Attached files
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| 8-K - SUMMIT FINANCIAL GROUP EARNINGS RELEASE - SUMMIT FINANCIAL GROUP, INC. | f8k103009.htm |
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Exhibit
99
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FOR
RELEASE 6:00 AM EDT, October 29, 2009
Contact: Robert
S. Tissue, Sr. Vice President & CFO
Telephone: (304)
530-0552
Email: rtissue@SummitFGI.com
SUMMIT
FINANCIAL GROUP REPORTS Q3 2009 RESULTS
MOOREFIELD,
W.V., October 29, 2009 -- Summit Financial Group, Inc. ("Company" or "Summit")
(NASDAQ: SMMF) today reported third quarter 2009 net income of $1.4 million, or
$0.19 per diluted share, compared with a net loss of $7.7 million, or ($1.03)
per diluted share, for the third quarter of 2008. Third quarter 2009 results
reflect a decreased provision for loan losses, increased net interest income and
continued control of overhead expenses.
Nonrecurring
items for the third quarter of 2009 include $428,000 ($270,000 after-tax or
$0.04 per diluted share) of securities gains; for the prior-year third quarter,
nonrecurring items included an other-than-temporary-impairment (“OTTI”) charge
of $4.5 million ($2.8 million after-tax, or $0.38 per diluted share) related to
the write-down of Fannie Mae and Freddie Mac preferred stock investments.
Excluding nonrecurring items from both quarters, pro forma third quarter 2009
earnings were $1.1 million, or $0.15 per diluted share, compared to a 2008 third
quarter net loss of $4.8 million, or ($0.64) per diluted share.
For the
nine months ended September 30, 2009, Summit reported a net loss of $282,000, or
($0.04) per diluted share, compared with a net loss of $1.3 million, or ($0.17)
per diluted share for the 2008 nine-month period. Excluding nonrecurring charges
totaling $5.1 million pretax ($3.2 million after-tax) recorded for both
nine-month periods, pro forma earnings for the first nine months of 2009 were
$2.9 million, or $0.39 per diluted share, compared to $2.0 million, or $0.27 per
diluted share, for the 2008 nine-month period.
Nonrecurring
pretax items resulted in a net charge of $5.1 million for the 2009 nine-month
period including the FDIC special assessment of $735,000, OTTI write-downs of
$4.8 million on residential mortgage-backed securities and $215,000 relating to
an equity investment, a $723,000 gain on sale of securities, and a $115,000 loss
on sales of various assets; for the 2008 nine-month period, net charges totaling
$5.1 million related to nonrecurring pretax items included an OTTI write-down of
$6.0 million on Freddie Mac and Fannie Mae preferred stock, gains on the fair
value of interest rate swaps of $705,000 ($444,000 after-tax), and a $137,000
gain on sales of various assets.
H.
Charles Maddy III, President and Chief Executive Officer of Summit Financial
Group, Inc., commented, “Our banking business remains healthy, although
pressures continue from the impact of the weak real estate market and ongoing
recession. We are taking every precaution to strengthen our financial condition
and improve efficiencies to
position
Summit for the longer haul. We are managing our business to control
discretionary expenses, expand our net interest margin, grow local deposits, and
add capital as needed to remain comfortably in excess of “well-capitalized”
status in accordance with regulatory capital guidelines.”
Mr. Maddy
continued, "Summit Community Bank is located in some of the most dynamic job and
real estate markets in the country. Strong population growth and growing
household income in Northern Virginia had created extraordinary demand, but even
this market finally succumbed to the impact of the recession. The majority of
our problem loans have surfaced in Northern Virginia, where demographics still
remain more attractive than most areas of the country. However, the market needs
time to adjust. We are beginning to see signs of returning health, with firmer
housing prices and lower inventories in certain markets. We continue to work
with our borrowers to achieve positive outcomes, but final resolution is
dependent on improved real estate demand and additional job
creation.”
“West
Virginia, by comparison, has been a much more stable market -- lower population
growth and lower loan growth. In West Virginia, we have very few problem assets
and appear to be gaining deposit market share, thanks to some of our recently
introduced savings products.”
Highlights of the Third Quarter
Include:
|
|
*
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Rising
problem loans are taking their toll on earnings by virtue of larger loan
loss provisions as well as higher credit administration costs, regulatory
costs and foregone interest income. Nonperforming assets grew by $28
million, or 45 percent, year over
year.
|
|
|
*
|
Apart
from problem assets, community banking activities remain healthy. Net
interest income and fee income have been remarkably stable over the past
five quarters, while controllable overhead expenses have declined, albeit
modestly, over the past twelve
months.
|
|
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*
|
Summit
has shifted its deposit mix significantly toward retail deposits,
specifically savings accounts, while reducing brokered deposits by $29
million, or 10 percent, since year-end
2008.
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|
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*
|
Summit
completed a two capital raises this past quarter, generating $4.5 million
of additional capital as preferred stock and subordinated debt. The Bank
and holding company are both currently “well-capitalized” by regulatory
standards; furthermore, the cash dividend to common shareholders is being
eliminated to preserve capital while options for additional capital
continue to be evaluated.
|
Results
from Operations
Total
revenue, consisting of net interest income and noninterest income, was $13.7
million for the third quarter of 2009, an increase of 67.2 percent from the $8.2
million reported for the year-ago period. Excluding one-time items of $437,000
and $4.6 million, respectively, from the third quarters of 2009 and 2008, total
revenue for third quarter of 2009 increased $482,000, or 3.8 percent, over the
prior-year third quarter. Net interest income was $10.9 million, up 4.9 percent
from the $10.4 million reported in the year-ago quarter from the combined impact
of a ten basis point improvement in the net interest margin to 2.99 percent, up
3.5 percent year-over-year, and a 1.3 percent increase in average earning
assets.
Noninterest
income for the third quarter of 2009 was $2.8 million compared to a negative
$2.2 million for the year-ago quarter. Excluding the 2009 gain on sale of
securities of $428,000 and asset sales gains and the $4.5 million OTTI charge
and loss on asset sales in 2008, noninterest income for the current quarter
decreased $29,000, or 1.2 percent, from the 2008 third quarter.
The
Company’s loan loss provision has been the primary factor impacting earnings.
