Exhibit 99.1

 

PRESS RELEASE

 

For further information, contact:

David W. Pijor, Chairman and Chief Executive Officer

Phone: (703) 436-3802

Email: dpijor@fvcbank.com

Patricia A. Ferrick, President

Phone: (703) 436-3822

Email: pferrick@fvcbank.com

 

FOR IMMEDIATE RELEASE — October 18, 2018

 

FVCBankcorp, Inc. Announces 51% Increase in Third Quarter Net Income

 

Fairfax, VA-FVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today reported third quarter 2018 earnings increased 51% from a year ago to $3.4 million, or $0.27 diluted earnings per share, compared to $2.2 million, or $0.19 diluted earnings per share, for the quarterly period ended September 30, 2018.  For the nine months ended September 30, 2018, earnings were $9.5 million, or $0.78 per diluted share, compared to $6.7 million, or $0.59 per diluted share, for the comparable nine month period of 2017.  Net income for the three and nine months ended September 30, 2018 include merger-related expenses of $274 thousand and $671 thousand, respectively, associated with the Company’s acquisition of Colombo Bank.  Excluding these merger-related expenses, net of tax, net income for the three and nine months ended September 30, 2018 would have been $3.6 million and $10.0 million, respectively.  Diluted earnings per share excluding merger-related expenses, net of tax, for the three and nine months ended September 30, 2018 was $0.29 and $0.82, respectively. Results for the three and nine month periods ended September 30, 2018 reflect the new lower federal statutory tax rate.

 

Return on average assets was 1.18% and return on average equity was 12.23% for the third quarter of 2018.  For the comparable September 30, 2017 period, return on average assets was 0.93% and return on average equity was 9.83%.  Excluding merger-related expenses, net of tax, return on average assets and return on average equity for the three months ended September 30, 2018 was 1.27% and 13.13%, respectively. For the nine months ended September 30, 2018, return on average assets and return on average equity was 1.15% and 12.09%, respectively. Excluding merger-related expenses, net of tax, return on average assets and return on average equity for the nine months ended September 30, 2018 was 1.22% and 12.81%, respectively.

 

Selected Highlights

 

·                  During the third quarter, the Company completed a successful initial public offering issuing 1,750,000 shares of common stock raising $31.7 million after offering expenses. This capital raise added approximately 247,000 shares to the Company’s weighted average common shares outstanding, diluting earnings per share for the quarter by $0.01.

·                  Total loans, net of deferred fees, increased $151.2 million, or 18%, from September 30, 2017 to September 30, 2018. Asset quality remains strong with nonperforming loans and loans past due 90 days or more as a percentage of total assets being 0.17% at September 30, 2018, compared to 0.31% at September 30, 2017.

·                  Total deposits increased $147.1 million, or 17%, from September 30, 2017 to September 30, 2018.  Excluding a decrease in wholesale deposits, deposits increased $182.1 million year-over-year, or 24%.

·                  Tangible book value per share at September 30, 2018 was $10.81, a 20% increase from $8.98 at September 30, 2017.

·                  Quarterly operating earnings, before taxes and merger-related expenses, increased 35% year-over-year.

·                  Efficiency ratio for the three months ended September 30, 2018 was 56.0%, and excluding merger-related expenses, was 53.4%.

 

 

“Third quarter 2018 earnings demonstrate our continued ability to attract new customer relationships as we completed our IPO and worked to complete our acquisition of Colombo Bank, which closed on October 12, 2018.  Our customer centric business model allowed the bank to increase core deposits by 24% year-over-year and our loan portfolio by 18% year-over-year.  We are delighted to welcome Colombo’s customers, shareholders, and employees to our bank.  With the system conversion behind us, our business development team and 11 full-service branch offices are ready to continue our core growth strategy while providing our high-touch customer service to new and existing customers of FVCbank,” stated David W. Pijor, Chairman and CEO.

 

Balance Sheet

 

Total assets increased to $1.18 billion compared to $997.8 million as of September 30, 2018 and 2017, respectively, an increase of $177.7 million, or 18%. Loans receivable, net of deferred fees, totaled $978.3 million as of September 30, 2018, compared to $827.1 million as of September 30, 2017, a year-over-year increase of $151.2 million, or 18%.

