Tennessee
|
|
333-203449
|
|
62-1173944
|
(State or other jurisdiction of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer Identification No.)
|
5401 Kingston Pike, Suite 600
|
|
|
Knoxville, Tennessee
|
|
37919
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
(Registrant’s telephone number, including area code: (865) 437-5700
|
Not Applicable
|
(Former name or former address, if changed since last report)
|
Title of each class
|
|
Trading
Symbol(s)
|
|
Name of Exchange on which Registered
|
Common Stock, par value $1.00 per share
|
|
SMBK
|
|
The Nasdaq Stock Market
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 7.01
|
Regulation FD Disclosure.
|
Item 9.01
|
Financial Statements and Exhibits
|
Exhibit No.
|
Description
|
99.1
|
Press release announcing third quarter 2019 financial results dated October 21, 2019
|
99.2
|
Third quarter 2019 investor presentation
|
|
SMARTFINANCIAL, INC.
|
|
|
Date: October 21, 2019
|
|
|
/s/ William Y. Carroll, Jr.
|
|
William Y. Carroll, Jr.
|
|
President & Chief Executive Officer
|
•
|
Return on average assets of 1.01% and net operating return on average assets (Non-GAAP) of 1.02%
|
•
|
Asset quality remains outstanding with nonperforming assets to total assets of 0.20%
|
•
|
Loan growth of $31.8 million, or 6.9% annualized
|
•
|
Tangible book value (Non-GAAP) per share of $16.37, a 13.8% year-over-year increase
|
•
|
Noninterest-bearing demand deposit growth of 8.7% annualized
|
SmartFinancial, Inc. and Subsidiary
|
|
|
|
|
|
|
|
|
||||||||||||
Condensed Consolidated Financial Information - (unaudited)
|
|
|
|
|
|
|
||||||||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Ending Balances
|
||||||||||||||||||
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
170,934
|
|
|
$
|
199,534
|
|
|
$
|
132,994
|
|
|
$
|
115,822
|
|
|
$
|
130,104
|
|
Securities available-for-sale, at fair value
|
|
171,507
|
|
|
174,114
|
|
|
198,273
|
|
|
201,688
|
|
|
173,039
|
|
|||||
Other investments
|
|
12,913
|
|
|
12,905
|
|
|
12,398
|
|
|
11,499
|
|
|
10,736
|
|
|||||
Loans held for sale
|
|
3,068
|
|
|
4,087
|
|
|
2,103
|
|
|
1,979
|
|
|
4,038
|
|
|||||
Loans
|
|
1,864,679
|
|
|
1,832,902
|
|
|
1,838,466
|
|
|
1,775,260
|
|
|
1,581,155
|
|
|||||
Less: Allowance for loan losses
|
|
(9,792
|
)
|
|
(9,097
|
)
|
|
(8,704
|
)
|
|
(8,275
|
)
|
|
(7,156
|
)
|
|||||
Loans, net
|
|
1,854,887
|
|
|
1,823,805
|
|
|
1,829,762
|
|
|
1,766,985
|
|
|
1,573,999
|
|
|||||
Premises and equipment, net
|
|
58,386
|
|
|
56,589
|
|
|
56,583
|
|
|
56,012
|
|
|
51,138
|
|
|||||
Other real estate owned
|
|
1,561
|
|
|
1,814
|
|
|
2,066
|
|
|
2,495
|
|
|
4,230
|
|
|||||
Goodwill and core deposit intangibles, net
|
|
77,534
|
|
|
78,348
|
|
|
78,690
|
|
|
79,034
|
|
|
68,254
|
|
|||||
Bank owned life insurance
|
|
24,796
|
|
|
24,695
|
|
|
24,540
|
|
|
24,381
|
|
|
22,088
|
|
|||||
Other assets
|
|
14,899
|
|
|
15,366