Summit recorded a $4.0 million provision in the third quarter of 2009 and $13.5
million year-to-date; this compares to net charge-offs of $4.5 million and $16.6
million for the 2009 third quarter and nine month period, respectively. As of
September 30, 2009, the allowance for loan losses stood at $13.8 million, or
1.18 percent of total loans compared to 1.21 percent and 1.87 percent at June
30, 2009 and September 30, 2008, respectively.
Noninterest
expense for the third quarter of 2009 was $7.9 million, an increase of $582,000,
or 8.0 percent, from the third quarter of 2008. The primary factors contributing
to increased noninterest expense were increased FDIC insurance premiums and
costs associated with the administration and resolution of problem credits,
namely, legal fees and expense associated with foreclosed properties. Increased
regulatory and problem credit administration costs were partially offset by
disciplined control of overhead expenses; salaries/employee benefits and
occupancy/equipment expense together declined by $266,000 from third quarter
2008 levels, or 5.2 percent.
Balance
Sheet
Total
assets as of September 30, 2009 were $1.58 billion, down $49.3 million, or 3.0
percent, since year-end 2008. Total loans, net of unearned interest and fees,
were $1.17 billion, down $38.8 million, or 3.2 percent, since year-end 2008. The
$38.7 million, or 18.0 percent, decline in construction and development
(“C&D”) loans was the primary factor contributing to the loan portfolio
decline, while commercial real estate (“CRE”) loans grew modestly over the past
nine-months (up $5.4 million, or 1.2 percent).
CRE and
residential real estate represent the majority of the Company’s loan portfolio,
accounting for 39.0 percent and 32.1 percent of total loans, respectively.
C&D loans accounted for 15.1 percent, down from 17.8 percent at December 31,
2008, while non real estate-related commercial (“C&I”) loans accounted for
the remaining 10.7 percent of loans.
Consistent
with the modest decline in assets since year-end, deposit levels have remained
virtually unchanged since December 31, 2008. Mr. Maddy noted, “The mix has
changed substantially in favor of higher levels of retail deposits. Brokered
deposits declined dramatically, and within the retail deposit portfolio, local
time deposits reduced in favor of savings accounts.” Total deposits at September
30, 2009 were $970.0 million, up $4.2 million, or 0.4 percent from $965.8
million at year-end 2008. Retail deposits increased $33.5 million, or 5.0
percent, over the period, and now account for 72.5 percent of total deposits,
compared to 69.3 percent of total deposits at 2008 year-end. Strong retail
deposit growth was driven by the introduction of new savings account products;
savings accounts increased by $54.1 million over the past nine months, or 87.7
percent, enabling Summit to reduce both time deposits and brokered deposits, by
$17.4 million (-4.6 percent) and $29.4 million (-9.9 percent), respectively,
since year-end 2008.
Asset
Quality
Nonperforming
assets at September 30, 2009 were $90.0 million, or 5.7 percent of total assets,
compared to $82.1 million (5.2 percent of total assets) and $62.1 million (4.0
percent of total assets) at June 30, 2009 and September 30, 2008,
respectively.
Nonperforming
loans were $58.9 million in the third quarter, a decline of $2.8 million from
the linked quarter; CRE loans and C&D loans declined by $603,000 and $2.4
million, respectively. OREO totaled $31.2 million at third quarter-end, up $10.8
million from the second quarter; nearly all of the increase consisted of C&D
properties.
Net loan
charge-offs during the third quarter of 2009 totaled $4.5 million, or an
annualized 1.51 percent of average loans, compared with $13.2 million (4.37
percent of average loans) and $0.9 million (0.32 percent of average loans) for
linked quarter and year-ago quarters, respectively. For the nine-month periods,
net loan charge-offs were $16.6 million for 2009, or 1.80 percent of average
loans annualized, compared to $2.5 million for 2008, or 0.30 percent
annualized.
Mr. Maddy
added, “Virtually all workout activity is taking place in the Northern
Shenandoah Valley region of Virginia and in Berkeley County, West Virginia,
where the real estate downturn has been much more severe. Our goal has been to
take title to the collateral underlying our problem loans wherever possible,
since we are strong believers in the strength of this market and in the
properties we financed, as well as expertise of our workout team to maximize
recoveries as the economy improves.” In excess of 90 percent of Summit’s
nonperforming assets are located in these market areas.
Nonperforming
C&D assets totaled $52.4 million as of September 30, 2009, divided between
$27.1 million of nonperforming loans and $25.3 million of OREO. This compares
with total nonperforming C&D assets of $44.4 million at June 30, 2009. Net
C&D charge-offs were $3.3 million for the third quarter and $13.7 million
year-to-date.
Total
nonperforming CRE assets were $27.6 million as of September 30, 2009, relatively
unchanged from second quarter. All nonperforming CRE assets are non-owner
occupied properties, which includes a hotel, conference center and golf course
credit accounting for $21.3 million of this total. Year-to-date, only $349,000
of CRE loans were charged-off.
Nonperforming
residential mortgage loans and OREO totaled $9.6 million at September 30, 2009,
up from $9.1 million at June 30, 2009. Year-to-date, $1.5 million has been
charged-off. Nonperforming C&I loans were virtually zero: $0.4 million at
September 30, 2009 compared with $0.7 million at June 30, 2009.
Capital
Adequacy
On
September 30, 2009, Summit announced the completion of two capital raises with
an aggregate value of $4.5 million. Proceeds were used to bolster the Bank’s
capital reserves. Of the $4.5 million issued, $3.7 million was raised through a
private placement of convertible preferred stock and $800,000 through an issue
of subordinated debt to an unaffiliated investor. At the holding company level,
the convertible preferred stock issue qualifies as Tier I capital for regulatory
purposes, whereas the newly-issued subordinated debt will be treated as Tier 2
capital.
Shareholders’
equity at September 30, 2009 was $91.9 million, compared to $83.8 million and
$80.5 million, respectively, for the linked and year-ago quarters. Capital
ratios remain in excess of regulatory requirements for “well-capitalized” for
both Summit and its banking subsidiary, Summit Community Bank. As of third
quarter-end 2009, common shares outstanding totaled 7,425,472. Mr. Maddy added
that Summit continues to evaluate capital raising alternatives to provide
additional strength and flexibility to its banking activities.
