assets Ratio
 
 
 
Total
Capital
to Risk Weighted
Assets
Ratio
  CET 1 Capital
to Risk Weighted
Assets Ratio
 
 
 
Tier 1
Capital
to
Average Assets
Ratio
 
 
 
Tier 1
Capital
to Risk Weighted
Assets Ratio
    Total
Capital to
Risk Weighted
Assets
Ratio
 
   
   
Two River Bancorp 9.73 % 8.88 % 9.73 % 11.96 % 9.68 % 8.85 % 9.68 % 11.93 %
Two River Community Bank 10.66 % 9.74 % 10.66 % 11.83 % 10.66 % 9.76 % 10.66 % 11.82 %
"Well capitalized" institution (under prompt corrective action regulations)* 6.50 % 5.00 % 8.00 % 10.00 % 6.50 % 5.00 % 8.00 % 10.00 %
 
*Applies to Bank only.  For the Company to be “well capitalized,” the Tier 1 Capital to Risk Weighted Assets has to be at least 6.00%.


Consolidated Average Balance Sheets & Yields
With Resultant Interest and Average Rates

  Three Months Ended   Three Months Ended
(dollars in thousands) March 31, 2018   March 31, 2017
    Interest /
Income
Expense
      Interest /
Income
Expense
 
ASSETS Average
Balance
    Average
Yield /
Rate
  Average
Balance
    Average
Yield /
Rate
Interest-Earning Assets:          
Interest-bearing deposits in banks $ 18,135   $ 67   1.50 %   $ 38,263   $ 72   0.76 %
Investment securities 97,625   579   2.37 %   96,030   518   2.16 %
Loans, net of unearned fees(1) (2) 868,544   9,821   4.59 %   762,150   8,403   4.47 %
                           
Total Interest-Earning Assets 984,304   10,467   4.31 %   896,443   8,993   4.07 %
                           
Non-Interest-Earning Assets:                          
Allowance for loan losses (10,840 )           (9,645 )        
All other assets 72,889             75,551          
                           
Total Assets $ 1,046,353               $ 962,349            
                           
LIABILITIES & SHAREHOLDERS' EQUITY                          
Interest-Bearing Liabilities:                          
NOW deposits $ 236,674   310   0.53 %   $ 191,903   212   0.45 %
Savings deposits 248,488   354   0.58 %   256,499   327   0.52 %
Money market deposits 58,348   25   0.17 %   61,668   26   0.17 %
Time deposits 168,327   669   1.61 %   136,474   473   1.41 %
Securities sold under agreements to repurchase 19,636   14   0.29 %   19,376   15   0.31 %
FHLB and other borrowings 28,217   130   1.87 %   24,447   145   2.41 %
Subordinated debt 9,893   165   6.67 %   9,860   165   6.69 %
                           
Total Interest-Bearing Liabilities 769,583   1,667   0.88 %   700,227   1,363   0.79 %
                           
Non-Interest-Bearing Liabilities:                          
Demand deposits 160,060             153,185          
Other liabilities 9,033             7,185          
                           
Total Non-Interest-Bearing Liabilities 169,093             160,370          
                           
Shareholders’ Equity 107,677             101,752          
                           
Total Liabilities and Shareholders’ Equity $ 1,046,353               $ 962,349            
                           
NET INTEREST INCOME     $ 8,800             $ 7,630      
                           
NET INTEREST SPREAD(3)         3.43 %           3.28 %
                           
NET INTEREST MARGIN(4)         3.63 %           3.45 %

(1)  Included in interest income on loans are loan fees.
(2)  Includes non-performing loans.
(3)  The interest rate spread is the difference between the weighted average yield on average interest-earning and the weighted average cost of average interest-bearing liabilities.
(4)  The interest rate margin is calculated by dividing annualized net interest income by average interest-earning assets.


Reconciliation of Non-GAAP Financial Measures

The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting policies in the United States (GAAP). These non-GAAP financial measures are "tangible book value per common share," "return on average tangible assets," and "return on average tangible equity." This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Our management uses these non-GAAP measures in its analysis of our performance because it believes these measures are material and will be used as a measure of our performance by investors.

(in thousands, except per share data)
   
  As of and for the Three Months Ended  
  March 31,   Dec. 31,   Sept. 30,   June 30,   March 31,    
  2018   2017   2017   2017   2017    
Total shareholders' equity $ 108,980   $ 106,571   $ 106,567   $ 104,524   $ 102,406    
Less: goodwill and other tangibles   (18,109 )   (18,109 )   (18,109 )   (18,109 )   (18,109 )  
Tangible common shareholders’ equity $ 90,871   $ 88,462   $ 88,458   $ 86,415   $ 84,297    
                                 
Common shares outstanding   8,525     8,470     8,454     8,429     8,389    
Book value per common share $ 12.78   $ 12.58   $ 12.60   $ 12.40   $ 12.21    
                                 
Book value per common share $ 12.78   $ 12.58   $ 12.60   $ 12.40   $ 12.21    
Effect of intangible assets   (2.12 )   (2.14 )   (2.14 )   (2.15 )   (2.16 )  
Tangible book value per common share $ 10.66   $ 10.44   $ 10.46   $ 10.25   $ 10.05    
                       
Return on average assets 1.04 % 0.13 % 0.89 % 0.87 % 0.76 %  
Effect of average intangible assets 0.02 % -   0.02 % 0.01 % 0.01 %  
Return on average tangible assets 1.06 % 0.13 % 0.91 % 0.88 % 0.77 %  
                       
Return on average equity 10.08 % 1.24 % 8.39 % 8.26 % 7.18 %  
Effect of average intangible assets 2.04 % 0.25 % 1.74 % 1.75 % 1.56 %  
Return on average tangible equity 12.12 % 1.49 % 10.13 % 10.01 % 8.74 %  

 

Primary Logo

Powered by EIN News


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release