FORT MYERS, FL / ACCESSWIRE / April 18, 2022 / FineMark Holdings, Inc. (the "Holding Company"); (OTCQX:FNBT), the parent company of FineMark National Bank & Trust (the "Bank"; collectively, "FineMark"), today reported net revenues of $26.3 million for the first quarter ended March 31, 2022, compared to $22 million in the first quarter of 2021. Net income was $6.9 million, or $.58 per diluted share, compared with net income of $5.6 million, or $.61 per diluted share, for the same period a year ago.
Joseph R. Catti, Chairman & Chief Executive Officer:
"FineMark delivered strong results for the first quarter, despite volatility in the equity markets and the horrific Russian invasion of Ukraine. The war has resulted in unthinkable human suffering and the global economic consequences are just beginning to materialize. Despite all of this uncertainty around the world and in the US, our people once again proved they are relentless in their focus to serve our clients and our communities, in any given situation."
Net Interest Income & Margin
For the first quarter of 2022, FineMark's net interest income totaled $17.5 million, up 14% from the year prior. This increase was largely due to growth in the Bank's investment portfolio (78% increase year-over-year), continued loan growth, and the repayment of $71 million in Federal Home Loan Bank (FHLB) advances, which reduced the Bank's interest expense by $67,000 for the quarter.
The Bank also purchased $289 million in high-quality investment grade bonds which generated $707,000 in interest income for the quarter. The investment portfolio now represents 35% of total assets. Total interest income grew by 8%.
As a result of the overall low interest rate environment, the Bank ended the quarter with a net interest margin of 2.14% (down from 2.25% in first quarter 2021).
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Investment Income | $ | 3,679 | $ | 2,750 | 34 | % | ||||||
Loan Income | $ | 17,032 | $ | 16,475 | 3 | % | ||||||
Total Interest Income | $ | 20,711 | $ | 19,225 | 8 | % | ||||||
Deposit Expense | $ | 991 | $ | 1,041 | -5 | % | ||||||
FHLB Borrowing Expense | $ | 1,640 | $ | 2,094 | -22 | % | ||||||
Subordinated Debt | $ | 541 | $ | 692 | -22 | % | ||||||
Total Interest Expense | $ | 3,172 | $ | 3,827 | -17 | % | ||||||
Net Interest Income | $ | 17,539 | $ | 15,398 | 14 | % | ||||||
Net Interest Margin | 2.14 | % | 2.25 | % | ||||||||
Loan Yield | 3.45 | % | 3.53 | % | ||||||||
Investment Yield | 1.25 | % | 1.53 | % | ||||||||
Cost of Funds | 0.41 | % | 0.58 | % | ||||||||
Non-Interest Income
Due to our high-touch, relationship-driven approach to service, FineMark experienced significant growth in the trust and investment business, adding $221.3 million in assets from new and existing clients, compared with $146.9 million in the first quarter of 2021. During a period of high market volatility, the Bank's assets under management and administration grew 13%. In addition, the Bank realized gains of $618,000 on the repayment of the FHLB debt, previously mentioned.
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Trust Recurring Fees | $ | 6,710 | $ | 5,886 | 14 | % | ||||||
Estate Settlement Fees | $ | 288 | $ | 82 | 251 | % | ||||||
Other Non-Interest Income | $ | 1,193 | $ | 493 | 142 | % | ||||||
Total Non-Interest Income | $ | 8,191 | $ | 6,461 | 27 | % | ||||||
Debt Extinguishment Gains/(Losses) | $ | 618 | $ | (555 | ) | 211 | % | |||||
Securities Gains/(Losses) | $ | 0 | $ | 659 | -100 | % | ||||||
Total Gains/(Losses) | $ | 618 | $ | 104 | 494 | % | ||||||
Non-Interest Expense
Non-interest expense increased 18% for a total of $17 million in the first quarter of 2022, compared to $14.4 million first quarter 2021. This increase is primarily due to salary expense, which rose 20%. As FineMark continues to grow, additional expenses are incurred to maintain high service levels, which included 14 new associates hired in the first quarter. FineMark's efficiency ratio decreased to 64.5%, compared to 65.4% in the first quarter of last year.
