Beneficial Bancorp, Inc. Announces Second Quarter Results and Cash Dividend to Shareholders


PHILADELPHIA, July 21, 2017 (GLOBE NEWSWIRE) -- Beneficial Bancorp, Inc. (“Beneficial”) (NASDAQ:BNCL), the parent company of Beneficial Bank (the “Bank”), today announced its financial results for the three and six months ended June 30, 2017.  Beneficial recorded net income of $9.5 million and $17.8 million, or $0.13 and $0.24 per diluted share, for the three and six months ended June 30, 2017, respectively, compared to net income of $2.7 million and $7.8 million, or $0.04 and $0.10 per diluted share, for the three and six months ended June 30, 2016.  Net income for the three and six months ended June 30, 2016 included $8.6 million and $9.5 million, respectively, of merger and restructuring charges related to the acquisition of Conestoga Bank (“Conestoga”) and the Bank’s expense management reduction program.

On July 20, 2017, the Company declared a cash dividend of 6 cents per share, payable on or after August 11, 2017, to common shareholders of record at the close of business on August 1, 2017.

Highlights for the three and six months ended June 30, 2017, are as follows:

  • Net interest margin totaled 3.07% and 3.06% for the three and six months ended June 30, 2017 compared to 3.08% and 2.96% for the same periods in 2016, respectively.  Net interest margin year over year has benefited from organic loan growth, the impact of the Conestoga acquisition, and continued improvement in the mix of our balance sheet.

  • Net interest income increased $11.5 million, or 16.2%, to $82.5 million for the six months ended June 30, 2017, compared to $71.0 million for the same period in 2016, primarily due to the Conestoga acquisition and organic growth in our loan portfolio.

  • During the six months ended June 30, 2017, our loan portfolio increased $84.2 million, representing 4.2% annualized loan growth, due primarily to 11.2% growth in our commercial loan portfolio.

  • During the three and six months ended June 30, 2017, the Company recorded a $360 thousand and a $1.0 million net gain on the sale of $4.0 million and $11.3 million of the guaranteed portion of SBA loans, respectively.
     
  • Charge-offs continue to remain low.  Net charge-offs for the six months ended June 30, 2017, totaled $1.3 million, or 6 basis points annualized of average loans, compared to net charge-offs of $981 thousand, or 6 basis points annualized of average loans, in the same period in the 2016.
     
  • Asset quality metrics continued to remain strong with non-performing assets (excluding student loans) to total assets of 0.37% as of June 30, 2017.  Our allowance for loan losses totaled $43.4 million, or 1.06% of total loans, as of June 30, 2017, compared to $43.3 million, or 1.08% of total loans, as of December 31, 2016.
     
  • During the six months ended June 30, 2017, the Company purchased 503,600 shares under its previously announced stock repurchase plan.  Our tangible capital to tangible assets decreased to 15.17% at June 30, 2017, compared to 15.95% at June 30, 2016.  The decrease in this ratio can be attributed to share repurchases and cash dividends.  Tangible book value per share totaled $11.31 at June 30, 2017.

Gerard Cuddy, Beneficial’s President and CEO, stated “Overall economic activity slowed in our markets during the quarter, which reduced overall loan demand.  However, our investments in our commercial lending team over the past few years drove strong commercial lending growth in the first half of the year.  Our focus remains on employee engagement, a superior customer experience, prudent capital management and organic growth to continue to improve the financial performance of our organization.”

Balance Sheet
Total assets increased $90.4 million, or 1.6%, to $5.83 billion at June 30, 2017, compared to $5.74 billion at December 31, 2016.  The increase in total assets was primarily due to an increase in cash and cash equivalents and loan growth, partially offset by a decline in investment securities.   

Cash and cash equivalents increased $96.4 million to $383.4 million at June 30, 2017, from $287.0 million at December 31, 2016.  The increase in cash and cash equivalents was primarily driven by growth in deposits and an increase in borrowed funds to meet projected future liquidity needs and secure lower funding rates.            

Investments decreased $84.9 million, or 7.9%, to $990.4 million at June 30, 2017, compared to $1.08 billion at December 31, 2016, as we continued to focus on improving our balance sheet mix by reducing the percentage of our assets in investments and growing our loan portfolio.  We continue to focus on maintaining a high quality investment portfolio that provides a steady stream of cash flows both in the current and in rising interest rate environments.

