California BanCorp Reports Record Earnings of $2.2 million, Up 17% from 2Q17, and a Strong 16% Core Deposit Growth

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OAKLAND, Calif., July 25, 2018 (GLOBE NEWSWIRE) -- California BanCorp (the "Company") CALB, the parent company of California Bank of Commerce (the "Bank"), today announced record earnings and strong asset growth year-over-year for the second quarter of 2018. 

Net income increased 17% to $2.2 million, or $0.33 per share for the second quarter of 2018 from $1.9 million, or $0.30 per share, for the second quarter of 2017.  Net income for the three months ended June 30, 2018 excluding non-recurring expenses was $2.6 million, a 39% increase over 2017 and $0.39 per share, a 31% increase over per share income in the prior year quarter.

For the first six months ended June 30, 2018, net income increased 16% to $4.1 million, or $0.63 per share, compared to $3.5 million, or $0.57 per share, for the first six months of 2017.  Net income for the six months ended June 30, 2018 excluding non-recurring expenses was $4.7 million, a 34% increase over 2017 and $0.72 per share, a 27% increase over per share income in the prior year period.

Earnings growth between the periods was the result of strong loan growth of $50 million to $753 million at June 30, 2018 compared to a year ago, primarily in C&I loans, which increased by $32 million or 11% to $330 million.

Total assets reached a record $911 million as of June 30, 2018, up 13% or $105 million compared to a year ago. This growth was propelled by strong commercial deposit generation as shown by a $50 million, or 18%, increase in non-interest bearing deposits and an additional $48 million, or 14% increase, in core commercial interest-bearing deposits.

"The strong C&I loan and non-interest bearing core deposit growth over the past year is the result of the Bank's focus on its core middle-market relationship banking model supported by key hires of seasoned commercial bankers throughout the San Francisco Bay Area," stated Steven Shelton, President and Chief Executive Officer.

To support the Bank's continued Bay Area expansion, "we also recently announced the formation of a Professional Banking Division to provide custom liquidity and credit solutions to clients in the legal, accounting, insurance and not-for-profit industries," added Shelton.

Financial Highlights

June 30, 2018 compared to June 30, 2017

  • Total assets increased by $105 million, or 13% to a record level of $911 million.
  • Gross loans increased by $50 million, or 7% to a record level of $753 million.
  • Total deposits increased by $94 million, or 13% to a record level of $800 million.
  • Total equity increased by $9.4 million, or 11% to $91 million.

Income Statement

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Three months ended June 30, 2018 compared to June 30, 2017

  • Net income increased by $308 thousand or 17% to $2.2 million.
  • Net interest income increased by $708 thousand, or 9% to $8.6 million.
  • Non-interest income increased by $106 thousand, or 14% to $888 thousand.
  • Return on average tangible common equity increased to 10.5% from 10.2%.
  • Return on average assets increased to 0.97% from 0.94%.
  • Core earnings increased by $730 thousand or 39% to $2.6 million.
  • Core return on average tangible common equity increased to 12.6% from 10.2%.
  • Core return on average assets increased to 1.16% from 0.94%.

Income Statement

Six months ended June 30, 2018 compared to June 30, 2017

  • Net income increased by $566 thousand or 16% to $4.1 million.
  • Net interest income increased by $1,849 thousand, or 12% to $17.0 million.
  • Non-interest income increased by $389 thousand, or 25% to $1.9 million.
  • Return on average tangible common equity increased to 10.2% from 9.9%.
  • Return on average assets increased to 0.93% from 0.92%.
  • Core earnings increased by $1,201 thousand or 34% to $4.7 million.
  • Core return on average tangible common equity increased to 11.8% from 10.0%.
  • Core return on average assets increased to 1.07% from 0.92%.

 Balance Sheet

Total loans increased by $50 million or 7% from $703 million at June 30, 2017 to $753 million at June 30, 2018.  The largest categories of growth within the loan portfolio were in commercial & industrial loans at $32 million and construction loans at $22 million.  As a result of extraordinary pay-offs over the period, commercial real estate loans were up by only $1 million.

