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CST: 24/08/2019 17:20:18   

Preferred Bank Reports Quarterly Earnings

129 Days ago

LOS ANGELES, April 17, 2019 (GLOBE NEWSWIRE) -- Preferred Bank (NASDAQ: PFBC), an independent commercial bank, today reported results for the quarter ended March 31, 2019. Preferred Bank (“the Bank”) reported net income of $18.7 million or $1.23 per diluted share for the first quarter of 2019. This compares favorably to net income of $16.6 million or $1.09 per diluted share for the first quarter of 2018 and flat compared to net income of $18.7 million or $1.22 per diluted share for the fourth quarter of 2018. As previously disclosed, first quarter 2019 earnings were negatively impacted by the disposition and subsequent $1.4 million loss on the sale of the Bank’s two New York multi-family nonperforming assets.

Highlights from the first quarter of 2019:

  • Return on Assets   
  • Return on Beginning Equity
  • Efficiency Ratio
  • Net Interest Margin
  • Nonperforming Assets/Total Assets
1.83%
18.24%
36.69%
4.12%
0.08%
 

Li Yu, Chairman and CEO, commented, “We are pleased to report the disposition of the $36.9 million nonperforming loan in New York. As of December 31, 2018, it was a nonperforming loan which was then foreclosed upon in January 2019 and recorded as other real estate owned (“OREO”) property.  The disposition resulted in a loss on sale of approximately $1.4 million.  Together with the reduction of several other non-performing loans, our total non-performing asset ratio now stands at 0.08% of total assets.  Classified loans now comprise 0.14% of our total loan portfolio.

For the quarter ended March 31, 2019, Preferred Bank’s net income was $18.7 million or $1.23 per diluted share compared with $16.6 million or $1.09 per diluted share, respectively for the same quarter of 2018.  Net income for this first quarter of 2019 was negatively impacted by the aforementioned loss on sale of OREO.  The first quarter income tax provision is also higher this year than in 2018.

Our deposits increased by $80.1 million or 2.20% and our loans also increased by $71.6 million or 2.15%, both on a linked-quarter basis.  Deposit rate competition seems to have slowed down due to the Fed’s recent statements regarding their direction with interest rates.  Loan competition continues to be stiff, in both interest rates and terms offered.  We have, however managed to maintain a stable net interest margin.  With continued effort in cost control, our efficiency ratio was 36.7% for the quarter, which again, included the loss on sale of the OREO.

Preferred Bank has maintained a rate sensitive loan portfolio with built-in protective features.  As of March 31, 2019, approximately 89% of our loan portfolio are adjustable-rate loans and around 90% of those are daily floating rate loans. Of the adjustable-rate loans, 77% of them have a floor rate. Of these loans with floors, 49% have floors at 5.0% or higher and 42% are with floor rates from 4.5% to 5.0%. We have been preparing ourselves to operate in different interest rate scenarios.”

Net Interest Income and Net Interest Margin. Net interest income before provision for loan and lease losses was $40.9 million for the first quarter of 2019. This compares favorably to the $36.1 million recorded in the first quarter of 2018 but slightly down from the $41.4 million recorded in the fourth quarter of 2018. The increase over the same period last year is due primarily to loan growth and a larger net interest margin. In comparing to the fourth quarter of 2018, the primary reason for the decline is due to two fewer days in this quarter than in the fourth quarter of 2018. The Bank’s taxable equivalent net interest margin was 4.12% for the first quarter of 2019, a 1 basis point decrease from the 4.13% achieved in the fourth quarter of 2018 and a 2 basis point decrease from the 4.14% posted in the first quarter of 2018.

