Fourth Quarter Highlights
Highlights for the fourth quarter of 2023 include:
- An increase in net interest income of
$0.7 million (1.7%) over the third quarter of 2023; - An increase in book value and tangible book value per share of
$1.42 and$1.43 respectively; - Net growth in loans of
$49.4 million (or 5.2% annualized) fromSeptember 30, 2023 ; and - The payment of a
23 cent per share dividend on common stock onNovember 13, 2023 .
William B. (“Brad”) Kessel, the President and Chief Executive Officer of
Significant items impacting comparable 2023 and 2022 results include the following:
- Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of
$(3.6) million ($(0.14) per diluted share, after taxes) and$(0.3) million ($(0.01) per diluted share, after taxes) for the three-month and full-year endedDecember 31, 2023 , respectively, as compared to$(0.5) million ($(0.02) per diluted share, after taxes) and$14.3 million ($0.53 per diluted share, after taxes) for the three-months and full-year endedDecember 31, 2022 , respectively. - The provision for credit losses was a credit of
$0.6 million ($0.02 per diluted share, after taxes) and expense of$6.2 million ($0.23 per diluted share, after tax) in the fourth quarter and full year endedDecember 31, 2023 , respectively, as compared to an expense of$1.4 million ($0.05 per diluted share, after taxes) and expense of$5.3 million ($0.20 per diluted share, after tax) in the fourth quarter and full year endedDecember 31, 2022 , respectively.
Operating Results
The Company’s net interest income totaled
For the year ended
Non-interest income totaled
Net gains on mortgage loans in the fourth quarters of 2023 and 2022, were approximately
Mortgage loan servicing, net, generated a loss of
Three months ended | Twelve months ended | ||||||||||||||
(In thousands) | |||||||||||||||
Mortgage loan servicing, net: | |||||||||||||||
Revenue, net | $ | 2,216 | $ | 2,180 | $ | 8,828 | $ | 8,577 | |||||||
Fair value change due to price | (3,644 | ) | (503 | ) | (280 | ) | 14,272 | ||||||||
Fair value change due to pay-downs | (1,014 | ) | (990 | ) | (3,922 | ) | (4,076 | ) | |||||||
Total | $ | (2,442 | ) | $ | 687 | $ | 4,626 | $ | 18,773 | ||||||
Non-interest expenses totaled
The Company recorded an income tax expense of
Asset Quality
A breakdown of non-performing loans by loan type is as follows:
Loan Type | (Dollars in thousands) | ||||||||||
Commercial | $ | 28 | $ | 38 | $ | 62 | |||||
Mortgage | 6,425 | 4,745 | 4,914 | ||||||||
Installment | 970 | 598 | 569 | ||||||||
Sub total | 7,423 | 5,381 | 5,545 | ||||||||
Less - government guaranteed loans | 2,191 | 1,660 | 435 | ||||||||
Total non-performing loans | $ | 5,232 | $ | 3,721 | $ | 5,110 | |||||
Ratio of non-performing loans to total portfolio loans | 0.14 | % | 0.11 | % | 0.18 | % | |||||
Ratio of non-performing assets to total assets | 0.11 | % | 0.08 | % | 0.11 | % | |||||
Ratio of allowance for credit losses to total non-performing loans | 1044.69 | % | 1409.16 | % | 924.70 | % | |||||
The provision for credit losses was credit of
Balance Sheet, Liquidity and Capital
Total assets were
Cash and cash equivalents totaled
Total shareholders’ equity was
The Company’s wholly owned subsidiary,
Regulatory Capital Ratios | Well Capitalized Minimum | ||||||||||
Tier 1 capital to average total assets | 8.80 | % | 8.56 | % | 5.00 | % | |||||
Tier 1 common equity to risk-weighted assets | 11.21 | % | 10.97 | % | 6.50 | % | |||||
Tier 1 capital to risk-weighted assets | 11.21 | % | 10.97 | % | 8.00 | % | |||||
Total capital to risk-weighted assets | 12.46 | % | 12.22 | % | 10.00 | % | |||||
At
Share Repurchase Plan
On
Earnings Conference Call
To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 216359). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/712732859.
A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 634318). The replay will be available through
About
For more information, please visit our Web site at: IndependentBank.com.
Forward-Looking Statements
This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.
Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended
Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Financial Condition | |||||||
2023 | 2022 | ||||||
(unaudited) | |||||||
(In thousands, except share amounts) | |||||||
Assets | |||||||
Cash and due from banks | $ | 68,208 | $ | 70,180 | |||
Interest bearing deposits | 101,573 | 4,191 | |||||
Cash and Cash Equivalents | 169,781 | 74,371 | |||||
Securities available for sale | 679,350 | 779,347 | |||||
Securities held to maturity (fair value of | 353,988 | 374,818 | |||||
16,821 | 17,653 | ||||||
Loans held for sale, carried at fair value | 12,063 | 26,518 | |||||
Loans held for sale, carried at lower of cost or fair value | — | 20,367 | |||||
Loans | |||||||
Commercial | 1,679,731 | 1,466,853 | |||||
Mortgage | 1,485,872 | 1,368,409 | |||||
Installment | 625,298 | 630,090 | |||||
Total Loans | 3,790,901 | 3,465,352 | |||||
Allowance for credit losses | (54,658 | ) | (52,435 | ) | |||
Net Loans | 3,736,243 | 3,412,917 | |||||
Other real estate and repossessed assets, net | 569 | 455 | |||||
Property and equipment, net | 35,523 | 35,893 | |||||
Bank-owned life insurance | 54,341 | 55,204 | |||||
Capitalized mortgage loan servicing rights, carried at fair value | 42,243 | 42,489 | |||||
Other intangibles | 2,004 | 2,551 | |||||
28,300 | 28,300 | ||||||
Accrued income and other assets | 132,500 | 128,904 | |||||
Total Assets | $ | 5,263,726 | $ | 4,999,787 | |||
Liabilities and Shareholders’ Equity | |||||||
Deposits | |||||||
Non-interest bearing | $ | 1,076,093 | $ | 1,269,759 | |||
Savings and interest-bearing checking | 1,905,701 | 1,973,308 | |||||
Reciprocal | 832,020 | 602,575 | |||||
Time | 524,325 | 321,492 | |||||
Brokered time | 284,740 | 211,935 | |||||
Total Deposits | 4,622,879 | 4,379,069 | |||||
Other borrowings | 50,026 | 86,006 | |||||
Subordinated debt | 39,510 | 39,433 | |||||
Subordinated debentures | 39,728 | 39,660 | |||||
Accrued expenses and other liabilities | 107,134 | 108,023 | |||||
Total Liabilities | 4,859,277 | 4,652,191 | |||||
Shareholders’ Equity | |||||||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding | — | — | |||||
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,835,633 shares at | 317,483 | 320,991 | |||||
Retained earnings | 159,108 | 119,368 | |||||
Accumulated other comprehensive loss | (72,142 | ) | (92,763 | ) | |||
Total Shareholders’ Equity | 404,449 | 347,596 | |||||
Total Liabilities and Shareholders’ Equity | $ | 5,263,726 | $ | 4,999,787 | |||
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Consolidated Statements of Operations | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
September, 30 | |||||||||||||||||||
2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
(unaudited) | |||||||||||||||||||
INTEREST INCOME | (In thousands, except per share amounts) | ||||||||||||||||||
Interest and fees on loans | $ | 54,333 | $ | 51,419 | $ | 42,093 | $ | 197,725 | $ | 139,057 | |||||||||
Interest on securities | |||||||||||||||||||
Taxable | 5,646 | 5,865 | 5,845 | 23,314 | 20,676 | ||||||||||||||
Tax-exempt | 3,434 | 3,409 | 2,807 | 13,209 | 8,391 | ||||||||||||||
Other investments | 1,948 | 1,739 | 233 | 5,429 | 884 | ||||||||||||||
Total Interest Income | 65,361 | 62,432 | 50,978 | 239,677 | 169,008 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||
Deposits | 23,111 | 20,743 | 8,543 | 75,075 | 14,151 | ||||||||||||||
Other borrowings and subordinated debt and debentures | 2,139 | 2,262 | 1,833 | 8,273 | 5,296 | ||||||||||||||
Total Interest Expense | 25,250 | 23,005 | 10,376 | 83,348 | 19,447 | ||||||||||||||
Net Interest Income | 40,111 | 39,427 | 40,602 | 156,329 | 149,561 | ||||||||||||||
