Pennsylvania Commerce Bancorp (MM) (NASDAQ:COBH)
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Pennsylvania Commerce Bancorp, Inc. (NASDAQ Global Select Market
Symbol:COBH), parent company of Commerce Bank/Harrisburg, N.A., reported
increased assets, loans and net income for the fourth quarter of 2007,
announced Gary L. Nalbandian, Chairman.
Fourth Quarter 2007 Financial
Highlights
%
12/31/07
12/31/06
Change (1)
Total assets
$
1.98
Billion
$
1.87
Billion
6
%
Total core deposits
$
1.55
Billion
$
1.58
Billion
(2
)%
Total loans (net)
$
1.15
Billion
$
973
Million
18
%
Total revenues
$
23.0
Million
$
18.2
Million
26
%
Net income
$
2.5
Million
$
1.5
Million
62
%
Diluted net income per share
$
0.38
$
0.24
58
%
(1) Compared to Fourth Quarter Ended December 31, 2006
Chairman’s
Statement
In commenting on the Company’s financial
results, Chairman Nalbandian noted the following highlights:
Net income was $2.5 million, up 62% over the fourth quarter one year
ago.
Diluted net income per share was $0.38 for the fourth quarter, a 58%
increase over the fourth quarter of 2006.
Total revenues grew 26% for the fourth quarter of 2007 over the fourth
quarter one year ago.
Net interest income for the fourth quarter increased 29% over the same
period in 2006.
The Company’s net interest margin for the
fourth quarter improved 24 basis points over the previous quarter and
57 basis points over the same quarter one year ago.
Deposit charges and service fees grew 25% for the fourth quarter over
the same period one year ago.
Shareholder equity increased $11.2 million, or 11%, to $112.3 million.
Return on average shareholder’s equity
improved to 8.83% for the quarter vs. 6.00% for the fourth quarter of
2006.
The one year annual shareholders’ return on
COBH was 6% as compared to minus 20% for the NASDAQ Bank Index.
Total assets reached $1.98 billion.
Net loans grew $173.6 million, or 18%, over the fourth quarter one
year ago.
Asset quality remains strong with net charge-offs for the quarter of
only 0.02% and a non-performing loan coverage ratio of 366%.
2007 New Stores and Awards
During 2007 the Company opened 3 new stores, increasing the total
number of stores to 33 throughout its six-county footprint.
New stores opened during 2007 were as follows:
Location
County
Shillington Road
Berks
Manheim Pike
Lancaster
Linglestown Road
Dauphin
On the national stage, J.D. Power & Associates ranked Commerce #1 in
Customer Satisfaction in the Mid-Atlantic Region.
For the fourth straight year, Commerce Bank was voted Best Bank by the
Harrisburg Magazine Simply the Best Readers’
Poll.
Pennsylvania Commerce Bancorp is an independent member of the “Commerce
Bank Network,” a network of banks
established by Commerce Bancorp, Inc. (NYSE:CBH) based in Cherry Hill,
N.J.
Income Statement
Three months ended
December 31,
Twelve months ended
December 31,
(dollars in thousands, except per share data)
2007
2006
%Change
2007
2006
%Change
Total revenues
$
22,952
$
18,190
26
%
$
82,315
$
71,543
15
%
Total expenses
19,171
16,010
20
%
70,807
59,294
19
%
Net income
2,467
1,522
62
%
7,001
7,254
(3
)%
Diluted net income per share
$
0.38
$
0.24
58
%
$
1.07
$
1.12
(4
)%
Total revenues (net interest income plus non-interest income) for the
fourth quarter increased $4.8 million, to $23.0 million, up 26% over the
fourth quarter of 2006. Total revenues for the year 2007 increased by
$10.8 million, or 15%, over total revenues in 2006.
Net income totaled $2.5 million for the fourth quarter of 2007, a 62%
increase over net income of $1.5 million for the fourth quarter of 2006.
For the year ended December 31, 2007, net income totaled $7.0 million,
down slightly from the $7.3 million figure recorded in 2006. Net income
per fully diluted share for the fourth quarter of 2007 was $0.38, a 58%
increase over the $0.24 recorded for the same period a year ago. For the
year 2007, fully diluted net income per share was $1.07 vs. $1.12 for
the year 2006.
