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8-K - FORM 8-K - TRICO BANCSHARES / | d250842d8k.htm |
Exhibit 99.1
PRESS RELEASE | Contact: | Richard P. Smith | ||
For Immediate Release | President & CEO (530) 898-0300 |
TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS
CHICO, Calif. (October 28, 2011) TriCo Bancshares (NASDAQ: TCBK) (the Company), parent company of Tri Counties Bank (the Bank), today announced earnings of $6,470,000 for the quarter ended September 30, 2011. This compares with earnings of $1,000 the Company reported for the quarter ended September 30, 2010. Diluted earnings per share for the quarter ended September 30, 2011 were $0.40 compared to diluted earnings per share of $0.00 for the quarter ended September 30, 2010. Diluted earnings per share for the nine months ended September 30, 2011 and 2010 were $0.75 and $0.18, respectively, on earnings of $12,041,000 and $2,879,000, respectively.
Total assets of the Company increased $258,849,000 (11.6%) to $2,488,467,000 at September 30, 2011 from $2,229,618,000 at September 30, 2010. Total loans of the Company increased $122,835,000 (8.5%) to $1,575,627,000 at September 30, 2011 from $1,452,792,000 at September 30, 2010. Total deposits of the Company increased $231,682,000 (12.3%) to $2,120,223,000 at September 30, 2011 from $1,888,541,000 at September 30, 2010.
The following is a summary of the components of Companys consolidated net income for the periods indicated:
Three months ended September 30, |
$ Change | % Change | ||||||||||||||
(in thousands) | 2011 | 2010 | ||||||||||||||
Net Interest Income |
$ | 22,007 | $ | 23,736 | ($ | 1,729 | ) | (7.3 | %) | |||||||
Provision for loan losses |
(5,069 | ) | (10,814 | ) | 5,745 | (53.1 | %) | |||||||||
Noninterest income |
14,723 | 7,163 | 7,560 | 105.5 | % | |||||||||||
Noninterest expense |
(20,873 | ) | (20,524 | ) | (349 | ) | 1.7 | % | ||||||||
Provision for income taxes |
(4,318 | ) | 440 | (4,758 | ) | |||||||||||
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Net income |
$ | 6,470 | $ | 1 | $ | 6,469 | ||||||||||
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Included in the Companys results for the three and nine month periods ended September 30, 2011 is the acquisition by Tri Counties Bank of the banking operations of Citizens Bank of Northern California (Citizens), Nevada City, California from the FDIC under a whole bank purchase and assumption agreement without loss sharing on September 23, 2011. The assets acquired and liabilities assumed in the Citizens acquisition have been accounted for under the acquisition method of accounting (formerly the purchase method).
A summary of the net assets received in the Citizens acquisition, at their estimated fair values on September 23, 2011, is presented below:
Citizens | ||||
(in thousands) | September 23, 2011 | |||
Asset acquired: |
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Cash and cash equivalents |
$ | 80,707 | ||
Securities available-for-sale |
9,353 | |||
Loans |
167,484 | |||
Core deposit intangible |
898 | |||
Foreclosed assets |
8,412 | |||
Other assets |
3,450 | |||
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Total assets acquired |
$ | 270,304 | ||
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Liabilities assumed: |
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Deposits |
$ | 239,899 | ||
Other borrowings |
22,038 | |||
Other liabilities |
792 | |||
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Total liabilities assumed |
262,729 | |||
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Net assets acquired/bargain purchase gain |
$ | 7,575 | ||
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As a result of the Citizens acquisition on September 23, 2011, the Company recorded a before-tax bargain purchase gain of $7,575,000 ($4,390,000 after-tax) representing the excess of the estimated fair value of the assets acquired over the estimated fair value of the liabilities assumed. The before-tax bargain purchase gain is recorded in noninterest income and the related tax effect ($3,185,000) is recorded in tax expense for the three and nine month periods ended September 30, 2011.
