8-K
NORWOOD FINANCIAL CORP (NWFL)
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) April 21, 2023
NORWOOD FINANCIAL CORP
(Exact name of registrant as specified in its charter)
| Pennsylvania | 0-28364 | 23-2828306 |
|---|---|---|
| (State or other jurisdiction<br> <br>of incorporation) | (Commission<br> <br>File Number) | (IRS Employer<br> <br>Identification No.) |
| 717 Main Street, Honesdale, Pennsylvania | 18431 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (570) 253-1455
Not Applicable
(Former name or former address, if changed since last report)
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<br> <br>symbol(s) | Name of each exchange<br> <br>on which registered |
|---|---|---|
| Common Stock, par value $0.10 per share | NWFL | The Nasdaq Stock Market LLC |
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. ☐
NORWOOD FINANCIAL CORP
INFORMATION TO BE INCLUDED IN THE REPORT
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On April 21, 2023, Norwood Financial Corp (the “Company”) issued a press release announcing its earnings for the quarter ended March 31, 2023. A copy of the press release is furnished with this report as exhibit 99.1 hereto and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
| Item 9.01 | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits: |
| --- | --- |
The following exhibits are being furnished with this report.
| No. | Description |
|---|---|
| 99.1 | Press Release dated April 21, 2023. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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.
| NORWOOD FINANCIAL CORP | ||
|---|---|---|
| Date: April 21, 2023 | By: | /s/ James O. Donnelly |
| James O. Donnelly | ||
| President and Chief Executive Officer<br> <br>(Duly Authorized Representative) |
EX-99.1
Exhibit 99.1
FOR IMMEDIATE RELEASE
NORWOODFINANCIAL CORP ANNOUNCES FIRST QUARTER 2023 EARNINGS
Honesdale, Pennsylvania - April 21, 2023
James O. Donnelly, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market – NWFL) and its subsidiary, Wayne Bank, announced net income of $5,782,000 for the three months ended March 31, 2023, a decrease of $1,346,000, from net income of $7,128,000 for the three months ended March 31, 2022. The decrease was due primarily to a $1,426,000 decrease in other income. Earnings per share on a fully diluted basis were $0.71 for the three-month period ended March 31, 2023, compared to $0.87 in the three-month period ended March 31, 2022. The annualized return on average assets was 1.13% in the first quarter of 2023 and the annualized return on average equity was 13.61%, compared to 1.39% and 14.22%, respectively, in the first quarter of 2022.
Total assets were $2.104 billion as of March 31, 2023, an increase of $26.7 million, compared to March 31, 2022. As of March 31, 2023, loans totaled $1.536 billion, with deposits of $1.756 billion and stockholders’ equity of $176.4 million.
Net interest income on a fully taxable equivalent basis (fte), was $16,275,000 during the three months ended March 31, 2023, compared to $16,283,000 in the comparable three-month period of 2022. During the three-months ended March 31, 2023, the fte yield on interest-earning assets increased 80 basis points compared to the three months ended March 31, 2022, while the cost of funds increased 119 basis points. As a result, the annualized net interest spread (fte) decreased to 2.83% from 3.22% in the quarter ended March 31, 2023 compared to the corresponding three-month period in 2022.
Total other income was $1,912,000 for the three months ended March 31, 2023, compared to $3,338,000 during the corresponding period of last year. The decrease in other income includes $875,000 of income recognized in 2022 on previously acquired purchased impaired loans that were carried at a discount, and a $427,000 gain recorded in 2022 on the sale of a property carried in foreclosed real estate owned. All other categories of other income decreased $124,000, net.
Operating expenses totaled $10,436,000 in the three months ended March 31, 2023, and were $279,000, or 2.7%, higher than the $10,157,000 recorded in the same three-month period of last year.
Additionally, effective January 1, 2023, the Company adopted Accounting Standards Update 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, referred to as the current expected credit loss model (“CECL”). This accounting standard requires that credit losses for financial assets and off-balance sheet credit exposures be measured based on expected credit losses, rather than on incurred credit losses as in prior periods. As a result of the adoption of CECL, the allowance for credit losses was increased by $2,216,000, and retained earnings was decreased by $1,751,000, net of tax. The Company also recorded an off-balance sheet reserve for unfunded commitments of $329,000, with a corresponding decrease to retained earnings of $260,000, net of tax.
