Exhibit 99.1

 

For Immediate Release: April 25, 2013

 

 

 

 

 

Bridge Capital Holdings Reports Financial Results

For the First Quarter Ended

March 31, 2013

 

Conference Call and Webcast Scheduled for Thursday, April 25, 2013 at

5:00 p.m. Eastern Time

 

 

 

San Jose, CA – April 25, 2013 – Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, National Association, announced today its financial results for the first quarter ended March 31, 2013.

 

The Company reported net income of $3.4 million for the three months ended March 31, 2013, which remained consistent with the quarter ended December 31, 2012, and represents an increase of $715,000, or 26%, compared to net income of $2.7 million for the same period one year ago.

 

For the quarter ended March 31, 2013, the Company reported earnings per diluted share of $0.23, which remained consistent with the quarter ended December 31, 2012. This also compares with earnings per diluted share of $0.18 for the quarter ended March 31, 2012.

 

For the quarter ended March 31, 2013, the Company’s return on average assets and return on average equity were 1.06% and 9.29%, respectively, and compared to 1.06% and 9.41%, respectively, for the quarter ended December 31, 2012 and 0.94% and 8.21%, respectively, for the same period in 2012.

 

“We executed well in the first quarter on our business banking strategy and generated a 28% year-over-year increase in earnings per share,” said Daniel P. Myers, president and chief executive officer of Bridge Bank, N.A. and Bridge Capital Holdings.  “Our first quarter results were driven by strong new client acquisition, loan growth, stable credit quality, and a relatively stable net interest margin.  The investments we have made to both increase our penetration of our core Silicon Valley market and expand our presence in other business technology hubs around the United States are producing good results.  During the first quarter, our total loans increased at an annualized rate of 20%, with all of our offices making solid contributions and new banking relationships being established with companies across a broad variety of business sectors.  Our compelling value proposition and growing brand allow us to continue to generate measured growth, manage risk, and build franchise value.”

 

 

First Quarter Highlights

 

First quarter 2013 results, compared to fourth quarter 2012 (unless otherwise noted), reflected strong performance across all areas of the Company’s business and included the following:

 

·

Total assets grew to $1.35 billion at March 31, 2013, with loans continuing to comprise 71% of the average earning asset mix, consistent with the prior quarter.  Total deposits of $1.17 billion at March 31, 2013 represented the highest level of deposit balances since the inception of the Company, and compared to $1.16 billion at December 31, 2012.

 

 

·

Loan growth continued to be strong, particularly in the commercial lending portfolio. Average gross loans reached $894.6 million for the quarter ended March 31, 2013, representing an increase of $17.8 million, or 2%, compared to average gross loans of $876.8 million for the quarter ended December 31, 2012. Period-end loan balances increased $45.6 million, or 5%, to $954.2 million, compared to $908.6 million at December 31, 2012.

 

·

Net interest margin declined slightly to 5.05% for the quarter ended March 31, 2013 compared to 5.10% for the fourth quarter of 2012.

 

·

Credit quality overall remained solid with the allowance for credit losses representing 2.15% of total gross loans and 214.26% of nonperforming loans at March 31, 2013, compared to 2.20% of total gross loans and 200.14% of nonperforming loans at December 31, 2012. The provision for credit losses of $750,000 for the first quarter of 2013 primarily related to growth in the loan portfolio. Net charge-offs were $160,000 for the quarter ended March 31, 2013, and compared to $1.3 million for the quarter ended December 31, 2012.

 

·

Nonperforming assets decreased by $492,000 to $9.6 million, or 0.71% of total assets at March 31, 2013, compared to $10.1 million, or 0.75% of total assets at December 31, 2012.

 

·

Capital ratios remained strong and continued to support the Company’s growth. Total Risk-Based Capital Ratio was 15.19%, Tier I Capital Ratio was 13.94%, and Tier I Leverage Ratio was 12.81% at March 31, 2013.

