Highlights
- Record quarterly net income of
$13.6 million , or$0.81 diluted EPS - Received regulatory approval on pending acquisition of
LINCO Bancshares, Inc. (“LINCO”) - Assisted customers on the forgiveness of
$93.4 million in Paycheck Protection Program (“PPP”) loans - Announced branch optimization plan with completion now anticipated by mid-year 2021
- Wealth Management assets under management increased 7% for the year to
$4.5 billion - Announcing change to quarterly dividend from semi-annual dividend beginning in 2021
“2020 was an incredible year with a combination of significant challenges and tremendous opportunities,” said
“We are excited about the new year with the second round of PPP underway, the branch optimization plan to be completed by mid-year, and the expected close of the LINCO acquisition in February. The deepened presence in the
Net Interest Income
Net interest income for the fourth quarter of 2020 increased by
In comparison to the fourth quarter of 2019, net interest income increased
Net Interest Margin
Net interest margin, on a tax equivalent basis, was 3.17% for the fourth quarter of 2020, which was flat compared to the prior quarter. Both earning asset yields and cost of funds increased by two basis points. Earning asset yields were impacted by PPP fee income and cost of funds were impacted by the new subordinated debt interest expense. Excluding the subordinated debt interest, the net interest margin would have been 8 basis points higher.
In comparison to the fourth quarter of 2019, the net interest margin decreased 40 basis points with accretion income representing
Loan Portfolio
Total loans ended the quarter at
The Company continues to see its loan deferrals trending lower. As of
Asset Quality
The Company’s asset quality measures continue to reflect a strong credit culture. As of
Provision expense was recorded in the amount of
Deposits
Total deposits ended the quarter at
Noninterest Income
Noninterest income for the fourth quarter of 2020 was
In comparison to the fourth quarter of 2019, noninterest income increased
Noninterest Expenses
Noninterest expense for the fourth quarter totaled
In comparison to the fourth quarter of 2019, noninterest expenses increased
The Company’s efficiency ratio, on a tax equivalent basis and inclusive of acquisition costs, for the fourth quarter 2020 was 59.0% compared to 54.9% in the prior quarter and 57.2% for the same period last year.
Regulatory Capital Levels and Dividend
The Company’s capital levels remained strong and comfortably above the “well capitalized” levels. Capital levels ended the period as follows:
Total capital to risk-weighted assets | 18.82% |
Tier 1 capital to risk-weighted assets | 14.63% |
Common equity tier 1 capital to risk-weighted assets | 14.03% |
Leverage ratio | 10.22% |
The Company’s Board of Directors has determined it is in the best interest of shareholders to change from its historical semi-annual dividend to a quarterly dividend beginning in 2021. Therefore, the Board of Directors approved a quarterly dividend in the amount of
About First Mid:
Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” and “Common Equity Tier 1 Capital to Risk Weighted Assets”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.
