First Bank Reports Full Year 2015 Earnings of $3.9 Million;

New Post Public Reply Private Reply Replies (0) Message Board

News Desk 2018

Jan 28, 2016 at 6:00 PM

First Bank Reports Full Year 2015 Earnings of $3.9 Million; Total Assets Reach $856 Million

HAMILTON, NJ --(Marketwired - January 28, 2016) - First Bank ( NASDAQ : FRBA ) today announced fourth quarter and full-year 2015 results. Net income for the quarter was $686 thousand or $0.07 per diluted share, compared to $724 thousand or $0.08 per diluted share for the third quarter of 2015 and $1.2 million or $0.13 per diluted share for the fourth quarter of 2014.

Net income for the full year 2015 was $3.9 million or $0.41 per diluted share, compared to $5.8 million, or $0.63 per diluted share for the full year of 2014.

Fourth quarter net income for 2015 included $398 thousand in interest expense paid on subordinated debt. Subordinated debt expense for the full year 2015 was $1.1 million. The Bank had no subordinated debt outstanding in 2014. Fourth quarter 2015 results also included approximately $350 thousand in one-time employee severance and branch closing costs. Offsetting these costs was a lower-than-expected annual effective income tax rate of 23.4% which led to significantly lower income tax expense in the quarter. Despite continued improvement in asset quality metrics, very strong loan growth in the quarter led to an elevated provision for loan losses in the fourth quarter of 2015 of $950 thousand.

Book value per share was $7.26 at the end of 2015, an increase of 5.5% compared to book value of $6.88 at year-end 2014.

The year over year decrease in net income was due primarily to the $2.6 million tax-free bargain purchase gain realized in the first quarter of 2014 on the acquisition of Heritage Community Bank and $1.1 million in interest expense incurred on subordinated debt during 2015. These factors that reduced income in 2015 were partially offset by higher net interest income during the year.

President and Chief Executive Officer Patrick L. Ryan discussed the results: "In the fourth quarter of 2015 we took a tremendous leap forward. Total loans grew $81 million, by far our biggest loan growth quarter ever. Our strong loan growth can be attributed to a few key factors: i) we are generating opportunities in all of our markets (Northern New Jersey, Central/South New Jersey and Eastern Pennsylvania), ii) more business is coming our way as community bank competitors get acquired, and iii) our larger legal lending limit is allowing us to service larger companies and make larger loans. Additionally, on January 19, 2016 we expanded our Central New Jersey market as we opened our first branch in Flemington, Hunterdon County, New Jersey.

"Importantly, as our loan growth has continued, our asset quality metrics have also improved. Nonperforming assets/total assets are now at 0.64%, down more than half since this time last year. Let me be clear on this point: we are not looking to take on additional credit risk in an effort to grow loans. As our credit quality data and our net interest margin reflect, our strategy remains focused on finding high quality borrowers, even if those deals have lower yields. In a low-rate environment, this strategy has short-term consequences -- namely a tighter net interest margin. Nevertheless, we believe it's the best way to create long-term shareholder value.

"Furthermore, our expense containment efforts continued throughout the fourth quarter. We finalized the closure of our Route 10 branch in Randolph, and we streamlined our administrative structure to help reduce costs going forward. When backing out the one-time severance costs noted above, non-interest expense in the fourth quarter of 2015 was basically flat compared to the third quarter of 2015 -- and actually at levels similar to where we were at the end of last year."

Ryan continued, "Despite pressure on our net interest margin, I feel we're very well situated as we head into 2016. Our competitive position continues to improve as we grow (allowing us to service larger customers) and as community bank competition disappears (without new banks coming online to take their place). And, unlike last year, our strong fourth quarter 2015 loan growth didn't deplete our loan pipeline. While we don't expect to continue to have $80 million loan growth quarters, we think $25 to $35 million per quarter is achievable heading into 2016."