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Salary Expense | $ | 9,056 | $ | 7,537 | 20 | % | ||||||
Employee Benefits Expense | $ | 1,445 | $ | 1,367 | 6 | % | ||||||
Occupancy Expense | $ | 1,908 | $ | 1,529 | 25 | % | ||||||
Information Systems Expense | $ | 1,522 | $ | 1,538 | -1 | % | ||||||
Other Non-Interest Expense | $ | 3,069 | $ | 2,399 | 28 | % | ||||||
Total Non-Interest Expense | $ | 17,000 | $ | 14,370 | 18 | % | ||||||
Tax Expense | $ | 2,027 | $ | 1,714 | 18 | % | ||||||
Credit Quality
FineMark maintained strong asset quality during the first quarter. Loan production totaled $210 million for the quarter, compared to $211 million last year. While loan production was robust, loan paydowns were $175 million, resulting in net loan growth of $35 million or 8%. These figures mirror results for the same period last year.
The Bank remains committed to maintaining its high credit standards through our relationship-centered approach to banking. Loan decisions are always based on an in-depth understanding of each borrower's needs and unique financial situation. As a result, the Bank has experienced minimal loan defaults through various market cycles.
At the end of the quarter, non-performing loans were $714,000, or .04% of total loans, a decrease from .08% compared to the first quarter of 2021. Additionally, only $299,000, or .01% of total loans, were past due at the end of Q1 2022, a 96% decrease from a year ago. The current allowance is $20.7 million (or 1.01% of gross loans).
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Gross Loans | $ | 2,053,171 | $ | 1,910,865 | 7 | % | ||||||
Allowance for Loan Losses | $ | 20,745 | $ | 21,095 | -2 | % | ||||||
Net Loans | $ | 2,032,426 | $ | 1,889,770 | 8 | % | ||||||
Net Recoveries/(Charge-Offs) | $ | 13 | $ | 6 | 117 | % | ||||||
Non-Accrual Loans | $ | 714 | $ | 1,599 | -55 | % | ||||||
Non-Accrual Loans/Gross Loans | 0.04 | % | 0.08 | % | ||||||||
Past Due 30-89 Days | $ | 299 | $ | 6,874 | -96 | % | ||||||
Past Due Loans/Gross Loans | 0.01 | % | 0.36 | % | ||||||||
Capital
All capital ratios continue to exceed regulatory requirements for "well-capitalized" banks. On March 31, 2022, FineMark's Tier 1 leverage ratio on a consolidated basis was 9.22%; the total risk-based capital ratio was 20.25%.
Rising interest rates toward the end of the quarter resulted in a $41 million net unrealized loss on the Bank's investment portfolio. This unrealized loss does not reflect bond credit quality; rather, it shows how rapidly interest rates have increased. Because the Bank intends to hold these bonds to maturity, the losses are likely to remain unrealized. This unrealized loss resulted in a book value per share of $23.82 on March 31, 2022, compared to $23.20 a year prior. Excluding the unrealized loss, book value per share would have been $27.37.
Return on average equity (ROAE) decreased to 9.17% this quarter, compared to 10.48% for the first quarter of 2021. This reduction is due to the higher capital levels from the stock offering in 2021.
($ in thousands) | Q1 2022 | Q1 2021 | % Change | |||||||||
Tier 1 Capital | $ | 319,244 | $ | 209,471 | 52 | % | ||||||
Net Unrealized Gain/(Loss) | $ | (41,430 | ) | $ | 929 | -4560 | % | |||||
Total Capital | $ | 277,814 | $ | 210,400 | 32 | % | ||||||
Tier 1 Leverage Ratio | 9.22 | % | 7.37 | % | ||||||||
Risk-Based Capital Ratio | 20.25 | % | 17.36 | % | ||||||||
ROAE | 9.17 | % | 10.48 | % | ||||||||
Performance on the OTCQX Exchange
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 the first quarter of 2022, FineMark's shares traded in a range between $33.15 and $36.00, and at an average volume of 1,267 shares trading per day. The shares closed the quarter trading at $33.25, an 11% increase compared to the end of the first quarter of 2021, for a price-to-tangible book value multiple of 1.40.
Renovation & Expansion Updates
In spring 2022, FineMark will open two new locations in Florida. The Jupiter office is expected to open in May. In June, a second Naples location is slated to open in the heart of the historic downtown area.
Additionally, the buildout of the second-floor space at our headquarters location in Fort Myers, Florida, is nearly complete. Tenants will occupy half of the area and the Bank will reserve the remaining space for continued growth.
