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FineMark Holdings, Inc. Reports Fourth Quarter 2021 Earnings

FineMark Holdings, Inc. Reports Fourth Quarter 2021 Earnings

FineMark控股公司公佈2021年第四季度收益
Accesswire ·  2022/01/19 01:26

FORT MYERS, FL / ACCESSWIRE / January 18, 2022 / FineMark Holdings, Inc. (the "Holding Company"; OTCQX:FNBT), the parent company of FineMark National Bank & Trust (the "Bank"; collectively, "FineMark"), today announced fourth quarter 2021 net income of $7.0 million. This compares to $6.3 million for the fourth quarter of 2020. Per-share earnings were $0.59 per diluted share, a $0.10 decrease compared to the fourth quarter of 2020, which reflects the issuance of 2.5 million new shares in 2021. For the full year 2021, FineMark announced net income of $25.0 million (or $2.39 per diluted share), a 14% increase over the $22.0 million (or $2.42 per diluted share) in 2020.

佛羅裏達州邁爾斯堡/ACCESSWIRE/2022年1月18日/亞洲網加利福尼亞州聖何塞2月28日電FineMark National Bank&Trust(以下簡稱“銀行”；統稱為“FineMark”)的母公司FineMark控股公司(“控股公司”；場外交易市場代碼：FNBT)今天宣佈，2021年第四季度的淨收益為700萬美元。相比之下，2020年第四季度為630萬美元。每股稀釋後收益為0.59美元，與2020年第四季度相比下降了0.10美元，這反映了2021年發行了250萬股新股。FineMark宣佈，2021年全年淨收入為2500萬美元(或每股稀釋後收益2.39美元)，比2020年的2200萬美元(或每股稀釋後收益2.42美元)增長14%。

We attribute FineMark's growth to the quality and dedication of our associates and their commitment to provide outstanding service. Net income for 2021 was a record high, and fourth quarter net income was just shy of hitting another record. For both the quarter and the year, growth in the loan portfolio and trust assets under management were key drivers of these results.

我們將FineMark的增長歸功於我們員工的質量和奉獻精神，以及他們對提供卓越服務的承諾。2021年的淨利潤創歷史新高，第四季度淨利潤差一點再創新高。無論是本季度還是全年，貸款組合的增長和管理的信託資產都是這些業績的關鍵驅動因素。

As with many businesses around the Country, we continue to be challenged by the pandemic and are mindful of our associates' and clients' safety. While our preference is to meet with our clients in person, our investment in technology allows us to engage virtually with our clients. Our hope remains that pandemic-related issues will wane as we progress into the new year.

與全國各地的許多企業一樣，我們繼續受到疫情的挑戰，並關注我們同事和客户的安全。雖然我們的首選是與客户面對面會面，但我們在技術上的投資使我們能夠虛擬地與我們的客户打交道。我們仍然希望，隨着我們進入新的一年，與大流行有關的問題將會減少。

Highlights of the fourth quarter of 2021 on a year-over-year basis include:

與去年同期相比，2021年第四季度的亮點包括：

  • Net income increased 11% to $7.0 million.
  • Loans, net of allowance, increased 8% to $2 billion.
  • Total deposits increased 23% to $2.7 billion.
  • Net interest income increased 12% to $17.2 million.
  • Cost of funds decreased 15% to $3.3 million.
  • Trust fees increased 26% to $7.0 million.
  • Assets under management and administration increased 22% to $6.2 billion (including $181 million from new and expanded relationships, a 51% increase year-over-year).
  • 淨利潤增長11%，達到700萬美元。
  • 扣除津貼後的貸款增加8%，至20億元。
  • 存款總額上升23%至27億元。
  • 淨利息收入增長12%，達到1720萬美元。
  • 資金成本下降15%，至330萬美元。
  • 信託費用增加26%，至700萬美元。
  • 管理和管理的資產增加了22%，達到62億美元(包括來自新的和擴大的關係的1.81億美元，同比增長51%)。

Highlights for the entire year of 2021 include:

2021年全年的亮點包括：

  • Net income increased 14% to a record $25.0 million.
  • Net interest income increased 11% to $64.7 million.
  • Diluted earnings per share was $2.39 versus $2.42 in 2020, a minimal decline given the greater number of shares outstanding
    (11,603,781 as of 12-31-21 compared to 8,955,427 as of 12-31-20).
  • Net interest margin was 2.24%, down from 2.45% as yields available on earning assets declined from 3.23% to 2.74%.
  • Cost of funds was 0.53% (down from 0.81% in 2020).
  • Trust fees increased by 28% to $26.6 million.
  • 淨利潤增長14%，達到創紀錄的2500萬美元。
  • 淨利息收入增長11%，達到6470萬美元。
  • 稀釋後每股收益為2.39美元，而2020年為2.42美元，考慮到流通股數量的增加，這是一個最小的降幅
    (截至12月31日，為11,603,781人，而截至12月31日為8,955,427人)。
  • 淨息差為2.24%，低於2.45%，收益資產的可用收益率從3.23%降至2.74%。
  • 資金成本為0.53%(低於2020年的0.81%)。
  • 信託費用增加28%，至2,660萬美元。