 

Total deposits increased to $994.0 million as of September 30, 2018 compared to $846.9 million as of September 30, 2017, an increase of $147.1 million, or 17%. Noninterest-bearing deposits increased 18% to $211.8 million at September 30, 2018, or 21% of total deposits, compared to $179.0 million at September 30, 2017. Noninterest-bearing deposits at September 30, 2018 decreased $72.6 million from June 30, 2018 as customers moved deposits to interest-bearing deposit products.  Core deposits, which include total deposits less wholesale deposits, increased $182.1 million or 24% year-over-year.  Wholesale deposits totaled $50.6 million, or 5% of total deposits at September 30, 2018, a decrease of $64.9 million from December 31, 2017 and a decrease of $26.7 million from June 30, 2018. The Company’s increase in core deposits is a result of several promotions in addition to the Company’s success in adding new customer relationships.

 

Income Statement

 

Net interest income totaled $9.9 million, an increase of $1.7 million, or 21%, for the quarter ended September 30, 2018, compared to the year ago quarter. The Company’s net interest margin was 3.54% and 3.47% for the quarters ended September 30, 2018 and 2017, respectively. On a linked quarter basis, the margin increased 4 basis points from 3.50% for the three months ended June 30, 2018, a result of increases in yields on earning assets and strong growth in core deposit mix offset by an increase in the cost of funds.

 

Noninterest income totaled $748 thousand and $353 thousand for the quarters ended September 30, 2018 and 2017, respectively.  Fee income from fees on loans, service charges on deposits, and other fee income was $638 thousand, an increase of 186% for the quarter ended September 30, 2018 compared to 2017.  Included in loan income are fees from interest rate swaps totaling $395 thousand for the third quarter of 2018.  The increase in deposit and other fee income is primarily due to initiatives the Company began during 2017 to enhance fee income through ancillary services designed to assist its clients’ financial needs.

 

Noninterest expense totaled $5.9 million for the quarter ended September 30, 2018, compared to $4.9 million for the same three-month period of 2017. The increase in noninterest expense year-over-year is primarily attributable to the Company strategically hiring business development officers and back office staff during 2017 to support the Company’s growth plans. As a result, salary and compensation related expenses increased $541 thousand, or 18%, for the quarter ended September 30, 2018, compared to the same three-month period of 2017. In addition, the Company recorded merger-related expenses of $274 thousand for the three months ended September 30, 2018 which contributed to the increase in noninterest expense for the quarter.  Professional fees increased slightly year-over-year as a result of implementation costs related to regulatory compliance over the Company’s internal control environment.  Increases in data processing and network administration, franchise taxes and other operating expenses for the quarter ended September 30, 2018 compared to the same three-month period of 2017 is primarily growth related. On a linked quarter basis, noninterest expense excluding merger-related expenses increased 5% from the three months ended June 30, 2018.  The efficiency ratio for the quarter

 

 

ended September 30, 2018 was 56.0%, or 53.4% excluding merger-related expenses, a decrease from 57.1% from the year ago quarter.

 

Asset Quality

 

Asset quality remains strong as nonperforming loans and loans ninety days or more past due totaled $2.0 million, or 0.17% of total assets. Performing troubled debt restructurings (“TDR”) decreased to $267,000 at September 30, 2018, compared to $4.3 million at September 30, 2017. Nonperforming assets (including TDRs and other real estate owned) to total assets was 0.52% and 0.74% at September 30, 2018 and 2017, respectively.  The allowance for loan losses to total loans was 0.88% at September 30, 2018, reflecting the Company’s continued sound credit quality and stable economic environment.

 

About FVCBankcorp Inc.

