COVINGTON, Ga.--(BUSINESS WIRE)--Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.7 million for the three months ended December 31, 2022, as compared to $1.3 million for the three months ended December 31, 2021. For the year ended December 31, 2022, net income was $7.1 million, as compared to $7.6 million for the year ended December 31, 2021.
|
|
At or for the three months ended, |
||||||||||||||||||
Performance Ratios: |
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Net income (in thousands) |
|
$ |
1,699 |
|
|
$ |
1,861 |
|
|
$ |
1,783 |
|
|
$ |
1,791 |
|
|
$ |
1,318 |
|
Diluted earnings per share |
|
|
0.26 |
|
|
|
0.27 |
|
|
|
0.27 |
|
|
|
0.26 |
|
|
|
0.20 |
|
Common book value per share |
|
|
17.73 |
|
|
|
17.37 |
|
|
|
17.51 |
|
|
|
17.58 |
|
|
|
17.60 |
|
Tangible book value per share (1) |
|
|
14.92 |
|
|
|
14.57 |
|
|
|
14.68 |
|
|
|
14.75 |
|
|
|
14.87 |
|
Total assets (in thousands) |
|
|
791,283 |
|
|
|
776,390 |
|
|
|
766,679 |
|
|
|
760,208 |
|
|
|
788,088 |
|
Return on average assets |
|
|
0.84 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.97 |
% |
|
|
0.66 |
% |
Return on average equity |
|
|
5.78 |
% |
|
|
6.30 |
% |
|
|
6.13 |
% |
|
|
5.97 |
% |
|
|
4.36 |
% |
Equity to assets |
|
|
14.80 |
% |
|
|
14.84 |
% |
|
|
15.05 |
% |
|
|
15.31 |
% |
|
|
15.35 |
% |
Tangible equity to tangible assets (1) |
|
|
12.75 |
% |
|
|
12.75 |
% |
|
|
12.93 |
% |
|
|
13.17 |
% |
|
|
13.29 |
% |
Net interest margin |
|
|
3.85 |
% |
|
|
4.12 |
% |
|
|
4.06 |
% |
|
|
4.47 |
% |
|
|
3.60 |
% |
Efficiency ratio |
|
|
71.38 |
% |
|
|
67.62 |
% |
|
|
67.23 |
% |
|
|
69.00 |
% |
|
|
74.29 |
% |
(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP. |
||||||||||||||||||||
Net Income
- Net income was $1.7 million for the three months ended December 31, 2022, as compared to $1.3 million for the three months ended December 31, 2021, as a result of an increase in interest income partially offset by an increase in deposit interest expense.
- Net income was $7.1 million for the year ended December 31, 2022, as compared to $7.6 million for the year ended December 31, 2021, as a result of lower interest and fee income on PPP loans and an increase in salaries and employee benefits, partially offset by a decrease in interest expense primarily related to the recognition of remaining purchase accounting fair value discounts upon the payoff of acquired Federal Home Loan Bank advances.
Results of Operations
- Net interest income was $7.3 million for the three months ended December 31, 2022 compared to $6.7 million for the three months ended December 31, 2021 due to an increase in loan interest, partially offset by a decrease in PPP loan-related interest and fee income. Net interest income was $29.8 million for the year ended December 31, 2022 compared to $29.3 million for the year ended December 31, 2021. The increase was a result of the recognition of remaining purchase accounting fair value discounts upon the payoff of acquired Federal Home Loan Bank advances, off set by the lower fee income on PPP loans.
- The Company’s net interest margin increased to 3.85% from 3.57% for the three months ended December 31, 2022 and 2021. Net interest margin for the year ended December 31, 2022 increased slightly to 4.14% from 4.04% for the year ended December 31, 2021. The Company anticipates it will experience margin compression in 2023 as a result of recent increases in market interest rates.
- Noninterest income was $566 thousand for the three months ended December 31, 2022 and $572 thousand for the three months ended December 31, 2021. For the year ended December 31, 2022, noninterest income was $2.4 million compared to $2.7 million for the year ended December 31, 2021. The decreases were a result of the Company recognizing gains on sale of other real estate and death benefits received from bank owned life insurance in previous periods.
- Non-interest expense was $5.6 million and $5.4 million for the three months ended December 31, 2022 and 2021, respectively. Non-interest expense was $22.1 million and $21.0 million for the year ended December 31, 2022 and 2021, respectively. The increases were due in part to the increases in salaries and employee benefits as a result of the Company’s strategic initiative to attract and retain talent.