Noninterest Income. For the first quarter of 2019, noninterest income was $1,861,000 compared with $1,564,000 for the same quarter last year and compared to $4,405,000 for the fourth quarter of 2018. The increase over last year is primarily due to $332,000 in other income compared to $163,000 in the first quarter last year. The decrease from the prior quarter was due to a gain on sale of OREO last quarter of $2.0 million. In addition, other income was $1,030,000 as the Bank received a legal recovery of $610,000 last quarter as well. Service charges on deposits were $368,000, an increase over both comparable quarters and is due primarily to growth in transaction accounts.

Noninterest Expense. Total noninterest expense was $15.7 million for the first quarter of 2019, an increase of $2.0 million over both the first quarter of 2018 and the fourth quarter of 2018. Salaries and benefits expense totaled $9.8 million for the first quarter of 2019, an increase of $1.15 million over the $8.6 million recorded in the first quarter of 2018 and an increase of $1.14 million compared to the $8.6 million recorded in the fourth quarter of 2018. The increase over the prior quarter is due in part to staffing increases as well payroll taxes, which were significantly higher in the first quarter due to the payout of annual incentives. The increase over the prior year is due mainly to staffing increases commensurate with the Bank’s growth and partly due to payroll taxes, as incentive payouts increased along with the Bank’s profitability. Occupancy expense totaled $1.1 million for the quarter and was down from the prior quarter, which was $1.3 million and down from the same amount in the same quarter last year as the Bank recorded a small benefit of $229,000 due to the implementation of the new Lease Accounting Standard, ASC 842. Professional services expense was $1.3 million for the first quarter of 2019 compared to $1.4 million for the same quarter of 2018 and $1.5 million recorded in the fourth quarter of 2018. The decrease from the prior year is due primarily to lower information technology costs as the Bank was preparing for the core system conversion last year. As previously mentioned, the Bank incurred a loss of $1.4 million on the sale of the New York OREO. This compares to OREO expense of $106,000 in the same quarter last year and $181,000 in the last quarter of 2018. Other expenses were $1.3 million for the first quarter of 2019 compared to $1.7 million for the first quarter of 2018 and $1.4 million in the fourth quarter of 2018. The primary reason for the decrease compared to both periods is due to the recording of off balance sheet reserve expense of $300,000 in the first quarter of 2018 and $160,000 in the fourth quarter of 2018 compared to none this quarter.

Income Taxes

The Bank recorded a provision for income taxes of $7.8 million for the first quarter of 2019. This represents an effective tax rate (“ETR”) of 29.5% and a slight decrease from the ETR of 29.9% for the fourth quarter of 2018 but up significantly from the 26.1% recorded in the first quarter of 2018. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

Balance Sheet Summary

Total gross loans and leases at March 31, 2019 were $3.41 billion, an increase of $71.6 million or 2.1% over the total of $3.33 billion as of December 31, 2018. Total deposits increased by $80.1 million or 2.2% over the $3.64 billion as of December 31, 2018. Total assets reached $4.33 billion as of March 31, 2019, an increase of $111.8 million or 2.7% over the total of $4.22 billion as of December 31, 2018.

Asset Quality

As of March 31, 2019, nonaccrual loans totaled $3.6 million, down significantly from the total of $44.8 million as of December 31, 2018. As previously mentioned, the Bank disposed of the $36.9 million large multi-family OREO New York properties in the first quarter as well as a $2.6 million associated nonaccrual loan which got sold at foreclosure auction. As of March 31, 2019, total classified loans stood at $4.8 million compared to $46.2 million as of December 31, 2018.

Total net charge-offs (recoveries) for the first quarter of 2019 were ($330,000) compared to $6.5 million in the fourth quarter of 2018 and compared to net charge-offs of $2.9 million for the first quarter of 2018. The Bank recorded a provision for loan loss of $500,000 for the first quarter of 2019, compared to $1.5 million in the first quarter of 2018 and compared to $5.55 million recorded in the fourth quarter of 2018. The allowance for loan loss at March 31, 2019 was $31.9 million or 0.94% of total loans compared to $31.1 million or 0.93% of total loans at December 31, 2018.