Total deposits increased by $94 million, or 13% from $706 million at June 30, 2018 to $800 million at June 30, 2017, with growth primarily concentrated in commercial non-interest bearing deposits of $50 million, which increased by 18% to $327 million and in commercial interest-bearing transaction accounts of $48 million, which increased by 14% to $383 million.  Time deposits decreased by $4 million, or 4% to $90 million at June 30, 2018.  Non-interest bearing deposits were 41% of total deposits at June 30, 2018, which has contributed to a relatively lower deposit beta compared to other banks.

Shareholder's Equity

Total shareholder's equity increased by $9.4 million, or 11% from $81.8 million at June 30, 2017 to $91.2 million at June 30, 2018.  The $9.4 million increase includes earnings during the twelve-month period totaling $6.5 million and stock option activity totaling $2.6 million related to the exercise of stock options originally issued at the inception of the Bank in 2007.  The tangible book value per common share increased from $11.70 at June 30, 2017 to $12.49 at June 30, 2018.

Net Interest Income and Net Interest Margin – three months ended June 30, 2018 and June 30, 2017

Net interest income was $8.6 million for the three months ended June 30, 2018, an increase of $708 thousand or 9% from $7.9 million for the same period in 2017.  The increase in net interest income includes an increase of $1.2 million in interest income; the largest component of which was an increase in interest and fees on loans of $904 thousand.  This increase in interest and fees on loans was primarily attributable to an increase in the average balance of loans outstanding of $44 million and the change in the Prime interest rate between the periods, with the yield on loans increasing by 20 basis points from 4.83% during the 2017 quarter to 5.03% during the current quarter.

As a result of strong growth of $116 million, or 17% in average total deposits to $786 million during the second quarter of 2018, coupled with higher than normal loan pay-offs, the Bank's average cash and due from balances were substantially higher during the period, increasing by $58 million to $79 million which, in addition to an increase in average yield of 74 basis points to 1.81%, as the rates paid on balances with the Federal Reserve Bank, which increased in tandem with the Federal Funds rates between the periods, led to a $301 thousand increase in interest income to $357 thousand in the current quarter compared to the 2017 quarter.

With the higher level of lower yielding cash balances during the second quarter of 2018 when compared to loans, the yield on total interest-earning assets increased by a modest 2 basis points to 4.68% compared to 4.66% during the second quarter of 2017.  Also, during the second quarter of 2017, the Bank experienced extraordinary loan growth with an average loan to deposit ratio of 105% during the quarter compared to 95% during the 2018 second quarter, which muted the yield expansion on average total earning assets between the periods.

Both average non-interest-bearing and average interest-bearing deposits grew at a strong rate between the quarters, with non-interest-bearing deposits up by $54 million, or 20% to $318 million and interest-bearing deposits up by $62 million, or 15% to $468 million during the second quarter of 2018. The increase in the average balance of interest-bearing deposits, as well as higher interest rates between the periods led to an increase in interest paid on deposits of $450 thousand to $997 thousand during the second quarter of 2018 and an increase in the average rate paid of 18 basis points to 0.51% in the second quarter of 2018 compared to 0.33% in the 2017 quarter.

With strong deposit growth between the periods, average borrowed funds were down significantly by $25 million to $16 million during the second quarter of 2018 compared to the 2017 quarter.  While the average balance declined, the average rate paid on these borrowed funds rose to 5.2% during the second quarter of 2018, up by 3.6% from 1.6% paid during the 2017 period, as the borrowings shifted from primarily short-term overnight borrowing in 2017 to term borrowing during the 2018 second quarter.  At June 30, 2017, the Company entered into a $10 million term loan to provide capital funds to the Bank.  This loan, in addition to $5 million in outstanding subordinated debt, comprised the majority of the borrowed funds outstanding during the 2018 second quarter.

The combination of the strong average deposit balances and commensurate heavy cash position during the second quarter of 2018, when compared to 2017, led the net interest margin to decline by 18 basis points to 4.10% during the period compared to 4.28% in the 2017 quarter.

Net Interest Income and Net Interest Margin – six months ended June 30, 2018 and June 30, 2017

Net interest income for the six months ended June 30, 2018 was $17.0 million, an increase of $1.8 million, or 12.2% from the $15.2 million for the same period in 2017.  During the six month period the Bank benefited from a significant increase in average deposit balances of $125 million or 19% to $781 million, which was deployed primarily into a $65 million increase in average total loans and a $56 million increase in average interest-earning cash and due from bank balances. 

