Attached files
| file | filename |
|---|---|
| 8-K - FIRST SOUTH BANCORP INC /VA/ | v208407_8k.htm |
EXHIBIT
99.1
|
PRESS
RELEASE
|
FOR IMMEDIATE RELEASE
|
|
January
18, 2011
|
For
more information contact:
|
|
First
South Bancorp, Inc.
|
Bill
Wall (CFO) (252-940-5017) or
|
|
Tom
Vann (CEO) 252-940-4916
|
|
|
Website:
www.firstsouthnc.com
|
First
South Bancorp, Inc. Reports December 31, 2010 Quarterly
and
Year End Operating Results
Washington,
North Carolina - First South Bancorp, Inc. (NASDAQ: FSBK) (the
“Company”), the parent holding company of First South Bank (the “Bank”), reports
its unaudited operating results for the quarter and year ended December 31,
2010.
The
Company reported a net operating loss of $6.5 million for the 2010 fourth
quarter, compared to net income of $1.0 million for the linked 2010 third
quarter, and $1.5 million for the comparative 2009 fourth quarter. The net loss
per diluted common share was $0.67 for the 2010 fourth quarter, compared to net
income per diluted common share of $0.10 for the linked 2010 third quarter and
$0.16 for the comparative 2009 fourth quarter.
For the
year ended December 31, 2010 the Company reported a net operating loss of $2.4
million, compared to net income of $7.0 million for the year ended December 31,
2009. The net loss per diluted common share was $0.24 for 2010, compared to net
income per diluted common share of $0.72 for 2009.
“In the
2010 fourth quarter, we completed an intensive evaluation of the credit quality
of the Bank’s loan portfolio and foreclosed properties, and are boosting our
loan loss reserves by a significant amount. In light of the continued
economic uncertainty, we recognize the financial stress some of our borrowers
are facing. We feel it is prudent and wise to take a pro-active
stance with regards to credit risk management and provision accordingly, so that
we can get these problems behind us and move forward in a more positive manner,”
said Tom Vann, President and CEO.
“We are moving
aggressively from a position of financial strength to deal with our credit
quality. Subsequent to these necessary provision charges, our capital levels
will remain in excess of the regulatory requirements to be well
capitalized. This will allow the Company to move ahead in a
substantive way, and hopefully expected retained earnings over the coming years
will recover much of the capital expended by taking these charges,” added Mr.
Vann.
Asset
Quality
Non-accrual
loans increased to $41.3 million (6.8% of total loans) at December 31, 2010,
from $19.2 million (3.0% of total loans) at September 30, 2010. Other
real estate owned increased to $11.6 million at December 31, 2010 from $8.6
million at September 30, 2010, reflecting foreclosure activity net of sales of
certain real estate properties during the fourth quarter. Total
nonperforming assets increased to $52.9 million (6.6% of total assets) at
December 31, 2010, from $27.8 million (3.4% of total assets) at September 30,
2010. “While we are encouraged that property values appear to be
stabilizing, we will continue to monitor these values and mitigate nonperforming
assets as quickly as feasible,” said Mr. Vann.
The Bank
recorded $13.7 million of provisions for credit losses in the 2010 fourth
quarter, compared to $4.0 million in the linked 2010 third quarter and $2.7
million in the comparative 2009 fourth quarter. Credit loss provisions were
necessary to replenish net charge-offs and strengthen the allowance for credit
losses at levels that management believes is adequate to absorb probable losses
in the loan portfolio. The allowance for loan and lease losses (ALLL) increased
to $18.8 million at December 31, 2010 (3.0% of total loans), from $8.6 million
at September 30, 2010 (1.3% of total loans). Net charge offs were $3.4 million
in the 2010 fourth quarter, compared to $3.3 million in the linked 2010 third
quarter and $1.5 million in the comparative 2009 fourth quarter.