Capitalization

As of March 31, 2019, the Bank’s leverage ratio was 10.32%, the common equity tier 1 capital ratio was 10.54% and the total capital ratio was 13.83%. As of December 31, 2018, the Bank’s leverage ratio was 10.16%, the common equity tier 1 ratio was 10.43% and the total risk based capital ratio was 13.77%.

Conference Call and Webcast

A conference call with simultaneous webcast to discuss Preferred Bank’s first quarter 2019 financial results will be held tomorrow, April 18, 2019 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank's website at www.preferredbank.com. Web participants are encouraged to go to the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

Preferred Bank's Chairman and Chief Executive Officer Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, and Chief Credit Officer Nick Pi will be present to discuss Preferred Bank's financial results, business highlights and outlook. After the live webcast, a replay will remain available in the Investor Relations section of Preferred Bank's website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 2, 2019; the passcode is 10130589.

About Preferred Bank

Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through eleven full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)) and one branch in Flushing, New York. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank's plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank's results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2018 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

AT THE COMPANY: AT FINANCIAL PROFILES:
Edward J. Czajka Tony Rossi
Executive Vice President General Information
Chief Financial Officer (310) 622-8221
(213) 891-1188 PFBC@finprofiles.com

Financial Tables to Follow

 

  PREFERRED BANK  
  Condensed Consolidated Statements of Operations  
  (unaudited)  
  (in thousands, except for net income per share and shares)  
                     
                     
           For the Quarter Ended 
          March 31,   December 31,   March 31,  
            2019       2018       2018    
Interest income:               
  Loans, including fees    $   50,460     $   49,027     $   40,293    
  Investment securities        4,691         4,892         2,950    
  Fed funds sold        306         454         409    
    Total interest income        55,457         54,373         43,652    
                     
 Interest expense:               
  Interest-bearing demand        4,743         4,258         2,422    
  Savings        12         13         16    
  Time certificates        8,248         7,117         3,520    
  FHLB borrowings        12         12         19    
  Subordinated debit        1,532         1,531         1,531    
    Total interest expense        14,547         12,931         7,508    
    Net interest income        40,910         41,442         36,144    
Provision for loan losses        500         5,550         1,500    
    Net interest income after provision for loan losses       40,410         35,892         34,644    
                     
Noninterest income:               
  Fees & service charges on deposit accounts        368         290         321    
  Letters of credit fee income        1,070         956         991    
  BOLI income        91         91         89    
  Net gain on sale of other real estate owned        -         2,038         -    
  Other income        332         1,030         163    
    Total noninterest income        1,861         4,405         1,564    
                     
 Noninterest expense:               
   Salary and employee benefits        9,781         8,640         8,627    
   Net occupancy expense        1,148         1,326         1,338    
   Business development and promotion expense        286         282         150    
   Professional services        1,344         1,485         1,431    
   Office supplies and equipment expense        425         373         375    
   Net loss on sale of other real estate owned and expense        1,391         181         106    
   Other          1,319         1,396         1,703    
     Total noninterest expense        15,694         13,683         13,730    
     Income before provision for income taxes        26,577         26,614         22,478    
 Income tax expense        7,834         7,960         5,867    
     Net income    $   18,743     $   18,654     $   16,611    
                     
 Dividend and earnings allocated to participating securities        (158 )       (313 )       (253 )  
 Net income available to common shareholders    $   18,585     $   18,341     $   16,358    
                     
 Income per share available to common shareholders               
     Basic    $   1.23     $   1.22     $   1.09    
     Diluted    $   1.23     $   1.22     $   1.09    
                     
 Weighted-average common shares outstanding               
     Basic        15,145,923         15,064,578         15,035,265    
     Diluted        15,145,923         15,064,578         15,044,180    
                     
 Dividends per share    $   0.30     $   0.30     $   0.22    
                     

 

  PREFERRED BANK  
  Condensed Consolidated Statements of Financial Condition  
  (unaudited)  
  (in thousands)  
       
