Cathay General Bancorp Announces Third Quarter 2024 Results
LOS ANGELES--Cathay General Bancorp (the “Company”, “we”, “us”, or “our”) (Nasdaq: CATY), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter ended September 30, 2024. The Company reported net income of $67.5 million, or $0.94 per diluted share, for the third quarter of 2024.
FINANCIAL PERFORMANCE
Three months ended
September 30, 2024
June 30, 2024
September 30, 2023
$0.94
$0.92
$1.14
$0.94
$0.92
$1.13
1.15%
1.15%
1.42%
9.50%
9.63%
12.36%
51.11%
55.65%
48.57%
THIRD QUARTER HIGHLIGHTS
We are pleased to see the increase in the net interest margin compared to the second quarter. During the third quarter, we repurchased 0.8 million shares at an average cost of $42.0 per share, for a total of $35.0 million.”, commented Chang M. Liu, President and Chief Executive Officer of the Company.
INCOME STATEMENT REVIEW
THIRD QUARTER 2024 COMPARED TO THE SECOND QUARTER 2024
Net income for the quarter ended September 30, 2024, was $67.5 million, an increase of $0.7 million, or 1.0%, compared to net income of $66.8 million for the second quarter of 2024. Diluted earnings per share for the third quarter of 2024 was $0.94 per share compared to $0.92 per share for the second quarter of 2024. The third quarter net income included $2.2 million after-tax or $0.03 per diluted share in higher income tax expense related to 2023 low-income housing tax credits discrete item.
Return on average stockholders’ equity was 9.50% and return on average assets was 1.15% for the quarter ended September 30, 2024, compared to a return on average stockholders’ equity of 9.63% and a return on average assets of 1.15% in the second quarter of 2024.
Net interest income before provision for credit losses
Net interest income before provision for credit losses increased $3.9 million, or 2.4%, to $169.2 million during the third quarter of 2024, compared to $165.3 million in the second quarter of 2024. The increase was due primarily to an increase in interest income from loans offset, in part, by an increase in deposit interest expense.
The net interest margin was 3.04% for the third quarter of 2024 compared to 3.01% for the second quarter of 2024.
For the third quarter of 2024, the yield on average interest-earning assets was 6.10%, the cost of funds on average interest-bearing liabilities was 3.99%, and the cost of interest-bearing deposits was 3.95%. In comparison, for the second quarter of 2024, the yield on average interest-earning assets was 6.05%, the cost of funds on average interest-bearing liabilities was 3.97%, and the cost of interest-bearing deposits was 3.94%. The increase in the costs of average interest-bearing liabilities was mainly a result of higher interest rates on interest bearing deposits. The net interest spread, defined as the difference between the yield on average interest-earning assets and the cost of funds on average interest-bearing liabilities, was 2.11% for the third quarter of 2024, compared to 2.08% for the second quarter of 2024.
Provision for credit losses
The Company recorded a provision for credit losses of $14.5 million in the third quarter of 2024 compared with $6.6 million in the second quarter of 2024. As of September 30, 2024, the allowance for credit losses, which is comprised of the reserve for loan losses and the reserve for unfunded loan commitments, increased $10.2 million to $173.2 million, or 0.89% of gross loans, compared to $163.0 million, or 0.84% of gross loans, as of June 30, 2024.
The following table sets forth the charge-offs and recoveries for the periods indicated:
Three months ended
2024
2023
$ 2,666
$ 8,257
$ 6,254
$ 12,862
$ 12,517
1,805
—
1,221
2,059
5,341
7
—
8
7
15
4,478
8,257
7,483
14,928
17,873
88
126
611
1,026
1,564
186
134
261
561
2,862
1
—
—
1
—
275
260
872
1,588
4,426
$ 4,203
$ 7,997
$ 6,611
$ 13,340
$ 13,447
(1) Real estate loans include commercial real estate loans, residential mortgage loans and equity lines.