 

FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary of FVCB which commenced operations in November 2007. FVCbank is a $1.17 billion Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Washington, D.C., metropolitan and Northern Virginia area. Subsequent to September 30, 2018, FVCbank completed the acquisition of Colombo Bank, with approximately $188.7 million in assets. Locally owned and managed, FVCbank is based in Fairfax, Virginia, and now has 11 full-service offices in Arlington, Ashburn, Fairfax, Manassas, Reston and Springfield, Virginia, Washington D.C., and Baltimore Bethesda, Rockville and Silver Spring, Maryland.

 

For more information on the Company’s 2018 selected financial information, please visit the Investor Relations page of FVCBankcorp Inc.’s website, www.fvcbank.com.

 

Caution about Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, statements of goals, intentions, and expectations as to future trends, plans, events or results of the Company’s operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein.  These forward-looking statements are based on current beliefs that involve significant risks, uncertainties, and assumptions. Factors that could cause the Company’s actual results to differ materially from those indicated in these forward-looking statements, include, but are not limited to, the risk factors previously disclosed in the “Risk Factors” section included in the Company’s prospectus filed with the Securities and Exchange Commission on September 17, 2018 pursuant to Rule 424(b)(4) under the Securities Act of 1933. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance.

 

###

 

 

FVCBankcorp, Inc.

Selected Financial Data

(Dollars in thousands, except share data and per share data)

 

