FORT MYERS, FL / ACCESSWIRE / January 20, 2021 / FineMark Holdings, Inc. (the "Holding Company"; OTCQX:FNBT), the parent company of FineMark National Bank & Trust (the "Bank"; collectively, "FineMark"), today announced fourth quarter 2020 net income of $6.3 million (or $0.69 per diluted share). This compares to net income of $4.3 million (or $0.49 per diluted share) in the fourth quarter of 2019, a 45% increase. For the full year 2020, FineMark announced net income of $22.0 million (or $2.42 per diluted share). This compares to 2019's totals of $15.2 million (or $1.69 per diluted share), a 44% increase.
FineMark achieved record net income for both the full year 2020 and the fourth quarter. This accomplishment is especially notable given the headwinds created by record low interest rates and ongoing challenges from COVID-19. We attribute this success to our associates and their commitment to providing excellent service even under the most difficult of circumstances. With every pivot they rose to the occasion and as a result, our trust and investment business continued to expand, and our loan portfolio continued to grow.
Additionally, we accelerated our planned investments in technology and greatly expanded our ability to engage with clients and shareholders virtually in 2020. We used this technology to host a variety of events, including an online annual shareholders' meeting, virtual investor roundtables, and speaker sessions attended by clients located across the country.
FOURTH QUARTER FINANCIAL HIGHLIGHTS
Highlights of the fourth quarter of 2020 on a year-over-year basis include:
- Net income increased 45% to a record $6.3 million.
- Diluted earnings per share increased 41% to $0.69.
- Loans, net of allowance, increased 22% to $1.9 billion (up 17% excluding Paycheck Protection Program loans).
- Total deposits increased 33% to $2.2 billion.
- Net interest income increased 26% to $15.3 million.
- Trust fees increased 11% to $5.6 million.
- Assets under management and administration increased 14% to $5.1 billion (including $120 million of net client asset inflows, a 63% increase from the third quarter).
YEAR-END FINANCIAL HIGHLIGHTS
Highlights for the entire year of 2020 include:
- Net income increased 44% to a record $22.0 million.
- Diluted earnings per share increased 43% to $2.42.
- Net interest income increased 26% to $58.2 million.
- Return on average assets (ROAA) was 0.89% (up from 0.76%); return on risk-weighted assets (ROWA) was 1.49% (up from 1.22%); return on average equity (ROAE) was 11.20% (up from 8.97%).
- Net interest margin was 2.45% (up from 2.43%).
- Cost of funds was 0.81% (down from 1.46%).
- Nonperforming loans dropped to 0.07% of total loans, down from 0.12% in 2019.
- Trust fees increased 12% to $20.9 million.
NET INTEREST INCOME AND MARGIN
For the fourth quarter of 2020, FineMark's net interest income totaled $15.3 million, up 26% from the fourth quarter of 2019. This increase was attributable to a 22% year-over-year increase in the loan portfolio coupled with a decline in the Bank's cost of funds, despite the cost of the recent subordinate debt and the decrease in yields on earning assets. For the entire year, FineMark's net interest income totaled $58.2 million, up 26% from 2019.
In alignment with our values, we were pleased to help hundreds of small businesses successfully obtain loans through the Paycheck Protection Program (PPP). Our principal motivation for participating in PPP was to assist our clients; however, a byproduct of the program was a positive effect on revenue (in 2020, we recognized $1 million in fees generated by these loans).
Against the backdrop of the Federal Reserve's policy to keep short-term rates near zero for most of the year due to the COVID-19 pandemic, the Bank's net interest margin for 2020 was 2.45%, up slightly from 2.43% in 2019. To support our capital position (due to strong balance sheet growth), we issued $21.3 million in 10-year subordinated debt. The rate on this debt is fixed at 4.25% for five years.
NON-INTEREST INCOME
A significant driver of FineMark's growth for the past several years, and an important source of revenue diversification, is our expanding trust and investment business. As of December 31, 2020, FineMark's assets under management and administration totaled $5.1 billion, a 14% increase from year-end 2019. As a result, trust fees totaled $20.9 million for the year, a 12% increase over 2019. While this growth was aided by strength in the equity markets in the second half of the year, it resulted primarily from the addition of new clients and our expanded relationships with existing clients.