A summary of the estimated fair value adjustments resulting in the bargain purchase gain in the Citizens acquisition are presented below:
Citizens | ||||
(in thousands) | September 23, 2011 | |||
Cost basis net assets acquired |
$ | 26,682 | ||
Cash payment received from FDIC |
44,140 | |||
Fair value adjustments: |
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Cash and cash equivalents |
539 | |||
Loans |
(57,745 | ) | ||
Foreclosed assets |
(5,609 | ) | ||
Core deposit intangible |
898 | |||
Deposits |
(382 | ) | ||
Borrowings |
(28 | ) | ||
Other |
(920 | ) | ||
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Bargain purchase gain |
$ | 7,575 | ||
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The Company recorded a provision for loan loss of $5,069,000 during the three months ended September 30, 2011 compared to $10,814,000 during the three months ended September 30, 2010. This decrease in the provision from the year-ago period is mainly due to the continued stabilization of nonperforming originated loan totals and their related charge-offs when compared to the year-ago period. Loan charge-offs, net of recoveries, were $3,731,000 during the three months ended September 30, 2011 compared to $10,474,000 during the year-ago period.
The following table shows the components of net interest income and net interest margin on a fully tax-equivalent (FTE) basis for the periods indicated:
ANALYSIS OF CHANGE IN NET INTEREST MARGIN ON EARNING ASSETS
(unaudited, in thousands)
Three Months Ended | ||||||||||||||||||||||||
30-Sep-11 | 30-Sep-10 | |||||||||||||||||||||||
Average Balance |
Income/ Expense |
Yield/ Rate |
Average Balance |
Income/ Expense |
Yield/ Rate |
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Assets |
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Earning assets |
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Loans |
$ | 1,410,151 | $ | 21,987 | 6.24 | % | $ | 1,481,497 | $ | 24,489 | 6.61 | % | ||||||||||||
Investments - taxable |
256,149 | 2,138 | 3.34 | % | 262,323 | 2,386 | 3.64 | % | ||||||||||||||||
Investments - nontaxable |
11,586 | 213 | 7.36 | % | 13,445 | 251 | 7.47 | % | ||||||||||||||||
Federal funds sold |
359,462 | 213 | 0.24 | % | 302,843 | 200 | 0.26 | % | ||||||||||||||||
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Total earning assets |
2,037,348 | 24,551 | 4.82 | % | 2,060,108 | 27,326 | 5.31 | % | ||||||||||||||||
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Other assets, net |
170,452 | 177,562 | ||||||||||||||||||||||
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Total assets |
$ | 2,207,800 | $ | 2,237,670 | ||||||||||||||||||||
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Liabilities and shareholders equity |
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Interest-bearing |
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Demand deposits |
$ | 408,954 | 275 | 0.27 | % | $ | 387,398 | 582 | 0.60 | % | ||||||||||||||
Savings deposits |
639,476 | 331 | 0.21 | % | 563,661 | 573 | 0.41 | % | ||||||||||||||||
Time deposits |
389,161 | 937 | 0.96 | % | 555,640 | 1,399 | 1.01 | % | ||||||||||||||||
Other borrowings |
60,849 | 610 | 4.01 | % | 61,926 | 608 | 3.93 | % | ||||||||||||||||
Trust preferred securities |
41,238 | 312 | 3.03 | % | 41,238 | 335 | 3.25 | % | ||||||||||||||||
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Total interest-bearing liabilities |
1,539,678 | 2,465 | 0.64 | % | 1,609,863 | 3,497 | 0.87 | % | ||||||||||||||||
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Noninterest-bearing deposits |
427,808 | 386,978 | ||||||||||||||||||||||
Other liabilities |
31,754 | 35,505 | ||||||||||||||||||||||
Shareholders equity |
208,560 | 205,324 | ||||||||||||||||||||||
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Total liabilities and shareholders equity |
$ | 2,207,800 | $ | 2,237,670 | ||||||||||||||||||||
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Net interest rate spread |
4.18 | % | 4.44 | % | ||||||||||||||||||||
Net interest income/net interst margin (FTE) |
22,086 | 4.34 | % | 23,829 | 4.63 | % | ||||||||||||||||||
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FTE adjustment |
(79 | ) | (93 | ) | ||||||||||||||||||||
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Net interest income (not FTE) |
$ | 22,007 | $ | 23,736 | ||||||||||||||||||||
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The operations of Citizens from September 23, 2011 to September 30, 2011 added approximately $271,000 and $14,000 to interest income and interest expense, respectively, and approximately $12,800,000 and $18,800,000 to average interest-earning asset and liability balances, respectively, during the three months ended September 30, 2011. These contributions to interest income and interest expense from the Citizens acquisition represent an average interest-earning asset yield of approximately 8.5%, and an average interest-bearing liabilities rate of 0.30%. The recognition of interest income from the acquired Citizens loans may fluctuate greatly depending on changes in actual and expected future cash flows of such loans. One week of activity may not be a good indicator of future activity.
