UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 
 

Date of Report (Date of earliest event reported): May 12, 2020

 
 
 

FIRST COMMUNITY BANKSHARES, INC.

 

(Exact name of registrant as specified in its charter)

 
 

Virginia

 

000-19297

 

55-0694814

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 
 

P.O. Box 989

Bluefield, Virginia

 

24605-0989

(Address of principal executive offices)

 

(Zip Code)

 
 

Registrant’s telephone number, including area code: (276) 326-9000

__________________________________________________________________________________________________

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock ($1.00 par value)

 

FCBC

 

NASDAQ Global Select

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02     Results of Operations and Financial Condition.

 

On May 11, 2020, First Community Bankshares, Inc. (the “Company”) announced by press release its earnings for the first quarter of 2020. A copy of the press release is attached hereto as Exhibit 99.1.

 

 

Item 9.01     Financial Statements and Exhibits.

 

(d)

The following exhibit is included with this report:

 

Exhibit No.

 

Exhibit Description

 

 

 

99.1

 

Earnings release dated May 11, 2020

 

 

Forward-Looking Statements 

 

This Current Report on Form 8-K contains forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include:  changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

FIRST COMMUNITY BANKSHARES, INC.

     

Date:

May 12, 2020

 

By:

/s/ David D. Brown

     
   

David D. Brown

   

Chief Financial Officer

 

 
ex_184134.htm
 

Exhibit 99.1

 

 

 

NEWS RELEASE

FOR IMMEDIATE RELEASE:

 

FOR MORE INFORMATION, CONTACT:

 May 11, 2020

 

David D. Brown

   

(276) 326-9000

 

First Community Bankshares, Inc. Announces First Quarter Results

 

Bluefield, Virginia – First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended March 31, 2020. The Company reported net income of $7.87 million, or $0.44 per diluted common share, for the quarter ended March 31, 2020, which was a decrease of $0.16, or 26.67%, over the same quarter of 2019.

 

Additionally, the Company recently declared a quarterly cash dividend to common shareholders of twenty-five cents ($0.25) per common share. 2020 is the 35th consecutive year of regular dividends to common shareholders.

 

First Quarter 2020 and Current Highlights

 

Pandemic and General

 

o

The Company initiated social distancing practices at its branches and corporate offices on March 20 2020, and those continue today. Remote working environments were successfully initiated for approximately 80%, of the Company’s back office workforce.

 

o

Implemented a pay differential for employees continuing to work at branch and back-office locations.

 

o

In order to aid its affected customers, the Company modified or deferred payments on 887 commercial loans totaling $254.72 million in principal and 1,535 retail loans totaling $72.80 million in principal balances.

 

o

Through May 1, 2020, the Company processed 641 loans for proceeds of $58.26 million through the SBA’s Paycheck Protection Program.

 

o

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, signed into law on March 27, 2020 to address economic disruption caused by the COVID-19 pandemic, provides financial institutions with the option to not comply with the Financial Accounting Standards Board’s Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) until the earlier of the end of the national emergency or the end of 2020.  The Company has chosen to not comply with ASU No. 2016-13 and its Current Expected Credit Loss methodology (“CECL”), as permitted by the CARES Act, during the national emergency.  Complying during the national emergency would impose significant and ongoing expenses on the Company and consume a significant amount of staff time when the need to process customer loan modifications and deferrals and PPP loan applications remains very high.  Management believes the incurred loss impairment methodology provides a more practical measurement of credit losses in the current economic environment.  

 

Income Statement

 

o

Current year quarter earnings includes a loan loss provision of $3.50 million, an increase of $2.28 million over first quarter of 2019. The provision had the effect of increasing loan loss reserves $2.71 million during the first quarter to recognize the impact of the coronavirus slowdown.

 

o

Despite the significant increase in loan loss provision, return on average assets was 1.16% for the quarter.

 

o

Net interest margin increased 11 basis points to 4.71% compared to the same quarter of 2019, reflective of the addition of Highlands Bankshares, Inc.

