FORT MYERS, FL / ACCESSWIRE / April 20, 2021 / FineMark Holdings, Inc. (the "Holding Company"; OTCQX:FNBT), the parent company of FineMark National Bank & Trust (the "Bank"; collectively, "FineMark"), today announced first quarter 2021 net income of $5.6 million (or $0.61 per diluted share). This compares to net income of $5.1 million (or $0.56 per diluted share) reported for the first quarter of 2020.
FIRST QUARTER FINANCIAL HIGHLIGHTS
FineMark's net income was up 9.5% over the first quarter of last year, reflecting the continued growth of our loan portfolio and trust business. Net interest income increased 22% year-over-year, due to significant growth in earning assets coupled with a low cost of funds. Assets under management and administration have increased 35% over the past 12 months, reflecting gains in equity markets and significant net inflows of client assets.
As of March 31, 2021, total assets stand at $2.9 billion compared to $2.5 billion a year earlier. As the Bank continues to grow steadily, we are investing in our people, technology, cybersecurity, and operations to support the growth.
Quarterly pre-tax operating income was $7.3 million, down from the previous quarter due to an increase in non-interest expenses as we reinvest in our infrastructure. Our operating income also reflects a loss from prepaying Federal Home Loan Bank advances, which will generate future interest savings.
Highlights of first quarter 2021 performance on a year-over-year basis include:
- Return on average assets (ROAA) was 0.78% (down from 0.92%); return on risk-weighted assets (ROWA) was 1.37% (down from 1.46%); and return on average equity (ROAE) was 10.48% (down from 11.11%). These decreases were due to a higher asset base and lower realized securities gains
- Cost of funds decreased 68 basis points to 0.58%
- Trust and investment fees increased 18% to $6.0 million, representing 27% of total revenue
- Assets under management and administration increased 35% to $5.3 billion
- Loans (net of allowances) increased 19% to $1.9 billion
- Deposits increased 26% to $2.3 billion, despite moving $100 million in deposits off the balance sheet in the first quarter of 2021
- Net interest income increased 22% to $15.4 million
COVID-19: ONGOING IMPACT AND OUR RESPONSE
As vaccination efforts continue to gain momentum and the U.S. economy progresses toward fully reopening, we remain focused on practicing COVID-19 safety protocols while delivering exceptional service to our clients and producing a strong financial performance for our shareholders. Our ability to grow our high-quality loan portfolio, increase trust assets, and generate strong earnings during the pandemic is a direct result of our associates' commitment to our high-touch, relationship- driven approach.
Operations and Safety: Our associates continued to serve our clients through productive meetings held using videoconferencing technology in the first quarter of 2021, as well as through a growing number of in-person meetings at many of our offices. An influx of new trust clients during the quarter reflects the strong relationships we have developed with our existing clients, which lead to a steady flow of referrals.
Loan Forbearance: The credit quality of our loan portfolio remains strong, and no new COVID-related provisions for loan losses were made in the first quarter. As of March 31, 2021, only two loans (totaling $1.2 million) remain in forbearance; we do not expect any losses to occur from these loans. This data highlights our prudent approach to lending: we continue to focus on growing our loan portfolio through relationship-building-not through increased transaction volume.
Paycheck Protection Program (PPP): We are pleased to have assisted approximately 700 small business owners since the PPP program began last year. For many, this was the lifeline they needed to endure the pandemic. In total, we have originated $124 million in PPP loans, with $26 million in 2021, in the third round of the program. As of March 31, 2021, we have $79.8 million in PPP loans outstanding, with $44.2 million forgiven by the Small Business Administration.
NET INTEREST INCOME AND MARGIN
The Federal Reserve remains committed to an ultra-low, short-term interest rate target for the next two to three years and we continue to seek ways to offset the downward pressure on interest income.
Net interest income for the first quarter rose 22% year-over-year to $15.4 million, reflecting a reduction in the cost of funds and growth in our deposit base. Deposits increased 3% from the previous quarter and 26% year-over-year.
Our average cost of funds declined to 0.58% this quarter (versus 0.62% in the previous quarter) and 1.26% in the pre- pandemic first quarter of 2020. The yield on earning assets also decreased, declining to 2.81% versus 2.95% in the previous quarter. As a result, the net interest margin decreased to 2.25% in the first quarter, down from 2.36%. This margin compression was caused by declining yields as well as $21.3 million in subordinated debt, which was added to the balance sheet in November 2020.