Net Interest Income and Net Interest
Margin
Net interest income for the fourth quarter of 2007 totaled $16.8
million, an increase of $3.8 million, or 29%, over the $13.0 million
recorded a year ago. This increase was a result of continued strong loan
growth combined with improvement in the Company’s
net interest margin. For the year ended December 31, 2007, net interest
income totaled $59.5 million, up $6.7 million, or 13%, over the $52.8
million recorded in the year ended December 31, 2006.
The net interest margin for the fourth quarter of 2007 was 3.60%, up 57
basis points over the 3.03% figure recorded in the fourth quarter of
2006, and compared to 3.36% for the third quarter of 2007. The
improvement in net interest margin is the result of a significant
reduction in the Company’s deposit and total
cost of funds.
Net interest income, on a tax equivalent basis, totaled $17.1 million in
the fourth quarter of 2007, an increase of $4.0 million, or 30%, over
the fourth quarter one year ago. This figure was up $1.7 million over
net interest income on a fully taxable basis recorded in the third
quarter of 2007.
Net Interest Income and Rate/Volume
Analysis
As shown below, the increase in net interest income on a tax equivalent
basis was due to volume increases in the Company’s
earning assets, as well as improvement in the net interest margin.
(dollars in thousands)
Net Interest Income
December 31
Volume
Rate
Total
%
2007 vs. 2006
Increase
Change
Increase
Increase
Quarter
$
1,227
$
2,730
$
3,957
30%
Twelve Months
3,686
3,536
7,222
14%
Noninterest Income
Noninterest income for the fourth quarter of 2007 totaled $6.1 million,
up $932,000, or 18%, over $5.2 million a year ago. The growth in
noninterest income for the fourth quarter was reflected in increased
deposit charges and service fees as depicted below:
Three months ended
Twelve months ended
December 31,
December 31,
(dollars in thousands)
2007
2006
%Change
2007
2006
%Change
Deposit charges and service fees
$
5,711
$
4,574
25
%
$
20,688
$
16,816
23
%
Other income
421
466
(10
)
1,964
1,776
11
Subtotal
6,132
5,040
22
22,652
18,592
22
Net investment securities gains
-
160
-
171
160
7
Total noninterest income
$
6,132
$
5,200
18
%
$
22,823
$
18,752
22
%
Noninterest income for the year 2007 increased $4.1 million, or 22%,
from $18.8 million in 2006. Like the fourth quarter, the increase was
due to growth in the level of deposit charges and service fees.
Noninterest Expenses
Noninterest expenses for the fourth quarter of 2007 were $19.2 million,
up 20%, over $16.0 million one year ago. The increases in noninterest
expenses for the quarter were widespread across all categories,
reflecting the Company’s continued growth.
Included in noninterest expenses for the fourth quarter of 2007 are
three full months of costs related to two new stores opened in November
2006, as well as costs for the three new stores all opened during the
third quarter 2007. Also contributing to the increase was a higher level
of regulatory expenses as well as FDIC insurance assessments that were
reintroduced to the banking industry starting January 1, 2007. Excluding
regulatory expenses and FDIC insurance assessments, total noninterest
expenses were up 11% for the fourth quarter of 2007 over the same period
in 2006 and were up 15% for the year 2007 vs. 2006.
Noninterest expenses for the year 2007 totaled $70.8 million, up $11.5
million, or 19%, over the $59.3 million recorded during the same period
in 2006. This increase was primarily attributable to the same costs as
discussed in the previous paragraph.
