Iowa
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0-49677
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42-1230603
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, no par value
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WTBA
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The Nasdaq Global Select Market
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Exhibit Number
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Description
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99.1
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West Bancorporation, Inc.
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January 23, 2020
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By:
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/s/ Douglas R. Gulling
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Name: Douglas R. Gulling
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Title: Executive Vice President, Treasurer and Chief Financial Officer
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WEST BANCORPORATION, INC. AND SUBSIDIARY
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||||
Financial Information (unaudited)
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||||
(in thousands)
|
|
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|
|
||||
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|
||||
CONSOLIDATED BALANCE SHEETS
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
37,808
|
|
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$
|
46,369
|
|
Federal funds sold
|
|
15,482
|
|
|
1,105
|
|
||
Investment securities available for sale, at fair value
|
|
398,578
|
|
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453,758
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||
Federal Home Loan Bank stock, at cost
|
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12,491
|
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12,037
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||
Loans
|
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1,941,663
|
|
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1,721,830
|
|
||
Allowance for loan losses
|
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(17,235
|
)
|
|
(16,689
|
)
|
||
Loans, net
|
|
1,924,428
|
|
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1,705,141
|
|
||
Premises and equipment, net
|
|
29,680
|
|
|
21,491
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|
||
Bank-owned life insurance
|
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34,893
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34,249
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||
Other assets
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20,331
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|
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22,418
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||
Total assets
|
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$
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2,473,691
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$
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2,296,568
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|
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||||
Liabilities and Stockholders’ Equity
|
|
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|
||||
Deposits:
|
|
|
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|
||||
Noninterest-bearing demand
|
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$
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380,079
|
|
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$
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400,530
|
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Interest-bearing:
|
|
|
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||||
Demand
|
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346,307
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336,089
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||
Savings
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996,836
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950,501
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Time of $250 or more
|
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81,871
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55,745
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Other time
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209,663
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151,664
|
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||
Total deposits
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2,014,756
|
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1,894,529
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||
Federal funds purchased
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2,660
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19,985
|
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||
Other borrowings
|
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222,728
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185,343
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Other liabilities
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21,727
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5,688
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||
Stockholders’ equity
|
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211,820
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|
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191,023
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||
Total liabilities and stockholders’ equity
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$
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2,473,691
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$
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2,296,568
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WEST BANCORPORATION, INC. AND SUBSIDIARY
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||||||||||
Financial Information (continued) (unaudited)
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||||||||
(in thousands)
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||||||||
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||||||||
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Three Months Ended December 31,
|
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Year Ended December 31,
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||||||||||||
CONSOLIDATED STATEMENTS OF INCOME
|
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2019
|
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2018
|
|
2019
|
|
2018
|
||||||||
Interest income
|
|
|
|
|
|
|
|
|
||||||||
Loans, including fees
|
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$
