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8-K - FORM 8-K - BANCORP RHODE ISLAND INC | form8k102711.htm |
Exhibit 99.1
Contacts: Linda H. Simmons Debbie Mandeville
Chief Financial Officer Investor Relations Officer
(401) 574-1652 (401) 574-1547
lsimmons@bankri.com dmandeville@bankri.com
BancorpRI Announces Third Quarter 2011 Results
Solid Core Earnings
Core Deposits Continue to Grow
Providence, R.I. – October 27, 2011 – Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of Bank Rhode Island, today reported net income of $2.6 million, or $0.55 diluted earnings per share (EPS), for the quarter ended September 30, 2011. These results reflect expenses of $533,000 (after-tax), or $0.11 per diluted share, related to the pending merger with Brookline Bancorp, Inc. Net income for the third quarter 2011 compares to net income of $2.8 million, or $0.60 diluted EPS, for the third quarter 2010 and net income of $1.8 million, or $0.38 diluted EPS, for the second quarter 2011.
For the nine month period ended September 30, 2011, the Company reported net income of $6.8 million, or $1.42 diluted EPS, compared to net income of $7.7 million, or $1.65 diluted EPS, for the same period in 2010. The nine month results for the period ended September 30, 2011 reflect expenses of $2.0 million (after-tax), or $0.43 per diluted share, related to the pending merger with Brookline Bancorp, Inc.
The Company’s commercial loan and lease portfolio grew to $792.1 million as of September 30, 2011. This represented increases of $11.9 million, or 1.5 percent, from year-end 2010 and $20.4 million, or 2.6 percent, from September 30, 2010. Consumer loans were $204.1 million at September 30, 2011, down $6.2 million, or 3.0 percent, compared to December 31, 2010 and up $1.7 million, or 0.9 percent, from a year ago. Residential mortgage loans were $151.4 million as of September 30, 2011, down $13.5 million, or 8.2 percent, from year-end 2010.
Core deposit (demand deposits, NOW, money market and savings accounts) trends remain positive with growth of 6.5 percent from year-end 2010 and 9.0 percent from a year ago. The growth over the prior periods was driven primarily by money market and demand deposit accounts, partly offset by a reduction in savings accounts and certificates of deposit. At the end of the third quarter, core deposits rose to 73.4 percent of total deposits compared to 69.0 percent at year-end 2010 and 67.7 percent a year ago. Total deposits were $1.1 billion at September 30, 2011, up slightly from year-end 2010 and from a year ago.
BancorpRI Q3 Results
Page Two
Net interest income for the third quarter 2011 increased to $13.8 million from $13.5 million in the third quarter 2010 and decreased compared to $14.0 million in the second quarter 2011. The net interest margin for the third quarter 2011 was 3.66 percent, representing an improvement of 5 basis points from the third quarter 2010 and a decrease of 3 basis points from the second quarter 2011. On a year-to-date basis, net interest income was $41.3 million, an increase of $1.1 million, or 2.8 percent, from the same period in 2010, and the net interest margin was 3.65 percent, an increase of 6 basis points from the same period in 2010.
Noninterest income was $2.2 million for the third quarter 2011, down slightly from the third quarter 2010 and the second quarter 2011. On a year-to-date basis, noninterest income was $6.8 million, relatively flat compared to the same period in 2010.
Noninterest expense was $9.9 million in the third quarter 2011, down $417,000 compared to the third quarter 2010 due to a reduction in FDIC insurance expense. The decrease in noninterest expense for the third quarter 2011 of $2.7 million from the second quarter 2011 was primarily attributable to lower merger-related and FDIC insurance expenses. On a year-to-date basis, noninterest expense was $33.8 million, an increase of $2.6 million over the same period in 2010. The increase in the year-to-date comparison was primarily driven by merger-related expenses and an accrual related to a judgment issued with respect to a previously disclosed jury verdict against the Bank recorded in the first quarter 2011, partially offset by a reduction in FDIC insurance expense.
Nonperforming assets at September 30, 2011 totaled $22.1 million or 1.40 percent of total assets. This represented an increase from $19.4 million, or 1.20 percent of total assets, at June 30, 2011. Net charge-offs were $1.5 million, or 0.53 percent of average loans and leases, for the third quarter 2011. Net charge-offs for the third quarter 2010 were $459,000, or 0.16 percent of average loans and leases, and were $989,000, or 0.34 percent of average loans and leases, in the second quarter 2011. On a year-to-date basis, net charge-offs were $4.1 million, or 0.47 percent of average loans and leases, an increase of $1.3 million over the same period in 2010.