As the operations of Citizens did not have a major impact on net interest income and net interest margin during the three months ended September 30, 2011, the change in net interest margin (FTE) from 4.63% during the three months ended September 30, 2010 to 4.34% in the current quarter is indicative of continued weak loan demand and investment yields that have been unattractive given their interest rate risk profile. As shown in the Selected Financial Ratios section of the tables below, the Companys net interest margin has been stable and improving slightly over the last four quarterly periods beginning at 4.30% during the quarter ended December 31, 2010.
Noninterest income increased $7,560,000 to $14,723,000 during the three months ended September 30, 2011 when compared to the three months ended September 30, 2010. In addition to the $7,575,000 bargain purchase gain from the Citizens acquisition on September 23, 2011, the operations of Citizens from September 23, 2011 to September 30, 2011 added income of $28,000 to service charges on deposit accounts. The following table presents the key components of noninterest income for the periods indicated:
Three months ended September 30, |
$ Change | % Change | ||||||||||||||
(in thousands) | 2011 | 2010 | ||||||||||||||
Service charges on deposit accounts |
$ | 3,769 | $ | 3,565 | $ | 204 | 5.7 | % | ||||||||
ATM fees and interchange |
1,780 | 1,578 | 202 | 12.8 | % | |||||||||||
Other service fees |
460 | 380 | 80 | 21.1 | % | |||||||||||
Mortgage banking service fees |
375 | 323 | 52 | 16.1 | % | |||||||||||
Change in value of mortgage servicing rights |
(800 | ) | (609 | ) | (191 | ) | 31.4 | % | ||||||||
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Total service charges and fees |
5,584 | 5,237 | 347 | 6.6 | % | |||||||||||
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Gain on sale of loans |
598 | 1,090 | (492 | ) | (45.1 | %) | ||||||||||
Commission on NDIP |
542 | 239 | 303 | 126.8 | % | |||||||||||
Increase in cash value of life insurance |
450 | 426 | 24 | 5.6 | % | |||||||||||
Change in indemnification asset |
(289 | ) | (20 | ) | (269 | ) | 1345.0 | % | ||||||||
Gain on sale of foreclosed assets |
82 | 55 | 27 | 49.1 | % | |||||||||||
Bargain purchase gain |
7,575 | | ||||||||||||||
Other noninterest income |
181 | 136 | 45 | 33.1 | % | |||||||||||
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Total other noninterest income |
9,139 | 1,926 | 7,213 | 374.5 | % | |||||||||||
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Total noninterest income |
$ | 14,723 | $ | 7,163 | $ | 7,560 | 105.5 | % | ||||||||
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Noninterest expense increased $349,000 to $20,873,000 during the three months ended September 30, 2011 when compared to the three months ended September 30, 2010. The operations of Citizens from September 23, 2011 to September 30, 2011 added $118,000 to salaries expense and $13,000 to other noninterest expense. There were no significant acquisition expenses associated with the Citizens acquisition recorded during the three months ended September 30, 2011. The following table presents the key components of noninterest expense for the periods indicated:
Three months ended September 30, |
$ Change | % Change | ||||||||||||||
(in thousands) | 2011 | 2010 | ||||||||||||||
Salaries |
$ | 7,480 | $ | 7,131 | $ | 349 | 4.9 | % | ||||||||
Commissions and incentives |
1,848 | 294 | 1,554 | 528.6 | % | |||||||||||
Employee benefits |
2,602 | 2,473 | 129 | 5.2 | % | |||||||||||
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Total salaries and benefits expense |
11,930 | 9,898 | 2,032 | 20.5 | % | |||||||||||
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Occupancy |
1,521 | 1,524 | (3 | ) | (0.2 | %) | ||||||||||
Equipment |
