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Fidelity D & D Bancorp, Inc. Reports Second Quarter 2018 Financial Results Improved 27%

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DUNMORE, Pa., July 25, 2018 (GLOBE NEWSWIRE) -- Fidelity D & D Bancorp, Inc. (NASDAQ:FDBC) and its banking subsidiary Fidelity Deposit and Discount Bank, announced net income for the quarter ended June 30, 2018 of $2.8 million, or $0.73 diluted earnings per share, compared to $2.2 million, or $0.59 diluted earnings per share, for the quarter ended June 30, 2017.  The $0.6 million growth in net income, or 27%, resulted primarily from $0.5 million higher net interest income combined with $0.2 million more non-interest income and a $0.2 million reduction in the provision for income taxes, partially offset by $0.1 million higher operating expenses and $0.2 million additional provision for loan losses.  The Company experienced $48.7 million, or 6%, growth in average interest-earning assets funded by $63.3 million growth in average deposits and $4.7 million growth in average shareholders' equity after the $19.3 million paydown in average borrowings during the second quarter of 2018 compared to the second quarter of 2017.  This balance sheet growth increased the second quarter's income before income taxes by $0.4 million, or 13%.  Return on average assets (ROA) and return on average equity (ROE) were 1.24% and 12.60%, respectively, for the second quarter of 2018 and 1.04% and 10.49%, respectively, for the second quarter of 2017.

"The second quarter results continue to show strong company performance," stated Daniel J. Santaniello, President and Chief Executive Officer.  "During the second quarter, Forbes Magazine named Fidelity Bank "America's Best-In-State Banks for 2018" in Pennsylvania, based on various criteria including trustworthiness, digital services, financial advice, branch services and general satisfaction. This innovative and customer-centric focus and the strong financial results continue to be a reflection of the Fidelity Banker's commitment to building relationships and partnering with our clients to achieve their financial success."

Net income increased $1.1 million, or 27%, for the six months ended June 30, 2018 to $5.3 million from $4.2 million for the same 2017 period.  The year-to-date increase was primarily driven by higher total revenue from a $1.0 million, or 8%, increase in net interest income and $0.4 million more non-interest income.  The increase in net interest income was the result of $52.4 million growth in average interest-earning assets and higher yields earned thereon.  This total revenue growth more than offset the $0.5 million in additional non-interest expenses and a $0.2 million higher provision for loan losses.  Earnings per share on a diluted basis were $1.40 and $1.12 for the six months ended June 30, 2018 and 2017, respectively.

On August 15, 2017, the Company declared a three-for-two stock split effected in the form of a 50% stock dividend on its common stock outstanding to shareholders of record as of September 18, 2017 and distributed the shares on September 28, 2017.  All share and per share information included in this earnings release for all periods has been retroactively adjusted to reflect this stock split.

Consolidated Second Quarter Operating Results Overview

Net interest income was $7.5 million for the second quarter of 2018, a $0.5 million, or 6%, increase over the $7.0 million earned for the second quarter of 2017.  The net interest income growth resulted from a larger average balance of interest-earning assets that generated better yields which increased interest income by $0.7 million.  The loan portfolio had the biggest impact, producing $0.5 million more interest income primarily from the consumer and residential portfolios.  Yields on average quarterly balances of $316.9 million in floating loans at June 30, 2018 benefited from 75 basis points in short-term rate increases by the Federal Reserve since the second quarter of 2017, and mitigated the effect of lower yields earned on short average life indirect consumer loans which experienced the most growth in the loan portfolio.  The investment portfolio benefited from the Company investing in $24.7 million more, on average, mortgage backed securities which caused interest income on investments to increase $0.2 million.  Partially offsetting the increase in net interest income from higher interest income, interest expense increased $0.2 million as the average balance of interest-bearing deposits increased $29.9 million and the rates paid on these deposits increased 15 basis points.  The Company's lower tax rate in 2018 due to the Tax Cuts and Jobs Act decreased the fully-taxable equivalent (FTE) yields on nontaxable interest-earning assets and had the effect of reducing FTE net interest rate spread and margin both by eight basis points, respectively.  As a result of the negative impact of the FTE adjustment from the lower tax rate and the higher rates paid on interest-bearing deposits, net interest spread was 3.50% for the second quarter of 2018, or 13 basis points lower than the 3.63% recorded for the same 2017 quarter.  The Company's FTE net interest margin decreased by seven basis points to 3.69% for the three months ended June 30, 2018 from 3.76% for the same 2017 period.  Excluding the effect of the tax rate change, margin increased by one basis point due to the growth of $33.5 million in average non-interest bearing deposits, mitigating the cost of funds increase to only nine basis points.

