FOR IMMEDIATE RELEASE
NORWOOD FINANCIAL ANNOUNCES INCREASED EARNINGS FOR THE FOURTH
QUARTER AND YEAR
January 25, 2010-Honesdale, PA
Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial Corp (Nasdaq Global Market – NWFL) and its subsidiary Wayne Bank today announced earnings for the three months ended December 31, 2009 of $1,802,000. This represents an increase of $217,000 or 13.7% from the $1,585,000 earned in the similar period of 2008. Earnings per share (fully diluted) were $.65 in the 2009 period compared to $.57 earned in the similar period of 2008. The increase was principally due to receipt of $816,000 of proceeds from a bank-owned life insurance policy. This was partially offset by a higher provision for loan losses which totaled $1,100,000 in 2009 compared to $420,000 in 2008. Annualized return on average assets for the quarter was 1.35% with an annualized return on equity of 11.09%. For the year ended December 31, 2009 net income totaled $7,063,000, an increase of $386,000, or 5.8% over the $6,677,000 earned in the prior year. Earnings per share on a fully diluted basis were $2.55 for 2009, compared to $2.41 in 2008. The return on average assets for the year was 1.38% with a return on average equity of 11.40%.
Total assets were $529.7 million as of December 31, 2009. Loans receivable totaled $363.5 million as of December 31, 2009, with total deposits of $391.5 million and stockholders’ equity of $64.5 million. The Company’s capital position remains strong and is at the top level of its peer group in all regulatory measures of capital.
1
Loans receivable increased $14.1 million or 4.0% from the prior year-end. The increase in loans was centered in commercial real estate. The Company experienced a significant volume of residential mortgage refinancing activity in 2009. During the year, the Company sold $21.6 million of fixed rate residential mortgages for purposes of interest rate risk management. As a result of the general slow down in the local economy, higher unemployment and a softer real estate market, the Company did experience an increase in non-performing loans in 2009. As of December 31, 2009, total non-performing loans were $5,015,000 and represented 1.38% of total loans compared to $2,087,000, or .60% as of December 31, 2008. The increase was principally due to one commercial real estate loan and a home equity loan in which the Bank is in a first lien position. For the three months and year ended December 31, 2009, net charge-offs totaled $310,000 and $465,000 respectively, compared to $518,000 and $583,000 respectively for the similar periods in 2008. With the increase in non-performing loans, higher unemployment, soft real estate market and slow economy, the Company increased its provision for loan losses to $1,100,000 for the three months ended December 31, 2009 and $1,685,000 for the year 2009 compared to $420,000 in the similar quarter in 2008 and $735,000 for the year 2008. As of December 31, 2009, the allowance for loan losses totaled $5,453,000 and 1.50% of total loans increasing from $4,233,000 and 1.21% of loans at December 31, 2008.
Net interest income (fully taxable equivalent) totaled $5,035,000 for the three months ended December 31, 2009, an increase of $154,000, over the similar period in 2008. Net interest margin (fte) for the 2009 period was 3.96% decreasing from 4.09% for the similar period in 2008. The decrease in net interest margin was principally due to the lower short-term asset yields, and a higher level of interest-bearing deposits with other
2
banks and federal funds sold. This was partially offset by a 44 basis point decrease in cost of funds. For the year, net interest income (fte) totaled $19,872,000, an increase of $842,000 or 4.4% over 2008. The net interest margin (fte) decreased 4 basis points to 4.03% in 2009.
Other income for the three months ended December 31, 2009 totaled $1,925,000 compared to $890,000 for the similar period in 2008. The increase was principally due to the receipt of $816,000 in proceeds from a bank-owned life insurance policy. Other income for 2009 totaled $5,392,000 compared to $4,087,000 in 2008, an increase of $1,305,000. The earnings and proceeds on bank owned life insurance policies totaled $1,196,000 in 2009 compared to $345,000 in 2008. Gains on the sales of investment securities totaled $463,000 on sales of $16.6 million for the 2009 period compared to $18,000 in losses in the 2008 period. The Company also had a $150,000 gain on the sale of deposits related to a branch closure in the 2009 period. The 2009 period includes $481,000 in gains on the sales of $21.6 million of mortgage loans and servicing rights compared to $499,000 in similar gains on sales of $14.4 million of mortgage loans and servicing rights in the 2008 period.