949 | 990 | (41 | ) | (4.1 | %) | ||||||||||
Change in reserve for unfunded commitments |
0 | 0 | 0 | |||||||||||||
Data processing and software |
940 | 942 | (2 | ) | (0.2 | %) | ||||||||||
Telecommunications |
382 | 487 | (105 | ) | (21.6 | %) | ||||||||||
ATM network charges |
425 | 472 | (47 | ) | (10.0 | %) | ||||||||||
Professional fees |
462 | 662 | (200 | ) | (30.2 | %) | ||||||||||
Advertising and marketing |
607 | 490 | 117 | 23.9 | % | |||||||||||
Postage |
163 | 262 | (99 | ) | (37.8 | %) | ||||||||||
Courier service |
222 | 207 | 15 | 7.2 | % | |||||||||||
Intangible amortization |
20 | 85 | (65 | ) | (76.5 | %) | ||||||||||
Operational losses |
166 | 105 | 61 | 58.1 | % | |||||||||||
Provision for foreclosed asset losses |
306 | 1,130 | (824 | ) | (72.9 | %) | ||||||||||
Foreclosed asset expense |
215 | 97 | 118 | 121.6 | % | |||||||||||
Assessments |
517 | 824 | (307 | ) | (37.3 | %) | ||||||||||
Other |
2,048 | 2,349 | (301 | ) | (12.8 | %) | ||||||||||
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Total other noninterest expense |
8,943 | 10,626 | (1,683 | ) | (15.8 | %) | ||||||||||
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Total noninterest expense |
$ | 20,873 | $ | 20,524 | $ | 349 | 1.7 | % | ||||||||
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In addition to the historical information contained herein, this press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The reader of this press release should understand that all such forward-looking statements are subject to various uncertainties and risks that could affect their outcome. The Companys actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, interest rate fluctuations, economic conditions in the Companys primary market area, demand for loans, regulatory and accounting changes, loan losses, expenses, rates charged on loans and earned on securities investments, rates paid on deposits, competition effects, fee and other noninterest income earned as well as other factors detailed in the Companys reports filed with the Securities and Exchange Commission which are incorporated herein by reference, including the Form 10-K for the year ended December 31, 2010. These reports and this entire press release should be read to put such forward-looking statements in context and to gain a more complete understanding of the uncertainties and risks involved in the Companys business. Any forward-looking statement may turn out to be wrong and cannot be guaranteed. The Company does not intend to update any of the forward-looking statements after the date of this release.
TriCo Bancshares and Tri Counties Bank are headquartered in Chico, California. Tri Counties Bank has a 36-year history in the banking industry. It operates 41 traditional branch locations and 27 in-store branch locations in 23 California counties. Tri Counties Bank offers financial services and provides a diversified line of products and services to consumers and businesses, which include demand, savings and time deposits, consumer finance, online banking, mortgage lending, and commercial banking throughout its market area. It operates a network of 76 ATMs and a 24-hour, seven days-a-week telephone customer service center. Brokerage services are provided by the Banks investment services affiliate, Raymond James Financial Services, Inc. For further information please visit the Tri Counties Bank web site at http://www.tricountiesbank.com.
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands, except share data)
Three months ended | ||||||||||||||||||||
September 30, 2011 |
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
September 30, 2010 |
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Statement of Income Data |
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Interest income |
