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CST: 14/11/2019 05:48:45   

California BanCorp Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2019

10 Days ago

OAKLAND, Calif., Nov. 04, 2019 (GLOBE NEWSWIRE) -- California BanCorp (the “Company”) (OTCQX-CALB), the parent company of California Bank of Commerce (the “Bank”), today announced its financial results for the third quarter and nine months ended September 30, 2019. 

Net income was $2.0 million for the third quarter of 2019, representing a decrease of $546 thousand or 21% compared to $2.6 million for the second quarter of 2019 and a decrease of $510 thousand or 20% compared to $2.5 million in the third quarter of 2018.   For the nine months ended September 30, 2019, net income was $6.4 million representing a decrease of $182 thousand or 3% compared to $6.6 million for the same period in 2018.

Per share earnings of $0.25 for the third quarter of 2019 compared to $0.31 for the second quarter of 2019 and $0.34 in the third quarter of 2018.  For the nine months ended September 30, 2019, per share earnings of $0.79 compared to $0.94 for the same period in 2018.  Per share earnings for the three and nine month periods ended September 30, 2019 reflect, in part, the impact of the Company’s capital raise completed in August of 2018 which increased shares outstanding by 1.18 million or 18%. 

“Results for the quarter and year to date reflect the substantial impact of our recently-launched expansion initiatives, which extend our markets and enhance our treasury and systems capabilities,” stated Thomas A. Sa, Senior Executive Vice President, Chief Financial Officer and Chief Operating Officer, “This expansion is as envisioned for the capital we raised in the third quarter last year.  We expect to build momentum with these investments into the coming years as we continue our pace of growth and begin to drive improved operating leverage.” 

Financial Highlights

Financial Position

September 30, 2019 compared to September 30, 2018

  • Total assets increased by $140.0 million, or 15% to a record level of $1.10 billion.
  • Gross loans increased by $150.6 million, or 19% to a record level of $935.7 million.
  • Total deposits increased by $97.5 million, or 12% to a record level of $923.9 million.
  • Total equity increased by $10.7 million, or 9% to $129.0 million.

Income Statement

Three months ended September 30, 2019 compared to September 30, 2018

  • Net income decreased by $510 thousand, or 20% to $2.0 million.
  • Net interest income increased by $1.2 million, or 13% to $10.4 million.
  • Total revenue increased $1.5 million, or 15% to $11.7 million.
  • Operating expenses increased $2.2 million, or 35%, to $8.4 million.

Income Statement

Nine months ended September 30, 2019 compared to September 30, 2018

  • Net income decreased by $182 thousand, or 3% to $6.4 million.
  • Net interest income increased by $4.1 million, or 16% to $30.4 million.
  • Total revenue increased by $4.3 million, or 15% to $33.5 million.
  • Operating expenses increased by $4.1 million, or 21%, to $23.4 million.

Balance Sheet

Total assets reached a record $1.10 billion as of September 30, 2019, up 15% or $140 million compared to a year ago.

Total asset growth was driven by growth in loans which increased by $151 million or 19% from $785 million at September 30, 2018, to $936 million at September 30, 2019.  The largest categories of growth within the loan portfolio were in commercial real estate at $86 million and commercial & industrial loans at $73 million. 

Total deposits increased by $98 million, or 12% to $924 million at September 30, 2019, from $826 million at September 30, 2018.  Commercial noninterest-bearing deposits represented $32 million of total deposit growth and represented growth of 9% compared to September 30, 2018.  Non-interest bearing deposits at September 30, 2019 were 40% of total deposits compared to 41% of total deposits at September 30, 2018.   Growth in interest-bearing deposits of $65 million was comprised of growth in money market balances of $31 million and time deposits of $35 million, partially offset by a decline in interest-bearing demand deposits of $1 million.

Asset Quality

Non-performing assets (“NPAs”) to total assets of 0.43% at September 30, 2019, compared to 0.63% at June 30, 2019 and 0.18% at September 30, 2018, with non-performing loans of $4.7 million, $6.6 million and $1.8 million, respectively, on those dates.  The decrease in NPAs at September 30, 2019 compared to the prior quarter related to a partial charge-off on one commercial loan that was placed on nonaccrual and fully reserved in the second quarter of 2019.   