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21,813
|
|
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$
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19,200
|
|
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$
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85,512
|
|
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$
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71,189
|
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Investment securities
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2,973
|
|
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3,255
|
|
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12,053
|
|
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13,117
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|
||||
Other
|
|
291
|
|
|
151
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1,110
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|
|
487
|
|
||||
Total interest income
|
|
25,077
|
|
|
22,606
|
|
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98,675
|
|
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84,793
|
|
||||
Interest expense
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
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5,809
|
|
|
5,486
|
|
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25,214
|
|
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17,064
|
|
||||
Federal funds purchased
|
|
22
|
|
|
48
|
|
|
241
|
|
|
188
|
|
||||
Other borrowings
|
|
1,859
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|
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1,416
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|
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6,790
|
|
|
5,483
|
|
||||
Total interest expense
|
|
7,690
|
|
|
6,950
|
|
|
32,245
|
|
|
22,735
|
|
||||
Net interest income
|
|
17,387
|
|
|
15,656
|
|
|
66,430
|
|
|
62,058
|
|
||||
Provision for loan losses
|
|
300
|
|
|
—
|
|
|
600
|
|
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(250
|
)
|
||||
Net interest income after provision for loan losses
|
|
17,087
|
|
|
15,656
|
|
|
65,830
|
|
|
62,308
|
|
||||
Noninterest income
|
|
|
|
|
|
|
|
|
||||||||
Service charges on deposit accounts
|
|
651
|
|
|
616
|
|
|
2,492
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|
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2,541
|
|
||||
Debit card usage fees
|
|
409
|
|
|
427
|
|
|
1,644
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|
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1,681
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|
||||
Trust services
|
|
490
|
|
|
456
|
|
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2,026
|
|
|
1,921
|
|
||||
Increase in cash value of bank-owned life insurance
|
|
162
|
|
|
163
|
|
|
644
|
|
|
631
|
|
||||
Realized investment securities losses, net
|
|
(23
|
)
|
|
(160
|
)
|
|
(87
|
)
|
|
(263
|
)
|
||||
Other income
|
|
353
|
|
|
200
|
|
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1,599
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|
|
1,241
|
|
||||
Total noninterest income
|
|
2,042
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|
|
1,702
|
|
|
8,318
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|
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7,752
|
|
||||
Noninterest expense
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|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
|
5,466
|
|
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4,729
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|
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21,790
|
|
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18,791
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|
||||
Occupancy
|
|
1,399
|
|
|
1,265
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|
|
5,355
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|
|
4,996
|
|
||||
Data processing
|
|
644
|
|
|
662
|
|
|
2,735
|
|
|
2,682
|
|
||||
FDIC insurance
|
|
—
|
|
|
186
|
|
|
404
|
|
|
685
|
|
||||
Write-down of premises
|
|
—
|
|
|
—
|
|
|
—
|
|
|
333
|
|
||||
Other expenses
|
|
2,067
|
|
|
2,344
|
|
|
8,122
|
|
|
7,505
|
|
||||
Total noninterest expense
|
|
9,576
|
|
|
9,186
|
|
|
38,406
|
|
|
34,992
|
|
||||
Income before income taxes
|
|
9,553
|
|
|
8,172
|
|
|
35,742
|
|
|
35,068
|
|
||||
Income taxes
|
|
1,946
|
|
|
945
|
|
|
7,052
|
|
|
6,560
|
|
||||
Net income
|
|
$
|
7,607
|
|
|
$
|
7,227
|
|
|
$
|
28,690
|
|
|
$
|
28,508
|
|
WEST BANCORPORATION, INC. AND SUBSIDIARY
|
|
|
||||||||||||||||||
Financial Information (continued) (unaudited)
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|
|
|
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||||||||||||
|
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||||||||||||||
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PER COMMON SHARE
|
|
MARKET INFORMATION (1)
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||||||||||||||||
|
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Net Income
|
|
|
|
|
|
|
||||||||||||
|
|
Basic
|
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Diluted
|
|
Dividends
|
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High
|
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Low
|
||||||||||
2019
|
|
|
|
|
|
|
|
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|
||||||||||
4th Quarter
|
|
$
|
0.46
|
|
|
$
|
0.46
|
|
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$
|
0.21
|
|
|
$
|
25.93
|
|
|
$
|
21.01
|
|
3rd Quarter
|
|
0.46
|
|
|
0.46
|
|
|
0.21
|
|
|
22.47
|
|
|
19.63
|
|
|||||
2nd Quarter
|
|
0.41
|
|
|
0.41
|
|
|
0.21
|
|
|
22.32
|
|
|
20.14
|
|
|||||
1st Quarter
|
|
0.42
|
|
|
0.42
|
|
|
0.20
|
|
|
23.74
|
|
|
19.02
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
4th Quarter
|
|
$
|
0.44
|
|
|
$
|
0.44
|
|
|
$
|
0.20
|
|
|
$
|
23.88
|
|
|
$
|
18.06
|
|
3rd Quarter
|
|
0.44
|
|
|
0.43
|
|
|
0.20
|
|
|
26.51
|
|
|
23.10
|
|
|||||
2nd Quarter
|
|
0.42
|
|
|
0.41
|
|
|
0.20
|
|
|
26.95
|
|
|
22.65
|
|
|||||
1st Quarter
|
|
0.46
|
|
|
0.45
|
|
|
0.18
|
|
|
26.85
|
|
|
23.65
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
||||||||
SELECTED FINANCIAL MEASURES
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Return on average assets
|
|
1.22
|
%
|
|
1.29
|
%
|
|
1.20
|
%
|
|
1.31
|
%
|
Return on average equity
|
|
14.61
|
%
|
|
15.45
|
%
|
|
14.34
|
%
|
|
15.68
|
%
|
Net interest margin
|
|
2.95
|
%
|
|
2.99
|
%
|
|
2.95
|
%
|
|
3.06
|
%
|
Efficiency ratio*
|
|
48.76
|
%
|
|
51.16
|
%
|
|
50.96
|
%
|
|
48.33
|
%
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
As of December 31,
|
||||||||
|
|
|
|
|
|
2019
|
|
2018
|
||||
Texas ratio*
|
|
|
|
|
|
0.23
|
%
|
|
0.93
|
%
|
||
Allowance for loan losses ratio
|
|
|
|
|
|
0.89
|
%
|
|
0.97
|
%
|
||
Tangible common equity ratio
|
|
|
|
|
|
8.56
|
%
|
|
8.32
|
%
|
•
|
Return on average assets - annualized net income divided by average assets.