- In fourth quarter, the Company implemented an arbitrage strategy where $31.5 million in securities with 6.05% average yield was purchased using funds of $34.9 million in brokered deposits with average yield of 4.50%. The brokered deposits have optional call dates ranging from six to twelve months.
Financial Condition
- Total assets increased $3.2 million to $791.3 million at December 31, 2022 from $788.1 million at December 31, 2021.
- Total net loans increased $61.1 million to $636.9 million at December 31, 2022 from $575.8 million at December 31, 2021. The increase was due to non-PPP loans increasing $79 million, offset by a continuing decline in PPP loans as such loans continued to be repaid.
- Deposits increased by $44.4 million to $657.2 million at December 31, 2022 compared to $612.8 million at December 31, 2021, in part due to increases in CDs of $29.2 million and in savings of $14.9 million.
- Borrowings decreased by $39.0 million to $10.0 million at December 31, 2022 compared to $49.0 million at December 31, 2021 as we repaid Federal Home Loan Bank borrowings.
Asset Quality
- Non-performing loans decreased to $6.7 million at December 31, 2022 from $7.0 million December 31, 2021.
- The allowance for loan losses as a percentage of non-performing loans was 138.8% at December 31, 2022, as compared to 122.7% at December 31, 2021.
- Allowance for loan losses remained consistent at 1.46% of total loans at December 31, 2022, and 2021.
- Net loan recoveries were $62,000 for the year ended December 31, 2022, as compared to $1.1 million for the year ended December 31, 2021.
About Affinity Bancshares, Inc.
The Company is a Maryland corporation based in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.
Forward-Looking Statements
In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describe the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; our ability to successfully integrate acquired operations or assets; changes in accounting policies and practices; our ability to retain key employees; the impact of the COVID-19 pandemic; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. These risks and other uncertainties are further discussed in the reports that the Company files with the Securities and Exchange Commission.
Average Balance Sheets
The following tables set forth average balance sheets, average annualized yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are monthly average balances. Non-accrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.
|
|
For the Three Months Ended December 31, |
||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||
|
|
Average
|
|
Interest |
|
Average
|
|
Average
|
|
Interest |
|
Average
|
||||
|
|
(Dollars in thousands) |
||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans |
|
$ |
650,922 |
|
$ |
8,032 |
|
4.90% |
|
$ |
576,358 |
|
$ |
7,060 |
|
4.86% |
Investment securities held-to-maturity |
|
|
8,809 |
|
|
130 |
|
5.85% |
|
|
— |
|
|
— |
|
— |
Investment securities available-for-sale |
|
|
42,653 |
|
|
323 |
|
3.00% |
|
|
46,191 |
|
|
237 |
|
2.04% |
Interest-earning deposits and federal funds |
|
|
53,238 |
|
|
485 |
|
3.61% |
|
|
115,390 |
|
|
46 |
|
0.16% |
Other investments |
|
|
758 |
|
|
8 |
|
4.19% |
|
|
2,476 |
|
|
23 |
|
3.69% |