NON-INTEREST INCOME
Our overall growth continues to benefit from a sound performance in our trust and investment business, as measured by assets under management and administration. As of March 31, 2021, FineMark had a total of $5.3 billion in assets under management and administration, up 35% on a year-over-year basis. During the first quarter of 2021, we added nearly $138 million in net assets from new and existing clients, demonstrating our ability to expand our current relationships, while also developing new ones.
The U.S. equity market delivered strong (albeit somewhat volatile) returns in the first quarter, which contributed to the growth in trust assets. Trust fees for the quarter totaled $6.0 million, an increase of 18% on a year-over-year basis.
FineMark realized gains of $659,000 from the sale of debt securities in the first quarter, down from $2.7 million in the fourth quarter of 2020. As previously noted, the first quarter 2021 sales were arranged primarily to offset a $555,000 prepay penalty on $50 million in Federal Home Loan Bank advances, a move that will generate interest savings of $709,000 annually.
NON-INTEREST EXPENSES
As FineMark's loan portfolio, deposit base, and trust business continue to grow, certain expenses increased in the first quarter to enable us to maintain the Bank's high level of client service. Non-interest expenses totaled $14.4 million; a 9% increase compared to the fourth quarter of 2020. This higher expense is mostly due to the hiring of 10 new associates (predominantly in Risk Management and Operations), as well as investments in cybersecurity and technology. Our focus remains fixed on maintaining the level of service required to meet our high standards.
CREDIT QUALITY
The quality of FineMark's loan portfolio remains strong with $2.4 million in classified loans (loans that may potentially default) as of March 31, 2021, down slightly from $2.7 million the previous quarter. The Bank's ratio of classified loans to total capital is exceptionally low at 1.05% compared to an industry average of 14.5%. Total non-performing loans rose slightly year-over-year to $1.6 million (or 0.08% of total loans).
The allowance for loan losses at the end of the first quarter was $21 million, up 1.5% from the previous quarter and up 24% year-over-year. This increase reflects the growth in our loan portfolio and includes a special COVID-related provision of $2.5 million, which was added in the first half of 2020 and in line with industry practice. Loan loss allowances represent 1.10% of total loans outstanding as of March 31, 2021, compared to 1.11% in the previous quarter and 1.06% a year earlier.
Management believes these reserves are sufficient to support the risks in the Bank's loan portfolio. The residential real estate market, which represents the majority of our loan portfolio, has been exceptionally strong during the pandemic. Only 13% of our loan portfolio consists of commercial loans (including PPP loans, which are extinguished when they are forgiven by the Small Business Administration) and we have no concentration in sectors highly affected by COVID-19 interruptions.
Management is pleased with the credit quality of the Bank's loan portfolio and will continue to monitor economic conditions to determine whether additional provisions are necessary. We believe our commitment to knowing our clients'-and working proactively with them to achieve solutions-continues to serve our shareholders well.
CAPITAL AND LIQUIDITY
All of FineMark's capital ratios continue to be in excess of regulatory requirements for "well-capitalized" banks. As of March 31, 2021, the Bank's tier 1 leverage ratio was 9.23%. FineMark (the consolidated entity)'s tier 1 leverage ratio was 7.34% and the total risk-based capital ratio was 17.37%.
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 www.finemarkbank.com.