Balance Sheet
December 31,
%
(dollars in thousands)
2007
2006
Change
Total assets
$
1,979,011
$
1,866,483
6
%
Total loans (net)
1,146,629
973,033
18
%
Core deposits
1,548,611
1,578,316
(2
)%
Total deposits
1,560,896
1,616,777
(3
)%
Lending
Total gross loans increased $174.7 million, or 18%, to $1.16 billion
from $983 million one year ago, with the growth represented across all
loan categories. The composition of the Company’s
loan portfolio is as follows:
% of
% of
$
%
(dollars in thousands)
12/31/07
Total
12/31/06
Total
Increase
Increase
Commercial
$
361,374
31
%
$
277,287
28
%
$
84,087
30
%
Owner occupied
150,679
13
123,573
13
27,106
22
Total commercial
512,053
44
400,860
41
111,193
28
Consumer / residential
301,667
26
281,498
29
20,169
7
Commercial real estate
343,651
30
300,360
30
43,291
14
Gross loans
$
1,157,371
100
%
$
982,718
100
%
$
174,653
18
%
Asset Quality
The Company’s asset quality ratios are
highlighted below:
Quarter Ended
December 31,
September 30,
December 31,
2007
2007
2006
Non-performing assets/total assets
0.17
%
0.19
%
0.19
%
Net loan charge-offs/average total loans
0.02
%
0.02
%
0.02
%
Loan loss reserve/gross loans
0.93
%
0.96
%
0.99
%
Non-performing loan coverage
366
%
319
%
287
%
Non-performing assets/capital and reserves
3
%
3
%
3
%
Non-performing assets and loans past due 90 days at December 31, 2007
totaled $3.4 million, or 0.17%, of total assets, as compared to $3.7
million, or 0.19%, of total assets, at September 30, 2007 and $3.5
million, or 0.19%, of total assets one year ago.
Core Deposits
Core deposit growth by type of account is as follows:
December 31,
4th Qtr 2007
%
Cost of
(dollars in thousands)
2007
2006
Change
Funds
Demand noninterest-bearing
$
271,894
$
275,137
(1
)%
0.00
%
Demand interest-bearing
747,549
707,364
6
2.92
Savings
375,710
396,567
(5
)
2.03
Subtotal
1,395,153
1,379,068
1
2.13
Time
153,458
199,248
(23
)
4.11
Total core deposits
$
1,548,611
$
1,578,316
(2
)%
2.33
%
Core deposit growth by type of customer is as follows:
December 31,
% of
December 31,
% of
%
(dollars in thousands)
2007
Total
2006
Total
Change
Consumer
$
586,100
38
%
$
622,313
39
%
(6
)%
Commercial
544,442
35
520,995
33
5
Government
418,069
27
435,008
28
(4
)
Total
$
1,548,611
100
%
$
1,578,316
100
%
(2
)%
Investments
At December 31, 2007, the Company’s
investment portfolio totaled $644.6 million. Detailed below is
information regarding the composition and characteristics of the Company’s
investment portfolio at December 31, 2007.
Available
Held to
Product Description
for Sale
Maturity
Total
(in thousands)
Mortgage-backed securities:
Federal agencies pass through certificates (AAA rated)
$
72,118
$
81,846
$
153,964
Collateralized mortgage obligations (AAA rated)
310,090
34,212
344,302
U.S. Government agencies/other
4,958
141,409
146,367
Total
$
387,166
$
257,467
$
644,633
Duration (in years)
4.1
3.7
4.0
Average life (in years)
5.3
4.7
5.0
Quarterly average yield
5.36
%
5.30
%
5.33
%
At December 31, 2007, the after tax depreciation of the Company’s
available for sale portfolio was $3.9 million.
