The aim of this dialogue is to level out key components within the Company's latest efficiency in contrast with earlier intervals. The dialogue needs to be learn along side the monetary statements starting on web page three of this report. All figures are for the consolidated entities. It's presumed the readers of those monetary statements and of the next narrative have beforehand learn the Company's monetary statements for 2021 within the 10-Okay filed for the fiscal 12 months ended
December 31, 2021. This Quarterly Report on Kind 10-Q comprises forward-looking statements. Ahead-looking statements present present expectations or forecasts of future occasions and aren't ensures of future efficiency, nor ought to they be relied upon as representing administration's views as of any subsequent date. The forward-looking statements are primarily based on administration's expectations and are topic to numerous dangers and uncertainties. Though administration believes that the expectations mirrored in such forward-looking statements are cheap, precise outcomes might differ materially from these expressed or implied in such statements. Dangers and uncertainties that might trigger precise outcomes to differ materially embrace, with out limitation, the Company's skill to successfully execute its enterprise plans; modifications normally financial and monetary market circumstances; modifications in rates of interest; modifications within the aggressive setting; persevering with consolidation within the monetary providers trade; new litigation or modifications in current litigation; losses, buyer chapter, claims and assessments; modifications in banking laws or different regulatory or legislative necessities affecting the Company's enterprise; and modifications in accounting insurance policies or procedures as could also be required by the Monetary Accounting Requirements Boardor different regulatory businesses. Dangers associated to COVID-19 embrace the disruption of native, regional, nationwide and world financial exercise attributable to infectious illness outbreaks, together with the latest outbreak of coronavirus, or COVID-19, and the numerous influence that such outbreak has had and will have on our progress, operations, earnings and asset high quality; modifications in asset high quality, together with will increase in default charges on loans and better ranges of nonperforming loans and mortgage charge-offs usually, and particularly ensuing from the financial dislocation attributable to the COVID-19 pandemic; inaccuracy of the assumptions and estimates that the administration of our Company makes in establishing reserves for possible credit score losses and different estimates usually, and particularly on account of the impact of the COVID-19 pandemic; and a rise within the fee of non-public or business clients' bankruptcies usually, and particularly on account of the COVID-19 pandemic. Further info regarding components that might trigger precise outcomes to differ materially from these expressed or implied within the forward-looking statements is out there within the Company's Kind 10-Okay for the 12 months ended December 31, 2021, and subsequent filings with the United States Securities and Trade Fee(SEC). Copies of those filings can be found for free of charge on the SEC'sWebsite at www.sec.gov or on the Company's Website at www.first-online.com. Administration might elect to replace forward-looking statements at some future level; nevertheless, it particularly disclaims any obligation to
do so. Important Accounting Insurance policies Sure of the Company's accounting insurance policies are necessary to the portrayal of the Company's monetary situation and outcomes of operations, since they require administration to make tough, complicated or subjective judgments, a few of which can relate to issues which might be inherently unsure. Estimates related with these insurance policies are vulnerable to materials modifications on account of modifications in info and circumstances. Info and circumstances which may have an effect on these judgments embrace, with out limitation, modifications in rates of interest, within the efficiency of the economic system or within the monetary situation of debtors. Administration believes that its important accounting insurance policies embrace figuring out the allowance for credit score losses and the valuation of goodwill and valuing funding securities. See additional dialogue of those important accounting insurance policies within the 2021 Kind 10-Okay. Since