  March 31,   December 31,
    2019       2018  
  (Unaudited)   (Audited)
  Assets        
       
Cash and due from banks  $   554,002     $   526,759  
Fed funds sold      69,000         76,000  
 Cash and cash equivalents      623,002         602,759  
       
 Securities held to maturity, at amortized cost      7,861         8,007  
 Securities available-for-sale, at fair value      182,280         182,413  
 Loans and leases      3,405,005         3,333,377  
 Less allowance for loan and lease losses      (31,896 )       (31,065 )
 Less net deferred loan fees      (1,501 )       (2,323 )
 Net loans and leases      3,371,608         3,299,989  
       
 Customers' liability on acceptances      8,417         10,074  
 Bank furniture and fixtures, net      9,785         7,497  
 Bank-owned life insurance      9,380         9,317  
 Accrued interest receivable      15,063         14,266  
 Investment in affordable housing      42,492         43,848  
 Federal Home Loan Bank stock      11,932         11,933  
 Deferred tax assets      18,735         19,640  
 Right of use asset      17,561         -  
 Other assets      10,154         6,692  
 Total assets  $   4,328,270     $   4,216,435  
       
       
  Liabilities and Shareholders' Equity        
       
 Liabilities:       
 Deposits:       
Demand $   731,795     $   730,096  
Interest-bearing demand    1,372,760       1,397,006  
Savings    20,550       20,369  
Time certificates of $250,000 or more    778,020       738,626  
Other time certificates    816,678       753,588  
Total deposits      3,719,803         3,639,685  
Acceptances outstanding      8,417         10,074  
Advances from Federal Home Loan Bank     1,293         1,307  
Subordinated debt issuance      99,118         99,087  
Commitments to fund investment in affordable housing partnership      17,340         19,530  
Lease liability      21,556         -  
Accrued interest payable      9,397         6,839  
Other liabilities      19,214         23,262  
Total liabilities      3,896,138         3,799,784  
       
Commitments and contingencies       
Shareholders' equity:       
Common stock, no par value. Authorized 100,000,000 shares; issued and outstanding 15,286,317 at March 31, 2019 and 15,308,688 at December 31, 2018, respectively.      210,882         210,882  
Treasury stock      (36,372 )       (34,529 )
Additional paid-in-capital     48,272         47,425  
Accumulated other comprehensive income (loss):      209,012         194,855  
Unrealized gain (loss) on securities, available-for-sale, net of tax of $179 and $(725) at March 31, 2019 and December 31, 2018, respectively     338         (1,982 )
Total shareholders' equity      432,132         416,651  
Total liabilities and shareholders' equity  $   4,328,270     $   4,216,435  
       

 

PREFERRED BANK
 Selected Consolidated Financial Information
 (unaudited)
 (in thousands, except for ratios)
                 
                 
                 
        For the Quarter Ended
                 
        March 31, December 31, September 30, June 30, March 31,
          2019     2018     2018     2018     2018  
 Unaudited historical quarterly operations data:          
  Interest income $   55,457   $   54,373   $   50,392   $   46,748   $   43,652  
  Interest expense     14,547       12,931       11,155       9,342       7,508  
  Interest income before provision for credit losses       40,910       41,442       39,237       37,406       36,144  
  Provision for credit losses     500       5,550       1,880       1,200       1,500  
  Noninterest income     1,861       4,405       1,676       1,756       1,564  
  Noninterest expense     15,694       13,683       13,584       13,805       13,730  
  Income tax expense     7,834       7,960       7,126       6,752       5,867  
  Net income   $   18,743   $   18,654   $   18,323   $   17,405   $   16,611  
                 
  Earnings per share          
  Basic   $   1.23   $   1.22   $   1.20   $   1.14   $   1.09  
  Diluted   $   1.23   $   1.22   $   1.20   $   1.14   $   1.09  
                 