ABOUT
THE COMPANY
Summit
Financial Group, Inc., a financial holding company with total assets of $1.6
billion, operates fifteen banking locations through its wholly-owned community
bank, Summit Community Bank, headquartered in Moorefield, West
Virginia. Summit also operates Summit Insurance Services, LLC,
headquartered in Moorefield, West Virginia.
FORWARD-LOOKING
STATEMENTS
This
press release contains comments or information that constitute forward-looking
statements (within the meaning of the Private Securities Litigation Act of 1995)
that are based on current expectations that involve a number of risks and
uncertainties. Words such as “expects”, “anticipates”, “believes”, “estimates”
and other similar expressions or future or conditional verbs such as “will”,
“should”, “would” and “could” are intended to identify such forward-looking
statements.
Although we believe the expectations
reflected in such forward-looking statements are reasonable, actual results may
differ materially. Factors that might cause such a difference include changes in
interest rates and interest rate relationships; demand for products and
services; the degree of competition by traditional and non-traditional
competitors; changes in banking laws and regulations; changes in tax laws; the
impact of technological advances; the outcomes of contingencies; trends in
customer behavior as well as their ability to repay loans; and changes in the
national and local economies. We undertake no obligation to revise these
statements following the date of this press release.
NON-GAAP
FINANCIAL MEASURES
This
press release contains financial information determined by methods other than in
accordance with generally accepted accounting principles in the United States of
America ("GAAP"). Specifically, Summit adjusted several GAAP performance
measures to exclude the effects of realized securities gains and losses,
other-than-temporary impairment charge on securities, gains and losses on the
sales of other assets, the FDIC’s special assessment and non-cash changes in
fair value of interest rate swaps included in its Statements of Income.
Management believes presentations of financial measures excluding the impact of
these items provide useful supplemental information that is important for a
proper understanding of the operating results of Summit's core business. These
disclosures should not be viewed as a substitute for operating results
determined in accordance with GAAP, nor are they necessarily comparable to
non-GAAP performance measures that may be presented by other
companies.
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SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
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Quarterly
Performance Summary -- Q3 2009 vs Q3 2008
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For
the Quarter Ended
|
Percent
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|||||||||||
|
Dollars
in thousands
|
9/30/2009
|
9/30/2008
|
Change
|
|||||||||
|
Condensed
Statements of Income
|
||||||||||||
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Interest
income
|
||||||||||||
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Loans,
including fees
|
$ | 18,061 | $ | 18,527 | -2.5 | % | ||||||
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Securities
|
4,351 | 4,108 | 5.9 | % | ||||||||
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Other
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5 | 2 | 150.0 | % | ||||||||
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Total
interest income
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22,417 | 22,637 | -1.0 | % | ||||||||
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Interest
expense
|
||||||||||||
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Deposits
|
6,094 | 6,704 | -9.1 | % | ||||||||
|
Borrowings
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5,427 | 5,549 | -2.2 | % | ||||||||
|
Total
interest expense
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11,521 | 12,253 | -6.0 | % | ||||||||
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Net
interest income
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10,896 | 10,384 | 4.9 | % | ||||||||
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Provision
for loan losses
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4,000 | 12,000 | -66.7 | % | ||||||||
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Net
interest income after provision
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||||||||||||
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for
loan losses
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6,896 | (1,616 | ) | -526.7 | % | |||||||
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Noninterest
income
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||||||||||||
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Insurance
commissions
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1,254 | 1,337 | -6.2 | % | ||||||||
|
Service
fee income
|
859 | 828 | 3.7 | % | ||||||||
|
Realized
securities gains (losses)
|
428 | (6 | ) | n/a | ||||||||
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Other-than-temporary
impairment of securities
|
- | (4,495 | ) | 100.0 | % | |||||||
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Other
income
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291 | 161 | 80.7 | % | ||||||||
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Total
noninterest income
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2,832 | (2,175 | ) | -230.2 | % | |||||||
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Noninterest
expense
|
||||||||||||
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Salaries
and employee benefits
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3,862 | 4,113 | -6.1 | % | ||||||||
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Net
occupancy expense
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484 | 489 | -1.0 | % | ||||||||
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Equipment
expense
|
527 | 538 | -2.0 | % | ||||||||
|
Professional
fees
|
330 | 173 | 90.8 | % | ||||||||
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FDIC
premiums
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660 | 180 | 266.7 | % | ||||||||
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Other
expenses
|
2,004 | 1,792 | 11.8 | % | ||||||||
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Total
noninterest expense
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7,867 | 7,285 | 8.0 | % | ||||||||
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Income
(loss) before income taxes
|
1,861 | (11,076 | ) | 116.8 | % | |||||||
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Income
taxes
|
458 | (3,402 | ) | 113.5 | % | |||||||
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Net
income (loss)
|
$ | 1,403 | (7,674 | ) | 118.3 | % | ||||||
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SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
|
Quarterly
Performance Summary -- Q3 2009 vs Q3 2008
|
||||||||||||
|
For
the Quarter Ended
|
Percent
|
|||||||||||
|
9/30/2009
|
9/30/2008
|
Change
|
||||||||||
|
Per
Share Data
|
||||||||||||
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Earnings
per share
|
||||||||||||
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Basic
|
$ | 0.19 | $ | (1.04 | ) | 118.3 | % | |||||
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Diluted
|
$ | 0.19 | $ | (1.03 | ) | 118.4 | % | |||||
|
Average
shares outstanding
|
||||||||||||
|
Basic
|
7,425,472 | 7,410,791 | 0.2 | % | ||||||||
|
Diluted
|
7,432,584 | 7,445,242 | -0.2 | % | ||||||||
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Performance
Ratios
|
||||||||||||
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Return
on average equity
|
6.49 | % | -34.71 | % | 118.7 | % | ||||||
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Return
on average assets
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0.35 | % | -1.99 | % | 117.6 | % | ||||||
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Net
interest margin
|
2.99 | % | 2.89 | % | 3.5 | % | ||||||
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Efficiency
ratio - (A)
|
56.27 | % | 54.52 | % | 3.2 | % | ||||||
NOTE: (A) – Computed on a
tax equivalent basis excluding nonrecurring income and expense items and
amortization of intangibles.