Total interest-earning assets |
|
|
756,380 |
|
|
8,977 |
|
4.71% |
|
|
740,415 |
|
|
7,366 |
|
3.95% |
Non-interest-earning assets |
|
|
50,538 |
|
|
|
|
|
|
56,127 |
|
|
|
|
||
Total assets |
|
$ |
806,918 |
|
|
|
|
|
$ |
796,542 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing checking accounts |
|
$ |
95,200 |
|
$ |
42 |
|
0.18% |
|
$ |
90,924 |
|
$ |
47 |
|
0.21% |
Money market accounts |
|
$ |
161,901 |
|
|
470 |
|
1.15% |
|
|
142,447 |
|
|
91 |
|
0.25% |
Savings accounts |
|
$ |
103,772 |
|
|
499 |
|
1.91% |
|
|
90,992 |
|
|
93 |
|
0.41% |
Certificates of deposit |
|
$ |
117,102 |
|
|
610 |
|
2.07% |
|
|
99,235 |
|
|
339 |
|
1.36% |
Total interest-bearing deposits |
|
$ |
477,975 |
|
|
1,621 |
|
1.35% |
|
|
423,598 |
|
|
570 |
|
0.53% |
FHLB advances and other borrowings |
|
$ |
2,717 |
|
|
20 |
|
2.92% |
|
|
49,007 |
|
|
132 |
|
1.07% |
Total interest-bearing liabilities |
|
$ |
480,692 |
|
|
1,641 |
|
1.35% |
|
|
472,605 |
|
|
702 |
|
0.59% |
Non-interest-bearing liabilities |
|
|
209,683 |
|
|
|
|
|
|
203,108 |
|
|
|
|
||
Total liabilities |
|
|
690,375 |
|
|
|
|
|
|
675,713 |
|
|
|
|
||
Total stockholders' equity |
|
|
116,543 |
|
|
|
|
|
|
120,829 |
|
|
|
|
||
Total liabilities and stockholders' equity |
|
$ |
806,918 |
|
|
|
|
|
$ |
796,542 |
|
|
|
|
||
Net interest rate spread |
|
|
|
|
|
3.36% |
|
|
|
|
|
3.36% |
||||
Net interest income |
|
|
|
$ |
7,336 |
|
|
|
|
|
$ |
6,664 |
|
|
||
Net interest-earning assets |
|
$ |
275,688 |
|
|
|
|
|
$ |
267,810 |
|
|
|
|
||
Net interest margin |
|
|
|
|
|
3.85% |
|
|
|
|
|
3.57% |
||||
|
|
For the Year Ended December 31, |
||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||
|
|
Average
|
|
Interest |
|
Average
|
|
Average
|
|
Interest |
|
Average
|
||||
|
|
(Dollars in thousands) |
||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loans |
|
$ |
624,908 |
|
$ |
30,045 |
|
4.81% |
|
$ |
588,976 |
|
$ |
31,484 |
|
5.35% |
Investment securities held-to-maturity |
|
|
2,220 |
|
|
130 |
|
5.86% |
|
|
— |
|
|
— |
|
— |
Investment securities available-for-sale |
|
|
45,594 |
|
|
1,150 |
|
2.52% |
|
|
35,109 |
|
|
709 |
|
2.02% |
Interest-earning deposits and federal funds |
|
|
45,674 |
|
|
771 |
|
1.69% |
|
|
98,554 |
|
|
180 |
|
0.18% |
Other investments |
|
|
1,027 |
|
|
38 |
|
3.70% |
|
|
2,324 |
|
|
80 |
|
3.43% |
Total interest-earning assets |
|
|
719,423 |
|
|
32,134 |
|
4.47% |
|
|
724,963 |
|
|
32,453 |
|
4.48% |
Non-interest-earning assets |
|
|
51,397 |
|
|
|
|
|
|
63,373 |
|
|
|
|
||
Total assets |
|
$ |
770,820 |
|
|
|
|
|
$ |
788,336 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing checking accounts |
|
$ |
96,892 |
|
$ |
176 |
|
0.18% |
|
$ |
88,852 |
|
$ |
185 |
|
0.21% |
Money market accounts |
|
|
154,237 |
|
|
752 |
|
0.49% |
|
|
133,835 |
|
|
469 |
|
0.35% |
Savings accounts |
|
|
89,015 |
|
|
856 |
|
0.96% |
|
|
93,113 |
|
|
403 |
|
0.43% |
Certificates of deposit |
|
|
97,948 |
|
|
1,449 |
|
1.48% |
|
|
110,742 |
|
|
1,623 |
|
1.47% |
Total interest-bearing deposits |
|
|
438,092 |
|
|
3,233 |
|
0.74% |
|
|
426,542 |
|
|
2,680 |
|
0.63% |
FHLB advances and other borrowings |
|
|
9,887 |
|
|
(854) |
|
(8.64)% |
|
|
44,811 |
|
|
497 |
|
1.11% |
Total interest-bearing liabilities |
|
|
447,979 |
|
|
2,379 |
|
0.53% |
|
|
471,353 |
|
|
