Exhibit 99.1
www.patriotbank.com
FOR IMMEDIATE RELEASE | |||
October 16, 2003 | |||
CONTACT: |
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Richard A. Elko |
| James G. Blume | |
President & C.E.O. |
| Senior V.P. & C.F.O. | |
610-970-4627 |
| 610-970-4623 | |
Patriot Bank Corp. Announces a 10%
Increase in Diluted Earnings Per Share
Pottstown, PA, October 16, 2003 . . . Patriot Bank Corp. (NASDAQ: PBIX), parent company of Patriot Bank, today announced record earnings for the third quarter 2003 of $2,139,000 or $.32 per diluted share, compared to earnings of $2,012,000 or $.29 per diluted share for the third quarter of 2002. Year-to-date earnings were $6,389,000 or $.95 per diluted share for 2003, compared to year-to-date earnings of $5,832,000 or $.85 per diluted share for 2002. Third quarter 2003 represents the 11th consecutive quarter of record earnings.
In addition to a 10% increase in diluted earnings per share, highlights of the quarter include:
• Return on average equity of 13.53%
• Net interest margin expanded to 3.63%
• Non-interest income represented 29% of total income
• Core deposits up 35% year-to-date
• Completed acquisition of Tyler Wealth Counselors, Inc.
• Completed the relocation of Patriot’s Whitehall office to a new full-service facility
• Completed the previously announced stock repurchase program
• Named as one of the Best Places to Work in PA by the Pennsylvania Department of Community and Economic Development
1
The third quarter was not without challenges; most notably, Patriot’s regular internal control process uncovered what is believed to be a defalcation perpetrated by a mid-level supervisory employee within Patriot’s credit card operation. The defalcation includes an alleged theft and the alleged falsification and destruction of accounting records as well as the concealment of credit card delinquencies and bankruptcies.
The total amount of the alleged theft is approximately $982,000. The company maintains an insurance policy which management believes covers the majority of the alleged theft, and as a result, Patriot has recorded an after-tax charge of $367,000 related to the deductible on that insurance policy and losses and operating expenses associated with the falsification and destruction of accounting records. The alleged defalcation included the concealment of approximately $475,000 of unsecured customer bankruptcies, which, since they were not material to any prior period, were charged off during the third quarter through Patriot’s loan loss reserve. The alleged defalcation also included the concealment of approximately $350,000 delinquent credit cards which are now being subjected to normal collections procedures. Additional charge-offs may result from these delinquent accounts.
Patriot’s net interest margin was 3.63% and 3.60% for the third quarter and year-to-date 2003, respectively, compared to 3.50% and 3.29% for the third quarter and year-to-date 2002, respectively. “Patriot’s core businesses remained strong during the quarter and our margin expanded as expected as a result of certain borrowing restructurings that were completed at the end of the second quarter,” said Richard A. Elko, President and Chief Executive Officer.
Third quarter 2003 earnings included a provision for credit losses of $900,000, bringing the 2003 year-to-date total to $2,900,000, compared to third quarter 2002 provision of $1,200,000 and $2,875,000 year-to-date 2002, respectively. Patriot’s percentage of non-performing assets to total assets was .46% at September 30, 2003, compared to .67% at December 31, 2002. Patriot’s percentage of all loans delinquent 30 days or more to total loans was 1.59% at September 30, 2003, compared to 1.58% at December 31, 2002. These percentages include the credit card delinquencies discussed above. “Asset quality has remained
2
strong. We are pleased that our non-performing and delinquency ratios remained in line despite a difficult economic environment and the alleged credit card defalcation,” continued Elko.
Non-interest income was $3,095,000 and $8,828,000 for the third quarter and year-to-date 2003, respectively, compared to $1,985,000 and $5,449,000 for the third quarter and year-to-date 2002, respectively. Non-interest income for the third quarter 2003 included approximately $433,000 of securities gains. “Recurring non-interest income has significantly benefited from Patriot’s three wealth management acquisitions. Including the recently completed acquisition of Tyler Wealth Counselors, Inc., Patriot Advisors is now a team of approximately 30 employees with projected annual revenue of approximately $3.5 million,” said Elko.