Provision for credit losses | (617 | ) | 1,350 | 1,390 | 6,210 | 5,341 | |||||||||||||
Net Interest Income After Provision for Credit Losses | 40,728 | 38,077 | 39,212 | 150,119 | 144,220 | ||||||||||||||
NON-INTEREST INCOME | |||||||||||||||||||
Interchange income | 3,336 | 4,100 | 3,402 | 13,996 | 13,955 | ||||||||||||||
Service charges on deposit accounts | 3,061 | 3,309 | 3,153 | 12,361 | 12,288 | ||||||||||||||
Net gains (losses) on assets | |||||||||||||||||||
Mortgage loans | 1,961 | 2,099 | 1,486 | 7,436 | 6,431 | ||||||||||||||
Securities available for sale | — | — | — | (222 | ) | (275 | ) | ||||||||||||
Mortgage loan servicing, net | (2,442 | ) | 2,668 | 687 | 4,626 | 18,773 | |||||||||||||
Other | 3,181 | 3,435 | 2,740 | 12,479 | 10,737 | ||||||||||||||
Total Non-interest Income | 9,097 | 15,611 | 11,468 | 50,676 | 61,909 | ||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||
Compensation and employee benefits | 19,049 | 19,975 | 20,394 | 78,965 | 81,007 | ||||||||||||||
Data processing | 2,909 | 3,071 | 2,670 | 11,862 | 10,183 | ||||||||||||||
Occupancy, net | 1,933 | 1,971 | 2,225 | 7,908 | 8,907 | ||||||||||||||
Interchange expense | 1,110 | 1,119 | 1,042 | 4,332 | 4,242 | ||||||||||||||
Furniture, fixtures and equipment | 974 | 927 | 933 | 3,756 | 4,007 | ||||||||||||||
796 | 677 | 572 | 3,005 | 2,142 | |||||||||||||||
Communications | 535 | 568 | 629 | 2,406 | 2,871 | ||||||||||||||
Legal and professional | 585 | 543 | 588 | 2,208 | 2,133 | ||||||||||||||
Loan and collection | 456 | 520 | 679 | 2,174 | 2,657 | ||||||||||||||
Advertising | 879 | 360 | 489 | 2,165 | 2,074 | ||||||||||||||
Conversion related expense | — | — | — | — | 50 | ||||||||||||||
Costs (recoveries) related to unfunded lending commitments | 348 | 451 | (77 | ) | 424 | 599 | |||||||||||||
Other | 2,304 | 1,854 | 1,947 | 7,914 | 7,469 | ||||||||||||||
Total Non-interest Expense | 31,878 | 32,036 | 32,091 | 127,119 | 128,341 | ||||||||||||||
Income Before Income Tax | 17,947 | 21,652 | 18,589 | 73,676 | 77,788 | ||||||||||||||
Income tax expense | 4,204 | 4,109 | 3,503 | 14,609 | 14,437 | ||||||||||||||
Net Income | $ | 13,743 | $ | 17,543 | $ | 15,086 | $ | 59,067 | $ | 63,351 | |||||||||
Net income per common share | |||||||||||||||||||
Basic | $ | 0.66 | $ | 0.84 | $ | 0.72 | $ | 2.82 | $ | 3.00 | |||||||||
Diluted | $ | 0.65 | $ | 0.83 | $ | 0.71 | $ | 2.79 | $ | 2.97 | |||||||||
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data | |||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2022 | |||||||||||||||
(unaudited) | |||||||||||||||||||
(Dollars in thousands except per share data) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
Net interest income | $ | 40,111 | $ | 39,427 | $ | 38,350 | $ | 38,441 | $ | 40,602 | |||||||||
Provision for credit losses | (617 | ) | 1,350 | 3,317 | 2,160 | 1,390 | |||||||||||||
Non-interest income | 9,097 | 15,611 | 15,417 | 10,551 | 11,468 | ||||||||||||||
Non-interest expense | 31,878 | 32,036 | 32,248 | 30,957 | 32,091 | ||||||||||||||
Income before income tax | 17,947 | 21,652 | 18,202 | 15,875 | 18,589 | ||||||||||||||
Income tax expense | 4,204 | 4,109 | 3,412 | 2,884 | 3,503 | ||||||||||||||
Net income | $ | 13,743 | $ | 17,543 | $ | 14,790 | $ | 12,991 | $ | 15,086 | |||||||||
Basic earnings per share | $ | 0.66 | $ | 0.84 | $ | 0.70 | $ | 0.62 | $ | 0.72 | |||||||||
Diluted earnings per share | 0.65 | 0.83 | 0.70 | 0.61 | 0.71 | ||||||||||||||
Cash dividend per share | 0.23 | 0.23 | 0.23 | 0.23 | 0.22 | ||||||||||||||
Average shares outstanding | 20,840,680 | 20,922,431 | 21,040,349 | 21,103,831 | 21,064,556 | ||||||||||||||