Bill
Wall, executive vice president and chief financial officer stated, “We have
taken a conservative posture in our provisioning for credit losses as we
continue to aggressively manage problem assets. We believe the
current level of our ALLL is adequate, however, there is no assurance in the
future that regulators, increased risks in the loan portfolio, or changes in
economic conditions will not require additional adjustments to the allowance for
credit losses”.
Net Interest
Income
Net
interest income declined to $7.8 million for the 2010 fourth quarter, from $8.7
million for the linked 2010 third quarter and $8.9 million the comparative 2009
fourth quarter. The decline in net interest income in the current quarter has
been influenced by the increased level of non-accrual loans. The net interest
margin on average earning assets declined similarly to 4.3% for the 2010 fourth
quarter, from 4.7% for the linked 2010 third quarter and 4.6% for the
comparative 2009 fourth quarter.
Non-Interest
Income
Total
non-interest income declined to $1.9 million for the 2010 fourth quarter, from
$3.4 million for the linked 2010 third quarter and $2.5 million for the
comparative 2009 fourth quarter. Revenue from loan and deposit
service offerings (loan fees, deposit fees and service charges and servicing fee
income) remained relatively consistent at $1.9 million in the 2010 fourth
quarter, $2.0 million in the linked 2010 third quarter and $2.1 million in the
comparative 2009 fourth quarter.
Net gains
recognized from mortgage loan sales declined to $311,000 in the 2010 fourth
quarter, from $479,000 in the linked 2010 third quarter and $262,000 in the
comparative 2009 fourth quarter. Net gains recognized from investment
and mortgage-backed securities sales declined to $51,000 in the 2010 fourth
quarter, from $696,000 in the linked 2010 third quarter and none in the
comparative 2009 fourth quarter.
In its
efforts of mitigating nonperforming assets, the Bank recognized $597,000 of net
losses on the sale of other real estate properties during the 2010 fourth
quarter, compared to $40,000 of net gains in the linked 2010 third quarter and
$39,000 of net losses in the comparative 2009 fourth quarter.
Non-Interest
Expense
Total
non-interest expense was $6.7 million for both the 2010 fourth quarter and the
linked 2010 third quarter, compared to $6.3 million for 2009 fourth
quarter.
The
largest component of non-interest expense, compensation and fringe benefits,
declined to $3.8 million in the 2010 fourth quarter, from $4.0 million in the
linked 2010 third quarter, and $3.6 million in the comparative 2009 fourth
quarter, reflecting the Bank’s efforts of managing its human resources
cost.
Other
noninterest expenses including FDIC insurance premiums, premises and equipment,
advertising, data processing, repairs and maintenance, office supplies,
professional fees, taxes and insurance, etc., remained relatively consistent
during the respective periods.
As a
result of the 2010 fourth quarter pre-tax operating loss, the Company recognized
a $4.3 million income tax benefit, compared to income tax expense of $424,000 in
the linked 2010 third quarter and $872,000 in the comparative 2009 fourth
quarter.
Balance
Sheet
Total
assets declined to $797.2 million at December 31, 2010, from $829.9 million at
December 31, 2009. Total loans declined to $606.1 million at December 31, 2010
from $658.7 million at December 31, 2009, reflecting a combination of principal
repayments, sales, securitizations and the volume of loans originated during
2010. Mortgage-backed securities increased to $98.9 million at
December 31, 2010, from $97.2 million at December 31, 2009, reflecting the net
of sales and securitization of certain mortgage loans during
2010. Cash and investments increased to $44.4 million at December 31,
2010, from $30.0 million at December 31, 2009, supporting the Bank’s liquidity
position.
Total
deposits increased to $689.5 million at December 31, 2010, from $688.5 million
at December 31, 2009. Borrowings declined to $11.5 million at December 31, 2010,
from $37.4 million at December 31, 2009. During 2010, the Bank repaid
a $25.0 million 3.0% fixed-rate FHLB advance. The cost of
funds improved to 1.2% for both the 2010 fourth quarter and the linked 2010
third quarter, from 1.6% for the comparative 2009 fourth quarter. The Bank has
been able to improve its cost of funds by the combination of pricing new
deposits, the renewal of maturing time deposits and the repositioning of
borrowings within the current lower interest rate environment.