Non-interest expense was $7,289,000 and $20,949,000 for the third quarter and year-to-date 2003, respectively, compared to $5,901,000 and $16,721,000 for the third quarter and year-to-date 2002, respectively. The increase in non-interest expense is primarily due to increases in staffing associated with Patriot’s three wealth management acquisitions, new community banking offices, Chester County lenders, the enhancement of Patriot’s Cash Management Division and the alleged credit card defalcation.
Net loans at September 30, 2003, were $593,955,000, compared to $611,295,000 at December 31, 2002. Total loans decreased as a result of a planned reduction in residential mortgage loans. Commercial loans, consumer loans and commercial leases continue to show good growth. “We continue to be very judicious with our loan pricing and resist adding a significant amount of loans to the balance sheet at very low rates,” stated Elko.
Deposits were $623,988,000 at September 30, 2003, compared to $519,120,000 at December 31, 2002. The cost of deposits was 1.95% for the third quarter 2003. Core deposits (checking, savings and money market accounts) were $387,416,000 at September 30, 2003, compared to $287,569,000 at December 31, 2002. This represents a growth in core deposits of 35%. The strong growth in core deposits has come from Patriot’s new offices and cash management division and has allowed Patriot to continue to reduce higher-costing certificates of
3
deposit. At September 30, 2003, core deposits accounted for 62% of total deposits. “We completed the transition of our supermarket office in Whitehall, Pennsylvania, with the opening of our full-service office on July 14, 2003. We’re pleased with the strong deposit growth experienced since this office transition,” concluded Elko.
“Patriot has had great success over the last several years. We attribute that success first and foremost to our team of bright, dedicated and hard-working employees. We were extremely pleased to be recognized by the Pennsylvania Department of Community and Economic Development as one of the Best Places to Work in PA. We believe this is tangible proof that Patriot is an employer of choice which bodes well for the future,” said James B. Elliott, Chairman of the Board.
Patriot is a $1 billion financial services company operating 20 banking and lending offices in southeastern Pennsylvania. The closing price of Patriot’s common stock was $22.01 on October 15, 2003.
In addition to historical information, this information may contain “forward-looking statements” which are made in good faith by Patriot Bank Corp. (“Patriot”), pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Patriot’s strategies, goals, beliefs, expectations, estimates, intentions, financial condition, results of operations, future performance and business of Patriot. Statements preceded by, followed by or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “ expect,” “anticipate,” “estimate,” “ intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Patriot’s control). Numerous competitive, economic, regulatory, legal and technological factors, among others, could cause Patriot’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Patriot cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact that any future acquisition may have on Patriot and any such forward-looking statement. Patriot does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by or on behalf of Patriot.
4
Patriot Bank Corp. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
| September 30, 2003 |
| December 31, 2002 |
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Assets |
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Cash and cash due from banks |
| $ | 16,355 |
| $ | 15,741 |
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Interest earning deposits in other financial institutions |
| 2,777 |
| 1,098 |
| ||
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Total cash and cash equivalents |
| 19,132 |
| 16,839 |
| ||
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Securities available for sale |
| 334,627 |
| 315,868 |