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
|
Nine
Month Performance Summary -- 2009 vs 2008
|
||||||||||||
|
For
the Nine Months Ended
|
Percent
|
|||||||||||
|
Dollars
in thousands
|
9/30/2009
|
9/30/2008
|
Change
|
|||||||||
|
Condensed
Statements of Income
|
||||||||||||
|
Interest
income
|
||||||||||||
|
Loans,
including fees
|
$ | 54,364 | $ | 58,173 | -6.5 | % | ||||||
|
Securities
|
13,798 | 11,655 | 18.4 | % | ||||||||
|
Other
|
6 | 8 | -25.0 | % | ||||||||
|
Total
interest income
|
68,168 | 69,836 | -2.4 | % | ||||||||
|
Interest
expense
|
||||||||||||
|
Deposits
|
19,073 | 20,263 | -5.9 | % | ||||||||
|
Borrowings
|
15,757 | 16,876 | -6.6 | % | ||||||||
|
Total
interest expense
|
34,830 | 37,139 | -6.2 | % | ||||||||
|
Net
interest income
|
33,338 | 32,697 | 2.0 | % | ||||||||
|
Provision
for loan losses
|
13,500 | 14,750 | -8.5 | % | ||||||||
|
Net
interest income after provision
|
||||||||||||
|
for
loan losses
|
19,838 | 17,947 | 10.5 | % | ||||||||
|
Noninterest
income
|
||||||||||||
|
Insurance
commissions
|
3,881 | 3,939 | -1.5 | % | ||||||||
|
Service
fee income
|
2,452 | 2,395 | 2.4 | % | ||||||||
|
Net
cash settlement on interest rate swaps
|
- | (171 | ) | 100.0 | % | |||||||
|
Change
in fair value of interest rate swaps
|
- | 705 | -100.0 | % | ||||||||
|
Realized
securities gains (losses)
|
723 | (6 | ) | n/a | ||||||||
|
Other-than-temporary
impairment of securities
|
(4,983 | ) | (6,036 | ) | 17.4 | % | ||||||
|
Other
income
|
858 | 975 | -12.0 | % | ||||||||
|
Total
noninterest income
|
2,931 | 1,801 | 62.7 | % | ||||||||
|
Noninterest
expense
|
||||||||||||
|
Salaries
and employee benefits
|
12,449 | 12,695 | -1.9 | % | ||||||||
|
Net
occupancy expense
|
1,548 | 1,407 | 10.0 | % | ||||||||
|
Equipment
expense
|
1,622 | 1,606 | 1.0 | % | ||||||||
|
Professional
fees
|
1,067 | 473 | 125.6 | % | ||||||||
|
FDIC
premiums
|
2,288 | 534 | 328.5 | % | ||||||||
|
Other
expenses
|
5,353 | 4,807 | 11.4 | % | ||||||||
|
Total
noninterest expense
|
24,327 | 21,522 | 13.0 | % | ||||||||
|
Income
(loss) before income taxes
|
(1,558 | ) | (1,774 | ) | 12.2 | % | ||||||
|
Income
taxes
|
(1,276 | ) | (518 | ) | -146.3 | % | ||||||
|
Net
income (loss)
|
$ | (282 | ) | $ | (1,256 | ) | 77.5 | % | ||||
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||
|
Nine
Month Performance Summary -- 2009 vs 2008
|
||||||||||||
|
For
the Nine Months Ended
|
Percent
|
|||||||||||
|
9/30/2009
|
9/30/2008
|
Change
|
||||||||||
|
Per
Share Data
|
||||||||||||
|
Earnings
per share
|
||||||||||||
|
Basic
|
(0.04 | ) | (0.17 | ) | 76.5 | % | ||||||
|
Diluted
|
(0.04 | ) | (0.17 | ) | 76.5 | % | ||||||
|
Average
shares outstanding
|
||||||||||||
|
Basic
|
7,420,271 | 7,409,986 | 0.1 | % | ||||||||
|
Diluted
|
7,433,911 | 7,447,313 | -0.2 | % | ||||||||
|
Performance
Ratios
|
||||||||||||
|
Return
on average equity
|
-0.43 | % | -1.82 | % | 76.4 | % | ||||||
|
Return
on average assets
|
-0.02 | % | -0.11 | % | 81.8 | % | ||||||
|
Net
interest margin
|
3.01 | % | 3.16 | % | -4.7 | % | ||||||
|
Efficiency
ratio (A)
|
55.80 | % | 52.11 | % | 7.1 | % | ||||||
NOTE: (A) – Computed on a
tax equivalent basis excluding nonrecurring income and expense items and
amortization of intangibles.
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
|
Five
Quarter Performance Summary
|
||||||||||||||||||||
|
For
the Quarter Ended
|
||||||||||||||||||||
|
Dollars
in thousands
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
|||||||||||||||
|
Condensed
Statements of Income
|
||||||||||||||||||||
|
Interest
income
|
||||||||||||||||||||
|
Loans,
including fees
|
$ | 18,061 | $ | 18,050 | $ | 18,254 | $ | 19,343 | $ | 18,527 | ||||||||||
|
Securities
|
4,351 | 4,710 | 4,737 | 4,305 | 4,108 | |||||||||||||||
|
Other
|
5 | 1 | - | 1 | 2 | |||||||||||||||
|
Total
interest income
|
22,417 | 22,761 | 22,991 | 23,649 | 22,637 | |||||||||||||||
|
Interest
expense
|
||||||||||||||||||||
|
Deposits
|
6,094 | 6,358 | 6,620 | 7,081 | 6,704 | |||||||||||||||
|
Borrowings
|
5,427 | 5,296 | 5,035 | 5,190 | 5,549 | |||||||||||||||
|
Total
interest expense
|
11,521 | 11,654 | 11,655 | 12,271 | 12,253 | |||||||||||||||
|
Net
interest income
|
10,896 | 11,107 | 11,336 | 11,378 | 10,384 | |||||||||||||||
|
Provision
for loan losses
|
4,000 | 5,500 | 4,000 | 750 | 12,000 | |||||||||||||||
|
Net
interest income after provision
|
||||||||||||||||||||
|
for
loan losses
|
6,896 | 5,607 | 7,336 | 10,628 | (1,616 | ) | ||||||||||||||
|
Noninterest
income
|
||||||||||||||||||||
