VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2024 FIRST QUARTER EARNINGS

CHARLOTTESVILLE, Va., April 23, 2024 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net income of $3.6 million, or $0.68 per diluted share, for the quarter ended March 31, 2024, compared to $3.2 million, or $0.59 per diluted share, recognized for the quarter ended December 31, 2023 and $5.8 million, or $1.08 per diluted share, recognized for the quarter ended March 31, 2023. 

"The Company achieved solid first quarter results," stated Glenn W. Rust, President and Chief Executive Officer.  "We increased our loan balances 20% year-over-year and our credit quality metrics remain strong.  During the first quarter, we increased deposit balances, refrained from utilizing brokered funds and reduced our level of debt, which stabilized our cost of funds.  During the same period, we maintained solid capital and liquidity positions."

2024 First Quarter Highlights

• The Company continued to experience loan growth in the first quarter of 2024. Gross loans outstanding as of March 31, 2024 totaled $1.1 billion, an increase of $35.5 million, or 3.2%, compared to December 31, 2023 and an increase of $188.2 million, or 20.0%, compared to March 31, 2023.
• Yield on loans elevated to 5.64% for the three months ended March 31, 2024, from 5.55% for the prior year same period.
• Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.19% as of March 31, 2024, 0.17% as of December 31, 2023 and 0.08% as of March 31, 2023.
• The Company utilizes a third-party to offer multi-million-dollar FDIC insurance to customers with balances in excess of single-bank limits through Insured Cash Sweep^® (ICS) plans. Deposit balances held in ICS plans amounted to $144.0 million as of March 31, 2024, $134.6 million as of December 31, 2023 and $126.4 million as of March 31, 2023.
• Total deposits increased $22.9 million, or 1.6% from December 31, 2023 to March 31, 2024 and increased $34.7 million, or 2.5% year-over-year. Management believes that the Bank's cost of funds has stabilized during the first quarter of 2024.
• Correlated with the year-over-year deposit increase noted above, and in an effort to stabilize overall cost of funds, borrowings decreased from December 31, 2023 to March 31, 2024 by $46.5 million. As of March 31, 2024, the Company had unused borrowing facilities in place of approximately $189.2 million.
• Securities balances declined $80.9 million in the first quarter of 2024, as funds from the maturities of investments were repurposed to higher yielding assets in the form of loans and federal funds sold.
• Effective April 1, 2024, the Company sold the membership interests in Masonry Capital Management, LLC to an officer of the Company. Subsequent to the date of sale, the Company will receive an annual revenue-share amount for a period of six years. No expenses will be incurred by the Company related to Masonry Capital subsequent to the effective date of sale.

Loans and Asset Quality

• Nonperforming assets amounted to $3.1 million as of March 31, 2024, compared to $2.7 million as of December 31, 2023 and $1.3 million as of March 31, 2023;
  • Nine loans to seven borrowers are in non-accrual status, totaling $2.2 million, as of March 31, 2024, compared to $1.9 million as of December 31, 2023 and $1.2 million as of March 31, 2023.
  • Loans 90 days or more past due and still accruing interest amounted to $876 thousand as of March 31, 2024, compared to $880 thousand as of December 31, 2023 and $69 thousand as of March 31, 2023. The past due balance as of March 31, 2024 is comprised of two loans totaling $783 thousand which are 100% government-guaranteed, and five student loans totaling $93 thousand.
  • The Company currently holds no other real estate owned.
• The period-end Allowance for Credit Losses ("ACL") as a percentage of total loans was 0.73% as of March 31, 2024, 0.77% as of December 31, 2023 and 0.83% as of March 31, 2023. The proportionate increase in government-guaranteed loans over the respective periods is the driver of the decrease in the ACL as a percentage of total loans. Balances in government-guaranteed loans have increased $32.2 million during the first quarter of 2024 and have increased $112.9 million since March 31, 2023. Such loans are 100% government-guaranteed and do not require an ACL.
• The fair value mark that was allocated to the acquired loans was $21.3 million as of April 1, 2021, with a remaining balance of $8.8 million as of March 31, 2024.
• For the three months ended March 31, 2024, the Company recorded a net recovery of provision for credit losses of $22 thousand, which includes a $33 thousand recovery of provision for unfunded commitments.