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Loans held for sale |
| 3,648 |
| 4,314 |
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Loans and leases receivable, net of allowance for credit loss of $6,809 and $6,922 at September 30, 2003 and December 31, 2002, respectively |
| 593,955 |
| 611,295 |
| ||
Premises and equipment |
| 10,396 |
| 7,612 |
| ||
Accrued interest |
| 3,410 |
| 3,946 |
| ||
Real estate owned and other repossessed property |
| 667 |
| 404 |
| ||
Cash surrender value life insurance |
| 18,808 |
| 18,208 |
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Goodwill |
| 12,136 |
| 8,777 |
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Amortizing intangible assets |
| 3,478 |
| 3,137 |
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Other assets |
| 10,864 |
| 4,743 |
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Total Assets |
| $ | 1,011,121 |
| $ | 995,143 |
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Liabilities and Stockholders’ Equity |
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Deposits |
| $ | 623,988 |
| $ | 519,120 |
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FHLB advances and federal funds |
| 249,455 |
| 368,173 |
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Repurchase agreements |
| 46,270 |
| 14,210 |
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Advances from borrowers for taxes and insurances |
| 1,217 |
| 2,208 |
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Trust preferred debt securities |
| 20,500 |
| 20,500 |
| ||
Other liabilities |
| 6,220 |
| 4,987 |
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Total liabilities |
| 947,650 |
| 929,198 |
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Stockholders’ equity |
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Preferred stock. $.01 par value, 5,000,000 shares authorized, none issued at September, 2003 and December 31, 2002, respectively |
| — |
| — |
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Common stock no par value, 20,000,000 shares authorized, 7,216,480 and 7,216,480 shares issued at September, 2003 and December 31, 2002, respectively |
| — |
| — |
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Additional paid in capital |
| 68,186 |
| 57,611 |
| ||
Common stock acquired by ESOP, 318,154 and 339,364 shares at cost at September, 2003 and December 31, 2002, respectively |
| (1,587 | ) | (1,638 | ) | ||
Common stock acquired by MRP, 5,867 and 9,051 shares at amortized cost at September, 2003 and December 31, 2002, respectively |
| (65 | ) | (98 | ) | ||
Retained earnings |
| 7,212 |
| 13,855 |
| ||
Treasury stock acquired, 595,924 and 516,174 shares at cost at September, 2003 and December 31, 2002, respectively |
| (9,146 | ) | (6,441 | ) | ||
Accumulated other comprehensive income |
| (1,129 | ) | 2,656 |
| ||
|
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|
|
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Total stockholders’ equity |
| 63,471 |
| 65,945 |
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Total Liabilities and Stockholders’ Equity |
| $ | 1,011,121 |
| $ | 995,143 |
|
5
Patriot Bank Corp. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
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| Quarter Ended |
| Quarter Ended |
| Year to Date |
| Year to Date |
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Interest Income |
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Interest-earning deposits |
| $ | 3 |
| $ | 7 |
| $ | 13 |
| $ | 67 |
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Investment and mortgage-backed securities |
| 3,839 |
| 4,295 |
| 12,088 |
| 13,076 |
| ||||
Loans |
| 10,455 |
| 12,281 |
| 32,227 |
| 37,212 |
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Total Interest Income |
| 14,297 |
| 16,583 |
| 44,328 |
| 50,355 |
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Interest Expense |
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Deposits |
| 3,135 |
| 3,341 |
| 9,513 |
| 11,239 |
| ||||
Short-term borrowings |
| 188 |
| 953 |
| 1,466 |