The provision for loan and lease losses was $1.6 million for the third quarter 2011, compared to $1.3 million in the third quarter 2010 and $850,000 in the second quarter 2011. On a year-to-date basis, the provision was $3.6 million, a decrease of $850,000 from the same period in 2010.
The allowance for loan and lease losses was $18.1 million at September 30, 2011 compared to $18.7 million at December 31, 2010. The allowance for loan and lease losses as a percent of total loans and leases was 1.58 percent at September 30, 2011 compared to 1.61 percent at December 31, 2010.
BancorpRI Q3 Results
Page Three
At September 30, 2011, the Company’s tier 1 capital ratio was approximately 8.40 percent and its total risk-based capital ratio was approximately 13.10 percent.
The Company’s Board of Directors approved a dividend of $0.19 per share. The dividend will be paid on November 14, 2011, to shareholders of record on November 7, 2011.
About BancorpRI
Bancorp Rhode Island, Inc. is the parent company of Bank Rhode Island, a full-service, FDIC-insured, state-chartered financial institution. The Bank, headquartered in Providence, Rhode Island, operates 17 branches and more than 60 ATMs throughout Providence, Kent and Washington Counties. As of September 30, 2011, BankRI had $1.6 billion in assets and $1.1 billion in deposits. For more information, visit www.bankri.com.
This release may contain “forward-looking statements” within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions and changing competition which could cause actual future results to differ materially from those indicated herein. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.
BANCORP RHODE ISLAND, INC.
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Selected Financial Highlights (unaudited)
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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(In thousands, except per share data)
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FINANCIAL DATA:
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Net interest income
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$ | 13,807 | $ | 13,478 | $ | 41,321 | $ | 40,192 | ||||||||||||
Provision for loan and lease losses
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1,600 | 1,275 | 3,575 | 4,425 | ||||||||||||||||
Noninterest income
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2,199 | 2,289 | 6,803 | 6,889 | ||||||||||||||||
Noninterest expense
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9,933 | 10,350 | 33,820 | 31,268 | ||||||||||||||||
Net income
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2,643 | 2,808 | 6,769 | 7,708 | ||||||||||||||||
FINANCIAL PERFORMANCE RATIOS:
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Return on assets (3) (6)
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0.66 | % | 0.71 | % | 0.57 | % | 0.66 | % | ||||||||||||
Return on equity (4) (6)
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7.71 | % | 8.57 | % | 6.84 | % | 8.16 | % | ||||||||||||
Net interest margin (2) (6)
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3.66 | % | 3.61 | % | 3.65 | % | 3.59 | % | ||||||||||||
Efficiency ratio (5) (6)
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62.06 | % | 65.64 | % | 70.28 | % | 66.41 | % | ||||||||||||
PER SHARE DATA:
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Earnings per share - basic
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$ | 0.56 | $ | 0.60 | $ | 1.44 | $ | 1.65 | ||||||||||||
Earnings per share - diluted
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0.55 | 0.60 | 1.42 | 1.65 | ||||||||||||||||
Book value per share of common stock
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29.58 | 27.98 | 29.58 | 27.98 | ||||||||||||||||
Tangible book value per share of common stock
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26.96 | 25.35 | 26.96 | 25.35 | ||||||||||||||||
Market value (at period end)
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42.39 | 27.93 | 42.39 | 27.93 | ||||||||||||||||
Dividends per share
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0.19 | 0.17 | 0.57 | 0.51 | ||||||||||||||||
CAPITAL RATIOS:
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Tier 1 capital ratio (7)
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8.40 | % | 8.10 | % | ||||||||||||||||
Total risk-based capital ratio (7)
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13.10 | % | 12.52 | % | ||||||||||||||||
Tangible common equity ratio (1) (6)
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8.09 | % | 7.59 | % | ||||||||||||||||
Three Months Ended
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Sep 30, 2011
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Jun 30, 2011
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Mar 31, 2011
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Dec 31, 2010
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Sep 30, 2010
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(In thousands)
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BALANCE SHEET:
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Total assets