Loans increased $84.2 million, or 4.2% annualized growth, to $4.09 billion at June 30, 2017, from $4.01 billion at December 31, 2016.  The increase in loans was primarily due to organic growth of 11.2% in our commercial loan portfolio offset by a $58.7 million decrease in our consumer loan portfolio due primarily to a decrease in indirect auto loans.  As previously disclosed, we decided to exit the indirect lending business in the first quarter of 2017.

Deposits increased $26.8 million, or 1.3% annualized growth, to $4.19 billion at June 30, 2017, from $4.16 billion at December 31, 2016.  Deposit growth was primarily achieved through organic core deposit growth of $42.6 million in savings accounts.

Borrowings increased $50.0 million to $540.4 million at June 30, 2017, and are being used as a low cost funding source to replace higher cost brokered CDs and fund organic loan growth.

Stockholders’ equity increased $16.4 million, or 1.6%, to $1.03 billion at June 30, 2017, from $1.01 billion at December 31, 2016.  The increase in stockholders’ equity was primarily due to net income of $17.8 million as well as the issuance of 943,640 shares from the exercise of stock options resulting in an increase in additional paid in capital, partially offset by the declaration of cash dividends and stock repurchases during the first half of 2017.

Net Interest Income
For the three months ended June 30, 2017, net interest income was $41.8 million, an increase of $3.0 million, or 7.7%, from the three months ended June 30, 2016. The increase in net interest income was primarily due to improvement in our balance sheet mix and related interest earning assets with growth occurring in our higher yielding loan portfolio with a reduction in investments.  The net interest margin totaled 3.07% for the three months ended June 30, 2017 as compared to 3.08% for the same period in 2016. During the quarter ended June 30, 2017, the net interest margin was negatively impacted 9 basis points by higher cash levels as we have established excess liquidity to secure lower funding costs to meet our future projected liquidity needs.  We expect cash levels to decrease during the remainder of the year as we fund future loan growth.

For the six months ended June 30, 2017, Beneficial reported net interest income of $82.5 million, an increase of $11.5 million, or 16.2%, from the six months ended June 30, 2016. The increase in net interest income was primarily due to the acquisition of Conestoga during the second quarter of 2016 and strong organic loan growth.  Our net interest margin increased to 3.06% for the six months ended June 30, 2017, from 2.96% for the same period in 2016.

Non-interest Income
For the three months ended June 30, 2017, non-interest income totaled $7.4 million, an increase of $1.4 million, or 23.3%, from the three months ended June 30, 2016.  The increase was primarily due to a $620 thousand increase in income from bank-owned life insurance, a $360 thousand net gain on the sale of $4.0 million of SBA loans recorded during the three months ended June 30, 2017, a $156 thousand increase in interchange fee income, and a $154 thousand increase in limited partnership earnings.

For the six months ended June 30, 2017, non-interest income totaled $14.5 million, an increase of $3.1 million, or 27.5%, from the six months ended June 30, 2016.  The increase was primarily due to a $1.0 million net gain on the sale of $11.3 million of SBA loans recorded during the six months ended June 30, 2017, a $458 thousand increase in income from bank-owned life insurance, a $449 thousand increase in interchange fee income, and a $403 thousand increase in limited partnership earnings. 

Non-interest Expense
For the three months ended June 30, 2017, non-interest expense totaled $34.2 million, a decrease of $5.8 million, or 14.6%, from the three months ended June 30, 2016.  The decrease in non-interest expense was primarily due to $8.6 million of merger and restructuring charges related to the acquisition of Conestoga and the Bank’s April 2016 expense management reduction program recorded during the three months ended June 30, 2016.  This decrease to non-interest expense was partially offset by an increase in salaries and employee benefits of $2.0 million due primarily due to increased costs of $1.6 million associated with equity awards granted under the 2016 Omnibus Incentive Plan as well as annual merit increases.

For the six months ended June 30, 2017, non-interest expense totaled $69.6 million, a decrease of $806 thousand, or 1.1%, from the six months ended June 30, 2016. The decrease in non-interest expense was primarily due to $9.5 million of merger and restructuring charges related to the acquisition of Conestoga and the Bank’s April 2016 expense management reduction program recorded during the six month ended June 30, 2016.  This decrease to non-interest expense was partially offset by an increase in salaries and employee benefits of $5.0 million due primarily to increased costs of $3.4 million associated with equity awards granted under the 2016 Omnibus Incentive Plan as well as annual merit increases. The decrease in non-interest expense during the six months ended June 30, 2017 was also offset by a $528 thousand increase in occupancy expense related to the acquisition of Conestoga and a $339 thousand increase in marketing expense.