| 3,208 |
| ||||
Long-term borrowings |
| 3,257 |
| 4,668 |
| 10,430 |
| 14,245 |
| ||||
Total Interest Expense |
| 6,580 |
| 8,962 |
| 21,409 |
| 28,692 |
| ||||
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Net Interest Income |
| 7,717 |
| 7,621 |
| 22,919 |
| 21,663 |
| ||||
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Provision for credit losses |
| 900 |
| 1,200 |
| 2,900 |
| 2,875 |
| ||||
Net Interest Income After Provision for Credit Losses |
| 6,817 |
| 6,421 |
| 20,019 |
| 18,788 |
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Non-Interest Income |
|
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Service fees on deposits |
| 898 |
| 709 |
| 2,678 |
| 1,957 |
| ||||
Fees on loans and leases |
| 506 |
| 320 |
| 1,373 |
| 914 |
| ||||
Investment gains / (losses) |
| 434 |
| 183 |
| 1,366 |
| 317 |
| ||||
Gains on sale of loans and leases |
| 469 |
| 425 |
| 1,918 |
| 1,221 |
| ||||
BOLI |
| 195 |
| 230 |
| 608 |
| 690 |
| ||||
Patriot Advisors’ commissions |
| 552 |
| 53 |
| 1,532 |
| 265 |
| ||||
Other non-interest income |
| 41 |
| 65 |
| 78 |
| 85 |
| ||||
Loss on the disposition of borrowings |
| — |
| — |
| (725 | ) | — |
| ||||
Total Non-Interest Income |
| 3,095 |
| 1,985 |
| 8,828 |
| 5,449 |
| ||||
|
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Non-Interest Expense |
|
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| ||||
|
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Salaries and employee benefits |
| 4,282 |
| 3,246 |
| 12,249 |
| 9,208 |
| ||||
Occupancy and equipment |
| 1,081 |
| 994 |
| 3,244 |
| 2,991 |
| ||||
Professional services |
| 186 |
| 412 |
| 789 |
| 877 |
| ||||
Advertising |
| 209 |
| 226 |
| 545 |
| 558 |
| ||||
Deposit processing |
| 301 |
| 281 |
| 884 |
| 815 |
| ||||
Amortization of intangible assets |
| 126 |
| 121 |
| 397 |
| 363 |
| ||||
Office supplies & postage |
| 237 |
| 178 |
| 672 |
| 537 |
| ||||
Other operating expenses |
| 867 |
| 443 |
| 2,169 |
| 1,372 |
| ||||
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|
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Total Non-Interest Expense |
| 7,289 |
| 5,901 |
| 20,949 |
| 16,721 |
| ||||
Income Before Income Taxes |
| 2,623 |
| 2,505 |
| 7,898 |
| 7,516 |
| ||||
Federal & state income taxes |
| 484 |
| 493 |
| 1,509 |
| 1,684 |
| ||||
Net Income |
| $ | 2,139 |
| $ | 2,012 |
| $ | 6,389 |
| $ | 5,832 |
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Earnings Per Share Basic |
| $ | 0.34 |
| $ | 0.31 |
| $ | 1.01 |
| $ | 0.88 |
|
Earnings Per Share Diluted |
| $ | 0.32 |
| $ | 0.29 |
| $ | 0.95 |
| $ | 0.85 |
|
Dividends Per Share |
| $ | 0.1300 |
| $ | 0.0932 |
| $ | 0.2291 |
| $ | 0.2682 |
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6
Patriot Bank Corp.
Quarterly Data
(in thousands)
|
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
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Interest income |
| $ | 14,297 |
| $ | 14,700 |
| $ | 15,332 |
| $ | 15,759 |
| $ | 16,583 |
|
Interest expense |
| 6,580 |
| 7,273 |
| 7,556 |
| 8,166 |
| 8,962 |
| |||||
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Net interest income |
| 7,717 |
| 7,427 |
| 7,776 |
| 7,593 |
| 7,621 |
| |||||
Provision for credit losses |
| 900 |
| 900 |
| 1,100 |
| 1,200 |
| 1,200 |
| |||||
|
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Net interest income after provision for credit losses |
| 6,817 |
| 6,527 |
| 6,676 |
| 6,393 |
| 6,421 |
| |||||
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Non-interest income |
| 3,095 |
| 3,088 |
| 2,646 |
| 1,793 |
| 1,985 |
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Non-interest expense |
|
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Other operating expense |
| 7,163 |
| 6,831 |
| 6,560 |
| 5,822 |
| 5,780 |
| |||||
Amortization of intangibles |
| 126 |
| 149 |
| 121 |
| 121 |
| 121 |
| |||||
Total non-interest expense |
| 7,289 |
| 6,980 |
| 6,681 |
| 5,943 |
| 5,901 |
| |||||
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Pre-tax income |
| 2,623 |
| 2,635 |
| 2,641 |
| 2,243 |
| 2,505 |
| |||||
Income tax expense |