 

 

Net Interest Income and Margin

 

Net interest income of $15.5 million for the quarter ended March 31, 2013 represented a decrease of $264,000, or 2%, compared to $15.8 million for the quarter ended December 31, 2012 and an increase of $698,000, or 5%, compared to $14.8 million for the quarter ended March 31, 2012. The increase in net interest income from the same period in 2012 was primarily attributable to an increase in average earning assets as a result of loan growth. Average earning assets of $1.25 billion for the quarter ended March 31, 2013 increased $16.7 million, or 1%, compared to $1.23 billion for the quarter ended December 31, 2012 and increased $150.5 million, or 14%, compared to $1.10 billion for the same quarter in 2012.

 

The Company’s net interest margin for the quarter ended March 31, 2013 was 5.05%, compared to 5.10% for the quarter ended December 31, 2012, and 5.43% for the same period one year earlier. The decrease in net interest margin compared to the fourth quarter of 2012 and the same period one year ago was primarily due to a lower level of loan fees. The Company’s loan-to-deposit ratio, a measure of leverage, averaged 79.5% during the three months ended March 31, 2013, which represented an increase compared to an average of 78.9% for the quarter ended December 31, 2012 and an average of 79.4% for the same period of 2012. The negative impact on the net interest margin from decreased loan fees for the three months ended March 31, 2013 compared to the prior quarter and the same period one year ago was 19 basis points and 20 basis points, respectively.

 

 

Non-Interest Income

 

The Company’s non-interest income for the quarters ended March 31, 2013, December 31, 2012, and March 31, 2012 was $2.9 million, $3.7 million, and $2.5 million, respectively.

 

During the first quarter of 2013, the Company recognized a gain from the sale of SBA loans of $400,000 compared to $989,000 for fourth quarter of 2012 and $276,000 for the first quarter of 2012. The successful resolution of one “other real estate owned” property contributed $370,000 to non-interest income for the first quarter of 2013. During the fourth quarter of 2012, the Company recognized $416,000 as a result of real estate related gains. There were no gains recognized in the first quarter of 2012. The Company received warrant related income of $13,000 for the first quarter of 2013 compared to $149,000 for the fourth quarter of 2012 and $23,000 for the first quarter of 2012.

 

Net interest income and non-interest income comprised total revenue of $18.5 million for the three months ended March 31, 2013, compared to $19.5 million for the three months ended December 31, 2012 and $17.4 million for the same period one year earlier.

 

 

Non-Interest Expense

 

Non-interest expense was $11.9 million for the quarter ended March 31, 2013, compared to $12.2 million and $11.1 million for the quarters ended December 31, 2012 and March 31, 2012, respectively. Overall, trends in non-interest expenses continue to reflect a lower level of expenses related to problem asset valuation and resolution, and higher expenses related to supporting growth and investments in new initiatives.

 

Salary and benefits expense for the quarter ended March 31, 2013 was $7.6 million, compared to $8.3 million and $7.0 million for the quarters ended December 31, 2012 and March 31, 2012, respectively. The decrease in salary and benefits expense from the fourth quarter of 2012 was primarily due to the additional incentive compensation accruals that were recognized during that quarter related to 2012 performance. The increase in salary and benefits expense compared to the same period in the prior year primarily related to an increase in headcount to support growth and new initiatives and increased stock-based compensation due to long-term retention awards granted during the third quarter of 2012. As of March 31, 2013, the Company employed 218 full-time equivalents (FTE) compared to 207 FTE at December 31, 2012 and 200 FTE at March 31, 2012.

 

“Other real estate owned” and loan-related charges were $208,000 for the quarter ended March 31, 2013, compared to $334,000 and $191,000 for the quarters ended December 31, 2012 and March 31, 2012, respectively. The decrease in “other real estate owned” and loan related charges from prior year was primarily attributed to a decline in nonperforming assets.

 

Regulatory assessments related to participation in the Transaction Guarantee Program as well as FDIC insurance pertaining to deposit balances, totaled $226,000 for the quarter ended March 31, 2013, compared to $224,000 for the quarter ended December 31, 2012 and $248,000 for the same period one year ago.