|
Insurance
commissions
|
1,254 | 1,283 | 1,344 | 1,200 | 1,337 | |||||||||||||||
|
Service
fee income
|
859 | 857 | 736 | 851 | 828 | |||||||||||||||
|
Realized
securities gains (losses)
|
428 | 39 | 256 | - | (6 | ) | ||||||||||||||
|
Other-than-temporary
impairment of securities
|
- | (4,768 | ) | (215 | ) | (1,024 | ) | (4,495 | ) | |||||||||||
|
Other
income
|
291 | 247 | 319 | 40 | 161 | |||||||||||||||
|
Total
noninterest income
|
2,832 | (2,342 | ) | 2,440 | 1,067 | (2,175 | ) | |||||||||||||
|
Noninterest
expense
|
||||||||||||||||||||
|
Salaries
and employee benefits
|
3,862 | 4,308 | 4,279 | 4,047 | 4,113 | |||||||||||||||
|
Net
occupancy expense
|
484 | 466 | 597 | 463 | 489 | |||||||||||||||
|
Equipment
expense
|
527 | 527 | 568 | 567 | 538 | |||||||||||||||
|
Professional
fees
|
330 | 403 | 334 | 250 | 173 | |||||||||||||||
|
FDIC
premiums
|
660 | 1,245 | 383 | 210 | 180 | |||||||||||||||
|
Other
expenses
|
2,004 | 1,760 | 1,590 | 2,324 | 1,792 | |||||||||||||||
|
Total
noninterest expense
|
7,867 | 8,709 | 7,751 | 7,861 | 7,285 | |||||||||||||||
|
Income
(loss) before income taxes
|
1,861 | (5,444 | ) | 2,025 | 3,834 | (11,076 | ) | |||||||||||||
|
Income
taxes
|
458 | (1,994 | ) | 260 | 277 | (3,402 | ) | |||||||||||||
|
Net
income (loss)
|
$ | 1,403 | $ | (3,450 | ) | $ | 1,765 | $ | 3,557 | $ | (7,674 | ) | ||||||||
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
|
Five
Quarter Performance Summary
|
||||||||||||||||||||
|
For
the Quarter Ended
|
||||||||||||||||||||
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
||||||||||||||||
|
Per
Share Data
|
||||||||||||||||||||
|
Earnings
per share
|
||||||||||||||||||||
|
Basic
|
0.19 | $ | (0.47 | ) | $ | 0.24 | $ | 0.48 | $ | (1.04 | ) | |||||||||
|
Diluted
|
0.19 | $ | (0.46 | ) | $ | 0.24 | $ | 0.48 | $ | (1.03 | ) | |||||||||
|
Average
shares outstanding
|
||||||||||||||||||||
|
Basic
|
7,425,472 | 7,419,974 | 7,415,310 | 7,411,577 | 7,410,791 | |||||||||||||||
|
Diluted
|
7,432,584 | 7,431,969 | 7,435,510 | 7,434,643 | 7,445,242 | |||||||||||||||
|
Performance
Ratios
|
||||||||||||||||||||
|
Return
on average equity
|
6.49 | % | -16.13 | % | 7.94 | % | 17.08 | % | -34.71 | % | ||||||||||
|
Return
on average assets
|
0.35 | % | -0.86 | % | 0.43 | % | 0.89 | % | -1.99 | % | ||||||||||
|
Net
interest margin
|
2.99 | % | 3.00 | % | 3.04 | % | 3.04 | % | 2.89 | % | ||||||||||
|
Efficiency
ratio - (A)
|
56.27 | % | 56.50 | % | 54.63 | % | 51.14 | % | 54.52 | % | ||||||||||
NOTE: (A) – Computed on a
tax equivalent basis excluding nonrecurring income and expense items and
amortization of intangibles.
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
|
Selected
Balance Sheet Data
|
||||||||||||||||||||
|
For
the Quarter Ended
|
||||||||||||||||||||
|
Dollars
in thousands, except per share amounts
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
|||||||||||||||
|
Assets
|
$ | 1,577,793 | $ | 1,583,910 | $ | 1,598,968 | $ | 1,627,066 | $ | 1,567,325 | ||||||||||
|
Securities
|
285,156 | 289,267 | 295,706 | 350,622 | 327,648 | |||||||||||||||
|
Loans,
net
|
1,156,432 | 1,165,653 | 1,186,042 | 1,192,157 | 1,145,606 | |||||||||||||||
|
Intangible
assets
|
9,441 | 9,529 | 9,617 | 9,704 | 9,792 | |||||||||||||||
|
Retail
deposits
|
702,785 | 705,953 | 699,065 | 669,261 | 663,569 | |||||||||||||||
|
Brokered
time deposits
|
267,237 | 248,271 | 256,293 | 296,589 | 281,655 | |||||||||||||||
|
Short-term
borrowings
|
73,733 | 104,718 | 120,480 | 153,100 | 98,316 | |||||||||||||||
|
Long-term
borrowings and
|
||||||||||||||||||||
|
subordinated
debentures
|
433,037 | 432,391 | 430,687 | 412,337 | 434,016 | |||||||||||||||
|
Shareholders'
equity
|
91,937 | 83,753 | 83,604 | 87,244 | 80,510 | |||||||||||||||
|
Book
value per common share
|
$ | 12.38 | $ | 11.28 | $ | 11.27 | $ | 11.77 | $ | 10.86 | ||||||||||
|
Tangible
book value per common share
|
$ | 11.11 | $ | 10.00 | $ | 9.98 | $ | 10.46 | $ | 9.54 | ||||||||||
|
Tangible
equity / Tangible assets
|
5.3 | % | 4.7 | % | 4.7 | % | 4.8 | % | 4.5 | % | ||||||||||
|
Tier
1 leverage ratio
|
6.4 | % | 6.1 | % | 6.2 | % | 6.2 | % | 6.2 | % | ||||||||||
|
SUMMIT
FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
|
Loan
Composition
|
||||||||||||||||||||
|
Dollars
in thousands
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
|||||||||||||||
|
Commercial
|
$ | 125,743 | $ | 126,661 | $ | 128,707 | $ | 130,106 | $ | 115,106 | ||||||||||
|
Commercial
real estate
|
457,669 | 459,671 | 452,987 | 452,264 | 423,982 | |||||||||||||||