Net Interest Income and margin

淨利息收入和利潤率

For the fourth quarter of 2021, FineMark's net interest income totaled $17.2 million, up 12% from the fourth quarter of 2020. The increase in interest income was largely attributable to the investment portfolio which increased by 50% year-over-year, and interest income generated from the 8% net growth in the loan portfolio. In addition, two interest rate swaps were terminated, reducing our interest expense by $45,000 per month. Also, in the fourth quarter, two Federal Home Loan Bank advances, totaling $20 million, were prepaid. Despite the upfront cost, interest expense was reduced by $27,000 per month. For the entire year, FineMark's net interest income totaled $64.7 million, up 11% from 2020.

2021年第四季度，FineMark的淨利息收入總計1720萬美元，比2020年第四季度增長12%。利息收入增加，主要是因為投資組合按年增加50%，以及貸款組合淨增長8%所帶來的利息收入。此外，兩個利率掉期被終止，我們每月的利息支出減少了4.5萬美元。此外，在第四季度，聯邦住房貸款銀行(Federal Home Loan Bank)的兩筆預付款總計2000萬美元。儘管有前期成本，利息支出每月減少了2.7萬美元。全年，FineMark的淨利息收入總計6470萬美元，較2020年增長11%。

With short-term rates near zero throughout 2021, the Bank achieved a net interest margin of 2.24% in the fourth quarter, compared to 2.36% in the fourth quarter of 2020. A decline in yield generated from earning assets was partly offset by a decrease in the cost of funds for the quarter from .62% to .46%, in 2021. For the year, net interest margin of 2.24% was down from 2.45% in 2020. Yields are expected to increase as the Federal Reserve has signaled it will likely raise short-term interest rates in 2022. We continue to seek ways to manage the impact that rising interest rates could place on net interest income. In addition, in the fourth quarter, we strategically invested over $91 million in securities to improve net interest income. This investment will generate more income than holding those funds in cash. Finally, we have engaged a third-party consultant to provide tactical and strategic initiatives with respect to our balance sheet structure and overall asset-liability management.

在整個2021年短期利率接近於零的情況下，世行在第四季度實現了2.24%的淨息差，而2020年第四季度為2.36%。2021年本季度資金成本從0.62%降至0.46%，部分抵消了收益資產收益率的下降。今年，淨息差為2.24%，低於2020年的2.45%。隨着美聯儲(Federal Reserve)暗示可能在2022年提高短期利率，預計收益率將會上升。我們繼續想方設法控制利率上升可能對淨利息收入造成的影響。此外，在第四季度，我們戰略性地投資了超過9100萬美元的證券，以提高淨利息收入。這項投資將比以現金形式持有這些資金產生更多的收入。最後，我們聘請了第三方顧問，就我們的資產負債表結構和整體資產負債管理提供戰術和戰略舉措。

Non-interest Income

非利息收入

FineMark's trust and investment business continues to grow at significant rates, resulting in desired revenue diversification. As of December 31, 2021, assets under management and administration totaled $6.2 billion, an 8% increase from the previous quarter and a 22% increase from year-end 2020. Trust fees increased to $26.6 million for the year, a 28% increase over 2020.

FineMark的信託和投資業務繼續以顯著的速度增長，帶來了理想的收入多樣化。截至2021年12月31日，管理和管理的資產總額為62億美元，較上一季度增長8%，較2020年底增長22%。今年的信託費用增至2660萬美元，比2020年增長了28%。

More than 50% of this growth was the result of satisfied clients expanding their relationships with FineMark, as well as our associates developing new client relationships. In addition, growth was aided by strong equity market returns in 2021.

超過50%的增長是滿意的客户擴大了與FineMark的關係，以及我們的同事發展了新的客户關係的結果。此外，增長得益於2021年強勁的股市回報。

Net asset inflows in the fourth quarter of 2021 totaled $181 million, a 48% increase versus the previous quarter. For the year, net asset inflows were $583 million, a 39% increase compared to 2020. This growth is a testament to the exceptional level of expertise, service and comprehensive advice provided by our team.

2021年第四季度淨資產流入總額為1.81億美元，較上一季度增長48%。全年淨資產流入為5.83億美元，較2020年增長39%。這一增長證明瞭我們團隊提供的卓越水平的專業知識、服務和全面的建議。

Non-interest Expense

非利息支出

As FineMark grows, additional expenses are incurred to maintain our high service levels. Non-interest expense increased 30% in the fourth quarter year-over-year, and 17% for the full year, to $62.2 million. The increases were primarily due to higher personnel costs. In 2021, we hired 29 associates (net), and several programs were initiated in a very tight labor market to proactively reward and help retain the associates who are crucial to our continued success. To offset these initiatives, we purchased an additional $15 million of bank-owned life insurance, which generates an attractive tax-free yield. FineMark's efficiency ratio, which measures non-interest expense as a percent of revenues, increased to 66.6% in 2021, compared to 61.27% in 2020; however, this level remains in line with our targets.