Stockholders'
equity declined to $79.5 million at December 31, 2010, from $86.2 million at
December 31, 2009, reflecting the net effect of the net operating loss, dividend
payments and changes in accumulated other comprehensive income. The
equity to assets ratio was 10.0% at December 31, 2010, compared to 10.4% at
December 31, 2009.
First
South Bancorp, Inc. may be accessed on its website at www.firstsouthnc.com. The
Company’s common stock symbol as traded on the NASDAQ Global Select Market is
“FSBK”.
First
South Bank has been serving the citizens of eastern North Carolina since 1902
and offers a variety of financial products and services, including a leasing
company. Securities brokerage services are made available through an affiliation
with an independent broker/dealer. The Bank operates through its main office
headquartered in Washington, North Carolina, and has 28 full service branch
offices and one loan production office located throughout central, eastern,
northeastern and southeastern North Carolina.
Statements
contained in this release, which are not historical facts, are forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ materially from those
currently anticipated due to a number of factors which include the effects of
future economic conditions, governmental fiscal and monetary policies,
legislative and regulatory changes, the risks of changes in interest rates, the
effects of competition, and including without limitation to other factors that
could cause actual results to differ materially as discussed in documents filed
by the Company with the Securities and Exchange Commission from time to
time.
(More)
(NASDAQ:
FSBK)
First
South Bancorp, Inc. and Subsidiary
Consolidated
Statements of Financial Condition
|
December 31
|
December 31,
|
|||||||
|
2010
|
2009*
|
|||||||
|
|
(unaudited)
|
|||||||
| Assets | ||||||||
|
Cash
and due from banks
|
$ | 14,684,377 | $ | 17,758,370 | ||||
|
Interest-bearing
deposits in financial institutions
|
29,749,236 | 11,879,794 | ||||||
|
Investment
securities - available for sale
|
0 | 407,317 | ||||||
|
Mortgage-backed
securities - available for sale
|
98,637,742 | 96,725,468 | ||||||
|
Mortgage-backed
securities - held for investment
|
244,836 | 513,882 | ||||||
|
Loans
and leases receivable, net:
|
||||||||
|
Held
for sale
|
4,464,040 | 6,548,980 | ||||||
|
Held
for investment
|
601,610,242 | 652,106,538 | ||||||
|
Premises
and equipment, net
|
9,162,538 | 8,539,759 | ||||||
|
Other
real estate owned
|
11,616,390 | 10,561,071 | ||||||
|
Federal
Home Loan Bank of Atlanta stock, at cost
|
||||||||
|
which
approximates market
|
3,474,900 | 3,889,500 | ||||||
|
Accrued
interest receivable
|
2,336,527 | 3,318,141 | ||||||
|
Goodwill
|
4,218,576 | 4,218,576 | ||||||
|
Mortgage
servicing rights
|
1,357,659 | 1,278,688 | ||||||
|
Identifiable
intangible assets
|
102,180 | 133,620 | ||||||
|
Income
tax receivable
|
6,217,679 | 1,831,598 | ||||||
|
Prepaid
expenses and other assets
|
9,368,924 | 10,179,333 | ||||||
|
Total
assets
|
$ | 797,245,846 | $ | 829,890,635 | ||||
|
Liabilities