Forward Looking Statements:
This document may contain certain forward-looking statements about
Investor Contact:
VP, Shareholder Relations
217-258-0463
aholt@firstmid.com
Chief Financial Officer
217-258-1528
msmith@firstmid.com
– Tables Follow –
Condensed Consolidated Balance Sheets | ||||||||||||
(In thousands, unaudited) | ||||||||||||
As of | ||||||||||||
2020 | 2020 | 2019 | ||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 417,281 | $ | 232,385 | $ | 85,080 | ||||||
Investment securities | 887,169 | 750,122 | 760,215 | |||||||||
Loans (including loans held for sale) | 3,138,419 | 3,236,247 | 2,695,347 | |||||||||
Less allowance for loan losses | (41,910 | ) | (41,915 | ) | (26,911 | ) | ||||||
Net loans | 3,096,509 | 3,194,332 | 2,668,436 | |||||||||
Premises and equipment, net | 58,206 | 59,356 | 59,491 | |||||||||
128,120 | 129,287 | 133,257 | ||||||||||
Bank owned life insurance | 68,955 | 68,519 | 67,225 | |||||||||
Other assets | 70,108 | 75,127 | 65,722 | |||||||||
Total assets | $ | 4,726,348 | $ | 4,509,128 | $ | 3,839,426 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing | $ | 936,926 | $ | 837,602 | $ | 633,331 | ||||||
Interest bearing | 2,755,858 | 2,782,234 | 2,284,035 | |||||||||
Total deposits | 3,692,784 | 3,619,836 | 2,917,366 | |||||||||
Repurchase agreement with customers | 206,937 | 170,345 | 208,109 | |||||||||
Other borrowings | 93,969 | 93,954 | 118,895 | |||||||||
Junior subordinated debentures | 19,027 | 18,985 | 18,858 | |||||||||
Subordinated debt | 94,253 | - | - | |||||||||
Other liabilities | 51,150 | 44,999 | 49,589 | |||||||||
Total liabilities | 4,158,120 | 3,948,119 | 3,312,817 | |||||||||
Total stockholders' equity | 568,228 | 561,009 | 526,609 | |||||||||
Total liabilities and stockholders' equity | $ | 4,726,348 | $ | 4,509,128 | $ | 3,839,426 | ||||||
Condensed Consolidated Statements of Income | ||||||||||||||
(In thousands, except per share data, unaudited) | ||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||
Interest income: | ||||||||||||||
Interest and fees on loans | $ | 33,254 | $ | 31,206 | $ | 126,814 | $ | 126,825 | ||||||
Interest on investment securities | 4,226 | 5,101 | 16,966 | 21,043 | ||||||||||
Interest on federal funds sold & other deposits | 90 | 214 | 361 | 1,853 | ||||||||||
Total interest income | 37,570 | 36,521 | 144,141 | 149,721 | ||||||||||
Interest expense: | ||||||||||||||
Interest on deposits | 2,617 | 4,447 | 12,751 | 18,939 | ||||||||||
Interest on securities sold under agreements to repurchase | 68 | 240 | 488 | 911 | ||||||||||
Interest on other borrowings | 371 | 610 | 1,877 | 2,721 | ||||||||||
Interest on jr. subordinated debentures | 143 | 240 | 682 | 1,476 | ||||||||||
Interest on subordinated debt | 931 | 0 | 931 | 0 | ||||||||||
Total interest expense | 4,130 | 5,537 | 16,729 | 24,047 | ||||||||||
Net interest income | 33,440 | 30,984 | 127,412 | 125,674 | ||||||||||
Provision for loan losses | 603 | 2,737 | 16,103 | 6,433 | ||||||||||
Net interest income after provision for loan | 32,837 | 28,247 | 111,309 | 119,241 | ||||||||||
Non-interest income: | ||||||||||||||
Wealth management revenues | 5,232 | 5,027 | 16,153 | 15,570 | ||||||||||
Insurance commissions | 3,477 | 3,361 | 17,477 | 16,029 | ||||||||||
Service charges | 1,527 | 1,985 | 5,862 | 7,837 | ||||||||||