 

The Company’s efficiency ratio, the ratio of non-interest expense to revenues, was 64.23%, 62.55%, and 63.70% for the quarters ended March 31, 2013, December 31, 2012, and March 31, 2012, respectively.

 

 

Balance Sheet

 

Bridge Capital Holdings reported total assets at March 31, 2013 of $1.35 billion, compared to $1.34 billion at December 31, 2012 and $1.16 billion on the same date one year ago. The increase in total assets of $186.3 million, or 16%, from March 31, 2012 was driven by an increase in deposit production which was primarily used to fund loan growth and increase the investment portfolio.

 

The Company reported total gross loans outstanding at March 31, 2013 of $954.2 million, which represented an increase of $45.6 million, or 5%, over $908.6 million at December 31, 2012 and an increase of $137.2 million, or 17%, over $817.0 million at March 31, 2012. The increase in total gross loans from December 31, 2012 and March 31, 2012 was broad-based throughout the portfolio, with the most significant growth reflected in the commercial lending, factoring, and asset-based lending portfolios.

 

The Company’s total deposits were $1.17 billion as of March 31, 2013, which represented an increase of $3.7 million, or 0.3%, compared to $1.16 billion at December 31, 2012 and an increase of $169.7 million, or 17%, compared to $996.6 million at March 31, 2012. The increase in deposits from December 31, 2012 was primarily attributable to continued growth in money market and savings accounts. The increase in deposits from March 31, 2012 was primarily attributable to continued growth in money market and savings, and noninterest-bearing demand deposit accounts. Total deposit balances at March 31, 2013 reflect the typical seasonal outflow of demand deposits in the first quarter due to tax payments and bonus payments among the Bank’s professional services clients.

 

Demand deposits represented 62.4% of total deposits at March 31, 2013, compared to 63.1% at December 31, 2012 and 64.7% for the same period one year ago. Core deposits represented 95.8% of total deposits at March 31, 2013, compared to 95.9% at December 31, 2012 and 96.8% at March 31, 2012.

 

 

Credit Quality

 

Nonperforming assets decreased to $9.6 million, or 0.71% of total assets, as of March 31, 2013, compared to $10.1 million, or 0.75% of total assets, as of December 31, 2012 and $13.0 million, or 1.12% of total assets, at March 31, 2012. The nonperforming assets at March 31, 2013 consisted of loans on nonaccrual or 90 days or more past due totaling $9.6 million, and OREO valued at $31,000.

 

Nonperforming loans at March 31, 2013 were comprised of loans with legal contractual balances totaling approximately $15.5 million reduced by $1.6 million received in non-accrual interest and impairment charges of $4.3 million which have been charged against the allowance for credit losses.

 

Nonperforming loans were $9.6 million, or 1.00% of total gross loans, as of March 31, 2013, compared to $10.0 million, or 1.10% of total gross loans, as of December 31, 2012, and $8.9 million, or 1.09% of total gross loans, at March 31, 2012. 

 

The carrying value of OREO was $31,000 as of March 31, 2013 compared to $144,000 at December 31, 2012 and $4.1 million as of March 31, 2012.

 

The Company charged-off $350,000 in loan balances during the three months ended March 31, 2013, compared to $1.6 million charged-off during the three months ended December 31, 2012 and $1.0 million charged-off during the three months ended March 31, 2012.

 

During the three months ended March 31, 2013, the Company recognized $195,000 in loan recoveries compared to $222,000 and $24,000, respectively, in loan recoveries for the three months ended December 31, 2012 and March 31, 2012.

 

The allowance for loan losses was $20.5 million, or 2.15% of total loans, at March 31, 2013, compared to $19.9 million, or 2.20% of total loans, at December 31, 2012 and $19.3 million, or 2.36% of total loans, at March 31, 2012. The provision for credit losses for the first quarter of 2013 was $750,000 compared to $1.5 million for the fourth quarter of 2012 and $1.8 million for the same period one year ago.

