Attached files
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| 8-K - THE BANCORP, INC. FORM 8-K - Bancorp, Inc. | bancorp8k.htm |
The Bancorp, Inc. Reports Fourth Quarter and Fiscal 2011 Financial Results
Wilmington, Delaware – January 23, 2012 – The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported fourth quarter and fiscal 2011 financial results.
Financial Highlights
Net income for the fourth quarter of 2011 increased by 61%, to $3.3 million compared to $2.0 million in the same quarter of 2010. For the fiscal year ended December 31, 2011, net income increased 71% to $8.9 million compared to $5.2 million in the prior year. Diluted earnings per share for the fourth quarter of 2011 increased to $0.10 on 33.2 million shares versus $0.08 on 26.2 million shares in the same quarter of 2010. For the fiscal year ended December 31, 2011, diluted earnings per share amounted to $0.28 compared to a loss per share of $0.04 in the prior year.
Key factors driving these results were:
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-
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A 90% increase in quarterly prepaid card fees to $5.5 million compared to $2.9 million in fourth quarter 2010 with a 70% increase to $18.7 million for fiscal year 2011 from $11.0 million in the prior year.
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A 12% increase in quarterly net interest income to $20.4 million compared to $18.2 million in fourth quarter 2010 with a 12% increase to $76.4 million for fiscal year 2011 from $68.2 million in the prior year.
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A 54% increase in quarterly non-interest income (including prepaid card fees) to $8.2 million compared to $5.4 million in fourth quarter 2010 with a 53% increase to $29.8 million for fiscal year 2011 from $19.5 in the prior year, excluding security gains and OTTI.
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At December 31, 2011 the portfolio of loans and securities had grown to $2.2 billion, an increase of $344 million, or 18% over the prior year. Outstanding loans increased 8% year over year.
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Average deposits for full year 2011 totaled $2.6 billion, an increase of $548 million or 27% over 2010, reflecting growth in all of the major categories of deposits. The interest paid on deposits between those respective periods decreased to 0.43% from 0.67%
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Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “The fourth quarter saw a continuation in the growth of adjusted operating earnings, which increased 30% over the prior year fourth quarter resulting in a 61% increase for the quarter in net income. This was achieved while increasing the provision for loan losses. Loans and securities grew by an aggregate of 18% over the prior year including growth in our SBA loan initiative, and our pipeline for new SBA loans continues to increase. Another initiative, vehicle leasing, also exhibited strong growth of 26% on a year over year basis. These are areas in which we are comfortable in a difficult lending environment. Our focus on increasing non-interest income is also evident, especially for prepaid cards for which fee income increased 90% compared to the comparable prior year quarter. Our positioning as a leader in providing services in the prepaid card space continues to drive the increase. The Company is well capitalized and book value per share increased from $7.60 at December 31, 2010 to $8.18, or an increase of 8%, while outstanding shares increased to 33 million from 26 million.”
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Financial Results
Bancorp reported net income available to common shareholders for the three months ended December 31, 2011 of $3.3 million or diluted earnings per share of $0.10, based on 33,202,761 weighted average shares outstanding, compared to net income available to common shareholders of $2.0 million or diluted earnings per share of $0.08, based on 26,181,354 weighted average shares outstanding, for the three months ended December 31, 2010. Adjusted operating earnings, a non-GAAP measure, increased to $9.4 million for the three months ended December 31, 2011 compared to $7.2 million for the three months ended December 31, 2010. The following is a reconciliation of adjusted operating earnings to net income available to common shareholders (for the three month period):
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December 31,
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December 31,
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2011
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2010
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Net income available to common shareholders
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$ | 3,288 | $ | 2,041 | ||||
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Income tax expense
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1,382 | 946 | ||||||
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(Gains) and losses on sales of investment securities
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(136 | ) | 14 | |||||
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Provision for loan and lease losses and other credit costs
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4,844 | 4,212 | ||||||
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Adjusted operating earnings (1)
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$ | 9,378 | $ | 7,213 | ||||
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(1)
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As a supplement to GAAP, Bancorp has provided this non-GAAP performance result. The Bancorp believes that this non-GAAP financial measure is useful because it allows investors to assess its operating performance. Management utilizes adjusted operating earnings to measure the combined impact of changes in net interest income, non-interest income and certain other expenses. Other companies may calculate adjusted operating earnings differently. Although this non-GAAP financial measure is intended to enhance investors’ understanding of Bancorp’s business and performance, it should not be considered, and is not intended to be, a substitute for GAAP.