Capital
Stockholders’ equity at December 31, 2007
totaled $112.3 million, an increase of $11.2 million, or 11%, over
stockholders’ equity of $101.1 million at
December 31, 2006. Return on average stockholders’
equity (ROE) for the three months and twelve months ended December 31,
2007 and 2006 are shown below:
Return on Equity
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2007
2006
2007
2006
8.83
%
6.00
%
6.59
%
7.58
%
The Company’s capital ratios at December 31,
2007 were as follows:
Regulatory Guidelines
Commerce
"Well Capitalized"
Leverage Ratio
7.26
%
5.00
%
Tier 1
10.03
%
6.00
%
Total Capital
10.78
%
10.00
%
Shareholder Returns
As of December 31, 2007
Commerce
NASDAQ Bank Index
S & P Index
1 Year
6
%
(20
)%
5
%
3 Years
(4
)%
(4
)%
9
%
5 Years
10
%
6
%
13
%
10 Years
11
%
5
%
6
%
FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION
The Company may, from time to time, make written or oral “forward-looking
statements”, including statements contained
in the Company’s filings with the Securities
and Exchange Commission (including the annual report on Form 10-K and
the exhibits thereto), in its reports to stockholders and in other
communications by the Company, which are made in good faith by the
Company pursuant to the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the
Company’s beliefs, plans, objectives, goals,
expectations, anticipations, estimates and intentions that are subject
to significant risks and uncertainties and are subject to change based
on various factors (some of which are beyond the Company’s
control). The words “may”,
“could”, “should”,
“would”, “believe”,
“anticipate”, “estimate”,
“expect”, “intend”,
“plan” and similar
expressions are intended to identify forward-looking statements. The
following factors, among others discussed in the Company’s
Form 10-K, could cause the Company’s
financial performance to differ materially from that expressed or
implied in such forward-looking statements:
the strength of the United States economy in general and the strength
of the local economies in which the Company conducts operations;
the effects of, and changes in, trade, monetary and fiscal policies,
including interest rate policies of the Board of Governors of the
Federal Reserve System;
inflation;
interest rate, market and monetary fluctuations;
the timely development of competitive new products and services by the
Company and the acceptance of such products and services by customers;
the willingness of customers to substitute competitors’
products and services for the Company’s
products and services and vice versa;
the impact of changes in financial services’
laws and regulations (including laws concerning taxes, banking,
securities and insurance);
the impact of the rapid growth of the Company;
the Company’s dependence on Commerce
Bancorp, Inc. (and its successor) to provide various services to the
Company and the costs associated with securing alternate providers of
such services;
changes in the Company’s allowance for loan
losses;
effect of terrorists attacks and threats of actual war;
unanticipated regulatory or judicial proceedings;
changes in consumer spending and saving habits;
and the success of the Company at managing the risks involved in the
foregoing.
Because such forward-looking statements are subject to risks and
uncertainties, actual results may differ materially from those expressed
or implied by such statements. The Company cautions that the foregoing
list of important factors is not exclusive. The Company does not
undertake to update any forward-looking statements, whether written or
oral, that may be made from time to time by or on behalf of the Company.
For information on subsequent events refer to the Company’s
filings with the Securities and Exchange Commission (“SEC”).