While average total interest–earning assets increased by $118 million, or 16% to $836 million during the 2018 period, the average yield increased by only 4 basis points to 4.66%, primarily as a result of the strong increase in the lower-yielding cash and due from bank balances.  The average yield on total average loans including fees for the six month period in 2018 was 5.04%, up by 21 basis points compared to the 4.84% yield during the same 2017 period.

Of the $125 million increase in average total deposit balances between the six month periods, $48 million were non-interest-bearing deposits while $77 million were interest-bearing.  The overall cost of average total deposit balances was up by 19 basis points to 0.48% during the 2018 period compared to 0.29% during 2017.  Average borrowed funds declined by $16 million to $16 million during the 2018 period while their cost increased by 3.3% to 5.2% in 2018 compared to 2017.

As a result of the strong increase in higher cost interest-bearing balances on the funding side and the impact of the higher volume but lower return cash and due from bank balances to interest-earning assets, the net interest margin declined by 16 basis points to 4.11% during the six month period ended June 30, 2018, compared to the same period in 2017.

Non-Interest Income and Expense – three months ended June 30, 2018 and June 30, 2017

During the three months ended June 30, 2018, non-interest income totaled $888 thousand, an increase of $106 thousand, or 14% from the three month period ended June 30, 2017.  The increase was primarily the result of higher commercial deposit account analysis fees and a $74 thousand increase in gains on loan sales to $108 thousand during the current quarter compared to the 2017 quarter.

During the three months ended June 30, 2018, non-interest expenses increased by $1.6 million, or 32% to $6.6 million compared to the same 2017 quarter.  Of the increase, $1.1 million was in net salaries and benefits expenses, the result of hiring key executive and support staff positions to support the Company's continued growth, a non-recurring severance expense for the recent CEO transition, and a decrease in deferred loan origination costs compared to the 2017 period, when loan origination activity was at an above trend pace.  Occupancy and FF&E expense increased by $170 thousand, or 30% to $746 thousand in the 2018 second quarter as the Bank expanded into its new Walnut Creek location in the second half of 2017 and also expanded its Oakland space early in 2018.  Other non-interest expenses increased by $328 thousand, or 21% to $1.9 million during the 2018 second quarter, primarily as a result of expenses of $255 thousand during the quarter at the bank holding company.  The bank holding company expenses during the quarter included non-recurring costs of $212 thousand.

Non-Interest Income and Expense – six months ended June 30, 2018 and June 30, 2017

During the six months ended June 30, 2018, non-interest income totaled $1.9 million, a $389 thousand, or 25% increase over the same period in 2017.  This increase for the six-month period was primarily the result of higher commercial deposit account analysis fees, loan fee income and a $162 thousand increase in gains on loan sales to $283 thousand in 2018 compared to the 2017 period.

During the six months ended June 30, 2018, non-interest expenses increased by $3.3 million or 34% to $13.1 million compared to the same period in 2017.  Of this increase, $2.2 million was in net salaries and benefits expenses, the result of hiring key executive and support staff positions to support the Company's continued growth, a non-recurring severance expense for the recent CEO transition, and a decrease in deferred loan origination costs compared to the six month period in 2017, when loan origination activity was at an above trend pace.  Occupancy and FF&E expense increased by $260 thousand, or 23% to $1.4 million in the 2018 quarter as the Bank expanded into its new Walnut Creek location in the second half of 2017 and also expanded its Oakland space early in 2018.  Other non-interest expenses increased by $889 thousand, or 30% to $3.8 million during the 2018 period, primarily as a result of expenses of $600 thousand during the quarter at the bank holding company.  The bank holding company expenses included non-recurring costs of $514 thousand in the 2018 period.

Credit Quality

Credit quality remains strong, with non-performing assets ("NPAs") to total assets at 0.39% at June 30, 2018, compared to 0.37% at June 30, 2017, with non-performing loans at $3.5 million and $3.0 million, respectively, on those dates. 

"The loan loss reserve was $9.8 million, or 1.30% of total loans at June 30, 2018 compared to $8.7 million, or 1.24% at June 30, 2017" said Doug Stoveland, Chief Credit Officer.