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$ | 1,575,216 | $ | 1,618,756 | $ | 1,606,508 | $ | 1,603,759 | $ | 1,573,323 | ||||||||||
Total loans and leases
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1,147,584 | 1,152,677 | 1,154,448 | 1,155,489 | 1,135,227 | |||||||||||||||
Total deposits
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1,121,708 | 1,095,845 | 1,101,661 | 1,120,166 | 1,115,683 | |||||||||||||||
Shareholders' equity
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138,643 | 133,531 | 130,192 | 128,678 | 130,769 | |||||||||||||||
ASSET QUALITY:
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Total nonperforming assets
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$ | 22,108 | $ | 19,447 | $ | 17,473 | $ | 17,643 | $ | 15,152 | ||||||||||
Nonperforming assets / total assets
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1.40 | % | 1.20 | % | 1.09 | % | 1.10 | % | 0.96 | % | ||||||||||
Allowance for loans and leases
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$ | 18,149 | $ | 18,083 | $ | 18,222 | $ | 18,654 | $ | 18,212 | ||||||||||
Allowance to total loans and leases
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1.58 | % | 1.57 | % | 1.58 | % | 1.61 | % | 1.60 | % | ||||||||||
Net charge-offs
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$ | 1,534 | $ | 989 | $ | 1,557 | $ | 1,993 | $ | 459 | ||||||||||
Net charge-offs to average loans and leases
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0.53 | % | 0.34 | % | 0.55 | % | 0.69 | % | 0.16 | % | ||||||||||
Selected Financial Highlights (unaudited)
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Sep 30, 2011
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Jun 30, 2011
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Mar 31, 2011
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Dec 31, 2010
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Sep 30, 2010
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(In thousands)
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LOAN AND LEASE PORTFOLIO:
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Commercial loans and leases:
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Commercial real estate - non-owner occupied
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$ | 219,147 | $ | 210,888 | $ | 196,353 | $ | 200,809 | $ | 202,342 | |||||||||||||
Commercial real estate - owner occupied
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170,913 | 176,059 | 183,111 | 179,766 | 177,526 | ||||||||||||||||||
Commercial & industrial
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170,783 | 159,512 | 161,004 | 157,879 | 156,042 | ||||||||||||||||||
Multifamily
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89,750 | 86,387 | 84,772 | 79,934 | 73,375 | ||||||||||||||||||
Small business
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59,166 | 60,141 | 62,233 | 62,841 | 59,756 | ||||||||||||||||||
Construction
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19,046 | 27,071 | 28,273 | 30,349 | 31,035 | ||||||||||||||||||
Leases and other
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66,753 | 70,777 | 72,156 | 73,054 | 76,417 | ||||||||||||||||||
Subtotal
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795,558 | 790,835 | 787,902 | 784,632 | 776,493 | ||||||||||||||||||
Unearned lease income
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(5,194 | ) | (5,828 | ) | (5,962 | ) | (6,159 | ) | (6,516 | ) | |||||||||||||
Net deferred loan origination costs
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1,750 | 1,697 | 1,756 | 1,791 | 1,777 | ||||||||||||||||||
Total commercial loans and leases
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792,114 | 786,704 | 783,696 | 780,264 | 771,754 | ||||||||||||||||||
Consumer loans
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204,112 | 208,558 | 210,094 | 210,348 | 202,367 | ||||||||||||||||||
Residential mortgages
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151,358 | 157,415 | 160,658 | 164,877 | 161,106 | ||||||||||||||||||
Total loans and leases
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$ | 1,147,584 | $ | 1,152,677 | $ | 1,154,448 | $ | 1,155,489 | $ | 1,135,227 | |||||||||||||
(1) |
Calculated by dividing common shareholders’ equity less goodwill by total assets less goodwill.
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(2) |
Calculated by dividing annualized net interest income by average interest-earning assets.
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(3) |
Calculated by dividing annualized net income by average total assets.
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(4) |
Calculated by dividing annualized net income applicable to common shares by average common shareholders’ equity.
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(5) |
Calculated by dividing noninterest expense by net interest income plus noninterest income.
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(6) |
Non-GAAP performance measure.
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(7) |
Tier 1 capital and total risk-based capital ratio are estimated for September 30, 2011.