隨着FineMark的發展，維持我們的高服務水平也會產生額外的費用。第四季度非利息支出同比增長30%，全年增長17%，至6220萬美元。增加的主要原因是人員成本上升。2021年，我們僱傭了29名員工(淨額)，並在非常緊張的勞動力市場啟動了幾個項目，以積極獎勵和幫助留住對我們持續成功至關重要的員工。為了抵消這些舉措，我們額外購買了1500萬美元的銀行擁有的人壽保險，這產生了誘人的免税收益。FineMark的效率比率(衡量非利息支出佔收入的百分比)在2021年增至66.6%，而2020年為61.27%；然而，這一水平仍符合我們的目標。

Credit Quality

信用質量

FineMark's loan portfolio (net of allowances) grew by $146 million in 2021. This 8% net increase masks extremely strong gross-loan production of over $912 million as many clients took advantage of favorable conditions to reduce debt during the year, and $70 million in Paycheck Protection Program loans were repaid in 2021.

FineMark的貸款組合(扣除津貼)在2021年增長了1.46億美元。這8%的淨增長掩蓋了超過9.12億美元的極其強勁的總貸款產出，因為許多客户利用有利條件在年內減少了債務，2021年償還了7,000萬美元的Paycheck Protection Program貸款。

As always, the Bank remains committed to maintaining its high credit standards through our relationship-based approach to lending. Loan decisions are always based on an in-depth understanding of each borrower's needs, the relationship and financial situation. As a result, the Bank has experienced minimal defaults on loans through a variety of market cycles. At the end of 2021, nonperforming loans were just $729,000 or 0.04% of total loans, a decrease from the already low rate of 0.07% at year-end 2020. As of December 31, 2021, the bank's allowance for loan loss reserve was $20.2 million (1.01% of total loans outstanding) and includes $750 thousand held as a precaution due to the pandemic. Management believes this reserve is sufficient to support the Bank's loan portfolio risk.

一如既往，世行將一如既往地致力於通過以關係為基礎的貸款方式來維持其較高的信貸標準。貸款決策總是基於對每個借款人的需求、關係和財務狀況的深入瞭解。因此，世行在各種市場週期中經歷了最低限度的貸款違約。截至2021年底，不良貸款僅為72.9萬美元，佔總貸款的0.04%，低於2020年底已經很低的0.07%。截至2021年12月31日，該行的貸款損失準備金撥備為2020萬美元(佔未償還貸款總額的1.01%)，其中包括因疫情而持有的75萬美元作為預防措施。管理層認為，這一準備金足以支持銀行的貸款組合風險。

FineMark's management team is pleased with the credit quality of the Bank's loan portfolio and will continue to closely monitor economic conditions to determine whether additional provisions should be made. We believe our commitment to maintaining strong relationships, understanding our clients' individual circumstances, and working proactively to deliver comprehensive solutions, continues to serve our shareholders well.

FineMark的管理團隊對銀行貸款組合的信用質量感到滿意，並將繼續密切關注經濟狀況，以確定是否應增加撥備。我們相信，我們致力於保持牢固的關係，瞭解我們客户的個人情況，並積極主動地提供全面的解決方案，這將繼續為我們的股東提供良好的服務。

Capital

資本

All capital ratios continue to exceed regulatory requirements for "well-capitalized" banks. As of December 31, 2021, FineMark's tier 1 leverage ratio on a consolidated basis was 9.73%, and the total risk-based capital ratio was 20.64%. ROAE declined relative to 2020 due to the issuance of 2.5 million shares in 2021: increasing shareholders' equity by $80 million or 37%.

所有資本充足率繼續超過監管機構對“資本充足”銀行的要求.截至2021年12月31日，FineMark合併後的一級槓桿率為9.73%，總風險資本比率為20.64%。與2020年相比，ROAE有所下降，原因是2021年發行了250萬股：增加了8000萬美元的股東權益，即37%。

FINEMARK HOLDINGS, INC. ON THE OTCQX EXCHANGE

FINEMARK控股公司關於OTCQX交易所

Shares of FineMark Holdings, Inc. (OTCQX: FNBT), the parent company of FineMark National Bank & Trust, are traded on the OTCQX exchange. Operated by the OTC Markets Group, the OTCQX allows investors to trade privately held stock through their preferred broker. During 2021, FineMark's shares traded in a range of $23.65 to $36.00 at an average volume of 1,759 shares per trading day. The shares closed the year trading at $33.60, a 44% increase compared to the end of 2020, for a price-to-tangible book value multiple of 1.28.