Non-interest income
Non-interest income, which includes revenues from depository service fees, letters of credit commissions, securities gains (losses), wealth management fees, and other sources of fee income, was $20.4 million for the third quarter of 2024, an increase of $7.2 million, or 54.5%, compared to $13.2 million for the second quarter of 2024. The increase was primarily due to a $5.7 million increase in unrealized gains on equity securities when compared to the second quarter of 2024.
Non-interest expense
Non-interest expense decreased $2.5 million, or 2.5%, to $96.9 million in the third quarter of 2024 compared to $99.4 million in the second quarter of 2024. The decrease in non-interest expense in the third quarter of 2024 was primarily due to a decrease of $1.2 million in professional services, when compared to the second quarter of 2024. The efficiency ratio, defined as non-interest expense divided by the sum of net interest income before provision for loan losses plus non-interest income, was 51.11% in the third quarter of 2024 compared to 55.65% for the second quarter of 2024.
Income taxes
The effective tax rate for the third quarter of 2024 was 13.61% compared to 7.92% for the second quarter of 2024. The effective tax rate includes the impact of alternative energy investments and low-income housing tax credits. Income tax expense in the third quarter included a $2.2 million discrete item for 2023 low-income housing tax credits.
BALANCE SHEET REVIEW
Gross loans, excluding loans held for sale, were $19.37 billion as of September 30, 2024, an increase of $16.1 million, or 0.1%, from $19.36 billion as of June 30, 2024. The increase was primarily due to an increase of $89.2 million, or 0.9%, in commercial real estate loans, and an increase of $16.2 million, or 0.5% in commercial loans offset, in part, by a decrease of $49.9 million, or 14.0% in construction loans, a decrease of $31.7 million, or 0.5%, in residential mortgage loans and a decrease of $8.4 million, or 3.6% in equity lines.
The loan balances and composition as of September 30, 2024, compared to June 30, 2024, and September 30, 2023, are presented below:
$ 3,106,994
$ 3,090,763
$ 3,090,609
307,057
356,978
474,294
9,975,272
9,886,030
9,511,805
5,750,546
5,782,202
5,685,844
226,838
235,277
253,826
6,886
6,274
7,444
$ 19,373,593
$ 19,357,524
$ 19,023,822
(163,733)
(153,404)
(154,619)
(10,505)
(10,785)
(9,521)
$ 19,199,355
$ 19,193,335
$ 18,859,682
$ 5,190
$ —
$ —
Total deposits were $19.94 billion as of September 30, 2024, an increase of $170.9 million, or 0.9%, from $19.77 billion as of June 30, 2024.
The deposit balances and composition as of September 30, 2024, compared to June 30, 2024, and September 30, 2023, are presented below:
$ 3,253,823
$ 3,161,632
$ 3,623,483
2,093,861
2,145,580
2,454,878
3,134,460
3,182,031
3,222,612
1,215,974
1,014,287
1,131,352
10,245,823
10,269,487
9,203,263
$ 19,943,941
$ 19,773,017
$ 19,635,588
ASSET QUALITY REVIEW
As of September 30, 2024, total non-accrual loans were $162.8 million, an increase of $55.5 million, or 51.7%, from $107.3 million as of June 30, 2024.
The allowance for loan losses was $163.7 million and the allowance for off-balance sheet unfunded credit commitments was $9.5 million as of September 30, 2024. The allowances represent the amount estimated by management to be appropriate to absorb expected credit losses inherent in the loan portfolio, including unfunded credit commitments. The allowance for loan losses represented 0.85% of period-end gross loans, and 96.45% of non-performing loans as of September 30, 2024. The comparable ratios were 0.79% of period-end gross loans, and 138.56% of non-performing loans as of June 30, 2024.