Mr. Donnelly stated, “Our first quarter income decreased from the 2022 level due to one-time gains recognized in 2022 and the rising cost of deposits and borrowed funds. Loan growth was 16.7% annually during the quarter, while total deposits increased 6.6% annually during the first quarter of 2023. Our core operating expenses remain well-controlled, and our capital base remains above “Well-Capitalized” targets. Additionally, our credit quality metrics remained strong during the first quarter, which we
believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers”.
Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.
Forward-Looking Statements.
The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include changes in federal and state laws, changes in interest rates, the risks and uncertainty posed by, and the continued effect and impact of, the COVID-19 pandemic on the economy and the Company’s results of operation and financial condition, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Non-GAAP Financial Measures
This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a fully taxable-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources, and is consistent with industry practice.
The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis:
| Three months ended March 31, | ||||
|---|---|---|---|---|
| (dollars in thousands) | 2023 | 2022 | ||
| Net interest income | $ | 16,093 | $ | 16,101 |
| Tax equivalent basis adjustment using 21% marginal tax rate | 182 | 182 | ||
| Net interest income on a fully taxable equivalent basis | $ | 16,275 | $ | 16,283 |
This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.
The following table reconciles average equity to average tangible equity:
| Three months ended March 31, | ||||||
|---|---|---|---|---|---|---|
| (dollars in thousands) | 2023 | 2022 | ||||
| Average equity | $ | 172,334 | $ | 203,260 | ||
| Average goodwill and other intangibles | (29,559 | ) | (29,656 | ) | ||
| Average tangible equity | $ | 142,775 | $ | 173,604 | ||
| Contact: | William S. Lance | |||||
| --- | --- | |||||
| Executive Vice President & | ||||||
| Chief Financial Officer | ||||||
| Norwood Financial Corp | ||||||
| 570-253-8505 | ||||||
| www.waynebank.com |
NORWOOD FINANCIAL CORP
Consolidated Balance Sheets
(dollars in thousands,except share and per share data)
(unaudited)
| 2022 | |||
| ASSETS | |||
| Cash and due from banks | 25,701 | $ | 22,394 |
| Interest-bearing deposits with banks | 3,314 | 143,632 | |
| Cash and cash equivalents | 29,015 | 166,026 | |
| Securities available for sale | 418,245 | 434,924 | |
| Loans receivable | 1,535,643 | 1,371,645 | |
| Less: Allowance for credit losses | 19,445 | 16,660 | |
| Net loans receivable | 1,516,198 | 1,354,985 | |
| Regulatory stock, at cost | 5,963 | 3,423 | |
| Bank premises and equipment, net | 17,660 | 17,022 | |
| Bank owned life insurance | 45,577 | 40,215 | |
| Foreclosed real estate owned | 346 | 590 | |
| Accrued interest receivable | 6,633 | 5,876 | |
| Deferred tax assets, net | 22,164 | 14,771 | |
| Goodwill | 29,266 | 29,266 | |
| Other intangible assets | 283 | 380 | |
| Other assets | 13,013 | 10,220 | |
| TOTAL ASSETS | 2,104,363 | $ | 2,077,698 |
| LIABILITIES | |||
| Deposits: | |||
| Non-interest bearing demand | 419,615 | $ | 438,979 |
| Interest-bearing | 1,336,320 | 1,342,798 | |
| Total deposits | 1,755,935 | 1,781,777 | |
| Short-term borrowings | 108,555 | 63,622 | |
| Other borrowings | 40,189 | 26,844 | |
| Accrued interest payable | 4,703 | 1,160 | |
| Other liabilities | 18,566 | 17,489 | |
| TOTAL LIABILITIES | 1,927,948 | 1,890,892 | |
| STOCKHOLDERS’ EQUITY | |||
| Preferred Stock, no par value per share, authorized 5,000,000 shares | — | — | |
| Common Stock, .10 par value per share, authorized: 20,000,000 shares, issued: 2023: 8,291,401<br>shares, 2022: 8,268,401 shares | 829 | 827 | |
| Surplus | 95,052 | 96,619 | |
| Retained earnings | 133,427 | 114,845 | |
| Treasury stock, at cost: 2023: 110,400 shares, 2022: 65,089 shares | (2,930 | (1,760 | |
| Accumulated other comprehensive loss | (49,963 | (23,725 | |
| TOTAL STOCKHOLDERS’ EQUITY | 176,415 | 186,806 | |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 2,104,363 | 2,077,698 |
All values are in US Dollars.