FineMark National Bank&Trust的母公司FineMark控股公司(場外交易市場代碼：FNBT)的股票在OTCQX交易所交易。OTCQX由場外交易市場集團(OTC Markets Group)運營，允許投資者通過其優先經紀公司交易私人持有的股票。2021年期間，FineMark的股票交易價格在23.65美元至36.00美元之間，每個交易日的平均成交量為1759股。該股今年收盤報33.60美元，較2020年底上漲44%，市淨率為1.28倍。

EXPANSION UPDATE

擴展更新

Our newest full-service location in Jupiter, Florida, is slated to open in March, followed shortly thereafter by our second Naples location in the heart of the historic downtown area. In addition, the buildout continues of our flagship location in Fort Myers, Florida. Tenants will occupy approximately half of the built-out second floor, generating rental income, and the Bank will use the remaining space to support our continued growth.

我們位於佛羅裏達州朱庇特的最新的全方位服務酒店計劃於3月開業，隨後不久，我們在歷史悠久的市中心中心的第二家那不勒斯酒店也將開業。此外，我們位於佛羅裏達州邁爾斯堡的旗艦店仍在繼續擴建。租户將佔據已建成的二樓大約一半的空間，產生租金收入，而銀行將利用剩餘的空間來支持我們的持續增長。

FineMark Holdings, Inc. is the parent company of FineMark National Bank & Trust. Founded in 2007, FineMark National Bank & Trust is a nationally chartered bank, headquartered in Florida. FineMark offers a full range of financial services, including personal and business banking, lending services, trust and investment services through its offices located in Florida, Arizona and South Carolina. The Corporation's common stock trades on the OTCQX under the symbol FNBT. Investor information is available on the Corporation's website at .

FineMark控股公司是FineMark National Bank&Trust的母公司。FineMark National Bank&Trust成立於2007年，是一家全國性特許銀行，總部設在佛羅裏達州。FineMark通過其設在佛羅裏達州、亞利桑那州和南卡羅來納州的辦事處提供全方位的金融服務，包括個人和商業銀行、貸款服務、信託和投資服務。該公司的普通股在場外交易市場(OTCQX)交易，代碼為FNBT。投資者資料可在該公司網站查閲，網址為。

CONTACT:

聯繫方式：

Ryan Roberts, Investor Relations
12681 Creekside Lane
Fort Myers, FL 33919
239-461-3850
investorrelations@finemarkbank.com

瑞安·羅伯茨(Ryan Roberts)，投資者關係部
河畔小巷12681號
佛羅裏達州邁爾斯堡，郵編：33919
239-461-3850
郵箱：InvestorRelations@finemarkbank.com

FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands, except share amounts)

FINEMARK控股公司和子公司
合併資產負債表
($(千美元，不包括股份金額)

December 31, December 31,
Assets
 2021 2020
(Unaudited)
Cash and due from banks
 $ 261,751 227,921
Debt securities available for sale
 898,711 589,233
Debt securities held to maturity
 79,517 64,908
Loans, net of allowance for loan losses of $20,283 in 2021 and $20,782 in 2020
 1,996,362 1,850,293
Federal Home Loan Bank stock
 11,326 16,155
Federal Reserve Bank stock
 5,481 4,397
Premises and equipment, net
 42,287 41,303
Operating lease right-of-use assets
 11,207 7,674
Accrued interest receivable
 7,215 7,604
Deferred tax asset
 4,916 -
Bank-owned life insurance
 50,862 34,963
Other assets
 7,563 6,965
Total assets
 $ 3,377,198 2,851,416
Liabilities and Shareholders' Equity
Liabilities:
Noninterest-bearing demand deposits
 521,459 352,281
Savings, NOW and money-market deposits
 2,151,635 1,788,441
Time deposits
 61,026 84,232
Total deposits
 2,734,120 2,224,954
Official checks
 9,420 5,883
Other borrowings
 1,873 5,612
Federal Home Loan Bank advances
 264,016 334,271
Operating lease liabilities
 11,311 7,849
Subordinated debt
 40,919 50,712
Deferred tax liability
 - 202
Other liabilities
 10,477 10,876
Total liabilities
 3,072,136 2,640,359
Shareholders' equity:
Common stock, $.01 par value; 50,000,000 shares authorized,
11,603,781 and 8,955,427 shares issued and outstanding in 2021 and 2020
 116 90
Additional paid-in capital
 205,907 122,629
Retained earnings
 105,147 80,120
Accumulated other comprehensive (loss) income
 (6,108 ) 8,218
Total shareholders' equity
 305,062 211,057
Total liabilities and shareholders' equity
 $ 3,377,198 2,851,416
Book Value per Share
 26.29 23.57
十二月三十一日， 十二月三十一日，
資產
 2021 2020
(未經審計)
現金和銀行到期款項
 $ 261,751 227,921
可供出售的債務證券
 898,711 589,233
持有至到期的債務證券
 79,517 64,908
貸款，扣除貸款損失撥備，2021年為20283美元，2020年為20782美元
 1,996,362 1,850,293
聯邦住房貸款銀行股票
 11,326 16,155
聯邦儲備銀行股票
 5,481 4,397
房舍和設備，淨值
 42,287 41,303
經營性租賃使用權資產
 11,207 7,674
應計應收利息
 7,215 7,604
遞延税項資產
 4,916 -
銀行人壽保險
 50,862 34,963
其他資產
 7,563 6,965
總資產
 $ 3,377,198 2,851,416
負債與股東權益
負債：
無息活期存款
 521,459 352,281
儲蓄，現在和貨幣市場存款
 2,151,635 1,788,441
定期存款
 61,026 84,232
總存款
 2,734,120 2,224,954
官方支票
 9,420 5,883
其他借款
 1,873 5,612
聯邦住房貸款銀行預付款
 264,016 334,271
經營租賃負債
 11,311 7,849
次級債
 40,919 50,712
遞延税項負債
 - 202
其他負債
 10,477 10,876
總負債
 3,072,136 2,640,359
股東權益：
普通股，面值0.01美元；授權5000萬股，
11,603,781股和8,955,427股 2021年和2020年發行和未償還
 116 90
額外實收資本
 205,907 122,629
留存收益
 105,147 80,120
累計其他綜合(虧損)收入
 (6,108 ) 8,218
股東權益總額
 305,062 211,057
總負債和股東權益
 $ 3,377,198 2,851,416
每股賬面價值
 26.29 23.57

FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
($ in thousands, except per share amounts)

FINEMARK控股公司和子公司
合併收益表
($(千美元，每股除外)

Three Months Ended Twelve Months Ended
December 31, December 31,
2021 2020 2021 2020
Interest income:
 (Unaudited) (Unaudited) (Unaudited)
Loans
 $ 17,494 16,265 $ 68,073 63,678
Debt securities
 2,777 2,664 10,181 11,377
Dividends on Federal Home Loan Bank stock
 124 138 484 670
Other
 44 36 201 185
Total interest income
 20,439 19,103 78,939 75,910
Interest expense:
Deposits
 976 1,142 4,317 7,867
Federal Home Loan Bank advances
 1,767 2,095 7,427 7,957
Subordinated debt
 541 554 2,506 1,912
Total interest expense
 3,284 3,791 14,250 17,736
Net interest income
 17,155 15,312 64,689 58,174
Provision for loan losses
 18 610 31 4,986
Net interest income after provision for loan losses
 17,137 14,702 64,658 53,188
Noninterest income:
Trust fees
 7,030 5,591 26,638 20,880
Income from bank-owned life insurance
 281 210 899 845
Income from solar farms
 68 71 318 312
Gain on sale of debt securities available for sale
 - 584 902 5,712
Loss on extinguishment of debt
 (244 ) (160 ) (1,199 ) (160 )
Gain on termination of swap agreement
 1,212 - 1,212 -
Other fees and service charges
 333 241 1,169 865
Total noninterest income
 8,680 6,537 29,939 28,454
Noninterest expenses:
Salaries and employee benefits
 11,190 8,098 38,894 31,835
Occupancy
 1,833 1,310 6,535 5,825
Information systems
 1,647 1,410 6,318 5,241
Professional fees
 402 520 1,761 1,568
Marketing and business development
 321 293 1,563 1,507
Regulatory assessments
 428 391 1,599 1,393
Other
 1,340 1,142 5,538 5,704
Total noninterest expense
 17,161 13,164 62,208 53,073
Earnings before income taxes
 8,656 8,075 32,389 28,569
Income taxes
 1,653 1,789 7,362 6,613
Net earnings
 $ 7,003 6,286 $ 25,027 21,956
Weighted average common shares outstanding - basic
 11,587 8,942 10,318 8,925
Weighted average common shares outstanding - diluted
 11,751 9,087 10,483 9,082
Per share information: Basic earnings per common share
 $ 0.60 0.70 $ 2.43 2.46
Diluted earnings per common share
 $ 0.59 0.69 $ 2.39 2.42
截至三個月 截至12個月
十二月三十一日， 十二月三十一日，
2021 2020 2021 2020
利息收入：
 (未經審計) (未經審計) (未經審計)
貸款
 $ 17,494 16,265 $ 68,073 63,678
債務證券
 2,777 2,664 10,181 11,377
聯邦住房貸款銀行股票股息
 124 138 484 670
其他
 44 36 201 185
利息收入總額
 20,439 19,103 78,939 75,910
利息支出：
存款
 976 1,142 4,317 7,867
聯邦住房貸款銀行預付款
 1,767 2,095 7,427 7,957
次級債
 541 554 2,506 1,912
利息支出總額
 3,284 3,791 14,250 17,736
淨利息收入
 17,155 15,312 64,689 58,174
貸款損失準備金
 18 610 31 4,986
計提貸款損失撥備後的淨利息收入
 17,137 14,702 64,658 53,188
非利息收入：
信託費
 7,030 5,591 26,638 20,880
銀行自營壽險收入
 281 210 899 845
太陽能發電場的收入
 68 71 318 312
出售可供出售的債務證券的收益
 - 584 902 5,712
債務清償損失
 (244 ) (160 ) (1,199 ) (160 )
掉期協議終止的收益
 1,212 - 1,212 -
其他費用和服務費
 333 241 1,169 865
非利息收入總額
 8,680 6,537 29,939 28,454
非利息支出：
薪金和員工福利
 11,190 8,098 38,894 31,835
入住率
 1,833 1,310 6,535 5,825
信息系統
 1,647 1,410 6,318 5,241
專業費用
 402 520 1,761 1,568
市場營銷和業務發展
 321 293 1,563 1,507
監管評估
 428 391 1,599 1,393
其他
 1,340 1,142 5,538 5,704
總非利息費用
 17,161 13,164 62,208 53,073
所得税前收益
 8,656 8,075 32,389 28,569
所得税
 1,653 1,789 7,362 6,613
淨收益
 $ 7,003 6,286 $ 25,027 21,956
加權平均已發行普通股-基本
 11,587 8,942 10,318 8,925
加權平均已發行普通股-稀釋
 11,751 9,087 10,483 9,082
每股信息：普通股基本每股收益
 $ 0.60 0.70 $ 2.43 2.46
稀釋後每股普通股收益
 $ 0.59 0.69 $ 2.39 2.42