The provision for loan losses was $0.4 million for the second quarter of 2018, a $0.2 million increase compared to $0.2 million for the second quarter of 2017.  This increase was in response to the Company's loan growth and trending risks associated with certain macroeconomic and other business factors.  This loan growth necessitated a higher provision in order to maintain an allowance level that the Company deemed prudent.

Total other income was $2.4 million for the second quarter of 2018 and $2.2 million for the second quarter of 2017.  The $0.2 million, or 11%, increase in other income was primarily due to $0.1 million higher gains on the sale of securities, $0.1 million more interchange fees and additional financial service fees of $0.1 million, partially offset by less service charges on loans.

Other expenses increased $0.1 million, or 2%, for the second quarter of 2018 to $6.2 million from $6.1 million for the same 2017 quarter.  The increase was primarily due to $0.2 million higher salaries and employee benefits expenses.  Data processing and communications expense also increased approximately $0.1 million.  These increases were partially offset by $0.1 million lower other real estate owned (OREO) expenses due to OREO sales.

The provision for income taxes decreased $0.2 million from $0.7 million for the second quarter of 2017 to $0.5 million for the second quarter of 2018.  The decrease was due to the Company's lower corporate tax rate in 2018.

Consolidated Year-To-Date Operating Results Overview

Net interest income was $14.8 million for the six months ended June 30, 2018 compared to $13.8 million for the six months ended June 30, 2017.  The $1.0 million, or 8%, improvement was the result of earnings from a larger average balance of higher-yielding interest-earning assets which more than offset the increased interest expense from higher rates paid on interest-bearing liabilities.  The loan portfolio caused the largest impact, producing $1.0 million more in interest income, of which $0.5 million was the result of higher average loan balances and $0.5 million stemmed from higher yields earned on loans.  The investment portfolio contributed $0.4 million in additional earnings, primarily from a larger average balance of mortgage-backed securities.  On the liability side, higher rates paid on $42.9 million more interest-bearing deposits primarily caused interest expense to increase by $0.4 million.  FTE net interest spread was 3.52% for the first half of 2018, or nine basis points lower than the 3.61% recorded for the first half of 2017.  The lower FTE adjustment in 2018 had the effect of reducing the spread by seven basis points.  Additionally, the rates paid on interest-bearing liabilities rose faster than the yields earned on interest-earning assets, which further reduced the FTE net interest rate spread.  Over the same time period, the Company's FTE net interest margin decreased by six basis points to 3.68% from 3.74%.  If not for the negative impact of the reduction in the FTE adjustment from the lower tax rate, net interest margin would have increased by two basis points due to the increase in non-interest bearing deposits.

For the six months ended June 30, 2018, the provision for loan losses was $0.7 million compared to $0.5 million for the same 2017 period.  The $0.2 million increase in the provision was due to loan growth and recognizing certain macroeconomic and other business factors within the allowance for loan losses calculation.  Loan growth combined with improving asset quality during 2018 supported the lower allowance for loan losses as a percentage of total loans, which fell to 1.39% at June 30, 2018 compared to 1.48% at June 30, 2017.