3,177 |
|
0.67% |
Non-interest-bearing liabilities |
|
|
204,842 |
|
|
|
|
|
|
200,756 |
|
|
|
|
||
Total liabilities |
|
|
652,821 |
|
|
|
|
|
|
672,109 |
|
|
|
|
||
Total stockholders' equity |
|
|
117,999 |
|
|
|
|
|
|
116,227 |
|
|
|
|
||
Total liabilities and stockholders' equity |
|
$ |
770,820 |
|
|
|
|
|
$ |
788,336 |
|
|
|
|
||
Net interest rate spread |
|
|
|
|
|
3.94% |
|
|
|
|
|
3.81% |
||||
Net interest income |
|
|
|
$ |
29,755 |
|
|
|
|
|
$ |
29,276 |
|
|
||
Net interest-earning assets |
|
$ |
271,443 |
|
|
|
|
|
$ |
253,610 |
|
|
|
|
||
Net interest margin |
|
|
|
|
|
4.14% |
|
|
|
|
|
4.04% |
||||
AFFINITY BANCSHARES, INC. Consolidated Balance Sheets (unaudited) |
||||||||
|
|
December 31, 2022 |
|
December 31, 2021 |
||||
|
|
(In thousands except share amounts) |
||||||
Assets |
||||||||
Cash and due from banks |
|
$ |
2,928 |
|
|
$ |
16,239 |
|
Interest-earning deposits in other depository institutions |
|
|
23,396 |
|
|
|
95,537 |
|
Cash and cash equivalents |
|
|
26,324 |
|
|
|
111,776 |
|
Investment securities held-to-maturity (estimated fair value of $26,251) |
|
|
26,527 |
|
|
|
— |
|
Investment securities available-for-sale |
|
|
46,200 |
|
|
|
48,557 |
|
Other investments |
|
|
1,082 |
|
|
|
2,476 |
|
Loans, net |
|
|
636,909 |
|
|
|
575,825 |
|
Other real estate owned |
|
|
2,901 |
|
|
|
3,538 |
|
Premises and equipment, net |
|
|
4,257 |
|
|
|
3,783 |
|
Bank owned life insurance |
|
|
15,724 |
|
|
|
15,377 |
|
Intangible assets |
|
|
18,558 |
|
|
|
18,749 |
|
Other assets |
|
|
12,801 |
|
|
|
8,007 |
|
Total assets |
|
$ |
791,283 |
|
|
$ |
788,088 |
|
Liabilities and Stockholders' Equity |
||||||||
Liabilities: |
|
|
|
|
||||
Non-interest-bearing checking |
|
$ |
190,297 |
|
|
$ |
193,940 |
|
Interest-bearing checking |
|
|
91,167 |
|
|
|
89,384 |
|
Money market accounts |
|
|
148,097 |
|
|
|
145,969 |
|
Savings accounts |
|
|
101,622 |
|
|
|
86,745 |
|
Certificates of deposit |
|
|
125,989 |
|
|
|
96,758 |
|
Total deposits |
|
|
657,172 |
|
|
|
612,796 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
10,025 |
|
|
|
48,988 |
|
Accrued interest payable and other liabilities |
|
|
6,983 |
|
|
|
5,336 |
|
Total liabilities |
|
|
674,180 |
|
|
|
667,120 |
|
Stockholders' equity: |
|
|
|
|
||||
Common stock (par value $0.01 per share, 40,000,000 shares authorized;
|
|
|
66 |
|
|
|
69 |
|
Preferred stock (1,000,000 shares authorized, no shares outstanding) |
|
|
— |
|
|
|
— |
|
Additional paid in capital |
|
|
63,130 |
|
|
|
68,038 |
|
Unearned ESOP shares |
|
|
(4,795 |
) |
|
|
(5,004 |
) |
Retained earnings |
|
|
65,357 |
|
|
|
58,223 |
|
Accumulated other comprehensive loss |
|
|
(6,655 |
) |
|
|
(358 |
) |
Total stockholders' equity |
|
|
117,103 |
|
|
|
120,968 |
|
Total liabilities and stockholders' equity |
|
$ |
791,283 |
|
|
$ |
788,088 |
|
AFFINITY BANCSHARES, INC. Consolidated Statements of Income (unaudited) |
|||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||
|
|
(In thousands except per share amounts) |
|||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|||||
Loans, including fees |
|
$ |
8,032 |
|
$ |
7,060 |
|
$ |
30,045 |
|
|
$ |
31,484 |
Investment securities |
|
|
461 |
|
|
260 |
|
|
1,318 |
|
|
|
789 |
Interest-earning deposits |
|
|
485 |
|
|
46 |
|
|
771 |