December 31, 2021, the important accounting coverage for figuring out the allowance for credit score losses has been enhanced with the dialogue under from December 31, 2021. Allowance for credit score losses. The allowance for credit score losses (ACL) represents administration's estimate of anticipated losses inherent inside the current mortgage portfolio. The allowance for credit score losses is elevated by the availability for credit score losses charged to expense and diminished by loans charged off, web of recoveries. The allowance for credit score losses is decided primarily based on administration's evaluation of a number of components: critiques and evaluations of particular loans, modifications within the nature and quantity of the mortgage portfolio, present financial circumstances, nonperforming loans, willpower of acquired loans as buy credit score deteriorated, and cheap and supportable forecasts. Loans are individually evaluated when they don't share danger traits with different loans within the respective pool. Loans evaluated individually are excluded from the collective analysis. Administration elected the collateral dependent sensible expedient upon adoption of ASC 326. Anticipated credit score losses on individually evaluated loans are primarily based on the honest worth of the collateral on the reporting date, adjusted for promoting prices as applicable. 32 Desk of Contents Administration makes use of a cohort methodology to find out the allowance for credit score losses. This technique identifies and captures the stability of a pool of loans with comparable danger traits, as of a selected time limit to type a cohort, then tracks the respective losses generated by that cohort of loans over their remaining life. The cohorts observe mortgage balances and historic loss expertise since 2008, and administration extends the look again interval every quarter to seize all obtainable information factors within the historic loss fee calculation. The quantitative element of the ACL entails assumptions that require a important degree of estimation; these embrace historic losses as a predictor of future efficiency, appropriateness of chosen delay intervals, and the reasonableness of the portfolio segmentation. A historic information set is anticipated to offer one of the best indication of future credit score efficiency. Delay intervals symbolize the period of time it takes a cohort of loans to develop into seasoned, or incur adequate attrition by way of pay downs, renewals, or charge-offs. Portfolio segmentation pertains to the pooling of loans with comparable danger traits, reminiscent of trade sorts, collateral, and client objective. On an annual foundation, within the first quarter, administration performs a recalibration of the delay intervals and portfolio segmentation to find out whether or not they're cheap and applicable primarily based on the knowledge obtainable at the moment. Administration considers qualitative changes to anticipated credit score loss estimates for info not already captured within the loss estimation course of. The place previous efficiency is probably not consultant of future losses, loss charges are adjusted for qualitative and financial forecast components. Administration makes use of the height three consecutive quarter web cost off fee to seize most potential volatility over the cheap and supportable forecast interval. Historic losses utilized in setting the qualitative issue ranges are anchored to 2008 and could also be supplemented by peer info when wanted. The qualitative issue ranges are recalibrated yearly to seize latest conduct that's indicative of the credit score profile of the present portfolio. Qualitative components embrace objects, reminiscent of modifications in lending insurance policies or procedures, asset particular dangers, and financial uncertainty in forward-looking forecasts. Financial indicators utilized in forecasting embrace unemployment fee, gross home product, housing begins, and rates of interest. Administration makes use of a two-year cheap and supportable interval throughout all mortgage segments to forecast financial circumstances. Administration believes the two-year time horizon aligns with obtainable trade steering and varied forecasting sources. Financial forecast changes are overlaid onto historic loss charges. As such, reversion from forecast charges to historic loss charges is quick. The ACL and allowance for unfunded commitments have been $39.5 millionand $2.1 million, respectively at September 30, 2022, in comparison with $48.3 millionand $3.0 million, respectively at December 31, 2021. The $8.8 millionlower within the ACL was the results of a number of components. The primary was the annual mannequin recalibration. Moreover, the qualitative components have been decrease from the seasoning of the acquired loans, in addition to decrease qualitative components, because of the sale of non farm non residential business loans within the third quarter. Lastly, the reserve was impacted by improved portfolio efficiency. The qualitative quantity of the reserve decreased $3.9 millionto $10.4 million. The quantitative quantity is $28.9 millionat September 30, 2022, in comparison with $33.6 millionat December 31, 2021. There was a $900 thousandlower within the allowance for unfunded commitments. See further dialogue of ACL within the Allowance for Credit score Losses part under. Based mostly on administration's evaluation of the present portfolio, administration believes the allowance is satisfactory.Modifications within the monetary situation of particular person debtors, financial circumstances, historic loss expertise, or the situation of the varied markets wherein collateral could also be bought might have an effect on the required degree of the allowance for credit score losses and the related provision for credit score losses. As administration screens these modifications, in addition to these components mentioned above, changes could also be recorded to the allowance for credit score losses and the related provision for credit score losses sooner or later. 33 Desk of Contents Abstract of Working Outcomes