Total other income for the six months ended June 30, 2018 was $4.6 million, an increase of $0.4 million, or 10%, from $4.2 million for the six months ended June 30, 2017.  The increase in other income was comprised of the following: $0.2 million in trust income, $0.1 million in interchange fees, $0.1 million in financial service fees and $0.1 million in gains on the sale of securities. These increases were partially offset by $0.1 million fewer gains on loan sales and $0.1 million less service charges on loans.  The increase in trust income was primarily due to more in assets under management during the first half of 2018. 

Other expenses increased to $12.3 million for the six months ended June 30, 2018, an increase of $0.5 million from $11.8 million for the six months ended June 30, 2017.  The largest driver of this increase was a $0.5 million increase in salaries and employee benefits expense.  In addition, there was a $0.1 million increase in data processing expense.  These increases were partially offset by a $0.1 million lower other real estate owned expense and $0.1 million less collection expense.

Consolidated Balance Sheet & Asset Quality Overview

The Company's total assets increased $59.0 million, or 7%, to $922.6 million at June 30, 2018 from $863.6 million at December 31, 2017.  This asset growth resulted primarily from $47.4 million net growth in the loan portfolio and a $7.0 million increase in securities.  Asset growth was mostly funded by a $48.1 million increase in deposits plus $8.6 million in additional borrowings.  The Company continued to focus on increasing assets using its relationship management strategy to grow loans and deposits and achieve profitable returns.  The Company has begun its Luzerne County expansion plans with construction underway on the Back Mountain branch and received regulatory approval to add a branch location in Mountain Top, PA.

Total non-performing assets were $6.0 million, or 0.66% of total assets, at June 30, 2018 compared to $6.3 million, or 0.73% of total assets, at December 31, 2017.  This $0.3 million decrease in non-performing assets was due to the reduction of $0.4 million in other real estate owned and repossessed assets and $0.7 million in non-accrual loans.  An increase of $0.7 million in accruing troubled debt restructurings and $0.1 million in loans past due 90 days and accruing partially offset these decreases. Net charge-offs to average total loans decreased to 0.12% at June 30, 2018 compared to 0.26% at December 31, 2017 and 0.16% at June 30, 2017.

Shareholders' equity increased $1.5 million, or 2%, to $88.9 million at June 30, 2018 from $87.4 million at December 31, 2017.  Net income growth of $5.3 million was partially offset by a $2.7 million, after tax, reduction in net unrealized gains from the investment portfolio.  An additional $0.7 million recorded from the issuance of common stock under the Company's stock plans and stock based compensation expense from these plans, was offset by $1.8 million in cash dividends paid to shareholders.  The Company remains well capitalized and is positioned for continued growth with total shareholders' equity at 9.63% of total assets at June 30, 2018.  Book value per share was $23.68 at June 30, 2018 compared to $23.40 at December 31, 2017.

Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisors to the customers served by The Fidelity Deposit and Discount Bank, and is proud to be an active member of the community of Northeastern Pennsylvania.  The Company serves Lackawanna and Luzerne Counties through The Fidelity Deposit and Discount Bank's 10 community banking office locations providing personal and business banking products and services, including wealth management assistance through fiduciary activities with the Bank's full trust powers; as well as offering a full array of asset management services.  The Bank provides 24 hour, 7 day a week service to customers through branch offices, online at www.bankatfidelity.com, and through the Customer Care Center at 800-388-4380.  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 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:

  • the effects of economic conditions on current customers, specifically the effect of the economy on loan customers' ability to repay loans;
  • the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
  • the impact of new or changes in existing laws and regulations, including the Tax Cuts and Jobs Act and Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the regulations promulgated there under;
  • impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
  • governmental monetary and fiscal policies, as well as legislative and regulatory changes;
  • effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
  • the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
  • 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;
  • 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, computer and the internet;
  • technological changes;
  • the interruption or breach in security of our information systems and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
  • acquisitions and integration of acquired businesses;
  • the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
  • volatilities in the securities markets;
  • acts of war or terrorism;
  • disruption of credit and equity markets; and
  • the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release.  The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