Closing Remarks

"We are pleased to post another record breaking quarter for both earnings and total loans and deposits," said Chairman Stephen Cortese. "We continue to execute on our strategic initiative to safely grow our company while adding to our shareholders' investment value."

Please see our detailed Second Quarter 2018 Unaudited Summary Financial Statements for more information.

About California BanCorp

California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout the San Francisco Bay Area. The stock trades on the OTCQX marketplace under the symbol CALB (formerly CABC). For more information on California BanCorp, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.

California BanCorp
Steven E. Shelton, (510) 457-3751
President and CEO
seshelton@bankcbc.com

Randall D. Greenfield, (510) 457-3769
Senior EVP and Chief Financial Officer
rgreenfield@bankcbc.com

Source: California BanCorp

CALIFORNIA BANCORP
UNAUDITED SUMMARY FINANCIAL STATEMENTS
INCOME STATEMENT
($ Thousands)

               
($ Thousands) For the three months ended $ Change % Change
Income Statement 6/30/2018 3/31/2018 6/30/2017 QoQ YoY QoQ YoY
Interest and fees on loans $  9,384 $  9,099 $  8,480 $  285  $  904  3% 11%
Other interest income    424    403    126    21     298  5% 237%
Total interest income    9,808    9,502    8,606    306     1,202  3% 14%
               
Interest on deposits    997    863    547    134     450  16% 82%
Interest on borrowings and subordinated debentures    209    206    165    3     44  1% 27%
Total interest expense    1,206    1,069    712    137     494  13% 69%
Net interest income    8,602     8,433     7,894     169      708   2 % 9 %
Provision for loan loss    191    260    1,263    (69)    (1,072) (27%) (85%)
Net interest income after provision    8,411    8,173    6,631    238     1,780  3% 27%
               
Service charges and other account fees    306    264    222    42     84  16% 38%
Loan related fees    320    423    365    (103)    (45) (24%) (12%)
Net gains on loan sales    108    175    34    (67)    74  (38%) 218%
Other    154    178    161    (24)    (7) (13%) (4%)
Total non-interest income    888     1,040     782     (152)    106   (15%) 14 %
               
Salaries and employee benefits    3,950    3,879    2,843    71     1,107  2% 39%
Occupancy and equipment expenses    746    664    576    82     170  12% 30%
Data processing, internet and software    357    385    395    (28)    (38) (7%) (10%)
Professional and legal    168    177    225    (9)    (57) (5%) (25%)
M&A and strategic initiatives    212    302    -    (90)    212  (30%) 0%
Other operating expenses    1,140    1,080    928    60     212  6% 23%
Total operating expenses    6,573     6,487     4,967     86      1,606   1 % 32 %
               
Net income before taxes    2,726    2,726    2,446    -     280  0% 11%
Income taxes    567    793    595    (226)    (28) (28%) (5%)
Net income $  2,159  $  1,933  $  1,851  $  226   $  308   12 % 17 %
               
Earnings Per Share              
Basic earnings per share $  0.33  $  0.30  $  0.30  $  0.03   $  0.03   10 % 10 %
Diluted earnings per share $  0.32  $  0.28  $  0.28  $  0.03   $  0.04   11 % 13 %
Average shares outstanding    6,604,562    6,508,999    6,227,470        
Average diluted shares    6,843,821    6,819,965    6,610,356        


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
INCOME STATEMENT
($ Thousands)

($ Thousands) For the six months ended $ Change % Change
Income Statement 6/30/2018 6/30/2017 YTDoYTD YTDoYTD
Interest and fees on loans $  18,483 $  16,165 $  2,318  14%
Other interest income    827    267    560  210%
Total interest income    19,310    16,432    2,878  18%
         
Interest on deposits    1,860    945    915  97%
Interest on borrowings and subordinated debentures    416    301    115  38%
Total interest expense    2,276    1,246    1,030  83%
Net interest income    17,034     15,186     1,848   12 %
Provision for loan loss    450    1,813    (1,363) (75%)
Net interest income after provision    16,584    13,373    3,211  24%
         
Service charges and other account fees    570    441    129  29%
Loan related fees    743    636    107  17%
Net gains on loan sales    283    121    162  134%
Other    332    341    (9) (3%)
Total non-interest income    1,928     1,539     389   25 %
         