Income Taxes
For the three months ended June 30, 2017, we recorded a provision for income taxes of $4.7 million, reflecting an effective tax rate of 33.3%, compared to a provision for income taxes of $2.0 million, reflecting an effective tax rate of 42.0% for the three months ended June 30, 2016.  For the six months ended June 30, 2017, we recorded a provision for income taxes of $8.2 million, reflecting an effective tax rate of 31.6%, compared to a provision for income taxes of $4.2 million, reflecting an effective tax rate of 35.2%, for the six months ended June 30, 2016.  The 2017 effective tax rate was primarily lowered by the impact of excess tax benefits recorded to income tax expense in 2017 associated with stock based compensation.  Management believes the effective tax rate for the remainder of 2017 will likely remain closer to the 35.0% statutory tax rate.

Asset Quality
Non-accruing loans, excluding government guaranteed student loans, increased $9.1 million to $21.2 million at June 30, 2017, compared to $12.1 million at December 31, 2016.  Our ratio of non-performing assets to total assets, excluding government guaranteed student loans, increased to 0.37% at June 30, 2017, compared to 0.22% at December 31, 2016.  The increase in non-accruing loans can primarily be attributed to the downgrade to doubtful and change to non-accrual of a $9.5 million shared national credit during the first quarter of 2017.  The Company has reviewed the status of this shared national credit and determined that no charge off or specific reserves were required as of June 30, 2017.

As a result of loan growth and charge-offs during the quarter, we recorded a $750 thousand and $1.4 million provision for loan losses during the three and six months ended June 30, 2017, respectively.

Our allowance for loan losses totaled $43.4 million, or 1.06% of total loans, as of June 30, 2017, compared to $43.1 million, or 1.06% of total loans, as of March 31, 2017, and $43.3 million, or 1.08% of total loans, as of December 31, 2016.

Capital
Beneficial’s and the Bank’s capital position remains strong relative to current regulatory requirements. Beneficial and the Bank continue to have substantial liquidity that has been retained in cash or invested in high quality government-backed securities. As of June 30, 2017, Beneficial’s tangible capital to tangible assets totaled 15.17%. In addition, at June 30, 2017, we had the ability to borrow up to $2.1 billion combined from the Federal Home Loan Bank of Pittsburgh and the Federal Reserve Bank of Philadelphia. Beneficial’s capital ratios are considered to be well capitalized and are as follows:

          
       Minimum Well Excess Capital
 6/30/2017 12/31/2016 6/30/2016 Capitalized Ratio 6/30/2017
          
Tier 1 Leverage (to average assets)16.06% 16.15% 17.00% 5.0% $624,277
Common Equity Tier 1 Capital (to risk weighted assets)20.88% 21.45% 22.32% 6.5%  607,067
Tier 1 Capital (to risk weighted assets)21.47% 22.06% 22.94% 8.0%  568,761
Total Capital Ratio (to risk weighted assets)22.51% 23.14% 24.09% 10.0%  528,060
          

 The Bank’s capital ratios are considered to be well capitalized and are as follows:

           
        Minimum Well Excess Capital
 6/30/2017 12/31/2016 6/30/2016  Capitalized Ratio 6/30/2017
           
Tier 1 Leverage (to average assets)14.75% 14.76% 15.15%  5.0% $550,236
Common Equity Tier 1 Capital (to risk weighted assets)19.74% 20.17% 20.45%  6.5%  558,227
Tier 1 Capital (to risk weighted assets)19.74% 20.17% 20.45%  8.0%  494,963
Total Capital Ratio (to risk weighted assets)20.77% 21.25% 21.61%  10.0%  454,276
           

Maintaining strong capital levels remains one of our top priorities.  Our capital levels are in excess of well capitalized levels under Basel III regulatory requirements.