Net asset inflows in the fourth quarter of 2020 were $120 million, a 63% increase versus the previous quarter. For the year, net asset inflows totaled $420 million. This reflects the Bank's ability to attract funds from new clients ($148 million) and expand relationships with existing clients ($272 million). Although less than the exceptional inflows experienced in 2019, the results are notable given the uncertainty created by the pandemic.
NON-INTEREST EXPENSE
As FineMark's business increases, we incur additional expenses to maintain high service levels. Our non-interest expense increased 11% in 2020 to $53.1 million. This uptick, due largely to our hiring of additional professionals and our investment in technology to support client service, is in line with FineMark's steady expansion. FineMark's efficiency ratio, which measures non-interest expense as a percent of revenues, improved in 2020 to 61.27% (from 69.12% in 2019), indicating our ability to manage expenses prudently as we expand.
CREDIT QUALITY
As FineMark grows, the Bank remains committed to maintaining high credit standards through our relationship-based approach to lending. Loans are underwritten based on an in-depth understanding of each potential borrower's needs and financial situation. As a result, the Bank has experienced minimal defaults on loans across all market cycles.
At the end of 2020, nonperforming loans were just $1.3 million, or 0.07% of the Bank's total loans. This is a further decline from the low rate of 0.12% at year-end 2019. As of December 31, 2020, the Bank's allowance for loan loss reserve was $20.8 million (or 1.11% of total loans outstanding) and includes $2.5 million held as a precaution due to the pandemic. Management believes that this reserve is sufficient to support the Bank's loan portfolio risk.
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 situations, and working proactively with them to deliver creative solutions continues to serve our shareholders well.
CAPITAL
All of the Bank's capital ratios continue to exceed regulatory requirements for "well-capitalized" banks. As of December 31, 2020, the Bank's tier 1 leverage ratio was 9.19%. FineMark's (the consolidated entity) tier 1 leverage ratio was 7.48%, and the total risk-based capital ratio was 17.52%. Funds raised through the $21.3 million subordinated debt offering in the fourth quarter were used to pay down a line of credit at the holding company level and to augment the Bank's capital.
LOOKING AHEAD
As we look ahead to 2021, the most important drivers of the Bank's growth will always be our associates' unparalleled commitment to providing the highest level of personalized service to our clients and the strength of our balance sheet. We believe that these qualities will continue to create shareholder value in all types of environments now and in the years to come.
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.
Forward-looking statements
This press release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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.
Further, the adverse effect of the COVID-19 pandemic on the Company, its customers and the communities where it operates may adversely affect the Company's business, results of operations and financial condition for an indefinite period of time. 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.
FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
Unaudited
| At December 31, | ||||||||
| Assets | 2020 | 2019 | ||||||
| Cash and due from banks | $ | 227,921 | 51,038 | |||||
| Debt securities available for sale | 589,233 | 474,841 | ||||||
| Debt securities held to maturity | 64,908 | 30,329 | ||||||
| Loans, net of allowance for loan losses of $20,782 in 2020 | ||||||||
| and $15,838 in 2019 | 1,850,293 | 1,512,466 | ||||||
| Federal Home Loan Bank stock | 16,155 | 12,912 | ||||||
| Federal Reserve Bank stock | 4,397 | 4,029 | ||||||
| Premises and equipment, net | 41,303 | 24,744 | ||||||
| Operating lease right-of-use assets | 7,674 | 8,912 | ||||||
| Accrued interest receivable | 7,604 | 6,402 | ||||||
| Deferred tax asset | - | 2,054 | ||||||
| Bank-owned life insurance | 34,963 | 34,118 | ||||||
| Other assets | 6,965 | 7,130 | ||||||
| Total assets | $ | 2,851,416 | 2,168,975 | |||||