|
|
|
16,572
|
|
|
14,514
|
|
|
13,320
|
|
|||||
Total assets
|
|
$
|
2,390,485
|
|
|
$
|
2,391,257
|
|
|
$
|
2,353,981
|
|
|
$
|
2,274,409
|
|
|
$
|
2,050,946
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing demand
|
|
$
|
365,024
|
|
|
$
|
357,220
|
|
|
$
|
329,095
|
|
|
$
|
319,861
|
|
|
$
|
301,197
|
|
Interest-bearing demand
|
|
351,474
|
|
|
333,705
|
|
|
331,629
|
|
|
311,482
|
|
|
267,146
|
|
|||||
Money market and savings
|
|
634,934
|
|
|
648,132
|
|
|
698,431
|
|
|
641,945
|
|
|
570,172
|
|
|||||
Time deposits
|
|
646,641
|
|
|
673,243
|
|
|
635,175
|
|
|
648,676
|
|
|
568,796
|
|
|||||
Total deposits
|
|
1,998,073
|
|
|
2,012,300
|
|
|
1,994,330
|
|
|
1,921,964
|
|
|
1,707,311
|
|
|||||
Securities sold under agreements to repurchase
|
|
4,368
|
|
|
8,219
|
|
|
7,070
|
|
|
11,756
|
|
|
16,786
|
|
|||||
FHLB & other borrowings
|
|
25,460
|
|
|
15,460
|
|
|
8,605
|
|
|
11,243
|
|
|
25,324
|
|
|||||
Subordinated debt
|
|
39,240
|
|
|
39,219
|
|
|
39,198
|
|
|
39,177
|
|
|
39,158
|
|
|||||
Other liabilities
|
|
17,304
|
|
|
16,448
|
|
|
14,297
|
|
|
7,258
|
|
|
10,725
|
|
|||||
Total liabilities
|
|
2,084,445
|
|
|
2,091,646
|
|
|
2,063,500
|
|
|
1,991,398
|
|
|
1,799,304
|
|
|||||
Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock
|
|
13,958
|
|
|
13,953
|
|
|
13,952
|
|
|
13,933
|
|
|
12,750
|
|
|||||
Additional paid-in capital
|
|
232,573
|
|
|
232,386
|
|
|
232,241
|
|
|
231,852
|
|
|
208,999
|
|
|||||
Retained earnings
|
|
59,806
|
|
|
53,843
|
|
|
44,722
|
|
|
39,991
|
|
|
33,559
|
|
|||||
Accumulated other comprehensive loss
|
|
(297
|
)
|
|
(571
|
)
|
|
(434
|
)
|
|
(2,765
|
)
|
|
(3,666
|
)
|
|||||
Total shareholders' equity
|
|
306,040
|
|
|
299,611
|
|
|
290,481
|
|
|
283,011
|
|
|
251,642
|
|
|||||
Total liabilities & shareholders' equity
|
|
$
|
2,390,485
|
|
|
$
|
2,391,257
|
|
|
$
|
2,353,981
|
|
|
$
|
2,274,409
|
|
|
$
|
2,050,946
|
|
SmartFinancial, Inc. and Subsidiary
|
|
|
|
|
||||||||||||||||
Condensed Consolidated Financial Information - (unaudited)
|
|
|
|
|
|
|
||||||||||||||
(dollars in thousands, except per share data)
|
|
|
|
|
||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
||||||||||
Interest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, including fees
|
|
$
|
25,515
|
|
|
$
|
25,278
|
|
|
$
|
24,975
|
|
|
$
|
25,018
|
|
|
$
|
21,571
|
|
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Taxable
|
|
748
|
|
|
871
|
|
|
971
|
|
|
900
|
|
|
839
|
|
|||||
Tax-exempt
|
|
338
|
|
|
411
|
|
|
424
|
|
|
347
|
|
|
129
|
|
|||||
Federal funds sold and other earning assets
|
|
743
|
|
|
743
|
|
|
573
|
|
|
506
|
|
|
529
|
|
|||||
Total interest income
|
|
27,344
|
|
|
27,303
|
|
|
26,943
|
|
|
26,771
|
|
|
23,068
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
5,605
|
|
|
5,788
|
|
|
5,251
|
|
|
4,680
|
|
|
3,969
|
|
|||||
Securities sold under agreements to repurchase
|