Average diluted shares outstanding | 21,049,030 | 21,114,445 | 21,222,535 | 21,296,980 | 21,266,876 | ||||||||||||||
Performance Ratios | |||||||||||||||||||
Return on average assets | 1.04 | % | 1.34 | % | 1.18 | % | 1.06 | % | 1.21 | % | |||||||||
Return on average equity | 14.36 | 18.68 | 16.29 | 14.77 | 17.94 | ||||||||||||||
Efficiency ratio (1) | 64.27 | 57.52 | 59.26 | 62.07 | 60.82 | ||||||||||||||
As a Percent of Average Interest-Earning Assets (1) | |||||||||||||||||||
Interest income | 5.29 | % | 5.10 | % | 4.89 | % | 4.66 | % | 4.41 | % | |||||||||
Interest expense | 2.03 | 1.87 | 1.65 | 1.34 | 0.89 | ||||||||||||||
Net interest income | 3.26 | 3.23 | 3.24 | 3.32 | 3.52 | ||||||||||||||
Average Balances | |||||||||||||||||||
Loans | $ | 3,764,752 | $ | 3,694,534 | $ | 3,567,920 | $ | 3,494,169 | $ | 3,449,944 | |||||||||
Securities | 1,027,240 | 1,071,211 | 1,111,670 | 1,146,075 | 1,164,809 | ||||||||||||||
Total earning assets | 4,928,697 | 4,892,208 | 4,763,295 | 4,696,786 | 4,637,475 | ||||||||||||||
Total assets | 5,233,666 | 5,192,114 | 5,044,746 | 4,988,440 | 4,934,859 | ||||||||||||||
Deposits | 4,612,797 | 4,577,796 | 4,447,843 | 4,417,106 | 4,350,748 | ||||||||||||||
Interest bearing liabilities | 3,635,771 | 3,554,179 | 3,415,621 | 3,304,868 | 3,159,374 | ||||||||||||||
Shareholders' equity | 379,614 | 372,667 | 364,143 | 356,720 | 333,610 | ||||||||||||||
(1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%. | |||||||||||||||||||
INDEPENDENT BANK CORPORATION AND SUBSIDIARIES Selected Financial Data (continued) | |||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2022 | |||||||||||||||
(unaudited) | |||||||||||||||||||
(Dollars in thousands except per share data) | |||||||||||||||||||
End of Period | |||||||||||||||||||
Capital | |||||||||||||||||||
Tangible common equity ratio | 7.15 | % | 6.67 | % | 6.75 | % | 6.60 | % | 6.37 | % | |||||||||
Tangible common equity ratio excluding accumulated other comprehensive loss | 8.31 | 8.20 | 8.09 | 7.95 | 7.98 | ||||||||||||||
Average equity to average assets | 7.20 | 7.18 | 7.22 | 7.15 | 6.76 | ||||||||||||||
Total capital to risk-weighted assets (2) | 13.71 | 13.58 | 13.66 | 13.80 | 13.62 | ||||||||||||||
Tier 1 capital to risk-weighted assets (2) | 11.50 | 11.37 | 11.42 | 11.53 | 11.36 | ||||||||||||||
Common equity tier 1 capital to risk-weighted assets (2) | 10.58 | 10.44 | 10.46 | 10.55 | 10.38 | ||||||||||||||
Tier 1 capital to average assets (2) | 9.04 | 8.94 | 8.97 | 8.92 | 8.86 | ||||||||||||||
Common shareholders' equity per share of common stock | $ | 19.41 | $ | 17.99 | $ | 17.91 | $ | 17.40 | $ | 16.50 | |||||||||
Tangible common equity per share of common stock | 17.96 | 16.53 | 16.45 | 15.94 | 15.04 | ||||||||||||||
Total shares outstanding | 20,835,633 | 20,850,455 | 20,943,694 | 21,138,303 | 21,063,971 | ||||||||||||||
Selected Balances | |||||||||||||||||||
Loans | $ | 3,790,901 | $ | 3,741,486 | $ | 3,631,114 | $ | 3,509,809 | $ | 3,465,352 | |||||||||
Securities | 1,033,338 | 1,043,540 | 1,092,703 | 1,137,103 | 1,154,165 | ||||||||||||||
Total earning assets | 4,954,696 | 4,884,720 | 4,830,185 | 4,860,696 | 4,688,246 | ||||||||||||||
Total assets | 5,263,726 | 5,200,018 | 5,135,564 | 5,138,934 | 4,999,787 | ||||||||||||||
Deposits | 4,622,879 | 4,585,612 | 4,487,636 | 4,544,749 | 4,379,069 | ||||||||||||||
Interest bearing liabilities | 3,676,050 | 3,573,187 | 3,501,280 | 3,481,511 | 3,274,409 | ||||||||||||||
Shareholders' equity | 404,449 | 374,998 | 375,162 | 367,714 | 347,596 | ||||||||||||||
(2) | |||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures
Three Months Ended | Twelve Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Net Interest Margin, Fully Taxable Equivalent ("FTE") | |||||||||||||||