| Liabilities and Shareholders' Equity | ||||||||
| Liabilities: | ||||||||
| Noninterest-bearing demand deposits | 352,281 | 208,016 | ||||||
| Savings, NOW and money-market deposits | 1,788,441 | 1,368,311 | ||||||
| Time deposits | 84,232 | 94,092 | ||||||
| Total deposits | 2,224,954 | 1,670,419 | ||||||
| Official checks | 5,883 | 6,694 | ||||||
| Other borrowings | 5,612 | 2,390 | ||||||
| Federal Home Loan Bank advances | 334,271 | 264,520 | ||||||
| Operating lease liabilities | 7,849 | 9,115 | ||||||
| Subordinated debt | 50,712 | 29,586 | ||||||
| Deferred tax payable | 202 | - | ||||||
| Other liabilities | 10,876 | 7,798 | ||||||
| Total liabilities | 2,640,359 | 1,990,522 | ||||||
| Shareholders' equity: | ||||||||
| Common stock, $.01 par value; 50,000,000 shares authorized, | ||||||||
| 8,955,427 and 8,856,646 shares issued and outstanding in 2020 and 2019 | 90 | 89 | ||||||
| Additional paid-in capital | 122,629 | 120,955 | ||||||
| Retained earnings | 80,120 | 58,164 | ||||||
| Accumulated other comprehensive income | 8,218 | (755 | ) | |||||
| Total shareholders' equity | 211,057 | 178,453 | ||||||
| Total liabilities and shareholders' equity | $ | 2,851,416 | 2,168,975 | |||||
| Book Value per Share | 23.57 | 20.15 | ||||||
FINEMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
(Dollars and shares in thousands, except per share amounts)
Unaudited
| Three Months | Nine Months | ||||||||||||||||
| Periods ended December 31, | 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Interest income: | |||||||||||||||||
| Loans | $ | 16,265 | 15,549 | $ | 63,678 | 61,301 | |||||||||||
| Debt securities | 2,664 | 2,729 | 11,377 | 9,402 | |||||||||||||
| Dividends on Federal Home Loan Bank stock | 138 | 281 | 670 | 714 | |||||||||||||
| Other | 109 | 253 | 813 | 881 | |||||||||||||
| Total interest income | 19,176 | 18,812 | 76,538 | 72,298 | |||||||||||||
| Interest expense: | |||||||||||||||||
| Deposits | 1,035 | 4,341 | 7,962 | 17,913 | |||||||||||||
| Federal Home Loan Bank advances | 2,275 | 1,892 | 8,490 | 6,530 | |||||||||||||
| Subordinated debt | 554 | 453 | 1,912 | 1,811 | |||||||||||||
| Total interest expense | 3,864 | 6,686 | 18,364 | 26,254 | |||||||||||||
| Net interest income | 15,312 | 12,126 | 58,174 | 46,044 | |||||||||||||
| Provision for loan losses | 610 | 429 | 4,986 | 1,488 | |||||||||||||
| Net interest income after provision for loan losses | 14,702 | 11,697 | 53,188 | 44,556 | |||||||||||||
| Noninterest income: | |||||||||||||||||
| Trust fees | 5,591 | 5,023 | 20,880 | 18,614 | |||||||||||||
| Income from bank-owned life insurance | 210 | 219 | 845 | 886 | |||||||||||||
| Income from solar farms | 71 | 68 | 312 | 330 | |||||||||||||
| Gain on sale of debt securities available for sale | 584 | 233 | 5,712 | 1,560 | |||||||||||||
| (Loss) gain on extinguishment of debt | (160 | ) | 414 | (160 | ) | 685 | |||||||||||
| Other fees and service charges | 241 | 638 | 865 | 1,169 | |||||||||||||
| Total noninterest income | 6,537 | 6,595 | 28,454 | 23,244 | |||||||||||||
| Noninterest expenses: | |||||||||||||||||
| Salaries and employee benefits | 8,098 | 7,948 | 31,835 | 29,452 | |||||||||||||
| Occupancy | 1,310 | 1,354 | 5,825 | 5,646 | |||||||||||||
| Information systems | 1,410 | 1,150 | 5,241 | 4,413 | |||||||||||||
| Professional fees | 520 | 323 | 1,568 | 1,334 | |||||||||||||
| Marketing and business development | 293 | 612 | 1,507 | 2,054 | |||||||||||||
| Regulatory assessments | 391 | 108 | 1,393 | 788 | |||||||||||||
| Other | 1,142 | 995 | 5,704 | 4,204 | |||||||||||||
| Total noninterest expense | 13,164 | 12,490 | 53,073 | 47,891 | |||||||||||||
| Earnings before income taxes | 8,075 | 5,802 | 28,569 | 19,909 | |||||||||||||
Income taxes | 1,789 | 1,162 | 6,613 | 4,702 | |||||||||||||
| Net earnings | $ | 6,286 | 4,640 | $ | 21,956 | 15,207 | |||||||||||
| Weighted average common shares outstanding - basic | 8,942 | 8,854 | 8,925 | 8,855 | |||||||||||||
| Weighted average common shares outstanding - diluted | 9,075 | 9,029 | 9,057 | 9,024 | |||||||||||||
| Per share information: | |||||||||||||||||
| Basic earnings per common share | $ | 0.70 | 0.49 | $ | 2.46 | 1.72 | |||||||||||
| Diluted earnings per common share | $ | 0.69 | 0.49 | $ | 2.42 | 1.69 | |||||||||||
FineMark Holdings, Inc.