Fourth Quarter 2015 Highlights

Balance Sheet

Total assets at December 31, 2015 were $855.5 million, an increase of $47.5 million or 5.9% compared to September 30, 2015, and an increase of $178.0 million or 26.3% compared to December 31, 2014.
Total loans reached $689.9 million at December 31, 2015, an increase of $81.1 million or 13.3% compared to September 30, 2015 and an increase of $142.1 million or 25.9% compared to December 31, 2014.
Loan portfolio composition at December 31, 2015:

Acquisition, Development and Construction (ADC) loans equaled 6.4% of total loans;
Commercial Real Estate, Investor (CREI; including multi-family) loans equaled 45.8% of total loans;
Commercial Real Estate, Owner-Occupied (CREO) loans equaled 23.0% of total loans;
Commercial and Industrial (C&I) loans equaled 14.4% of total loans; and
Residential Real Estate, Consumer and Other loans equaled 10.4% of total loans.

Total deposits reached $739.0 million at December 31, 2015, an increase of $36.7 million or 5.2% compared to September 30, 2015 and an increase of $142.5 million or 23.9% compared to December 31 2014. Non-interest bearing deposits totaled $100.0 million at December 31, 2015 or 13.5% of total deposits.
Stockholders' equity increased to $68.8 million at December 31, 2015.
Book value per share was $7.26 at December 31, 2015 compared to $7.21 per share at September 30, 2015 and $6.88 per share at December 31, 2014. Tangible book value per share was $7.23 at December 31, 2015, compared to $7.18 per share at September 30, 2015 and $6.85 per share at December 31, 2014.

Quarterly Income Statement

Net interest income for the fourth quarter of 2015 totaled $6.1 million, an increase of $257 thousand or 4.4% compared to $5.8 million for the third quarter of 2015 and an increase of $21 thousand or 0.3% compared to the fourth quarter of 2014.
The provision for loan losses in the fourth quarter of 2015 totaled $950 thousand, a decrease of $81 thousand or 7.9% compared to $1.0 million for the third quarter of 2015 and an increase of $3 thousand or 0.3% compared to the fourth quarter of 2014. The provision for loan losses in the fourth quarter of 2015 was primarily driven by loan growth.
Non-interest income for the fourth quarter of 2015 totaled $282 thousand compared to $264 thousand for the third quarter of 2015. When compared to the fourth quarter of 2014 non-interest income decreased $684 thousand. Gains on recovery of acquired loans totaled $56 thousand in the fourth quarter of 2015 compared to $34 thousand in the third quarter of 2015 and $472 thousand in the fourth quarter of 2014.
Non-interest expense for the fourth quarter of 2015 totaled $4.7 million, an increase of $334 thousand or 7.7% compared to $4.3 million for the third quarter of 2015 and an increase of $297 thousand, or 6.8%, compared to the fourth quarter of 2014. Non-interest expense growth in the fourth quarter of 2015 was primarily due to one-time employee severance costs.
Pre-tax income for the fourth quarter of 2015 totaled $763 thousand, an increase of $22 thousand, or 3.0%, compared to $741 thousand for the third quarter of 2015 and a decrease of $963 thousand, or 55.8%, compared to the fourth quarter of 2014.
Income tax expense for the fourth quarter of 2015 totaled $77 thousand, an increase of $60 thousand compared to $17 thousand for the third quarter of 2015 and a decrease of $407 thousand or 84.1%, compared to the fourth quarter of 2014. In the third quarter of 2015 a tax benefit was recorded through income tax expense as a discrete item for a change in estimate relating to our prior-year tax provision. Additionally, there was a reduction in the calculated annual effective income tax rate for the year resulting in lower income tax expense for the fourth quarter of 2015. These adjustments resulted in a reduction in income tax expense.
Net income for the fourth quarter of 2015 totaled $686 thousand, a decrease of $38 thousand or 5.2% compared to $724 thousand in the third quarter of 2015, and a decrease of $556 thousand or 44.8% compared to the fourth quarter of 2014.
Diluted earnings per share for the fourth quarter of 2015 totaled $0.07 compared to $0.08 per diluted share for the third quarter of 2015. Diluted earnings per share for the fourth quarter of 2014 totaled $0.13.
Pre-provision net revenue(1) for the fourth quarter was $2.0 million, an increase of $279 thousand or 16.2% compared to $1.7 million in the third quarter of 2015, and a decrease of $206 thousand or 9.3% compared to the fourth quarter of 2014.