														For the Three Months Ended ,
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,						June 30,			December 31,
		(Unaudited)						(Unaudited)						(Unaudited)
		2018			2017			2018			2017			2018			2017
Selected Balances
Total assets		$	1,175,437		$	997,756								$	1,139,449		$	1,053,224
Total investment securities		116,931			122,877									122,644			121,150
Total loans, net of deferred fees		978,304			827,101									955,641			888,677
Allowance for loan losses		(8,576		)	(7,271		)							(8,298		)	(7,725		)
Total deposits		993,986			846,854									1,008,896			928,163
Subordinated debt		24,387			24,307									24,367			24,327
Other borrowings		15,000			27,600									—			—
Total stockholders’ equity		138,776			97,545									103,966			98,283
Summary Results of Operations
Interest income		$	12,873		$	10,311		$	36,284		$	29,501		$	12,070		$	10,801
Interest expense		2,995			2,141			8,287			5,845			2,714			2,350
Net interest income		9,878			8,170			27,997			23,656			9,356			8,451
Provision for loan losses		351			250			990			765			281			435
Net interest income after provision for loan losses		9,527			7,920			27,007			22,891			9,075			8,016
Noninterest income - loan fees, service charges and other		638			223			1,166			630			255			252
Noninterest income - bank owned life insurance		110			115			329			740			108			114
Noninterest income - gains on securities sold		—			15			—			134			—			30
Noninterest income - gains on foreclosure of other real estate owned		—			—			—			—			—			1,076
Noninterest expense		5,948			4,861			17,030			14,424			5,822			4,925
Income before taxes		4,327			3,412			11,472			9,971			3,616			4,563
Income tax expense		942			1,177			2,013			3,287			539			3,558
Net income		3,385			2,235			9,459			6,684			3,077			1,005
Per Share Data (2)
Net income, basic		$	0.30		$	0.21		$	0.85		$	0.65		$	0.28		$	0.09
Net income, diluted		$	0.27		$	0.19		$	0.78		$	0.60		$	0.26		$	0.08
Book value		$	10.82		$	8.98								$	9.39		$	9.04
Tangible Book value		$	10.81		$	8.98								$	9.38		$	9.03
Shares outstanding		12,831,040			10,856,704									11,076,266			10,868,984
Selected Ratios
Net interest margin (3)		3.54		%	3.46		%	3.48		%	3.44		%	3.50		%	3.43		%
Return on average assets (3)		1.18		%	0.93		%	1.15		%	0.95		%	1.13		%	0.40		%
Return on average equity (3)		12.23		%	9.83		%	12.09		%	10.40		%	12.02		%	4.06		%
Efficiency (1)		55.98		%	57.13		%	57.74		%	57.64		%	59.90		%	55.86		%
Loans, net of deferred fees, to total deposits		98.42		%	97.67		%							94.72		%	95.75		%
Noninterest-bearing deposits to total deposits		21.31		%	21.14		%							28.19		%	18.90		%
Reconciliation of Net Income (GAAP) to Operating Earnings (Non-GAAP) (4)
Net income (from above)		$	3,385		$	2,235		$	9,459		$	6,684		$	3,077		$	1,005
Add: Merger and acquisition expense		274			—			671			—			397			—
Subtract: provision for income taxes associated with merger and acquisition expense		(24		)	—			(107		)	—			(83		)	—
NET INCOME, excluding above merger and acquisition charges		$	3,635		$	2,235		$	10,023		$	6,684		$	3,391		$	1,005
Net income, diluted, on an operating basis		$	0.29		$	0.19		$	0.82		$	0.60		$	0.28		$	0.08
Return on average assets (non-GAAP operating earnings)		1.27		%	0.93		%	1.22		%	0.95		%	1.24		%	0.40		%
Return on average equity (non-GAAP operating earnings)		13.13		%	9.83		%	12.81		%	10.40		%	13.25		%	4.06		%
Capital Ratios - Bank
Tangible common equity (to tangible assets)		11.80		%	9.77		%							9.12		%	9.33		%
Total capital (to risk weighted assets)		13.88		%	13.68		%							12.77		%	12.83		%
Common equity tier 1 capital (to risk weighted assets)		13.08		%	12.89		%							11.98		%	12.05		%
Tier 1 capital (to risk weighted assets)		13.08		%	12.89		%							11.98		%	12.05		%
Tier 1 leverage (to average assets)		12.32		%	12.22		%							11.58		%	11.79		%
Asset Quality
Nonperforming loans and loans 90+ past due		$	2,021		$	3,079								$	938		$	789
Performing troubled debt restructurings (TDRs)		267			4,348									1,600			1,657
Other real estate owned		3,866			—									3,866			3,866
Nonperforming loans and loans 90+ past due to total assets (excl. TDRs)		0.17		%	0.31		%							0.08		%	0.07		%
Nonperforming assets to total assets		0.50		%	0.31		%							0.42		%	0.44		%
Nonperforming assets (including TDRs) to total assets		0.52		%	0.74		%							0.56		%	0.58		%
Allowance for loan losses to loans		0.88		%	0.88		%							0.87		%	0.87		%
Allowance for loan losses to nonperforming loans		424.34		%	236.15		%							884.65		%	979.09		%
Net charge-offs (recovery)		$	73		$	(9	)	$	139		$	(54	)	$	85		$	(19	)
Net charge-offs (recovery) to average loans (3)		0.03		%	(0.00		)%	0.01		%	(0.01		)%	0.04		%	(0.01		)%
Selected Average Balances
Total assets		$	1,142,642		$	964,418		$	1,097,667		$	936,624		$	1,092,950		$	1,013,070
Total earning assets		1,116,154			943,979			1,073,175			917,677			1,069,035			986,648
Total loans, net of deferred fees		959,992			811,901			928,190			789,704			930,133			851,123
Total deposits		1,002,079			838,328			960,964			805,406			958,304			878,482
Other Data
Noninterest-bearing deposits		$	211,808		$	178,989								$	284,452		$	175,446
Interest-bearing checking, savings and money market		485,319			349,804									396,667			379,101
Time deposits		246,272			232,526									250,492			258,127
Wholesale deposits		50,587			85,535									77,285			115,489

 

(1)  Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income, excluding gains on sales of investment securities and other real estate owned.

(2) All per share data calculations have been retroactively adjusted for the five-for-four stock split declared September 2017.

(3) Annualized.

(4) Some of the financial measures discussed throughout the press release are “non-GAAP financial measures.” In accordance with SEC rules, the Company classifies a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP in our statements of income, balance sheets or statements of cash flows.

 

 

FVCBankcorp, Inc.