The allowance for loan losses decreased by $1.1 million, to $10.4 million, or 1.11% of total loans at September 30, 2019, compared to $11.5 million, or 1.26% of total loans at June 30, 2019 and $10.2 million, or 1.30% of total loans at September 30, 2018.  The changes in the allowance were primarily the result of the charge-off taken in the third quarter of 2019, which partially offset provisions to accommodate loan growth.

Shareholder’s Equity

Total shareholder’s equity increased by $10.8 million, or 9% to $129.0 million at September 30, 2019, from $118.2 million at September 30, 2018.  The increase is primarily attributed to earnings during the twelve month period totaling $8.6 million, and the remainder resulting from issuance under stock compensation plans and an increase in other comprehensive income.  Tangible book value per common share increased by 9% between the periods, from $13.87 at September 30, 2018, to $15.08 at September 30, 2019.

Net Interest Income and Net Interest Margin – three months ended September 30, 2019 and September 30, 2018

Net interest income was $10.4 million for the three months ended September 30, 2019, an increase of $1.2 million or 13% from $9.2 million for the same period in 2018.  The increase in net interest income includes an increase of $1.9 million in interest income comprised of increases in interest and fees on loans of $2.2 million and interest on investment securities of $197 thousand, offset in part by a decrease in interest earned on excess funds of $482 thousand.   The increase in interest and fees on loans was primarily attributable to an increase in the average balance of loans outstanding of $159 million as the yield earned on loans was unchanged at 5.23%.

Partially offsetting the growth in interest income was an increase of $768 thousand in interest expense.  The growth in interest expense was comprised of growth in interest expense paid on deposits of $723 thousand and interest expense on borrowed funds of $45 thousand.   Growth in deposit expense was the result of growth in average interest bearing deposits of $63 million.   In addition, interest expense on borrowed funds increased as a result of increased utilization of wholesale funding, which increased by $16 million on average in the quarter ended September 30, 2019 compared to the same quarter one year earlier. 

Compared to the same period one year earlier, average loan growth of $158 million outpaced growth in average deposits of $53 million.  As a result, the loan to deposit ratio at September 30, 2019 increased to 103% from 90% one year earlier.  In addition, average loans comprised 93% of average earning assets during the third quarter of 2019, which was an increase from 84% for the third quarter of 2018.  Taken together, the impact of the higher loan to deposit ratio and the increase in loans as a percentage of average earning assets resulted in an increase in yield on average earning assets of 41 basis points to 5.05% in the third quarter of 2019 from 4.64% for the same period one year earlier.

Growth in average deposit balances in the quarter ended September 30, 2019 compared to the same period of 2018 was centered in interest-bearing deposits, which increased $63 million or 13%.  The average rate paid on interest bearing deposits also increased year over year by 41 basis points to 1.38% in the third quarter of 2019 compared .97% in the third quarter of 2018.  Noninterest-bearing demand deposits over the same period declined $12 million or 3%, averaging 38% of total deposits in the third quarter of 2019 compared to 42% for the same period in 2018.  In addition, average borrowed funds to supplement funding increased $16 million or 147% in the quarter ended September 30, 2019 compared to the same period one year earlier.  Taken together, the result of growth in interest-bearing funding, both in volume and as a percentage of overall funding, and the increase in rates paid on interest-bearing funding was an increase in the average cost of funds of 29 basis points to 0.92% in the quarter ended September 30, 2019 compared to 0.63% for the same period one year earlier.

The combination of the strong average loan growth and increased deposit leverage during the third quarter of 2019, when compared to 2018, resulted in modest expansion of 14 basis points in net interest margin to 4.19% during the period compared to 4.05% in the 2018 quarter.

Net Interest Income and Net Interest Margin – nine months ended September 30, 2019 and September 30, 2018

Net interest income for the nine months ended September 30, 2019, was $30.4 million, an increase of $4.1 million, or 15.5% from the $26.3 million for the same period in 2018.  During the nine month period the Bank benefited from a significant increase in average loan balances of $143 million or 19% to $889 million. 

