Attached files
| file | filename |
|---|---|
| 8-K - MBT FINANCIAL CORP | v163458_8-k.htm |
EXHIBIT
99
MBT
Financial Corp. Announces Third Quarter 2009 Results
MONROE, Mich., October 22,
2009 – MBT Financial Corp., (Nasdaq: MBTF), the parent company of Monroe Bank
& Trust, reported a third quarter 2009 net loss of $1.6 million, or $0.10
per share, compared to the profit of $324,000, or $0.02 per diluted share in the
third quarter of 2008. The year to date loss for 2009 is $8.3 million, or $0.52
per share compared to a profit of $4.7 million, or $0.29 per diluted share in
the first three quarters of 2008.
The third
quarter results include $5.3 million in gains on securities sold, a $4.5 million
charge to record the other than temporary impairment of pooled trust preferred
CDO investments, a $0.9 million write off of a defaulted investment security,
and losses on the sales and write downs of other real estate owned totaled $1.9
million. In addition, the third quarter provision for loan losses was $5.7
million, an increase of $1.6 million compared to the third quarter of
2008.
The Net
Interest Income for the third quarter of 2009 was $10.5 million, a decrease of
$570,000, or 5.1% compared to the same period in 2008. The Net Interest Margin
was unchanged at 3.24%, but the amount of average earning assets decreased $67.4
million, or 4.8%. Earning assets decreased due to a reduction of $80.7 million,
or 8.2% in average loans, as economic conditions significantly decreased loan
demand.
Non
interest income, excluding securities gains, losses, and impairment charges
decreased from $3.9 million in the third quarter of 2008 to $3.7 million in the
third quarter of 2009. This was mainly due to a decrease of $151,000 in Wealth
Management fee income, which was adversely impacted by the declines in market
values of assets under management.
Non
Interest expenses increased $25,000, or 0.2% as the bank continues to focus on
controlling expenses. Losses and expenses of foreclosed real estate properties
decreased $327,000, or 12.3% compared to last year while the cost of FDIC
insurance increased $402,000, or 177.9%. Compared to last quarter, salaries and
benefits declined by 5.1%, and overall non interest expenses net of credit
related charges and the FDIC assessment declined by 3.0%.
Total
assets of the bank decreased $62.5 million compared to September 30, 2008 due to
the previously mentioned decrease in loan demand. The company’s capital position
decreased from 8.0% of assets to 7.64%, which remains above regulatory minimums
to be considered “well capitalized”. In addition, the company believes its
liquidity position has improved, as cash and investments now total 30.3% of
assets compared to 27.3% a year ago.
H.
Douglas Chaffin, President and CEO, commented, “Although the national economy is
beginning to show signs of recovering from the worst recession since the great
depression, we expect the recession to continue into 2010 for the state of
Michigan. The high level of unemployment and the unprecedented decline in real
estate values had a negative impact on our asset quality and earnings. On
October 8, 2009, we conducted an auction of foreclosed real estate properties.
This was our second auction this year, and we were again successful in removing
some non performing assets from our balance sheet. Although the auction was in
the fourth quarter, we wrote down the values of the properties sold in the third
quarter, recognizing a loss of $489,000. The sales are expected to close in the
fourth quarter, which will result in an additional decrease of $1.4 million in
Other Real Estate Owned, and a monthly decrease of nearly $10,000 in insurance,
property taxes, and maintenance expenses for these properties. Our provision for
loan losses and other credit related expenses remain elevated due to the current
economic conditions, and the FDIC has significantly raised our deposit insurance
assessment to rebuild their fund. In spite of these challenges, changes in our
balance sheet structure allowed us to maintain our capital ratio at a level that
exceeds the regulatory “well capitalized” minimum. Due to the losses recorded in
the last few quarters, and the uncertainty of our economic and regulatory
environments, our Board decided in August to take action to preserve capital by
suspending the quarterly dividend to shareholders.”
Mr.
Chaffin concluded, “Real estate values and unemployment rates in our market have
shown signs of stabilizing recently. However, we anticipate any recovery in our
local market to be lengthy. As a result, our Board is currently considering
various options that might be available to raise additional capital. We will
seek to continue to maintain our strong capital, liquidity, and allowance for
loan losses. Our community banking model is needed more than ever in our
markets, and we believe that we are well positioned for the eventual economic
recovery.”