 

o

The Company incurred $1.89 million in residual merger expenses related to the Highlands acquisition that occurred December 31, 2019.

 

Balance Sheet

 

o

Prior to the pandemic responses, the Company completed its stock repurchase authorization with the repurchase of 734,653 shares for approximately $21.87 million. Based on the current outlook for economic conditions, the Company decided to temporarily suspend any further share repurchases. As of March 31, 2020, the Company continues to significantly exceed regulatory “well capitalized” targets, as well as all capital targets of its capital management plan.

 

1

 

Non-GAAP Financial Measures

 

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%.  While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

 

 

About First Community Bankshares, Inc.

 

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 58 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of March 31, 2020. First Community Bank offers wealth management and investment advice through its Trust Division and First Community Wealth Management, which collectively managed and administered $1.02 billion in combined assets as of March 31, 2020. The Company reported consolidated assets of $2.74 billion as of March 31, 2020. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

 

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

 

2

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

 
                                         
   

Three Months Ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands, except share and per share data)

 

2020

   

2019

   

2019

   

2019

   

2019

 

Interest income

                                       

Interest and fees on loans

  $ 28,058     $ 21,837     $ 22,068     $ 22,721     $ 22,179  

Interest on securities

    918       870       857       895       1,094  

Interest on deposits in banks

    533       663       680       766       338  

Total interest income

    29,509       23,370       23,605       24,382       23,611  

Interest expense

                                       

Interest on deposits

    1,825       1,312       1,383       1,392       1,305  

Interest on borrowings

    2       1       1       1       120  

Total interest expense

    1,827       1,313       1,384       1,393       1,425  

Net interest income

    27,682       22,057       22,221       22,989       22,186  

Provision for loan losses

    3,500       91       675       1,585       1,220  

Net interest income after provision

    24,182       21,966       21,546       21,404       20,966  

Noninterest income

    7,549       9,314       7,634       8,649       8,080  

Noninterest expense

    21,664       18,883       17,444       16,651       16,785  

Income before income taxes

    10,067       12,397       11,736       13,402       12,261  

Income tax expense

    2,195       2,833       2,580       2,951       2,630  

Net income

  $ 7,872     $ 9,564     $ 9,156     $ 10,451     $ 9,631  
                                         

Earnings per common share

                                       

Basic

  $ 0.44     $ 0.61     $ 0.59     $ 0.67     $ 0.61  

Diluted

    0.44       0.61       0.58       0.66       0.60  

Cash dividends per common share

                                       

Regular

    0.25       0.25       0.25       0.25       0.21  

Weighted average shares outstanding

                                       

Basic

    17,998,994       15,611,093       15,603,992       15,712,204       15,839,424  

Diluted

    18,050,071       15,670,047       15,664,587       15,775,320       15,920,950  

Performance ratios

                                       

Return on average assets

    1.16 %     1.71 %     1.65 %     1.89 %     1.75 %

Return on average common equity

    7.49 %     11.08 %     10.80 %     12.57 %     11.77 %

Return on average tangible common equity(1)

    11.12 %     15.33 %     15.19 %     17.57 %     16.66 %

 


(1)

A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets

 

 

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)

 
                                         
   

Three Months Ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 
   

2020

   

2019

   

2019

   

2019

   

2019

 

(Amounts in thousands, except per share data)

                                       

Net income

  $ 7,872     $ 9,564     $ 9,156     $ 10,451     $ 9,631  

Non-GAAP adjustments:

                                       

Net (gain) loss on sale of securities

    (385 )     -       -       43       -  

Merger, acquisition, and divestiture expense

    1,893       1,532       592       -       -  

Other items(1)

    -       (2,395 )     (900 )     (2,025 )     (1,675 )

Total adjustments

    1,508       (863 )     (308 )     (1,982 )     (1,675 )

Tax effect

    354       (331 )     (134 )     (550 )     (328 )