Summary Consolidated Statements of Condition

(Dollars in thousands)

(Unaudited)

 

								% Change								% Change
								Current								From
		9/30/2018			6/30/2018			Quarter		12/31/2017			9/30/2017			Year Ago
Cash and due from banks		$	8,939		$	6,309		41.7	%	$	7,428		$	7,144		25.1	%
Interest-bearing deposits at other financial institutions		46,396			30,734			51.0	%	15,139			22,126			109.7	%
Investment securities		113,131			118,844			-4.8	%	117,712			118,270			-4.3	%
Restricted stock, at cost		3,800			3,800			0.0	%	3,438			4,607			-17.5	%
Loans, net of fees:
Commercial real estate		592,083			572,039			3.5	%	526,065			516,787			14.6	%
Commercial and industrial		108,331			110,359			-1.8	%	98,150			89,267			21.4	%
Commercial construction		144,140			138,973			3.7	%	123,444			100,583			43.3	%
Consumer residential		107,207			106,747			0.4	%	108,786			104,259			2.8	%
Consumer nonresidential		26,543			27,523			-3.6	%	32,232			16,205			63.8	%
Total loans, net of fees		978,304			955,641			2.4	%	888,677			827,101			18.3	%
Allowance for loan losses		(8,576		)	(8,298		)	3.4	%	(7,725		)	(7,271		)	17.9	%
Loans, net		969,728			947,343			2.4	%	880,952			819,830			18.3	%
Premises and equipment, net		1,420			1,401			1.4	%	1,236			1,254			13.2	%
Bank owned life insurance (BOLI)		16,297			16,187			0.7	%	15,969			15,854			2.8	%
Other real estate owned		3,866			3,866			0.0	%	3,866			—			100.0	%
Other assets		11,860			10,965			8.2	%	7,484			8,671			36.8	%
Total Assets		$	1,175,437		$	1,139,449		3.2	%	$	1,053,224		$	997,756		17.8	%
Deposits:
Noninterest-bearing		$	211,808		$	284,452		-25.5	%	$	175,446		$	178,989		18.3	%
Interest-bearing checking		276,197			222,522			24.1	%	185,528			182,458			51.4	%
Savings and money market		209,122			174,145			20.1	%	193,573			167,346			25.0	%
Time deposits		246,272			250,492			-1.7	%	258,127			232,526			5.9	%
Wholesale deposits		50,587			77,285			-34.5	%	115,489			85,535			-40.9	%
Total deposits		993,986			1,008,896			-1.5	%	928,163			846,854			17.4	%
Other borrowed funds		15,000			—			100.0	%	—			27,600			-45.7	%
Subordinated notes, net of issuance costs		24,387			24,367			0.1	%	24,327			24,307			0.3	%
Other liabilities		3,288			2,220			48.1	%	2,451			1,450			126.8	%
Stockholders’ equity		138,776			103,966			33.5	%	98,283			97,545			42.3	%
Total Liabilities & Stockholders’ Equity		$	1,175,437		$	1,139,449		3.2	%	$	1,053,224		$	997,756		17.8	%

 

 

FVCBankcorp, Inc.

Summary Consolidated Income Statements

(In thousands, except per share data)

(Unaudited)

 