and Stockholders' Equity
|
||||||||
|
Deposits:
|
||||||||
|
Demand
|
$ | 234,501,026 | $ | 224,507,362 | ||||
|
Savings
|
24,498,789 | 23,137,391 | ||||||
|
Large
denomination certificates of deposit
|
222,578,449 | 224,198,974 | ||||||
|
Other
time
|
207,886,450 | 216,667,331 | ||||||
|
Total
deposits
|
689,464,714 | 688,511,058 | ||||||
|
Borrowed
money
|
11,503,110 | 37,380,388 | ||||||
|
Junior
subordinated debentures
|
10,310,000 | 10,310,000 | ||||||
|
Other
liabilities
|
6,454,818 | 7,475,085 | ||||||
|
Total
liabilities
|
717,732,642 | 743,676,531 | ||||||
|
Common
stock, $.01 par value, 25,000,000 shares authorized;
|
||||||||
|
11,254,222
issued; 9,751,271 and 9,742,296
|
||||||||
|
shares
outstanding, respectively
|
97,513 | 97,423 | ||||||
|
Additional
paid-in capital
|
35,795,586 | 35,841,364 | ||||||
|
Retained
earnings, substantially restricted
|
74,956,772 | 82,111,114 | ||||||
|
Treasury
stock at cost
|
(31,967,269 | ) | (32,158,074 | ) | ||||
|
Accumulated
other comprehensive income, net
|
630,602 | 322,277 | ||||||
|
Total
stockholders' equity
|
79,513,204 | 86,214,104 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 797,245,846 | $ | 829,890,635 | ||||
*Derived
from audited consolidated financial statements
First
South Bancorp, Inc. and Subsidiary
Consolidated
Statements of Operations
(unaudited)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31
|
December 31
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Interest
income:
|
||||||||||||||||
|
Interest
and fees on loans
|
$ | 8,971,629 | $ | 10,782,733 | $ | 38,843,771 | $ | 45,211,260 | ||||||||
|
Interest
and dividends on investments and deposits
|
956,429 | 1,068,842 | 4,027,268 | 3,848,639 | ||||||||||||
|
Total
interest income
|
9,928,058 | 11,851,575 | 42,871,039 | 49,059,899 | ||||||||||||
|
Interest
expense:
|
||||||||||||||||
|
Interest
on deposits
|
2,002,600 | 2,644,057 | 8,301,551 | 14,459,345 | ||||||||||||
|
Interest
on borrowings
|
82,079 | 270,558 | 384,161 | 1,244,664 | ||||||||||||
|
Interest
on junior subordinated notes
|
81,884 | 81,710 | 333,689 | 389,677 | ||||||||||||
|
Total
interest expense
|
2,166,563 | 2,996,325 | 9,019,401 | 16,093,686 | ||||||||||||
|
Net
interest income
|
7,761,495 | 8,855,250 | 33,851,638 | 32,966,213 | ||||||||||||
|
Provision
for credit losses
|
13,700,000 | 2,700,000 | 22,151,787 | 7,180,000 | ||||||||||||
|
Net
interest income after provision for credit losses
|
(5,938,505 | ) | 6,155,250 | 11,699,851 | 25,786,213 | |||||||||||
|
Non-interest
income:
|
||||||||||||||||
|
Fees
and service charges
|
1,665,795 | 1,899,647 | 6,864,083 | 7,377,019 | ||||||||||||
|
Loan
servicing fees
|
192,315 | 182,878 | 747,387 | 679,673 | ||||||||||||
|
Gain
(loss) on sale of other real estate, net
|
(596,751 | ) | (39,409 | ) | (523,173 | ) | (200,732 | ) | ||||||||
|
Gain
on sale of mortgage loans
|
311,169 | 261,737 | 1,155,690 | 1,197,029 | ||||||||||||
|
Gain
on sale of mortgage-backed securities
|
50,562 | - | 1,682,453 | - | ||||||||||||
|
Gain
on sale of investment securities
|