The changes in non-performing assets and modifications to borrowers experiencing financial difficulties as of September 30, 2024, compared to June 30, 2024, and September 30, 2023, are presented below:
September 30, 2024
June 30, 2024
% Change
September 30, 2023
% Change
$ 6,931
$ 3,443
101
$ 1,924
260
—
22,998
(100)
16,992
87,577
60,085
46
32,539
169
52,074
4,075
1,178
14,661
255
23,183
20,112
15
13,138
76
$ 162,834
$ 107,270
52
$ 77,330
111
169,765
110,713
53
79,254
114
18,277
18,277
—
14,407
27
$ 188,042
$ 128,990
46
$ 93,661
101
$ 163,733
$ 153,404
7
$ 154,619
6
$ 19,373,593
$ 19,357,524
0
$ 19,023,822
2
96.45%
138.56%
195.09%
0.85%
0.79%
0.81%
* Commercial nonaccrual loans included $19.5 million of loans that are current.
The increase in our nonaccrual loans was primarily caused by a $38.1 million loan relationship that was placed on nonaccrual status due to interest delinquency of more than ninety days on $18.6 million of these loans. The remaining $19.5 million of loans in this relationship were still current as of September 30, 2024. The borrower is actively seeking financing elsewhere for these loans.
The ratio of non-performing assets to total assets was 0.81% as of September 30, 2024, compared to 0.56% as of June 30, 2024. Total non-performing assets increased $59.0 million, or 45.7%, to $188.0 million as of September 30, 2024, compared to $129.0 million as of June 30, 2024, primarily due to an increase of $55.5 million, or 51.7%, in non-accrual loans, and an increase of $3.5 million, or 101.3%, in accruing loans past due 90 days or more.
CAPITAL ADEQUACY REVIEW
As of September 30, 2024, the Company’s Tier 1 risk-based capital ratio of 13.33%, total risk-based capital ratio of 14.88%, and Tier 1 leverage capital ratio of 10.82%, calculated under the Basel III capital rules, continue to place the Company in the “well capitalized” category for regulatory purposes, which is defined as institutions with a Tier 1 risk-based capital ratio equal to or greater than 8%, a total risk-based capital ratio equal to or greater than 10%, and a Tier 1 leverage capital ratio equal to or greater than 5%. As of June 30, 2024, the Company’s Tier 1 risk-based capital ratio was 13.26%, total risk-based capital ratio was 14.74%, and Tier 1 leverage capital ratio was 10.83%.
YEAR-TO-DATE REVIEW
Net income for the nine months ended September 30, 2024, was $205.8 million, a decrease of $65.8 million, or 24.2%, compared to net income of $271.6 million for the same period a year ago. Diluted earnings per share was $2.83 compared to $3.73 per share for the same period a year ago. The net interest margin for the nine months ended September 30, 2024, was 3.03% compared to 3.52% for the same period a year ago.
Return on average stockholders’ equity was 9.84% and return on average assets was 1.18% for the nine months ended September 30, 2024, compared to a return on average stockholders’ equity of 14.04% and a return on average assets of 1.61% for the same period a year ago. The efficiency ratio for the nine months ended September 30, 2024, was 53.28% compared to 44.64% for the same period a year ago.
CONFERENCE CALL
Cathay General Bancorp will host a conference call to discuss its third quarter 2024 financial results this afternoon, Monday, October 21, 2024, at 3:00 p.m., Pacific Time. Analysts and investors may dial in and participate in the question-and-answer session. To access the call, please dial 1-833-816-1377 and refer to Conference Code 10193436. The presentation accompanying this call and access to the live webcast is available on our site at www.cathaygeneralbancorp.com and a replay of the webcast will be archived for one year within 24 hours after the event.