Web revenue for the three months ended
September 30, 2022was $18.1 million, in comparison with $16.1 millionfor a similar interval in 2021. Primary earnings per share elevated to $1.50for the third quarter of 2022 in comparison with $1.24for a similar interval in 2021. Return on Belongings and Return on Fairness have been 1.43% and 15.00% respectively, for the three months ended September 30, 2022in comparison with 1.34% and 10.75% for the three months ended September 30, 2021. Web revenue for the 9 months ended September 30, 2022was $54.6 million, in comparison with $45.6 millionfor a similar interval in 2021. Primary earnings per share elevated to $4.45for the primary 9 months of 2022 in comparison with $3.42for a similar interval in 2021. Return on Belongings and Return on Fairness have been 1.43% and 14.14% respectively, for the 9 months ended September 30, 2022, in comparison with 1.28% and 10.10% for the 9 months ended September 30, 2021. On November 5, 2021, the Company accomplished its acquisition of Hancock Bancorp, Inc.and its banking subsidiary, Hancock Financial institution and Belief Firm. Subsequently, the outcomes of Hancock Bancorphave been included within the outcomes of operations starting on November 5, 2021. Pursuant to the phrases of the merger settlement, every issued and excellent share of Hancock Bancorp, Inc.widespread inventory, issued and excellent, was transformed into the correct to obtain $18.38per share in money. The mixture worth of the transaction was $31.36 million. Acquisition-related prices of $1.2 millionare included within the Company's revenue assertion for the 12 months ended December 31, 2021. On September 27, 2021, First Monetary Companyissued a press launch asserting that its Board of Administrators authorised the merger of subsidiary, The Morris Plan Firmof Terre Haute, into subsidiary, First Monetary Financial institution N.A. The merger was efficient on February 21, 2022. The merger resulted in elevated efficiencies, which have been acknowledged within the first quarter of 2022. On October 31, 2022, First Monetary Companyissued a press launch asserting plans to optimize its banking heart community as a part of a plan to enhance working efficiencies and accommodate altering buyer preferences. Topic to regulatory necessities, over the following two quarters the Company will shut and consolidated seven of its seventy-two branches. These consolidations are projected to avoid wasting the Company roughly $1.5 millionper 12 months in working bills, commencing within the first quarter of 2023.
The primary parts of revenue and bills that have an effect on web revenue are mentioned within the following evaluation.
Web Curiosity Revenue The Company's major supply of earnings is web curiosity revenue, which is the distinction between the curiosity earned on loans and different investments and the curiosity paid for deposits and different sources of funds. Web curiosity revenue elevated
$7.1 millionwithin the three months ended September 30, 2022to $43.1 millionfrom $36.0 millionin the identical interval in 2021. The web curiosity margin for the three months ended September 30, 2022is 3.71% in comparison with 3.22% for the similar interval in 2021, a 15.37% improve. Web curiosity revenue elevated $14.8 millionwithin the 9 months ended September 30, 2022to $121.4 millionfrom $106.6 millionin the identical interval in 2021. The web curiosity margin for the 9 months ended September 30, 2022is 3.44% in comparison with 3.24% for a similar interval in 2021. Rates of interest elevated considerably from 2021 to 2022, because of federal fee changes. Non-Curiosity Revenue
Non-interest revenue for the three months ended
September 30, 2022was $12.1 millionin comparison with $11.1 millionfor a similar interval of 2021. Non-interest revenue for the 9 months ended September 30, 2022was $36.1 millionin contrast to $31.3 millionfor a similar interval in 2021. The change in non-interest revenue from 2021 to 2022 was primarily pushed by a $4.0 millionauthorized settlement acquired in February, 2022. The Company doesn't anticipate this revenue to reoccur. As well as positive aspects from the sale of mortgage loans declined $1.0 millionfor the three months ended September 30, 2022in comparison with September 30, 2021, and $2.6 millionfor the 9 months ended September 30, 2022in comparison with September 30, 2021.