Net Interest Income

• Net interest income for the three months ended March 31, 2024 of $10.9 million decreased $2.5 million, or 18.5%, compared to the three months ended March 31, 2023, as the increase in interest expense on deposit accounts and borrowings outweighed the increase in interest income earned on assets.
• Net interest margin (FTE), (a non-GAAP financial measure)¹, for the three months ended March 31, 2024 declined to 2.93%, compared to 3.71% for the three months ended March 31, 2023, yet increased from 2.89% for the three months ended December 31, 2023.
• The overall cost of funds, including noninterest-bearing deposits, of 211 bps incurred in the three months ended March 31, 2024 increased 128 bps from 83 bps in the same period in the prior year. Overall, the cost of interest-bearing deposits increased period over period, from a cost of 109 bps to 273 bps. As stated above, management believes that the Bank's cost of funds has stabilized during the first quarter of 2024.

Noninterest Income

Noninterest income for the three months ended March 31, 2024 decreased $98 thousand, or 4.3%, compared to the three months ended March 31, 2023, primarily as a result of the gain on termination of an interest rate swap in the first quarter of 2023 being larger than the gain on termination of debt in the first quarter of 2024 by $81 thousand.  

Noninterest Expense

Noninterest expense for the three months ended March 31, 2024 decreased $42 thousand, or 0.5%, compared to the three months ended March 31, 2023.  This decrease is primarily the result of lower occupancy costs from right-sizing our branch network from the merger and reduced marketing, advertising and promotion expense.

Book Value

Book value per share increased to $28.31 as of March 31, 2024, compared to $26.50 as of March 31, 2023, and tangible book value per share (a non-GAAP financial measure)¹ was $25.99 as of March 31, 2024 compared to $23.88 as of March 31, 2023.  These values increased as net retained income increased and unrealized losses in the investment portfolio remained relatively constant period over period.

Income Taxes

The effective tax rates amounted to 15.5% and 18.2% for the three months ended March 31, 2024 and 2023, respectively,  which are lower than the statutory rate, due to the recognition of low-income housing tax credits and the effect of tax-exempt income from municipal bonds and income from bank owned life insurance policies.

_________________________
¹ See "Reconciliation of Certain  Quarterly Non-GAAP Financial Measures" at the end of this release.

Dividends

Cash dividends of $1.8 million, or $0.33 per share, were declared and paid during the first quarter of 2024.

Share Repurchase Plan

During the first quarter of 2024, the Company enacted a share repurchase plan, repurchasing 874 shares at an average price of $29.60 per share.  The Company will continue to repurchase shares in the second quarter in accordance with its share repurchase plan.

About Virginia National Bankshares Corporation

Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, and banking offices in Winchester and Richmond, Virginia.  The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. The Company's common stock trades on the Nasdaq Capital Market under the symbol "VABK."  Additional information on the Company is also available at www.vnbcorp.com.

Non-GAAP Financial Measures

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company's performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.

Forward-Looking Statements; Other Information

Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to the Company's operations, performance, future strategy and goals, and are often characterized by use of qualified words such as "expect," "believe," "estimate," "project," "anticipate," "intend," "will," "should," or words of similar meaning or other statements concerning the opinions or judgement of the Company and its management about future events. While Company management believes such statements to be reasonable, future events and predictions are subject to circumstances that are not within the control of the Company and its management.  Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in: inflation, interest rates, market and monetary fluctuations; liquidity and capital requirements; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts or other major events, the governmental and societal responses thereto, or the prospect of these events; changes, particularly declines, in general economic and market conditions in the local economies in which the Company operates, including the effects of declines in real estate values;  the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impact of changes in laws, regulations and guidance related to financial services  including, but not limited to, taxes, banking, securities and insurance; changes in accounting principles, policies and guidelines; the financial condition of the Company's borrowers; the Company's ability to attract, hire, train and retain qualified employees; an increase in unemployment levels; competitive pressures on loan and deposit pricing and demand; fluctuation in asset quality; assumptions that underlie the Company's ACL; the value of securities held in the Company's investment portfolio; performance of assets under management; cybersecurity threats or attacks and the development and maintenance of reliable electronic systems; changes in technology and their impact on the marketing of new products and services and the acceptance of these products and services by new and existing customers; the willingness of customers to substitute competitors' products and services for the Company's products and services; the risks and uncertainties described from time to time in the Company's press releases and filings with the SEC; and the Company's performance in managing the risks involved in any of the foregoing.  Many of these factors and additional risks and uncertainties are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed from time to time by the Company with the Securities and Exchange Commission. These statements speak only as of the date made, and the Company does not undertake to update any forward-looking statements to reflect changes or events that may occur after this release.