Closing Remarks from Chairman & Chief Executive Officer, Joseph R. Catti
"As we close the first quarter of 2022 - the first quarter of FineMark's fifteenth year in business - I am struck by our associates' enthusiasm and dedication and our clients' trust and confidence. Without such steadfast support, the achievements presented here would not be possible.
The results shared today are a testament to our associates unparalleled commitment to providing the highest level of personalized service to our clients and the strength of our balance sheet.
Since our founding in 2007, our mission and vision has never wavered. In everything we do, we strive to make a positive impact on the families, individuals, and communities we serve while also being good stewards of FineMark's resources. We believe that this intentional focus will continue to create shareholder value through various economic environments and across market cycles."
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. Through its offices located in Florida, Arizona and South Carolina, FineMark offers a full range of financial services including personal and business banking, lending services, trust, and investment services. 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 | 2022 | 2021 | ||||||
| (Unaudited) | ||||||||
Cash and due from banks | $ | 73,681 | 261,751 | |||||
Debt securities available for sale | 1,118,600 | 898,711 | ||||||
Debt securities held to maturity | 90,757 | 79,517 | ||||||
Loans, net of allowance for loan losses of $20,745 in 2022 and $20,283 in 2021 | 2,032,426 | 1,996,362 | ||||||
Federal Home Loan Bank stock | 8,953 | 11,326 | ||||||
Federal Reserve Bank stock | 5,586 | 5,481 | ||||||
Premises and equipment, net | 43,077 | 42,287 | ||||||
Operating lease right-of-use assets | 11,066 | 11,207 | ||||||
Accrued interest receivable | 8,158 | 7,215 | ||||||
Deferred tax asset | 17,147 | 4,916 | ||||||
Bank-owned life insurance | 71,476 | 50,862 | ||||||
Other assets | 8,219 | 7,563 | ||||||
Total assets | $ | 3,489,146 | 3,377,198 | |||||
Liabilities and Shareholders' Equity | ||||||||
Liabilities: | ||||||||
Noninterest-bearing demand deposits | 597,166 | 521,459 | ||||||
Savings, NOW and money-market deposits | 2,307,358 | 2,151,635 | ||||||
Time deposits | 49,518 | 61,026 | ||||||
Total deposits | 2,954,042 | 2,734,120 | ||||||
Official checks | 3,307 | 9,420 | ||||||
Other borrowings | 1,507 | 1,873 | ||||||
Federal Home Loan Bank advances | 192,951 | 264,016 | ||||||
Operating lease liabilities | 11,138 | 11,311 | ||||||
Subordinated debt | 40,940 | 40,919 | ||||||
Other liabilities | 7,447 | 10,477 | ||||||
Total liabilities | 3,211,332 | 3,072,136 | ||||||
Shareholders' equity: | ||||||||
Common stock, $.01 par value 50,000,000 shares authorized, | ||||||||
11,663,757 and 11,603,781 shares issued and outstanding in 2022 and 2021 | 117 | 116 | ||||||
Additional paid-in capital | 207,108 | 205,907 | ||||||
Retained earnings | 112,019 | 105,147 | ||||||
Accumulated other comprehensive loss | (41,430 | ) | (6,108 | ) | ||||
Total shareholders' equity | 277,814 | 305,062 | ||||||
Total liabilities and shareholders' equity | $ | 3,489,146 | 3,377,198 | |||||
Book Value per Share | $ | 23.82 | 26.29 | |||||
FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (Unaudited)
($ in thousands, except per share amounts)
| Three Months Ended | |||||||||
| March 31, | |||||||||
| 2022 | 2021 | ||||||||
Interest income: | |||||||||
Loans | $ | 17,032 | 16,475 | ||||||
Debt securities | 3,510 | 2,468 | |||||||
Dividends on Federal Home Loan Bank stock | 117 | 165 | |||||||
Other | 52 | 117 | |||||||