Conference
Call
MBT
Financial Corp. will hold a conference call to discuss third quarter results on
Friday, October 23, at 10:00 a.m. Eastern Time. The call will be
webcast and can be accessed at the Investor Relations/Corporate Profile page of
MBT Financial Corp.’s web site www.mbandt.com. The call can also be accessed by
calling (800) 860-2442. The event will be archived on the Company’s web site and
available for twelve months following the call.
About
the Company
MBT
Financial Corp. (NASDAQ: MBTF), a single bank holding company headquartered in
Monroe, Michigan, is the parent company of Monroe Bank & Trust
(MBT).
Founded
in 1858, MBT is one of the largest community banks in Southeast Michigan, with
$1.4 billion in assets. MBT is a full-service bank, offering a complete range of
business and personal accounts, credit options, and phone and online banking
services. MBT’s Wealth Management Group is one of the largest and most respected
in Southeastern Michigan. With 25 offices, 41 ATMs, and a comprehensive array of
products and services, MBT prides itself in offering an incomparable banking
experience for its customers. Visit MBT’s web site at
www.mbandt.com.
Forward-Looking
Statements
Certain
statements contained herein are not based on historical facts and are
"forward-looking statements" within the meaning of Section 21A of the Securities
Exchange Act of 1934. Forward-looking statements which are based on
various assumptions (some of which are beyond the Company's control), may be
identified by reference to a future period or periods, or by the use of
forward-looking terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or variations on those
terms, or the negative of these terms. Actual results could differ
materially from those set forth in forward-looking statements, due to a variety
of factors, including, but not limited to, those related to the economic
environment, particularly in the market areas in which the Company operates,
competitive products and pricing, fiscal and monetary policies of the U.S.
Government, changes in government regulations affecting financial institutions,
including regulatory fees and capital requirements, changes in prevailing
interest rates, acquisitions and the integration of acquired businesses, credit
risk management, asset/liability management, change in the financial and
securities markets, including changes with respect to the market value of our
financial assets, the availability of and costs associated with sources of
liquidity, and the ability of the Company to resolve or dispose of problem
loans. The Company undertakes no obligation to update or clarify
forward-looking statements, whether as a result of new information, future
events or otherwise.
FOR FURTHER
INFORMATION:
|
H.
Douglas Chaffin
|
John
L. Skibski
|
Mary
Jane Town
|
|
Chief
Executive Officer
|
Chief
Financial Officer
|
Marketing
Officer
|
|
(734)
384-8123
|
(734)
242-1879
|
(734)
240-2510
|
|
doug.chaffin@mbandt.com
|
john.skibski@mbandt.com
|
maryjane.town@mbandt.com
|
|
MBT
FINANCIAL CORP.
|
|
CONSOLIDATED
FINANCIAL HIGHLIGHTS -
UNAUDITED
|
|
Quarterly
|
Year
to Date
|
|||||||||||||||||||||||||||
|
2009
|
2009
|
2009
|
2008
|
2008
|
||||||||||||||||||||||||
|
(dollars
in thousands except per share data)
|
3rd
Qtr
|
2nd
Qtr
|
1st
Qtr
|
4th
Qtr
|
3rd
Qtr
|
2009
|
2008
|
|||||||||||||||||||||
|
EARNINGS
|
||||||||||||||||||||||||||||
|
Net
interest income
|
$ | 10,516 | $ | 10,185 | $ | 10,213 | $ | 9,723 | $ | 11,086 | $ | 30,914 | $ | 32,666 | ||||||||||||||