Other expense totaled $3,702,000 for the three months ended December 30, 2009, compared to $2,946,000 in the similar period of 2008. The increase was due in part to a higher level of foreclosed real estate costs which totaled $288,000 in the 2009 period and $11,000 for the 2008 period. The current period also included $267,000 related to funding an employee benefit plan. For the year ended December 31, 2009, other expense totaled $13,471,000 compared to $12,240,000 for the similar period in 2009, an increase of $1,231,000. The increase was due in part to higher FDIC insurance assessments which
3
increased $620,000 including the special assessment of $225,000. This was partially offset by a lower level of foreclosed real estate costs which totaled $436,000 in the 2009 period and $582,000 in 2008.
Mr. Critelli commented, “Given these unprecedented times, we are extremely pleased with our operating results. Our core earnings are strong, our net interest margin exceeded 4% for the year and our regulatory capital levels are at the top of our peer group. We ended 2009 with record levels of assets, loans, deposits and capital. In addition, 2009 marks the eighteenth consecutive year in which we increased our cash dividend which totaled $1.09 per share in 2009 compared to $1.02 per share in 2008. We are certainly aware that a slow economy, increasing unemployment and soft real estate market will continue to impact our market area and customers in 2010. We are continually monitoring our credit quality and are aggressively addressing any issues as they arise.”
Norwood Financial Corp., through its subsidiary Wayne Bank, operates eleven offices in Wayne, Pike and Monroe Counties, Pennsylvania. The Company’s stock is traded on the Nasdaq Global Market, under the symbol, “NWFL”.
Forward-Looking Statements.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to a number of uncertainties and actual results could differ materially and therefore readers should not place undue reliance on any forward looking statements. Those risks and uncertainties include changes in the absolute and relative levels of interest rates, the ability to control costs and expenses, demand for real estate, general economic conditions and the effectiveness of governmental responses thereto. Norwood Financial Corp. does not undertake and specifically disclaims any
4
obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Non-GAAP Financial Measures
This release references tax-equivalent net interest income, which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Tax-equivalent net interest income is derived from GAAP using an assumed tax rate of 34%. We believe the presentation of net interest income on a tax–equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice. The following reconciles net interest income to net interest income on a fully taxable equivalent basis:
|
| Three months ended |
| Year ended | ||||||||
(dollars in thousands) |
| December 31 |
| December 31 | ||||||||
|
| 2009 |
|
| 2008 |
|
| 2009 |
|
| 2008 | |
Net interest income |
| $ | 4,826 |
| $ | 4,727 |
| $ | 19,109 |
| $ | 18,401 |
Tax equivalent basis adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
using 34% marginal tax rate |
|
| 209 |
|
| 154 |
|
| 763 |
|
| 629 |
Net interest income on a fully |
|
|
|
|
|
|
|
|
|
|
|
|
taxable equivalent basis |
| $ | 5,035 |