Total interest income | 20,711 | 19,225 | |||||||
Interest expense: | |||||||||
Deposits | 991 | 1,041 | |||||||
Federal Home Loan Bank advances | 1,640 | 2,094 | |||||||
Subordinated debt | 541 | 692 | |||||||
Total interest expense | 3,172 | 3,827 | |||||||
Net interest income | 17,539 | 15,398 | |||||||
Provision for loan losses | 449 | 307 | |||||||
Net interest income after provision for loan losses | 17,090 | 15,091 | |||||||
Noninterest income: | |||||||||
Trust fees | 6,998 | 5,968 | |||||||
Income from bank-owned life insurance | 614 | 197 | |||||||
Income from solar farms | 74 | 64 | |||||||
Gain on sale of debt securities available for sale | - | 659 | |||||||
Gain (loss) on extinguishment of debt | 618 | (555 | ) | ||||||
Other fees and service charges | 505 | 232 | |||||||
Total noninterest income | 8,809 | 6,565 | |||||||
Noninterest expenses: | |||||||||
Salaries and employee benefits | 10,501 | 8,904 | |||||||
Occupancy | 1,908 | 1,529 | |||||||
Information systems | 1,522 | 1,538 | |||||||
Professional fees | 560 | 426 | |||||||
Marketing and business development | 693 | 185 | |||||||
Regulatory assessments | 456 | 393 | |||||||
Other | 1,360 | 1,395 | |||||||
Total noninterest expense | 17,000 | 14,370 | |||||||
Earnings before income taxes | 8,899 | 7,286 | |||||||
Income taxes | 2,027 | 1,714 | |||||||
Net earnings | $ | 6,872 | 5,572 | ||||||
Weighted average common shares outstanding - basic | 11,639 | 9,023 | |||||||
Weighted average common shares outstanding - diluted | 11,829 | 9,191 | |||||||
Per share information: | Basic earnings per common share | $ | 0.59 | 0.62 | |||||
Diluted earnings per common share | $ | 0.58 | 0.61 | ||||||
FineMark Holdings, Inc.
Consolidated Financial Highlights
First Quarter 2022}
Unaudited
$ in thousands except for share data | 1st Qtr 2022 | 4th Qtr 2021 | 3rd Qtr 2021 | 2nd Qtr 2021 | 1st Qtr 2021 | 2022 | 2021 | |||||||||||||||||||||
$ Earnings | ||||||||||||||||||||||||||||
Net Interest Income | $ | 17,539 | 17,155 | 16,496 | 15,640 | 15,398 | 17,539 | 15,398 | ||||||||||||||||||||
Provision for loan loss | $ | 449 | 18 | (834 | ) | 540 | 307 | 449 | 307 | |||||||||||||||||||
Non-interest Income | $ | 8,191 | 7,712 | 7,617 | 7,234 | 6,461 | 8,191 | 6,461 | ||||||||||||||||||||
Gain on sale of securities available for sale | $ | - | - | - | 243 | 659 | - | 659 | ||||||||||||||||||||
Loss on extinguishment of debt | $ | 618 | (244 | ) | - | (400 | ) | (555 | ) | 618 | (555 | ) | ||||||||||||||||
Gain on termination of swap | $ | - | 1,212 | - | - | - | - | - | ||||||||||||||||||||
Non-interest Expense | $ | 17,000 | 17,161 | 15,599 | 15,078 | 14,370 | 17,000 | 14,370 | ||||||||||||||||||||
Earnings before income taxes | $ | 8,899 | 8,656 | 9,348 | 7,099 | 7,286 | 8,899 | 7,286 | ||||||||||||||||||||
Taxes | $ | 2,027 | 1,653 | 2,292 | 1,703 | 1,714 | 2,027 | 1,714 | ||||||||||||||||||||
Net Income | $ | 6,872 | 7,003 | 7,056 | 5,396 | 5,572 | 6,872 | 5,572 | ||||||||||||||||||||
Basic earnings per share | $ | 0.59 | 0.60 | 0.62 | 0.59 | 0.62 | 0.59 | 0.62 | ||||||||||||||||||||
Diluted earnings per share | $ | 0.58 | 0.59 | 0.61 | 0.58 | 0.61 | 0.58 | 0.61 | ||||||||||||||||||||
Performance Ratios | ||||||||||||||||||||||||||||
Return on average assets* | 0.80 | % | 0.88 | % | 0.92 | % | 0.74 | % | 0.78 | % | 0.80 | % | 0.78 | % | ||||||||||||||
Return on risk weighted assets* | 1.46 | % | 1.55 | % | 1.56 | % | 1.28 | % | 1.37 | % | 1.46 | % | 1.37 | % | ||||||||||||||
Return on average equity* | 9.17 | % | 9.22 | % | 9.39 | % | 9.89 | % | 10.48 | % | 9.17 | % | 10.48 | % | ||||||||||||||