|
Construction
and development
|
176,783 | 183,733 | 211,849 | 215,465 | 225,582 | |||||||||||||||
|
Residential
real estate
|
376,440 | 376,019 | 380,351 | 376,026 | 366,989 | |||||||||||||||
|
Consumer
|
29,555 | 30,179 | 30,201 | 31,519 | 31,433 | |||||||||||||||
|
Other
|
6,087 | 5,760 | 6,133 | 6,061 | 6,240 | |||||||||||||||
|
Total
loans
|
1,172,277 | 1,182,023 | 1,210,228 | 1,211,441 | 1,169,332 | |||||||||||||||
|
Less
unearned fees and interest
|
1,997 | 2,065 | 2,190 | 2,351 | 2,293 | |||||||||||||||
|
Total
loans net of unearned fees and interest
|
1,170,280 | 1,179,958 | 1,208,038 | 1,209,090 | 1,167,039 | |||||||||||||||
|
Less
allowance for loan losses
|
13,848 | 14,305 | 21,996 | 16,933 | 21,433 | |||||||||||||||
|
Loans,
net
|
$ | 1,156,432 | $ | 1,165,653 | $ | 1,186,042 | $ | 1,192,157 | $ | 1,145,606 | ||||||||||
|
SUMMIT
FINANCIAL GROUP INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
|
Retail
Deposit Composition
|
||||||||||||||||||||
|
Dollars
in thousands
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
|||||||||||||||
|
Non
interest bearing checking
|
$ | 68,929 | $ | 69,878 | $ | 70,483 | $ | 69,808 | $ | 70,353 | ||||||||||
|
Interest
bearing checking
|
154,683 | 152,498 | 155,157 | 156,990 | 182,383 | |||||||||||||||
|
Savings
|
115,767 | 105,828 | 94,294 | 61,688 | 58,678 | |||||||||||||||
|
Time
deposits
|
363,406 | 377,749 | 379,131 | 380,775 | 352,155 | |||||||||||||||
|
Total
retail deposits
|
$ | 702,785 | $ | 705,953 | $ | 699,065 | $ | 669,261 | $ | 663,569 | ||||||||||
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||||||
|
Asset
Quality Information
|
||||||||||||||||||||
|
For
the Quarter Ended
|
||||||||||||||||||||
|
Dollars
in thousands
|
9/30/2009
|
6/30/2009
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
|||||||||||||||
|
Gross
loan charge-offs
|
$ | 4,586 | $ | 13,288 | $ | 522 | $ | 5,351 | $ | 969 | ||||||||||
|
Gross
loan recoveries
|
(127 | ) | (98 | ) | (1,585 | ) | (102 | ) | (52 | ) | ||||||||||
|
Net
loan charge-offs
|
$ | 4,459 | $ | 13,190 | $ | (1,063 | ) | $ | 5,249 | $ | 917 | |||||||||
|
Net
loan charge-offs to average loans (annualized)
|
1.51 | % | 4.37 | % | -0.35 | % | 1.75 | % | 0.32 | % | ||||||||||
|
Allowance
for loan losses
|
$ | 13,848 | $ | 14,305 | $ | 21,996 | $ | 16,933 | $ | 21,433 | ||||||||||
|
Allowance
for loan losses as a percentage
|
||||||||||||||||||||
|
of
period end loans
|
1.18 | % | 1.21 | % | 1.82 | % | 1.40 | % | 1.87 | % | ||||||||||
|
Nonperforming
assets:
|
||||||||||||||||||||
|
Nonperforming
loans
|
||||||||||||||||||||
|
Commercial
|
$ | 431 | $ | 680 | $ | 637 | $ | 199 | $ | 140 | ||||||||||
|
Commercial
real estate
|
22,684 | 23,287 | 25,788 | 24,323 | 27,347 | |||||||||||||||
|
Construction
and development
|
27,084 | 29,508 | 45,194 | 18,382 | 29,127 | |||||||||||||||
|
Residential
real estate
|
8,578 | 8,116 | 7,933 | 4,986 | 2,799 | |||||||||||||||
|
Consumer
|
75 | 107 | 31 | 79 | 432 | |||||||||||||||
|
Total
nonperforming loans
|
58,852 | 61,698 | 79,583 | 47,969 | 59,845 | |||||||||||||||
|
Foreclosed
properties
|
||||||||||||||||||||
|
Commercial
real estate
|
4,873 | 4,561 | 961 | 875 | 1,375 | |||||||||||||||
|
Construction
and development
|
25,278 | 14,904 | 6,726 | 6,755 | 180 | |||||||||||||||
|
Residential
real estate
|
1,042 | 970 | 120 | 480 | 677 | |||||||||||||||
|
Total
foreclosed properties
|
31,193 | 20,435 | 7,807 | 8,110 | 2,232 | |||||||||||||||
|
Other
repossessed assets
|
1 | 11 | 17 | 3 | 52 | |||||||||||||||
|
Total
|
$ | 90,046 | $ | 82,144 | $ | 87,407 | $ | 56,082 | $ | 62,129 | ||||||||||
|
Nonperforming
loans to period end loans
|
5.02 | % | 5.22 | % | 6.58 | % | 3.97 | % | 5.13 | % | ||||||||||
|
Nonperforming
assets to period end assets
|
5.71 | % | 5.19 | % | 5.47 | % | 3.45 | % | 3.96 | % | ||||||||||
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||||||
|
Average
Balance Sheet, Interest Earnings & Expenses and Average
Rates
|
|||||||||||
|
Q3
2009 vs Q3 2008
|
|||||||||||
|
Q3
2009
|
Q3
2008
|
||||||||||
|
Average
|
Earnings
/
|
Yield
/
|
Average
|
Earnings
/
|
Yield
/
|
||||||
|
Dollars
in thousands
|
Balances
|
Expense
|
Rate
|
Balances
|
Expense
|
Rate
|
|||||
|
ASSETS
|
|||||||||||
|
Interest
earning assets
|
|||||||||||
|
Loans,
net of unearned interest
|
|||||||||||
|
Taxable
|
$1,174,120
|
$17,952
|
6.07%
|
$1,144,923
|
$18,413
|
6.40%
|
|||||
|
Tax-exempt
|
8,068
|
168
|
8.26%
|
8,365
|
173
|
8.23%
|
|||||
|
Securities
|
|||||||||||
|
Taxable