The Company's non-interest expense for the quarter ended
September 30, 2022was $31.5 millionin comparison with $28.5 millionfor a similar interval in 2021. The Company's non-interest expense for the 9 months ended September 30, 2022elevated $9.4 millionto $93.5 millionin comparison with the identical interval in 2021. The year-over-year modifications are, partly, impacted by the acquisition of Hancock Bancorpwithin the fourth quarter of 2021. 34 Desk of Contents
provision for credit score losses
The Company's provision for credit score losses elevated to
$1.1 millionfor the third quarter of 2022 as in comparison with $(1.5) millionfor a similar interval in 2021. Web charge-offs for the third quarter of 2022 have been $3.0 millionin comparison with $270 thousandfor a similar interval of 2021. In 2021 the potential losses from the authentic CECL calculation weren't realized, and the economic system had proven enhancements which allowed for the lower in provision. The supply for mortgage losses decreased $1.5 millionto $(4.8) millionfor the 9 months ended September 30, 2022in comparison with $(3.2) millionfor a similar interval in 2021. Web cost offs for the primary 9 months of 2022 elevated $3.2 millionto $4.1 millionin comparison with the identical interval in 2021. The detrimental provision for the 12 months was the results of a number of components. The primary was the annual mannequin recalibration. Every year, within the first quarter, administration critiques every mannequin variable to decide if changes are obligatory to enhance the mannequin's predictability. In the primary quarter 2022 the delay intervals have been shortened to choose up newer losses. Additionally, the qualitative issue most scorecard ranges for sure cohorts have been diminished, which diminished the reserve. Secondly, administration eliminated two qualitative components that have been deemed now not relevant. The primary was associated to an acquisition, which administration believed to have seasoned adequately that it was now not warranted. The second was associated to the CECL mannequin and the associated uncertainty. The uncertainty surrounded the novelty of the mannequin and potential regulatory scrutiny. Following two examination cycles, administration elected to take away the issue. Additionally, throughout the quarter, historic loss charges continued to decline, which lowers the required reserve. The historic loss fee declined in most segments. Based mostly on administration's evaluation of the present portfolio, an analysis that features consideration of modifications in CECL mannequin assumptions of credit score high quality, financial circumstances, and mortgage composition, administration believes the allowance is satisfactory. On July 12, 2022, the Company bought seven labeled non farm non residential business loans, which have been acquired within the two acquisitions in 2019 and 2021, with a complete principal stability of $14.9 million. The web restoration on the sale of $361 thousandconsists of the charge-off of the seven loans of $2,145 thousand, netted by the $2,072 thousandreserve on these loans, beforehand charged off in the interval, and the $434 thousandunamortized low cost remaining from the acquisitions. Because the associated cost offs have been beforehand reserved for and associated to acquired loans, the rise in web cost offs for the quarter does not have a major influence on the longer term anticipated losses.
revenue tax expense
The company’s efficient revenue tax fee for the primary 9 months of 2022 was 20.61% in comparison with 20.07% for a similar interval in 2021.
Non-performing loans encompass (1) non-accrual loans on which the last word collectability of the complete quantity of curiosity is unsure, (2) loans which have been renegotiated to offer for a discount or deferral of curiosity or principal due to a deterioration within the monetary place of the borrower, and (3) loans overdue ninety days or extra as to principal or curiosity. Non-performing loans decreased to
$14.3 millionat September 30, 2022in contrast to $14.9 millionat December 31, 2021. Nonperforming loans decreased 26.8% in comparison with $19.5 millionas of September 30, 2021. A abstract of non-performing loans at September 30, 2022and December 31, 2021follows: (000's) September 30, 2022 December 31, 2021 Non-accrual loans $ 9,147 $ 9,590 Accruing restructured loans 3,465 3,897 Nonaccrual restructured loans 482 902
Accruing loans overdue over 90 days 1,185 515 $ 14,279 $ 14,904 Ratio of the allowance for credit score losses as a share of non-performing loans 276.6 % 324.1 % 35 Desk of Contents
The next classes of loans embrace materials parts of non-performing and non-restructured loans:
(000's) September 30, 2022 December 31, 2021 Non-accrual loans Business loans $ 4,811 $ 4,991 Residential loans 2,314 3,049 Shopper loans 2,022 1,550 $ 9,147 $ 9,590 Late 90 days or extra Business loans $ 238 $ 14 Residential loans 551 410 Shopper loans 396 91 $ 1,185 $ 515 The CARES Act included a provision that permitted a monetary establishment to elect to droop briefly troubled debt restructuring accounting below ASC Subtopic 310-40 in sure circumstances ("part 4013"). To be eligible below part 4013, a mortgage modification should have been (1) associated to COVID-19; (2) executed on a mortgage that was no more than 30 days overdue as of
December 31, 2019; and (3) executed between March 1, 2020, and the sooner of (A) 60 days after the date of termination of the Nationwide Emergency or (B) December 31, 2020. In response to this part of the CARES Act, the federal banking businesses issued a revised interagency assertion on April 7, 2020that, in session with the Monetary Accounting Requirements Board, confirmed that for loans not topic to part 4013, short-term modifications made on a very good religion foundation in response to COVID-19 to debtors who have been present previous to any reduction weren't troubled debt restructurings below ASC Subtopic 310-40. This included short-term (e.g., as much as six months) modifications reminiscent of fee deferrals, price waivers, extensions of reimbursement phrases, or delays in fee that have been insignificant. Debtors thought-about present have been those who have been lower than 30 days overdue on their contractual funds on the time a modification program was carried out. From the inception of the CARES Act by way of December 31, 2021, 1,242 loans totaling $172 millionhave been modified, associated to COVID-19, that weren't thought-about troubled debt restructurings. 1,189 loans totaling $195 millionhave resumed regular scheduled funds. 113 remaining loans are nonetheless below a debt reduction plan, which embrace no business loans that have been offered further fee reduction because the preliminary fee reduction plan.