Average total interest-earning assets increased by $105 million, or 12% to $964 million during the 2019 period, and the average yield increased by 38 basis points to 5.03%, primarily as a result of the strong increase in average loan balances and higher balance sheet leverage.  The average yield on total average loans including fees for the nine month period in 2019 was 5.21%, up by 13 basis points compared to the 5.08% yield during the same 2018 period.  In addition, as growth in average loan balances outpaced growth in average deposits, the average loan to deposit ratio for the nine months ended September 30, 2019 was 104% compared to 93% in the same period of 2018.

Of the $63 million increase in average total deposit balances between the nine month periods, $4 million were non-interest-bearing deposits while $59 million were interest-bearing.  In addition, the overall cost of average total deposit balances was up by 28 basis points to 0.79% during the 2019 period compared to 0.51% during 2018.  Average borrowed funds increased by $20.1 million to $34.6 million during the 2019 period while the average cost decreased to 2.91% in 2019 compared to 5.27% in 2018.

As a result of the strong increase in average loan balances and increased balance sheet leverage the net interest margin increased by 12 basis points to 4.21% during the nine month period ended September 30, 2019, compared to 4.09% for the same period in 2018.

Non-Interest Income and Expense – three months ended September 30, 2019 and September 30, 2018

During the three months ended September 30, 2019, non-interest income totaled $1.3 million, an increase of $334 thousand, or 36% from the three month period ended September 30, 2018.  The increase was primarily the result of higher gains on loan sales during the current quarter compared to the 2018 quarter.

During the three months ended September 30, 2019, total non-interest expenses increased by $2.1 million, or 35% to $8.4 million compared to $6.2 million for the same 2018 quarter.  Of the increase, $1.9 million was in net salaries and benefits expenses, the result of hiring key executive and support staff positions to support the Company’s expansion initiatives and continued growth. 

Non-Interest Income and Expense – nine months ended September 30, 2019 and September 30, 2018

During the nine months ended September 30, 2019, non-interest income totaled $3.1 million, a $246 thousand, or 9% increase over the same period in 2018.  This increase for the nine-month period was primarily the result of higher loan fee income and commercial deposit account analysis fees compared to the 2018 period.

During the nine months ended September 30, 2019, non-interest expenses increased by $4.1 million or 21% to $23.4 million compared to the same period in 2018.  Of this increase, $3.4 million was in net salaries and benefits expenses, the result of hiring key executive and support staff positions to support the Company’s expansion initiatives and continued growth.  In addition, operating expenses for the nine months ended September 30, 2019 included increases in occupancy and equipment related to the expansion of the Oakland facility, data processing costs related to enhancement of systems and professional and legal fees.

Closing Remarks

“We are pleased to have added significantly to our team of talent and capabilities to enable our continued success in building our franchise,” said Steve Shelton, President and Chief Executive Officer. “We believe we are poised to execute on our strategic initiatives to responsibly grow our company while adding to our shareholders’ investment value.”

Please see our detailed Third Quarter 2019 Unaudited Summary Financial Statements for more information.

About California BanCorp

California BanCorp, the parent company for California Bank of Commerce, offers a broad range of commercial banking services to closely held businesses and professionals located throughout Northern California. The stock trades on the OTCQX marketplace under the symbol CALB (formerly CABC). For more information on California BanCorp, call us at (510) 457-3751, or visit us at www.californiabankofcommerce.com.

California BanCorp
Steven E. Shelton, (510) 457-3751
President and Chief Executive Officer
seshelton@bankcbc.com

Thomas A. Sa, (510) 457-3775
Senior Executive Vice President
Chief Financial Officer and
Chief Operating Officer
tsa@bankcbc.com