| 484 |
| 484 |
| 541 |
| 377 |
| 493 |
| |||||
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|
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| |||||
Net income |
| $ | 2,139 |
| $ | 2,151 |
| $ | 2,100 |
| $ | 1,866 |
| $ | 2,012 |
|
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Basic earnings per share |
| $ | 0.34 |
| $ | 0.36 |
| $ | 0.33 |
| $ | 0.30 |
| $ | 0.31 |
|
Diluted earnings per share |
| $ | 0.32 |
| $ | 0.32 |
| $ | 0.31 |
| $ | 0.30 |
| $ | 0.29 |
|
Dividends per share |
| $ | 0.1300 |
| $ | 0.1200 |
| $ | 0.1091 |
| $ | 0.1000 |
| $ | 0.0932 |
|
7
|
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
| Quarter Ended |
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Return on average equity |
| 13.53 | % | 12.43 | % | 12.50 | % | 11.12 | % | 12.06 | % | 12.82 | % | ||||||
Return on average assets |
| 0.85 | % | 0.86 | % | 0.86 | % | 0.75 | % | 0.80 | % | 0.79 | % | ||||||
Net interest margin (tax equivalent) |
| 3.63 | % | 3.50 | % | 3.68 | % | 3.57 | % | 3.50 | % | 3.32 | % | ||||||
Efficiency ratio - tax effected |
| 63.16 | % | 62.05 | % | 59.92 | % | 59.66 | % | 58.14 | % | 57.60 | % | ||||||
Non-interest income as % of total revenues |
| 28.63 | % | 29.37 | % | 25.39 | % | 19.10 | % | 20.67 | % | 19.88 | % | ||||||
|
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| ||||||
Tier I capital (to average assets) |
| 7.08 | % | 7.21 | % | 7.19 | % | 7.36 | % | 7.16 | % | 7.53 | % | ||||||
Common shares outstanding |
| 6,620,556 |
| 6,672,309 |
| 6,749,727 |
| 6,700,306 |
| 6,801,507 |
| 6,970,391 |
| ||||||
Book value per share |
| $ | 10.08 |
| $ | 10.96 |
| $ | 11.92 |
| $ | 11.42 |
| $ | 11.42 |
| $ | 10.78 |
|
Tangible book value per share |
| 7.65 |
| 8.62 |
| 9.34 |
| 9.40 |
| 9.40 |
| 8.80 |
| ||||||
|
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|
|
|
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| ||||||
Delinquencies 30 days and more |
| 9,638,741 |
| 8,604,888 |
| 10,216,877 |
| 9,845,386 |
| 9,200,158 |
| 8,278,447 |
| ||||||
Delinquencies 90 days and more (included above) |
| 5,470,274 |
| 5,742,180 |
| 5,247,954 |
| 5,347,476 |
| 4,439,189 |
| 3,707,515 |
| ||||||
Non-performing loans |
| 4,012,793 |
| 4,011,206 |
| 4,516,413 |
| 6,268,540 |
| 5,288,413 |
| 5,247,270 |
| ||||||
Real estate owned and other repossessed property |
| 666,505 |
| 474,165 |
| 250,184 |
| 403,830 |
| 618,550 |
| 605,957 |
| ||||||
Non-performing assets |
| 4,679,298 |
| 4,485,371 |
| 4,766,597 |
| 6,672,370 |
| 5,906,963 |
| 5,853,227 |
| ||||||
Net charge-offs |
| 1,432,691 |
| 816,562 |
| 763,652 |
| 906,357 |
| 1,049,909 |
| 816,238 |
| ||||||
Total loans |
| 604,411,411 |
| 598,038,056 |
| 604,414,959 |
| 622,530,746 |
| 642,318,476 |
| 647,063,880 |
| ||||||
Average loans |
| 589,426,470 |
| 588,835,487 |
| 606,089,143 |
| 624,830,441 |
| 634,615,505 |
| 639,609,322 |
| ||||||
Loan loss reserves |
| (6,808,679 | ) | (7,341,369 | ) | (7,257,932 | ) | (6,921,584 | ) | (6,627,941 | ) | (6,477,850 | ) | ||||||
Total assets |
| 1,011,120,753 |
| 1,005,881,207 |
| 1,013,522,868 |
| 995,143,116 |
| 986,978,962 |
| 1,009,907,928 |
| ||||||
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| ||||||
Non-performing assets to total assets |
| 0.46 | % | 0.45 | % | 0.47 | % | 0.67 | % | 0.60 | % | 0.58 | % | ||||||
Non-performing assets to total loans and OREO |
| 0.77 | % | 0.75 | % | 0.79 | % | 1.07 | % | 0.92 | % | 0.90 | % | ||||||
Non-performing loans to total loans |
| 0.66 | % | 0.67 | % | 0.75 | % | 1.01 | % | 0.82 | % | 0.81 | % | ||||||
Delinquencies 30 days and more to total loans |
| 1.59 | % | 1.44 | % | 1.69 | % | 1.58 | % | 1.43 | % | 1.28 | % | ||||||
Loan loss reserves to total loans |
| 1.13 | % | 1.23 | % | 1.20 | % | 1.11 | % | 1.03 | % | 1.00 | % | ||||||
Loan loss reserves to non-performing assets |
| 145.51 | % | 163.67 | % | 152.27 | % | 103.74 | % | 112.21 | % | 110.67 | % | ||||||
Net charge-offs to average loans |
| 0.97 | % | 0.55 | % | 0.50 | % | 0.58 | % | 0.66 | % | 0.51 | % | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
8
Patriot Bank Corp.