NORWOOD FINANCIAL CORP
Consolidated Statements of Income
(dollars inthousands, except per share data)
(unaudited)
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| INTEREST INCOME | ||||
| Loans receivable, including fees | $ | 19,158 | $ | 15,375 |
| Securities | **** | 2,505 | 1,894 | |
| Other | **** | 48 | 78 | |
| Total Interest income | **** | 21,711 | 17,347 | |
| INTEREST EXPENSE | ||||
| Deposits | **** | 4,362 | 1,059 | |
| Short-term borrowings | **** | 779 | 48 | |
| Other borrowings | **** | 477 | 139 | |
| Total Interest expense | **** | 5,618 | 1,246 | |
| NET INTEREST INCOME | **** | 16,093 | 16,101 | |
| PROVISION FOR CREDIT LOSSES | $ | 300 | 300 | |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | **** | 15,793 | 15,801 | |
| OTHER INCOME | ||||
| Service charges and fees | **** | 1,313 | 1,470 | |
| Income from fiduciary activities | **** | 212 | 202 | |
| Net realized gains on sales of securities | **** | 2 | — | |
| Gains on sales of loans, net | **** | — | — | |
| Gains on sales of foreclosed real estate owned | **** | — | 427 | |
| Earnings and proceeds on life insurance policies | **** | 213 | 176 | |
| Other | **** | 172 | 1,063 | |
| Total other income | **** | 1,912 | 3,338 | |
| OTHER EXPENSES | ||||
| Salaries and employee benefits | **** | 5,969 | 5,431 | |
| Occupancy, furniture and equipment | **** | 1,262 | 1,307 | |
| Data processing and related operations | **** | 768 | 628 | |
| Taxes, other than income | **** | 161 | 294 | |
| Professional fees | **** | 285 | 575 | |
| FDIC Insurance assessment | **** | 200 | 183 | |
| Foreclosed real estate | **** | 29 | 53 | |
| Amortization of intangibles | **** | 23 | 27 | |
| Other | **** | 1,739 | 1,659 | |
| Total other expenses | **** | 10,436 | 10,157 | |
| INCOME BEFORE TAX | **** | 7,269 | **** | 8,982 |
| INCOME TAX EXPENSE | **** | 1,487 | 1,854 | |
| NET INCOME | $ | 5,782 | $ | 7,128 |
| Basic earnings per share | $ | 0.71 | $ | 0.87 |
| Diluted earnings per share | $ | 0.71 | $ | 0.87 |
NORWOOD FINANCIAL CORP
Financial Highlights (Unaudited)
(dollars inthousands, except per share data)
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| For the Three Months Ended March 31 | ||||||
| Net interest income | $ | 16,093 | **** | $ | 16,101 | |
| Net income | **** | 5,782 | **** | 7,128 | ||
| Net interest spread (fully taxable equivalent) | **** | 2.83 | % | 3.22 | % | |
| Net interest margin (fully taxable equivalent) | **** | 3.25 | % | 3.32 | % | |
| Return on average assets | **** | 1.13 | % | 1.39 | % | |
| Return on average equity | **** | 13.61 | % | 14.22 | % | |
| Return on average tangible equity | **** | 16.42 | % | 16.65 | % | |
| Basic earnings per share | $ | 0.71 | **** | $ | 0.87 | |
| Diluted earnings per share | $ | 0.71 | **** | $ | 0.87 | |
| 2023 | 2022 | |||||
| --- | --- | --- | --- | --- | --- | --- |
| As of March 31 | ||||||
| Total assets | $ | 2,104,363 | **** | $ | 2,077,698 | |
| Total loans receivable | **** | 1,535,643 | **** | 1,371,645 | ||
| Allowance for credit losses | **** | 19,445 | **** | 16,660 | ||
| Total deposits | **** | 1,755,935 | **** | 1,781,777 | ||
| Stockholders’ equity | **** | 176,415 | **** | 186,806 | ||