ABOUT CATHAY GENERAL BANCORP
Cathay General Bancorp is a publicly traded company (Nasdaq: CATY) and is the holding company for Cathay Bank, a California state-chartered bank. Founded in 1962, Cathay Bank offers a wide range of financial services and currently operate over 60 branches across the United States in California, New York, Washington, Texas, Illinois, Massachusetts, Maryland, Nevada, and New Jersey. Overseas, it has a branch outlet in Hong Kong, and a representative office in Beijing, Shanghai, and Taipei. To learn more about Cathay Bank, please visit www.cathaybank.com. Cathay General Bancorp’s website is at www.cathaygeneralbancorp.com. Information set forth on such websites is not incorporated into this press release.
FORWARD-LOOKING STATEMENTS
Statements made in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 regarding management’s beliefs, projections, and assumptions concerning future results and events. These forward-looking statements may include, but are not limited to, such words as “aims,” “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “predicts,” “potential,” “possible,” “optimistic,” “seeks,” “shall,” “should,” “will,” and variations of these words and similar expressions. Forward-looking statements are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties and other factors include, but are not limited to, adverse developments or conditions related to or arising from local, regional, national and international business, market and economic conditions and events and the impact they may have on us, our customers and our operations, assets and liabilities; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to including potential future supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation; higher capital requirements from the implementation of the Basel III capital standards; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; our ability to generate anticipated returns on our investments and financings, including in tax-advantaged projects; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters, public health crises and geopolitical events; general economic or business conditions in Asia, and other regions where Cathay Bank has operations; failures, interruptions, or security breaches of our information systems; our ability to adapt our systems to technological changes; risk management processes and strategies; adverse results in legal proceedings; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in accounting standards or tax laws and regulations; market disruption and volatility; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuance of preferred stock; successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; and general competitive, economic political, and market conditions and fluctuations.
These and other factors are further described in Cathay General Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023 (Item 1A in particular), other reports filed with the Securities and Exchange Commission (“SEC”), and other filings Cathay General Bancorp makes with the SEC from time to time. Actual results in any future period may also vary from the past results discussed in this press release. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we undertake no obligation to update or review any forward-looking statement to reflect circumstances, developments or events occurring after the date on which the statement is made or to reflect the occurrence of unanticipated events.