For more information please visit our investor relations web site located through www.bankatfidelity.com

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.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)
 
At Period End:   June 30, 2018     December 31, 2017  
Assets        
Cash and cash equivalents $  17,972   $ 15,825  
Investment securities    164,403     157,385  
Federal Home Loan Bank stock    3,490     2,832  
Loans and leases    686,993     640,141  
Allowance for loan losses    (9,527 )   (9,193 )
Premises and equipment, net    16,189     16,576  
Life insurance cash surrender value    20,315     20,017  
Other assets    22,766     20,054  
         
Total assets $  922,601   $ 863,637  
         
Liabilities        
Non-interest-bearing deposits $  212,364   $ 178,631  
Interest-bearing deposits    565,894     551,515  
Total deposits    778,258     730,146  
Short-term borrowings    29,553     18,502  
FHLB advances    18,704     21,204  
Other liabilities    7,234     6,402  
Total liabilities    833,749     776,254  
         
Shareholders' equity    88,852     87,383  
         
Total liabilities and shareholders' equity $  922,601   $ 863,637  
         
         
Average Year-To-Date Balances:   June 30, 2018     December 31, 2017  
Assets        
Cash and cash equivalents $  22,705   $ 15,644  
Investment securities    167,685     154,738  
Loans and leases, net    639,958     621,440  
Premises and equipment, net    16,400     16,961  
Other assets    41,370     35,564  
         
Total assets $  888,118   $ 844,347  
         
Liabilities        
Non-interest-bearing deposits $  191,256   $ 169,075  
Interest-bearing deposits    565,608     536,123  
Total deposits    756,864     705,198  
Short-term borrowings    17,577     28,673  
FHLB advances    18,952     19,778  
Other liabilities    7,031     6,379  
Total liabilities    800,424     760,028  
         
Shareholders' equity    87,694     84,319  
         
Total liabilities and shareholders' equity $  888,118   $ 844,347  


 
 
FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Statements of Income
(dollars in thousands)
                     
    Three Months Ended   Six Months Ended    
    Jun. 30, 2018     Jun. 30, 2017     Jun. 30, 2018     Jun. 30, 2017      
Interest income                    
Loans and leases $  7,250   $ 6,783   $  14,161   $ 13,153      
Securities and other    1,285     1,071      2,517     2,067      
                     
Total interest income    8,535     7,854      16,678     15,220      
                     
Interest expense                    
Deposits    886     643      1,690     1,229      
Borrowings and debt    126     144      206     246      
                     
Total interest expense    1,012     787      1,896     1,475      
                     
Net interest income    7,523     7,067      14,782     13,745      
                     
Provision for loan losses    (425 )   (225 )    (725 )   (550 )    
Other income    2,371     2,131      4,654     4,236      
Other expenses    (6,162 )   (6,051 )    (12,370 )   (11,848 )    
                     
Income before income taxes    3,307     2,922      6,341     5,583      
                     
Provision for income taxes    (539 )   (739 )    (1,045 )   (1,420 )    
Net income $  2,768   $ 2,183   $  5,296   $ 4,163      
                     
                     
                     
  Three Months Ended
    Jun. 30, 2018   Mar. 31, 2018   Dec. 31, 2017   Sep. 30, 2017   Jun. 30, 2017
Interest income                    
Loans and leases $  7,250   $ 6,911   $ 6,850   $ 6,892   $ 6,783  
Securities and other    1,285     1,232     1,066     1,036     1,071  
                     
Total interest income    8,535     8,143     7,916     7,928     7,854  
                     
Interest expense                    
Deposits    886     804     779     742     643  
Borrowings and debt    126     80     87     140     144  
                     