Forward-Looking Information

Statements in this news release regarding expectations and beliefs about future financial performance and financial  condition, as well as trends in the Company’s business and markets are "forward-looking statements" as defined in the  Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as "believe,"  "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or  conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this news  release are based on current information and on assumptions that the Company makes about future events and  circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the  Company’s control. As a result of those risks and uncertainties, the Company’s actual financial results in the future could  differ, possibly materially, from those expressed in or implied by the forward looking statements contained in this news  release and could cause the Company to make changes to future plans. Those risks and uncertainties include, but are not limited to, the risk of incurring loan losses, which is an inherent risk of the banking business; the risk that the Company will not be able to continue its internal growth rate; the risk that the United States economy will experience slowed growth or recession or will be adversely affected by domestic or international economic conditions and risks associated with the Federal Reserve Board taking actions with respect to interest rates, any of which could adversely affect, among other things, the values of real estate collateral supporting many of the Company’s loans, interest income and interest rate margins and, therefore, the Company’s future operating results; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships.  Also, the Company’s actual financial results in the future may differ from those currently expected or previously reported due to additional risks and uncertainties of which the Company is not currently aware or does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today's date, or to make predictions based solely on historical financial performance. The Company disclaims any obligation to update forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise, except as may be required by law.

Source: California BanCorp

 
California BanCorp Financial Data as of September 30, 2019 (Unaudited)
                                           
($ Thousands)   For the three months ended   Change %   For the nine months ended   Change %
Income Statement   9/30/2019   6/30/2019   9/30/2018   QoQ   YoY    9/30/2019
  9/30/2018   YTDoYTD
Interest and fees on loans   $ 12,087     $ 11,743     $ 9,839       3 %     23 %   $ 34,783     $ 28,323     23 %
Other interest income     471       478       756       (2 %)     (38 %)     1,490       1,583     (6 %)
Total interest income     12,557       12,221       10,595       3 %     19 %     36,273       29,906     21 %
                                           
Interest on deposits     1,929       1,641       1,205       18 %     60 %     5,112       3,065     67 %
Interest on borrowings and subordinated debentures     196       496       151       (61 %)     30 %     806       567     42 %
Total interest expense     2,124       2,137       1,356       (1 %)     57 %     5,919       3,632     63 %
Net interest income*     10,433       10,084       9,239       3 %     13 %     30,354       26,274     16 %
Provision for loan loss     500       246       394       104 %     27 %     1,326       845     57 %
Net interest income after provision     9,933       9,839       8,845       1 %     12 %     29,028       25,429     14 %
                                           
Service charges and other account fees     245       312       350       (21 %)     (30 %)     857       767     12 %
Loan related fees     517       508       404       2 %     28 %     1,394       1,150     21 %
Net gains on securities sales     -       -       -       0 %     0 %     -       -     0
%
Net gains on loan sales     212       -       -       0 %     0 %     235       283     (17 %)
Other     287       157       173       83 %     66 %     614       654     (6 %)
Total non-interest income*     1,261       976       927       29 %     36 %     3,100       2,854     9 %
                                           
Salaries and employee benefits     5,597       4,823       3,692       16 %     52 %     14,905       11,521     29
%
Occupancy and equipment expenses     826       771       736       7 %     12 %     2,343       2,145     9 %
Data processing, internet and software     524       418       373       25 %     40 %     1,361       1,115     22 %
Professional and legal     355       290       340       22 %     4 %     1,003       686     46 %
Other operating expenses     1,097       1,080       1,080       2 %     2 %     3,785       3,814     (1 %)
Total operating expenses     8,399       7,383       6,221       14 %     35 %     23,397       19,281     21 %
                                           
Net income before taxes     2,795       3,432       3,551       (19 %)     (21 %)     8,732       9,002     (3 %)
Income taxes     791       882       1,037       (10 %)     (24 %)     2,309       2,397     (4 %)
Net income   $ 2,004     $ 2,550     $ 2,514       (21 %)     (20 %)   $ 6,423     $ 6,605     (3 %)
                                           
*Revenue (net interest income + non-interest income)     11,694       11,060       10,166       6 %     15 %     33,455       29,128     15 %
                                           
Earnings Per Share                                          
Basic earnings per share   $ 0.25     $ 0.32     $ 0.34       (21 %)     (27 %)   $ 0.80     $ 0.98     (18 %)
Diluted earnings per share   $ 0.25     $ 0.31     $ 0.34       (22 %)     (27 %)   $ 0.79     $ 0.94     (16 %)
Average shares outstanding     8,051,729       8,046,635       7,361,383               8,040,196       6,828,105        
Average diluted shares     8,135,337       8,124,165       7,499,978               8,120,376       7,056,646        
                                           
                                           
    For the three months ended   Change $   Change %
   
Average Balance Sheet Items   9/30/2019   6/30/2019   9/30/2018   QoQ   YoY   QoQ
  YoY
     