Interest Rate Spread Analysis
3rd Quarter, 2003
|
| QTD |
| ||||||
|
| Average |
| Interest |
| Annualized |
| ||
Assets |
|
|
|
|
|
|
| ||
Cash |
| $ | 2,611,878 |
| $ | 3,189 |
| 0.16 | % |
|
|
|
|
|
|
|
| ||
Investment securities* |
| 173,633,118 |
| 2,382,268 |
| 7.06 | % | ||
|
|
|
|
|
|
|
| ||
Mortgage-backed securities |
| 165,400,612 |
| 1,456,708 |
| 3.52 | % | ||
|
|
|
|
|
|
|
| ||
Investment and mortgage-backed securities |
| 339,033,730 |
| 3,838,976 |
| 5.34 | % | ||
|
|
|
|
|
|
|
| ||
Mortgage loans |
| 105,599,055 |
| 1,895,731 |
| 7.17 | % | ||
Consumer loans |
| 91,240,032 |
| 1,202,278 |
| 5.23 | % | ||
Commercial loans |
| 321,967,745 |
| 5,478,420 |
| 6.67 | % | ||
Commercial leases* |
| 77,824,134 |
| 1,878,057 |
| 9.88 | % | ||
Allowance for credit losses |
| (7,204,497 | ) | — |
| 0.00 | % | ||
Total loans |
| 589,426,469 |
| 10,454,486 |
| 7.04 | % | ||
|
|
|
|
|
|
|
| ||
Total interest earning assets |
| 931,072,077 |
| 14,296,651 |
| 6.40 | % | ||
|
|
|
|
|
|
|
| ||
Other assets |
| 64,269,199 |
| — |
| 0.00 | % | ||
Total Assets |
| $ | 995,341,276 |
| $ | 14,296,651 |
| 5.99 | % |
|
|
|
|
|
|
|
| ||
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Branch deposits |
| $ | 578,850,525 |
| $ | 2,879,895 |
| 1.95 | % |
Wholesale certificates |
| 36,534,708 |
| 255,350 |
| 2.77 | % | ||
Total deposits |
| 615,385,233 |
| 3,135,245 |
| 2.00 | % | ||
|
|
|
|
|
|
|
| ||
Borrowings |
| 310,221,932 |
| 3,444,981 |
| 4.36 | % | ||
|
|
|
|
|
|
|
| ||
Advances from borrowers |
| 1,837,775 |
| 108 |
| 0.02 | % | ||
|
|
|
|
|
|
|
| ||
Total interest bearing liabilities |
| 927,444,940 |
| 6,580,334 |
| 2.78 | % | ||
|
|
|
|
|
|
|
| ||
Other liabilities |
| 5,202,354 |
| — |
| 0.00 | % | ||
|
|
|
|
|
|
|
| ||
Total stockholders’ equity |
| 62,693,982 |
| — |
| 0.00 | % | ||
Total Liabilities and Stockholders’ Equity |
| $ | 995,341,276 |
| $ | 6,580,334 |
| 2.59 | % |
|
|
|
|
|
|
|
| ||
Interest margin on average interest earning assets |
|
|
| $ | 7,716,317 |
| 3.63 | % | |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| |||
* Tax equivalent basis |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Net Interest Income |
|
|
| $ | 7,716,317 |
|
|
| |
Tax Effected Interest |
|
|
| 728,013 |
|
|
| ||
Federal Tax Equivalent - Net Interest Income |
|
|
| $ | 8,444,330 |
|
|
| |
9
Patriot Bank Corp.