Adjusted earnings, non-GAAP

  $ 9,026     $ 9,032     $ 8,982     $ 9,019     $ 8,284  
                                         

Adjusted diluted earnings per common share, non-GAAP

  $ 0.50     $ 0.58     $ 0.57     $ 0.57     $ 0.52  

Performance ratios, non-GAAP

                                       

Adjusted return on average assets

    1.33 %     1.61 %     1.62 %     1.63 %     1.51 %

Adjusted return on average common equity

    8.59 %     10.46 %     10.59 %     10.84 %     10.12 %

Adjusted return on average tangible common equity(2)

    12.75 %     14.48 %     14.90 %     15.16 %     14.33 %

 


(1)

Includes other non-recurring income and expense items

(2)

A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets

 

3

 

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

 
                                                 
   

Three Months Ended March 31,

 
   

2020

   

2019

 
   

Average

           

Average Yield/

   

Average

           

Average Yield/

 

(Amounts in thousands)

 

Balance

   

Interest(1)

   

Rate(1)

   

Balance

   

Interest(1)

   

Rate(1)

 

Assets

                                               

Earning assets

                                               

Loans(2)(3)

  $ 2,081,132     $ 28,105       5.43 %   $ 1,765,132     $ 22,236       5.11 %

Securities available for sale

    136,109       1,060       3.13 %     145,783       1,231       3.43 %

Securities held to maturity

    -       -       -       12,348       45       1.48 %

Interest-bearing deposits

    163,483       535       1.31 %     54,694       338       2.50 %

Total earning assets

    2,380,724       29,700       5.02 %     1,977,957       23,850       4.89 %

Other assets

    353,647                       247,965                  

Total assets

  $ 2,734,371                     $ 2,225,922                  
                                                 

Liabilities and stockholders' equity

                                               

Interest-bearing deposits

                                               

Demand deposits

  $ 502,603     $ 90       0.07 %   $ 447,023     $ 37       0.03 %

Savings deposits

    679,656       414       0.24 %     501,276       175       0.14 %

Time deposits

    485,085       1,322       1.10 %     438,454       1,093       1.01 %

Total interest-bearing deposits

    1,667,344       1,826       0.44 %     1,386,753       1,305       0.38 %

Borrowings

                                               

Retail repurchase agreements

    1,459       2       0.59 %     3,259       1       0.13 %

Wholesale repurchase agreements

    -       -       -       15,278       119       3.17 %

FHLB advances and other borrowings

    134       1       1.70 %     -       -       -  

Total borrowings

    1,593       3       -       18,537       120       2.63 %

Total interest-bearing liabilities

    1,668,937       1,829       0.44 %     1,405,290       1,425       0.41 %

Noninterest-bearing demand deposits

    600,636                       459,766                  

Other liabilities

    42,174                       28,894                  

Total liabilities

    2,311,747                       1,893,950                  

Stockholders' equity

    422,624                       331,972                  

Total liabilities and stockholders' equity

  $ 2,734,371                     $ 2,225,922                  

Net interest income, FTE(1)

          $ 27,871                     $ 22,425          

Net interest rate spread

                    4.58 %                     4.48 %

Net interest margin, FTE(1)

                    4.71 %                     4.60 %

 


(1)

Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.

(2)

Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.

(3)

Interest on loans includes non-cash and accelerated purchase accounting accretion of $1.95 million and $764 thousand for the three months ended March 31, 2020 and 2019, respectively.