VIRGINIA NATIONAL BANKSHARES CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data)
	March 31, 2024				December 31, 2023*
	(Unaudited)
ASSETS
Cash and due from banks	$	7,158			$	18,074
Interest-bearing deposits in other banks		10,639				10,316
Federal funds sold		27,696				-
Securities:
Available for sale (AFS), at fair value		341,857				420,595
Restricted securities, at cost		6,192				8,385
Total securities		348,049				428,980
Loans, net of deferred fees and costs		1,128,168				1,092,665
Allowance for credit losses		(8,289)				(8,395)
Loans, net		1,119,879				1,084,270
Premises and equipment, net		15,860				16,195
Bank owned life insurance		39,179				38,904
Goodwill		7,768				7,768
Core deposit intangible, net		4,750				5,093
Right of use asset, net		6,652				6,748
Deferred tax asset, net		15,744				15,382
Accrued interest receivable and other assets		16,122				14,287
Total assets	$	1,619,496			$	1,646,017
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Demand deposits:
Noninterest-bearing	$	382,315			$	372,857
Interest-bearing		284,789				305,541
Money market and savings deposit accounts		415,311				412,119
Certificates of deposit and other time deposits		349,557				318,581
Total deposits		1,431,972				1,409,098
Federal funds purchased		-				3,462
Borrowings		20,000				66,500
Junior subordinated debt, net		3,471				3,459
Lease liability		6,451				6,504
Accrued interest payable and other liabilities		5,025				3,954
Total liabilities		1,466,919				1,492,977
Commitments and contingent liabilities
Shareholders' equity:
Preferred stock, $2.50 par value		-				-
Common stock, $2.50 par value		13,277				13,253
Capital surplus		108,084				107,940
Retained earnings		73,768				71,891
Accumulated other comprehensive loss		(42,552)				(40,044)
Total shareholders' equity		152,577				153,040
Total liabilities and shareholders' equity	$	1,619,496			$	1,646,017
Common shares outstanding		5,390,388				5,365,982
Common shares authorized		10,000,000				10,000,000
Preferred shares outstanding		-				-
Preferred shares authorized		2,000,000				2,000,000
*  Derived from audited consolidated financial statements

 

VIRGINIA NATIONAL BANKSHARES CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data)
		For the three months ended
		March 31, 2024				December 31,  2023 *			March 31, 2023
		(Unaudited)							(Unaudited)
Interest and dividend income:
Loans, including fees		$	15,661			$	14,644		$	12,767
Federal funds sold			239				64			-
Other interest-bearing deposits			57				59			258
Investment securities:
Taxable			2,159				2,880			2,951
Tax exempt			326				325			327
Dividends			118				102			67
Total interest and dividend income			18,560				18,074			16,370
Interest expense:
Demand deposits			71				73			89
Money market and savings deposits			2,922				2,964			1,773
Certificates and other time deposits			4,050				3,508			648
Borrowings			486				663			386
Federal funds purchased			7				26			-
Junior subordinated debt			88				87			61
Total interest expense			7,624				7,321			2,957
Net interest income			10,936				10,753			13,413
Provision for (recovery of) credit losses			(22)				794			(248)
Net interest income after provision for (recovery of) credit losses			10,958				9,959			13,661
Noninterest income:
Wealth management fees			426				756			404
Deposit account fees			387				389			401
Debit/credit card and ATM fees			488				535			571
Bank owned life insurance income			275				270			252
Gains (losses) on sales of assets, net			39				(20)			(1)
Gain on termination of debt			379				-			-
Gain on termination of interest rate swap			-				-			460
Losses on sales of AFS, net			(4)				-			(206)
Other			188				206			395
Total noninterest income			2,178				2,136			2,276
Noninterest expense:
Salaries and employee benefits			4,152				3,851			4,051
Net occupancy			972				918			1,179
Equipment			171				173			218
Bank franchise tax			340				291			324
Computer software			208				188			202
Data processing			739				799			742
FDIC deposit insurance assessment			195				170			100
Marketing, advertising and promotion			248				186			375
Professional fees			252				82			192
Core deposit intangible amortization			343				355			391
Other			1,199				1,285			1,087
Total noninterest expense			8,819				8,298			8,861
Income before income taxes			4,317				3,797			7,076
Provision for income taxes			671				629			1,285
Net income		$	3,646			$	3,168		$	5,791
Net income per common share, basic		$	0.68			$	0.59		$	1.08
Net income per common share, diluted		$	0.68			$	0.59		$	1.08
Weighted average common shares outstanding, basic			5,366,890				5,365,982			5,338,099
Weighted average common shares outstanding, diluted			5,380,081				5,394,713			5,375,619
* Derived from audited consolidated financial statements