|
261,382
|
3,808
|
5.78%
|
269,735
|
3,563
|
5.25%
|
|||||
|
Tax-exempt
|
48,434
|
823
|
6.74%
|
50,484
|
820
|
6.46%
|
|||||
|
Interest
bearing deposits other banks
|
|||||||||||
|
and
Federal funds sold
|
819
|
5
|
2.42%
|
295
|
2
|
2.70%
|
|||||
|
Total
interest earning assets
|
1,492,823
|
22,756
|
6.05%
|
1,473,802
|
22,971
|
6.20%
|
|||||
|
Noninterest
earning assets
|
|||||||||||
|
Cash
& due from banks
|
26,284
|
20,936
|
|||||||||
|
Premises
& equipment
|
23,955
|
22,047
|
|||||||||
|
Other
assets
|
66,611
|
38,782
|
|||||||||
|
Allowance
for loan losses
|
(15,654)
|
(11,053)
|
|||||||||
|
Total
assets
|
$1,594,019
|
$1,544,514
|
|||||||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||||||
|
Liabilities
|
|||||||||||
|
Interest
bearing liabilities
|
|||||||||||
|
Interest
bearing
|
|||||||||||
|
demand
deposits
|
$153,941
|
$194
|
0.50%
|
$187,442
|
$586
|
1.24%
|
|||||
|
Savings
deposits
|
111,570
|
403
|
1.43%
|
60,584
|
261
|
1.71%
|
|||||
|
Time
deposits
|
632,660
|
5,497
|
3.45%
|
585,197
|
5,857
|
3.98%
|
|||||
|
Short-term
borrowings
|
82,352
|
128
|
0.62%
|
119,769
|
671
|
2.23%
|
|||||
|
Long-term
borrowings and
|
-
|
||||||||||
|
subordinated
debentures
|
437,102
|
5,299
|
4.81%
|
418,093
|
4,878
|
4.64%
|
|||||
|
1,417,625
|
11,521
|
3.22%
|
1,371,085
|
12,253
|
3.56%
|
||||||
|
Noninterest
bearing liabilities
|
|||||||||||
|
Demand
deposits
|
81,774
|
78,012
|
|||||||||
|
Other
liabilities
|
8,189
|
6,991
|
|||||||||
|
Total
liabilities
|
1,507,588
|
1,456,088
|
|||||||||
|
Shareholders'
equity
|
86,431
|
88,426
|
|||||||||
|
Total
liabilities and
|
|||||||||||
|
shareholders'
equity
|
$1,594,019
|
$1,544,514
|
|||||||||
|
NET
INTEREST EARNINGS
|
$11,235
|
$10,718
|
|||||||||
|
NET
INTEREST YIELD ON EARNING ASSETS
|
2.99%
|
2.89%
|
|||||||||
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
|||||||||||
|
Average
Balance Sheet, Interest Earnings & Expenses and Average
Rates
|
|||||||||||
|
YTD
2009 vs YTD 2008
|
|||||||||||
|
For
the Nine Months Ended September 30,
|
For
the Nine Months Ended September 30,
|
||||||||||
|
2009
|
2008
|
||||||||||
|
Average
|
Earnings
/
|
Yield
/
|
Average
|
Earnings
/
|
Yield
/
|
||||||
|
Dollars
in thousands
|
Balances
|
Expense
|
Rate
|
Balances
|
Expense
|
Rate
|
|||||
|
ASSETS
|
|||||||||||
|
Interest
earning assets
|
|||||||||||
|
Loans,
net of unearned interest
|
|||||||||||
|
Taxable
|
$1,191,692
|
$54,033
|
6.06%
|
$1,107,474
|
$57,824
|
6.97%
|
|||||
|
Tax-exempt
|
8,112
|
502
|
8.27%
|
8,647
|
529
|
8.17%
|
|||||
|
Securities
|
|||||||||||
|
Taxable
|
277,558
|
12,226
|
5.89%
|
256,914
|
9,921
|
5.16%
|
|||||
|
Tax-exempt
|
46,988
|
2,382
|
6.78%
|
50,923
|
2,594
|
6.80%
|
|||||
|
Interest
bearing deposits other
|
|||||||||||
|
banks
and Federal funds sold
|
1,022
|
6
|
0.78%
|
391
|
7
|
2.39%
|
|||||
|
Total
interest earning assets
|
1,525,372
|
69,149
|
6.06%
|
1,424,349
|
70,875
|
6.65%
|
|||||
|
Noninterest
earning assets
|
|||||||||||
|
Cash
& due from banks
|
21,873
|
18,118
|
|||||||||
|
Premises
& equipment
|
23,446
|
22,058
|
|||||||||
|
Other
assets
|
54,881
|
37,579
|
|||||||||
|
Allowance
for loan losses
|
(19,377)
|
(10,176)
|
|||||||||
|
Total
assets
|
$1,606,195
|
$1,491,928
|
|||||||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||||||
|
Liabilities
|
|||||||||||
|
Interest
bearing liabilities
|
|||||||||||
|
Interest
bearing
|
|||||||||||
|
demand
deposits
|
$154,945
|
$586
|
0.51%
|
$198,246
|
$2,134
|
1.44%
|
|||||
|
Savings
deposits
|
96,011
|
1,173
|
1.63%
|
54,583
|
668
|
1.63%
|
|||||
|
Time
deposits
|
636,569
|
17,314
|
3.64%
|
536,493
|
17,461
|
4.35%
|
|||||
|
Short-term
borrowings
|
113,896
|
487
|
0.57%
|
110,228
|
2,161
|
2.62%
|
|||||
|
Long-term
borrowings and
|
|||||||||||
|
subordinated
debentures
|
430,947
|
15,270
|
4.74%
|
418,265
|
14,715
|
4.70%
|
|||||
|
1,432,368
|
34,830
|
3.25%
|
1,317,815
|
37,139
|
3.76%
|
||||||
|
Noninterest
bearing liabilities
|
|||||||||||
|
Demand
deposits
|
79,122
|
74,153
|
|||||||||
|
Other
liabilities
|
8,083
|
8,085
|
|||||||||
|
Total
liabilities
|
1,519,573
|
1,400,053
|
|||||||||
|
Shareholders'
equity
|
86,622
|
91,875
|
|||||||||
|
Total
liabilities and
|
|||||||||||
|
shareholders'
equity
|
$1,606,195
|
$1,491,928
|
|||||||||
|
NET
INTEREST EARNINGS
|
$34,319
|
$33,736
|
|||||||||
|
NET
INTEREST YIELD ON EARNING ASSETS
|
3.01%
|
3.16%
|
|||||||||
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||
|
Reconciliation
of Non-GAAP Financial Measures to GAAP Financial Measures