CONTACT:
Ryan Roberts , Investor Relations
8695 College Pkwy Suite 100
Fort Myers, FL 33919
239-461-3850
[email protected]
| FINEMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||
|
|
|||||||||||
| Consolidated Balance Sheets ($ in thousands, except share amounts) |
|||||||||||
|
|
|||||||||||
|
|
March 31, | December 31, | |||||||||
|
Assets
|
2021 | 2020 | |||||||||
|
|
(Unaudited) | ||||||||||
|
Cash and due from banks
|
$ | 195,726 | 227,921 | ||||||||
|
Debt securities available for sale
|
604,246 | 589,233 | |||||||||
|
Debt securities held to maturity
|
64,577 | 64,908 | |||||||||
|
Loans, net of allowance for loan losses of $21,095
|
|||||||||||
|
and $20,782
|
1,889,770 | 1,850,293 | |||||||||
|
Federal Home Loan Bank stock
|
12,082 | 16,155 | |||||||||
|
Federal Reserve Bank stock
|
4,767 | 4,397 | |||||||||
|
Premises and equipment, net
|
42,262 | 41,303 | |||||||||
|
Operating lease right-of-use assets
|
7,334 | 7,674 | |||||||||
|
Accrued interest receivable
|
7,582 | 7,604 | |||||||||
|
Deferred tax asset
|
2,238 | - | |||||||||
|
Bank-owned life insurance
|
35,160 | 34,963 | |||||||||
|
Other assets
|
8,404 | 6,965 | |||||||||
|
|
|||||||||||
|
Total assets
|
$ | 2,874,148 | 2,851,416 | ||||||||
|
|
|||||||||||
|
Liabilities and Shareholders' Equity
|
|||||||||||
|
|
|||||||||||
|
Liabilities:
|
|||||||||||
|
Noninterest-bearing demand deposits
|
393,574 | 352,281 | |||||||||
|
Savings, NOW and money-market deposits
|
1,819,961 | 1,788,441 | |||||||||
|
Time deposits
|
83,496 | 84,232 | |||||||||
|
|
|||||||||||
|
Total deposits
|
2,297,031 | 2,224,954 | |||||||||
|
|
|||||||||||
|
Official checks
|
4,863 | 5,883 | |||||||||
|
Other borrowings
|
12,144 | 5,612 | |||||||||
|
Federal Home Loan Bank advances
|
284,207 | 334,271 | |||||||||
|
Operating lease liabilities
|
7,499 | 7,849 | |||||||||
|
Subordinated debt
|
50,737 | 50,712 | |||||||||
|
Deferred tax liability
|
- | 202 | |||||||||
|
Other liabilities
|
7,267 | 10,876 | |||||||||
|
|
|||||||||||
|
Total liabilities
|
2,663,748 | 2,640,359 | |||||||||
|
|
|||||||||||
|
|
|||||||||||
|
|
|||||||||||
|
Shareholders' equity:
|
|||||||||||
|
Common stock, $.01 par value; 50,000,000 shares authorized,
|
|||||||||||
|
9,068,669 and 8,955,427 shares issued and outstanding in 2021 and 2020
|
91 | 90 | |||||||||
|
Additional paid-in capital
|
123,688 | 122,629 | |||||||||
|
Retained earnings
|
85,692 | 80,120 | |||||||||
|
Accumulated other comprehensive income
|
929 | 8,218 | |||||||||
|
|
|||||||||||
|
Total shareholders' equity
|
210,400 | 211,057 | |||||||||
|
|
|||||||||||
|
Total liabilities and shareholders' equity
|
$ | 2,874,148 | 2,851,416 | ||||||||
|
|
|||||||||||
|
Book Value per Share |
23.20 | 23.57 | |||||||||
|
See Accompanying Notes to Consolidated Financial Statements
|
18 | ||||||||||
|
|
|||||||||||
| FINEMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||||
|
|
|
||||||||||||||
| Consolidated Statements of Earnings ($ in thousands, except per share amounts) |
|||||||||||||||
| Unaudited | |||||||||||||||
|
|
|
Three Months Ended | |||||||||||||
|
|
|
March 31, | |||||||||||||
|
|
|
2021 | 2020 | ||||||||||||
|
Interest income:
|
|
||||||||||||||
|
Loans
|
|