Consolidated Financial Highlights
Fourth Quarter 2020
Unaudited
| $ in thousands except for share data | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020 | 1st Qtr 2020 | 4th Qtr 2019 | 2020 | 2019 | |||||||||||||||||||||
| $ Earnings | ||||||||||||||||||||||||||||
| Net Interest Income | $ | 15,312 | $ | 15,205 | $ | 15,032 | $ | 12,625 | $ | 12,126 | $ | 58,174 | $ | 46,044 | ||||||||||||||
| Provision for loan loss | $ | 610 | $ | 630 | $ | 2,563 | $ | 1,183 | $ | 429 | $ | 4,986 | $ | 1,488 | ||||||||||||||
| Non-interest Income | $ | 6,113 | $ | 5,858 | $ | 5,341 | $ | 5,590 | $ | 5,629 | $ | 22,900 | $ | 20,999 | ||||||||||||||
| Gain on sale of debt securities available for sale | $ | 584 | $ | 1,066 | $ | 1,371 | $ | 2,691 | $ | 233 | $ | 5,712 | $ | 1,560 | ||||||||||||||
| Debt extinguishment gains | $ | (160 | ) | $ | - | $ | - | $ | - | $ | 414 | $ | (160 | ) | $ | 685 | ||||||||||||
| Non-interest Expense | $ | 13,164 | $ | 14,069 | $ | 12,814 | $ | 13,026 | $ | 12,490 | $ | 53,072 | $ | 47,891 | ||||||||||||||
| Earnings before income taxes | $ | 8,075 | $ | 7,430 | $ | 6,368 | $ | 6,696 | $ | 5,483 | $ | 28,570 | $ | 19,909 | ||||||||||||||
| Taxes | $ | 1,789 | $ | 1,694 | $ | 1,520 | $ | 1,610 | $ | 1,162 | $ | 6,613 | $ | 4,702 | ||||||||||||||
| Net Income | $ | 6,286 | $ | 5,736 | $ | 4,847 | $ | 5,087 | $ | 4,321 | $ | 21,956 | $ | 15,207 | ||||||||||||||
| Basic earnings per share | $ | 0.70 | $ | 0.65 | $ | 0.54 | $ | 0.57 | $ | 0.49 | $ | 2.46 | $ | 1.72 | ||||||||||||||
| Diluted earnings per share | $ | 0.69 | $ | 0.63 | $ | 0.54 | $ | 0.56 | $ | 0.49 | $ | 2.42 | $ | 1.69 | ||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||||||
| Return on average assets* | 0.93 | % | 0.90 | % | 0.80 | % | 0.92 | % | 0.82 | % | 0.89 | % | 0.76 | % | ||||||||||||||
| Return on risk weighted assets* | 1.60 | % | 1.54 | % | 1.34 | % | 1.46 | % | 1.32 | % | 1.49 | % | 1.22 | % | ||||||||||||||
| Return on average equity* | 12.12 | % | 11.35 | % | 10.16 | % | 11.11 | % | 9.72 | % | 11.20 | % | 8.97 | % | ||||||||||||||
| Yield on earning assets* | 2.95 | % | 3.13 | % | 3.32 | % | 3.59 | % | 3.74 | % | 3.23 | % | 3.82 | % | ||||||||||||||
| Cost of funds* | 0.62 | % | 0.67 | % | 0.77 | % | 1.26 | % | 1.40 | % | 0.81 | % | 1.46 | % | ||||||||||||||
| Net Interest Margin* | 2.36 | % | 2.50 | % | 2.58 | % | 2.39 | % | 2.41 | % | 2.45 | % | 2.43 | % | ||||||||||||||
| Efficiency ratio | 60.24 | % | 63.58 | % | 58.92 | % | 62.31 | % | 67.87 | % | 61.27 | % | 69.12 | % | ||||||||||||||