Salaries and employee benefits    7,829    5,670    2,159  38%
Occupancy and equipment expenses    1,410    1,150    260  23%
Data processing, internet and software    742    781    (39) (5%)
Professional and legal    345    424    (79) (19%)
M&A and strategic initiatives    514    -    514  0%
Other operating expenses    2,220    1,728    492  28%
Total operating expenses    13,060     9,753     3,307   34 %
         
Net income before taxes    5,452    5,159    293  6%
Income taxes    1,360    1,633    (273) (17%)
Net income $  4,092  $  3,526  $  566   16 %
         
Earnings Per Share        
Basic earnings per share $  0.63  $  0.57  $  0.07   11 %
Diluted earnings per share $  0.60  $  0.54  $  0.06   12 %
Average shares outstanding    6,557,046    6,197,476    359,570   
Average diluted shares    6,831,442    6,575,481    255,961   


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
BALANCE SHEET
($ Thousands)

  At period end $ Change % Change 
Balance Sheet 6/30/2018 3/31/2018 6/30/2017 QoQ YoY QoQ YoY 
Cash and equivalents $  111,202  $  121,342  $  52,513 $  (10,140) $  58,689  (8%) 112% 
Investment securities    11,652     12,268     14,376    (616)    (2,724) (5%) (19%) 
Other investments    3,536     3,199     3,199    337     337  11% 11% 
                
Commercial loans    329,914     329,269     297,877    645     32,037  0% 11% 
CRE loans    357,969     345,580     356,611    12,389     1,358  4% 0% 
Construction loans    40,671     41,182     18,192    (511)    22,479  (1%) 124% 
Other loans    24,778     26,342     30,155    (1,564)    (5,377) (6%) (18%) 
Loans    753,332     742,373     702,835    10,959     50,497  1% 7% 
Allowance for loan losses    9,800     9,600     8,700    200     1,100  2% 13% 
Net loans    743,532      732,773      694,135     10,759      49,397   1 % 7 % 
                
Premises and equipment, net    2,428     2,600     2,381    (172)    47  (7%) 2% 
Bank owned life insurance    16,651     16,547     16,215    104     436  1% 3% 
Deferred income taxes, net    5,583     3,894     7,175    1,689     (1,592) 43% (22%) 
Core Deposit Intangible    419     433     475    (14)    (56) (3%) (12%) 
Goodwill    7,350     7,350     7,350    -     -  0% 0% 
Other assets and interest receivable    9,003     8,942     8,953    61     50  1% 1% 
Total assets $  911,356   $  909,348   $  806,772  $  2,008   $  104,584   0 % 13 % 
                
Demand deposits $  326,556  $  321,214  $  276,654 $  5,342  $  49,902  2% 18% 
Interest bearing demand deposits    28,278     26,744     16,614    1,534     11,664  6% 70% 
Money market & savings deposits    354,783     361,022     318,854    (6,239)    35,929  (2%) 11% 
Time deposits    90,176     89,928     93,748    248     (3,572) 0% (4%) 
Total deposits    799,793      798,908      705,870     885      93,923   0 % 13 % 
                
Borrowings    11,500     14,500     11,000    (3,000)    500  (21%) 5% 
Subordinated debentures    4,951     4,947     4,935    4     16  0% 0% 
Other liabilities    3,960     3,130     3,178    830     782  27% 25% 
Total liabilities    820,204     821,485     724,983    (1,281)    95,221  (0%) 13% 
                
Common stock    79,395     78,229     70,396    1,166     8,999  1% 13% 
Retained earnings    11,894     9,735     11,348    2,159     546  22% 5% 
Other comprehensive income    (137)    (101)    45    (36)    (182) 36%   
Total shareholder's equity    91,152      87,863      81,789     3,289      9,363   4 % 11 % 
Total liabilities and equity $  911,356   $  909,348   $  806,772  $  2,008   $  104,584   0 % 13 % 
                
Book value per common share $  13.62  $  13.39  $  12.90 $  0.23  $  0.72  2% 6% 
Tangible book value per common share $  12.49  $  12.23  $  11.70 $  0.26  $  0.79  2% 7% 
Total shares outstanding    6,691,664     6,560,445     6,341,048         