 

4

 

CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)

 
                                         
   

Three Months Ended

 
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands)

 

2020

   

2019

   

2019

   

2019

   

2019

 

Noninterest income

                                       

Wealth management

  $ 844     $ 842     $ 952     $ 884     $ 745  

Service charges on deposits

    3,731       3,702       3,785       3,699       3,408  

Other service charges and fees

    2,231       2,096       2,007       2,129       2,049  

Net gain (loss) on sale of securities

    385       -       -       (43 )     -  

Net FDIC indemnification asset amortization

    (486 )     (590 )     (719 )     (516 )     (552 )

Other income

    -       2,395       900       2,025       1,675  

Other operating income

    844       869       709       471       755  

Total noninterest income

  $ 7,549     $ 9,314     $ 7,634     $ 8,649     $ 8,080  

Noninterest expense

                                       

Salaries and employee benefits

  $ 11,386     $ 9,495     $ 9,334     $ 9,153     $ 9,166  

Occupancy expense

    1,315       1,057       1,042       1,082       1,153  

Furniture and equipment expense

    1,384       1,179       1,183       1,062       1,033  

Service fees

    1,523       721       1,053       1,231       1,030  

Advertising and public relations

    512       478       795       513       524  

Professional fees

    233       408       375       328       414  

Amortization of intangibles

    361       251       251       249       246  

FDIC premiums and assessments

    -       -       -       150       168  

Merger, acquisition, and divestiture expense

    1,893       1,532       592       -       -  

Other operating expense

    3,057       3,762       2,819       2,883       3,051  

Total noninterest expense

  $ 21,664     $ 18,883     $ 17,444     $ 16,651     $ 16,785  

 

5

 

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)

 
                                         
   

March 31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands, except per share data)

 

2020

   

2019

   

2019

   

2019

   

2019

 

Assets

                                       

Cash and cash equivalents

  $ 241,613     $ 217,009     $ 182,458     $ 156,478     $ 148,546  

Debt securities available for sale

    107,753       169,574       115,537       119,076       132,597  

Loans held for sale

    -       263       -       -       -  

Loans held for investment, net of unearned income

                                       

Noncovered

    2,084,610       2,101,599       1,679,958       1,705,408       1,719,905  

Covered

    12,115       12,861       14,158       15,520       17,475  

Allowance for loan losses

    (21,137 )     (18,425 )     (18,493 )     (18,540 )     (18,243 )

Loans held for investment, net

    2,075,588       2,096,035       1,675,623       1,702,388       1,719,137  

FDIC indemnification asset

    2,433       2,883       3,458       4,020       4,578  

Premises and equipment, net

    63,319       62,824       48,521       48,262       46,636  

Other real estate owned, noncovered

    2,502       3,969       2,528       3,810       3,903  

Other real estate owned, covered

    -       -       -       152       152  

Interest receivable

    6,117       6,677       4,842       5,317       5,227  

Goodwill

    129,565       129,565       92,744       92,744       92,744  

Other intangible assets

    8,159       8,519       4,280       4,532       4,780  

Other assets

    101,912       101,529       75,056       75,248       84,035  

Total assets

  $ 2,738,961     $ 2,798,847     $ 2,205,047     $ 2,212,027     $ 2,242,335  
                                         

Liabilities

                                       

Deposits

                                       

Noninterest-bearing

  $ 620,292     $ 627,868     $ 472,478     $ 480,573     $ 479,299  

Interest-bearing

    1,668,122       1,702,044       1,364,374       1,367,465       1,399,138  

Total deposits

    2,288,414       2,329,912       1,836,852       1,848,038       1,878,437  

Securities sold under agreements to repurchase

    1,348       1,601       1,863       3,083       3,700  

FHLB and other borrowings

    1,000       -       -       -       -  

Interest, taxes, and other liabilities

    36,593       38,515       28,969       27,220       27,096  

Total liabilities

    2,327,355       2,370,028       1,867,684       1,878,341       1,909,233  
                                         

Stockholders' equity

                                       

Common stock

    17,700       18,377       15,580       15,633       15,818  

Additional paid-in capital

    172,231       192,413       108,222       109,816       115,914  

Retained earnings

    222,814       219,535       213,866       208,618       202,103  

Accumulated other comprehensive loss

    (1,139 )     (1,506 )     (305 )     (381 )     (733 )