Rate of interest and liquidity sensitivity
First Monetary Companyhas established danger measures, limits and coverage tips for managing rate of interest danger and liquidity. Accountability for administration of those features resides with the Asset Legal responsibility Committee. The major purpose of the Asset Legal responsibility Committee is to maximise web curiosity revenue inside the rate of interest danger limits authorised by the Board of Administrators.
rate of interest danger
Administration considers rate of interest danger to be essentially the most important market danger to the organisation. Rate of interest danger is the publicity to modifications in web curiosity revenue on account of modifications in rates of interest. Consistency in a corporation’s web curiosity revenue relies upon to a big extent on the efficient administration of those dangers.
The Asset Legal responsibility place is measured utilizing subtle danger administration instruments, together with incomes simulation and market worth of fairness sensitivity evaluation. These instruments enable administration to quantify and monitor each short-term and long-term publicity to rate of interest danger. Simulation modeling measures the results of modifications in rates of interest, modifications within the form of the yield curve and the results of embedded choices on web curiosity revenue. This measure tasks earnings within the varied environments over the following three years. It's necessary to notice that measures of rate of interest danger have limitations and are depending on varied assumptions. These assumptions are inherently unsure and, because of this, the mannequin can not exactly predict the influence of rate of interest fluctuations on web curiosity revenue. Precise outcomes will differ from simulated outcomes because of timing, frequency and quantity of rate of interest modifications in addition to total market circumstances. The Committee has carried out a radical evaluation of these assumptions and believes them to be legitimate and theoretically sound. These assumptions are constantly monitored for behavioral modifications. The Company infrequently makes use of derivatives to handle rate of interest danger. Administration constantly evaluates the deserves of such rate of interest danger merchandise however doesn't anticipate using such merchandise to develop into a significant half of the Company's danger administration technique. 36 Desk of Contents
The desk under exhibits the Company's estimated sensitivity profile as of
September 30, 2022. The change in rates of interest assumes a parallel shift in rates of interest of 100 and 200 foundation factors. Given a 100 foundation level improve in charges, web curiosity revenue would improve 2.48% over the following 12 months and improve 5.21% over the next 12 months. Given a 100 foundation level lower in charges, web curiosity revenue would lower 3.71% over the following 12 months and lower 7.45% over the next 12 months. These estimates assume all fee modifications happen in a single day and administration takes no motion on account of this
change. Foundation Level Proportion Change in Web Curiosity Revenue Curiosity Price Change 12 months 24 months 36 months Down 200 (7.64) % (15.41) % (20.96) % Down 100 (3.71) (7.45) (10.24) Up 100 2.48 5.21 7.86 Up 200 2.00 7.44 12.84
A typical fee shock evaluation doesn’t replicate administration’s skill to reply and thus cut back the influence of fee modifications, and represents a worst-case situation.
Liquidity represents an establishment's skill to offer funds to fulfill calls for from depositors, debtors, and different collectors by both changing property into money or accessing new or current sources of incremental funds. Typically the Company depends on deposits, mortgage repayments and repayments of funding securities as its major sources of funds. The Company has
$18.4 millionof investments that mature all through the following 12 months. The Company additionally anticipates $117.8 millionof principal funds from mortgage-backed and different securities. Given the present fee setting, the Company anticipates $6.7 millionin securities to be referred to as inside the subsequent 12 months. The Company additionally has unused borrowing capability obtainable with the Federal House Mortgage Financial institution of Indianapolisand several other correspondent banks. With these sources of funds, the Company presently anticipates satisfactory liquidity to satisfy the anticipated obligations of its clients.