Ratios for the period:          
  Return on average assets   1.83 %   1.82 %   1.84 %   1.83 %   1.85 %
  Return on beginning equity   18.24 %   18.50 %   18.87 %   18.82 %   18.97 %
  Net interest margin (Fully-taxable equivalent)   4.12 %   4.13 %   4.04 %   4.07 %   4.14 %
  Noninterest expense to average assets   1.54 %   1.33 %   1.37 %   1.46 %   1.53 %
  Efficiency ratio   36.69 %   29.84 %   33.20 %   35.25 %   36.41 %
  Net charge-offs (recoveries) to average loans (annualized)   -0.04 %   0.80 %   -0.04 %   0.00 %   0.39 %
                 
Ratios as of period end:          
  Tier 1 leverage capital ratio   10.32 %   10.16 %   10.07 %   10.04 %   10.07 %
  Common equity tier 1 risk-based capital ratio   10.54 %   10.43 %   10.23 %   10.14 %   10.03 %
  Tier 1 risk-based capital ratio   10.54 %   10.43 %   10.23 %   10.14 %   10.03 %
  Total risk-based capital ratio   13.83 %   13.77 %   13.65 %   13.62 %   13.58 %
  Allowances for credit losses to loans and leases at end of period   0.94 %   0.93 %   0.98 %   0.95 %   0.92 %
  Allowance for credit losses to non-performing loans and leases     887.75 %   69.29 %   63.42 %   58.92 %   861.44 %
                 
Average balances:          
  Total loans and leases  $   3,327,005   $   3,217,850   $   3,184,527   $   3,092,571   $   2,958,382  
  Earning assets $   4,034,284   $   3,988,970   $   3,861,346   $   3,696,854   $   3,550,333  
  Total assets $   4,142,906   $   4,068,592   $   3,946,924   $   3,804,557   $   3,648,857  
  Total interest bearing deposits $   2,874,045   $   2,787,788   $   2,697,807   $   2,590,394   $   2,495,777  
  Total deposits $   3,555,981   $   3,498,226   $   3,392,878   $   3,268,490   $   3,131,660  
  Total interest bearing liabilities $   2,974,442   $   2,888,171   $   2,800,486   $   2,695,759   $   2,601,140  
  Total equity $   428,136   $   411,249   $   396,942   $   381,815   $   367,740  

 

  PREFERRED BANK  
  Selected Consolidated Financial Information  
(unaudited)
  (in thousands, except for ratios)  
                     
    As of
                     
    March 31,   December 31,   September 30,   June 30,   March 31,
    2019   2018   2018   2018   2018
Unaudited quarterly statement of financial position data:                    
Assets:                  
  Cash and cash equivalents $ 623,002     $ 602,759     $ 531,240     $ 493,521     $ 421,024  
  Securities held-to-maturity, at amortized cost   7,861       8,007       8,203       8,370       8,556  
  Securities available-for-sale, at fair value   182,280       182,413       173,953       176,930       177,823  
  Securities equity, at fair value   -       -       -       -       4,667  
  Loans and Leases:                  
  Real estate - Single and multi-family residential   625,416       587,562       559,050       508,470       552,828  
  Real estate - Land   9,352       10,646       10,725       11,133       10,766  
  Real estate - Commercial   1,395,074       1,358,821       1,337,794       1,319,664       1,315,296  
  Real estate - For sale housing construction   152,418       138,815       122,225       112,236       95,884  
  Real estate - Other construction 228,174     207,849     246,815     231,276     216,571
  Commercial and industrial, trade finance and other 994,571     1,029,684     998,781     955,663     904,798
  Gross loans   3,405,005       3,333,377       3,275,390       3,138,442       3,096,143  
  Allowance for loan and lease losses   (31,896 )     (31,065 )     (31,966 )     (29,772 )     (28,570 )
  Net deferred loan fees   (1,501 )     (2,323 )     (2,571 )     (2,287 )     (1,935 )
  Net loans, excluding loans held for sale $ 3,371,608     $ 3,299,989     $ 3,240,853     $ 3,106,383     $ 3,065,638  
  Loans held for sale $ -     $ -     $ -     $ 47,337     $ -  
  Net loans and leases $ 3,371,608     $ 3,299,989     $ 3,240,853     $ 3,153,720     $ 3,065,638  
                     