Securities gains, net | 193 | 479 | 1,106 | 802 | ||||||||||
Mortgage banking revenues | 1,870 | 579 | 5,075 | 1,746 | ||||||||||
ATM/debit card revenue | 2,369 | 2,100 | 8,962 | 8,491 | ||||||||||
Other | 879 | 1,342 | 4,885 | 5,542 | ||||||||||
Total non-interest income | 15,547 | 14,873 | 59,520 | 56,017 | ||||||||||
Non-interest expense: | ||||||||||||||
Salaries and employee benefits | 19,151 | 15,942 | 66,452 | 62,578 | ||||||||||
Net occupancy and equipment expense | 3,962 | 4,305 | 16,708 | 17,680 | ||||||||||
Net other real estate owned (income) expense | (20 | ) | 30 | 42 | 443 | |||||||||
458 | (170 | ) | 1,309 | 219 | ||||||||||
Amortization of intangible assets | 1,200 | 1,296 | 5,062 | 5,848 | ||||||||||
Stationary and supplies | 275 | 269 | 1,080 | 1,104 | ||||||||||
Legal and professional expense | 1,220 | 1,451 | 5,427 | 5,164 | ||||||||||
Marketing and donations | 434 | 573 | 1,616 | 2,031 | ||||||||||
Other | 3,651 | 3,905 | 13,391 | 16,925 | ||||||||||
Total non-interest expense | 30,331 | 27,601 | 111,087 | 111,992 | ||||||||||
Income before income taxes | 18,053 | 15,519 | 59,742 | 63,266 | ||||||||||
Income taxes | 4,484 | 3,543 | 14,472 | 15,323 | ||||||||||
Net income | $ | 13,569 | $ | 11,976 | $ | 45,270 | $ | 47,943 | ||||||
Per Share Information | ||||||||||||||
Basic earnings per common share | $ | 0.81 | $ | 0.72 | $ | 2.71 | $ | 2.88 | ||||||
Diluted earnings per common share | 0.81 | 0.72 | 2.70 | 2.87 | ||||||||||
Dividends per common share | 0.41 | 0.40 | 0.81 | 0.76 | ||||||||||
Weighted average shares outstanding | 16,735,926 | 16,667,370 | 16,716,880 | 16,675,269 | ||||||||||
Diluted weighted average shares outstanding | 16,779,129 | 16,699,876 | 16,762,856 | 16,709,476 | ||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||
(In thousands, except per share data, unaudited) | ||||||||||||||||||
For the Quarter Ended | ||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||
Interest income: | ||||||||||||||||||
Interest and fees on loans | $ | 33,254 | $ | 32,151 | $ | 31,382 | $ | 30,027 | $ | 31,206 | ||||||||
Interest on investment securities | 4,226 | 4,074 | 4,077 | 4,589 | 5,101 | |||||||||||||
Interest on federal funds sold & other deposits | 90 | 70 | 76 | 125 | 214 | |||||||||||||
Total interest income | 37,570 | 36,295 | 35,535 | 34,741 | 36,521 | |||||||||||||
Interest expense: | ||||||||||||||||||
Interest on deposits | 2,617 | 3,168 | 3,105 | 3,861 | 4,447 | |||||||||||||
Interest on securities sold under agreements to repurchase | 68 | 68 | 158 | 194 | 240 | |||||||||||||
Interest on other borrowings | 371 | 395 | 516 | 595 | 610 | |||||||||||||
Interest on jr. subordinated debentures | 143 | 147 | 174 | 218 | 240 | |||||||||||||
Interest on subordinated debt | 931 | - | - | - | - | |||||||||||||
Total interest expense | 4,130 | 3,778 | 3,953 | 4,868 | 5,537 | |||||||||||||
Net interest income | 33,440 | 32,517 | 31,582 | 29,873 | 30,984 | |||||||||||||
Provision for loan losses | 603 | 3,883 | 6,136 | 5,481 | 2,737 | |||||||||||||
Net interest income after provision for loan | 32,837 | 28,634 | 25,446 | 24,392 | 28,247 | |||||||||||||
Non-interest income: | ||||||||||||||||||
Wealth management revenues | 5,232 | 3,468 | 3,827 | 3,626 | 5,027 | |||||||||||||
Insurance commissions | 3,477 | 3,291 | 4,088 | 6,621 | 3,361 | |||||||||||||