 

VIRGINIA NATIONAL BANKSHARES CORPORATION FINANCIAL HIGHLIGHTS (dollars in thousands, except per share data) (Unaudited)
		At or For the Three Months Ended
		March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
Common Share Data:
Net income per weighted average share, basic		$	0.68			$	0.59			$	0.87			$	1.05			$	1.08
Net income per weighted average share, diluted		$	0.68			$	0.59			$	0.86			$	1.05			$	1.08
Weighted average shares outstanding, basic			5,366,890				5,365,982				5,365,982				5,357,873				5,338,099
Weighted average shares outstanding, diluted			5,380,081				5,394,713				5,395,483				5,375,073				5,375,619
Actual shares outstanding			5,390,388				5,365,982				5,365,982				5,365,982				5,338,650
Tangible book value per share at period end (non-GAAP) 5		$	25.99			$	26.12			$	22.83			$	24.01			$	23.88
Key Ratios:
Return on average assets 1			0.91	%			0.79	%			1.18	%			1.46	%			1.48	%
Return on average equity 1			9.57	%			9.03	%			12.91	%			15.98	%			17.57	%
Net interest margin (FTE) 2			2.93	%			2.89	%			3.04	%			3.83	%			3.71	%
Efficiency ratio (FTE) 3			66.8	%			64.0	%			60.3	%			54.1	%			56.2	%
Loan-to-deposit ratio			78.8	%			77.5	%			74.5	%			72.2	%			67.3	%
Net Interest Income:
Net interest income		$	10,936			$	10,753			$	11,100			$	13,703			$	13,413
Net interest income (FTE) 2		$	11,023			$	10,839			$	11,187			$	13,789			$	13,500
Capital Ratios:
Tier 1 leverage ratio			11.24	%			11.13	%			11.26	%			11.20	%			10.64	%
Total risk-based capital ratio			18.39	%			18.24	%			18.76	%			18.80	%			18.37	%
Assets and Asset Quality:
Average earning assets		$	1,513,924			$	1,487,910			$	1,460,555			$	1,443,048			$	1,475,617
Average gross loans		$	1,117,570			$	1,061,297			$	986,480			$	940,264			$	932,834
Fair value mark on acquired loans		$	8,811			$	9,399			$	9,965			$	10,957			$	14,120
Allowance for credit losses:
Beginning of period		$	8,395			$	7,799			$	7,863			$	7,772			$	5,552
Impact of adoption of CECL			-				-				-				-				2,491
Provision for (recovery of) credit losses			11				713				2				216				(235)
Charge-offs			(184)				(207)				(199)				(180)				(136)
Recoveries			67				90				133				55				100
Net charge-offs			(117)				(117)				(66)				(125)				(36)
End of period		$	8,289			$	8,395			$	7,799			$	7,863			$	7,772
Non-accrual loans		$	2,178			$	1,852			$	1,143			$	1,185			$	1,228
Loans 90 days or more past due and still accruing			876				880				854				107				69
Total nonperforming assets (NPA) 4		$	3,054			$	2,732			$	1,997			$	1,292			$	1,297
NPA as a % of total assets			0.19	%			0.17	%			0.13	%			0.08	%			0.08	%
NPA as a % of gross loans			0.27	%			0.25	%			0.20	%			0.13	%			0.14	%
ACL to gross loans			0.73	%			0.77	%			0.76	%			0.81	%			0.83	%
Non-accruing loans to gross loans			0.19	%			0.17	%			0.11	%			0.12	%			0.13	%
Net charge-offs to average loans 1			0.04	%			0.04	%			0.03	%			0.05	%			0.02	%

1	Ratio is computed on an annualized basis.
2	The net interest margin and net interest income are reported on a fully tax-equivalent basis (FTE) basis, using a Federal income tax rate of 21%.  This is a non-GAAP financial measure.  Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
3	The efficiency ratio (FTE) is computed as a percentage of noninterest expense divided by the sum of net interest income (FTE) and noninterest income. This is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency. Management believes such financial information is meaningful to the reader in understanding operating performance, but cautions that such information should not be viewed as a substitute for GAAP.  Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate them differently.  Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
4	The Bank held no other real estate owned during any of the periods presented.
5	This is a non-GAAP financial measure.  Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.