FineMark Holdings, Inc.
Consolidated Financial Highlights
Fourth Quarter 2021
Unaudited

FineMark控股公司
綜合財務亮點
2021年第四季度
未經審計

$ in thousands except for share data
 4th Qtr 2021 3rd Qtr 2021 2nd Qtr 2021 1st Qtr 2021 4th Qtr 2020 2021 2020
$ Earnings
Net Interest Income
 $ 17,155 16,496 15,640 15,398 15,312 64,689 58,174
Provision for loan loss
 $ 18 (834 ) 540 307 610 31 4,986
Non-interest Income
 $ 7,712 7,617 7,234 6,461 6,113 29,024 22,902
Gain on sale of securities available for sale
 $ - - 243 659 584 902 5,712
Loss on extinguishment of debt
 $ (244 ) - (400 ) (555 ) (160 ) (1,199 ) (160 )
Gain on termination of swap
 $ 1,212 - - - - 1,212 -
Non-interest Expense
 $ 17,161 15,599 15,078 14,370 13,164 62,208 53,073
Earnings before income taxes
 $ 8,656 9,348 7,099 7,286 8,075 32,389 28,569
Taxes
 $ 1,653 2,292 1,703 1,714 1,789 7,362 6,613
Net Income
 $ 7,003 7,056 5,396 5,572 6,286 25,027 21,956
Basic earnings per share
 $ 0.60 0.62 0.59 0.62 0.70 2.43 2.46
Diluted earnings per share
 $ 0.59 0.61 0.58 0.61 0.69 2.39 2.42
Performance Ratios
Return on average assets*
 0.88 % 0.92 % 0.74 % 0.78 % 0.93 % 0.83 % 0.89 %
Return on risk weighted assets*
 1.55 % 1.56 % 1.28 % 1.37 % 1.60 % 1.39 % 1.49 %
Return on average equity*
 9.22 % 9.39 % 9.89 % 10.48 % 12.12 % 9.66 % 11.20 %
Yield on earning assets*
 2.67 % 2.71 % 2.79 % 2.81 % 2.95 % 2.74 % 3.23 %
Cost of funds*
 0.46 % 0.51 % 0.57 % 0.58 % 0.62 % 0.53 % 0.81 %
Net Interest Margin*
 2.24 % 2.24 % 2.24 % 2.25 % 2.36 % 2.24 % 2.45 %
Efficiency ratio
 69.70 % 64.69 % 66.37 % 65.43 % 60.24 % 66.59 % 61.27 %
Capital
Tier 1 leverage capital ratio
 9.73 % 9.88 % 9.27 % 7.37 % 7.48 % 9.73 % 7.48 %
Common equity risk-based capital ratio
 17.24 % 16.80 % 15.96 % 12.91 % 12.94 % 17.24 % 12.94 %
Tier 1 risk-based capital ratio
 17.24 % 16.80 % 15.96 % 12.91 % 12.94 % 17.24 % 12.94 %
Total risk-based capital ratio
 20.64 % 20.22 % 19.68 % 17.36 % 17.52 % 20.64 % 17.52 %
Book value per share
 $ 26.29 $ 26.32 $ 25.20 $ 23.20 $ 23.57 $ 26.29 $ 23.57
Tangible book value per share
 $ 26.29 $ 26.32 $ 25.20 $ 23.20 $ 23.57 $ 26.29 $ 23.57
Asset Quality
Net charge-offs (recoveries)
 $ 541 (4 ) (1 ) (6 ) 37 530 42
Net charge-offs (recoveries) to average total loans
 0.03 % -0.00 % -0.00 % -0.00 % 0.00 % 0.03 % 0.00 %
Allowance for loan losses
 $ 20,283 20,806 21,636 21,095 20,782 20,283 20,782
Allowance to total loans
 1.01 % 1.03 % 1.10 % 1.10 % 1.11 % 1.01 % 1.11 %
Nonperforming loans
 $ 729 928 2,001 1,599 1,279 729 1,279
Other real estate owned
 $ - - - - - - -
Nonperforming loans to total loans
 0.04 % 0.05 % 0.10 % 0.08 % 0.07 % 0.04 % 0.07 %