| $ | 4,881 |
| $ | 19,872 |
| $ | 19,030 |
Contact: | Lewis J. Critelli |
|
|
| President & |
|
|
| Chief Executive Officer |
|
|
| NORWOOD FINANCIAL CORP. |
|
|
| 570-253-8512 |
|
|
| www.waynebank.com |
|
|
5
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets
(dollars in thousands, except share data)
(unaudited)
|
| December 31 |
| ||
|
| 2009 |
| 2008 |
|
ASSETS |
|
|
|
|
|
Cash and due from banks | $ | 6,498 | $ | 6,463 |
|
Interest bearing deposits with banks |
| 7,857 |
| 17 |
|
Federal funds sold |
| 3,000 |
| - |
|
Cash and cash equivalents |
| 17,355 |
| 6,480 |
|
|
|
|
|
|
|
Securities available for sale |
| 130,577 |
| 130,120 |
|
Securities held to maturity, fair value 2009: $722 2008: $720 |
| 708 |
| 707 |
|
Loans receivable (net of unearned Income) |
| 363,474 |
| 349,404 |
|
Less: Allowance for loan losses |
| 5,453 |
| 4,233 |
|
Net loans receivable |
| 358,021 |
| 345,171 |
|
Investment in FHLB Stock, at cost |
| 3,538 |
| 3,538 |
|
Bank premises and equipment,net |
| 5,189 |
| 5,490 |
|
Bank owned life insurance |
| 7,889 |
| 8,068 |
|
Foreclosed real estate owned |
| 392 |
| 660 |
|
Accrued interest receivable |
| 2,200 |
| 2,179 |
|
Other assets |
| 3,827 |
| 1,883 |
|
TOTAL ASSETS | $ | 529,696 | $ | 504,296 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Non-interest bearing demand | $ | 59,821 | $ | 56,839 |
|
Interest-bearing |
| 331,652 |
| 302,796 |
|
Total deposits |
| 391,473 |
| 359,635 |
|
Short-term borrowings |
| 25,803 |
| 38,126 |
|
Other borrowings |
| 43,000 |
| 43,000 |
|
Accrued interest payable |
| 2,057 |
| 2,247 |
|
Other liabilities |
| 2,892 |
| 2,598 |
|
TOTAL LIABILITIES |
| 465,225 |
| 445,606 |
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Common Stock, $.10 par value, authorized 10,000,000 shares |
|
|
|
|
|
issued: 2,840,872 |
| 284 |
| 284 |
|
Surplus |
| 9,764 |
| 9,972 |
|
Retained earnings |
| 54,455 |
| 50,398 |
|
Treasury stock, at cost: 2009: 68,435 shares, 2008: 104,310 shares |
| (2,122) |
| (3,243) |
|
Accumulated other comprehensive income (loss) |
| 2,090 |
| 1,279 |
|
TOTAL STOCKHOLDERS’ EQUITY |
| 64,471 |
| 58,690 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
STOCKHOLDERS’ EQUITY | $ | 529,696 | $ | 504,296 |
|
NORWOOD FINANCIAL CORP.
Consolidated Statements of Income
(dollars in thousands, except per share data)
(unaudited)
|
| Three Months Ended December 31 |
| Year-ended December 31 |
| ||||
|
| 2009 |
| 2008 |
| 2009 |
| 2008 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
Loans receivable, including fees | $ | 5,428 | $ | 5,423 | $ | 21,523 | $ | 21,983 |
|
Securities |
| 1,283 |
| 1,508 |
| 5,293 |
| 6,083 |
|
Other |
| 11 |
| 3 |
| 19 |
| 29 |
|
Total Interest income |
| 6,722 |
| 6,934 |
| 26,835 |
| 28,095 |
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
Deposits |
| 1,411 |
| 1,659 |
| 5,765 |
| 7,773 |
|
Short-term borrowings |
| 63 |
| 128 |
| 292 |
| 693 |
|
Other borrowings |
| 421 |
| 420 |
| 1,669 |
| 1,228 |
|
Total Interest expense |
| 1,895 |
| 2,207 |
| 7,726 |
| 9,694 |
|
NET INTEREST INCOME |
| 4,827 |
| 4,727 |
| 19,109 |
| 18,401 |
|
PROVISION FOR LOAN LOSSES |
| 1,100 |
| 420 |
| 1,685 |
| 735 |
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
| 3,727 |
| 4,307 |
| 17,424 |
| 17,666 |
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME |
|
|
|
|
|
|
|
|
|