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Consolidated Balance Sheet (unaudited)
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September 30,
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December 31,
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2011
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2010
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(In thousands)
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ASSETS:
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Cash and due from banks
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$ | 29,695 | $ | 14,384 | ||||
Overnight investments
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599 | 395 | ||||||
Total cash and cash equivalents
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30,294 | 14,779 | ||||||
Available for sale securities (amortized cost of $316,991 and
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$357,402, respectively)
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327,060 | 360,025 | ||||||
Stock in Federal Home Loan Bank of Boston
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16,274 | 16,274 | ||||||
Loans and leases receivable:
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Commercial loans and leases
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792,114 | 780,264 | ||||||
Consumer and other loans
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204,112 | 210,348 | ||||||
Residential mortgage loans
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151,358 | 164,877 | ||||||
Total loans and leases receivable
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1,147,584 | 1,155,489 | ||||||
Allowance for loan and lease losses
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(18,149 | ) | (18,654 | ) | ||||
Net loans and leases receivable
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1,129,435 | 1,136,835 | ||||||
Premises and equipment, net
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11,208 | 11,889 | ||||||
Goodwill
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12,262 | 12,262 | ||||||
Accrued interest receivable
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4,181 | 4,842 | ||||||
Investment in bank-owned life insurance
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32,193 | 31,277 | ||||||
Prepaid expenses and other assets
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12,309 | 15,576 | ||||||
Total assets
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$ | 1,575,216 | $ | 1,603,759 | ||||
LIABILITIES:
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Deposits:
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Demand deposit accounts
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$ | 284,959 | $ | 264,274 | ||||
NOW accounts
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75,915 | 70,327 | ||||||
Money market accounts
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132,305 | 96,285 | ||||||
Savings accounts
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329,796 | 341,667 | ||||||
Certificates of deposit accounts
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298,733 | 347,613 | ||||||
Total deposits
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1,121,708 | 1,120,166 | ||||||
Overnight and short-term borrowings
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38,501 | 40,997 | ||||||
Wholesale repurchase agreements
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10,000 | 20,000 | ||||||
Federal Home Loan Bank of Boston borrowings
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231,870 | 260,889 | ||||||
Subordinated deferrable interest debentures
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13,403 | 13,403 | ||||||
Other liabilities
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21,091 | 19,626 | ||||||
Total liabilities
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1,436,573 | 1,475,081 | ||||||
SHAREHOLDERS’ EQUITY:
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Common stock, par value $0.01 per share, authorized 11,000,000 shares:
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Issued: (5,083,991 shares and 5,047,942 shares, respectively)
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50 | 50 | ||||||
Additional paid-in capital
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75,771 | 73,866 | ||||||
Treasury stock, at cost (396,986 shares and 373,850 shares, respectively)
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(13,406 | ) | (12,527 | ) | ||||
Retained earnings