Portfolio Compositions
September 30, 2003
(in thousands)
|
| September 30, 2003 |
| December 31, 2002 |
| ||
Investment and Mortgage-Backed Securities |
|
|
|
|
| ||
Investment securities |
| $ | 47,451 |
| $ | 87,641 |
|
FHLB stock |
| 15,874 |
| 17,949 |
| ||
FHLMC stock & equity securities |
| 100,074 |
| 78,622 |
| ||
|
|
|
|
|
| ||
Total Investment Securities |
| 163,399 |
| 184,212 |
| ||
|
|
|
|
|
| ||
Mortgage-Backed Securities |
|
|
|
|
| ||
|
|
|
|
|
| ||
Fixed rate mortgage-backed securities |
| 164,475 |
| 115,331 |
| ||
Adjustable rate mortgage-backed securities |
| 6,049 |
| 9,046 |
| ||
Fixed rate CMOs |
| 704 |
| 7,279 |
| ||
|
|
|
|
|
| ||
Total Mortgage-Backed Securities |
| 171,228 |
| 131,656 |
| ||
|
|
|
|
|
| ||
Total Investment and Mortgage-Backed Securities |
| $ | 334,627 |
| $ | 315,868 |
|
|
|
|
|
|
| ||
|
| September 30, 2003 |
| December 31, 2002 |
| ||
Loans Receivable |
|
|
|
|
| ||
Commercial portfolio |
|
|
|
|
| ||
Commercial loans |
| $ | 326,544 |
| $ | 315,537 |
|
Commercial leases |
| 79,289 |
| 77,138 |
| ||
Mortgage loan portfolio |
|
|
|
|
| ||
Secured by real estate |
| 85,377 |
| 135,632 |
| ||
Construction |
| 11,148 |
| 8,220 |
| ||
Consumer loan portfolio |
|
|
|
|
| ||
Home equity |
| 91,157 |
| 72,400 |
| ||
Consumer, other |
| 5,688 |
| 7,724 |
| ||
Total loans and leases receivable |
| 599,203 |
| 616,651 |
| ||
Less deferred loan origination costs |
| 1,561 |
| 1,566 |
| ||
Allowance for credit loss |
| (6,809 | ) | (6,922 | ) | ||
Total Loans and Leases Receivable, Net |
| $ | 593,955 |
| $ | 611,295 |
|
|
|
|
|
|
| ||
|
| September 30, 2003 |
| December 31, 2002 |
| ||
Deposits |
|
|
|
|
| ||
NOW |
| $ | 34,552 |
| $ | 31,505 |
|
Money market |
| 209,182 |
| 143,564 |
| ||
Savings accounts |
| 85,823 |
| 59,029 |
| ||
Non-interest bearing demand |
| 57,859 |
| 53,471 |
| ||
|
|
|
|
|
| ||
Total demand, transaction, money market and savings deposits |
| 387,416 |
| 287,569 |
| ||
|
|
|
|
|
| ||
Branch certificates of deposit |
| 209,122 |
| 202,019 |
| ||
|
|
|
|
|
| ||
Total branch deposits |
| 596,538 |
| 489,588 |
| ||
|
|
|
|
|
| ||
Wholesale certificates of deposit |
| 27,450 |
| 29,532 |
| ||
|
|
|
|
|
| ||
Total Deposits |
| $ | 623,988 |
| $ | 519,120 |
|
|
|
|
|
|
| ||
Customer repurchase agreements |
| 13,374 |
| 14,210 |
| ||
|
|
|
|
|
| ||
Total Deposits and Customer Repurchase Agreements |
| $ | 637,362 |
| $ | 533,330 |
|
10