Year to Date Income Statement
Net interest income for the year ended December 31, 2015 totaled $23.8 million, an increase of $2.6 million or 12.3% compared to $21.2 million for the same period in 2014.
The provision for loan losses for the year ended December 31, 2015 totaled $2.7 million, an increase of $231 thousand, or 9.5%, compared to $2.4 million for the same period in 2014.
Non-interest income for the year ended December 31, 2015 totaled $1.6 million, a decrease of $3.5 million or 67.8% compared to $5.1 million for the same period in 2014. A bargain purchase gain of $2.6 million and $1.4 million in gains on recovery of acquired loans is included for the year ended December 31, 2014. Gains on recovery of acquired loans for the year ended December 31, 2015 was $744 thousand.
Non-interest expense for the year ended December 31, 2015 totaled $17.7 million, an increase of $1.9 million or 12.0% compared to $15.8 million for the year ended December 31, 2014.
Other items

The tax equivalent net interest margin (NIM) for the fourth quarter of 2015 was 3.05% compared to 3.14% for the third quarter of 2015 and 3.84% for the fourth quarter of 2014.
Non-performing assets (NPAs) were $5.5 million or 0.64% of total assets at December 31, 2015 compared to $6.6 million or 0.81% of total assets at September 30, 2015.

Non-accrual loans totaled $3.8 million or 0.55% of total loans at December 31, 2015 compared to non-accrual loans of $4.5 million or 0.75% of total loans at September 30, 2015.
Loans 30-89 days past due totaled $11.3 million at December 31, 2015 compared to $1.1 million at September 30, 2015. Loans over 90 days past due or more and still accruing at December 31, 2015 totaled $108 thousand compared to $185 thousand in loans over 90 days past due or more and still accruing at September 30, 2015. Loans past due 30-89 days at December 31, 2015 included six loans totaling $6.4 million that were exactly 30 days past due (and are now current). It also included two loans totaling $0.6 million that had matured and have subsequently been renewed. We do not believe that the level of loans past due 30-89 days at December 31, 2015 reflect overall asset quality concerns.
Other real estate owned and other repossessed assets totaled $1.6 million at December 31, 2015 and $1.8 million at September 30, 2015.

Regulatory capital ratios at December 31, 2015:

Tier 1 leverage ratio of 8.22%
Common equity tier 1 capital ratio of 8.58%
Tier 1 risk-based capital ratio of 8.58%
Total risk-based capital ratio of 12.29%

The allowance for loan losses (ALLL) to total loans at December 31, 2015 was 1.15% compared to 1.18% at September 30, 2015.
99 full-time equivalent employees (FTEs) at December 31, 2015, compared to 103 at September 30, 2015.

About First Bank First Bank ( www.firstbanknj.com ) is a New Jersey state-chartered bank with ten full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With $856 million in assets as of December 31, 2015, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol "FRBA".

This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank's control and could impede its ability to achieve these goals. These factors include those listed in our Annual Report on Form 10K under the caption "Item 1A-Risk Factors", and general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.

(1) A non-U.S. GAAP metric defined by SNL Financial as net interest income before provision for loan losses plus non-interest income excluding non-ordinary items (e.g. gains on sale of investment securities, gains on recovery of acquired loans, and bargain purchase gains) minus non-interest expense excluding non-ordinary items (e.g. merger related expenses and other one-time, non-ordinary costs).


FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share data, unaudited)


			December 31,
			2015			2014
Assets
Cash and due from banks			$	10,032		$	4,352
Interest bearing deposits in other banks				23,299			16,018
		Cash and cash equivalents		33,331			20,370
Interest bearing time deposits in other banks				4,125			5,183
Investment securities available for sale				45,341			40,390
Investment securities held to maturity (fair value of $53,793 at December 31, 2015 and $34,734 at December 31, 2014)				53,262			34,273
Restricted investment in bank stocks				1,862			1,304
Other investments				5,000			5,000
Loans, net of deferred fees and costs				689,887			547,759
	Less: Allowance for loan losses			7,940			6,104
		Net loans		681,947			541,655
Premises and equipment, net				3,449			3,452
Other real estate owned, net				1,557			2,182
Accrued interest receivable				2,056			1,724
Bank-owned life insurance				14,572			14,147
Intangible assets, net				286			356
Deferred income taxes				7,935			6,864
Other assets				778			558
		Total assets	$	855,501		$	677,458