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69,683 | 65,584 | ||||||
Accumulated other comprehensive income, net
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6,545 | 1,705 | ||||||
Total shareholders’ equity
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138,643 | 128,678 | ||||||
Total liabilities and shareholders’ equity
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$ | 1,575,216 | $ | 1,603,759 | ||||
Three Months Ended |
Nine Months Ended
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September 30, |
September 30,
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2011
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2010
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2011
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2010
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(In thousands, except per share data)
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Interest and dividend income:
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Overnight investments
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$ | - | $ | 1 | $ | 1 | $ | 6 | ||||||||
Mortgage-backed securities
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2,508 | 2,764 | 7,739 | 9,034 | ||||||||||||
Investment securities
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399 | 462 | 1,167 | 1,502 | ||||||||||||
Federal Home Loan Bank of Boston stock dividends
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11 | - | 36 | - | ||||||||||||
Loans and leases
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14,243 | 14,927 | 43,298 | 44,600 | ||||||||||||
Total interest and dividend income
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17,161 | 18,154 | 52,241 | 55,142 | ||||||||||||
Interest expense:
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Deposits
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1,271 | 1,910 | 3,978 | 6,352 | ||||||||||||
Overnight and short-term borrowings
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10 | 16 | 29 | 53 | ||||||||||||
Wholesale repurchase agreements
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10 | 139 | 291 | 421 | ||||||||||||
Federal Home Loan Bank of Boston borrowings
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1,897 | 2,438 | 6,124 | 7,621 | ||||||||||||
Subordinated deferrable interest debentures
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166 | 173 | 498 | 503 | ||||||||||||
Total interest expense
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3,354 | 4,676 | 10,920 | 14,950 | ||||||||||||
Net interest income
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13,807 | 13,478 | 41,321 | 40,192 | ||||||||||||
Provision for loan and lease losses
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1,600 | 1,275 | 3,575 | 4,425 | ||||||||||||
Net interest income after provision for loan and lease losses
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12,207 | 12,203 | 37,746 | 35,767 | ||||||||||||
Noninterest income:
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Total other-than-temporary impairment losses on
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available for sale securities
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- | 5 | - | 54 | ||||||||||||
Non-credit component of other-than-temporary impairment losses
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recognized in other comprehensive income
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- | (422 | ) | - | (1,086 | ) | ||||||||||
Credit component of other-than-temporary impairment losses on
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available for sale securities
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- | (417 | ) | - | (1,032 | ) | ||||||||||
Service charges on deposit accounts
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1,177 | 1,337 | 3,532 | 3,949 | ||||||||||||
Commissions on nondeposit investment products
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336 | 144 | 886 | 529 | ||||||||||||
Income from bank-owned life insurance
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307 | 320 | 916 | 953 | ||||||||||||
Loan related fees
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127 | 162 | 478 | 484 | ||||||||||||
Net gain on lease sales and commissions on loans
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originated for others
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58 | 44 | 118 | 86 | ||||||||||||
Gain on sale of available for sale securities
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- | 465 | 212 | 1,043 | ||||||||||||