$ | 16,475 | 15,769 | |||||||||||
|
Debt securities
|
|
2,468 | 2,861 | ||||||||||||
|
Dividends on Federal Home Loan Bank stock
|
165 | 185 | |||||||||||||
|
Other
|
|
117 | 138 | ||||||||||||
|
|
|||||||||||||||
|
Total interest income
|
19,225 | 18,953 | |||||||||||||
|
|
|||||||||||||||
|
Interest expense:
|
|
||||||||||||||
|
Deposits
|
|
1,041 | 3,969 | ||||||||||||
|
Federal Home Loan Bank advances
|
2,094 | 1,906 | |||||||||||||
|
Subordinated debt
|
|
692 | 453 | ||||||||||||
|
|
|||||||||||||||
|
Total interest expense
|
3,827 | 6,328 | |||||||||||||
|
|
|||||||||||||||
|
Net interest income
|
15,398 | 12,625 | |||||||||||||
|
|
|||||||||||||||
|
Provision for loan losses
|
307 | 1,183 | |||||||||||||
|
|
|||||||||||||||
|
Net interest income after provision for loan losses
|
15,091 | 11,442 | |||||||||||||
|
|
|||||||||||||||
|
Noninterest income:
|
|
||||||||||||||
|
Trust fees
|
|
5,968 | 5,055 | ||||||||||||
|
Income from bank-owned life insurance
|
197 | 212 | |||||||||||||
|
Income from solar farms
|
64 | 63 | |||||||||||||
|
Gain on sale of debt securities available for sale
|
659 | 2,691 | |||||||||||||
|
(Loss) on extinguishment of debt
|
(555 | ) | - | ||||||||||||
|
Other fees and service charges
|
232 | 260 | |||||||||||||
|
|
|||||||||||||||
|
Total noninterest income
|
6,565 | 8,281 | |||||||||||||
|
|
|||||||||||||||
|
Noninterest expenses:
|
|||||||||||||||
|
Salaries and employee benefits
|
8,904 | 7,989 | |||||||||||||
|
Occupancy
|
|
1,529 | 1,431 | ||||||||||||
|
Information systems
|
1,538 | 1,208 | |||||||||||||
|
Professional fees
|
|
426 | 350 | ||||||||||||
|
Marketing and business development
|
185 | 494 | |||||||||||||
|
Regulatory assessments
|
393 | 303 | |||||||||||||
|
Other
|
|
1,395 | 1,251 | ||||||||||||
|
|
|||||||||||||||
|
Total noninterest expense
|
14,370 | 13,026 | |||||||||||||
|
|
|||||||||||||||
|
Earnings before income taxes
|
7,286 | 6,697 | |||||||||||||
|
|
|||||||||||||||
|
Income taxes
|
1,714 | 1,610 | |||||||||||||
|
|
|||||||||||||||
|
Net earnings
|
|
$ | 5,572 | 5,087 | |||||||||||
|
|
|||||||||||||||
|
Weighted average common shares outstanding - basic
|
9,023 | 8,900 | |||||||||||||
|
Weighted average common shares outstanding - diluted
|
9,191 | 9,058 | |||||||||||||
|
|
|||||||||||||||
|
Per share information:
|
Basic earnings per common share
|
$ | 0.62 | 0.57 | |||||||||||
|
Diluted earnings per common share
|
$ | 0.61 | 0.56 | ||||||||||||
|
|
|||||||||||||||
|
FineMark Holdings, Inc.
Consolidated Financial Highlights First Quarter 2021 Unaudited
|
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
$ in thousands except for share data
|
1st Qtr 2021 | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020 | 1st Qtr 2020 | 2021 | 2020 | |||||||||||||||||||||
|
$ Earnings
|
||||||||||||||||||||||||||||
|
Net Interest Income
|
$ | 15,398 | 15,312 | 15,205 | 15,032 | 12,625 | 15,398 | 12,625 | ||||||||||||||||||||
|
Provision for loan loss
|
$ | 307 | 610 | 630 | 2,563 | 1,183 | 307 | 1,183 | ||||||||||||||||||||
|
Non-interest Income
|
$ | 6,461 | 6,113 | 5,858 | 5,341 | 5,590 | 6,461 | 5,590 | ||||||||||||||||||||
|
Gain on sale of securities available for sale
|