Nonperforming assets to total assets
 0.02 % 0.03 % 0.07 % 0.06 % 0.04 % 0.02 % 0.04 %
Loan Composition (% of Total Gross Loans)
1-4 Family
 51.8 % 52.0 % 53.6 % 52.4 % 53.1 % 51.7 % 53.1 %
Commercial Loans
 10.2 % 11.0 % 11.2 % 13.1 % 13.4 % 10.2 % 13.4 %
Commercial Real Estate
 21.7 % 21.0 % 21.1 % 19.5 % 18.9 % 21.7 % 18.9 %
Construction Loans
 8.3 % 8.2 % 6.7 % 7.7 % 7.6 % 8.3 % 7.6 %
Other Loans
 8.0 % 7.8 % 7.4 % 7.3 % 7.0 % 8.0 % 7.0 %
End of Period Balances
Total Assets
 $ 3,377,198 3,083,569 2,982,969 2,874,148 2,851,416 3,377,198 2,851,416
Investments
 $ 978,228 887,244 720,893 668,823 654,141 978,228 654,141
Loans, net of allowance
 $ 1,996,362 2,002,778 1,945,541 1,889,770 1,850,293 1,996,362 1,850,293
Total Deposits
 $ 2,734,120 2,429,920 2,358,263 2,297,031 2,224,954 2,734,120 2,224,954
Other borrowings
 $ 1,873 3,456 5,790 12,144 5,612 1,873 5,612
Subordinated Debt
 $ 40,919 40,898 40,876 50,737 50,712 40,919 50,712
FHLB Advances
 $ 264,016 284,080 284,144 284,207 334,271 264,016 334,271
Total Shareholders Equity
 $ 305,062 304,782 271,005 210,400 211,057 305,062 211,057
Wealth Management
Trust fees
 $ 7,030 7,012 6,628 5,968 5,591 26,638 20,880
Assets Under Administration
Balance at beginning of period
 $ 5,739,551 5,688,110 5,304,562 5,091,408 4,622,464 5,091,408 4,472,585
Net investment appreciation (depreciation) & income
 $ 279,391 (71,467 ) 242,924 75,199 349,016 526,048 198,346
Net client asset flows
 $ 181,465 122,908 140,623 137,955 119,928 582,951 420,477
Balance at end of period
 $ 6,200,406 5,739,551 5,688,110 5,304,562 5,091,408 6,200,406 5,091,408
Percentage of AUA that are managed
 88 % 88 % 89 % 89 % 89 % 88 % 89 %
Stock Valuation
Closing Market Price (OTCQX)
 $ 33.60 34.00 33.00 30.00 23.41 $ 33.60 $ 23.41
Multiple of Tangible Book Value
 1.28 1.29 1.31 1.29 0.99 $ 1.28 $ 0.99
$(以千為單位)，共享數據除外
 2021年第四季度 2021年第三季度 2021年第二季度 2021年第一季度 2020第四季度 2021 2020
$收入
淨利息收入
 $ 17,155 16,496 15,640 15,398 15,312 64,689 58,174
貸款損失準備金
 $ 18 (834 ) 540 307 610 31 4,986
非利息收入
 $ 7,712 7,617 7,234 6,461 6,113 29,024 22,902
出售可供出售的證券的收益
 $ - - 243 659 584 902 5,712
債務清償損失
 $ (244 ) - (400 ) (555 ) (160 ) (1,199 ) (160 )
掉期終止收益
 $ 1,212 - - - - 1,212 -
非利息支出
 $ 17,161 15,599 15,078 14,370 13,164 62,208 53,073
所得税前收益
 $ 8,656 9,348 7,099 7,286 8,075 32,389 28,569
税費
 $ 1,653 2,292 1,703 1,714 1,789 7,362 6,613
淨收入
 $ 7,003 7,056 5,396 5,572 6,286 25,027 21,956
基本每股收益
 $ 0.60 0.62 0.59 0.62 0.70 2.43 2.46
稀釋後每股收益
 $ 0.59 0.61 0.58 0.61 0.69 2.39 2.42
性能比率
平均資產回報率**
 0.88 % 0.92 % 0.74 % 0.78 % 0.93 % 0.83 % 0.89 %
風險加權資產收益率**
