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CVB Financial Corp. Reports Earnings For 2012

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic conditions and events and the impact they may have on us and our customers; ability to attract deposits and other sources of liquidity; oversupply of property inventory and periodic deterioration in values of California real estate, both residential and commercial; a prolonged slowdown or decline in construction activity; changes in the financial performance and/or condition of our borrowers; changes in the level of non-performing assets and charge-offs; the cost or effect of acquisitions we may make; the effect of changes in laws and regulations (including laws, regulations and judicial decisions concerning financial reform, taxes, banking, securities, employment, executive compensation, insurance, and information security) with which we and our subsidiaries must comply; changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; inflation, interest rate, securities market and monetary fluctuations; cyber-security threats including loss of system functionality or theft or loss of data; political instability; acts of war or terrorism, or natural disasters, such as earthquakes, or the effects of pandemic flu; the timely development and acceptance of new banking products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing and savings habits; technological changes and the expanding use of mobile banking applications; the ability to retain and increase market share, retain and grow customers and control expenses; changes in the competitive environment among financial and bank holding companies and other financial service providers; continued volatility in the credit and equity markets and its effect on the general economy; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, management, compensation and benefit plans, and our ability to retain or expand our management team; the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries or investigations and the results of regulatory examinations or reviews; our success at managing the risks involved in the foregoing items and other factors set forth in the Company's public reports including its Annual Report on Form 10-K for the year ended December 31, 2011, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
       
 
December 31, September 30, December 31,
  2012   2012   2011
Assets
Cash and due from banks $ 87,274 $ 99,881 $ 35,407
Interest-earning balances due from Federal Reserve Bank 11,157   148,304   309,936  
Total cash and cash equivalents 98,431 248,185 345,343
 
Interest-earning balances due from depository institutions 70,000 70,000 60,000
Investment securities available-for-sale 2,449,387 2,257,507 2,201,526
Investment securities held-to-maturity 2,050 2,122 2,383
Investment in stock of Federal Home Loan Bank (FHLB) 56,651 62,428 72,689
 
Non-covered loans held-for-sale - 996 348
Covered loans held-for-sale - - 5,664
Non-covered loans and lease finance receivables 3,252,313 3,227,405 3,219,727
Allowance for credit losses   (92,441 )   (92,067 )   (93,964 )
Net non-covered loans and lease finance receivables   3,159,872     3,135,338     3,125,763  
 
Covered loans and lease finance receivables, net 195,215 207,307 256,869
Premises and equipment, net 35,080 35,577 36,280
Intangibles 3,389 3,830 5,548
Goodwill 55,097 55,097 55,097
Bank owned life insurance 119,744 118,384 116,132
FDIC loss sharing asset 18,489 22,271 59,453
Other assets   99,959     102,299     139,820  
TOTAL ASSETS $ 6,363,364   $ 6,321,341   $ 6,482,915  
 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits $ 2,420,993 $ 2,324,401 $ 2,027,876
Investment checking 323,159 302,071 338,424
Savings and money market demand 1,315,668 1,416,035 1,401,098
Time deposits   714,167     738,609     837,150  
Total deposits 4,773,987 4,781,116 4,604,548
 
Customer repurchase agreements 473,244 448,788 509,370
FHLB advances 198,934 198,866 448,662
Other borrowings 26,000 - -
Junior subordinated debentures 67,012 67,012 115,055
Other liabilities   61,217     71,352     90,466  
Total liabilities   5,600,394     5,567,134     5,768,101  
 
Stockholders' Equity:
Stockholders' equity 719,719 705,742 673,345
Accumulated other comprehensive income, net of tax   43,251     48,465     41,469  
Total stockholders' equity   762,970     754,207     714,814  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,363,364   $ 6,321,341   $ 6,482,915  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS
(unaudited)
(dollars in thousands)
         
 