Evaluating the primary 9 months of 2022 to year-ended
December 31, 2021, loans web of deferred mortgage prices, have elevated $155 millionto $3.0 billion. Deposits decreased 0.05% to $4.4 billionat September 30, 2022in comparison with December 31, 2021. Shareholders' fairness decreased 24.71% or $144.0 million. This monetary efficiency decreased ebook worth per share 20.90% to $36.49at September 30, 2022from $46.13at December 31, 2021. Evaluating the primary 9 months of 2022 to the identical interval in 2021, loans, web of deferred mortgage prices, have elevated $491 millionto $3.0 billion. Deposits elevated 9.4% to $4.4 billionat September 30, 2022in comparison with September 30, 2021. Shareholders' fairness decreased 26.27% or $156.3 million. This monetary efficiency decreased ebook worth per share 21.06% to $36.49at September 30, 2022from $46.22at September 30, 2021. E-book worth per share is calculated by dividing the full shareholders' fairness by the variety of shares excellent. Gathered different complete revenue decreased $164.9 millionprimarily because of the market worth of the securities portfolio, which mirrored the big lower in securities pricing. As a Small Enterprise Administrationlender, we have been effectively positioned to help enterprise clients in accessing funds obtainable by way of the Paycheck Safety Program ("PPP") carried out in April 2020. Via September 30, 2022, we processed roughly $272 millionof authorised PPP loans. The carrying worth of those loans is $880 thousandas of September 30, 2022.
Federal Reserve, OCCand Federal Deposit Insurance coverage Company(collectively, joint businesses) set up regulatory capital tips for U.S.banking organizations. Regulatory capital tips require that capital be measured in relation to the credit score and market dangers of each on- and off-balance sheet objects utilizing varied danger weights. On January 1, 2015, the Basel3 guidelines grew to become efficient and embrace transition provisions by way of January 1, 2019. Below Basel3, Complete capital consists of two tiers of capital, Tier 1 and Tier 2. Tier 1 capital is additional composed of Frequent fairness tier 1 capital and further tier 1 capital. Frequent fairness tier 1 capital primarily consists of qualifying widespread shareholders' fairness, retained earnings and sure minority pursuits. Goodwill, disallowed intangible property and sure disallowed deferred tax property are excluded from Frequent fairness tier 1 capital. 37 Desk of Contents Further tier 1 capital primarily consists of qualifying non-cumulative most popular inventory, belief most popular securities ( Belief Securities) topic to phase-out and sure minority pursuits. Sure deferred tax property are additionally excluded. Tier 2 capital primarily consists of qualifying subordinated debt, a restricted portion of the allowance for mortgage and lease losses, Belief Securitiestopic to phase-out and reserves for unfunded lending commitments. The Company's Complete capital is the sum of Tier 1 capital plus Tier 2 capital. To satisfy adequately capitalized regulatory necessities, an establishment should keep a Tier 1 capital ratio of 8.50 % and a Complete capital ratio of 10.50 %. A "well-capitalized" establishment should usually keep capital ratios 200 bps larger than the minimal tips. The danger-based capital guidelines have been additional supplemented by a Tier 1 leverage ratio, outlined as Tier 1 capital divided by quarterly common whole property, after sure changes. BHCs should have a minimal Tier 1 leverage ratio of a minimum of 4.0 %. Nationwide banks should keep a Tier 1 leverage ratio of a minimum of 5.0 % to be labeled as "effectively capitalized." Failure to satisfy the capital necessities established by the joint businesses can result in sure necessary and discretionary actions by regulators that might have a cloth adversarial impact on the Company's monetary place. Beneath are the capital ratios for the Company and lead financial institution.
The Progressive Complete Capital Upkeep Reserve has set the minimal ratios of odd Tier 1 capital at 7%, Tier 1 capital at 8.5% and whole capital at 10.5%. The establishment is presently exceeding all of those minimums.
September 30, 2022 December 31, 2021 To Be Nicely Capitalized Frequent fairness tier 1 capital Company 13.69 % 14.37 % N/A First Monetary Financial institution 12.00 % 13.53 % - % Complete risk-based capital Company 14.75 % 15.63 % N/A First Monetary Financial institution 13.07 % 14.78 % - % Tier I risk-based capital Company 13.69 % 14.37 % N/A First Monetary Financial institution 12.00 % 13.53 % - % Tier I leverage capital Company 10.33 % 9.83 % N/A First Monetary Financial institution 8.99 % 9.18 % - % 38 Desk of Contents
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