CATHAY GENERAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
Three months ended
Nine months ended September 30,
September 30, 2024
June 30, 2024
September 30, 2023
2024
2023
$ 169,155
$ 165,316
$ 185,640
$ 503,043
$ 559,608
14,500
6,600
7,000
23,000
24,255
154,655
158,716
178,640
480,043
535,353
20,365
13,215
7,837
40,191
45,191
96,867
99,352
93,973
289,458
269,980
78,153
72,579
92,504
230,776
310,564
10,639
5,750
10,133
24,998
38,966
$ 67,514
$ 66,829
$ 82,371
$ 205,778
$ 271,598
$ 0.94
$ 0.92
$ 1.14
$ 2.84
$ 3.74
$ 0.94
$ 0.92
$ 1.13
$ 2.83
$ 3.73
$ 0.34
$ 0.34
$ 0.34
$ 1.02
$ 1.02
1.15%
1.15%
1.42%
1.18%
1.61%
9.50%
9.63%
12.36%
9.84%
14.04%
51.11%
55.65%
48.57%
53.28%
44.64%
36.04%
37.06%
29.95%
35.87%
27.22%
6.10%
6.05%
5.89%
6.05%
5.71%
3.99%
3.97%
3.33%
3.95%
2.94%
2.11%
2.08%
2.56%
2.10%
2.77%
3.04%
3.01%
3.38%
3.03%
3.52%
September 30, 2024
June 30, 2024
September 30, 2023
13.33%
13.26%
12.70%
14.88%
14.74%
14.21%
10.82%
10.83%
10.44%
CATHAY GENERAL BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
$ 182,542
$ 160,389
$ 145,580
1,156,223
944,612
1,017,354
1,508,356
1,648,731
1,508,798
5,190
—
—
19,373,593
19,357,524
19,023,822
(163,733)
(153,404)
(154,619)
(10,505)
(10,785)
(9,521)
19,199,355
19,193,335
18,859,682
35,741
29,949
31,456
17,250
17,250
17,250
18,277
18,277
14,407
280,091
309,834
332,903
89,158
89,451
91,033
12,043
16,264
16,900
95,351
99,434
90,875
375,696
375,696
375,696
3,590
3,860
4,725
30,543
32,858
30,586
265,037
295,305
307,284
$ 23,274,443
$ 23,235,245
$ 22,844,529
$ 3,253,823
$ 3,161,632
$ 3,623,483
2,093,861
2,145,580
2,454,878
3,134,460
3,182,031
3,222,612
1,215,974
1,014,287
1,131,352
10,245,823
10,269,487
9,203,263
19,943,941
19,773,017
19,635,588
60,000
165,000
15,000
17,783
17,838
22,374
119,136
119,136
119,136
12,043
16,264
16,900
32,906
35,355
32,962
258,321
315,393
363,833
20,444,130
20,442,003
20,205,793
2,830,313
2,793,242
2,638,736
$ 23,274,443
$ 23,235,245
$ 22,844,529
$ 39.66
$ 38.70
$ 36.35
71,355,869
72,170,433
72,586,992
CATHAY GENERAL BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended
Nine months ended September 30,
September 30, 2024
June 30, 2024
September 30, 2023
2024
2023
$ 310,311
$ 303,336
$ 293,108
$ 916,175
$ 827,765
15,125
15,644
12,698
45,720
36,832
375
499
355
1,305
957
13,680
13,381
17,307
41,793
43,405
339,491
332,860
323,468
1,004,993
908,959
119,786
118,076
90,022
347,408
234,171
45,918
44,512
38,207
133,218
92,683
1,885
2,316
6,779
13,517
14,875
2,351
1,863
1,726
5,935
4,721
396
777
1,094
1,872
2,901
170,336
167,544
137,828
501,950
349,351
169,155
165,316
185,640
503,043
559,608
14,500
6,600
7,000
23,000
24,255
154,655
158,716
178,640
480,043
535,353
4,253
(1,430)
(6,218)
(6,204)
9,298
—
—
—
1,107
(3,000)
2,081
1,888
1,738
5,686
4,972
1,572
1,778
1,536
4,900
5,009
6,545
5,678
5,150
17,861
12,686
5,914
5,301
5,631
16,841
16,226
20,365
13,215
7,837
40,191
45,191
40,859
40,439
38,774
124,850
114,048
5,938
5,652
5,851
17,557
16,883
4,753
5,391
4,387
15,212
12,899
7,021
8,212
7,906
22,225
24,212
4,330
3,877
3,614
12,136
11,010
3,250
3,742
3,063
13,081
9,230
1,614
1,474
1,587
5,002
4,777
596
1,482
435
2,331
566
24,077
23,396
23,157
61,905
60,497
250
259
250
848