Service charges | 1,527 | 1,446 | 1,111 | 1,778 | 1,985 | |||||||||||||
Securities gains, net | 193 | 95 | 287 | 531 | 479 | |||||||||||||
Mortgage banking revenues | 1,870 | 1,661 | 1,236 | 308 | 579 | |||||||||||||
ATM/debit card revenue | 2,369 | 2,367 | 2,239 | 1,987 | 2,100 | |||||||||||||
Other | 879 | 1,250 | 1,097 | 1,659 | 1,342 | |||||||||||||
Total non-interest income | 15,547 | 13,578 | 13,885 | 16,510 | 14,873 | |||||||||||||
Non-interest expense: | ||||||||||||||||||
Salaries and employee benefits | 19,151 | 15,346 | 15,455 | 16,500 | 15,942 | |||||||||||||
Net occupancy and equipment expense | 3,962 | 4,363 | 4,141 | 4,242 | 4,305 | |||||||||||||
Net other real estate owned (income) expense | (20 | ) | 110 | (2 | ) | (46 | ) | 30 | ||||||||||
458 | 469 | 289 | 93 | (170 | ) | |||||||||||||
Amortization of intangible assets | 1,200 | 1,277 | 1,290 | 1,295 | 1,296 | |||||||||||||
Stationary and supplies | 275 | 262 | 275 | 268 | 269 | |||||||||||||
Legal and professional expense | 1,220 | 1,320 | 1,489 | 1,398 | 1,451 | |||||||||||||
Marketing and donations | 434 | 387 | 314 | 481 | 573 | |||||||||||||
Other | 3,651 | 3,393 | 2,847 | 3,500 | 3,905 | |||||||||||||
Total non-interest expense | 30,331 | 26,927 | 26,098 | 27,731 | 27,601 | |||||||||||||
Income before income taxes | 18,053 | 15,285 | 13,233 | 13,171 | 15,519 | |||||||||||||
Income taxes | 4,484 | 3,720 | 3,096 | 3,172 | 3,543 | |||||||||||||
Net income | $ | 13,569 | $ | 11,565 | $ | 10,137 | $ | 9,999 | $ | 11,976 | ||||||||
Consolidated Financial Highlights and Ratios | ||||||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
As of and for the Quarter Ended | ||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Loan Portfolio | ||||||||||||||||||||
Construction and land development | $ | 122,479 | $ | 167,515 | $ | 180,934 | $ | 123,326 | $ | 94,142 | ||||||||||
Farm real estate loans | 254,341 | 256,230 | 251,382 | 242,891 | 240,241 | |||||||||||||||
1-4 Family residential properties | 325,762 | 339,172 | 342,036 | 325,128 | 336,427 | |||||||||||||||
Multifamily residential properties | 189,632 | 139,255 | 141,015 | 139,734 | 153,948 | |||||||||||||||
Commercial real estate | 1,174,300 | 1,177,571 | 1,123,540 | 1,002,868 | 995,702 | |||||||||||||||
Loans secured by real estate | 2,066,514 | 2,079,743 | 2,038,907 | 1,833,947 | 1,820,460 | |||||||||||||||
Agricultural operating loans | 137,352 | 141,074 | 149,043 | 139,136 | 136,124 | |||||||||||||||
Commercial and industrial loans | 738,313 | 807,668 | 811,169 | 565,789 | 528,973 | |||||||||||||||
Consumer loans | 78,002 | 80,348 | 82,084 | 82,104 | 83,183 | |||||||||||||||
All other loans | 118,238 | 127,414 | 124,059 | 123,322 | 126,607 | |||||||||||||||
Total loans | 3,138,419 | 3,236,247 | 3,205,262 | 2,744,298 | 2,695,347 | |||||||||||||||
Deposit Portfolio | ||||||||||||||||||||
Non-interest bearing demand deposits | $ | 936,926 | $ | 837,602 | $ | 817,623 | $ | 642,384 | $ | 633,331 | ||||||||||
Interest bearing demand deposits | 1,031,183 | 1,053,691 | 938,710 | 827,387 | 850,956 | |||||||||||||||
Savings deposits | 499,427 | 485,241 | 474,545 | 441,998 | 428,778 | |||||||||||||||
Money Market | 748,179 | 736,262 | 625,361 | 441,381 | 419,801 | |||||||||||||||
Time deposits | 477,069 | 507,040 | 529,588 | 555,477 | 584,500 | |||||||||||||||