$ | 659 | 584 | 1,066 | 1,371 | 2,691 | 659 | 2,691 | ||||||||||||||||||||
|
Debt extinguishment gains/(losses)
|
$ | (555 | ) | (160 | ) | - | - | - | (555 | ) | - | |||||||||||||||||
|
Non-interest Expense
|
$ | 14,370 | 13,164 | 14,069 | 12,814 | 13,026 | 14,370 | 13,026 | ||||||||||||||||||||
|
Earnings before income taxes
|
$ | 7,286 | 8,075 | 7,430 | 6,368 | 6,697 | 7,286 | 6,697 | ||||||||||||||||||||
|
Taxes
|
$ | 1,714 | 1,789 | 1,694 | 1,520 | 1,610 | 1,714 | 1,610 | ||||||||||||||||||||
|
Net Income
|
$ | 5,572 | 6,286 | 5,736 | 4,847 | 5,087 | 5,572 | 5,087 | ||||||||||||||||||||
|
Basic earnings per share
|
$ | 0.62 | 0.70 | 0.65 | 0.54 | 0.57 | 0.62 | 0.57 | ||||||||||||||||||||
|
Diluted earnings per share
|
$ | 0.61 | 0.69 | 0.63 | 0.54 | 0.56 | 0.61 | 0.56 | ||||||||||||||||||||
|
Performance Ratios
|
||||||||||||||||||||||||||||
|
Return on average assets*
|
0.78 | % | 0.93 | % | 0.90 | % | 0.80 | % | 0.92 | % | 0.78 | % | 0.92 | % | ||||||||||||||
|
Return on risk weighted assets*
|
1.37 | % | 1.60 | % | 1.54 | % | 1.34 | % | 1.46 | % | 1.37 | % | 1.46 | % | ||||||||||||||
|
Return on average equity*
|
10.48 | % | 12.12 | % | 11.35 | % | 10.16 | % | 11.11 | % | 10.48 | % | 11.11 | % | ||||||||||||||
|
Yield on earning assets*
|
2.81 | % | 2.95 | % | 3.13 | % | 3.32 | % | 3.59 | % | 2.81 | % | 3.59 | % | ||||||||||||||
|
Cost of funds*
|
0.58 | % | 0.62 | % | 0.67 | % | 0.77 | % | 1.26 | % | 0.58 | % | 1.26 | % | ||||||||||||||
|
Net Interest Margin*
|
2.25 | % | 2.36 | % | 2.50 | % | 2.58 | % | 2.39 | % | 2.25 | % | 2.39 | % | ||||||||||||||
|
Efficiency ratio
|
65.43 | % | 60.24 | % | 63.58 | % | 58.92 | % | 62.31 | % | 65.43 | % | 62.31 | % | ||||||||||||||
|
Capital
|
||||||||||||||||||||||||||||
|
Tier 1 leverage capital ratio
|
7.34 | % | 7.48 | % | 7.71 | % | 7.89 | % | 8.35 | % | 7.34 | % | 8.35 | % | ||||||||||||||
|
Common equity risk-based capital ratio
|
12.91 | % | 12.94 | % | 13.20 | % | 13.15 | % | 14.10 | % | 12.91 | % | 14.10 | % | ||||||||||||||
|
Tier 1 risk-based capital ratio
|
12.91 | % | 12.94 | % | 13.20 | % | 13.15 | % | 14.10 | % | 12.91 | % | 14.10 | % | ||||||||||||||
|
Total risk-based capital ratio
|
17.36 | % | 17.52 | % | 16.57 | % | 16.56 | % | 17.67 | % | 17.36 | % | 17.67 | % | ||||||||||||||
|
Book value per share
|
$ | 23.20 | $ | 23.57 | $ | 23.01 | $ | 22.08 | $ | 20.74 | $ | 23.20 | $ | 20.74 | ||||||||||||||
|
Tangible book value per share
|
$ | 23.20 | $ | 23.57 | $ | 23.01 | $ | 22.08 | $ | 20.74 | $ | 23.20 | $ | 20.74 | ||||||||||||||
|
Asset Quality
|
||||||||||||||||||||||||||||
|
Net charge-offs (recoveries)
|
$ | (6 | ) | 3 | 3 | 9 | (7 | ) | -6 | (7 | ) | |||||||||||||||||
|
Net charge-offs (recoveries) to average total loans
|
-0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | -0.00 | % | (0.00 | )% | (0.00 | )% | ||||||||||||||
|
Allowance for loan losses
|
$ | 21,095 | 20,782 | 20,209 | 19,582 | 17,028 | 21,095 | 17,028 | ||||||||||||||||||||
|
Allowance to total loans
|
1.10 | % | 1.11 | % | 1.12 | % | 1.12 | % | 1.06 | % | 1.10 | % | 1.06 | % | ||||||||||||||
|
Nonperforming loans
|
$ | 1,599 | 1,279 | 1,098 | 1,560 | 1,184 | 1,599 | 1,184 | ||||||||||||||||||||
|
Other real estate owned
|