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Balance Sheet Summary
At December 31, 2011, Bancorp's total assets were $3.0 billion, an increase of $615 million or 26% over total assets at December 31, 2010. During that period, investments increased to $471 million, an increase of $218 million or 87%; loans increased to $1.7 billion, an increase of $125 million or 8%; and deposits increased to $2.7 billion, an increase of $658 million or 33%. Total assets increased compared to December 31, 2010, primarily as a result of deposit growth.
Conference Call Webcast
You may access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 8:30 AM EDT Tuesday, January 24, 2012 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 800.659.2037, access code 69328656. You may listen to the replay of the webcast following the live call on Bancorp's investor relations website or telephonically until Tuesday, January 31, 2012 by dialing 888.396.8010, access code 45116921.
About Bancorp
The Bancorp, Inc. is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services both directly and through private-label affinity programs nationwide. The Bancorp Bank’s regional community bank operations serve the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.
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Forward Looking Statements
Statements in this earnings release regarding The Bancorp, Inc.’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “estimate,” “continue,” or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp, Inc.’s filings with the SEC, including the “Risk Factors” sections of The Bancorp Inc.’s filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Bancorp, Inc. does not undertake to publicly revise or update forward-looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.
The Bancorp, Inc. Contact
Andres Viroslav
215-861-7990
andres.viroslav@thebancorp.com
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The Bancorp, Inc.
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Financial highlights
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(unaudited)
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Three months ended
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Year ended
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December 31,
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December 31,
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2011
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2010
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2011
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2010
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(dollars in thousands except per share data)
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Condensed income statement
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Net interest income
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$ | 20,356 | $ | 18,174 | $ | 76,406 | $ | 68,193 | ||||||||
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Provision for loan and lease losses
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4,844 | 4,212 | 21,498 | 19,287 | ||||||||||||
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Non-interest income
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Gain on sales of investment securities
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136 | (14 | ) | 759 | 1,207 | |||||||||||
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Other than temporary impairment of investment securities
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- | - | (75 | ) | (135 | ) | ||||||||||
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Other non-interest income
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8,246 | 5,372 | 29,841 | 19,524 | ||||||||||||
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Total non-interest income
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8,382 | 5,358 | 30,525 | 20,596 | ||||||||||||
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Non-interest expense
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Loss on other real estate owned
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- | - | 555 | 22 | ||||||||||||
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Other non-interest expense
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19,224 | 16,333 | 71,649 | 61,726 | ||||||||||||
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Total non-interest expense
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19,224 | 16,333 | 72,204 | 61,748 | ||||||||||||
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Net income before income tax expense
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4,670 | 2,987 | 13,229 | 7,754 | ||||||||||||
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Income tax expense
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1,382 | 946 | 4,311 | 2,532 | ||||||||||||
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Net income
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3,288 | 2,041 | 8,918 | 5,222 | ||||||||||||
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Less preferred stock dividends
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- | - | - | (433 | ) | |||||||||||
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Less preferred stock accretion
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- | - | - | (5,809 | ) | |||||||||||
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Net income (loss) available to common shareholders
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$ | 3,288 | $ | 2,041 | $ | 8,918 | $ | (1,020 | ) | |||||||
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Basic earnings (loss) per share
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$ | 0.10 | $ | 0.08 | $ | 0.28 | $ | (0.04 | ) | |||||||
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Diluted earnings (loss) per share
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$ | 0.10 | $ | 0.08 | $ | 0.28 | $ | (0.04 | ) | |||||||
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Weighted average shares - basic
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33,196,281 | 26,181,281 | 31,927,815 | 26,181,281 | ||||||||||||
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Weighted average shares - diluted
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33,202,761 | 26,181,354 | 31,933,592 | 26,181,281 | ||||||||||||
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Balance sheet
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December 31,
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September 30,
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June 30,
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December 31,
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2011