Service charges and fees |
| 622 |
| 636 |
| 2,476 |
| 2,600 |
|
Income from fiduciary activities |
| 91 |
| 111 |
| 354 |
| 404 |
|
Net realized gains (losses) on sales of securities |
| 40 |
| -- |
| 463 |
| (18) |
|
Gains on sale of loans and servicing rights |
| 185 |
| 13 |
| 481 |
| 499 |
|
Earnings and proceeds on life insurance policies |
| 913 |
| 84 |
| 1,196 |
| 345 |
|
Gain on sale of deposits |
| - |
| - |
| 150 |
| - |
|
Other |
| 74 |
| 46 |
| 272 |
| 257 |
|
Total other income |
| 1,925 |
| 890 |
| 5,392 |
| 4,087 |
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
| 2,009 |
| 1,525 |
| 6,829 |
| 6,046 |
|
Occupancy, furniture and equipment |
| 360 |
| 378 |
| 1,591 |
| 1,625 |
|
Data processing related |
| 195 |
| 202 |
| 788 |
| 753 |
|
Taxes, other than income |
| 70 |
| 117 |
| 484 |
| 504 |
|
Professional Fees |
| 109 |
| 81 |
| 411 |
| 331 |
|
FDIC Insurance assessment |
| 93 |
| 52 |
| 710 |
| 90 |
|
Foreclosed real estate owned |
| 288 |
| 11 |
| 436 |
| 582 |
|
Other |
| 578 |
| 580 |
| 2,222 |
| 2,309 |
|
Total other expenses |
| 3,702 |
| 2,946 |
| 13,471 |
| 12,240 |
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE TAX |
| 1,950 |
| 2,251 |
| 9,345 |
| 9,513 |
|
INCOME TAX EXPENSE |
| 148 |
| 666 |
| 2,282 |
| 2,836 |
|
NET INCOME | $ | 1,802 | $ | 1,585 | $ | 7,063 | $ | 6,677 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share | $ | 0.65 | $ | 0.58 | $ | 2.57 | $ | 2.44 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share | $ | 0.65 | $ | 0.57 | $ | 2.55 | $ | 2.41 |
|
|
|
|
|
|
|
|
|
|
|
NORWOOD FINANCIAL CORP.
Financial Highlights (Unaudited)
(dollars in thousands, except per share data)
For the Three Months Ended December 31 |
| 2009 |
| 2008 |
|
|
|
|
|
|
|
Net interest income | $ | 4,827 | $ | 4,727 |
|
Net income |
| 1,802 |
| 1,585 |
|
|
|
|
|
|
|
Net interest spread (fully taxable equivalent) |
| 3.55% |
| 3.61% |
|
Net interest margin (fully taxable equivalent) |
| 3.96% |
| 4.09% |
|
Return on average assets |
| 1.35% |
| 1.26% |
|
Return on average equity |
| 11.09% |
| 11.05% |
|
Basic earnings per share | $ | 0.65 | $ | 0.58 |
|
Diluted earnings per share |
| 0.65 |
| 0.57 |
|
|
|
|
|
|
|
For the Year Ended Ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income | $ | 19,109 | $ | 18,401 |
|
Net income |
| 7,063 |
| 6,677 |
|
|
|
|
|
|
|
Net interest spread (fully taxable equivalent) |
| 3.60% |
| 3.51% |
|
Net interest margin (fully taxable equivalent) |
| 4.03% |
| 4.07% |
|
Return on average assets |
| 1.38% |
| 1.36% |
|
Return on average equity |
| 11.40% |
| 11.79% |
|
Basic earnings per share | $ | 2.57 | $ | 2.44 |
|
Diluted earnings per share |
| 2.55 |
| 2.41 |
|
|
|
|
|
|
|
As of December 31 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets | $ | 529,696 | $ | 504,296 |
|
Total Loans receivable |
| 363,474 |
| 349,404 |
|
Allowance for loan losses |
| 5,453 |
| 4,233 |
|
Total deposits |
| 391,473 |
| 359,635 |
|
Stockholders’ equity |
| 64,471 |
| 58,690 |
|
Trust Assets under management |
| 99,373 |
| 90,069 |
|
|
|
|
|
|
|
Book value per share | $ | 23.25 | $ | 21.45 |
|
Equity to total assets |
| 12.17% |
| 11.64% |
|
Allowance to total loans receivable |
| 1.50% |
| 1.21% |
|
Nonperforming loans to total loans |
| 1.38% |
| 0.60% |
|
Nonperforming assets to total assets |
| 1.02% |
| 0.54% |
|
NORWOOD FINANCIAL CORP.