Total interest expense    1,012     884     866     882     787  
                     
Net interest income    7,523     7,259     7,050     7,046     7,067  
                     
Provision for loan losses    (425 )   (300 )   (525 )   (375 )   (225 )
Other income    2,371     2,283     1,883     2,248     2,131  
Other expenses    (6,162 )   (6,208 )   (6,953 )   (6,035 )   (6,051 )
                     
Income before income taxes    3,307     3,034     1,455     2,884     2,922  
                     
Provision for income taxes    (539 )   (506 )   872     (658 )   (739 )
Net income $  2,768   $ 2,528   $ 2,327   $ 2,226   $ 2,183  
                     
                     


FIDELITY D & D BANCORP, INC.
Unaudited Condensed Consolidated Balance Sheets
(dollars in thousands)
                     
At Period End:   Jun. 30, 2018   Mar. 31, 2018   Dec. 31, 2017   Sep. 30, 2017   Jun. 30, 2017
Assets                    
Cash and cash equivalents $  17,972   $  36,305   $  15,825   $  41,881   $  14,877  
Investment securities    164,403      165,768      157,385      151,995      153,405  
Federal Home Loan Bank stock    3,490      2,320      2,832      2,543      4,028  
Loans and leases    686,993      642,705      640,141      636,096      637,710  
Allowance for loan losses    (9,527 )    (9,408 )    (9,193 )    (9,356 )    (9,406 )
Premises and equipment, net    16,189      16,350      16,576      16,899      16,833  
Life insurance cash surrender value    20,315      20,168      20,017      19,857      19,699  
Other assets    22,766      23,209      20,054      18,351      18,322  
                     
Total assets $  922,601   $  897,417   $  863,637   $  878,266   $  855,468  
                     
Liabilities                    
Non-interest-bearing deposits $  212,364   $  206,729   $  178,631   $  185,858   $  174,909  
Interest-bearing deposits    565,894      568,562      551,515      562,719      532,526  
Total deposits    778,258      775,291      730,146      748,577      707,435  
Short-term borrowings    29,553      8,642      18,502      12,920      34,455  
FHLB advances    18,704      18,704      21,204      23,704      23,704  
Other liabilities    7,234      7,278      6,402      6,781      5,738  
Total liabilities    833,749      809,915      776,254      791,982      771,332  
                     
Shareholders' equity    88,852      87,502      87,383      86,284      84,136  
                     
Total liabilities and shareholders' equity $  922,601   $  897,417   $  863,637   $  878,266   $  855,468  
                     
                     
Average Quarterly Balances:   Jun. 30, 2018   Mar. 31, 2018   Dec. 31, 2017   Sep. 30, 2017   Jun. 30, 2017
Assets                    
Cash and cash equivalents $  21,017   $  24,412   $  19,623   $  15,152   $  13,221  
Investment securities    168,981      166,374      155,943      154,867      158,443  
Loans and leases, net    648,006      631,821      629,489      631,938      620,850  
Premises and equipment, net    16,295      16,507      16,802      16,977      16,946  
Other assets    42,047      40,685      37,997      37,969      36,447  
                     
Total assets $  896,346   $  879,799   $  859,854   $  856,903   $  845,907  
                     
Liabilities                    
Non-interest-bearing deposits $  197,355   $  185,090   $  174,282   $  173,627   $  163,869  
Interest-bearing deposits    565,560      565,655      556,354      542,271      535,697  
Total deposits    762,915      750,745      730,636      715,898      699,566  
Short-term borrowings    19,250      15,885      12,984      25,086      37,410  
FHLB advances    18,704      19,204      21,801      23,704      19,873  
Other liabilities    7,330      6,729      7,442      6,942      5,603  
Total liabilities    808,199      792,563      772,863      771,630      762,452  
                     
Shareholders' equity    88,147      87,236      86,991      85,273      83,455  
                     
Total liabilities and shareholders' equity $  896,346   $  879,799   $  859,854   $  856,903   $  845,907  