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2011
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2011
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2010
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(dollars in thousands)
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Assets:
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Cash and cash equivalents
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Cash and due from banks
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$ | 96,228 | $ | 259,116 | $ | 168,957 | $ | 157,411 | ||||||||
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Interest bearing deposits
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652,946 | 932,152 | 199,866 | 314,908 | ||||||||||||
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Total cash and cash equivalents
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749,174 | 1,191,268 | 368,823 | 472,319 | ||||||||||||
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Investment securities, available-for-sale, at fair value
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453,292 | 421,716 | 353,099 | 231,165 | ||||||||||||
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Investment securities, held-to-maturity
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18,044 | 18,095 | 18,102 | 21,364 | ||||||||||||
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Loans, net of deferred costs
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1,744,828 | 1,715,648 | 1,678,660 | 1,619,195 | ||||||||||||
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Allowance for loan and lease losses
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(29,568 | ) | (27,671 | ) | (27,685 | ) | (24,063 | ) | ||||||||
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Loans, net of deferred costs
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1,715,260 | 1,687,977 | 1,650,975 | 1,595,132 | ||||||||||||
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Premises and equipment, net
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8,358 | 8,307 | 8,296 | 8,767 | ||||||||||||
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Accrued interest receivable
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8,476 | 8,541 | 7,839 | 8,878 | ||||||||||||
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Intangible assets, net
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8,004 | 8,254 | 8,504 | 9,005 | ||||||||||||
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Other real estate owned
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7,405 | 6,415 | 3,764 | 2,115 | ||||||||||||
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Deferred tax asset, net
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19,981 | 19,902 | 21,960 | 24,365 | ||||||||||||
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Other assets
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22,687 | 22,538 | 24,477 | 22,613 | ||||||||||||
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Total assets
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$ | 3,010,681 | $ | 3,393,013 | $ | 2,465,839 | $ | 2,395,723 | ||||||||
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Liabilities:
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Deposits
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Demand (non-interest bearing)
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$ | 1,424,913 | $ | 1,866,259 | $ | 1,073,228 | $ | 945,605 | ||||||||
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Savings, money market and interest checking
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1,222,368 | 1,171,349 | 1,076,654 | 975,973 | ||||||||||||
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Time deposits
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25,528 | 25,552 | 1,394 | 90,862 | ||||||||||||
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Time deposits, $100,000 and over
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9,742 | 10,341 | 11,427 | 11,657 | ||||||||||||
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Total deposits
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2,682,551 | 3,073,501 | 2,162,703 | 2,024,097 | ||||||||||||
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Securities sold under agreements to repurchase
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33,177 | 25,057 | 20,258 | 14,383 | ||||||||||||
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Short-term borrowings
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- | - | - | 87,000 | ||||||||||||
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Federal funds purchased
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- | - | - | 49,000 | ||||||||||||
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Accrued interest payable
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123 | 113 | 131 | 124 | ||||||||||||
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Subordinated debenture
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13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
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Other liabilities
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9,950 | 12,262 | 7,109 | 8,812 | ||||||||||||
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Total liabilities
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$ | 2,739,202 | $ | 3,124,334 | $ | 2,203,602 | $ | 2,196,817 | ||||||||
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Shareholders' equity:
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Common stock - authorized, 50,000,000 shares of $1.00 par value; 33,196,281 and 26,181,281 shares issued and outstanding at December 31, 2011 and 2010, respectively
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33,196 | 33,196 | 33,196 | 26,181 | ||||||||||||
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Treasury Stock
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(866 | ) | - | - | - | |||||||||||
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Additional paid-in capital
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241,997 | 241,473 | 241,011 | 192,711 | ||||||||||||
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Accumulated deficit
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(9,277 | ) | (12,565 | ) | (14,847 | ) | (18,195 | ) | ||||||||
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Accumulated other comprehensive (loss) gain
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6,429 | 6,575 | 2,877 | (1,791 | ) | |||||||||||
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Total shareholders' equity
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271,479 | 268,679 | 262,237 | 198,906 | ||||||||||||