Net interest income | $ | 40,111 | $ | 40,602 | $ | 156,329 | $ | 149,561 | |||||||
Add: taxable equivalent adjustment | 178 | 453 | 900 | 1,878 | |||||||||||
Net interest income - taxable equivalent | $ | 40,289 | $ | 41,055 | $ | 157,229 | $ | 151,439 | |||||||
Net interest margin (GAAP) (1) | 3.25 | % | 3.48 | % | 3.24 | % | 3.28 | % | |||||||
Net interest margin (FTE) (1) (2) | 3.26 | % | 3.52 | % | 3.26 | % | 3.32 | % | |||||||
Adjusted Return on Average Assets | |||||||||||||||
Net income | $ | 13,743 | $ | 15,086 | |||||||||||
Add: change in price of capitalized mortgage servicing rights, net of tax | 2,879 | 397 | |||||||||||||
Adjusted net income | $ | 16,622 | $ | 15,483 | |||||||||||
Average assets | $ | 5,233,666 | $ | 4,934,859 | |||||||||||
Adjusted return on average assets (1) | 1.26 | % | 1.24 | % | |||||||||||
(1) Quarter to date are Annualized. | |||||||||||||||
(2) 2023 taxable equivalent adjustments have been updated. | |||||||||||||||
Tangible Common Equity Ratio
2023 | 2023 | 2023 | 2023 | 2022 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Common shareholders' equity | $ | 404,449 | $ | 374,998 | $ | 375,162 | $ | 367,714 | $ | 347,596 | |||||||||
Less: | |||||||||||||||||||
28,300 | 28,300 | 28,300 | 28,300 | 28,300 | |||||||||||||||
Other intangibles | 2,004 | 2,141 | 2,278 | 2,415 | 2,551 | ||||||||||||||
Tangible common equity | 374,145 | 344,557 | 344,584 | 336,999 | 316,745 | ||||||||||||||
Addition: | |||||||||||||||||||
Accumulated other comprehensive loss for regulatory purposes | 66,344 | 86,507 | 74,712 | 75,013 | 86,966 | ||||||||||||||
Tangible common equity excluding other comprehensive loss adjustments | $ | 440,489 | $ | 431,064 | $ | 419,296 | $ | 412,012 | $ | 403,711 | |||||||||
Total assets | $ | 5,263,726 | $ | 5,200,018 | $ | 5,135,564 | $ | 5,138,934 | $ | 4,999,787 | |||||||||
Less: | |||||||||||||||||||
28,300 | 28,300 | 28,300 | 28,300 | 28,300 | |||||||||||||||
Other intangibles | 2,004 | 2,141 | 2,278 | 2,415 | 2,551 | ||||||||||||||
Tangible assets | 5,233,422 | 5,169,577 | 5,104,986 | 5,108,219 | 4,968,936 | ||||||||||||||
Addition: | |||||||||||||||||||
Net unrealized losses on available for sale securities and derivatives, net of tax | 66,344 | 86,507 | 74,712 | 75,013 | 86,966 | ||||||||||||||
Tangible assets excluding other comprehensive loss adjustments | $ | 5,299,766 | $ | 5,256,084 | $ | 5,179,698 | $ | 5,183,232 | $ | 5,055,902 | |||||||||
Common equity ratio | 7.68 | % | 7.21 | % | 7.31 | % | 7.16 | % | 6.95 | % | |||||||||
Tangible common equity ratio | 7.15 | % | 6.67 | % | 6.75 | % | 6.60 | % | 6.37 | % | |||||||||
Tangible common equity ratio excluding other comprehensive loss | 8.31 | % | 8.20 | % | 8.09 | % | 7.95 | % | 7.98 | % | |||||||||
Tangible Common Equity per Share of Common Stock: | |||||||||||||||||||
Common shareholders' equity | $ | 404,449 | $ | 374,998 | $ | 375,162 | $ | 367,714 | $ | 347,596 | |||||||||
Tangible common equity | $ | 374,145 | $ | 344,557 | $ | 344,584 | $ | 336,999 | $ | 316,745 | |||||||||
Shares of common stock outstanding (in thousands) | 20,836 | 20,850 | 20,944 | 21,138 | 21,064 | ||||||||||||||
Common shareholders' equity per share of common stock | $ | 19.41 | $ | 17.99 | $ | 17.91 | $ | 17.40 | $ | 16.50 | |||||||||
Tangible common equity per share of common stock | $ | 17.96 | $ | 16.53 | $ | 16.45 | $ | 15.94 | $ | 15.04 |
The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets. Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.
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Source:
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