About Beneficial Bancorp, Inc.
Beneficial is a community-based, diversified financial services company providing consumer and commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and businesses in the Delaware Valley area since 1853. The Bank is the oldest and largest bank headquartered in Philadelphia, Pennsylvania, with 62 offices in the greater Philadelphia and South New Jersey regions. Insurance services are offered through Beneficial Insurance Services, LLC and wealth management services are offered through the Beneficial Advisors, LLC, both wholly owned subsidiaries of the Bank. Equipment leasing services are offered through Beneficial Equipment Leasing Corporation, which is a wholly owned subsidiary of the Bank.  For more information about the Bank and Beneficial, please visit www.thebeneficial.com.

Forward Looking Statements
This news release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, but are not limited to, general economic conditions, changes in the interest rate environment, legislative or regulatory changes that may adversely affect our business, changes in accounting policies and practices, changes in competition and demand for financial services, adverse changes in the securities markets, changes in deposit flows, changes in the quality or composition of Beneficial’s loan or investment portfolios, our ability to successfully integrate the assets, liabilities, customers, systems and employees of Conestoga Bank into our operations and our ability to realize related revenue synergies and cost savings within expected time frames. Additionally, other risks and uncertainties may be described in Beneficial’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q or its other reports as filed with the Securities and Exchange Commission, which are available through the SEC's website at www.sec.gov. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, Beneficial assumes no obligation to update any forward-looking statements.


BENEFICIAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Financial Condition
(Dollars in thousands, except share amounts) 

  June 30, March 31, December 31, June 30,
   2017   2017   2016   2016 
ASSETS:        
  Cash and cash equivalents:        
  Cash and due from banks $50,078  $45,777  $45,791  $51,622 
  Interest-bearing deposits    333,306     374,302     241,255     51,868 
  Total cash and cash equivalents    383,384     420,079     287,046     103,490 
         
  Investment securities:        
Available-for-sale     427,174     438,467     451,544     576,374 
Held-to-maturity     540,057     559,441     602,529     642,826 
Federal Home Loan Bank stock, at cost    23,210     23,231     21,231     16,431 
  Total investment securities    990,441     1,021,139     1,075,304     1,235,631 
         
  Loans and leases:    4,094,732     4,056,262     4,010,568     3,798,493 
  Allowance for loan and lease losses    (43,350)    (43,095)    (43,261)    (44,519)
  Net loans and leases    4,051,382     4,013,167     3,967,307     3,753,974 
         
  Accrued interest receivable    16,897     16,715     16,635     16,314 
         
  Bank premises and equipment, net    72,982     74,302     75,444     77,842 
         
  Other assets:        
  Goodwill    169,002     169,002     169,125     169,239 
  Bank owned life insurance     80,952     79,891     80,664     79,612 
  Other intangibles    3,309     3,878     4,446     5,605 
  Other assets    60,614     63,646     62,622     72,382 
  Total other assets    313,877     316,417     316,857     326,838 
  Total assets $5,828,963  $5,861,819  $5,738,593  $5,514,089 
         
LIABILITIES AND STOCKHOLDERS’ EQUITY:        
  Liabilities:        
  Deposits:         
 Non-interest bearing deposits $568,391  $539,987  $518,294  $505,029 
 Interest bearing deposits    3,616,645     3,678,869     3,639,894     3,535,542 
   Total deposits    4,185,036     4,218,856     4,158,188     4,040,571 
 Borrowed funds    540,432     540,427     490,423     370,414 
  Other liabilities    73,291     72,570     76,226     76,788 
  Total liabilities    4,798,759     4,831,853     4,724,837     4,487,773 
Commitments and contingencies        
  Stockholders’ equity:        
Preferred stock – $.01 par value     -     -     -     - 
Common stock – $.01 par value    843     842     834     832 
Additional paid-in capital    789,356     784,245     772,925     762,685 
Unearned common stock held by        
  employee stock ownership plan    (28,312)    (28,929)    (29,546)    (30,780)
Retained earnings    408,162     403,093     399,620     390,722 
Accumulated other comprehensive loss, net    (24,483)    (25,345)    (25,833)    (17,001)
Treasury stock, at cost    (115,362)    (103,940)    (104,244)    (80,142)
  Total stockholders’ equity    1,030,204     1,029,966     1,013,756     1,026,316 
Total liabilities and stockholders’ equity $5,828,963  $5,861,819  $5,738,593  $5,514,089 
         


BENEFICIAL BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
(Dollars in thousands, except per share amounts)