  Other real estate owned $ -     $ -     $ 4,112     $ 4,112     $ 4,112  
  Investment in affordable housing   42,492       43,849       45,555       47,201       33,650  
  Federal Home Loan Bank stock   11,932       11,933       11,933       12,158       11,076  
  Other assets   89,095       67,485       60,339       62,792       55,378  
  Total assets $ 4,328,270     $ 4,216,435     $ 4,076,188     $ 3,958,804     $ 3,781,924  
                     
Liabilities:                  
  Deposits:                  
  Demand $ 731,795     $ 730,096     $ 745,861     $ 713,492     $ 677,629  
  Interest-bearing demand   1,372,760       1,397,006       1,360,237       1,372,771       1,346,479  
  Savings   20,550       20,369       21,490       21,918       25,373  
  Time certificates of $250,000 or more   778,020       738,626       737,465       683,561       627,031  
  Other time certificates   816,678       753,588       653,697       618,493       585,165  
  Total deposits $ 3,719,803     $ 3,639,685     $ 3,518,750     $ 3,410,235     $ 3,261,677  
                     
  Advances from Federal Home Loan Bank $ 8,417     $ 10,074     $ 6,256     $ 8,313     $ 4,272  
  Subordinated debt issuance   99,118       99,087       99,056       99,025       98,994  
  Commitments to fund investment in affordable housing partnership   17,340       19,530       21,514       29,116       17,861  
  Other liabilities   51,460       31,408       30,643       26,889       28,092  
  Total liabilities $ 3,896,138     $ 3,799,784     $ 3,676,219     $ 3,573,578     $ 3,410,896  
                     
Equity:                  
  Net common stock, no par value $ 222,782     $ 223,778     $ 221,518     $ 220,669     $ 219,423  
  Retained earnings   209,012       194,855       180,793       166,302       152,728  
  Accumulated other comprehensive income   338       (1,982 )     (2,342 )     (1,745 )     (1,123 )
  Total shareholders' equity $ 432,132     $ 416,651     $ 399,969     $ 385,226     $ 371,028  
  Total liabilities and shareholders' equity $ 4,328,270     $ 4,216,435     $ 4,076,188     $ 3,958,804     $ 3,781,924  
   

 

Preferred Bank    
Loan and Credit Quality Information    
                   
Allowance For Credit Losses & Loss History    
          Quarter Ended   Year ended    
                   
                   
                   
          March 31, 2019   December 31, 2018    
                   
                   
                   
                   
                   
                   
                   
                   
                   
                   
               
               
               
               
               
               
           (Dollars in 000's)    
               
               
Allowance For Credit Losses            
Balance at Beginning of Period   $   31,065     $   29,921      
  Charge-Offs            
    Commercial & Industrial       -          4,040      
    Mini-perm Real Estate       101         5,742      
    Total Charge-Offs       101         9,782      
                   
  Recoveries            
    Commercial & Industrial       335         796      
    Mini-perm Real Estate       97         -       
    Total Recoveries       432         796      
                   
  Net Loan Charge-Offs       (331 )       8,986      
  Provision for Credit Losses       500         10,130      
Balance at End of Period   $   31,896     $   31,065      
Average Loans and Leases   $   3,327,005     $   3,114,132      
Loans and Leases at end of Period   $   3,405,005     $   3,333,337      
Net Charge-Offs to Average Loans and Leases     -0.04 %     0.29 %    
Allowances for credit losses to loans and leases at end of period     0.94 %     0.93 %    

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