Pennsylvania Commerce Bancorp, Inc.
Selected Consolidated Financial Data
(Unaudited)
At or for the
At or for the
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(in thousands, except per share amounts)
2007
2006
%Change
2007
2006
%Change
Income Statement Data:
Net interest income
$
16,820
$
12,990
29
%
$
59,492
$
52,791
13
%
Provision for loan losses
245
225
9
1,762
1,634
8
Noninterest income
6,132
5,200
18
22,823
18,752
22
Total revenues
22,952
18,190
26
82,315
71,543
15
Noninterest operating expenses
19,171
16,010
20
70,807
59,294
19
Net income
2,467
1,522
62
7,001
7,254
(3)
Per Common Share Data:
Net income: Basic
$
0.39
$
0.24
63
%
$
1.11
$
1.18
(6)
%
Net income: Diluted
0.38
0.24
58
1.07
1.12
(4)
Book Value
$
17.63
$
16.27
8
%
Weighted average shares outstanding:
Basic
6,299
6,138
6,237
6,099
Diluted
6,517
6,360
6,480
6,381
Balance Sheet Data:
Total assets
$
1,979,011
$
1,866,483
6
%
Loans (net)
1,146,629
973,033
18
Allowance for loan losses
10,742
9,685
11
Investment securities
644,633
711,686
(9)
Total deposits
1,560,896
1,616,777
(3)
Core deposits
1,548,611
1,578,316
(2)
Stockholders' equity
112,335
101,108
11
Capital:
Stockholders' equity to total assets
5.68
%
5.42
%
Leverage ratio
7.26
7.31
Risk based capital ratios:
Tier 1
10.03
10.00
Total Capital
10.78
10.72
Performance Ratios:
Cost of funds
2.80
%
3.36
%
3.16
%
3.14
%
Deposit cost of funds
2.02
2.85
2.37
2.42
Net interest margin
3.60
3.03
3.30
3.18
Return on average assets
0.49
0.33
0.36
0.41
Return on average total stockholders' equity
8.83
6.00
6.59
7.58
Asset Quality:
Net charge-offs to average loans outstanding
0.07
%
0.13
%
Nonperforming assets to total period-end assets
0.17
0.19
Allowance for loan losses to total period-end loans
0.93
0.99
Allowance for loan losses to nonperforming loans
366
287
Nonperforming assets to capital and reserves
3
%
3
%
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries Average
Balances and Net Interest Income(unaudited)
Quarter ending,
Year-to-date,
December 2007
September 2007
December 2006
December 2007
December 2006
AverageBalance
Interest
AverageRate
AverageBalance
Interest
Average
Rate
AverageBalance
Interest
Average
Rate
AverageBalance
Interest
AverageRate
AverageBalance
Interest
Average
Rate
(dollars in thousands)
Earning Assets
Investment securities
Taxable
$
704,586
9,419
5.35
%
$
682,415
$
9,154
5.37
%
$
724,879
$
9,651
5.33
%
$
694,575
$
37,060
5.34
%
$
733,990
$
38,845
5.29
%
Tax-exempt
1,621
25
6.17
1,620
25
6.17
1,619
25
6.18
1,620
99
6.11
1,985
130
6.55
Total securities
706,207
9,444
5.35
684,035
9,179
5.37
726,498
9,676
5.33
696,195
37,159
5.34
735,975
38,975
5.30
Federal funds sold
0
0
0.00
0
0
0.00
0
0
0.00
0
0
0.00
0
0
0.00
Loans receivable
Mortgage and construction
551,255
10,088
7.19
539,964
10,030
7.29
467,844
8,465
7.11
525,063
38,287
7.21
452,781
32,267
7.05
Commercial loans and lines of credit
314,229
6,006
7.48
301,787
6,083
7.89
281,668
5,709
7.93
307,540
24,425
7.83
259,280
20,914
7.96
Consumer
219,970
3,764
6.79
210,156
3,620
6.83
184,760
3,150
6.76
206,459
14,040
6.80
170,535
11,412
6.69
Tax-exempt
52,612
897
6.82
48,025
828
6.90
29,952
507
6.77
46,840
3,196
6.82
23,788
1,582
6.65
Total loans receivable
1,138,066
20,755
7.17
1,099,932
20,561
7.35
964,224
17,831
7.27
1,085,902
79,948
7.29
906,384
66,175
7.23
Total earning assets
$
1,844,273
$
30,199
6.47
%
$
1,783,967
$
29,740
6.59
%
$
1,690,722
$
27,507
6.44
%
$
1,782,097
$
117,107
6.53
%
$
1,642,359
$
105,150
6.36
%
Sources of Funds
Interest-bearing deposits
Regular savings
$
366,190
$
1,876
2.03
%
$
373,663
$
2,266
2.41
%
$
383,600
$
2,571
2.66
%
$
373,209
$
8,997
2.41
%
$
363,515
$
8,533
2.35
%
Interest checking and money market
769,826
5,657
2.92
704,352
6,091
3.43
712,341
7,162
3.99
712,418
24,738
3.47
605,043
22,282
3.68
Time deposits
160,271