Liabilities and Stockholders' Equity
Deposits:
	Non-interest bearing		$	99,966		$	91,972
	Interest bearing			639,055			504,510
		Total deposits		739,021			596,482
Borrowings				24,000			14,000
Subordinated debentures				21,533			-
Accrued interest payable				612			337
Other liabilities				1,572			1,880
		Total liabilities		786,738			612,699
Stockholders' Equity:
Preferred stock, par value $2 per share; 5,000,000 shares authorized; no shares outstanding				-			-
Common stock, par value $5 per share; 20,000,000 shares authorized; issued and outstanding 9,470,407 shares at December 31, 2015 and 9,408,491 shares at December 31, 2014				47,218			47,042
Additional paid-in capital				14,510			14,301
Retained earnings				7,433			3,546
Accumulated other comprehensive loss				(398	)		(130	)
		Total stockholders' equity		68,763			64,759
		Total liabilities and stockholders' equity	$	855,501		$	677,458

FIRST BANK AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share data, unaudited)


		Three Months Ended				Year Ended
		December 31,				December 31,
		2015		2014		2015		2014
Interest and Dividend Income
Investment securities-taxable		$	375	$	307	$	1,423	$	1,288
Investment securities-tax-exempt			127		86		452		291
Federal funds sold			-		-		-		2
Interest bearing deposits in other banks and other			69		53		247		233
Loans, including fees			7,606		6,807		28,642		23,536
	Total interest and dividend income		8,177		7,253		30,764		25,350

Interest Expense
Deposits			1,628		1,123		5,658		3,919
Borrowings			55		55		218		218
Subordinated debentures			398		-		1,065		-
	Total interest expense		2,081		1,178		6,941		4,137
Net interest income			6,096		6,075		23,823		21,213
Provision for loan losses			950		947		2,669		2,438
Net interest income after provision for loan losses			5,146		5,128		21,154		18,775

Non-Interest Income
Service fees on deposit accounts			33		30		128		136
Loan fees			13		4		44		22
Income from bank-owned life insurance			106		111		425		342
Gains on sale of investment securities			-		-		11		34
Gains on sale of loans held for sale			-		246		-		283
Gain on acquisition of Heritage Community Bank			-		-		-		2,606
Gains on recovery of acquired loans			56		472		744		1,425
Other non-interest income			74		103		291		251
	Total non-interest income		282		966		1,643		5,099

Non-Interest Expense
Salaries and employee benefits			2,449		2,214		9,221		7,904
Occupancy and equipment			585		552		2,372		1,981
Legal fees			95		100		336		346
Other professional fees			320		252		1,225		1,091
Regulatory fees			126		150		507		539
Directors' fees			100		94		429		330
Data processing			214		187		811		730
Marketing and advertising			123		191		503		511
Travel and entertainment			89		75		269		238
Insurance			50		58		196		167
Other real estate owned expense, net			220		135		801		435
Merger-related expenses			-		11		-		590
Other expense			294		349		1,055		958
	Total non-interest expense		4,665		4,368		17,725		15,820
Income Before Income Taxes			763		1,726		5,072		8,054
Income tax expense			77		484		1,185		2,218
Net Income		$	686	$	1,242	$	3,887	$	5,836

Basic earnings per share		$	0.07	$	0.13	$	0.41	$	0.63
Diluted earnings per share		$	0.07	$	0.13	$	0.41	$	0.63

Basic weighted average common shares outstanding			9,443,657		9,408,491		9,423,029		9,244,005
Diluted weighted average common shares outstanding			9,529,389		9,466,647		9,492,289		9,309,134

FIRST BANK AND SUBSIDIARIES
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(unaudited)