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Total liabilities and shareholders' equity
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$ | 3,010,681 | $ | 3,393,013 | $ | 2,465,839 | $ | 2,395,723 | ||||||||
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Average balance sheet and net interest income
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Three months ended December 31, 2011
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Three months ended December 31, 2010
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(dollars in thousands)
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Average
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Average
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Average
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Average
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Assets:
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Balance
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Interest
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Rate
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Balance
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Interest
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Rate
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Interest-earning assets:
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Loans net of unearned discount
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$ | 1,722,161 | $ | 19,082 | 4.43 | % | $ | 1,597,630 | $ | 19,048 | 4.77 | % | ||||||||||||
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Leases - bank qualified*
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7,356 | 149 | 8.10 | % | 2,646 | 48 | 7.26 | % | ||||||||||||||||
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Investment securities-taxable
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377,071 | 3,054 | 3.24 | % | 192,716 | 1,530 | 3.18 | % | ||||||||||||||||
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Investment securities-nontaxable*
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86,259 | 1,044 | 4.84 | % | 76,401 | 1,029 | 5.39 | % | ||||||||||||||||
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Interest earning deposits at Federal Reserve Bank
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678,768 | 420 | 0.25 | % | 332,010 | 207 | 0.25 | % | ||||||||||||||||
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Net interest-earning assets
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2,871,615 | 23,749 | 3.31 | % | 2,201,403 | 21,862 | 3.97 | % | ||||||||||||||||
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Allowance for loan and lease losses
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(28,166 | ) | (22,660 | ) | ||||||||||||||||||||
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Other assets
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211,356 | 200,647 | ||||||||||||||||||||||
| $ | 3,054,805 | $ | 2,379,390 | |||||||||||||||||||||
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Liabilities and Shareholders' Equity:
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Deposits:
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Demand (non-interest bearing)**
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$ | 1,493,970 | $ | 392 | 0.10 | % | $ | 1,119,463 | $ | 417 | 0.15 | % | ||||||||||||
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Interest bearing deposits
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Interest checking
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793,115 | 1,558 | 0.79 | % | 684,740 | 1,793 | 1.05 | % | ||||||||||||||||
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Savings and money market
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407,536 | 639 | 0.63 | % | 303,749 | 823 | 1.08 | % | ||||||||||||||||
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Time
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35,390 | 113 | 1.28 | % | 29,481 | 63 | 0.85 | % | ||||||||||||||||
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Total interest bearing deposits
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1,236,041 | 2,310 | 0.75 | % | 1,017,970 | 2,679 | 1.05 | % | ||||||||||||||||
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Total deposits
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2,730,011 | 2,702 | 0.40 | % | 2,137,433 | 3,096 | 0.58 | % | ||||||||||||||||
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Short-term borrowings
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- | - | 0.00 | % | 4,272 | 8 | 0.75 | % | ||||||||||||||||
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Repurchase agreements
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32,150 | 57 | 0.71 | % | 12,126 | 9 | 0.30 | % | ||||||||||||||||
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Subordinated debt
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13,401 | 216 | 6.45 | % | 13,401 | 216 | 6.45 | % | ||||||||||||||||
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Net interest bearing liabilities
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1,281,592 | 2,583 | 0.81 | % | 1,047,769 | 2,912 | 1.11 | % | ||||||||||||||||
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Total deposits and interest bearing liabilities
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2,775,562 | 2,975 | 0.43 | % | 2,167,232 | 3,329 | 0.61 | % | ||||||||||||||||
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Other liabilities
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9,712 | 8,423 | ||||||||||||||||||||||
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Total liabilities
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2,785,274 | 2,175,655 | ||||||||||||||||||||||
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Shareholders' equity
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269,531 | 203,735 | ||||||||||||||||||||||
| $ | 3,054,805 | $ | 2,379,390 | |||||||||||||||||||||
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Net interest income on tax equivalent basis*
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$ | 20,774 | $ | 18,533 | ||||||||||||||||||||
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Tax equivalent adjustment
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418 | 359 | ||||||||||||||||||||||
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Net interest income
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$ | 20,356 | $ | 18,174 | ||||||||||||||||||||
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Net interest margin *
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2.89 | % | 3.36 | % | ||||||||||||||||||||
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* Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 35% statutory tax rate.