|
||||||||||||||||
|
For
the Quarter Ended
|
For
the Nine Months Ended
|
|||||||||||||||
|
Dollars
in thousands
|
9/30/2009
|
9/30/2008
|
9/30/2009
|
9/30/2008
|
||||||||||||
|
Net
income - excluding realized securities gains/losses,
|
||||||||||||||||
|
other-than-temporary
impairment of securities, gains/losses
|
||||||||||||||||
|
on sales of assets, FDIC special assessment and change in
|
||||||||||||||||
|
fair
value of interest rate swaps
|
$ | 1,128 | $ | (4,776 | ) | $ | 2,937 | $ | 2,020 | |||||||
|
Realized
securities gains/(losses)
|
428 | (6 | ) | 723 | (6 | ) | ||||||||||
|
Applicable
income tax effect
|
(158 | ) | 2 | (268 | ) | 2 | ||||||||||
|
Other-than-temporary
impairment of securities
|
- | (4,495 | ) | (4,983 | ) | (6,036 | ) | |||||||||
|
Applicable
income tax effect
|
- | 1,663 | 1,844 | 2,233 | ||||||||||||
|
Gains/(losses)
on sales of assets
|
9 | (99 | ) | (115 | ) | 137 | ||||||||||
|
Applicable
income tax effect
|
(3 | ) | 37 | 43 | (51 | ) | ||||||||||
|
FDIC
special assessment
|
- | - | (735 | ) | - | |||||||||||
|
Applicable
income tax effect
|
- | - | 272 | - | ||||||||||||
|
Change
in fair value of interest rate swaps
|
- | - | - | 705 | ||||||||||||
|
Applicable
income tax effect
|
- | - | - | (261 | ) | |||||||||||
| 275 | (2,898 | ) | (3,219 | ) | (3,276 | ) | ||||||||||
|
GAAP
net income
|
$ | 1,403 | $ | (7,674 | ) | $ | (282 | ) | $ | (1,256 | ) | |||||
|
Diluted
earnings per share - excluding realized securities
gains/losses,
|
||||||||||||||||
|
other-than-temporary
impairment of securities, gains/losses
|
||||||||||||||||
|
on
sales of assets, FDIC special assessment and change in
|
||||||||||||||||
|
fair
value of interest rate swaps
|
$ | 0.15 | $ | (0.64 | ) | $ | 0.39 | $ | 0.27 | |||||||
|
Realized
securities gains/(losses)
|
0.06 | - | 0.10 | - | ||||||||||||
|
Applicable
income tax effect
|
(0.02 | ) | - | (0.04 | ) | - | ||||||||||
|
Other-than-temporary
impairment of securities
|
- | (0.60 | ) | (0.67 | ) | (0.81 | ) | |||||||||
|
Applicable
income tax effect
|
- | 0.22 | 0.25 | 0.30 | ||||||||||||
|
Gains/(losses)
on sales of assets
|
- | (0.01 | ) | (0.02 | ) | 0.02 | ||||||||||
|
Applicable
income tax effect
|
- | 0.00 | 0.01 | (0.01 | ) | |||||||||||
|
FDIC
special assessment
|
- | - | (0.10 | ) | - | |||||||||||
|
Applicable
income tax effect
|
- | - | 0.04 | - | ||||||||||||
|
Change
in fair value of interest rate swaps
|
- | - | - | 0.09 | ||||||||||||
|
Applicable
income tax effect
|
- | - | - | (0.03 | ) | |||||||||||
| 0.04 | (0.39 | ) | (0.43 | ) | (0.44 | ) | ||||||||||
|
GAAP
diluted earnings per share
|
$ | 0.19 | $ | (1.03 | ) | $ | (0.04 | ) | $ | (0.17 | ) | |||||
|
SUMMIT
FINANCIAL GROUP, INC. (NASDAQ: SMMF)
|
||||||||||||||||
|
Reconciliation
of Non-GAAP Financial Measures to GAAP Financial Measures
(con't)
|
||||||||||||||||
|
For
the Quarter Ended
|
For
the Nine Months Ended
|
|||||||||||||||
|
Dollars
in thousands
|
9/30/2009
|
9/30/2008
|
9/30/2009
|
9/30/2008
|
||||||||||||
|
Total
revenue - excluding realized securities gains/(losses)
|
||||||||||||||||
|
other-than-temporary
impairment of securities
|
||||||||||||||||
|
and
change in fair value of interest rate swaps
|
$ | 13,291 | $ | 12,809 | $ | 40,644 | $ | 39,698 | ||||||||
|
Realized
securities gains/(losses)
|
428 | (6 | ) | 723 | (6 | ) | ||||||||||
|
Other-than-temporary
impairment of securities
|
- | (4,495 | ) | (4,983 | ) | (6,036 | ) | |||||||||
|
Gains/(losses)
on sales of assets
|
9 | (99 | ) | (115 | ) | 137 | ||||||||||
|
Change
in fair value of interest rate swaps
|
- | - | - | 705 | ||||||||||||
| 437 | (4,600 | ) | (4,375 | ) | (5,200 | ) | ||||||||||
|
GAAP
total revenue
|
$ | 13,728 | $ | 8,209 | $ | 36,269 | $ | 34,498 | ||||||||
|
Total
noninterest income - excluding realized securities
|
||||||||||||||||
|
gains/(losses),
other-than-temporary impairment of
|
||||||||||||||||
|
securities
and change in fair value of interest rate swaps
|
$ | 2,396 | $ | 2,425 | $ | 7,306 | $ | 7,001 | ||||||||
|
Realized
securities gains/(losses)
|
428 | (6 | ) | 723 | (6 | ) | ||||||||||
|
Other-than-temporary
impairment of securities
|
- | (4,495 | ) | (4,983 | ) | (6,036 | ) | |||||||||
|
Gains/(losses)
on sales of assets
|
9 | (99 | ) | (115 | ) | 137 | ||||||||||
|
Change
in fair value of interest rate swaps
|
- | - | - | 705 | ||||||||||||
| 437 | (4,600 | ) | (4,375 | ) | (5,200 | ) | ||||||||||
|
GAAP
total noninterest income
|
$ | 2,833 | $ | (2,175 | ) | $ | 2,931 | $ | 1,801 | |||||||