|
FTE
Net interest income
|
$ | 10,857 | $ | 10,536 | $ | 10,565 | $ | 10,088 | $ | 11,417 | $ | 31,958 | $ | 33,664 | ||||||||||||||
|
Provision
for loan and lease losses
|
$ | 5,700 | $ | 8,000 | $ | 4,200 | $ | 10,000 | $ | 4,100 | $ | 17,900 | $ | 8,000 | ||||||||||||||
|
Non-interest
income
|
$ | 3,559 | $ | 3,630 | $ | 3,331 | $ | 3,900 | $ | 4,265 | $ | 10,520 | $ | 12,085 | ||||||||||||||
|
Non-interest
expense
|
$ | 11,390 | $ | 14,589 | $ | 11,997 | $ | 8,773 | $ | 11,365 | $ | 37,976 | $ | 31,226 | ||||||||||||||
|
Net
income (loss)
|
$ | (1,599 | ) | $ | (5,373 | ) | $ | (1,367 | ) | $ | (2,997 | ) | $ | 324 | $ | (8,339 | ) | $ | 4,689 | |||||||||
|
Basic
earnings (loss) per share
|
$ | (0.10 | ) | $ | (0.33 | ) | $ | (0.08 | ) | $ | (0.19 | ) | $ | 0.02 | $ | (0.52 | ) | $ | 0.29 | |||||||||
|
Diluted
earnings (loss) per share
|
$ | (0.10 | ) | $ | (0.33 | ) | $ | (0.08 | ) | $ | (0.19 | ) | $ | 0.02 | $ | (0.52 | ) | $ | 0.29 | |||||||||
|
Average
shares outstanding
|
16,192,914 | 16,182,528 | 16,165,841 | 16,143,902 | 16,136,402 | 16,180,527 | 16,131,436 | |||||||||||||||||||||
|
Average
diluted shares outstanding
|
16,192,914 | 16,193,278 | 16,181,966 | 16,154,652 | 16,147,152 | 16,180,527 | 16,158,897 | |||||||||||||||||||||
|
PERFORMANCE
RATIOS
|
||||||||||||||||||||||||||||
|
Return
on average assets
|
-0.44 | % | -1.48 | % | -0.37 | % | -0.77 | % | 0.09 | % | -0.76 | % | 0.41 | % | ||||||||||||||
|
Return
on average common equity
|
-5.64 | % | -18.31 | % | -4.53 | % | -9.78 | % | 1.04 | % | -9.49 | % | 4.92 | % | ||||||||||||||
|
Base
Margin
|
3.08 | % | 3.00 | % | 2.89 | % | 2.65 | % | 3.08 | % | 2.99 | % | 2.99 | % | ||||||||||||||
|
FTE
Adjustment
|
0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.09 | % | 0.10 | % | 0.09 | % | ||||||||||||||
|
Loan
Fees
|
0.06 | % | 0.04 | % | 0.05 | % | 0.04 | % | 0.07 | % | 0.05 | % | 0.07 | % | ||||||||||||||
|
FTE
Net Interest Margin
|
3.24 | % | 3.14 | % | 3.04 | % | 2.79 | % | 3.24 | % | 3.14 | % | 3.15 | % | ||||||||||||||
|
Efficiency
ratio
|
61.90 | % | 70.22 | % | 69.70 | % | 59.11 | % | 56.66 | % | 67.21 | % | 60.75 | % | ||||||||||||||
|
Full-time
equivalent employees
|
370 | 370 | 383 | 384 | 366 | 374 | 374 | |||||||||||||||||||||
|
CAPITAL
|
||||||||||||||||||||||||||||
|
Average
equity to average assets
|
7.84 | % | 8.10 | % | 8.09 | % | 7.83 | % | 8.19 | % | $ | 8.01 | % | 8.32 | % | |||||||||||||
|
Book
value per share
|
$ | 6.81 | $ | 6.80 | $ | 7.18 | $ | 7.49 | $ | 7.46 | $ | 6.81 | $ | 7.46 | ||||||||||||||
|
Cash
dividend per share
|
$ | - | $ | 0.01 | $ | 0.01 | $ | 0.09 | $ | 0.09 | $ | 0.02 | $ | 0.45 | ||||||||||||||
|
ASSET
QUALITY
|
||||||||||||||||||||||||||||
|
Loan
Charge-Offs
|
$ | 12,364 | $ | 6,334 | $ | 1,575 | $ | 10,132 | $ | 3,954 | $ | 20,273 | $ | 10,516 | ||||||||||||||
|
Loan
Recoveries
|
$ | 262 | $ | 456 | $ | 600 | $ | 252 | $ | 169 | $ | 1,318 | $ | 702 | ||||||||||||||
|
Net
Charge-Offs
|
$ | 12,102 | $ | 5,878 | $ | 975 | $ | 9,880 | $ | 3,785 | $ | 18,955 | $ | 9,814 | ||||||||||||||
|
Allowance
for loan and lease losses
|
$ | 17,473 | $ | 23,875 | $ | 21,753 | $ | 18,528 | $ | 18,408 | $ | 17,473 | $ | 18,408 | ||||||||||||||
|
Nonaccrual
Loans
|
$ | 62,038 | $ | 61,917 | $ | 50,437 | $ | 47,872 | $ | 34,892 | $ | 62,038 | $ | 34,892 | ||||||||||||||
|
Loans
90 days past due
|
$ | 192 | $ | 300 | $ | 864 | $ | 93 | $ | 119 | $ | 192 | $ | 119 | ||||||||||||||
|
Restructured