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** Interest includes fees paid to affinity groups.
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6
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Average balance sheet and net interest income
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Year ended December 31, 2011
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Year ended December 31, 2010
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(Dollars in thousands)
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Average
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Average
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Average
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Average
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Assets:
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Balance
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Interest
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Rate
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Balance
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Interest
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Rate
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Interest-earning assets:
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Loans net of unearned discount
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$ | 1,671,940 | $ | 74,334 | 4.45 | % | $ | 1,567,947 | $ | 73,741 | 4.70 | % | ||||||||||||
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Leases - bank qualified*
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4,976 | 451 | 9.06 | % | 1,038 | 64 | 6.17 | % | ||||||||||||||||
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Investment securities-taxable
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289,002 | 9,682 | 3.35 | % | 164,238 | 6,181 | 3.76 | % | ||||||||||||||||
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Investment securities-nontaxable*
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77,509 | 4,111 | 5.30 | % | 48,913 | 2,919 | 5.97 | % | ||||||||||||||||
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Interest earning deposits at Federal Reserve Bank
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588,689 | 1,461 | 0.25 | % | 327,943 | 817 | 0.25 | % | ||||||||||||||||
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Net interest-earning assets
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2,632,116 | 90,039 | 3.42 | % | 2,110,079 | 83,722 | 3.97 | % | ||||||||||||||||
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Allowance for loan and lease losses
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(26,999 | ) | (21,676 | ) | ||||||||||||||||||||
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Other assets
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255,442 | 183,850 | ||||||||||||||||||||||
| $ | 2,860,559 | $ | 2,272,253 | |||||||||||||||||||||
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Liabilities and Shareholders' Equity:
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Deposits:
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Demand (non-interest bearing)**
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$ | 1,421,021 | $ | 1,438 | 0.10 | % | $ | 1,011,667 | $ | 1,311 | 0.13 | % | ||||||||||||
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Interest bearing deposits
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Interest checking
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754,949 | 6,094 | 0.81 | % | 622,116 | 7,870 | 1.27 | % | ||||||||||||||||
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Savings and money market
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355,094 | 3,053 | 0.86 | % | 311,251 | 3,921 | 1.26 | % | ||||||||||||||||
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Time
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31,066 | 354 | 1.14 | % | 69,169 | 457 | 0.66 | % | ||||||||||||||||
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Total interest bearing deposits
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1,141,109 | 9,501 | 0.83 | % | 1,002,536 | 12,248 | 1.22 | % | ||||||||||||||||
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Total deposits
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2,562,130 | 10,939 | 0.43 | % | 2,014,203 | 13,559 | 0.67 | % | ||||||||||||||||
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Short-term borrowings
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745 | 3 | 0.40 | % | 13,464 | 89 | 0.66 | % | ||||||||||||||||
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Repurchase agreements
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23,113 | 231 | 1.00 | % | 8,637 | 27 | 0.31 | % | ||||||||||||||||
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Subordinated debt
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13,401 | 863 | 6.44 | % | 13,401 | 864 | 6.45 | % | ||||||||||||||||
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Net interest bearing liabilities
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1,178,368 | 10,598 | 0.90 | % | 1,038,038 | 13,228 | 1.27 | % | ||||||||||||||||
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Total deposits and interest bearing liabilities
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2,599,389 | 12,036 | 0.46 | % | 2,049,705 | 14,539 | 0.71 | % | ||||||||||||||||
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Other liabilities
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9,138 | 9,569 | ||||||||||||||||||||||
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Total liabilities
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2,608,527 | 2,059,274 | ||||||||||||||||||||||
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Shareholders' equity
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252,032 | 212,979 | ||||||||||||||||||||||
| $ | 2,860,559 | $ | 2,272,253 | |||||||||||||||||||||
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Net interest income on tax equivalent basis*
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78,003 | 69,183 | ||||||||||||||||||||||
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Tax equivalent adjustment
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1,597 | 990 | ||||||||||||||||||||||
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Net interest income
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$ | 76,406 | $ | 68,193 | ||||||||||||||||||||
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Net interest margin *
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2.96 | % | 3.28 | % | ||||||||||||||||||||
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* Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 35% statutory tax rate.