 

 

Capital Adequacy

 

The Company’s capital ratios at March 31, 2013 substantially exceed the regulatory definition for being “well capitalized” with a Total Risk-Based Capital Ratio of 15.19%, a Tier I Risk-Based Capital Ratio of 13.94%, and a Tier I Leverage Ratio of 12.81%. Additionally, the Company’s tangible common equity ratio at March 31, 2013 was 11.24% and book value per common share was $9.61, representing an increase of $0.29, or 3.1%, from $9.32 at December 31, 2012 and an increase of $0.89, or 10.2%, from $8.72 at March 31, 2012.

 

 

Conference Call and Webcast

 

Management will host a conference call today at 5:00 p.m. Eastern time/2:00 p.m. Pacific time to discuss the Company’s financial results and answer questions.

 

Individuals interested in participating in the conference call may do so by dialing 800.762.8908 from the United States, or 480.629.9677 from outside the United States and referencing conference ID 4615486. Those interested in listening to the conference call live via the Internet may do so by visiting the Investor Relations section of the Company’s Web site at www.bridgebank.com.

 

A telephone replay will be available through May 2, 2013, by dialing 800.406.7325 from the United States, or 303.590.3030 from outside the United States, and entering conference ID 4615486.  A webcast replay will be available for 90 days.

 

 

About Bridge Capital Holdings

 

Bridge Capital Holdings is the holding company for Bridge Bank, National Association. Bridge Capital Holdings was formed on October 1, 2004 and holds a Global Select listing on The NASDAQ Stock Market under the trading symbol BBNK. For additional information, visit the Bridge Capital Holdings website at http://www.bridgecapitalholdings.com.

 

 

About Bridge Bank, N.A.

 

Bridge Bank, N.A. is Silicon Valley’s full-service professional business bank. The Bank is dedicated to meeting the financial needs of small, middle market, and emerging technology businesses. Bridge Bank provides its clients with a comprehensive package of business banking solutions delivered through experienced, professional bankers. For additional information, visit the Bridge Bank website at http://www.bridgebank.com.

 

 

Contacts

 

Daniel P. Myers	Thomas A. Sa
President	Executive Vice President
Chief Executive Officer	Chief Financial Officer and Chief Strategy Officer
408.556.6510	408.556.8308
dan.myers@bridgebank.com	tom.sa@bridgebank.com

 

 

Forward-Looking Statements

 

 

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management’s judgment about the Company, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date.  Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

 

Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release.  Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.

 

The reader should refer to the more complete discussion of such risks in Bridge Capital Holdings’ annual reports on Forms 10-K and quarterly reports on Forms 10-Q on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

 

 

 

- Financial Tables Follow -

 

 

BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in Thousands)

 

		Three months ended
		03/31/13				12/31/12				03/31/12
INTEREST INCOME
Loans		$	14,471			$	14,722			$	13,569
Federal funds sold			43				66				47
Investment securities			1,634				1,614				1,709
Total interest income			16,148				16,402				15,325
INTEREST EXPENSE
Deposits			338				324				233
Other			266				270				246
Total interest expense			604				594				479
Net interest income			15,544				15,808				14,846
Provision for credit losses			750				1,500				1,750
Net interest income after provision
for credit losses			14,794				14,308				13,096
NON-INTEREST INCOME
Service charges on deposit accounts			873				826				805
International Fee Income			635				643				717
Other non-interest income			1,410				2,216				1,020
Total non-interest income			2,918				3,685				2,542
OPERATING EXPENSES
Salaries and benefits			7,561				8,299				7,039
Premises and fixed assets			982				1,028				936
Other			3,317				2,866				3,102
Total operating expenses			11,860				12,193				11,077
Income before income taxes			5,852				5,800				4,561
Income tax expense			2,431				2,376				1,854
NET INCOME		$	3,421			$	3,424			$	2,707
EARNINGS PER SHARE
Basic earnings per share		$	0.24			$	0.24			$	0.19
Diluted earnings per share		$	0.23			$	0.23			$	0.18
Average common shares outstanding			14,411,008				14,403,867				14,363,541
Average common and equivalent
shares outstanding			15,068,931				15,002,775				14,798,723
PERFORMANCE MEASURES
Return on average assets			1.06	%			1.06	%			0.94	%
Return on average equity			9.29	%			9.41	%			8.21	%
Efficiency ratio			64.24	%			62.55	%			63.70	%