     
 For the Three Months Ended For the Six Months Ended 
 June 30, March 31, June 30, June 30, June 30, 
  2017   2017   2016   2017   2016  
INTEREST INCOME:          
  Interest and fees on loans and leases$42,211  $41,487  $37,743  $83,698  $67,733  
  Interest on overnight investments 897   529   161     1,426   421  
  Interest and dividends on investment securities:          
  Taxable   5,416     5,356     6,166     10,773     12,525  
  Tax-exempt   18     22     325     40     650  
  Total interest income 48,542   47,394   44,395   95,937   81,329  
           
INTEREST EXPENSE:          
  Interest on deposits:          
  Interest bearing checking accounts   617     602     556     1,219     1,022  
  Money market and savings deposits   1,491     1,461     1,503     2,952     2,825  
  Time deposits   2,310     2,187     1,886     4,497     3,515  
  Total 4,418   4,250   3,945   8,668   7,362  
  Interest on borrowed funds   2,367     2,370     1,674     4,737     2,952  
  Total interest expense 6,785   6,620   5,619   13,405   10,314  
Net interest income 41,757   40,774   38,776   82,532   71,015  
Provision for loan losses   750     600     -      1,350     -   
Net interest income after provision for loan losses 41,007   40,174   38,776   81,182   71,015  
           
NON-INTEREST INCOME:          
  Insurance and advisory commission and fee income   1,626     2,093     1,539     3,719     3,530  
  Service charges and other income   5,353     4,099     4,383     9,451     7,768  
  Mortgage banking and SBA income   444     879     101     1,323     73  
  Net loss on sale of investment securities   (3)    (3)    (4)    (6)    (8) 
  Total non-interest income 7,420   7,068   6,019   14,487   11,363  
           
NON-INTEREST EXPENSE:          
  Salaries and employee benefits   18,557     18,828     16,577     37,385     32,394  
  Occupancy expense   2,538     2,735     2,453     5,273     4,745  
  Depreciation, amortization and maintenance   2,397     2,416     2,571     4,813     4,889  
  Marketing expense   1,039     1,102     889     2,141     1,802  
  Intangible amortization expense   570     568     558     1,138     1,032  
  FDIC insurance   438     432     625     870     1,178  
  Merger and restructuring charges   -      -      8,621     -      9,459  
  Professional fees   1,001     1,211     1,386     2,212     2,415  
  Classified loan and other real estate owned related expense   262     268     173     530     465  
  Other   7,412     7,807     6,200     15,219     12,008  
  Total non-interest expense 34,214   35,367   40,053   69,581   70,387  
           
Income before income taxes   14,213     11,875     4,742     26,088     11,991  
Income tax expense   4,728     3,520     1,994     8,248     4,220  
           
NET INCOME $9,485  $8,355  $2,748  $17,840  $7,771  
           
EARNINGS PER SHARE – Basic$0.13  $0.11  $0.04  $0.24  $0.11  
EARNINGS PER SHARE – Diluted$0.13  $0.11  $0.04  $0.24  $0.10  
           
DIVIDENDS DECLARED PER SHARE$0.06  $0.06  $  -  $0.12  $  -  
           
Average common shares outstanding – Basic 70,630,256   70,041,340   71,197,288   70,337,425   73,679,901  
Average common shares outstanding – Diluted 71,168,059   70,822,040   72,078,696   70,993,059   74,536,502  
           


BENEFICIAL BANCORP, INC. AND SUBSIDIARIES

Unaudited Selected Consolidated Financial and Other Data
(Dollars in thousands) 

 Three Months Ended Six Months Ended 
 June 30, 2017 March 31, 2017 June 30, 2016 June 30, 2017 June 30, 2016 
 AverageYield / AverageYield / AverageYield / AverageYield / AverageYield / 
 BalanceRate BalanceRate BalanceRate BalanceRate BalanceRate 
                
Investment securities:$1,351,585 1.88% $1,306,704 1.81% $1,378,633 1.93% $1,329,269 1.84% $1,442,514 1.88% 
Overnight investments   342,350 1.05%    261,607 0.82%    125,509 0.51%    302,202 0.95%    165,446 0.50% 
Stock   23,211 4.66%    22,545 4.65%    14,405 4.45%    22,880 4.66%    11,707 4.42% 
Other investment securities   986,024 2.09%    1,022,552 2.00%    1,238,719 2.04%    1,004,187 2.05%    1,265,361 2.04% 
                