Yield on earning assets* | 2.52 | % | 2.67 | % | 2.71 | % | 2.79 | % | 2.81 | % | 2.52 | % | 2.81 | % | ||||||||||||||
Cost of funds* | 0.41 | % | 0.46 | % | 0.51 | % | 0.57 | % | 0.58 | % | 0.41 | % | 0.58 | % | ||||||||||||||
Net Interest Margin* | 2.14 | % | 2.24 | % | 2.24 | % | 2.24 | % | 2.25 | % | 2.14 | % | 2.25 | % | ||||||||||||||
Efficiency ratio | 64.52 | % | 69.70 | % | 64.69 | % | 66.37 | % | 65.43 | % | 64.52 | % | 65.43 | % | ||||||||||||||
Capital | ||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | 9.22 | % | 9.73 | % | 9.88 | % | 9.27 | % | 7.37 | % | 9.22 | % | 7.37 | % | ||||||||||||||
Common equity risk-based capital ratio | 16.96 | % | 17.24 | % | 16.80 | % | 15.96 | % | 12.91 | % | 16.96 | % | 12.91 | % | ||||||||||||||
Tier 1 risk-based capital ratio | 16.96 | % | 17.24 | % | 16.80 | % | 15.96 | % | 12.91 | % | 16.96 | % | 12.91 | % | ||||||||||||||
Total risk-based capital ratio | 20.25 | % | 20.64 | % | 20.22 | % | 19.68 | % | 17.36 | % | 20.25 | % | 17.36 | % | ||||||||||||||
Book value per share | $ | 23.82 | $ | 26.29 | $ | 26.32 | $ | 25.20 | $ | 23.20 | $ | 23.82 | $ | 23.20 | ||||||||||||||
Tangible book value per share | $ | 23.82 | $ | 26.29 | $ | 26.32 | $ | 25.20 | $ | 23.20 | $ | 23.82 | $ | 23.20 | ||||||||||||||
Asset Quality | ||||||||||||||||||||||||||||
Net charge-offs (recoveries) | $ | (13 | ) | 541 | (4 | ) | (1 | ) | (6 | ) | $ | (13 | ) | (6 | ) | |||||||||||||
Net charge-offs (recoveries) to average total loans | -0.00 | % | 0.03 | % | -0.00 | % | -0.00 | % | -0.00 | % | -0.00 | % | -0.00 | % | ||||||||||||||
Allowance for loan losses | $ | 20,745 | 20,283 | 20,806 | 21,636 | 21,095 | 20,745 | 21,095 | ||||||||||||||||||||
Allowance to total loans | 1.01 | % | 1.01 | % | 1.03 | % | 1.10 | % | 1.10 | % | 1.01 | % | 1.10 | % | ||||||||||||||
Nonperforming loans | $ | 714 | 729 | 928 | 2,001 | 1,599 | 714 | 1,599 | ||||||||||||||||||||
Other real estate owned | $ | - | - | - | - | - | - | - | ||||||||||||||||||||
Nonperforming loans to total loans | 0.04 | % | 0.04 | % | 0.05 | % | 0.10 | % | 0.08 | % | 0.04 | % | 0.08 | % | ||||||||||||||
Nonperforming assets to total assets | 0.02 | % | 0.02 | % | 0.03 | % | 0.07 | % | 0.06 | % | 0.02 | % | 0.06 | % | ||||||||||||||
Loan Composition (% of Total Gross Loans) | ||||||||||||||||||||||||||||
1-4 Family | 50.7 | % | 51.8 | % | 52.0 | % | 53.6 | % | 52.4 | % | 50.7 | % | 52.4 | % | ||||||||||||||
Commercial Loans | 10.4 | % | 10.2 | % | 11.0 | % | 11.2 | % | 13.1 | % | 10.4 | % | 13.1 | % | ||||||||||||||
Commercial Real Estate | 23.2 | % | 21.7 | % | 21.0 | % | 21.1 | % | 19.5 | % | 23.2 | % | 19.5 | % | ||||||||||||||
Construction Loans | 7.8 | % | 8.3 | % | 8.2 | % | 6.7 | % | 7.7 | % | 7.8 | % | 7.7 | % | ||||||||||||||
Other Loans | 7.9 | % | 8.0 | % | 7.8 | % | 7.4 | % | 7.3 | % | 7.9 | % | 7.3 | % | ||||||||||||||
End of Period Balances | ||||||||||||||||||||||||||||
Total Assets | $ | 3,489,146 | 3,377,198 | 3,083,569 | 2,982,969 | 2,874,148 | 3,489,146 | 2,874,148 | ||||||||||||||||||||
Investments | $ | 1,209,357 | 978,228 | 887,244 | 720,893 | 668,823 | 1,209,357 | 668,823 | ||||||||||||||||||||
Loans, net of allowance | $ | 2,032,426 | 1,996,362 | 2,002,778 | 1,945,541 | 1,889,770 | 2,032,426 | 1,889,770 | ||||||||||||||||||||
Total Deposits | $ | 2,954,042 | 2,734,120 | 2,429,920 | 2,358,263 | 2,297,031 | 2,954,042 | 2,297,031 | ||||||||||||||||||||
Other borrowings | $ | 1,507 | 1,873 | 3,456 | 5,790 | 12,144 | 1,507 | 12,144 | ||||||||||||||||||||
Subordinated Debt | $ | 40,940 | 40,919 | 40,898 | 40,876 | 50,737 | 40,940 | 50,737 | ||||||||||||||||||||
FHLB Advances | $ | 192,951 | 264,016 | 284,080 | 284,144 | 284,207 | 192,951 | 284,207 | ||||||||||||||||||||