loans
|
$ | 14,359 | $ | 7,552 | $ | 4,901 | $ | 5,811 | $ | 6,685 | $ | 14,359 | $ | 6,685 | ||||||||||||||
|
Total
non performing loans
|
$ | 76,589 | $ | 69,769 | $ | 56,202 | $ | 53,776 | $ | 41,696 | $ | 76,589 | $ | 41,696 | ||||||||||||||
|
Other
real estate owned & other assets
|
$ | 20,737 | $ | 19,215 | $ | 22,792 | $ | 19,211 | $ | 17,893 | $ | 20,737 | $ | 17,893 | ||||||||||||||
|
Total
non performing assets
|
$ | 97,326 | $ | 88,984 | $ | 78,994 | $ | 72,987 | $ | 59,589 | $ | 97,326 | $ | 59,589 | ||||||||||||||
|
Problem
Loans Still Performing
|
$ | 48,366 | $ | 59,076 | $ | 75,127 | $ | 63,935 | $ | 56,156 | $ | 48,366 | $ | 56,156 | ||||||||||||||
|
Total
Problem Assets
|
$ | 145,692 | $ | 148,060 | $ | 154,121 | $ | 136,922 | $ | 115,745 | $ | 145,692 | $ | 115,745 | ||||||||||||||
|
Net
loan charge-offs to average loans
|
5.34 | % | 2.57 | % | 0.42 | % | 4.08 | % | 1.54 | % | 2.76 | % | 1.32 | % | ||||||||||||||
|
Allowance
for losses to total loans
|
1.99 | % | 2.62 | % | 2.35 | % | 1.97 | % | 1.88 | % | 1.99 | % | 1.88 | % | ||||||||||||||
|
Non
performing loans to gross loans
|
8.71 | % | 7.66 | % | 6.08 | % | 5.71 | % | 4.25 | % | 8.71 | % | 4.25 | % | ||||||||||||||
|
Non
performing assets to total assets
|
6.74 | % | 6.17 | % | 5.32 | % | 4.67 | % | 3.96 | % | 6.74 | % | 3.96 | % | ||||||||||||||
|
Allowance
to non performing loans
|
22.81 | % | 34.22 | % | 38.71 | % | 34.45 | % | 44.15 | % | 22.81 | % | 44.15 | % | ||||||||||||||
|
END
OF PERIOD BALANCES
|
||||||||||||||||||||||||||||
|
Loans
and leases
|
$ | 879,513 | $ | 910,356 | $ | 923,919 | $ | 941,732 | $ | 981,038 | $ | 879,513 | $ | 981,038 | ||||||||||||||
|
Total
earning assets
|
$ | 1,315,930 | $ | 1,321,006 | $ | 1,363,015 | $ | 1,434,098 | $ | 1,383,659 | $ | 1,315,930 | $ | 1,383,659 | ||||||||||||||
|
Total
assets
|
$ | 1,443,238 | $ | 1,441,582 | $ | 1,485,854 | $ | 1,562,401 | $ | 1,505,709 | $ | 1,443,238 | $ | 1,505,709 | ||||||||||||||
|
Deposits
|
$ | 1,047,649 | $ | 1,039,479 | $ | 1,066,886 | $ | 1,136,078 | $ | 1,080,194 | $ | 1,047,649 | $ | 1,080,194 | ||||||||||||||
|
Interest
Bearing Liabilities
|
$ | 1,199,403 | $ | 1,189,725 | $ | 1,232,573 | $ | 1,282,993 | $ | 1,234,705 | $ | 1,199,403 | $ | 1,234,705 | ||||||||||||||
|
Shareholders'
equity
|
$ | 110,323 | $ | 110,010 | $ | 116,096 | $ | 120,977 | $ | 120,413 | $ | 110,323 | $ | 120,413 | ||||||||||||||
|
Total
Shares Outstanding
|
16,198,785 | 16,187,277 | 16,178,121 | 16,148,482 | 16,139,538 | 16,198,785 | 16,139,538 | |||||||||||||||||||||
|
AVERAGE
BALANCES
|
||||||||||||||||||||||||||||
|
Loans
and leases
|
$ | 899,789 | $ | 918,513 | $ | 934,766 | $ | $963,445 | $ | 980,466 | $ | 917,561 | $ | 990,345 | ||||||||||||||
|
Total
earning assets
|
$ | 1,331,375 | $ | 1,346,749 | $ | 1,405,306 | $ | 1,436,265 | $ | 1,398,768 | $ | 1,360,872 | $ | 1,425,146 | ||||||||||||||
|
Total
assets
|
$ | 1,434,971 | $ | 1,452,339 | $ | 1,513,312 | $ | 1,557,430 | $ | 1,505,823 | $ | 1,466,587 | $ | 1,529,166 | ||||||||||||||
|
Deposits
|
$ | 1,051,967 | $ | 1,054,447 | $ | 1,100,982 | $ | 1,144,238 | $ | 1,076,734 | $ | 1,068,952 | $ | 1,087,442 | ||||||||||||||
|
Interest
Bearing Liabilities
|
$ | 1,202,082 | $ | 1,212,880 | $ | 1,258,040 | $ | 1,297,202 | $ | 1,245,873 | $ | 1,224,129 | $ | 1,267,559 | ||||||||||||||
|
Shareholders'
equity
|
$ | 112,533 | $ | 117,677 | $ | 122,371 | $ | 121,969 | $ | 123,355 | $ | 117,491 | $ | 127,280 | ||||||||||||||
|
MBT FINANCIAL
CORP.