Other income
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194 | 234 | 661 | 877 | ||||||||||||
Total noninterest income
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2,199 | 2,289 | 6,803 | 6,889 | ||||||||||||
Noninterest expense:
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Salaries and employee benefits
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5,769 | 5,829 | 18,358 | 17,418 | ||||||||||||
Occupancy
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815 | 827 | 2,568 | 2,517 | ||||||||||||
Data processing
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702 | 667 | 2,070 | 1,975 | ||||||||||||
Professional services
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558 | 549 | 3,296 | 1,718 | ||||||||||||
Loan workout and other real estate owned
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392 | 196 | 759 | 869 | ||||||||||||
Operating
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370 | 461 | 1,252 | 1,390 | ||||||||||||
Equipment
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275 | 266 | 807 | 776 | ||||||||||||
Marketing
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267 | 333 | 998 | 974 | ||||||||||||
Loan servicing
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155 | 133 | 434 | 480 | ||||||||||||
FDIC insurance
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72 | 475 | 991 | 1,425 | ||||||||||||
Other expenses
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558 | 614 | 2,287 | 1,726 | ||||||||||||
Total noninterest expense
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9,933 | 10,350 | 33,820 | 31,268 | ||||||||||||
Income before income taxes
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4,473 | 4,142 | 10,729 | 11,388 | ||||||||||||
Income tax expense
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1,830 | 1,334 | 3,960 | 3,680 | ||||||||||||
Net income
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$ | 2,643 | $ | 2,808 | $ | 6,769 | $ | 7,708 | ||||||||
Per share data:
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Basic earnings per common share
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$ | 0.56 | $ | 0.60 | $ | 1.44 | $ | 1.65 | ||||||||
Diluted earnings per common share
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$ | 0.55 | $ | 0.60 | $ | 1.42 | $ | 1.65 | ||||||||
Cash dividends declared per common share
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$ | 0.19 | $ | 0.17 | $ | 0.57 | $ | 0.51 | ||||||||
Weighted average common shares outstanding – basic
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4,685 | 4,674 | 4,685 | 4,653 | ||||||||||||
Weighted average common shares outstanding – diluted
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4,783 | 4,703 | 4,757 | 4,682 |
Asset Quality Analysis (unaudited)
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Three Months Ended
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Sep 30, 2011
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Jun 30, 2011
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Mar 31, 2011
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Dec 31, 2010
|
Sep 30, 2010
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(Dollars in thousands)
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NONPERFORMING ASSETS:
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Nonperforming loans & leases:
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Commercial real estate
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$ | 6,195 | $ | 5,432 | $ | 4,792 | $ | 5,273 | $ | 5,384 | ||||||||||
Commercial & industrial
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3,807 | 2,362 | 2,255 | 2,462 | 1,455 | |||||||||||||||
Multifamily
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2,664 | 1,568 | 1,050 | 717 | - | |||||||||||||||
Small business
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1,176 | 817 | 1,059 | 1,090 | 1,158 | |||||||||||||||
Construction
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- | 45 | 232 | 469 | 469 | |||||||||||||||
Leases
|
758 | 1,713 | 591 | 581 | 1,115 | |||||||||||||||
Consumer
|
1,023 | 1,038 | 993 | 876 | 871 | |||||||||||||||
Residential mortgage
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5,820 | 5,722 | 4,926 | 5,045 | 3,570 | |||||||||||||||
Total nonperforming loans & leases
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21,443 | 18,697 | 15,898 | 16,513 | 14,022 | |||||||||||||||
Other real estate owned
|
464 | 750 | 1,575 | 1,130 | 1,130 | |||||||||||||||
Non-real estate foreclosed assets
|