Total Shareholders Equity | $ | 277,814 | 305,062 | 304,782 | 271,005 | 210,400 | 277,814 | 210,400 | ||||||||||||||||||||
Wealth Management | ||||||||||||||||||||||||||||
Trust fees | $ | 6,998 | 7,030 | 7,012 | 6,628 | 5,968 | 6,998 | 5,968 | ||||||||||||||||||||
Assets Under Administration | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 6,200,406 | 5,739,551 | 5,688,110 | 5,304,562 | 5,091,408 | 6,200,406 | 5,091,408 | ||||||||||||||||||||
Net investment appreciation (depreciation) & income | $ | (395,124 | ) | 279,391 | (71,467 | ) | 242,924 | 75,199 | (395,124 | ) | 75,199 | |||||||||||||||||
Net client asset flows | $ | 204,375 | 181,465 | 122,908 | 140,623 | 137,955 | 204,375 | 137,955 | ||||||||||||||||||||
Balance at end of period | $ | 6,009,657 | 6,200,406 | 5,739,551 | 5,688,110 | 5,304,562 | 6,009,657 | 5,304,562 | ||||||||||||||||||||
Percentage of AUA that are managed | 88 | % | 88 | % | 88 | % | 89 | % | 89 | % | 88 | % | 89 | % | ||||||||||||||
Stock Valuation | ||||||||||||||||||||||||||||
Closing Market Price (OTCQX) | $ | 33.25 | 33.60 | 34.00 | 33.00 | 30.00 | $ | 33.25 | $ | 30.00 | ||||||||||||||||||
Multiple of Tangible Book Value | 1.40 | 1.28 | 1.29 | 1.31 | 1.29 | $ | 1.40 | $ | 1.29 | |||||||||||||||||||
*annualized
Background
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. Through its offices located in Florida, Arizona and South Carolina, FineMark offers a full range of financial services including personal and business banking, lending services, trust, and investment services. 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 .
Forward-Looking Statements
This press release contains statements that are "forward-looking statements." You can identify forward-looking statements by the use of the words "believe," "expect," "anticipate," "intend," "estimate," "assume," "outlook," "will," "should," and other expressions that predict or indicate future events and trends, and which do not relate to historical matters. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, some of which are beyond our control. These risks, uncertainties, and other factors may cause our actual results, performance or achievements to be materially different from the anticipated future results, performance or achievements expressed or implied by the forward-looking statements.
Some of the factors that might cause these differences include: weakness in national, regional or international economic conditions or conditions affecting the banking or financial services industries or financial capital markets; volatility in national and international financial markets; reductions in net interest income resulting from interest rate volatility as well as changes in the balance and mix of loans and deposits; reductions in the market value or outflows of assets under administration; changes in the value of securities and other assets; reductions in loan demand; changes in loan collectability, default and charge-off rates; changes in the size and nature of our competition; changes in legislation or regulation and accounting principles, policies and guidelines; occurrences of cyber-attacks, hacking and identity theft; natural disasters; and changes in the assumptions used in making such forward-looking statements. You should carefully review all of these factors and you should be aware that there might be other factors that could cause these differences.
These forward-looking statements were based on information, plans and estimates at the date of this report. We assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
SOURCE: FineMark Holdings, Inc.