Three Months Ended December 31,

Twelve Months Ended December 31,

  2012   2011   2012   2011
Assets:
Cash and due from banks $ 103,232 $ 40,060 $ 110,649 $ 75,360
Interest-earning balances due from Federal Reserve Bank 120,334 473,856 212,136 380,462
Interest-earning balances due from depository institutions -   -   -   30,588
Total cash and cash equivalents 223,566 513,916 322,785 486,410
 
Interest-earning balances due from depository institutions 70,000 52,558 64,617 50,787
Investment securities available-for-sale 2,345,642 2,128,703 2,295,194 1,980,984
Investment securities held-to-maturity 2,059 2,489 2,165 2,790
Investment in stock of Federal Home Loan Bank (FHLB) 59,477 74,410 65,792 80,091
 
Non-covered loans held-for-sale 991 1,135 1,466 3,052
Covered loans held-for-sale - 5,692 2,289 1,419
Non-covered loans and lease finance receivables 3,243,173 3,180,872 3,199,629 3,222,450
Allowance for credit losses   (92,137 )   (94,842 )   (92,527 )  

(101,080

)

Net non-covered loans and lease finance receivables   3,151,036     3,086,030     3,107,102     3,121,370
Covered loans and lease finance receivables, net 196,597 268,603 227,942 318,840
Premises and equipment, net 35,397 36,390 35,841 38,353
Intangibles 3,590 5,908 4,276 7,198
Goodwill 55,097 55,097 55,097 55,097
Bank owned life insurance 118,977 115,729 117,642 114,583
FDIC loss sharing asset 20,803 56,823 41,064 72,538
Other assets   133,980     177,414     142,670     171,996
TOTAL $ 6,417,212   $ 6,580,897   $ 6,485,942   $ 6,505,508
 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits $ 2,379,209 $ 2,039,670 $ 2,220,714 $ 1,905,605
Interest-bearing   2,406,499     2,587,155     2,482,684     2,652,093
Total deposits 4,785,708 4,626,825 4,703,398 4,557,698
 
Customer repurchase agreements 495,107 507,576 496,978 530,924
FHLB advances 198,909 546,463 362,741 547,987
Other borrowings 1,600 3,616 411 6,647
Junior subordinated debentures 67,012 115,055 90,935 115,055
Other liabilities   104,421     68,005     81,950     65,847
Total liabilities   5,652,757     5,867,540     5,736,413     5,824,158
 
Stockholders' equity:
Stockholders' equity 716,047 674,072 705,775 661,310
Accumulated other comprehensive income, net of tax   48,408     39,285     43,754     20,040
Total stockholders' equity   764,455     713,357     749,529     681,350
TOTAL $ 6,417,212   $ 6,580,897   $ 6,485,942   $ 6,505,508
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
(dollars in thousands, except per share amounts)
         