| Trust assets under management | **** | 187,345 | **** | 190,144 | ||
| Book value per share | $ | 21.92 | **** | $ | 22.99 | |
| Tangible book value per share | $ | 18.31 | **** | $ | 19.37 | |
| Equity to total assets | **** | 8.38 | % | 8.99 | % | |
| Allowance to total loans receivable | **** | 1.27 | % | 1.21 | % | |
| Nonperforming loans to total loans | **** | 0.07 | % | 0.05 | % | |
| Nonperforming assets to total assets | **** | 0.06 | % | 0.06 | % |
NORWOOD FINANCIAL CORP
Consolidated Balance Sheets (unaudited)
(dollars inthousands)
| March 31 | December 31 | September 30 | June 30 | March 31 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | 2022 | 2022 | ||||||
| ASSETS | ||||||||||
| Cash and due from banks | $ | 25,701 | $ | 28,847 | $ | 23,092 | $ | 29,931 | $ | 22,394 |
| Interest-bearing deposits with banks | 3,314 | 3,019 | 17,785 | 79,735 | 143,632 | |||||
| Cash and cash equivalents | 29,015 | 31,866 | 40,877 | 109,666 | 166,026 | |||||
| Securities available for sale | 418,245 | 418,927 | 427,287 | 440,877 | 434,924 | |||||
| Loans receivable | 1,535,643 | 1,473,945 | 1,432,288 | 1,404,317 | 1,371,645 | |||||
| Less: Allowance for credit losses | 19,445 | 16,999 | 16,931 | 17,017 | 16,660 | |||||
| Net loans receivable | 1,516,198 | 1,456,946 | 1,415,357 | 1,387,300 | 1,354,985 | |||||
| Regulatory stock, at cost | 5,963 | 5,418 | 2,220 | 2,396 | 3,423 | |||||
| Bank owned life insurance | 45,577 | 43,364 | 43,169 | 43,167 | 40,215 | |||||
| Bank premises and equipment, net | 17,660 | 17,924 | 17,427 | 17,032 | 17,022 | |||||
| Foreclosed real estate owned | 346 | 346 | 346 | 346 | 590 | |||||
| Goodwill and other intangibles | 29,549 | 29,572 | 29,595 | 29,619 | 29,646 | |||||
| Other assets | 41,810 | 42,707 | 42,592 | 35,981 | 30,867 | |||||
| TOTAL ASSETS | $ | 2,104,363 | $ | 2,047,070 | $ | 2,018,870 | $ | 2,066,384 | $ | 2,077,698 |
| LIABILITIES | ||||||||||
| Deposits: | ||||||||||
| Non-interest bearing demand | $ | 419,615 | $ | 434,529 | $ | 453,560 | $ | 442,991 | $ | 438,979 |
| Interest-bearing deposits | 1,336,320 | 1,293,198 | 1,315,236 | 1,356,839 | 1,342,798 | |||||
| Total deposits | 1,755,935 | 1,727,727 | 1,768,796 | 1,799,830 | 1,781,777 | |||||
| Borrowings | 148,744 | 133,215 | 71,754 | 74,839 | 90,466 | |||||
| Other liabilities | 23,269 | 19,043 | 19,471 | 17,884 | 18,649 | |||||
| TOTAL LIABILITIES | 1,927,948 | 1,879,985 | 1,860,021 | 1,892,553 | 1,890,892 | |||||
| STOCKHOLDERS’ EQUITY | 176,415 | 167,085 | 158,849 | 173,831 | 186,806 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 2,104,363 | $ | 2,047,070 | $ | 2,018,870 | $ | 2,066,384 | $ | 2,077,698 |
NORWOOD FINANCIAL CORP
Consolidated Statements of Income (unaudited)
(dollarsin thousands, except per share data)
| March 31 | December 31 | September 30 | June 30 | March 31 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended | 2023 | 2022 | 2022 | 2022 | 2022 | ||||||||||
| INTEREST INCOME | |||||||||||||||
| Loans receivable, including fees | $ | 19,158 | $ | 17,810 | $ | 17,114 | $ | 15,714 | $ | 15,375 | |||||
| Securities | 2,505 | 2,487 | 2,473 | 2,197 | 1,894 | ||||||||||
| Other | 48 | 98 | 245 | 182 | 78 | ||||||||||