 
 
FIDELITY D & D BANCORP, INC.
Selected Financial Ratios and Other Data
                     
    Three Months Ended
    Jun. 30, 2018   Mar. 31, 2018   Dec. 31, 2017   Sep. 30, 2017   Jun. 30, 2017
Selected returns and financial ratios                    
Basic earnings per share $  0.74   $ 0.67   $ 0.63   $ 0.60   $ 0.59  
Diluted earnings per share $  0.73   $ 0.67   $ 0.61   $ 0.60   $ 0.59  
Dividends per share $  0.24   $ 0.24   $ 0.26   $ 0.21   $ 0.21  
Yield on interest-earning assets (FTE)   4.17 %   4.12 %   4.08 %   4.11 %   4.16 %
Cost of interest-bearing liabilities   0.67 %   0.60 %   0.58 %   0.59 %   0.53 %
Cost of funds   0.51 %   0.46 %   0.45 %   0.46 %   0.42 %
Net interest spread (FTE)   3.50 %   3.52 %   3.50 %   3.52 %   3.63 %
Net interest margin (FTE)   3.69 %   3.68 %   3.65 %   3.67 %   3.76 %
Return on average assets   1.24 %   1.17 %   1.07 %   1.03 %   1.04 %
Return on average equity   12.60 %   11.75 %   10.61 %   10.36 %   10.49 %
Efficiency ratio (FTE)   61.20 %   63.95 %   75.13 %   62.73 %   63.55 %
Expense ratio   1.69 %   1.81 %   2.34 %   1.75 %   1.86 %
                     
                     
    Six Months Ended            
    Jun. 30, 2018   Jun. 30, 2017            
Basic earnings per share $  1.41   $ 1.12              
Diluted earnings per share $  1.40   $ 1.12              
Dividends per share $  0.48   $ 0.41              
Yield on interest-earning assets (FTE)   4.15 %   4.12 %            
Cost of interest-bearing liabilities   0.63 %   0.51 %            
Cost of funds   0.48 %   0.40 %            
Net interest spread (FTE)   3.52 %   3.61 %            
Net interest margin (FTE)   3.68 %   3.74 %            
Return on average assets   1.20 %   1.01 %            
Return on average equity   12.18 %   10.18 %            
Efficiency ratio (FTE)   62.55 %   63.65 %            
Expense ratio   1.76 %   1.85 %            
                     
Other financial data   At period end:
(dollars in thousands except per share data)   Jun. 30, 2018   Mar. 31, 2018   Dec. 31, 2017   Sep. 30, 2017   Jun. 30, 2017
Interest income adjustment to FTE $  175   $ 165   $ 322   $ 325   $ 325  
Book value per share $  23.68   $ 23.32   $ 23.40   $ 23.13   $ 22.70  
Equity to assets   9.63 %   9.75 %   10.12 %   9.82 %   9.84 %
Allowance for loan losses to:                    
Total loans   1.39 %   1.47 %   1.44 %   1.47 %   1.48 %
Non-accrual loans   3.45 x   3.24 x   2.67 x   2.42 x   1.44 x
Non-accrual loans to total loans   0.40 %   0.45 %   0.54 %   0.61 %   1.02 %
Non-performing assets to total assets   0.66 %   0.79 %   0.73 %   0.76 %   1.11 %
Net charge-offs to average total loans   0.12 %   0.05 %   0.26 %   0.20 %   0.16 %
                     
Capital Adequacy Ratios                    
Total risk-based capital ratio   14.82 %   15.19 %   14.90 %   14.75 %   14.50 %
Common equity tier 1 risk-based capital ratio   13.57 %   13.93 %   13.65 %   13.50 %   13.25 %
Tier 1 risk-based capital ratio   13.57 %   13.93 %   13.65 %   13.50 %   13.25 %
Leverage ratio   10.02 %   9.98 %   9.91 %   9.80 %   9.68 %
                     

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