|
•
|
Return on average equity - annualized net income divided by average stockholders’ equity.
|
•
|
Net interest margin(1) - annualized tax-equivalent net interest income divided by average interest-earning assets.
|
•
|
Efficiency ratio(1) - noninterest expense (excluding other real estate owned expense) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
|
•
|
Texas ratio - total nonperforming assets divided by tangible common equity plus the allowance for loan losses.
|
•
|
Allowance for loan losses ratio - allowance for loan losses divided by total loans.
|
•
|
Tangible common equity ratio - common equity less intangible assets (none held) divided by tangible assets.
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Reconciliation of net interest income and net interest margin on an FTE basis to GAAP:
|
|
|
|
|
|
|
|
|
||||||||
Net interest income (GAAP)
|
|
$
|
17,387
|
|
|
$
|
15,656
|
|
|
$
|
66,430
|
|
|
$
|
62,058
|
|
Tax-equivalent adjustment (1)
|
|
184
|
|
|
341
|
|
|
834
|
|
|
1,529
|
|
||||
Net interest income on an FTE basis (non-GAAP)
|
|
17,571
|
|
|
15,997
|
|
|
67,264
|
|
|
63,587
|
|
||||
Average interest-earning assets
|
|
2,360,375
|
|
|
2,124,148
|
|
|
2,277,461
|
|
|
2,075,372
|
|
||||
Net interest margin on an FTE basis (non-GAAP)
|
|
2.95
|
%
|
|
2.99
|
%
|
|
2.95
|
%
|
|
3.06
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of efficiency ratio on an FTE basis to GAAP:
|
|
|
|
|
|
|
|
|
||||||||
Net interest income on an FTE basis (non-GAAP)
|
|
$
|
17,571
|
|
|
$
|
15,997
|
|
|
$
|
67,264
|
|
|
$
|
63,587
|
|
Noninterest income
|
|
2,042
|
|
|
1,702
|
|
|
8,318
|
|
|
7,752
|
|
||||
Adjustment for realized investment securities losses, net
|
|
23
|
|
|
160
|
|
|
87
|
|
|
263
|
|
||||
Adjustment for losses on disposal of premises and equipment, net
|
|
—
|
|
|
95
|
|
|
—
|
|
|
109
|
|
||||
Adjustment for gain on sale of premises
|
|
—
|
|
|
—
|
|
|
(307
|
)
|
|
—
|
|
||||
Adjusted income
|
|
19,636
|
|
|
17,954
|
|
|
75,362
|
|
|
71,711
|
|
||||
Noninterest expense
|
|
9,576
|
|
|
9,186
|
|
|
38,406
|
|
|
34,992
|
|
||||
Adjustment for write-down of premises
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(333
|
)
|
||||
Adjusted expense
|
|
9,576
|
|
|
9,186
|
|
|
38,406
|
|
|
34,659
|
|
||||
Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)
|
|
48.76
|
%
|
|
51.16
|
%
|
|
50.96
|
%
|
|
48.33
|
%
|