|
5
|
|
|
6
|
|
|
8
|
|
|
9
|
|
|
11
|
|
|||||
FHLB advances and other borrowings
|
|
10
|
|
|
117
|
|
|
103
|
|
|
51
|
|
|
209
|
|
|||||
Subordinated debt
|
|
584
|
|
|
590
|
|
|
584
|
|
|
584
|
|
|
19
|
|
|||||
Total interest expense
|
|
6,204
|
|
|
6,501
|
|
|
5,946
|
|
|
5,324
|
|
|
4,208
|
|
|||||
Net interest income
|
|
21,140
|
|
|
20,802
|
|
|
20,997
|
|
|
21,447
|
|
|
18,860
|
|
|||||
Provision for loan losses
|
|
724
|
|
|
393
|
|
|
797
|
|
|
1,329
|
|
|
302
|
|
|||||
Net interest income after provision for loan losses
|
|
20,416
|
|
|
20,409
|
|
|
20,200
|
|
|
20,118
|
|
|
18,558
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges on deposit accounts
|
|
767
|
|
|
707
|
|
|
654
|
|
|
663
|
|
|
624
|
|
|||||
Gain on sale of securities, net
|
|
1
|
|
|
33
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||
Mortgage banking
|
|
518
|
|
|
392
|
|
|
282
|
|
|
251
|
|
|
493
|
|
|||||
Interchange and debit card transaction fees
|
|
148
|
|
|
143
|
|
|
175
|
|
|
162
|
|
|
144
|
|
|||||
Merger termination fee
|
|
—
|
|
|
6,400
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
|
762
|
|
|
741
|
|
|
587
|
|
|
602
|
|
|
570
|
|
|||||
Total noninterest income
|
|
2,196
|
|
|
8,416
|
|
|
1,698
|
|
|
1,680
|
|
|
1,831
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and employee benefits
|
|
9,072
|
|
|
8,984
|
|
|
8,398
|
|
|
7,871
|
|
|
7,934
|
|
|||||
Occupancy and equipment
|
|
1,635
|
|
|
1,658
|
|
|
1,640
|
|
|
1,610
|
|
|
1,638
|
|
|||||
FDIC insurance (credit)
|
|
(219
|
)
|
|
180
|
|
|
179
|
|
|
209
|
|
|
158
|
|
|||||
Other real estate and loan related expense
|
|
335
|
|
|
242
|
|
|
490
|
|
|
738
|
|
|
578
|
|
|||||
Advertising and marketing
|
|
263
|
|
|
259
|
|
|
295
|
|
|
246
|
|
|
228
|
|
|||||
Data processing
|
|
273
|
|
|
577
|
|
|
615
|
|
|
372
|
|
|
407
|
|
|||||
Professional services
|
|
573
|
|
|
489
|
|
|
662
|
|
|
707
|
|
|
727
|
|
|||||
Amortization of intangibles
|
|
341
|
|
|
342
|
|
|
344
|
|
|
312
|
|
|
248
|
|
|||||
Software as service contracts
|
|
560
|
|
|
568
|
|
|
567
|
|
|
577
|
|
|
507
|
|
|||||
Merger related and restructuring expenses
|
|
73
|
|
|
1,796
|
|
|
923
|
|
|
1,322
|
|
|
838
|
|
|||||
Other
|
|
1,802
|
|
|
1,714
|
|
|
1,466
|
|
|
1,697
|
|
|
1,497
|
|
|||||
Total noninterest expense
|
|
14,708
|
|
|
16,809
|
|
|
15,579
|
|
|
15,661
|
|
|
14,760
|
|
|||||
Income before income taxes
|
|
7,904
|
|
|
12,016
|
|
|
6,319
|
|
|
6,137
|
|
|
5,629
|
|
|||||
Income tax expense
|
|
1,941
|
|
|
2,895
|
|
|
1,588
|
|
|
(307
|
)
|
|
1,305
|
|
|||||
Net income
|
|
$
|
5,963
|
|
|
$
|
9,121
|
|
|
$
|
4,731
|
|
|
$
|
6,444
|
|
|
$
|
4,324
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings Per Common Share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
0.43
|
|
|
$
|
0.65
|
|
|
$
|
0.34
|
|
|
$
|
0.48
|
|
|
$
|
0.34
|
|
Diluted
|
|
$
|
0.42
|
|
|
$
|
0.65
|
|
|
$
|
0.34
|
|
|
$