| Capital | ||||||||||||||||||||||||||||
| Tier 1 leverage capital ratio | 7.48 | % | 7.71 | % | 7.89 | % | 8.35 | % | 8.51 | % | 7.48 | % | 8.51 | % | ||||||||||||||
| Common equity risk-based capital ratio | 12.94 | % | 13.20 | % | 13.15 | % | 14.10 | % | 13.70 | % | 12.94 | % | 13.70 | % | ||||||||||||||
| Tier 1 risk-based capital ratio | 12.94 | % | 13.20 | % | 13.15 | % | 14.10 | % | 13.70 | % | 12.94 | % | 13.70 | % | ||||||||||||||
| Total risk-based capital ratio | 17.52 | % | 16.57 | % | 16.56 | % | 17.67 | % | 17.18 | % | 17.52 | % | 17.18 | % | ||||||||||||||
| Book value per share | $ | 23.57 | $ | 23.01 | $ | 22.08 | $ | 20.74 | $ | 20.15 | $ | 23.57 | $ | 20.15 | ||||||||||||||
| Tangible book value per share | $ | 23.57 | $ | 23.01 | $ | 22.08 | $ | 20.74 | $ | 20.15 | $ | 23.57 | $ | 20.15 | ||||||||||||||
| Asset Quality | ||||||||||||||||||||||||||||
| Net charge-offs (recoveries) | $ | 37 | $ | 3 | $ | 9 | $ | (7 | ) | $ | (10 | ) | $ | 42 | $ | 116 | ||||||||||||
| Net charge-offs (recoveries) to average total loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.01 | % | ||||||||||||||
| Allowance for loan losses | $ | 20,782 | $ | 20,209 | $ | 19,582 | $ | 17,028 | $ | 15,838 | $ | 20,782 | $ | 15,838 | ||||||||||||||
| Allowance to total loans | 1.11 | % | 1.12 | % | 1.12 | % | 1.06 | % | 1.04 | % | 1.11 | % | 1.04 | % | ||||||||||||||
| Nonperforming loans | $ | 1,279 | $ | 1,098 | $ | 1,560 | $ | 1,184 | $ | 1,798 | $ | 1,279 | $ | 1,798 | ||||||||||||||
| Other real estate owned | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
| Nonperforming loans to total loans | 0.07 | % | 0.06 | % | 0.09 | % | 0.07 | % | 0.12 | % | 0.07 | % | 0.12 | % | ||||||||||||||
| Nonperforming assets to total assets | 0.04 | % | 0.04 | % | 0.06 | % | 0.05 | % | 0.08 | % | 0.04 | % | 0.08 | % | ||||||||||||||
| Loan Composition (% of Total Gross Loans) | ||||||||||||||||||||||||||||
| 1-4 Family | 53.1 | % | 53.3 | % | 52.8 | % | 55.9 | % | 57.3 | % | 53.1 | % | 57.3 | % | ||||||||||||||
| Commercial Loans | 13.5 | % | 14.9 | % | 15.3 | % | 10.9 | % | 10.0 | % | 13.5 | % | 10.0 | % | ||||||||||||||
| Commercial Real Estate | 18.9 | % | 19.4 | % | 19.9 | % | 21.0 | % | 20.9 | % | 18.9 | % | 20.9 | % | ||||||||||||||
| Construction Loans | 7.6 | % | 6.8 | % | 6.7 | % | 6.6 | % | 6.1 | % | 7.6 | % | 6.1 | % | ||||||||||||||
| Other Loans | 7.0 | % | 5.5 | % | 5.3 | % | 5.6 | % | 5.7 | % | 7.0 | % | 5.7 | % | ||||||||||||||
| End of Period Balances | ||||||||||||||||||||||||||||