- | - | 2,406 | 917,866 | ||||||||||||
|
Other income
|
296,282 | 221,584 | 915,022 | 988,865 | ||||||||||||
|
Total
non-interest income
|
1,919,372 | 2,526,437 | 10,843,868 | 10,959,720 | ||||||||||||
|
Non-interest
expense:
|
||||||||||||||||
|
Compensation
and fringe benefits
|
3,783,196 | 3,595,642 | 15,583,817 | 14,118,842 | ||||||||||||
|
Federal
deposit insurance premiums
|
289,626 | 298,510 | 1,158,544 | 1,253,627 | ||||||||||||
|
Premises
and equipment
|
425,962 | 451,806 | 1,741,462 | 1,823,628 | ||||||||||||
|
Advertising
|
36,798 | 23,341 | 148,380 | 123,513 | ||||||||||||
|
Payroll
and other taxes
|
326,526 | 309,928 | 1,392,624 | 1,327,449 | ||||||||||||
|
Data
processing
|
677,019 | 623,089 | 2,576,386 | 2,452,593 | ||||||||||||
|
Amortization
of intangible assets
|
145,659 | 117,268 | 493,785 | 488,602 | ||||||||||||
|
Other
|
1,053,471 | 880,283 | 3,629,836 | 3,756,547 | ||||||||||||
|
Total
non-interest expense
|
6,738,257 | 6,299,867 | 26,724,834 | 25,344,801 | ||||||||||||
|
Income
(loss) before income tax expense (benefit)
|
(10,757,390 | ) | 2,381,820 | (4,181,115 | ) | 11,401,132 | ||||||||||
|
Income
tax expense (benefit)
|
(4,259,923 | ) | 872,050 | (1,801,319 | ) | 4,365,296 | ||||||||||
|
Net
income (loss)
|
$ | (6,497,467 | ) | $ | 1,509,770 | $ | (2,379,796 | ) | $ | 7,035,836 | ||||||
|
Per
share data:
|
||||||||||||||||
|
Basic
earnings (loss) per share
|
$ | (0.67 | ) | $ | 0.16 | $ | (0.24 | ) | $ | 0.72 | ||||||
|
Diluted
earnings (loss) per share
|
$ | (0.67 | ) | $ | 0.16 | $ | (0.24 | ) | $ | 0.72 | ||||||
|
Dividends
per share
|
$ | 0.00 | $ | 0.20 | $ | 0.49 | $ | 0.80 | ||||||||
|
Average
basic shares outstanding
|
9,748,948 | 9,738,475 | 9,744,870 | 9,738,225 | ||||||||||||
|
Average
diluted shares outstanding
|
9,748,948 | 9,738,475 | 9,745,047 | 9,738,244 | ||||||||||||
|
Supplemental Financial Data (Unaudited)
|
||||||||||||||||||||||||||||
|
Quarterly
|
Year to Date
|
|||||||||||||||||||||||||||
|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
12/31/2010
|
12/31/2009
|
||||||||||||||||||||||
|
(dollars
in thousands except per share data)
|
||||||||||||||||||||||||||||
|
Consolidated
balance sheet data:
|
||||||||||||||||||||||||||||
|
Total
assets
|
$ | 797,246 | $ | 811,912 | $ | 812,771 | $ | 800,608 | $ | 829,891 | $ | 797,246 | $ | 829,891 | ||||||||||||||
|
Loans
receivable (net):
|
||||||||||||||||||||||||||||
|
Mortgage
|
$ | 55,450 | $ | 53,995 | $ | 49,470 | $ | 48,379 | $ | 51,820 | $ | 55,450 | $ | 51,820 | ||||||||||||||
|
Commercial
|
463,155 | 496,489 | 502,425 | 498,525 | 508,279 | 463,155 | 508,279 | |||||||||||||||||||||
|
Consumer
|
79,469 | 83,801 | 83,550 | 85,502 | 88,893 | 79,469 | 88,893 | |||||||||||||||||||||
|
Leases
|
8,000 | 8,095 | 9,413 | 9,877 | 9,664 | 8,000 | 9,664 | |||||||||||||||||||||
|
Total
|
$ | 606,074 | $ | 642,380 | $ | 644,858 | $ | 642,283 | $ | 658,656 | $ | 606,074 | $ | 658,656 | ||||||||||||||
|
Cash
and investments
|
$ | 44,434 | $ | 40,815 | $ | 34,737 | $ | 22,690 | $ | 30,045 | $ | 44,434 | $ | 30,045 | ||||||||||||||
|
Mortgage-backed