|
|
|
180 |
Total interest income |
|
|
8,978 |
|
|
7,366 |
|
|
32,134 |
|
|
|
32,453 |
Interest expense: |
|
|
|
|
|
|
|
|
|||||
Deposits |
|
|
1,621 |
|
|
570 |
|
|
3,233 |
|
|
|
2,680 |
FHLB advances and other borrowings |
|
|
20 |
|
|
132 |
|
|
(854 |
) |
|
|
497 |
Total interest expense |
|
|
1,641 |
|
|
702 |
|
|
2,379 |
|
|
|
3,177 |
Net interest income before provision for loan losses |
|
|
7,337 |
|
|
6,664 |
|
|
29,755 |
|
|
|
29,276 |
Provision for loan losses |
|
|
50 |
|
|
100 |
|
|
704 |
|
|
|
1,075 |
Net interest income after provision for loan losses |
|
|
7,287 |
|
|
6,564 |
|
|
29,051 |
|
|
|
28,201 |
Noninterest income: |
|
|
|
|
|
|
|
|
|||||
Service charges on deposit accounts |
|
|
406 |
|
|
380 |
|
|
1,611 |
|
|
|
1,506 |
Other |
|
|
160 |
|
|
192 |
|
|
791 |
|
|
|
1,172 |
Total noninterest income |
|
|
566 |
|
|
572 |
|
|
2,402 |
|
|
|
2,678 |
Noninterest expenses: |
|
|
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
|
3,002 |
|
|
2,866 |
|
|
12,221 |
|
|
|
10,663 |
Occupancy |
|
|
725 |
|
|
606 |
|
|
2,523 |
|
|
|
2,935 |
Advertising |
|
|
150 |
|
|
43 |
|
|
476 |
|
|
|
339 |
Data processing |
|
|
471 |
|
|
457 |
|
|
1,947 |
|
|
|
1,975 |
Write-down of premises and equipment |
|
|
— |
|
|
311 |
|
|
— |
|
|
|
1,199 |
FHLB prepayment penalties |
|
|
— |
|
|
— |
|
|
647 |
|
|
|
— |
Other |
|
|
1,293 |
|
|
1,093 |
|
|
4,312 |
|
|
|
3,857 |
Total noninterest expenses |
|
|
5,641 |
|
|
5,376 |
|
|
22,126 |
|
|
|
20,968 |
Income before income taxes |
|
|
2,212 |
|
|
1,760 |
|
|
9,327 |
|
|
|
9,911 |
Income tax expense |
|
|
513 |
|
|
442 |
|
|
2,193 |
|
|
|
2,338 |
Net income |
|
$ |
1,699 |
|
$ |
1,318 |
|
$ |
7,134 |
|
|
$ |
7,573 |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
6,628,847 |
|
|
6,872,634 |
|
|
6,669,389 |
|
|
|
6,911,576 |
Diluted |
|
|
6,708,922 |
|
|
6,956,955 |
|
|
6,761,771 |
|
|
|
6,969,402 |
Basic earnings per share |
|
$ |
0.26 |
|
$ |
0.19 |
|
$ |
1.07 |
|
|
$ |
1.10 |
Diluted earnings per share |
|
$ |
0.26 |
|
$ |
0.18 |
|
$ |
1.06 |
|
|
$ |
1.09 |
Explanation of Certain Unaudited Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation table below for details on the earnings impact of these items.
|
At or For the Period Ending |
||||||||||||||||||
Non-GAAP Reconciliation |
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Tangible book value per common share reconciliation |
|
|
|
|
|
|
|
|
|
||||||||||
Book Value per common share (GAAP) |
$ |
17.73 |
|
|
$ |
17.37 |
|
|
$ |
17.51 |
|
|
$ |
17.58 |
|
|
$ |
17.60 |
|
Effect of goodwill and other intangibles |
|
(2.81 |
) |
|
|
(2.80 |
) |
|
|
(2.83 |
) |
|
|
(2.83 |
) |
|
|
(2.73 |
) |
Tangible book value per common share |
$ |
14.92 |
|
|
$ |
14.57 |
|
|
$ |
14.68 |
|
|
$ |
14.75 |
|
|
$ |
14.87 |
|
Tangible equity to tangible assets reconciliation |
|
|
|
|
|
|
|
|
|
||||||||||
Equity to assets (GAAP) |
|
14.80 |
% |
|
|
14.84 |
% |
|
|
15.05 |
% |
|
|
15.31 |
% |
|
|
15.35 |
% |
Effect of goodwill and other intangibles |
|
(2.05 |
)% |
|
|
(2.09 |
)% |
|
|
(2.12 |
)% |
|
|
(2.14 |
)% |
|
|
(2.06 |
)% |
Tangible equity to tangible assets (1) |
|
12.75 |
% |
|
|
12.75 |
% |
|
|
12.93 |
% |
|
|
13.17 |
% |
|
|
13.29 |
% |
(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets. |
|
|
|||||||||||||||||