|
|
CONSOLIDATED
STATEMENTS OF INCOME -
UNAUDITED
|
|
Quarter
Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||
|
Dollars
in thousands (except per share data)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
|
Interest
Income
|
||||||||||||||||
|
Interest
and fees on loans
|
$ | 13,229 | $ | 15,689 | $ | 39,994 | $ | 47,888 | ||||||||
|
Interest
on investment securities-
|
||||||||||||||||
|
Tax-exempt
|
837 | 844 | 2,579 | 2,477 | ||||||||||||
|
Taxable
|
3,544 | 4,558 | 11,872 | 14,312 | ||||||||||||
|
Interest
on balances due from banks
|
30 | - | 57 | - | ||||||||||||
|
Interest
on federal funds sold
|
- | 22 | - | 23 | ||||||||||||
|
Total
interest income
|
17,640 | 21,113 | 54,502 | 64,700 | ||||||||||||
|
Interest
Expense
|
||||||||||||||||
|
Interest
on deposits
|
4,174 | 6,263 | 14,280 | 20,122 | ||||||||||||
|
Interest
on borrowed funds
|
2,950 | 3,764 | 9,308 | 11,912 | ||||||||||||
|
Total
interest expense
|
7,124 | 10,027 | 23,588 | 32,034 | ||||||||||||
|
Net
Interest Income
|
10,516 | 11,086 | 30,914 | 32,666 | ||||||||||||
|
Provision
For Loan Losses
|
5,700 | 4,100 | 17,900 | 8,000 | ||||||||||||
|
Net
Interest Income After
|
||||||||||||||||
|
Provision
For Loan Losses
|
4,816 | 6,986 | 13,014 | 24,666 | ||||||||||||
|
Other
Income
|
||||||||||||||||
|
Income
from wealth management services
|
936 | 1,087 | 2,756 | 3,333 | ||||||||||||
|
Service
charges and other fees
|
1,516 | 1,683 | 4,304 | 4,795 | ||||||||||||
|
Net
gain (loss) on sales of securities
|
4,365 | 323 | 5,021 | 371 | ||||||||||||
|
Other
Than Temporary Impairment on securities
|
(2,693 | ) | - | (9,093 | ) | - | ||||||||||
|
Portion
of OTTI loss recognized in other
|
||||||||||||||||
|
comprehensive
income (before taxes)
|
(1,859 | ) | - | 3,772 | - | |||||||||||
|
Origination
fees on mortgage loans sold
|
119 | 73 | 350 | 357 | ||||||||||||
|
Bank
Owned Life Insurance income
|
369 | 355 | 1,034 | 985 | ||||||||||||
|
Other
|
806 | 744 | 2,376 | 2,244 | ||||||||||||
|
Total
other income
|
3,559
|
4,265 | 10,520 | 12,085 | ||||||||||||
|
Other
Expenses
|
||||||||||||||||
|
Salaries
and employee benefits
|
5,122 | 5,090 | 15,956 | 16,113 | ||||||||||||
|
Occupancy
expense
|
804 | 801 | 2,445 | 2,712 | ||||||||||||
|
Equipment
expense
|
729 | 804 | 2,348 | 2,480 | ||||||||||||
|
Marketing
expense
|
277 | 297 | 798 | 894 | ||||||||||||
|
Professional
fees
|
419 | 401 | 1,286 | 1,325 | ||||||||||||
|
Collection
expense
|
121 | 87 | 685 | 514 | ||||||||||||
|
Net
loss on other real estate owned
|
1,927 | 2,215 | 7,957 | 2,604 | ||||||||||||
|
Other
real estate owned expense
|
399 | 438 | 1,165 | 1,026 | ||||||||||||
|
FDIC
deposit insurance assessment
|
628 | 226 | 2,314 | 394 | ||||||||||||
|
Other
|
964 | 1,006 | 3,022 | 3,164 | ||||||||||||
|
Total