Total stockholders' equity

    411,606       428,819       337,363       333,686       333,102  

Total liabilities and stockholders' equity

  $ 2,738,961     $ 2,798,847     $ 2,205,047     $ 2,212,027     $ 2,242,335  
                                         

Shares outstanding at period-end

    17,700,140       18,376,991       15,579,740       15,633,388       15,818,368  

Book value per common share

  $ 23.25     $ 23.33     $ 21.65     $ 21.34     $ 21.06  

Tangible book value per common share(1)

    15.47       15.82       15.43       15.12       14.89  

 


(1)

A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding

 

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SELECTED CREDIT QUALITY INFORMATION (Unaudited)

 
                                         
   

March31,

   

December 31,

   

September 30,

   

June 30,

   

March 31,

 

(Amounts in thousands)

 

2020

   

2019

   

2019

   

2019

   

2019

 

Allowance for Loan Losses

                                       

Beginning balance

  $ 18,425     $ 18,493     $ 18,540     $ 18,243     $ 18,267  

Provision for loan losses charged to operations

    3,500       91       675       1,585       1,220  

Charge-offs

    (1,194 )     (1,353 )     (964 )     (2,114 )     (1,622 )

Recoveries

    406       1,194       242       826       378  

Net charge-offs

    (788 )     (159 )     (722 )     (1,288 )     (1,244 )

Ending balance

  $ 21,137     $ 18,425     $ 18,493     $ 18,540     $ 18,243  
                                         

Nonperforming Assets

                                       

Non-covered nonperforming assets

                                       

Nonaccrual loans

  $ 20,263     $ 16,113     $ 16,701     $ 16,368     $ 18,544  

Accruing loans past due 90 days or more

    329       144       107       37       156  

Troubled debt restructurings ("TDRs")(1)

    623       720       668       821       835  

Total non-covered nonperforming loans

    21,215       16,977       17,476       17,226       19,535  

OREO

    2,502       3,969       2,528       3,810       3,903  

Total non-covered nonperforming assets

  $ 23,717     $ 20,946     $ 20,004     $ 21,036     $ 23,438  
                                         

Covered nonperforming assets

                                       

Nonaccrual loans

  $ 145     $ 244     $ 243     $ 203     $ 237  

Total covered nonperforming loans

    145       244       243       203       237  

OREO

    -       -       -       152       152  

Total covered nonperforming assets

  $ 145     $ 244     $ 243     $ 355     $ 389  
                                         

Additional Information

                                       

Performing TDRs(2)

  $ 8,429     $ 5,855     $ 5,635     $ 5,676     $ 5,654  

Total Accruing TDRs(3)

    9,052       6,575       6,303       6,497       6,489  
                                         

Non-covered ratios

                                       

Nonperforming loans to total loans

    1.02 %     0.81 %     1.04 %     1.01 %     1.14 %

Nonperforming assets to total assets

    0.87 %     0.75 %     0.91 %     0.96 %     1.05 %

Non-PCI allowance to nonperforming loans

    99.63 %     108.53 %     105.82 %     107.63 %     93.39 %

Non-PCI allowance to total loans

    1.01 %     0.88 %     1.10 %     1.09 %     1.06 %

Annualized net charge-offs to average loans

    0.15 %     0.04 %     0.17 %     0.30 %     0.29 %
                                         

Total ratios

                                       

Nonperforming loans to total loans

    1.02 %     0.81 %     1.05 %     1.01 %     1.14 %

Nonperforming assets to total assets

    0.87 %     0.76 %     0.92 %     0.97 %     1.06 %

Allowance for loan losses to nonperforming loans

    98.96 %     106.99 %     104.37 %     106.37 %     92.27 %

Allowance for loan losses to total loans

    1.01 %     0.87 %     1.09 %     1.08 %     1.05 %

Annualized net charge-offs to average loans

    0.15 %     0.04 %     0.17 %     0.30 %     0.29 %

 


(1)

Accruing TDRs restructured within the past six months or nonperforming

(2)

Accruing TDRs with six months or more of satisfactory payment performance

(3)

Accruing total TDRs 

 

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