1,662
4.11
173,084
1,817
4.16
196,628
2,064
4.16
181,080
7,604
4.20
194,611
7,541
3.87
Public funds time
14,167
173
4.84
18,290
230
4.99
28,256
328
4.61
17,464
858
4.91
32,873
1,406
4.28
Total interest-bearing deposits
1,310,454
9,368
2.84
1,269,389
10,404
3.25
1,320,825
12,125
3.64
1,284,171
42,197
3.29
1,196,042
39,762
3.32
Short-term borrowings
210,947
2,475
4.59
217,130
2,906
5.24
112,868
1,544
5.35
208,112
10,804
5.12
199,742
10,267
5.07
Other borrowed money
50,000
561
4.39
25,815
289
4.38
0
0
0.00
19,110
849
4.38
0
0
0.00
Junior subordinated debt
29,400
661
8.99
29,400
661
8.99
29,400
661
8.99
29,400
2,645
9.00
17,669
1,731
9.80
Total interest-bearing liabilities
1,600,801
13,065
3.23
1,541,734
14,260
3.66
1,463,093
14,330
3.88
1,540,793
56,495
3.66
1,413,453
51,760
3.65
Noninterest-bearing funds (net)
243,472
242,233
227,629
241,304
228,906
Total sources to fund earning assets
$
1,844,273
$
13,065
2.80
$
1,783,967
$
14,260
3.16
$
1,690,722
$
14,330
3.36
$
1,782,097
$
56,495
3.16
$
1,642,359
$
51,760
3.14
Net interest income and margin on a tax-equivalent basis
$
17,134
3.67
%
$
15,480
3.43
%
$
13,177
3.08
%
$
60,612
3.37
%
$
53,390
3.22
%
Tax-exempt adjustment
314
290
186
1,120
599
Net interest income and margin
$
16,820
3.60
%
$
15,190
3.36
%
$
12,991
3.03
%
$
59,492
3.30
%
$
52,791
3.18
%
Other Balances:
Cash and due from banks
$
52,086
$
55,115
$
49,778
$
51,874
$
49,210
Other assets
90,652
90,536
86,285
90,437
79,815
Total assets
1,987,011
1,929,618
1,826,785
1,924,408
1,771,384
Demand deposits (noninterest-bearing)
266,407
274,089
255,903
269,353
253,671
Other liabilities
8,918
7,591
7,162
8,035
8,558
Stockholders' equity
110,885
106,204
100,627
106,227
95,702
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries
Summary of Non-Performing Loans and Assets
(unaudited)
December 31,
September 30,
June 30,
March 31,
December 31,
2007
2007
2007
2007
2006
Nonaccrual loans:
Commercial
$
534
$
997
$
1,362
$
945
$
984
Consumer
57
57
54
19
19
Mortgage:
Construction
385
529
520
394
247
Mortgage
1,959
1,767
1,784
2,207
2,129
Total nonaccrual loans
2,935
3,350
3,720
3,565
3,379
Loans past due 90 days or more and still accruing
0
0
0
0
2
Renegotiated loans:
0
0
0
0
0
Total non-performing loans
2,935
3,350
3,720
3,565
3,381
Foreclosed real estate
489
390
300
300
159
Total non-performing assets
$
3,424
$
3,740
$
4,020
$
3,865
$
3,540
Non-performing loans to total loans
0.25
%
0.30
%
0.34
%
0.34
%
0.34
%
Non-performing assets to total assets
0.17
%
0.19
%
0.21
%
0.20
%
0.19
%
Non-performing loan coverage
366
%
319
%
278
%
280
%
287
%
Allowance for loan losses as a percentage of total period-end loans
0.93
%
0.96
%
0.96
%
0.95
%
0.99
%
Non-performing assets / capital reserves
3
%
3
%
3
%
3
%
3
%
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries
Summary of Allowance for Loan Losses and Other Related Data
(unaudited)
12/31/2007
12/31/2006
Year-ended12/31/2006
12/31/2007
12/31/2006
(dollar amounts in thousands)
Three Months Ended
Twelve Months Ended
Balance at beginning of period
$
10,673
$
9,635
$
9,231
$
9,685
$
9,231
Provisions charged to operating expense
245
225
1,634
1,762
1,634
10,918
9,860
10,865
11,447
10,865
Recoveries on loans charged-off:
Commercial
7
(28)
34
11
34
Consumer
30
31
71
53
71
Real estate
0
0
0
8
0
Total recoveries
37
3
105
72
105
Loans charged-off:
Commercial
(165)
(145)
(895)
(634)
(895)
Consumer
0
(33)
(390)
(69)
(390)
Real estate
(48)
0
0
(74)
0
Total charged-off
(213)
(178)
(1,285)
(777)
(1,285)
Net charge-offs
(176)
(175)
(1,180)
(705)
(1,180)
Balance at end of period
$
10,742
$
9,685
$
9,685
$
10,742
$
9,685
Net charge-offs as a percentage of average loans outstanding
0.02
%
0.02
%
0.13
%
0.07
%
0.13
%
Allowance for loan losses as a percentage of period-end loans
0.93
%
0.99
%
0.99
%
0.93
%
0.99
%