other expenses
|
11,390 | 11,365 | 37,976 | 31,226 | ||||||||||||
|
Income
(Loss) Before Income Taxes
|
(3,015 | ) | (114 | ) | (14,442 | ) | 5,525 | |||||||||
|
Income
Tax Expense (Benefit)
|
(1,416 | ) | (438 | ) | (6,103 | ) | 836 | |||||||||
|
Net
Income (Loss)
|
$ | (1,599 | ) | $ | 324 | $ | (8,339 | ) | $ | 4,689 | ||||||
|
Basic
Earnings (Loss) Per Common Share
|
$ | (0.10 | ) | $ | 0.02 | $ | (0.52 | ) | $ | 0.29 | ||||||
|
Diluted
Earnings (Loss) Per Common Share
|
$ | (0.10 | ) | $ | 0.02 | $ | (0.52 | ) | $ | 0.29 | ||||||
|
Dividends
Declared Per Common Share
|
$ | - | $ | 0.09 | $ | 0.02 | $ | 0.45 | ||||||||
|
MBT
FINANCIAL CORP.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
September
30, 2009
|
December
31,
|
September
30, 2008
|
||||||||||
|
Dollars
in thousands
|
(Unaudited)
|
2008
|
(Unaudited)
|
|||||||||
|
Assets
|
||||||||||||
|
Cash
and Cash Equivalents
|
||||||||||||
|
Cash
and due from banks
|
||||||||||||
|
Non-interest
bearing
|
$ | 14,500 | $ | 24,463 | $ | 21,927 | ||||||
|
Interest
bearing
|
56,731 | 26,323 | 600 | |||||||||
|
Federal
funds sold
|
- | - | 5,300 | |||||||||
|
Total
cash and cash equivalents
|
71,231 | 50,786 | 27,827 | |||||||||
|
Securities
- Held to Maturity
|
34,655 | 46,840 | 38,248 | |||||||||
|
Securities
- Available for Sale
|
331,945 | 406,117 | 345,387 | |||||||||
|
Federal
Home Loan Bank stock - at cost
|
13,086 | 13,086 | 13,086 | |||||||||
|
Loans
held for sale
|
418 | 784 | 267 | |||||||||
|
Loans
- Net
|
861,622 | 922,420 | 962,363 | |||||||||
|
Accrued
interest receivable and other assets
|
49,456 | 43,973 | 41,658 | |||||||||
|
Bank
Owned Life Insurance
|
47,961 | 45,488 | 45,083 | |||||||||
|
Premises
and Equipment - Net
|
32,864 | 32,907 | 31,790 | |||||||||
|
Total
assets
|
$ | 1,443,238 | $ | 1,562,401 | $ | 1,505,709 | ||||||
|
Liabilities
|
||||||||||||
|
Deposits:
|
||||||||||||
|
Non-interest
bearing
|
$ | 121,746 | $ | 144,585 | $ | 136,989 | ||||||
|
Interest-bearing
|
925,903 | 991,493 | 943,205 | |||||||||
|
Total
deposits
|
1,047,649 | 1,136,078 | 1,080,194 | |||||||||
|
Federal
Home Loan Bank advances
|
243,500 | 261,500 | 261,500 | |||||||||
|
Repurchase
agreements
|
30,000 | 30,000 | 30,000 | |||||||||
|
Interest
payable and other liabilities
|
11,766 | 13,846 | 13,602 | |||||||||
|
Total
liabilities
|
1,332,915 | 1,441,424 | 1,385,296 | |||||||||
|
Shareholders'
Equity
|
||||||||||||
|
Common
stock (no par value)
|
554 | 321 | - | |||||||||
|
Retained
Earnings
|
114,234 | 122,896 | 127,621 | |||||||||
|
Accumulated
other comprehensive income
|
(4,465 | ) | (2,240 | ) | (7,208 | ) | ||||||
|
Total
shareholders' equity
|
110,323 | 120,977 | 120,413 | |||||||||
|
Total
liabilities and shareholders' equity
|
$ | 1,443,238 | $ | 1,562,401 | $ | 1,505,709 | ||||||