| Assets | $ | 2,851,416 | $ | 2,606,789 | $ | 2,520,831 | $ | 2,464,677 | $ | 2,168,975 | $ | 2,851,416 | $ | 2,168,975 | ||||||||||||||
| Debt securities | $ | 654,141 | $ | 619,016 | $ | 618,569 | $ | 577,917 | $ | 505,170 | $ | 654,141 | $ | 505,170 | ||||||||||||||
| Loans, net of allowance | $ | 1,850,293 | $ | 1,789,905 | $ | 1,727,853 | $ | 1,584,767 | $ | 1,512,466 | $ | 1,850,293 | $ | 1,512,466 | ||||||||||||||
| Deposits | $ | 2,224,954 | $ | 1,978,922 | $ | 1,919,966 | $ | 1,824,174 | $ | 1,670,419 | $ | 2,224,954 | $ | 1,670,419 | ||||||||||||||
| Other borrowings | $ | 5,612 | $ | 14,920 | $ | 9,121 | $ | 112,527 | $ | 2,390 | $ | 5,612 | $ | 2,390 | ||||||||||||||
| Subordinated Debt | $ | 50,712 | $ | 29,622 | $ | 29,610 | $ | 29,598 | $ | 29,586 | $ | 50,712 | $ | 29,586 | ||||||||||||||
| FHLB Advances | $ | 334,271 | $ | 354,334 | $ | 314,396 | $ | 294,458 | $ | 264,520 | $ | 334,271 | $ | 264,520 | ||||||||||||||
| Shareholders Equity | $ | 211,057 | $ | 205,627 | $ | 197,174 | $ | 185,119 | $ | 178,453 | $ | 211,057 | $ | 178,453 | ||||||||||||||
| Trust and Investment | ||||||||||||||||||||||||||||
| Fee Income | $ | 5,591 | $ | 5,337 | $ | 4,897 | $ | 5,055 | $ | 5,023 | $ | 20,879 | $ | 18,614 | ||||||||||||||
| Assets Under Administration | ||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 4,622,464 | $ | 4,382,810 | $ | 3,932,309 | $ | 4,472,585 | $ | 4,175,715 | $ | 4,472,585 | $ | 3,391,455 | ||||||||||||||
| Net investment appreciation (depreciation) & income | $ | 349,016 | $ | 166,182 | $ | 389,677 | $ | (706,530 | ) | $ | 180,466 | $ | 198,345 | $ | 535,238 | |||||||||||||
| Net client asset flows | $ | 119,928 | $ | 73,472 | $ | 60,824 | $ | 166,253 | $ | 116,404 | $ | 420,477 | $ | 545,892 | ||||||||||||||
| Balance at end of period | $ | 5,091,408 | $ | 4,622,464 | $ | 4,382,810 | $ | 3,932,309 | $ | 4,472,585 | $ | 5,091,408 | $ | 4,472,585 | ||||||||||||||
| Percentage of AUA that are managed | 89 | % | 90 | % | 89 | % | 88 | % | 88 | % | 89 | % | 88 | % | ||||||||||||||
| Stock Valuation | ||||||||||||||||||||||||||||
| Closing Market Price (OTCQX) | $ | 23.41 | $ | 19.85 | $ | 21.60 | $ | 21.00 | $ | 25.10 | $ | 23.41 | $ | 25.10 | ||||||||||||||
| Multiple of Tangible Book Value | 0.99 | 0.86 | 0.98 | 1.01 | 1.25 | 0.99 | 1.25 | |||||||||||||||||||||
| *annualized | ||||||||||||||||||||||||||||
SOURCE: FineMark Holdings, Inc.
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https://www.accesswire.com/624972/FineMark-Holdings-Inc-Reports-Fourth-Quarter-2020-Earnings