Loans and leases:   4,065,523 4.14%    4,063,153 4.10%    3,638,837 4.14%    4,064,344 4.12%    3,340,332 4.04% 
Residential   894,754 4.02%    894,589 3.89%    788,063 4.09%    894,672 3.95%    764,500 4.10% 
Commercial real estate   1,681,138 4.08%    1,642,713 4.05%    1,450,685 4.02%    1,662,032 4.07%    1,291,323 3.92% 
Business and small business   861,321 4.30%    866,015 4.32%    746,406 4.32%    863,654 4.31%    643,489 4.06% 
Personal   628,310 4.23%    659,836 4.17%    653,683 4.23%    643,986 4.20%    641,020 4.21% 
                
Total interest earning assets$5,417,108 3.57% $5,369,857 3.54% $5,017,470 3.53% $5,393,613 3.56% $4,782,846 3.39% 
                
Deposits:$3,647,270 0.49% $3,654,673 0.47% $3,511,893 0.45% $3,650,952 0.48% $3,328,874 0.44% 
Savings 1,306,201 0.34%  1,290,405 0.34%    1,233,829 0.34%  1,298,347 0.34%  1,200,586 0.34% 
Money market 443,858 0.34%  448,439 0.34%    492,471 0.38%  446,136 0.34%  460,104 0.35% 
Demand 913,309 0.24%  917,011 0.24%    854,054 0.24%  915,150 0.24%  814,445 0.23% 
Demand - municipals 122,547 0.22%  128,463 0.19%    129,905 0.17%  125,489 0.20%  129,425 0.14% 
Total core deposits   2,785,915 0.30%    2,784,318 0.30%    2,710,259 0.31%    2,785,122 0.30%    2,604,560 0.30% 
                
Time deposits 861,355 1.08%  870,355 1.02%    801,634 0.95%  865,830 1.05%  724,314 0.98% 
                
Borrowings 540,429 1.73%  523,258 1.81%    306,221 2.20%  531,891 1.77%  255,123 2.33% 
                
Total interest bearing liabilities$4,187,699 0.65% $4,177,931 0.64% $3,818,114 0.59% $4,182,843 0.65% $3,583,997 0.58% 
                
Non-interest bearing deposits 530,046   506,097     498,311   518,137   451,117  
                
Net interest margin  3.07%   3.04%   3.08%   3.06%   2.96% 
              


ASSET QUALITY INDICATORS June 30, March 31, December 31, June 30,
(Dollars in thousands) 2017   2017   2016   2016 
        
  Non-performing assets:       
  Non-accruing loans$21,164  $23,930  $12,069  $14,500 
  Accruing loans past due 90 days or more   16,111     16,805     14,843     20,138 
  Total non-performing loans   37,275     40,735     26,912   34,638 
        
  Real estate owned   300     346     821     1,999 
        
  Total non-performing assets$37,575  $41,081  $27,733  $36,637 
        
Non-performing loans to total loans and leases 0.91%  1.00%  0.67%  0.91%
Non-performing assets to total assets 0.64%  0.70%  0.48%  0.66%
Non-performing assets less accruing government guaranteed        
  student loans past due 90 days or more to total assets 0.37% 0.41% 0.22%  0.30%
ALLL to total loans and leases 1.06%  1.06%  1.08% 1.17%
ALLL to non-performing loans 116.30%  105.79%  160.75%  128.53%
ALLL to non-performing loans, excluding government        
  guaranteed student loans 204.83%  180.09%  358.45%  307.03%
        


Key performance ratios (annualized) are as follows for the three and six months ended (unaudited):

 For the Three Months Ended For the Six Months
Ended
 June 30, March 31, December 31, June 30,
 2017  2017  2016  2017  2016 
PERFORMANCE RATIOS:         
(annualized)         
Return on average assets0.65% 0.59% 0.53% 0.62% 0.31%
Return on average equity3.69% 3.35% 2.97% 3.52% 1.49%
Net interest margin3.07% 3.04% 3.00% 3.06% 2.96%
Net charge-off ratio0.05% 0.08% 0.17% 0.06% 0.06%
Efficiency ratio69.57% 73.92% 73.77% 71.72% 85.44%
Efficiency ratio (excluding merger & restructuring charges)69.57% 73.92% 73.77% 71.72% 73.96%
Tangible common equity15.17% 15.07% 15.10% 15.17% 15.95%
               

 


            

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