		Three Months Ended December 31,
		2015								2014
		Average						Average		Average						Average
		Balance			Interest			Rate (5)		Balance			Interest			Rate (5)
		(dollars in thousands)
Interest earning assets
Investment securities (1) (2)		$	100,460		$	545		2.15	%	$	74,087		$	423		2.27	%
Loans (3)			637,802			7,606		4.73	%		521,216			6,807		5.18	%
Interest bearing deposits in other banks			54,257			40		0.29	%		29,679			24		0.32	%
Restricted investment in bank stocks			1,422			13		3.63	%		1,305			13		3.95	%
Other investments			5,000			16		1.27	%		5,000			16		1.27	%
	Total interest earning assets (2)		798,941			8,220		4.08	%		631,287			7,283		4.58	%
Allowance for loan losses			(7,399	)							(5,718	)
Non-interest earning assets			38,519								38,849
	Total assets	$	830,061							$	664,418

Interest bearing liabilities
Interest bearing demand deposits		$	68,478		$	122		0.71	%	$	26,525		$	39		0.58	%
Money market deposits			123,787			228		0.73	%		100,402			157		0.62	%
Savings deposits			80,959			103		0.50	%		105,456			158		0.59	%
Time deposits			349,899			1,175		1.33	%		259,266			769		1.18	%
	Total interest bearing deposits		623,123			1,628		1.04	%		491,649			1,123		0.91	%
Borrowings			14,239			55		1.53	%		14,000			55		1.56	%
Subordinated debentures			21,521			398		7.40	%		-			-		-
	Total interest bearing liabilities		658,883			2,081		1.25	%		505,649			1,178		0.92	%
Non-interest bearing deposits			101,028								91,565
Other liabilities			1,579								1,930
Stockholders' equity			68,571								65,274
	Total liabilities and stockholders' equity	$	830,061							$	664,418
Net interest income/interest rate spread (2)						6,139		2.83	%					6,105		3.66	%
Net interest margin (2) (4)								3.05	%							3.84	%
Tax-equivalent adjustment (2)						(43	)							(30	)
Net interest income					$	6,096							$	6,075


(1) Average balances of investment securities available for sale are based on amortized cost.
(2) Interest and average rates are tax equivalent using a federal income tax rate of 34 percent.
(3) Average balances of loans include loans on nonaccrual status.
(4) Net interest income divided by average total interest earning assets.
(5) Average rates are annualized.

FIRST BANK AND SUBSIDIARIES
AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
(unaudited)


		Year Ended December 31,
		2015								2014
		Average						Average		Average						Average
		Balance			Interest			Rate		Balance			Interest			Rate
		(dollars in thousands)
Interest earning assets
Investment securities (1) (2)		$	94,773		$	2,029		2.14	%	$	73,741		$	1,678		2.28	%
Loans (3)			586,574			28,642		4.88	%		456,105			23,536		5.16	%
Federal funds sold and interest bearing deposits in other banks			44,980			130		0.29	%		31,508			101		0.32	%
Restricted investment in bank stocks			1,387			54		3.89	%		1,337			53		3.96	%
Other investments			5,000			63		1.26	%		5,000			81		1.62	%
	Total interest earning assets (2)		732,714			30,918		4.22	%		567,691			25,449		4.48	%
Allowance for loan losses			(6,817	)							(5,138	)
Non-interest earning assets			38,460								35,258
	Total assets	$	764,357							$	597,811

Interest bearing liabilities
Interest bearing demand deposits		$	52,971		$	375		0.71	%	$	19,380		$	84		0.43	%
Money market deposits			112,504			766		0.68	%		91,121			521		0.57	%
Savings deposits			89,852			477		0.53	%		113,415			713		0.63	%
Time deposits			316,149			4,040		1.28	%		218,934			2,601		1.19	%
	Total interest bearing deposits		571,476			5,658		0.99	%		442,850			3,919		0.88	%
Borrowings			14,072			218		1.55	%		14,000			218		1.56	%
Subordinated debentures			14,506			1,065		7.34	%		-			-		-
	Total interest bearing liabilities		600,054			6,941		1.16	%		456,850			4,137		0.91	%
Non-interest bearing deposits			94,774								77,831
Other liabilities			1,821								1,600
Stockholders' equity			67,708								61,530
	Total liabilities and stockholders' equity	$	764,357							$	597,811
Net interest income/interest rate spread (2)						23,977		3.06	%					21,312		3.57	%
Net interest margin (2) (4)								3.27	%							3.75	%
Tax-equivalent adjustment (2)						(154	)							(99	)
Net interest income					$	23,823							$	21,213


(1) Average balances of investment securities available for sale are based on amortized cost.
(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 34 percent.
(3) Average balances of loans include loans on nonaccrual status.
(4) Net interest income divided by average total interest earning assets.