** Interest includes fees paid to affinity groups.
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7
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Allowance for loan and lease losses:
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For year ended
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For year ended
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December 31,
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December 31,
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2011
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2010
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(dollars in thousands)
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Balance in the allowance for loan and lease losses at beginning of period
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$ | 24,063 | $ | 19,123 | ||||||||||||
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Loans charged-off:
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Commercial
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8,651 | 13,513 | ||||||||||||||
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Construction
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3,254 | - | ||||||||||||||
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Lease financing
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39 | 3 | ||||||||||||||
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Residential mortgage
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2,870 | 1,254 | ||||||||||||||
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Consumer
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1,280 | 618 | ||||||||||||||
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Total
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16,094 | 15,388 | ||||||||||||||
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Recoveries:
|
||||||||||||||||
|
Commercial
|
91 | 279 | ||||||||||||||
|
Construction
|
4 | 4 | ||||||||||||||
|
Lease financing
|
- | 10 | ||||||||||||||
|
Residential mortgage
|
- | 742 | ||||||||||||||
|
Consumer
|
6 | 6 | ||||||||||||||
|
Total
|
101 | 1,041 | ||||||||||||||
|
Net charge-offs
|
15,993 | 14,347 | ||||||||||||||
|
Provision charged to operations
|
21,498 | 19,287 | ||||||||||||||
|
Balance in allowance for loan and lease losses at end of period
|
$ | 29,568 | $ | 24,063 | ||||||||||||
|
Net charge-offs/average loans
|
0.96 | % | 0.92 | % | ||||||||||||
|
Loan portfolio:
|
December 31,
|
September 30,
|
June 30,
|
December 31,
|
||||||||||||
| 2011 | 2011 | 2011 | 2010 | |||||||||||||
|
(dollars in thousands)
|
||||||||||||||||
|
Commercial
|
$ | 450,411 | $ | 461,679 | $ | 450,916 | $ | 441,799 | ||||||||
|
Commercial mortgage (1)
|
609,487 | 577,237 | 593,842 | 580,780 | ||||||||||||
|
Construction
|
246,611 | 242,806 | 205,730 | 203,120 | ||||||||||||
|
Total commercial loans
|
1,306,509 | 1,281,722 | 1,250,488 | 1,225,699 | ||||||||||||
|
Direct financing leases
|
129,682 | 129,400 | 127,016 | 103,289 | ||||||||||||
|
Residential mortgage
|
96,110 | 96,139 | 98,113 | 93,004 | ||||||||||||
|
Consumer loans and others
|
209,041 | 205,243 | 200,132 | 194,320 | ||||||||||||
| 1,741,342 | 1,712,504 | 1,675,749 | 1,616,312 | |||||||||||||
|
Unamortized costs (fees)
|
3,486 | 3,144 | 2,911 | 2,883 | ||||||||||||
|
Total loans, net of deferred loan costs
|
$ | 1,744,828 | $ | 1,715,648 | $ | 1,678,660 | $ | 1,619,195 | ||||||||
|
Supplemental loan data:
|
||||||||||||||||
|
Construction 1-4 family
|
$ | 85,189 | $ | 91,783 | $ | 93,422 | $ | 92,190 | ||||||||
|
Commercial construction, acquisition and development
|
161,422 | 151,023 | 112,308 | 110,930 | ||||||||||||
| $ | 246,611 | $ | 242,806 | $ | 205,730 | $ | 203,120 | |||||||||
|
(1) At December 31, 2011 our owner-occupied loans amounted to $138 million, or 22.6% of commercial mortgages.