securities
|
98,883 | 87,245 | 92,559 | 94,735 | 97,239 | 98,883 | 97,239 | |||||||||||||||||||||
|
Premises
and equipment
|
9,163 | 9,216 | 9,240 | 9,034 | 8,540 | 9,163 | 8,540 | |||||||||||||||||||||
|
Goodwill
|
4,219 | 4,219 | 4,219 | 4,219 | 4,219 | 4,219 | 4,219 | |||||||||||||||||||||
|
Mortgage
servicing rights
|
1,358 | 1,299 | 1,268 | 1,281 | 1,279 | 1,358 | 1,279 | |||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||||||
|
Savings
|
$ | 24,499 | $ | 24,946 | $ | 25,155 | $ | 24,709 | $ | 23,138 | $ | 24,499 | $ | 23,138 | ||||||||||||||
|
Checking
|
234,501 | 237,677 | 224,950 | 225,997 | 224,507 | 234,501 | 224,507 | |||||||||||||||||||||
|
Certificates
|
430,465 | 433,432 | 444,435 | 433,734 | 440,866 | 430,465 | 440,866 | |||||||||||||||||||||
|
Total
|
$ | 689,465 | $ | 696,055 | $ | 694,540 | $ | 684,440 | $ | 688,511 | $ | 689,465 | $ | 688,511 | ||||||||||||||
|
Borrowings
|
$ | 11,503 | $ | 12,164 | $ | 12,665 | $ | 12,441 | $ | 37,380 | $ | 11,503 | $ | 37,380 | ||||||||||||||
|
Junior
subordinated debentures
|
10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||||||||
|
Stockholders'
equity
|
79,513 | 87,293 | 87,110 | 85,962 | 86,214 | 79,513 | 86,214 | |||||||||||||||||||||
|
Consolidated
earnings summary:
|
||||||||||||||||||||||||||||
|
Interest
income
|
$ | 9,928 | $ | 10,963 | $ | 10,829 | $ | 11,151 | $ | 11,851 | $ | 42,871 | $ | 49,060 | ||||||||||||||
|
Interest
expense
|
2,166 | 2,222 | 2,258 | 2,372 | 2,996 | 9,019 | 16,094 | |||||||||||||||||||||
|
Net
interest income
|
7,762 | 8,741 | 8,571 | 8,779 | 8,855 | 33,852 | 32,966 | |||||||||||||||||||||
|
Provision
for credit losses
|
13,700 | 3,962 | 2,070 | 2,420 | 2,700 | 22,152 | 7,180 | |||||||||||||||||||||
|
Noninterest
income
|
1,919 | 3,400 | 2,830 | 2,694 | 2,527 | 10,844 | 10,960 | |||||||||||||||||||||
|
Noninterest
expense
|
6,738 | 6,745 | 6,741 | 6,500 | 6,300 | 26,725 | 25,345 | |||||||||||||||||||||
|
Income
tax expense (benefit)
|
(4,260 | ) | 424 | 1,032 | 1,003 | 872 | (1,801 | ) | 4,365 | |||||||||||||||||||
|
Net
income (loss)
|
$ | (6,497 | ) | $ | 1,010 | $ | 1,558 | $ | 1,550 | $ | 1,510 | $ | (2,380 | ) | $ | 7,036 | ||||||||||||
|
Per
Share Data:
|
||||||||||||||||||||||||||||
|
Basic
earnings (loss) per share
|
$ | (0.67 | ) | $ | 0.10 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | (0.24 | ) | $ | 0.72 | ||||||||||||
|
Diluted
earnings (loss) per share
|
$ | (0.67 | ) | $ | 0.10 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | (0.24 | ) | $ | 0.72 | ||||||||||||
|
Dividends
per share
|
$ | 0.00 | $ | 0.09 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.49 | $ | 0.80 | ||||||||||||||
|
Book
value per share
|
$ | 8.15 | $ | 8.96 | $ | 8.94 | $ | 8.82 | $ | 8.85 | $ | 8.15 | $ | 8.85 | ||||||||||||||
|
Average
basic shares
|
9,748,948 | 9,743,971 | 9,743,971 | 9,742,505 | 9,738,475 | 9,744,870 | 9,738,225 | |||||||||||||||||||||
|
Average
diluted shares
|
9,748,948 | 9,743,971 | 9,744,679 | 9,742,505 | 9,738,550 | 9,745,047 | 9,738,244 | |||||||||||||||||||||
|
First South Bancorp, Inc.