$ | 24,472 | $ | 24,467 | $ | 24,434 | $ | 25,627 | $ | 27,233 | ||||||||||
Interest expense |
2,465 | 2,714 | 2,730 | 3,036 | 3,497 | |||||||||||||||
Net interest income |
22,007 | 21,753 | 21,704 | 22,591 | 23,736 | |||||||||||||||
Provision for loan losses |
5,069 | 5,561 | 7,001 | 8,144 | 10,814 | |||||||||||||||
Noninterest income: |
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Service charges and fees |
5,584 | 6,121 | 5,782 | 6,045 | 5,237 | |||||||||||||||
Other income |
9,139 | 2,130 | 3,568 | 3,836 | 1,926 | |||||||||||||||
Total noninterest income |
14,723 | 8,251 | 9,350 | 9,881 | 7,163 | |||||||||||||||
Noninterest expense: |
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Base salaries net of deferred loan origination costs |
7,478 | 7,198 | 7,004 | 7,160 | 7,131 | |||||||||||||||
Incentive compensation expense |
1,850 | 783 | 916 | 478 | 294 | |||||||||||||||
Employee benefits and other compensation expense |
2,602 | 2,734 | 2,873 | 2,434 | 2,473 | |||||||||||||||
Total salaries and benefits expense |
11,930 | 10,715 | 10,793 | 10,072 | 9,898 | |||||||||||||||
Other noninterest expense |
8,943 | 9,380 | 8,878 | 9,398 | 10,626 | |||||||||||||||
Total noninterest expense |
20,873 | 20,095 | 19,671 | 19,470 | 20,524 | |||||||||||||||
Income (loss) before taxes |
10,788 | $ | 4,348 | 4,382 | 4,858 | (439 | ) | |||||||||||||
Net income |
$ | 6,470 | $ | 2,771 | $ | 2,800 | $ | 3,126 | $ | 1 | ||||||||||
Share Data |
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Basic earnings per share |
$ | 0.40 | $ | 0.17 | $ | 0.18 | $ | 0.20 | $ | 0.00 | ||||||||||
Diluted earnings per share |
$ | 0.40 | $ | 0.17 | $ | 0.17 | $ | 0.20 | $ | 0.00 | ||||||||||
Book value per common share |
$ | 13.19 | $ | 12.82 | $ | 12.72 | $ | 12.64 | $ | 12.66 | ||||||||||
Tangible book value per common share |
$ | 12.14 | $ | 11.82 | $ | 11.71 | $ | 11.62 | $ | 11.64 | ||||||||||
Shares outstanding |
15,978,958 | 15,978,958 | 15,860,138 | 15,860,138 | 15,860,138 | |||||||||||||||
Weighted average shares |
15,978,958 | 15,922,228 | 15,860,138 | 15,860,138 | 15,860,138 | |||||||||||||||
Weighted average diluted shares |
16,006,358 | 15,953,572 | 16,023,589 | 16,009,538 | 15,972,826 | |||||||||||||||
Credit Quality |
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Nonperforming originted loans |
$ | 74,324 | $ | 73,720 | $ | 71,053 | $ | 75,987 | $ | 84,983 | ||||||||||
Guaranteed portion of nonperforming loans |
3,287 | 3,496 | 3,736 | 3,937 | 4,131 | |||||||||||||||
Foreclosed assets, net of allowance |
17,870 | 9,337 | 8,983 | 9,913 | 11,172 | |||||||||||||||
Loans charged-off |
4,428 | 5,230 | 7,049 | 6,040 | 11,163 | |||||||||||||||
Loans recovered |
697 | 407 | 701 | 1,698 | 689 | |||||||||||||||
Selected Financial Ratios |
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Return on average total assets |
1.17 | % | 0.51 | % | 0.51 | % | 0.56 | % | 0.00 | % | ||||||||||
Return on average equity |
12.41 | % | 5.39 | % | 5.50 | % | 6.14 | % | 0.00 | % | ||||||||||
Average yield on loans |
6.24 | % | 6.24 | % | 6.22 | % | 6.39 | % | 6.61 | % | ||||||||||
Average yield on interest-earning assets |
4.82 | % | 4.84 | % | 4.84 | % | 4.88 | % | 5.31 | % | ||||||||||
Average rate on interest-bearing liabilities |
0.64 | % | 0.71 | % | 0.72 | % | 0.76 | % | 0.87 | % | ||||||||||
Net interest margin (fully tax-equivalent) |
4.34 | % | 4.31 | % | 4.31 | % | 4.30 | % | 4.63 | % |
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA
(Unaudited. Dollars in thousands)
Three months ended | ||||||||||||||||||||
September 30, 2011 |
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
September 30, 2010 |
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Balance Sheet Data |
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Cash and due from banks |
$ | 522,636 | $ | 391,054 | $ | 406,294 | $ | 371,066 | $ | 398,191 | ||||||||||