1,059
4,179
5,428
4,949
14,311
14,799
96,867
99,352
93,973
289,458
269,980
78,153
72,579
92,504
230,776
310,564
10,639
5,750
10,133
24,998
38,966
$ 67,514
$ 66,829
$ 82,371
$ 205,778
$ 271,598
$ 0.94
$ 0.92
$ 1.14
$ 2.84
$ 3.74
$ 0.94
$ 0.92
$ 1.13
$ 2.83
$ 3.73
$ 0.34
$ 0.34
$ 0.34
$ 1.02
$ 1.02
71,786,624
72,658,810
72,568,518
72,370,995
72,546,149
72,032,456
72,825,356
72,890,414
72,607,550
72,847,907
CATHAY GENERAL BANCORP
AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
Three months ended
(In thousands)(Unaudited)
September 30, 2024
June 30, 2024
September 30, 2023
Interest-earning assets:
Average
Balance
Average
Yield/Rate (1)
Average
Balance
Average
Yield/Rate (1)
Average
Balance
Average
Yield/Rate (1)
$ 19,455,540
6.35%
$ 19,439,112
6.28%
$ 18,959,444
6.13%
1,638,414
3.67%
1,667,279
3.77%
1,530,767
3.29%
17,250
8.65%
17,250
11.63%
19,141
7.35%
1,035,534
5.26%
997,808
5.39%
1,273,751
5.39%
$ 22,146,738
6.10%
$ 22,121,449
6.05%
$ 21,783,103
5.89%
$ 2,134,807
2.10%
$ 2,169,045
2.07%
$ 2,405,011
1.98%
3,073,384
3.75%
3,217,813
3.77%
3,036,445
2.98%
1,212,870
1.85%
1,037,771
1.23%
1,151,615
1.17%
10,250,601
4.65%
10,185,497
4.66%
9,145,176
3.91%
$ 16,671,662
3.95%
$ 16,610,126
3.94%
$ 15,738,247
3.23%
186,838
4.86%
235,234
5.29%
586,824
5.32%
119,136
7.85%
119,136
6.29%
119,136
5.75%
16,977,636
3.99%
16,964,496
3.97%
16,444,207
3.33%
3,230,150
3,247,498
3,603,779
$ 20,207,786
$ 20,211,994
$ 20,047,986
$ 23,353,032
$ 23,336,454
$ 22,997,427
$ 2,828,386
$ 2,792,557
$ 2,644,006
(1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.
Average
Balance
Average
Yield/Rate (1)
Average
Balance
Average
Yield/Rate (1)
$ 19,464,502
6.29%
$ 18,572,222
5.96%
1,647,968
3.71%
1,546,951
3.18%
19,162
9.10%
18,290
7.00%
1,042,413
5.36%
1,145,398
5.07%
$ 22,174,045
6.05%
$ 21,282,861
5.71%
$ 2,205,108
2.12%
$ 2,361,732
1.57%
3,134,940
3.69%
3,152,703
2.51%
1,099,331
1.42%
1,056,234
0.73%
10,053,062
4.62%
8,728,133
3.59%
$ 16,492,441
3.89%
$ 15,298,802
2.86%
383,563
5.36%
473,114
5.02%
119,136
6.65%
119,136
5.30%
16,995,140
3.95%
15,891,052
2.94%
3,271,913
3,741,982
$ 20,267,053
$ 19,633,034
$ 23,380,362
$ 22,053,114
$ 2,794,387
$ 2,586,548
(1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.
CATHAY GENERAL BANCORP
GAAP to NON-GAAP RECONCILIATION
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible equity and tangible equity to tangible assets ratio are non-GAAP financial measures. Tangible equity and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
As of
September 30, 2024
June 30, 2024
September 30, 2023
(In thousands) (Unaudited)
$ 2,830,313
$ 2,793,242
$ 2,638,736
(375,696)
(375,696)
(375,696)
(3,590)
(3,860)
(4,725)
$ 2,451,027
$ 2,413,686
$ 2,258,315
$ 23,274,443
$ 23,235,245
$ 22,844,529
(375,696)
(375,696)
(375,696)
(3,590)
(3,860)
(4,725)
$ 22,895,157
$ 22,855,689
$ 22,464,108
71,355,869
72,170,433
72,586,992
12.16%
12.02%
11.55%
10.71%
10.56%
10.05%
$ 34.35
$ 33.44
$ 31.11
Three months ended
Nine months ended
September 30, 2024
June 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
$ 67,514
$ 66,829
$ 82,371
$ 205,778
$ 271,598
264
270
270
863
1,031
(78)
(80)
(80)
(256)
(306)
$ 67,700
$ 67,019
$ 82,561
$ 206,385
$ 272,323
11.05%
11.11%
14.62%
11.23%
16.08%
(1) Includes core deposit intangibles and mortgage servicing
(2) Applied the statutory rate of 29.65%.
(3) Annualized