 
For the Three Months For the Twelve Months
Ended December 31, Ended December 31,
  2012   2011   2012   2011
Interest income:
Loans held-for-sale $ 5 $ 10 $ 21 $ 56
Loans and leases, including fees 43,852 47,332 183,125 194,448
Accretion on acquired loans   3,349     948     22,607     12,586  
Total loans and leases, including fees 47,206 48,290 205,753 207,090
Investment securities:
Taxable 6,823 8,913 32,025 37,310
Tax-advantaged   5,497     5,849     22,718     23,640  
Total investment income 12,320 14,762 54,743 60,950
Dividends from FHLB stock and PCBB stock 408 59 671 242
Federal funds sold & interest-earning CDs   199     385     1,055     1,438  
Total interest income 60,133 63,496 262,222 269,720
Interest expense:
Deposits 1,306 1,721 5,911 8,708
Borrowings and junior subordinated debentures   3,183     6,578     19,361     26,331  
Total interest expense   4,489     8,299     25,272     35,039  
Net interest income before provision for credit losses 55,644 55,197 236,950 234,681
Provision for credit losses   -     -     -     7,068  
Net interest income after
provision for credit losses 55,644 55,197 236,950 227,613
Noninterest income:
Impairment loss on investment securities - (110 ) - (656 )
Service charges on deposit accounts 3,874 3,995 16,106 15,768
Trust and investment services 1,905 2,215 8,169 8,683
Increase (decrease) in FDIC loss sharing asset (2,577 ) 1,289 (21,916 ) 171
Other   2,527     3,341     13,544     10,250  
Total noninterest income 5,729 10,730 15,903 34,216
Noninterest expense:
Salaries and employee benefits 17,640 16,534 68,496 69,993
Occupancy 2,714 2,912 10,822 11,261
Equipment 1,177 1,117 4,651 5,322
Professional services 1,034 2,666 6,249 15,031
Amortization of intangible assets 442 852 2,159 3,481
Provision for unfunded commitments (1,000 ) - (1,000 ) (918 )
Debt termination - 3,310 20,379 3,310
OREO expense 688 1,706 2,146 6,729
Other   6,284     5,610     24,258     26,816  
Total noninterest expense   28,979     34,707     138,160     141,025  
Earnings before income taxes 32,394 31,220 114,693 120,804
Income taxes   10,258     9,508     37,413     39,071  
Net earnings $ 22,136   $ 21,712   $ 77,280   $ 81,733  
 
Basic earnings per common share $ 0.21   $ 0.21   $ 0.74   $ 0.77  
Diluted earnings per common share $ 0.21   $ 0.21   $ 0.74   $ 0.77  
 
Dividends declared per common share $ 0.085   $ 0.085   $ 0.340   $ 0.340  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands, except per share amounts)
               

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

2012 2011 2012 2011
 
Interest income - (Tax-Effected) (te) $ 62,214 $ 65,942 $ 270,764 $ 279,587
Interest expense   4,489     8,299     25,272     35,039  
Net Interest income - (te) $ 57,725   $ 57,643   $ 245,492   $ 244,548  
 
Return on average assets, annualized 1.37 % 1.31 % 1.19 % 1.26 %
Return on average equity, annualized 11.52 % 12.08 % 10.31 % 12.00 %
Efficiency ratio [1] 47.22 % 52.64 % 54.64 % 52.45 %
Efficiency ratio excluding debt termination [1] [2] 47.22 % 47.62 % 46.58 % 51.21 %
Noninterest expense to average assets 1.80 % 2.09 % 2.13 % 2.17 %
Noninterest expense to average assets, excluding debt termination [2] 1.80 % 1.89 % 1.82 % 2.12 %
Yield on average earning assets (te) 4.13 % 4.24 % 4.47 % 4.61 %
Yield on average earning assets (te) excluding discount 3.87 % 4.14 % 4.06 % 4.34 %
Cost of deposits 0.11 % 0.15 % 0.13 % 0.19 %
Cost of deposits and customer repurchase agreements 0.12 % 0.17 % 0.14 % 0.21 %
Cost of funds 0.32 % 0.56 % 0.44 % 0.60 %
Net interest margin (te) 3.84 % 3.71 % 4.06 % 4.04 %
Net interest margin (te) excluding discount 3.60 % 3.62 % 3.66 % 3.78 %
 
[1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
[2] See Non-GAAP table for efficiency ratio and noninterest expense reconciliation.
 
Weighted average shares outstanding
Basic 104,536,089 104,159,966 104,418,905 105,142,650
Diluted 104,712,918 104,236,764 104,657,610 105,222,566
Dividends declared $ 8,917 $ 8,858 $ 35,642 $ 33,805
Dividend payout ratio 40.28 % 40.80 % 46.12 % 43.81 %
 
Number of shares outstanding-EOP 104,889,586 104,482,271
Book value per share $ 7.28 $ 6.84
Tangible book value per share $ 6.72 $ 6.26
 