|
0.47
|
|
|
$
|
0.34
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
13,955,859
|
|
|
13,951,643
|
|
|
13,942,016
|
|
|
13,534,806
|
|
|
12,718,861
|
|
|||||
Diluted
|
|
14,053,432
|
|
|
14,046,500
|
|
|
14,018,163
|
|
|
13,616,616
|
|
|
12,817,556
|
|
SmartFinancial, Inc. and Subsidiary
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Condensed Consolidated Financial Information - (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
YIELD ANALYSIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
Three Months Ended
|
|||||||||||||||||||||||||||||||
|
|
September 30, 2019
|
|
June 30, 2019
|
|
September 30, 2018
|
|||||||||||||||||||||||||||
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|
Average
|
|
|
|
Yield/
|
|||||||||||||||
|
|
Balance
|
|
Interest1
|
|
Cost1
|
|
Balance
|
|
Interest1
|
|
Cost1
|
|
Balance
|
|
Interest1
|
|
Cost1
|
|||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Loans
|
|
$
|
1,846,196
|
|
|
$
|
25,515
|
|
|
5.48
|
%
|
|
$
|
1,832,639
|
|
|
$
|
25,278
|
|
|
5.53
|
%
|
|
$
|
1,577,222
|
|
|
$
|
21,573
|
|
|
5.43
|
%
|
Taxable securities
|
|
118,955
|
|
|
748
|
|
|
2.49
|
%
|
|
136,859
|
|
|
871
|
|
|
2.55
|
%
|
|
141,750
|
|
|
839
|
|
|
2.35
|
%
|
||||||
Tax-exempt securities
|
|
56,598
|
|
|
448
|
|
|
3.14
|
%
|
|
56,475
|
|
|
527
|
|
|
3.75
|
%
|
|
17,329
|
|
|
166
|
|
|
3.80
|
%
|
||||||
Federal funds sold and other earning assets
|
|
135,444
|
|
|
743
|
|
|
2.18
|
%
|
|
102,253
|
|
|
743
|
|
|
2.91
|
%
|
|
85,995
|
|
|
526
|
|
|
2.43
|
%
|
||||||
Total interest-earning assets
|
|
2,157,193
|
|
|
27,454
|
|
|
5.05
|
%
|
|
2,128,226
|
|
|
27,419
|
|
|
5.17
|
%
|
|
1,822,296
|
|
|
23,104
|
|
|
5.03
|
%
|
||||||
Noninterest-earning assets
|
|
191,940
|
|
|
|
|
|
|
|
|
215,010
|
|
|
|
|
|
|
198,215
|
|
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
2,349,133
|
|
|
|
|
|
|
|
|
$
|
2,343,236
|
|
|
|
|
|
|
$
|
2,020,511
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest-bearing demand deposits
|
|
$
|
343,827
|
|
|
511
|
|
|
0.59
|
%
|
|
$
|
329,556
|
|
|
464
|
|
|
0.57
|
%
|
|
$
|
239,220
|
|
|
283
|
|
|
0.47
|
%
|
|||
Money market and savings deposits
|
|
637,290
|
|
|
1,829
|
|
|
1.14
|
%
|
|
673,502
|
|
|
2,272
|
|
|
1.35
|
%
|
|
615,334
|
|
|
1,595
|
|
|
1.03
|
%
|
||||||
Time deposits
|
|
640,679
|
|
|
3,265
|
|
|
2.02
|
%
|
|
629,480
|
|
|
3,052
|
|
|
1.94
|
%
|
|
564,945
|
|
|
2,091
|
|
|
1.47
|
%
|
||||||
Total interest-bearing deposits
|
|
1,621,796
|
|
|
5,605
|
|
|
1.37
|
%
|
|
1,632,538
|
|
|
5,788
|
|
|
1.42
|
%
|
|
1,419,499
|
|
|
3,969
|
|
|
1.11
|
%
|
||||||
Securities sold under agreement to repurchase
|
|
6,490
|
|
|
5
|
|
|
0.31
|
%
|
|
7,249
|
|
|
6
|
|
|
0.33
|
%
|
|
17,694
|
|
|
11
|
|
|
0.25
|
%
|
||||||
Federal funds purchased and other borrowings
|
|
6,820
|
|
|
10
|
|
|
0.58
|
%
|
|
16,436
|
|
|
117
|
|
|
2.87
|
%
|
|
16,415
|
|
|
209
|
|
|
5.05
|
%