Total Assets   $ 1,063,923     $ 1,040,185     $ 962,254     $ 23,738     $ 101,670       2 %     11 %      
Total Loans     917,194       900,183       758,399       17,011       158,795       2 %     21 %      
Investments     36,902       39,817       15,417       (2,915 )     21,485       -7 %     139 %      
Earning Assets     987,286       967,796       906,259       19,490       81,027       2 %     9 %      
Non-Interest Bearing Deposits     337,409       323,337       349,449       14,072       (12,040 )     4 %     -3 %      
Core Deposits     754,403       741,289       737,891       13,114       16,512       2 %     2 %      
Total Deposits     892,079       838,103       841,409       53,976       50,670       6 %     6 %      
Borrowings     27,065       66,128       10,954       (39,063 )     16,111       -59 %     147 %      
Tangible Common Equity     120,833       117,969       97,827       2,863       23,005       2 %     24 %      
                                           
    For the nine months ended   Change                          
Average Balance Sheet Items   9/30/2019   9/30/2018   $   %                          
Total Assets   $ 1,033,395     $ 910,843     $ 122,552       13 %                          
Total Loans     889,191       745,851       143,340       19 %                          
Investments     39,921       13,449       26,472       197 %                          
Earning Assets     964,190       859,422       104,768       12 %                          
Non-Interest Bearing Deposits     328,138       323,818       4,320       1 %                          
Core Deposits     746,939       694,801       52,138       8 %                          
Total Deposits     856,977       800,857       56,120       7 %                          
Borrowings     34,558       14,418       20,140       140 %                          
Tangible Common Equity     117,994       86,489       31,505       36 %                          
                                           
                                           
    At the periods ended   Change $   Change %
     
Balance Sheet   9/30/2019   6/30/2019   9/30/2018   QoQ   YoY   QoQ
  YoY
     
Cash and equivalents   $ 67,660     $ 55,396     $ 92,224     $ 12,264     $ (24,564 )     22 %     -27 %      
Investment securities     36,260       38,103       42,532       (1,843 )     (6,272 )     -5 %     -15 %      
Other investments     4,402       4,402       3,536       -       866       0 %     24 %      
                                           
Commercial loans     402,303       388,131       329,539       14,172       72,764       4 %     22 %      
CRE loans     484,606       477,094       399,096       7,512       85,510       2 %     21 %      
Construction and land loans     32,547       30,611       40,207       1,936       (7,660 )     6 %     -19 %      
Other loans     16,214       16,520       16,270       (306 )     (56 )     -2 %     0 %      
Loans     935,670       912,356       785,112       23,314       150,558       3 %     19 %      
Allowance for loan losses     10,413       11,501       10,200       (1,088 )     213       -9 %     2 %      
Net loans     925,257       900,856       774,912       24,401       150,345       3 %     19 %      
                                           
Premises and equipment, net     1,917       1,786       2,253       131       (336 )     7 %     -15 %      
Bank owned life insurance     22,156       21,994       16,756       162       5,400       1 %     32 %      
Deferred income taxes, net     5,247       5,762       5,205       (515 )     42       -9 %     1 %      
Core Deposit Intangible     278       265       405       13       (127 )     5 %     -31 %      
Goodwill     7,350       7,350       7,350       -       -       0 %     0 %      
Other assets and interest receivable     24,082       23,534       9,435       548       14,647       2 %     155 %      
Total assets   $ 1,094,609     $ 1,059,448     $ 954,608     $ 35,161     $ 140,001       3 %     15 %      
                                           
Demand deposits   $ 373,289     $ 329,497     $ 340,941     $ 43,792     $ 32,348       13 %     9 %      
Interest bearing demand deposits     22,896       24,279       24,054       (1,383 )     (1,158 )     -6 %     -5 %      
Money market & savings deposits     398,242       395,379       367,539       2,863       30,703       1 %     8 %      
Time deposits     129,483       133,065       93,855       (3,582 )     35,628       -3 %     38 %      
Total deposits     923,910       882,221       826,389       41,689       97,521       5 %     12 %      
                                           