December 31,
(Non-covered loans) 2012 2011
Non-performing assets (dollar amount in thousands):
Non-accrual loans $ 26,688 $ 38,828
Loans past due 90 days or more
and still accruing interest - -
Troubled debt restructured loans (non-performing) 31,309 23,844
Other real estate owned (OREO), net   14,832     13,820  
Total non-performing assets $ 72,829   $ 76,492  
Troubled debt restructured performing loans $ 50,392   $ 38,554  
 
Percentage of non-performing assets
to total loans outstanding and OREO 2.23 % 2.37 %
 
Percentage of non-performing
assets to total assets 1.14 % 1.18 %
 
Allowance for loan losses to
non-performing assets 126.93 % 122.84 %
 
Net charge-offs to average loans 0.05 % 0.57 %
 
Allowance for credit losses:
Beginning balance $ 93,964 $ 105,259
Total loans charged-off (5,288 ) (20,521 )
Total loans recovered   3,765     2,158  
Net loans charged-off (1,523 ) (18,363 )
Provision charged to operating expense - 7,068
Allowance for credit losses at end of period $ 92,441   $ 93,964  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands, except per share amounts)
                       
Quarterly Common Stock Price
 
2012 2011 2010
Quarter End High Low High Low High Low
March 31, $ 11.97 $ 9.99 $ 9.32 $ 7.83 $ 10.89 $ 8.44
June 30, $ 11.92 $ 10.16 $ 9.94 $ 8.18 $ 11.85 $ 9.00
September 30, $ 12.95 $ 11.35 $ 10.00 $ 7.41 $ 10.99 $ 6.61
December 31, $ 12.17 $ 9.43 $ 10.27 $ 7.28 $ 9.09 $ 7.30
 
 
Quarterly Consolidated Statements of Earnings
 
4Q 3Q 2Q 1Q 4Q
2012 2012 2012 2012 2011
Interest income
Loans, including fees $ 47,206 $ 52,604 $ 55,219 $ 50,724 $ 48,290
Investment securities and other   12,927   13,241   14,960   15,341   15,206
60,133 65,845 70,179 66,065 63,496
Interest expense
Deposits 1,306 1,398 1,554 1,653 1,721
Other borrowings   3,183   4,703   5,665   5,810   6,578
4,489 6,101 7,219 7,463 8,299
Net interest income before
provision for credit losses 55,644 59,744 62,960 58,602 55,197
Provision for credit losses   -   -   -   -   -
Net interest income after
provision for credit losses 55,644 59,744 62,960 58,602 55,197
 
Non-interest income 5,729 2,626 2,292 5,256 10,730
Non-interest expense 28,979 29,641 28,949 30,212 34,707
Debt termination   -   20,379   -   -   -
Earnings before income taxes 32,394 12,350 36,303 33,646 31,220
Income taxes   10,258   3,093   12,684   11,378   9,508
Net earnings $ 22,136 $ 9,257 $ 23,619 $ 22,268 $ 21,712
 
Basic earning per common share $ 0.21 $ 0.09 $ 0.23 $ 0.21 $ 0.21
Diluted earnings per common share $ 0.21 $ 0.09 $ 0.23 $ 0.21 $ 0.21
 
Dividends declared per common share $ 0.085 $ 0.085 $ 0.085 $ 0.085 $ 0.085
 
Dividends Declared $ 8,917 $ 8,909 $ 8,913 $ 8,903 $ 8,858
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands)
             