 1.55 % 1.56 % 1.28 % 1.37 % 1.60 % 1.39 % 1.49 %
平均股本回報率**
 9.22 % 9.39 % 9.89 % 10.48 % 12.12 % 9.66 % 11.20 %
盈利資產收益率*
 2.67 % 2.71 % 2.79 % 2.81 % 2.95 % 2.74 % 3.23 %
資金成本*
 0.46 % 0.51 % 0.57 % 0.58 % 0.62 % 0.53 % 0.81 %
淨息差**
 2.24 % 2.24 % 2.24 % 2.25 % 2.36 % 2.24 % 2.45 %
效率比
 69.70 % 64.69 % 66.37 % 65.43 % 60.24 % 66.59 % 61.27 %
資本
一級槓桿資本比率
 9.73 % 9.88 % 9.27 % 7.37 % 7.48 % 9.73 % 7.48 %
普通股風險資本比率
 17.24 % 16.80 % 15.96 % 12.91 % 12.94 % 17.24 % 12.94 %
一級風險資本比率
 17.24 % 16.80 % 15.96 % 12.91 % 12.94 % 17.24 % 12.94 %
總風險資本比率
 20.64 % 20.22 % 19.68 % 17.36 % 17.52 % 20.64 % 17.52 %
每股賬面價值
 $ 26.29 $ 26.32 $ 25.20 $ 23.20 $ 23.57 $ 26.29 $ 23.57
每股有形賬面價值
 $ 26.29 $ 26.32 $ 25.20 $ 23.20 $ 23.57 $ 26.29 $ 23.57
資產質量
淨沖銷(收回)
 $ 541 (4 ) (1 ) (6 ) 37 530 42
淨沖銷(收回)與平均貸款總額之比
 0.03 % -0.00 % -0.00 % -0.00 % 0.00 % 0.03 % 0.00 %
貸款損失撥備
 $ 20,283 20,806 21,636 21,095 20,782 20,283 20,782
貸款總額的免税額
 1.01 % 1.03 % 1.10 % 1.10 % 1.11 % 1.01 % 1.11 %
不良貸款
 $ 729 928 2,001 1,599 1,279 729 1,279
擁有的其他房地產
 $ - - - - - - -
不良貸款佔總貸款的比例
 0.04 % 0.05 % 0.10 % 0.08 % 0.07 % 0.04 % 0.07 %
不良資產佔總資產的比例
 0.02 % 0.03 % 0.07 % 0.06 % 0.04 % 0.02 % 0.04 %
貸款構成(佔貸款總額的百分比)
1-4個家庭
 51.8 % 52.0 % 53.6 % 52.4 % 53.1 % 51.7 % 53.1 %
商業貸款
 10.2 % 11.0 % 11.2 % 13.1 % 13.4 % 10.2 % 13.4 %
商業地產
 21.7 % 21.0 % 21.1 % 19.5 % 18.9 % 21.7 % 18.9 %
建築貸款
 8.3 % 8.2 % 6.7 % 7.7 % 7.6 % 8.3 % 7.6 %
其他貸款
 8.0 % 7.8 % 7.4 % 7.3 % 7.0 % 8.0 % 7.0 %
期末餘額
總資產
 $ 3,377,198 3,083,569 2,982,969 2,874,148 2,851,416 3,377,198 2,851,416
投資
 $ 978,228 887,244 720,893 668,823 654,141 978,228 654,141
貸款，扣除津貼後的淨額
 $ 1,996,362 2,002,778 1,945,541 1,889,770 1,850,293 1,996,362 1,850,293
總存款
 $ 2,734,120 2,429,920 2,358,263 2,297,031 2,224,954 2,734,120 2,224,954
其他借款
 $ 1,873 3,456 5,790 12,144 5,612 1,873 5,612
次級債
 $ 40,919 40,898 40,876 50,737 50,712 40,919 50,712
FHLB進展
 $ 264,016 284,080 284,144 284,207 334,271 264,016 334,271
總股東權益
 $ 305,062 304,782 271,005 210,400 211,057 305,062 211,057
財富管理
信託費
 $ 7,030 7,012 6,628 5,968 5,591 26,638 20,880
受管理的資產
期初餘額
 $ 5,739,551 5,688,110 5,304,562 5,091,408 4,622,464 5,091,408 4,472,585
淨投資增值(折舊)和收益
 $ 279,391 (71,467 ) 242,924 75,199 349,016 526,048 198,346
淨客户資產流動
 $ 181,465 122,908 140,623 137,955 119,928 582,951 420,477
期末餘額
 $ 6,200,406 5,739,551 5,688,110 5,304,562 5,091,408 6,200,406 5,091,408
管理的AUA百分比
 88 % 88 % 89 % 89 % 89 % 88 % 89 %
股票估值
收盤價(OTCQX)
 $ 33.60 34.00 33.00 30.00 23.41 $ 33.60 $ 23.41
有形賬面價值的倍數
 1.28 1.29 1.31 1.29 0.99 $ 1.28 $ 0.99

*annualized

*按年計算

SOURCE: FineMark Holdings, Inc.

資料來源：FineMark控股公司


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