Securities, available-for-sale |
257,300 | 264,992 | 279,824 | 277,271 | 250,012 | |||||||||||||||
Federal Home Loan Bank Stock |
11,124 | 9,199 | 9,133 | 9,133 | 9,157 | |||||||||||||||
Loans held for sale |
10,872 | 4,379 | 2,834 | 4,988 | 9,455 | |||||||||||||||
Loans: |
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Commercial loans |
154,257 | 140,531 | 131,242 | 141,902 | 149,743 | |||||||||||||||
Consumer loans |
400,627 | 382,864 | 388,142 | 423,238 | 436,597 | |||||||||||||||
Real estate mortgage loans |
978,492 | 828,757 | 823,563 | 807,482 | 821,562 | |||||||||||||||
Real estate construction loans |
42,251 | 43,910 | 44,713 | 46,949 | 44,890 | |||||||||||||||
Total loans, gross |
1,575,627 | 1,396,062 | 1,387,660 | 1,419,571 | 1,452,792 | |||||||||||||||
Allowance for loan losses |
(45,300 | ) | (43,962 | ) | (43,224 | ) | (42,571 | ) | (38,770 | ) | ||||||||||
Foreclosed assets |
17,870 | 9,337 | 8,983 | 9,913 | 11,172 | |||||||||||||||
Premises and equipment |
19,717 | 20,142 | 18,552 | 19,120 | 18,947 | |||||||||||||||
Cash value of life insurance |
51,891 | 51,441 | 50,991 | 50,541 | 49,972 | |||||||||||||||
Goodwill |
15,519 | 15,519 | 15,519 | 15,519 | 15,519 | |||||||||||||||
Intangible assets |
1,353 | 475 | 495 | 580 | 665 | |||||||||||||||
Mortgage servicing rights |
4,238 | 4,818 | 4,808 | 4,605 | 3,905 | |||||||||||||||
FDIC indemnification asset |
4,473 | 4,545 | 6,689 | 5,640 | 5,098 | |||||||||||||||
Accrued interest receivable |
7,397 | 6,549 | 6,941 | 7,131 | 7,318 | |||||||||||||||
Other assets |
33,750 | 41,634 | 40,239 | 37,282 | 36,185 | |||||||||||||||
Total assets |
2,488,467 | 2,176,184 | 2,195,738 | 2,189,789 | 2,229,618 | |||||||||||||||
Deposits: |
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Noninterest-bearing demand deposits |
469,630 | 419,391 | 427,116 | 424,070 | 389,315 | |||||||||||||||
Interest-bearing demand deposits |
425,281 | 401,040 | 406,060 | 395,413 | 383,859 | |||||||||||||||
Savings deposits |
788,276 | 618,413 | 608,582 | 585,845 | 577,603 | |||||||||||||||
Time certificates |
437,036 | 397,887 | 418,154 | 446,845 | 537,764 | |||||||||||||||
Total deposits |
2,120,223 | 1,836,731 | 1,859,912 | 1,852,173 | 1,888,541 | |||||||||||||||
Accrued interest payable |
1,815 | 1,865 | 2,044 | 2,151 | 2,368 | |||||||||||||||
Reserve for unfunded commitments |
2,640 | 2,640 | 2,690 | 2,640 | 2,840 | |||||||||||||||
Other liabilities |
28,808 | 29,561 | 30,262 | 29,170 | 26,721 | |||||||||||||||
Other borrowings |
82,919 | 59,234 | 57,781 | 62,020 | 67,182 | |||||||||||||||
Junior subordinated debt |
41,238 | 41,238 | 41,238 | 41,238 | 41,238 | |||||||||||||||
Total liabilities |
2,277,643 | 1,971,269 | 1,993,927 | 1,989,392 | 2,028,890 | |||||||||||||||
Total shareholders equity |
210,824 | 204,915 | 201,811 | 200,397 | 200,728 | |||||||||||||||
Accumulated other comprehensive gain (loss) |
3,468 | 2,644 | 1,086 | 1,310 | 3,606 | |||||||||||||||
Average loans |
1,410,151 | 1,393,989 | 1,396,331 | 1,443,603 | 1,481,497 | |||||||||||||||
Average interest-earning assets |
2,037,348 | 2,028,429 | 2,024,285 | 2,107,499 | 2,060,108 | |||||||||||||||
Average total assets |
2,207,800 | 2,192,651 | 2,189,363 | 2,235,471 | 2,237,670 | |||||||||||||||
Average deposits |
1,865,399 | 1,852,800 | 1,851,606 | 1,895,006 | 1,893,677 | |||||||||||||||
Average total equity |
$ | 208,560 | $ | 205,763 | $ | 203,535 | $ | 203,712 | $ | 205,324 | ||||||||||
Total risk based capital ratio |
13.5 | % | 14.6 | % | 14.5 | % | 14.2 | % | 13.8 | % | ||||||||||
Tier 1 capital ratio |
12.2 | % | 13.3 | % | 13.2 | % | 12.9 | % | 12.6 | % | ||||||||||
Tier 1 leverage ratio |
10.5 | % | 10.4 | % | 10.3 | % | 10.0 | % | 9.9 | % | ||||||||||
Tangible capital ratio |
7.8 | % | 8.7 | % | 8.5 | % | 8.5 | % | 8.3 | % |