Distribution of Loan Portfolio
 
12/31/2012 9/30/2012 6/30/2012 3/31/2012 12/31/2011
 
Commercial and Industrial $ 573,571 $ 554,000 $ 546,730 $ 521,779 $ 523,950
Real Estate:
Construction 61,300 72,485 74,760 77,385 94,831
Commercial Real Estate 2,169,535 2,206,339 2,166,776 2,223,533 2,171,399
SFR Mortgage 160,703 159,730 161,524 167,465 179,731
Consumer 53,894 54,148 55,674 58,613 59,789
Municipal lease finance receivables 105,767 109,005 109,816 114,792 113,629
Auto and equipment leases 12,716 13,302 15,137 17,105 17,370
Dairy and Livestock 327,579 288,437 281,027 286,027 343,549
Agribusiness   14,732     12,193     15,820     12,216     28,523  
Gross Loans 3,479,797 3,469,639 3,427,264 3,478,915 3,532,771
Less:
Purchase accounting discount (25,344 ) (28,590 ) (36,502 ) (45,456 ) (50,780 )
Deferred net loan fees (6,925 ) (6,337 ) (5,707 ) (5,503 ) (5,395 )
Allowance for credit losses   (92,441 )   (92,067 )   (91,892 )   (91,922 )   (93,964 )
Net Loans $ 3,355,087   $ 3,342,645   $ 3,293,163   $ 3,336,034   $ 3,382,632  
 
Covered loans, net $ 195,215 $ 207,307 $ 210,147 $ 241,943 $ 256,869
Non-covered loans   3,159,872     3,135,338     3,083,016     3,094,091     3,125,763  
Total Net Loans $ 3,355,087   $ 3,342,645   $ 3,293,163   $ 3,336,034   $ 3,382,632  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands)
                   
 
Non-Performing Assets & Delinquency Trends
(Non-Covered Loans)
December 31, September 30, June 30, March 31, December 31,
2012 2012 2012 2012 2011

Non-Performing Loans

Residential Construction and Land $ - $ - $ - $ 920 $ 920
Commercial Construction and Land 10,663 17,708 17,904 8,349 12,397
Residential Mortgage 13,102 12,321 12,469 13,129 16,970
Commercial Real Estate 21,039 21,354 23,084 27,238 25,992
Commercial and Industrial 3,136 3,896 4,622 4,082 3,432
Dairy & Livestock 9,842 10,345 3,394 1,200 2,475
Agribusiness - - - - -
Consumer 215 364 388 308 382
Auto & Equipment Leases   -     -     4     86     104  
Total $ 57,997   $ 65,988   $ 61,865   $ 55,312   $ 62,672  
 
% of Total Loans 1.78 % 2.04 % 1.95 % 1.74 % 1.95 %
 
 

Past Due 30-89 Days

Residential Construction and Land $ - $ - $ - $ - $ -
Commercial Construction and Land - - - - -
Residential Mortgage 107 650 - 4,109 1,568
Commercial Real Estate - 298 1,041 5,798 787
Commercial and Industrial 690 286 176 1,317 3,022
Dairy & Livestock - - - - -
Agribusiness - 170 - - -
Consumer 82 72 36 13 59
Auto & Equipment Leases   8     213     -     -     20  
Total $ 887   $ 1,689   $ 1,253   $ 11,237   $ 5,456  
 
% of Total Loans 0.03 % 0.05 % 0.04 % 0.35 % 0.17 %
 

OREO

Residential Construction and Land

 

$ - $ - $ - $ - $ -
Commercial Construction and Land 12,513 7,117 7,117 7,117 7,117
Commercial Real Estate 2,319 3,153 2,407 4,173 6,566
Commercial and Industrial - 203 203 137 137
Residential Mortgage - - 667 - -
Consumer - - - - -
Auto & Equipment Leases   -     -     -     -     -  
Total $ 14,832   $ 10,473   $ 10,394   $ 11,427   $ 13,820  
         
Total Non-Performing, Past Due & OREO $ 73,716   $ 78,150   $ 73,512   $ 77,976   $ 81,948  
 
% of Total Loans 2.27 % 2.42 % 2.32 % 2.45 % 2.55 %
 

Net Interest Income and Net Interest Margin Reconciliations (Non-GAAP)
                       
We use certain non-GAAP financial measures to provide supplemental information regarding our performance. The three and twelve months ended December 31, 2012 net interest income and net interest margin include a yield adjustment of $3.3 million and $22.6 million, respectively, from discount accretion on covered loans. We believe that presenting the net interest income and net interest margin excluding the yield adjustment provides additional clarity to the users of financial statements regarding core net interest income and net interest margin.
 