 

 

BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY

INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in Thousands)

 

 

		03/31/13				12/31/12				09/30/12				06/30/12				03/31/12
ASSETS
Cash and due from banks		$	23,023			$	17,251			$	27,509			$	16,877			$	21,663
Federal funds sold			42,030				113,790				82,245				39,420				48,700
Interest-bearing deposits			326				335				335				335				335
Investment securities			289,054				267,204				227,336				224,967				238,556
Loans:
Commercial			471,200				436,293				404,657				382,471				362,556
SBA			91,893				87,375				91,805				83,718				82,459
Real estate construction			37,975				35,502				39,011				46,341				51,986
Land and land development			10,353				8,973				5,321				5,327				6,109
Real estate other			136,244				139,930				153,003				153,919				154,697
Factoring and asset-based lending			200,831				195,343				182,213				173,996				154,895
Other			5,667				5,163				4,949				4,614				4,284
Loans, gross			954,163				908,579				880,959				850,386				816,986
Unearned fee income			(3,701	)			(3,056	)			(3,136	)			(2,605	)			(2,622	)
Allowance for credit losses			(20,543	)			(19,948	)			(19,791	)			(19,541	)			(19,304	)
Loans, net			929,919				885,575				858,032				828,240				795,060
Premises and equipment, net			1,987				2,042				2,057				2,205				2,302
Accrued interest receivable			4,192				3,469				3,439				3,452				3,534
Other assets			56,610				53,919				46,601				49,713				50,672
Total assets		$	1,347,141			$	1,343,585			$	1,247,554			$	1,165,209			$	1,160,822
LIABILITIES
Deposits:
Demand noninterest-bearing		$	719,206			$	723,517			$	708,513			$	645,884			$	640,235
Demand interest-bearing			8,671				10,582				5,089				5,264				4,232
Money market and savings			389,153				380,949				311,671				294,389				320,489
Time			49,250				47,500				45,934				40,017				31,647
Total deposits			1,166,280				1,162,548				1,071,207				985,554				996,603
Junior subordinated debt securities			17,527				17,527				17,527				17,527				17,527
Other borrowings			-				-				-				10,000				-
Accrued interest payable			10				11				10				11				10
Other liabilities			11,924				16,752				16,759				15,007				13,560
Total liabilities			1,195,741				1,196,838				1,105,503				1,028,099				1,027,700
SHAREHOLDERS' EQUITY
Common stock			109,928				108,963				108,117				107,661				107,184
Retained earnings			40,656				37,235				33,811				29,447				26,138
Accumulated other comprehensive income (loss)			816				549				123				2				(200	)
Total shareholders' equity			151,400				146,747				142,051				137,110				133,122
Total liabilities and shareholders' equity		$	1,347,141			$	1,343,585			$	1,247,554			$	1,165,209			$	1,160,822
CAPITAL ADEQUACY
Tier I leverage ratio			12.81	%			12.50	%			13.01	%			13.16	%			12.86	%
Tier I risk-based capital ratio			13.94	%			13.98	%			14.44	%			14.54	%			14.38	%
Total risk-based capital ratio			15.19	%			15.23	%			15.70	%			15.80	%			15.63	%
Total equity/ total assets			11.24	%			10.92	%			11.39	%			11.77	%			11.47	%
Book value per common share		$	9.61			$	9.32			$	9.02			$	8.99			$	8.72

 

 

 

BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY

INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)

(Dollars in Thousands)

 