|
Supplemental Financial Data (Unaudited)
|
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|
Quarterly
|
Year to Date
|
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|
12/31/2010
|
9/30/2010
|
6/30/2010
|
3/31/2010
|
12/31/2009
|
12/31/2010
|
12/31/2009
|
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|
(dollars in thousands except per share data)
|
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|
Performance
ratios:
|
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|
Yield
on earning assets
|
5.51 | % | 5.92 | % | 5.86 | % | 5.99 | % | 6.09 | % | 5.81 | % | 6.13 | % | ||||||||||||||
|
Cost
of funds
|
1.24 | % | 1.24 | % | 1.26 | % | 1.32 | % | 1.61 | % | 1.26 | % | 2.09 | % | ||||||||||||||
|
Net
interest spread
|
4.30 | % | 4.68 | % | 4.60 | % | 4.67 | % | 4.48 | % | 4.55 | % | 4.04 | % | ||||||||||||||
|
Net
interest margin on earning assets
|
4.31 | % | 4.72 | % | 4.64 | % | 4.72 | % | 4.55 | % | 4.59 | % | 4.12 | % | ||||||||||||||
|
Earning
assets to total assets
|
87.42 | % | 90.96 | % | 91.13 | % | 91.66 | % | 91.81 | % | 87.42 | % | 91.81 | % | ||||||||||||||
|
Return
on average assets (annualized)
|
-3.21 | % | 0.50 | % | 0.77 | % | 0.76 | % | 0.72 | % | -0.29 | % | 0.81 | % | ||||||||||||||
|
Return
on average equity (annualized)
|
-30.31 | % | 4.60 | % | 7.17 | % | 7.13 | % | 6.88 | % | -2.74 | % | 7.98 | % | ||||||||||||||
|
Efficiency
ratio
|
69.52 | % | 55.50 | % | 59.05 | % | 56.59 | % | 55.28 | % | 59.72 | % | 57.63 | % | ||||||||||||||
|
Average
assets
|
$ | 810,459 | $ | 813,900 | $ | 808,266 | $ | 811,859 | $ | 842,556 | $ | 811,742 | $ | 866,504 | ||||||||||||||
|
Average
earning assets
|
$ | 720,813 | $ | 741,214 | $ | 738,645 | $ | 744,415 | $ | 777,896 | $ | 738,073 | $ | 800,899 | ||||||||||||||
|
Average
equity
|
$ | 85,746 | $ | 87,760 | $ | 86,957 | $ | 86,897 | $ | 87,762 | $ | 86,852 | $ | 88,129 | ||||||||||||||
|
Equity/Assets
|
9.97 | % | 10.75 | % | 10.72 | % | 10.74 | % | 10.39 | % | 9.97 | % | 10.39 | % | ||||||||||||||
|
Tangible
Equity/Assets
|
9.43 | % | 10.22 | % | 10.18 | % | 10.19 | % | 9.86 | % | 9.43 | % | 9.86 | % | ||||||||||||||
|
Asset
quality data and ratios:
|
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|
Nonaccrual
loans
|
$ | 14,293 | $ | 14,073 | $ | 12,308 | $ | 8,578 | $ | 5,838 | $ | 14,293 | $ | 5,838 | ||||||||||||||
|
Nonaccrual
Restructured loans
|