Three Months Ended

December 31,

(Dollars in thousands) 2012 2011
Average Balance   Interest Yield Average Balance   Interest

Yield

Total interest-earning assets (TE) $ 6,038,273 $ 62,214 4.13 % $ 6,188,318 $ 65,942 4.24 %
Discount on acquired loans   27,658   (3,349 )   50,613   (948 )
Total interest-earning assets, excluding SJB loan discount and yield adjustment $ 6,065,931 $ 58,865   3.87 % $ 6,238,931 $ 64,994   4.14 %
 
Net interest income and net interest margin (TE) $ 57,725 3.84 % $ 57,643 3.71 %

Yield adjustment to interest income from discount accretion

  (3,349 )   (948 )
Net interest income and net interest margin (TE), excluding yield adjustment $ 54,376   3.60 % $ 56,695   3.62 %
 
 
Twelve Months Ended

December 31,

(Dollars in thousands) 2012   2011
Average Balance   Interest Yield Average Balance   Interest Yield
Total interest-earning assets (TE) $ 6,071,230 $ 270,764 4.47 % $ 6,071,463 $ 279,587 4.61 %
Discount on acquired loans   38,713   (22,607 )   81,847   (12,586 )
Total interest-earning assets, excluding SJB loan discount and yield adjustment $ 6,109,943 $ 248,157   4.06 % $ 6,153,310 $ 267,001   4.34 %
 
Net interest income and net interest margin (TE) $ 245,492 4.06 % $ 244,548 4.04 %

Yield adjustment to interest income from discount accretion

  (22,607 )   (12,586 )
Net interest income and net interest margin (TE), excluding yield adjustment $ 222,885   3.66 % $ 231,962   3.78 %
 

Tangible book value reconciliations (Non-GAAP)    
The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance to provide additional disclosure. The following is a reconciliation of Tangible Book Value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of Tangible Book Value per Share as of December 31, 2012.
 
As of December 31, 2012
(Dollars in thousands)
 
Stockholders' Equity $ 762,970
Less: Goodwill (55,097 )
Less: Intangible Assets   (3,389 )
Tangible Book Value $ 704,484  
 
Common shares issued and outstanding 104,889,586
 
Tangible Book Value Per Share $ 6.72  

Noninterest Expense and Efficiency Ratio Reconciliation (Non-GAAP)
We use certain non-GAAP financial measures to provide supplemental information regarding our performance. Noninterest expense for the twelve months ended December 31, 2012, includes a debt termination expense of $20.4 million. We believe that presenting the efficiency ratio, and the ratio of noninterest expense to average assets, excluding the impact of debt termination expense and related net interest expense savings, provides additional clarity to the users of financial statements regarding core financial performance.
           
Three Months Ended December 31, Twelve Months Ended December 31,
2012 2011 2012 2011
(Dollars in thousands)
Net interest income $ 55,644 $ 55,197 $ 236,950 $ 234,681
Noninterest income 5,729 10,730 15,903 34,216
Noninterest expense 28,979 34,707 138,160 141,025
Less: Termination expense on borrowings   -     (3,310 )   (20,379 )   (3,310 )
Adjusted noninterest expense $ 28,979   $ 31,397   $ 117,781   $ 137,715  
 
Efficiency ratio 47.22 % 52.64 % 54.64 % 52.45 %
Adjusted efficiency ratio 47.22 % 47.62 % 46.58 % 51.21 %
 
Adjusted noninterest expense 28,979 31,397 117,781 137,715
Average assets 6,417,212 6,580,897 6,485,942 6,505,508
Adjusted noninterest expense to average assets 1.80 % [1] 1.89 % [1] 1.82 % 2.12 %
 
[1] Annualized




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