201 | - | - | - | - | |||||||||||||||
Total nonperforming assets
|
$ | 22,108 | $ | 19,447 | $ | 17,473 | $ | 17,643 | $ | 15,152 | ||||||||||
Total nonperforming loans & leases / total loans & leases
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1.87 | % | 1.62 | % | 1.38 | % | 1.43 | % | 1.24 | % | ||||||||||
Total nonperforming assets / total assets
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1.40 | % | 1.20 | % | 1.09 | % | 1.10 | % | 0.96 | % | ||||||||||
PROVISION AND ALLOWANCE FOR LOAN LOSSES:
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Balance at beginning of period
|
$ | 18,083 | $ | 18,222 | $ | 18,654 | $ | 18,212 | $ | 17,396 | ||||||||||
Charged-off loans & leases
|
(1,582 | ) | (1,137 | ) | (1,686 | ) | (2,154 | ) | (487 | ) | ||||||||||
Recoveries on charged-off loans & leases
|
48 | 148 | 129 | 161 | 28 | |||||||||||||||
Net loans & leases charged-off
|
(1,534 | ) | (989 | ) | (1,557 | ) | (1,993 | ) | (459 | ) | ||||||||||
Provision for loan and lease losses
|
1,600 | 850 | 1,125 | 2,435 | 1,275 | |||||||||||||||
Balance at end of period
|
$ | 18,149 | $ | 18,083 | $ | 18,222 | $ | 18,654 | $ | 18,212 | ||||||||||
Allowance to nonperforming loans & leases
|
84.64 | % | 96.72 | % | 114.62 | % | 112.97 | % | 129.88 | % | ||||||||||
Allowance to total loans & leases
|
1.58 | % | 1.57 | % | 1.58 | % | 1.61 | % | 1.60 | % | ||||||||||
NET CHARGE-OFFS:
|
||||||||||||||||||||
Commercial real estate
|
$ | 167 | $ | - | $ | 532 | $ | 726 | $ | - | ||||||||||
Commercial & industrial
|
254 | (47 | ) | - | 487 | (5 | ) | |||||||||||||
Construction
|
- | 62 | 237 | - | - | |||||||||||||||
Other commercial loans & leases
|
974 | 427 | 397 | 565 | 226 | |||||||||||||||
Consumer
|
4 | 32 | 12 | 74 | 149 | |||||||||||||||
Residential mortgages
|
135 | 515 | 379 | 141 | 89 | |||||||||||||||
Total net charge-offs
|
$ | 1,534 | $ | 989 | $ | 1,557 | $ | 1,993 | $ | 459 | ||||||||||
Net charge-offs to average loans & leases
|
0.53 | % | 0.34 | % | 0.55 | % | 0.69 | % | 0.16 | % | ||||||||||
DELINQUENCIES AND NONACCRUING LOANS AND LEASES AS % OF TOTAL LOANS:
|
||||||||||||||||||||
Loans & leases 30-59 days past due
|
0.83 | % | 0.37 | % | 0.83 | % | 0.56 | % | 0.47 | % | ||||||||||
Loans & leases 60-89 days past due
|
0.08 | % | 0.16 | % | 0.28 | % | 0.21 | % | 0.22 | % | ||||||||||
Loans & leases 90+ days past due and still accruing
|
0.03 | % | 0.01 | % | 0.06 | % | - | - | ||||||||||||
Total accruing past due loans & leases
|
0.94 | % | 0.54 | % | 1.17 | % | 0.77 | % | 0.69 | % | ||||||||||
Nonaccrual loans & leases
|
1.84 | % | 1.61 | % | 1.32 | % | 1.43 | % | 1.24 | % | ||||||||||
Total delinquent and nonaccrual loans & leases
|
2.78 | % | 2.15 | % | 2.49 | % | 2.20 | % | 1.93 | % | ||||||||||
Consolidated Average Balances, Yields and Costs (unaudited)
|
||||||||||||||||||||||||
Three Months Ended September 30,
|
||||||||||||||||||||||||
(Dollars in thousands)
|
2011
|
2010
|
||||||||||||||||||||||
Average Balance
|
Interest Earned/Paid
|
Average Yield
|
Average Balance
|
Interest Earned/Paid
|
Average Yield
|
|||||||||||||||||||
ASSETS:
|
||||||||||||||||||||||||
Earning assets:
|
||||||||||||||||||||||||
Overnight investments
|
$ | 834 | $ | - | 0.42 | % | $ | 5,220 | $ | 1 | 0.08 | % | ||||||||||||
Available for sale securities
|
340,587 | 2,907 | 3.41 | % | 344,872 | 3,226 | 3.74 | % | ||||||||||||||||
Stock in the FHLB
|
16,274 | 11 | 0.27 | % | 16,274 | - | 0.00 | % | ||||||||||||||||
Loans and leases receivable:
|
||||||||||||||||||||||||
Commercial loans and leases
|
788,877 | 10,522 | 5.30 | % | 760,236 | 10,788 | 5.64 | % | ||||||||||||||||
Consumer and other loans
|
206,315 | 2,168 | 4.17 | % | 205,978 | 2,265 | 4.36 | % | ||||||||||||||||
Residential mortgages loans
|
154,352 | 1,553 | 4.02 | % | 162,473 | 1,874 | 4.61 | % | ||||||||||||||||
Total earning assets
|
1,507,239 | 17,161 | 4.53 | % | 1,495,053 | 18,154 | 4.83 | % | ||||||||||||||||
Cash and due from banks
|
17,632 | 15,617 | ||||||||||||||||||||||
Allowance for loans and leases
|
(18,150 | ) | (17,683 | ) | ||||||||||||||||||||
Premises and equipment
|
11,371 | 12,136 | ||||||||||||||||||||||
Goodwill, net
|
12,262 | 12,262 | ||||||||||||||||||||||
Accrued interest receivable
|
4,048 | 4,346 | ||||||||||||||||||||||
Bank-owned life insurance
|
31,992 | 30,761 | ||||||||||||||||||||||
Prepaid expenses and other assets
|
15,684 | 16,535 | ||||||||||||||||||||||
Total assets
|
$ | 1,582,078 | $ | 1,569,027 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 67,085 | $ | 11 | 0.06 | % | $ | 71,493 | $ | 10 | 0.06 | % | ||||||||||||