|
||||||
Subordinated debt
|
|
39,226
|
|
|
584
|
|
|
5.91
|
%
|
|
39,205
|
|
|
590
|
|
|
6.03
|
%
|
|
1,304
|
|
|
19
|
|
|
5.78
|
%
|
||||||
Total interest-bearing liabilities
|
|
1,674,332
|
|
|
6,204
|
|
|
1.47
|
%
|
|
1,695,428
|
|
|
6,501
|
|
|
1.54
|
%
|
|
1,454,912
|
|
|
4,208
|
|
|
1.15
|
%
|
||||||
Noninterest-bearing deposits
|
|
353,315
|
|
|
|
|
|
|
|
|
336,871
|
|
|
|
|
|
|
307,007
|
|
|
|
|
|
|
|
||||||||
Other liabilities
|
|
18,286
|
|
|
|
|
|
|
|
|
14,367
|
|
|
|
|
|
|
8,529
|
|
|
|
|
|
|
|
||||||||
Total liabilities
|
|
2,045,933
|
|
|
|
|
|
|
|
|
2,046,666
|
|
|
|
|
|
|
1,770,448
|
|
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
303,200
|
|
|
|
|
|
|
|
|
296,570
|
|
|
|
|
|
|
250,063
|
|
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
|
$
|
2,349,133
|
|
|
|
|
|
|
|
|
$
|
2,343,236
|
|
|
|
|
|
|
$
|
2,020,511
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net interest income, taxable equivalent
|
|
|
|
|
$
|
21,250
|
|
|
|
|
|
|
|
$
|
20,918
|
|
|
|
|
|
|
|
$
|
18,896
|
|
|
|
|
|||||
Interest rate spread
|
|
|
|
|
|
|
|
3.58
|
%
|
|
|
|
|
|
3.63
|
%
|
|
|
|
|
|
|
|
3.88
|
%
|
||||||||
Tax equivalent net interest margin
|
|
|
|
|
|
|
|
3.91
|
%
|
|
|
|
|
|
3.94
|
%
|
|
|
|
|
|
|
|
4.11
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Percentage of average interest-earning assets to average interest-bearing liabilities
|
|
|
|
|
|
|
|
128.84
|
%
|
|
|
|
|
|
125.53
|
%
|
|
|
|
|
|
|
|
125.25
|
%
|
||||||||
Percentage of average equity to average assets
|
|
|
|
|
|
|
|
12.91
|
%
|
|
|
|
|
|
12.66
|
%
|
|
|
|
|
|
|
|
12.38
|
%
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Financial Information - (unaudited)
|
|
|
|
|
|
|
||||||||||||||
(In thousands)
|
|
|
|
|
||||||||||||||||
NON-GAAP RECONCILIATIONS
|
|
|
||||||||||||||||||
|
|
Three Months Ended
|
||||||||||||||||||
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
|
|
2019
|
|
2019
|
|
2019
|
|
2018
|
|
2018
|
||||||||||
Tangible Common Equity:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity (GAAP)
|
|
$
|
306,040
|
|
|
$
|
299,611
|
|
|
$
|
290,481
|
|
|
$
|
283,011
|
|
|
$
|
251,642
|
|
Less goodwill and other intangible assets
|
|
77,534
|
|
|
78,348
|
|
|
78,690
|
|
|
79,034
|
|
|
68,254
|
|
|||||
Tangible common equity (Non-GAAP)
|
|
$
|
228,506
|
|
|
$
|
221,263
|
|
|
$
|
211,791
|
|
|
$
|
203,977
|
|
|
$
|
183,388
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Tangible Common Equity:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average shareholders' equity (GAAP)
|
|
$
|
303,200
|
|
|
$
|
296,570
|
|
|
$
|
286,076
|
|
|
$
|
270,884
|
|
|
$
|
250,063
|
|
Less average goodwill and other intangible assets
|
|
78,222
|
|
|
78,564
|
|
|
78,913
|
|
|
75,547
|
|
|
68,389
|
|
|||||
Average tangible common equity (Non-GAAP)
|
|
$
|
224,978
|
|
|
$
|
218,006
|
|
|
$
|
207,163
|
|
|
$
|
195,337
|
|
|
$
|
181,674
|
|