Consolidated Balance Sheets (unaudited)
(dollars in thousands)
|
| 31-Dec |
| 30-Sep |
| 30-Jun |
| 31-Mar |
| 31-Dec |
|
|
| 2009 |
| 2009 |
| 2009 |
| 2009 |
| 2008 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks | $ | 6,498 | $ | 8,769 | $ | 7,548 | $ | 5,682 | $ | 6,463 |
|
Interest bearing deposits with banks |
| 7,857 |
| 280 |
| 6 |
| 9,329 |
| 17 |
|
Federal funds sold |
| 3,000 |
| 3,000 |
| - |
| 3,000 |
| - |
|
Cash and cash equivalents |
| 17,355 |
| 12,049 |
| 7,554 |
| 18,011 |
| 6,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
| 130,577 |
| 126,349 |
| 122,601 |
| 124,222 |
| 130,120 |
|
Securities held to maturity |
| 708 |
| 708 |
| 708 |
| 707 |
| 707 |
|
Loans receivable (net of unearned Income) |
| 363,474 |
| 359,482 |
| 360,593 |
| 351,433 |
| 349,404 |
|
Less: Allowance for loan losses |
| 5,453 |
| 4,663 |
| 4,574 |
| 4,413 |
| 4,233 |
|
Net loans receivable |
| 358,021 |
| 354,819 |
| 356,019 |
| 347,020 |
| 345,171 |
|
Investment in FHLB stock |
| 3,538 |
| 3,538 |
| 3,538 |
| 3,538 |
| 3,538 |
|
Bank premises and equipment, net |
| 5,189 |
| 5,258 |
| 5,297 |
| 5,413 |
| 5,490 |
|
Foreclosed real estate owned |
| 392 |
| 562 |
| 798 |
| 768 |
| 660 |
|
Other assets |
| 13,916 |
| 11,584 |
| 11,980 |
| 11,745 |
| 12,130 |
|
TOTAL ASSETS | $ | 529,696 | $ | 514,867 | $ | 508,495 | $ | 511,424 | $ | 504,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing demand | $ | 59,821 | $ | 63,600 | $ | 60,444 | $ | 57,270 | $ | 56,839 |
|
Interest- bearing deposits |
| 331,652 |
| 319,263 |
| 313,709 |
| 313,146 |
| 302,796 |
|
Total deposits |
| 391,473 |
| 382,863 |
| 374,153 |
| 370,416 |
| 359,635 |
|
Other borrowings |
| 68,803 |
| 62,553 |
| 67,596 |
| 72,412 |
| 81,126 |
|
Other liabilities |
| 4,949 |
| 5,715 |
| 5,645 |
| 8,446 |
| 4,845 |
|
TOTAL LIABILITIES |
| 465,225 |
| 451,131 |
| 447,394 |
| 451,274 |
| 445,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
| 64,471 |
| 63,736 |
| 61,101 |
| 60,150 |
| 58,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY | $ | 529,696 | $ | 514,867 | $ | 508,495 | $ | 511,424 | $ | 504,296 |
|
NORWOOD FINANCIAL CORP.