$ | 26,973 | $ | 5,156 | $ | 5,647 | $ | 4,377 | $ | 4,343 | $ | 26,973 | $ | 4,343 | ||||||||||||||
|
Total
nonaccrual loans
|
$ | 41,266 | $ | 19,229 | $ | 17,955 | $ | 12,955 | $ | 10,181 | $ | 41,266 | $ | 10,181 | ||||||||||||||
|
Other
real estate owned
|
$ | 11,616 | $ | 8,599 | $ | 8,452 | $ | 8,383 | $ | 10,561 | $ | 11,616 | $ | 10,561 | ||||||||||||||
|
Total
nonperforming assets
|
$ | 52,882 | $ | 27,828 | $ | 26,407 | $ | 21,338 | $ | 20,742 | $ | 52,882 | $ | 20,742 | ||||||||||||||
|
Performing
Restructured Loans
|
$ | 31,334 | $ | 24,298 | $ | 14,087 | $ | 11,599 | $ | 11,612 | $ | 31,334 | $ | 11,612 | ||||||||||||||
|
Allowance
for loan and lease losses
|
$ | 18,830 | $ | 8,611 | $ | 7,951 | $ | 13,221 | $ | 13,504 | $ | 18,830 | $ | 13,504 | ||||||||||||||
|
Allowance
for unfunded loan commitments
|
$ | 237 | $ | 163 | $ | 171 | $ | 178 | $ | 240 | $ | 237 | $ | 240 | ||||||||||||||
|
Allowance
for credit losses
|
$ | 19,067 | $ | 8,774 | $ | 8,122 | $ | 13,399 | $ | 13,744 | $ | 19,067 | $ | 13,744 | ||||||||||||||
|
Allowance
for loan and lease losses to loans
|
3.01 | % | 1.32 | % | 1.21 | % | 2.01 | % | 2.00 | % | 3.01 | % | 2.00 | % | ||||||||||||||
|
Allowance
for unfunded loan commitments
|
||||||||||||||||||||||||||||
|
to
unfunded commitments
|
0.30 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.27 | % | 0.30 | % | 0.27 | % | ||||||||||||||
|
Allowance
for credit losses to loans
|
3.04 | % | 1.35 | % | 1.24 | % | 2.04 | % | 2.04 | % | 3.04 | % | 2.04 | % | ||||||||||||||
|
Net
charge-offs (recoveries)
|
$ | 3,407 | $ | 3,310 | $ | 7,347 | $ | 2,765 | $ | 1,543 | $ | 16,829 | $ | 5,393 | ||||||||||||||
|
Net
charge-offs (recoveries) to loans
|
0.56 | % | 0.52 | % | 1.14 | % | 0.43 | % | 0.23 | % | 2.78 | % | 0.82 | % | ||||||||||||||
|
Nonaccrual
loans to loans
|
6.81 | % | 2.99 | % | 2.78 | % | 2.02 | % | 1.55 | % | 6.81 | % | 1.55 | % | ||||||||||||||
|
Nonperforming
assets to assets
|
6.63 | % | 3.43 | % | 3.25 | % | 2.67 | % | 2.50 | % | 6.63 | % | 2.50 | % | ||||||||||||||
|
Loans
to deposits
|
87.91 | % | 92.29 | % | 92.85 | % | 93.84 | % | 95.66 | % | 87.91 | % | 95.66 | % | ||||||||||||||
|
Loans
to assets
|
76.02 | % | 79.12 | % | 79.34 | % | 80.22 | % | 79.37 | % | 76.02 | % | 79.37 | % | ||||||||||||||
|
Loans
serviced for others
|
$ | 318,218 | $ | 307,395 | $ | 299,361 | $ | 296,452 | $ | 289,324 | $ | 318,218 | $ | 289,324 | ||||||||||||||