Total deposits | 3,692,784 | 3,619,836 | 3,385,827 | 2,908,627 | 2,917,366 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
Non-performing loans | $ | 28,123 | $ | 22,439 | $ | 23,096 | $ | 24,463 | $ | 27,818 | ||||||||||
Non-performing assets | 30,616 | 24,712 | 25,397 | 27,306 | 31,538 | |||||||||||||||
Net charge-offs | 608 | 349 | 631 | 1,188 | 2,567 | |||||||||||||||
Allowance for loan losses to non-performing loans | 149.02 | % | 186.80 | % | 166.18 | % | 134.39 | % | 96.74 | % | ||||||||||
Allowance for loan losses to total loans outstanding | 1.41%1 | 1.41%1 | 1.30%1 | 1.20 | % | 1.00 | % | |||||||||||||
Nonperforming loans to total loans | 0.90 | % | 0.69 | % | 0.72 | % | 0.89 | % | 1.03 | % | ||||||||||
Nonperforming assets to total assets | 0.65 | % | 0.55 | % | 0.57 | % | 0.71 | % | 0.82 | % | ||||||||||
Common Share Data | ||||||||||||||||||||
Common shares outstanding | 16,741,208 | 16,731,684 | 16,728,190 | 16,702,484 | 16,673,480 | |||||||||||||||
Book value per common share | $ | 33.94 | $ | 33.53 | $ | 32.84 | $ | 31.91 | $ | 31.58 | ||||||||||
Tangible book value per common share | 26.29 | 25.80 | 25.02 | 24.00 | 23.59 | |||||||||||||||
Market price of stock | 33.66 | 24.95 | 26.23 | 23.74 | 35.25 | |||||||||||||||
Key Performance Ratios and Metrics | ||||||||||||||||||||
End of period earning assets | $ | 4,367,717 | $ | 4,130,186 | $ | 4,093,511 | $ | 3,492,271 | $ | 3,464,144 | ||||||||||
Average earning assets | 4,238,388 | 4,113,846 | 3,942,832 | 3,451,123 | 3,464,200 | |||||||||||||||
Average rate on average earning assets (tax equivalent) | 3.58 | % | 3.56 | % | 3.68 | % | 4.11 | % | 4.24 | % | ||||||||||
Average rate on cost of funds | 0.41 | % | 0.39 | % | 0.43 | % | 0.60 | % | 0.67 | % | ||||||||||
Net interest margin (tax equivalent) | 3.17 | % | 3.17 | % | 3.25 | % | 3.51 | % | 3.57 | % | ||||||||||
Return on average assets | 1.18 | % | 1.03 | % | 0.94 | % | 1.05 | % | 1.25 | % | ||||||||||
Return on average common equity | 9.66 | % | 8.31 | % | 7.47 | % | 7.48 | % | 9.17 | % | ||||||||||
Efficiency ratio (tax equivalent) 2 | 59.02 | % | 54.85 | % | 54.27 | % | 57.14 | % | 57.23 | % | ||||||||||
Full-time equivalent employees | 824 | 816 | 828 | 835 | 827 | |||||||||||||||
1 Excludes Payment Protection Program loans. | ||||||||||||||||||||
2 Represents non-interest expense divided by the sum of fully tax equivalent net interest income and non-interest income. Non-interest expense adjustments exclude foreclosed property expense and amortization of intangibles. Net-interest income includes tax equivalent adjustments and non-interest income excludes gains and losses on the sale of investment securities. | ||||||||||||||||||||
Net Interest Margin | |||||||||
(In thousands, unaudited) | |||||||||
For the Quarter Ended | |||||||||
QTD Average | Average | ||||||||
Balance | Interest | Rate | |||||||
INTEREST EARNING ASSETS | |||||||||
Interest bearing deposits | $ | 236,894 | $ | 75 | 0.13 | % | |||
Federal funds sold | 1,304 | - | 0.00 | % | |||||
Certificates of deposits investments | 2,695 | 15 | 2.21 | % | |||||
Taxable (total less municipals) | 581,245 | 2,647 | 1.82 | % | |||||
Tax-exempt (Municipals) | 240,398 | 1,997 | 3.32 | % | |||||
Loans (net of unearned income) | 3,175,852 | 33,436 | 4.19 | % | |||||