FIRST BANK AND SUBSIDIARIES
QUARTERLY FINANCIAL HIGHLIGHTS
(in thousands, except share data, unaudited)

		4Q2015			3Q2015			2Q2015			1Q2015			4Q2014
EARNINGS
	Net interest income	$	6,096		$	5,839		$	5,756		$	6,132		$	6,075
	Provision for loan losses		950			1,031			632			56			947
	Non-interest income		282			264			265			832			966
	Non-interest expense		4,665			4,331			4,295			4,434			4,368
	Income tax expense		77			17			346			745			484
	Net income		686			724			748			1,729			1,242

PER SHARE DATA
	Basic earnings per share	$	0.07		$	0.08		$	0.08		$	0.18		$	0.13
	Diluted earnings per share		0.07			0.08			0.08			0.18			0.13
	Tangible book value (1)		7.23			7.18			7.09			7.03			6.85
	Book value		7.26			7.21			7.12			7.07			6.88

PERFORMANCE RATIOS
	Return on average assets (2)		0.33	%		0.37	%		0.40	%		1.00	%		0.74	%
	Return on average equity (2)		3.97	%		4.21	%		4.44	%		10.63	%		7.55	%
	Net interest margin, tax equivalent basis (2)		3.05	%		3.14	%		3.24	%		3.74	%		3.84	%
	Efficiency ratio (1)		73.79	%		71.49	%		71.69	%		69.94	%		68.91	%
	Pre-provision net revenue (1)	$	2,006		$	1,727		$	1,696		$	2,056		$	2,212

MARKET DATA (period-end)
	Market value per share	$	6.61		$	6.21		$	6.00		$	6.03		$	6.24
	Market value / book value		91.03	%		86.07	%		84.24	%		85.34	%		90.65	%
	Common shares outstanding		9,470			9,470			9,435			9,437			9,408
	Market capitalization	$	62,597		$	58,809		$	56,610		$	56,905		$	58,706

CAPITAL & LIQUIDITY
	Tangible equity / assets (1)		8.00	%		8.42	%		8.83	%		9.08	%		9.51	%
	Equity / assets		8.04	%		8.46	%		8.88	%		9.12	%		9.56	%
	Loans / deposits		93.35	%		86.68	%		88.98	%		84.08	%		91.83	%

ASSET QUALITY
	Net charge offs (recoveries)	$	170		$	626		$	58		$	(21	)	$	354
	Nonperforming loans		3,903			4,729			4,887			5,414			7,112
	Nonperforming assets		5,489			6,567			6,949			7,521			9,394
	Net charge offs (recoveries) / average loans (2)		0.11	%		0.42	%		0.04	%		(0.02	%)		0.27	%
	Nonperforming loans / total loans		0.57	%		0.78	%		0.84	%		0.99	%		1.30	%
	Nonperforming assets / total assets		0.64	%		0.81	%		0.92	%		1.03	%		1.39	%
	Allowance for loan losses / total loans		1.15	%		1.18	%		1.16	%		1.13	%		1.11	%
	Allowance for loan losses / nonperforming loans		203.43	%		151.41	%		138.22	%		114.17	%		85.83	%

PERIOD-END DATA
	Total assets	$	855,501		$	808,031		$	757,039		$	730,935		$	677,458
	Total loans		689,887			608,794			580,760			545,074			547,759
	Total deposits		739,021			702,325			652,665			648,316			596,482
	Total stockholders' equity		68,763			68,323			67,198			66,684			64,759
	Full-time equivalent employees		99			103			105			94			94


(1) A non-U.S. GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition.
(2) Annualized.