 

VIRGINIA NATIONAL BANKSHARES CORPORATION AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS) (dollars in thousands) (Unaudited)
		For the three months ended
		March 31, 2024												March 31, 2023
						Interest												Interest
		Average				Income/				Average				Average				Income/				Average
		Balance				Expense				Yield/Cost				Balance				Expense				Yield/Cost
ASSETS
Interest Earning Assets:
Securities:
Taxable Securities		$	303,736			$	2,277				3.00	%		$	447,428			$	3,018				2.70	%
Tax Exempt Securities 1			66,589				413				2.48	%			67,083				414				2.47	%
Total Securities 1			370,325				2,690				2.91	%			514,511				3,432				2.67	%
Loans:
Real Estate			905,485				12,543				5.57	%			816,742				11,140				5.53	%
Commercial			174,377				2,424				5.59	%			72,035				874				4.92	%
Consumer			37,708				694				7.40	%			44,057				753				6.93	%
Total Loans			1,117,570				15,661				5.64	%			932,834				12,767				5.55	%
Fed Funds Sold			17,624				239				5.45	%			10				—				0.00	%
Other interest-bearing deposits			8,405				57				2.73	%			28,262				258				3.70	%
Total Earning Assets			1,513,924				18,647				4.95	%			1,475,617				16,457				4.52	%
Less: Allowance for Credit Losses			(8,413)												(8,091)
Total Non-Earning Assets			109,862												114,477
Total Assets		$	1,615,373											$	1,582,003
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest Bearing Liabilities:
Interest Bearing Deposits:
Interest Checking		$	282,825			$	71				0.10	%		$	361,894			$	89				0.10	%
Money Market and Savings Deposits			411,973				2,922				2.85	%			448,870				1,773				1.60	%
Time Deposits			341,083				4,050				4.78	%			127,386				648				2.06	%
Total Interest-Bearing Deposits			1,035,881				7,043				2.73	%			938,150				2,510				1.09	%
Borrowings			42,154				486				4.64	%			32,978				386				—
Federal funds purchased			495				7				5.69	%			—				—				—
Junior subordinated debt			3,465				88				10.21	%			3,417				61				7.24	%
Total Interest-Bearing Liabilities			1,081,995				7,624				2.83	%			974,545				2,957				1.23	%
Non-Interest-Bearing Liabilities:
Demand deposits			368,535												464,801
Other liabilities			11,537												8,989
Total Liabilities			1,462,067												1,448,335
Shareholders' Equity			153,306												133,668
Total Liabilities & Shareholders' Equity		$	1,615,373											$	1,582,003
Net Interest Income (FTE)						$	11,023											$	13,500
Interest Rate Spread 2											2.12	%											3.29	%
Cost of Funds											2.11	%											0.83	%
Interest Expense as a Percentage of      Average Earning Assets											2.03	%											0.81	%
Net Interest Margin (FTE) 3											2.93	%											3.71	%

1	Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%.
	Refer to the Reconcilement of Non-GAAP Measures table at the end of this release.
2	Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.
3	Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets.

 

VIRGINIA NATIONAL BANKSHARES CORPORATION RECONCILIATION OF CERTAIN QUARTERLY NON-GAAP FINANCIAL MEASURES (dollars in thousands, except per share data) (Unaudited)
		For the Three Months Ended
		March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
Fully tax-equivalent measures
Net interest income		$	10,936			$	10,753			$	11,100			$	13,703			$	13,413
Fully tax-equivalent adjustment			87				86				87				86				87
Net interest income (FTE) 1		$	11,023			$	10,839			$	11,187			$	13,789			$	13,500
Efficiency ratio 2			67.2	%			64.4	%			60.7	%			54.4	%			56.5	%
Fully tax-equivalent adjustment			-0.4	%			-0.4	%			-0.4	%			-0.3	%			-0.3	%
Efficiency ratio (FTE) 3			66.8	%			64.0	%			60.3	%			54.1	%			56.2	%
Net interest margin			2.91	%			2.87	%			3.02	%			3.81	%			3.69	%
Fully tax-equivalent adjustment			0.02	%			0.02	%			0.02	%			0.02	%			0.02	%
Net interest margin (FTE) 1			2.93	%			2.89	%			3.04	%			3.83	%			3.71	%
		As of
		March 31, 2024				December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
Other financial measures
Book value per share		$	28.31			$	28.52			$	25.29			$	26.54			$	26.50
Impact of intangible assets 4			(2.32)				(2.40)				(2.46)				(2.53)				(2.62)
Tangible book value per share (non-GAAP)		$	25.99			$	26.12			$	22.83			$	24.01			$	23.88

1	FTE calculations use a Federal income tax rate of 21%.
2	The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income.
3	The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.
4	Intangible assets include goodwill and core deposit intangible assets, net of accumulated amortization, for all periods presented.

 

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