|
||||||||||||||||
8
Capital Ratios
|
Tier 1 capital
|
Tier 1 capital
|
Total capital
|
||||||||||
|
to average
|
to risk-weighted
|
to risk-weighted
|
||||||||||
|
assets ratio
|
assets ratio
|
assets ratio
|
||||||||||
|
As of December 31, 2011
|
||||||||||||
|
The Company
|
8.69 | % | 14.64 | % | 15.89 | % | ||||||
|
The Bancorp Bank
|
6.13 | % | 10.35 | % | 11.60 | % | ||||||
|
"Well capitalized" institution (under FDIC regulations)
|
5.00 | % | 6.00 | % | 10.00 | % | ||||||
|
As of December 31, 2010
|
||||||||||||
|
The Company
|
8.37 | % | 11.99 | % | 13.24 | % | ||||||
|
The Bancorp Bank
|
7.39 | % | 10.60 | % | 11.85 | % | ||||||
|
"Well capitalized" institution (under FDIC regulations)
|
5.00 | % | 6.00 | % | 10.00 | % | ||||||
|
Three months ended
|
Year ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Selected operating ratios:
|
||||||||||||||||
|
Return on average assets
|
0.43 | % | 0.34 | % | 0.31 | % | 0.23 | % | ||||||||
|
Return on average equity
|
4.84 | % | 4.01 | % | 3.54 | % | 2.45 | % | ||||||||
|
Net interest margin
|
2.89 | % | 3.36 | % | 2.96 | % | 3.28 | % | ||||||||
|
Efficiency ratio
|
67.21 | % | 69.37 | % | 67.96 | % | 70.39 | % | ||||||||
|
Book value per share
|
$ | 8.18 | $ | 7.60 | $ | 8.18 | $ | 7.60 | ||||||||
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
|
2011
|
2011
|
2011
|
2011
|
2010
|
||||||||||||||||
|
Asset quality ratios:
|
||||||||||||||||||||
|
Nonperforming loans to total loans (1)
|
1.24 | % | 1.33 | % | 1.43 | % | 1.05 | % | 1.08 | % | ||||||||||
|
Nonperforming assets to total assets (1)
|
0.97 | % | 0.86 | % | 1.12 | % | 0.73 | % | 0.82 | % | ||||||||||
|
Allowance for loan and lease losses to total loans
|
1.69 | % | 1.61 | % | 1.65 | % | 1.58 | % | 1.49 | % | ||||||||||
|
Nonaccrual loans
|
$ | 17,587 | $ | 17,201 | $ | 19,526 | $ | 14,228 | $ | 15,297 | ||||||||||
|
Other real estate owned
|
7,405 | 6,415 | 3,764 | 3,379 | 2,115 | |||||||||||||||
|
Total nonperforming assets
|
$ | 24,992 | $ | 23,616 | $ | 23,290 | $ | 17,607 | $ | 17,412 | ||||||||||
|
Loans 90 days past due still accruing interest
|
$ | 4,101 | $ | 5,550 | $ | 4,397 | $ | 3,028 | $ | 2,220 | ||||||||||
|
(1) Nonperforming loans are defined as nonaccrual loans and restructure loans. Loans 90 days past due and still accruing interest are also included in these ratios.
|
||||||||||||||||||||
9