| Total interest income | 21,711 | 20,395 | 19,832 | 18,093 | 17,347 | ||||||||||
| INTEREST EXPENSE | |||||||||||||||
| Deposits | 4,362 | 2,772 | 1,557 | 1,083 | 1,059 | ||||||||||
| Borrowings | 1,256 | 391 | 105 | 116 | 187 | ||||||||||
| Total interest expense | 5,618 | 3,163 | 1,662 | 1,199 | 1,246 | ||||||||||
| NET INTEREST INCOME | 16,093 | 17,232 | 18,170 | 16,894 | 16,101 | ||||||||||
| PROVISION FOR CREDIT LOSSES | 300 | 300 | — | 300 | 300 | ||||||||||
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 15,793 | 16,932 | 18,170 | 16,594 | 15,801 | ||||||||||
| OTHER INCOME | |||||||||||||||
| Service charges and fees | 1,313 | 1,370 | 1,346 | 1,475 | 1,470 | ||||||||||
| Income from fiduciary activities | 212 | 210 | 219 | 214 | 202 | ||||||||||
| Net realized gains on sales of securities | 2 | 3 | — | — | — | ||||||||||
| Gains on sales of loans, net | — | 1 | 1 | — | — | ||||||||||
| Gains on sales of foreclosed real estate owned | — | — | — | — | 427 | ||||||||||
| Earnings and proceeds on life insurance policies | 213 | 195 | 267 | 449 | 176 | ||||||||||
| Other | 172 | 147 | 345 | 351 | 1,063 | ||||||||||
| Total other income | 1,912 | 1,926 | 2,178 | 2,489 | 3,338 | ||||||||||
| OTHER EXPENSES | |||||||||||||||
| Salaries and employee benefits | 5,969 | 5,246 | 5,553 | 5,840 | 5,431 | ||||||||||
| Occupancy, furniture and equipment, net | 1,262 | 1,263 | 1,191 | 1,206 | 1,307 | ||||||||||
| Foreclosed real estate | 29 | 7 | 4 | 10 | 53 | ||||||||||
| FDIC insurance assessment | 200 | 144 | 143 | 142 | 183 | ||||||||||
| Other | 2,976 | 3,615 | 3,248 | 3,274 | 3,183 | ||||||||||
| Total other expenses | 10,436 | 10,275 | 10,139 | 10,472 | 10,157 | ||||||||||
| INCOME BEFORE TAX | 7,269 | 8,583 | 10,209 | 8,611 | 8,982 | ||||||||||
| INCOME TAX EXPENSE | 1,487 | 1,443 | 2,100 | 1,756 | 1,854 | ||||||||||
| NET INCOME | $ | 5,782 | $ | 7,140 | $ | 8,109 | $ | 6,855 | $ | 7,128 | |||||
| Basic earnings per share | $ | 0.71 | $ | 0.88 | $ | 1.00 | $ | 0.84 | $ | 0.87 | |||||
| Diluted earnings per share | $ | 0.71 | $ | 0.88 | $ | 1.00 | $ | 0.84 | $ | 0.87 | |||||
| Book Value per share | $ | 21.92 | $ | 20.86 | $ | 19.92 | $ | 21.65 | $ | 22.99 | |||||
| Tangible Book Value per share | 18.31 | 17.24 | 16.29 | 18.02 | 19.37 | ||||||||||
| Return on average assets (annualized) | 1.13 | % | 1.40 | % | 1.57 | % | 1.35 | % | 1.39 | % | |||||
| Return on average equity (annualized) | 13.61 | % | 17.40 | % | 17.93 | % | 15.19 | % | 14.22 | % | |||||
| Return on average tangible equity (annualized) | 16.42 | % | 21.27 | % | 21.48 | % | 18.16 | % | 16.65 | % | |||||
| Net interest spread (fte) | 2.83 | % | 3.30 | % | 3.61 | % | 3.40 | % | 3.22 | % | |||||
| Net interest margin (fte) | 3.25 | % | 3.55 | % | 3.74 | % | 3.49 | % | 3.32 | % | |||||
| Allowance for credit losses to total loans | 1.27 | % | 1.15 | % | 1.18 | % | 1.21 | % | 1.21 | % | |||||
| Net charge-offs to average loans (annualized) | 0.08 | % | 0.06 | % | 0.02 | % | -0.02 | % | 0.02 | % | |||||
| Nonperforming loans to total loans | 0.07 | % | 0.08 | % | 0.04 | % | 0.04 | % | 0.05 | % | |||||
| Nonperforming assets to total assets | 0.06 | % | 0.07 | % | 0.05 | % | 0.05 | % | 0.06 | % |