Total interest earning assets | 4,238,388 | 38,170 | 3.58 | % | |||||
NONEARNING ASSETS | |||||||||
Cash and due from banks | 86,239 | ||||||||
Premises and equipment | 58,740 | ||||||||
Other nonearning assets | 258,129 | ||||||||
Allowance for loan losses | (43,026 | ) | |||||||
Total assets | $ | 4,598,470 | |||||||
INTEREST BEARING LIABILITIES | |||||||||
Demand deposits | $ | 1,743,053 | $ | 900 | 0.21 | % | |||
Savings deposits | 494,802 | 107 | 0.09 | % | |||||
Time deposits | 491,046 | 1,610 | 1.30 | % | |||||
Total interest bearing deposits | 2,728,901 | 2,617 | 0.38 | % | |||||
Repurchase agreements | 189,686 | 68 | 0.14 | % | |||||
FHLB advances | 93,959 | 371 | 1.57 | % | |||||
Federal funds purchased | 0 | 0 | 0.00 | % | |||||
Subordinated debt | 89,128 | 931 | 4.16 | % | |||||
Jr. subordinated debentures | 18,999 | 143 | 2.99 | % | |||||
Other borrowings | 0 | 0 | 0.00 | % | |||||
Total borrowings | 391,772 | 1,513 | 1.54 | % | |||||
Total interest bearing liabilities | 3,120,673 | 4,130 | 0.53 | % | |||||
NONINTEREST BEARING LIABILITIES | |||||||||
Demand deposits | 867,035 | Average cost of funds | 0.41 | % | |||||
Other liabilities | 48,684 | ||||||||
Stockholders' equity | 562,078 | ||||||||
Total liabilities & stockholders' equity | $ | 4,598,470 | |||||||
Net Interest Earnings / Spread | $ | 34,040 | 3.05 | % | |||||
Impact of Non-Interest Bearing Funds | 0.12 | % | |||||||
Tax effected yield on interest earning assets | 3.17 | % | |||||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
(In thousands, unaudited) | ||||||||||||||||||||
As of and for the Quarter Ended | ||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | ||||||||||||||||
Net interest income as reported | $ | 33,440 | $ | 32,517 | $ | 31,582 | $ | 29,873 | $ | 30,984 | ||||||||||
Net interest income, (tax equivalent) | 34,040 | 33,084 | 32,118 | 30,393 | 31,517 | |||||||||||||||
Average earning assets | 4,238,388 | 4,113,846 | 3,942,832 | 3,451,123 | 3,464,200 | |||||||||||||||
Net interest margin (tax equivalent) 1 | 3.17 | % | 3.17 | % | 3.25 | % | 3.51 | % | 3.57 | % | ||||||||||
Common stockholder's equity | $ | 568,228 | $ | 561,009 | $ | 549,273 | $ | 533,051 | $ | 526,609 | ||||||||||
128,120 | 129,287 | 130,656 | 132,199 | 133,257 | ||||||||||||||||
Common shares outstanding | 16,741 | 16,732 | 16,728 | 16,702 | 16,673 | |||||||||||||||
Tangible Book Value per common share | $ | 26.29 | $ | 25.80 | $ | 25.02 | $ | 24.00 | $ | 23.59 | ||||||||||
Common equity tier 1 capital | $ | 439,299 | $ | 431,342 | $ | 417,326 | $ | 410,565 | $ | 398,536 | ||||||||||
Risk weighted assets | 3,132,049 | 3,101,591 | 3,101,449 | 2,854,102 | 2,822,648 | |||||||||||||||
Common equity tier 1 capital to risk weighted assets 2 | 14.03 | % | 13.91 | % | 13.46 | % | 14.39 | % | 14.12 | % | ||||||||||
1 Annualized and calculated on a tax equivalent basis where interest earned on tax-exempt securities and loans is adjusted to an amount comparable to interest subject to normal income taxes assuming a federal tax rate of 21% and includes the impact of non-interest bearing funds. | ||||||||||||||||||||
2 Defined as total common equity adjusted for gains/(losses) less goodwill and intangibles divided by risk weighted assets as of period end. |
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