Consolidated Statements of Income (unaudited)
(dollars in thousands, except per share data)
|
| 31-Dec |
| 30-Sep |
| 30-Jun |
| 31-Mar |
| 31-Dec |
|
Three months ended |
| 2009 |
| 2009 |
| 2009 |
| 2009 |
| 2008 |
|
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
Loans receivable, including fees | $ | 5,428 | $ | 5,382 | $ | 5,426 | $ | 5,287 | $ | 5,423 |
|
Securities |
| 1,283 |
| 1,297 |
| 1,316 |
| 1,397 |
| 1,508 |
|
Other |
| 11 |
| 1 |
| 1 |
| 6 |
| 3 |
|
Total Interest income |
| 6,722 |
| 6,680 |
| 6,743 |
| 6,690 |
| 6,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
Deposits |
| 1,411 |
| 1,433 |
| 1,420 |
| 1,501 |
| 1,659 |
|
Borrowings |
| 484 |
| 481 |
| 488 |
| 508 |
| 548 |
|
Total Interest expense |
| 1,895 |
| 1,914 |
| 1,908 |
| 2,009 |
| 2,207 |
|
NET INTEREST INCOME |
| 4,827 |
| 4,766 |
| 4,835 |
| 4,681 |
| 4,727 |
|
PROVISION FOR LOAN LOSSES |
| 1,100 |
| 140 |
| 220 |
| 225 |
| 420 |
|
NET INTEREST INCOME AFTER |
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR LOAN LOSSES |
| 3,727 |
| 4,626 |
| 4,615 |
| 4,456 |
| 4,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME |
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees |
| 622 |
| 614 |
| 642 |
| 598 |
| 636 |
|
Income from fiduciary activities |
| 91 |
| 99 |
| 82 |
| 82 |
| 111 |
|
Net realized gains (losses) on sales of securities |
| 40 |
| 90 |
| 172 |
| 161 |
| - |
|
Gains on sale of loans and servicing rights |
| 185 |
| 42 |
| 121 |
| 133 |
| 13 |
|
Gain on sale of deposits |
| - |
| - |
| - |
| 150 |
| - |
|
Earnings and proceeds on life insurance |
| 913 |
| 102 |
| 88 |
| 93 |
| 84 |
|
Other |
| 74 |
| 71 |
| 63 |
| 64 |
| 46 |
|
Total other income |
| 1,925 |
| 1,018 |
| 1,168 |
| 1,281 |
| 890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
| 2,009 |
| 1,611 |
| 1,595 |
| 1,614 |
| 1,525 |
|
Occupancy, furniture and equipment , net |
| 360 |
| 367 |
| 379 |
| 485 |
| 378 |
|
Foreclosed real estate owned |
| 288 |
| 130 |
| 6 |
| 12 |
| 11 |
|
FDIC insurance assessment |
| 93 |
| 133 |
| 358 |
| 126 |
| 54 |
|
Other |
| 952 |
| 933 |
| 982 |
| 1,038 |
| 978 |
|
Total other expenses |
| 3,702 |
| 3,174 |
| 3,320 |
| 3,275 |
| 2,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE TAX |
| 1,950 |
| 2,470 |
| 2,463 |
| 2,462 |
| 2,251 |
|
INCOME TAX EXPENSE |
| 148 |
| 695 |
| 714 |
| 725 |
| 666 |
|
NET INCOME | $ | 1,802 | $ | 1,775 | $ | 1,749 | $ | 1,737 | $ | 1,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share | $ | 0.65 | $ | 0.64 | $ | 0.64 | $ | 0.63 | $ | 0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share | $ | 0.65 | $ | 0.64 | $ | 0.63 | $ | 0.63 | $ | 0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value per share | $ | 23.25 | $ | 23.07 | $ | 22.23 | $ | 21.99 | $ | 21.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity |
| 11.09% |
| 11.25% |
| 11.49% |
| 11.80% |
| 11.05% |
|
Return on average assets |
| 1.39% |
| 1.40% |
| 1.39% |
| 1.39% |
| 1.26% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
| 3.55% |
| 3.63% |
| 3.70% |
| 3.54% |
| 3.61% |
|
Net interest margin |
| 3.96% |
| 4.07% |
| 4.13% |
| 3.96% |
| 4.09% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
| 1.50% |
| 1.30% |
| 1.27% |
| 1.26% |
| 1.21% |
|
Net charge-offs to average loans (annualized) |
| 0.34% |
| 0.06% |
| 0.07% |
| 0.05% |
| 0.60% |
|
Nonperforming loans to total loans |
| 1.38% |
| 0.88% |
| 0.50% |
| 0.48% |
| 0.60% |
|
Nonperforming assets to total assets |
| 1.02% |
| 0.73% |
| 0.51% |
| 0.48% |
| 0.54% |
|