Borrowings     20,000       30,000       -       (10,000 )     20,000       -33 %     0 %      
Subordinated debentures, net     4,973       4,969       4,956       4       17       0 %     0 %      
Other liabilities     16,724       15,618       5,036       1,106       11,688       7 %     N/A      
Total liabilities     965,607       932,807       836,381       32,800       129,226       4 %     15 %      
                                           
Common stock     105,711       105,356       104,062       355       1,649       0 %     2 %      
Retained earnings     22,937       20,934       14,407       2,003       8,530       10 %     59 %      
Other comprehensive income     354       351       (242 )     3       596       1 %     N/A      
Total shareholder’s equity     129,002       126,641       118,227       2,361       10,775       2 %     9 %      
Total liabilities and equity   $ 1,094,609     $ 1,059,448     $ 954,608     $ 35,161     $ 140,001       3 %     15 %      
                                           
Tangible book value per common share   $ 15.08     $ 14.80     $ 13.87                                
Total shares outstanding     8,052,549       8,047,212       7,974,856                                
                                           
Core relationship deposits     772,811       749,156       734,837       23,655       37,974                        
                                           
                                           
    For the three months ended   For the nine months ended                      
Performance Ratios   9/30/2019   6/30/2019   9/30/2018   9/30/2019   9/30/2018                      
Return on average assets     0.75 %     0.98 %     1.04 %     0.83 %     0.97 %                      
Return on average tangible common equity     6.58 %     8.67 %     10.20 %     7.28 %     10.21 %                      
Efficiency ratio     71.82 %     66.75 %     61.19 %     69.94 %     66.19 %                      
                                                               
Net Interest Margin                                                              
Net interest margin     4.19 %     4.18 %     4.05 %     4.21 %     4.09 %                      
Average earning assets yield     5.05 %     5.07 %     4.64 %     5.03 %     4.65 %                      
Average investment yield     3.12 %     3.14 %     2.41 %     3.14 %     2.24 %                      
Average loan yield     5.23 %     5.23 %     5.15 %     5.21 %     5.08 %                      
Average total deposit rate     0.86 %     0.78 %     0.57 %     0.79 %     0.51 %                      
Average borrowing rate     2.87 %     3.01 %     5.43 %     2.91 %     5.27 %                      
                                           
Other Ratios                                          
Average total loans to total deposits     102.8 %     107.4 %     90.0 %     103.8 %     93.0 %                      
Average C&I loans to total loans     41.7 %     41.0 %     42.6 %     41.0 %     43.4 %                      
Average non-interest bearing deposits to total deposits     37.8 %     38.6 %     41.5 %     38.3 %     40.5 %                      
Average core deposits to total deposits     84.6 %     88.4 %     87.7 %     87.2 %     86.8 %                      
                                           
    At the periods ended                              
Capital Ratios - Bank   9/30/2019   6/30/2019   9/30/2018                              
Tier 1 leverage ratio     11.22 %     11.22 %     11.26 %                              
Common equity tier 1 capital ratio     10.68 %     10.71 %     11.61 %                              
Tier 1 risk-based capital ratio     10.68 %     10.71 %     11.61 %                              
Total risk-based capital ratio     12.09 %     12.26 %     13.27 %                              
                                           
    At the periods ended                              
Non-Performing Assets   9/30/2019   6/30/2019   9/30/2018                              
Non-Accrual Loans   $ 4,675     $ 6,647     $ 1,754                                
Restructured Loans     -       -       -                                
Total non-performing loans (NPL)     4,675       6,647       1,754                                
Other Real Estate Owned     -       -       -                                
Total non-performing assets (NPA)   $ 4,675     $ 6,647     $ 1,754                                
                                           
Restructured Loans Performing     1,393       1,528       969                                
                                           
Quarterly Net (Charge-offs)/Recoveries   $ 1,588     $ 5     $ 3                                
                                           
NPAs / Assets %     0.43 %     0.63 %     0.18 %                              
NPAs / Loans and OREO %     0.50 %     0.73 %     0.22 %                              
Loan Loss Reserves / Loans (%)     1.11 %     1.26 %     1.30 %                              
Loan Loss Reserves / NPLs (%)     223 %     173 %     582 %                              
                                           

 

 

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