		For the Three Months Ended
								% Change					% Change
								Current					From
		9/30/2018			6/30/2018			Quarter		9/30/2017			Year Ago
Net interest income		$	9,878		$	9,356		5.6	%	$	8,170		20.9	%
Provision for loan losses		351			281			24.9	%	250			40.4	%
Net interest income after provision for loan losses		9,527			9,075			5.0	%	7,920			20.3	%
Noninterest income:
Fees on Loans		411			4			10,175.0	%	19			2,063.2	%
Service charges on deposit accounts		158			152			3.9	%	146			8.2	%
Gains on sale of securities available-for-sale		—			—			0.0	%	15			-100.0	%
BOLI income		110			108			1.9	%	115			-4.3	%
Other fee income		69			99			-30.3	%	58			19.0	%
Total noninterest income		748			363			106.1	%	353			111.9	%
Noninterest expense:
Salaries and employee benefits		3,491			3,324			5.0	%	2,950			18.3	%
Occupancy and equipment expense		591			580			1.9	%	559			5.7	%
Data processing and network administration		321			285			12.6	%	275			16.7	%
State franchise taxes		296			296			0.0	%	252			17.5	%
Professional fees		147			132			11.4	%	123			19.5	%
Merger and acquisition expense		274			397			-31.0	%	—			100.0	%
Other operating expense		828			808			2.5	%	702			17.9	%
Total non-interest expense		5,948			5,822			2.2	%	4,861			22.4	%
Net income before income taxes		4,327			3,616			19.7	%	3,412			26.8	%
Income tax expense		942			539			74.8	%	1,177			-20.0	%
Net Income		$	3,385		$	3,077		10.0	%	$	2,235		51.5	%
Earnings per share - basic		$	0.30		$	0.28		10.7	%	$	0.21		42.9	%
Earnings per share - diluted		$	0.27		$	0.26		11.5	%	$	0.19		42.1	%
Weighted-average common shares outstanding - basic		11,324,965			11,023,775			2.7	%	10,479,282			8.1	%
Weighted-average common shares outstanding - diluted		12,470,384			12,063,423			3.4	%	11,584,218			7.6	%
Reconciliation of Net Income (GAAP) to Operating Earnings (Non-GAAP):
GAAP net income reported above		$	3,385		$	3,077
Add: Merger and acquisition expense above		274			397
Subtract: provision for income taxes associated with merger and acquisition expense		(24		)	(83		)
NET INCOME, excluding above merger and acquisition charges		$	3,635		$	3,391
Earnings per share - basic (excluding merger and acquisition charges)		$	0.32		$	0.31
Earnings per share - diluted (excluding merger and acquisition charges)		$	0.29		$	0.28
Return on average assets (non-GAAP operating earnings)		1.27		%	1.24		%
Return on average equity (non-GAAP operating earnings)		13.13		%	13.23		%
Efficiency ratio (non-GAAP operating earnings)		53.40		%	55.82		%

 

 

FVCBankcorp, Inc.

Summary Consolidated Income Statements

(In thousands, except per share data)

(Unaudited)

 

		For the Nine Months Ended
								% Change
								From
		9/30/2018			9/30/2017			Year Ago
Net interest income		$	27,997		$	23,656		18.4	%
Provision for loan losses		990			765			29.4	%
Net interest income after provision for loan losses		27,007			22,891			18.0	%
Noninterest income:
Fees on Loans		473			46			928.3	%
Service charges on deposit accounts		452			402			12.4	%
Gains on sale of securities available-for-sale		—			134			-100.0	%
BOLI income		329			740			-55.5	%
Other fee income		241			182			32.4	%
Total noninterest income		1,495			1,504			-0.6	%
Noninterest expense:
Salaries and employee benefits		10,000			8,798			13.7	%
Occupancy and equipment expense		1,743			1,672			4.2	%
Data processing and network administration		886			772			14.8	%
State franchise taxes		888			787			12.8	%
Professional fees		434			352			23.3	%
Merger and acquisition expense		671			—			100.0	%
Other operating expense		2,408			2,043			17.9	%
Total non-interest expense		17,030			14,424			18.1	%
Net income before income taxes		11,472			9,971			15.1	%
Income tax expense		2,013			3,287			-38.8	%
Net income		$	9,459		$	6,684		41.5	%
Earnings per share - basic		$	0.85		$	0.65		30.8	%
Earnings per share - diluted		$	0.78		$	0.60		30.0	%
Weighted-average common shares outstanding - basic		11,094,353			10,288,055			7.8	%
Weighted-average common shares outstanding - diluted		12,195,620			11,231,897			8.6	%
Reconciliation of Net Income (GAAP) to Operating Earnings (Non-GAAP):
GAAP net income reported above		$	9,459
Add: Merger and acquisition expense above		671
Subtract: provision for income taxes associated with merger and acquisition expense		(107		)
NET INCOME, excluding above merger and acquisition charges		$	10,023
Earnings per share - basic (excluding merger and acquisition charges)		$	0.90
Earnings per share - diluted (excluding merger and acquisition charges)		$	0.82
Return on average assets (non-GAAP operating earnings)		1.22		%
Return on average equity (non-GAAP operating earnings)		12.81		%
Efficiency ratio (non-GAAP operating earnings)		55.47		%