		Three months ended March 31,
		2013												2012
							Yields				Interest								Yields				Interest
			Average				or				Income/				Average				or				Income/
			Balance				Rates				Expense				Balance				Rates				Expense
ASSETS
Interest earning assets (2):
Loans (1)		$	894,570				6.56	%		$	14,471			$	777,943				7.02	%		$	13,569
Federal funds sold			73,817				0.24	%			43				81,274				0.23	%			47
Investment securities			280,447				2.36	%			1,634				239,123				2.87	%			1,709
Other			329				0.00	%			-				333				0.00	%			-
Total interest earning assets			1,249,163				5.24	%			16,148				1,098,673				5.61	%			15,325
Noninterest-earning assets:
Cash and due from banks			25,499												22,282
All other assets (3)			36,509												34,439
TOTAL		$	1,311,171											$	1,155,394
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Deposits:
Demand		$	9,502				0.04	%		$	1			$	4,816				0.08	%		$	1
Money market and savings			360,675				0.31	%			273				309,436				0.26	%			201
Time			47,612				0.55	%			64				33,143				0.38	%			31
Other			20,416				5.28	%			266				28,296				3.50	%			246
Total interest-bearing liabilities			438,205				0.56	%			604				375,691				0.51	%			479
Noninterest-bearing liabilities:
Demand deposits			707,520												632,040
Accrued expenses and
other liabilities			16,058												15,027
Shareholders' equity			149,388												132,636
TOTAL		$	1,311,171											$	1,155,394
Net interest income and margin							5.05	%		$	15,544								5.43	%		$	14,846

 

 

(1)  Loan fee amortization of $2.1 million and $2.4 million, respectively, is included in interest income.  Nonperforming loans have

been included in average loan balances.

(2)  Interest income is reflected on an actual basis, not a fully taxable equivalent basis.  Yields are based on amortized cost.

(3)  Net of average allowance for credit losses of $19.9 million and $18.5 million, respectively.

 

 

BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY

INTERIM CONSOLIDATED CREDIT DATA (UNAUDITED)

(Dollars in Thousands)

 

		03/31/13				12/31/12				09/30/12				06/30/12				03/31/12
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period		$	19,948			$	19,791			$	19,541			$	19,304			$	18,540
Provision for credit losses, quarterly			750				1,500				200				500				1,750
Charge-offs, quarterly			(350	)			(1,565	)			(17	)			(553	)			(1,010	)
Recoveries, quarterly			195				222				67				290				24
Balance, end of period		$	20,543			$	19,948			$	19,791			$	19,541			$	19,304
NONPERFORMING ASSETS
Loans accounted for on a non-accrual basis		$	9,588			$	9,967			$	8,807			$	9,211			$	8,891
Loans with principal or interest contractually past
due 90 days or more and still accruing interest			-				-				2				-				-
Nonperforming loans			9,588				9,967				8,809				9,211				8,891
Other real estate owned			31				144				144				3,125				4,150
Nonperforming assets		$	9,619			$	10,111			$	8,953			$	12,336			$	13,041
Loans restructured and in compliance with
modified terms			8,798				9,402				10,629				11,272				9,927
Nonperforming assets and restructured loans		$	18,417			$	19,513			$	19,582			$	23,608			$	22,968
Nonperforming Loans by Asset Type:
Commercial		$	449			$	676			$	816			$	1,041			$	257
SBA			1,924				2,047				2,099				2,162				1,011
Construction			-				-				-				-				-
Land			9				11				13				31				498
Other real estate			5,688				5,783				5,879				5,977				6,067
Factoring and asset-based lending			1,518				1,450				-				-				1,058
Other			-				-				2				-				-
Nonperforming loans		$	9,588			$	9,967			$	8,809			$	9,211			$	8,891
ASSET QUALITY
Allowance for credit losses / gross loans			2.15	%			2.20	%			2.25	%			2.30	%			2.36	%
Allowance for credit losses / nonperforming loans			214.26	%			200.14	%			224.67	%			212.15	%			217.12	%
Nonperforming assets / total assets			0.71	%			0.75	%			0.72	%			1.06	%			1.12	%
Nonperforming loans / gross loans			1.00	%			1.10	%			1.00	%			1.08	%			1.09	%
Net quarterly charge-offs / gross loans			0.02	%			0.15	%			-0.01	%			0.03	%			0.12	%