Money market accounts
|
130,253 | 226 | 0.69 | % | 81,539 | 138 | 0.68 | % | ||||||||||||||||
Savings accounts
|
330,208 | 273 | 0.33 | % | 366,125 | 395 | 0.43 | % | ||||||||||||||||
Certificate of deposit accounts
|
305,751 | 761 | 0.99 | % | 364,245 | 1,367 | 1.49 | % | ||||||||||||||||
Overnight and short-term borrowings
|
37,292 | 10 | 0.10 | % | 39,675 | 16 | 0.16 | % | ||||||||||||||||
Wholesale repurchase agreements
|
12,717 | 10 | 0.32 | % | 13,804 | 139 | 3.94 | % | ||||||||||||||||
FHLB borrowings
|
255,761 | 1,897 | 2.90 | % | 233,124 | 2,438 | 4.09 | % | ||||||||||||||||
Subordinated deferrable interest debentures
|
13,403 | 166 | 4.90 | % | 13,403 | 173 | 5.08 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,152,470 | 3,354 | 1.15 | % | 1,183,408 | 4,676 | 1.57 | % | ||||||||||||||||
Noninterest-bearing deposits
|
277,591 | 242,389 | ||||||||||||||||||||||
Other liabilities
|
16,051 | 13,223 | ||||||||||||||||||||||
Total liabilities
|
1,446,112 | 1,439,020 | ||||||||||||||||||||||
Shareholders' equity:
|
135,966 | 130,007 | ||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 1,582,078 | $ | 1,569,027 | ||||||||||||||||||||
Net interest income
|
$ | 13,807 | $ | 13,478 | ||||||||||||||||||||
Net interest spread
|
3.38 | % | 3.26 | % | ||||||||||||||||||||
Net interest margin
|
3.66 | % | 3.61 | % | ||||||||||||||||||||
Consolidated Average Balances, Yields and Costs (unaudited)
|
||||||||||||||||||||||||
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(Dollars in thousands)
|
2011
|
2010
|
||||||||||||||||||||||
Average Balance
|
Interest Earned/Paid
|
Average Yield
|
Average Balance
|
Interest Earned/Paid
|
Average Yield
|
|||||||||||||||||||
ASSETS:
|
||||||||||||||||||||||||
Earning assets:
|
||||||||||||||||||||||||
Overnight investments
|
$ | 765 | $ | 1 | 0.26 | % | $ | 3,174 | $ | 6 | 0.27 | % | ||||||||||||
Available for sale securities
|
348,742 | 8,906 | 3.41 | % | 354,663 | 10,536 | 3.96 | % | ||||||||||||||||
Stock in the FHLB
|
16,274 | 36 | 0.29 | % | 16,274 | - | 0.00 | % | ||||||||||||||||
Loans and leases receivable:
|
||||||||||||||||||||||||
Commercial loans and leases
|
783,659 | 31,730 | 5.41 | % | 750,035 | 32,042 | 5.71 | % | ||||||||||||||||
Consumer and other loans
|
208,235 | 6,573 | 4.22 | % | 204,692 | 6,716 | 4.39 | % | ||||||||||||||||
Residential mortgages loans
|
159,407 | 4,995 | 4.18 | % | 167,354 | 5,842 | 4.65 | % | ||||||||||||||||
Total earning assets
|
1,517,082 | 52,241 | 4.60 | % | 1,496,192 | 55,142 | 4.92 | % | ||||||||||||||||
Cash and due from banks
|
16,910 | 15,963 | ||||||||||||||||||||||
Allowance for loans and leases
|
(18,381 | ) | (17,316 | ) | ||||||||||||||||||||
Premises and equipment
|
11,592 | 12,246 | ||||||||||||||||||||||
Goodwill, net
|
12,262 | 12,235 | ||||||||||||||||||||||
Accrued interest receivable
|
4,103 | 4,323 | ||||||||||||||||||||||
Bank-owned life insurance
|
31,691 | 30,440 | ||||||||||||||||||||||
Prepaid expenses and other assets
|
15,389 | 16,103 | ||||||||||||||||||||||
Total assets
|
$ | 1,590,648 | $ | 1,570,186 | ||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 67,935 | $ | 66 | 0.13 | % | $ | 69,857 | $ | 37 | 0.07 | % | ||||||||||||
Money market accounts
|
118,677 | 599 | 0.67 | % | 78,103 | 452 | 0.77 | % | ||||||||||||||||
Savings accounts
|
337,199 | 807 | 0.32 | % | 369,686 | 1,432 | 0.52 | % | ||||||||||||||||
Certificate of deposit accounts
|
318,197 | 2,506 | 1.05 | % | 374,848 | 4,431 | 1.58 | % | ||||||||||||||||
Overnight and short-term borrowings
|
37,706 | 29 | 0.10 | % | 38,617 | 53 | 0.18 | % | ||||||||||||||||
Wholesale repurchase agreements
|
17,414 | 291 | 2.21 | % | 17,326 | 421 | 3.20 | % | ||||||||||||||||
FHLB borrowings
|
268,389 | 6,124 | 3.01 | % | 250,721 | 7,621 | 4.01 | % | ||||||||||||||||
Subordinated deferrable interest debentures
|
13,403 | 498 | 4.92 | % | 13,403 | 503 | 4.98 | % | ||||||||||||||||
Total interest-bearing liabilities
|
1,178,920 | 10,920 | 1.22 | % | 1,212,561 | 14,950 | 1.65 | % | ||||||||||||||||
Noninterest-bearing deposits
|
264,663 | 220,576 | ||||||||||||||||||||||
Other liabilities
|
14,712 | 10,742 | ||||||||||||||||||||||
Total liabilities
|
1,458,295 | 1,443,879 | ||||||||||||||||||||||
Shareholders' equity:
|
132,353 | 126,307 | ||||||||||||||||||||||
Total liabilities and shareholders' equity
|
$ | 1,590,648 | $ | 1,570,186 | ||||||||||||||||||||
Net interest income
|
$ | 41,321 | $ | 40,192 | ||||||||||||||||||||
Net interest spread
|
3.38 | % | 3.27 | % | ||||||||||||||||||||
Net interest margin
|
3.65 | % | 3.59 | % | ||||||||||||||||||||