$ | - | - | - | - | - | - | - | ||||||||||||||||||||
|
Nonperforming loans to total loans
|
0.08 | % | 0.07 | % | 0.06 | % | 0.09 | % | 0.07 | % | 0.08 | % | 0.07 | % | ||||||||||||||
|
Nonperforming assets to total assets
|
0.06 | % | 0.04 | % | 0.04 | % | 0.06 | % | 0.05 | % | 0.06 | % | 0.05 | % | ||||||||||||||
|
Loan Composition (% of Total Gross Loans)
|
||||||||||||||||||||||||||||
|
1-4 Family
|
52.4 | % | 53.1 | % | 53.3 | % | 52.8 | % | 55.9 | % | 52.4 | % | 55.9 | % | ||||||||||||||
|
Commercial Loans
|
13.1 | % | 13.5 | % | 14.9 | % | 15.3 | % | 10.9 | % | 13.1 | % | 10.9 | % | ||||||||||||||
|
Commercial Real Estate
|
19.5 | % | 18.9 | % | 19.4 | % | 19.9 | % | 21.0 | % | 19.5 | % | 21.0 | % | ||||||||||||||
|
Construction Loans
|
7.7 | % | 7.6 | % | 6.8 | % | 6.7 | % | 6.6 | % | 7.7 | % | 6.6 | % | ||||||||||||||
|
Other Loans
|
7.3 | % | 7.0 | % | 5.5 | % | 5.3 | % | 5.6 | % | 7.3 | % | 5.6 | % | ||||||||||||||
|
End of Period Balances
|
||||||||||||||||||||||||||||
|
Assets
|
$ | 2,874,148 | 2,851,416 | 2,606,789 | 2,520,831 | 2,464,669 | 2,874,148 | 2,464,669 | ||||||||||||||||||||
|
Debt Securities
|
$ | 668,823 | 654,141 | 619,016 | 618,569 | 577,917 | 668,823 | 577,917 | ||||||||||||||||||||
|
Loans, net of allowance
|
$ | 1,889,770 | 1,850,293 | 1,789,905 | 1,727,853 | 1,584,767 | 1,889,770 | 1,584,767 | ||||||||||||||||||||
|
Deposits
|
$ | 2,297,031 | 2,224,954 | 1,978,922 | 1,919,966 | 1,824,174 | 2,297,031 | 1,824,174 | ||||||||||||||||||||
|
Other borrowings
|
$ | 12,144 | 5,612 | 14,920 | 9,121 | 112,527 | 12,144 | 112,527 | ||||||||||||||||||||
|
Subordinated Debt
|
$ | 50,737 | 50,712 | 29,622 | 29,610 | 29,598 | 50,737 | 29,598 | ||||||||||||||||||||
|
FHLB Advances
|
$ | 284,207 | 334,271 | 354,334 | 314,396 | 294,458 | 284,207 | 294,458 | ||||||||||||||||||||
|
Shareholders Equity
|
$ | 210,400 | 211,057 | 205,627 | 197,174 | 185,119 | 210,400 | 185,119 | ||||||||||||||||||||
|
Trust and Investment
|
||||||||||||||||||||||||||||
|
Fee Income
|
$ | 5,968 | 5,591 | 5,337 | 4,897 | 5,055 | 5,968 | 5,055 | ||||||||||||||||||||
|
Assets Under Administration
|
||||||||||||||||||||||||||||
|
Balance at beginning of period
|
$ | 5,091,408 | 4,622,464 | 4,382,810 | 3,932,309 | 4,472,585 | 5,091,408 | 4,472,585 | ||||||||||||||||||||
|
Net investment appreciation (depreciation) & income
|
$ | 75,199 | 349,016 | 166,182 | 389,677 | (706,530 | ) | 75,199 | (706,530 | ) | ||||||||||||||||||
|
Net client asset flows
|
$ | 137,955 | 119,928 | 73,472 | 60,824 | 166,253 | 137,955 | 166,253 | ||||||||||||||||||||
|
Balance at end of period
|
$ | 5,304,562 | 5,091,408 | 4,622,464 | 4,382,810 | 3,932,309 | 5,304,562 | 3,932,309 | ||||||||||||||||||||
|
Percentage of AUA that are managed
|
89 | % | 89 | % | 90 | % | 89 | % | 88 | % | 89 | % | 88 | % | ||||||||||||||
|
Stock Valuation
|
||||||||||||||||||||||||||||
|
Closing Market Price (OTCQX)
|
$ | 30.00 | 23.41 | 19.85 | 21.60 | 21.00 | $ | 30.00 | $ | 21.00 | ||||||||||||||||||
|
Multiple of Tangible Book Value
|
1.29 | 0.99 | 0.86 | 1.0 | 1.0 | $ | 1.29 | $ | 1.01 | |||||||||||||||||||
|
*annualized
|
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
SOURCE: FineMark Holdings, Inc.