  For the three months ended $ Change % Change
Average Balance Sheet Items      6/30/2018 3/31/2018 6/30/2017 QoQ YoY QoQ YoY
Assets $  894,024 $  882,386 $  792,739 $  11,638  $  101,285  1% 13%
Loans    749,057    729,781    704,724    19,276     44,333  3% 6%
Investments    12,165    12,736    14,674    (571)    (2,509) (4%) (17%)
Earning Assets    840,653    830,522    740,647    10,131     100,006  1% 14%
Non-Interest Bearing Deposits    317,759    304,551    264,101    13,208     53,658  4% 20%
Deposits    785,613    775,625    670,080    9,988     115,533  1% 17%
Borrowings    16,259    16,078    41,125    181     (24,866) 1% (60%)
Tangible Common Equity    82,247    79,188    72,687    3,059     9,560  4% 13%


  For the three months ended
Performance Ratios 6/30/2018 3/31/2018 6/30/2017
Return on average assets 0.97% 0.89% 0.94%
Return on average common equity 9.20% 8.97% 9.17%
Return on average tangible common equity 10.53% 9.90% 10.22%
Efficiency ratio 69.26% 68.49% 57.24%
Net interest margin 4.10% 4.12% 4.28%
Average loan yield 5.03% 5.06% 4.83%
Average deposit rate 0.51% 0.45% 0.33%
Average borrowing rate 5.18% 5.20% 1.61%
Average total loans to total deposits 95.4% 94.1% 105.2%
Average C&I loans to total loans 43.9% 43.9% 41.4%
Average non-interest bearing deposits to total deposits 40.5% 39.3% 39.4%


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
BALANCE SHEET
($ Thousands)

         
  For the six months ended $ Change % Change
Average Balance Sheet Items 6/30/2018 6/30/2017 YTDoYTD YTDoYTD
Assets $  886,999 $  769,561 $  117,438  15%
Loans    739,472    674,247    65,225  10%
Investments    12,312    15,058    (2,746)     (18%)
Earning Assets    835,615    717,416    118,199  16%
Non-Interest Bearing Deposits    311,192    262,888    48,304  18%
Deposits    780,646    655,749    124,897  19%
Borrowings    16,114    32,269    (16,155) (50%)
Tangible Common Equity    80,718    71,371    9,347  13%
              
              
  For the six months ended 
Performance Ratios 6/30/2018 6/30/2017                                                                  
Return on average assets 0.93%       0.92% 
Return on average common equity 9.10% 9.29% 
Return on average tangible common equity 10.22% 9.94% 
Efficiency ratio 68.87% 58.31% 
Net interest margin 4.11% 4.27% 
Average loan yield 5.04% 4.84% 
Average deposit rate 0.48% 0.29% 
Average borrowing rate 5.19% 1.88% 
Average total loans to total deposits 94.7% 102.8% 
Average C&I loans to total loans 43.9% 40.5% 
Average non-interest bearing deposits to total deposits39.9% 40.1% 


CALIFORNIA BANCORP

UNAUDITED SUMMARY FINANCIAL STATEMENTS
BALANCE SHEET
($ Thousands)

  At period end 
Capital Ratios - Bank 6/30/2018 3/31/2018 6/30/2017 
Tier 1 leverage ratio  10.56%   10.27%   10.69%  
Common equity tier 1 capital ratio  10.65%   10.34%   10.00%  
Tier 1 risk-based capital ratio  10.65%   10.34%   10.00%  
Total risk-based capital ratio  12.35%   12.04%   11.64%  
        
  At period end 
Non-Performing Assets 6/30/2018 3/31/2018 6/30/2017 
Non-Accrual Loans $  2,525  $  2,632  $  1,610  
Restructured Loans    1,009     1,399     1,361  
Total non-performing loans (NPL)    3,534     4,031     2,971  
Other Real Estate Owned    -     -     -  
Total non-performing assets (NPA) $  3,534  $  4,031  $  2,971  
Quarterly Net (Charge-offs)/Recoveries $  10  $  40  $  (825) 
        
NPAs / Assets %  0.39%   0.44%   0.37%  
NPAs / Loans and OREO %  0.47%   0.54%   0.42%  
Loan Loss Reserves / Loans (%)  1.30%   1.29%   1.24%  
Loan Loss Reserves / NPLs (%)  277%   238%   293%  


 

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Posted In: EarningsPress Releases
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