Centrue Financial Corporation Announces Earnings Results and Quarterly DividendsST. LOUIS, MO -- (Marketwire - February 25, 2009) - Centrue Financial Corporation (NASDAQ: TRUE), parent company of Centrue Bank, reported net income for the twelve months ended December 31, 2008 of $6.4 million or $1.02 per diluted share as compared to $11.3 million or $1.74 per diluted share earned in 2007. For the fourth quarter 2008, the Company reported a net loss of $1.6 million or $0.27 per diluted share compared to net income of $3.1 million or $0.49 per diluted share earned in the fourth quarter 2007. The Company's fourth quarter performance reflects significantly higher provision for loan losses and non-cash impairment charges related to trust preferred securities. These results are largely reflective of continued deterioration of general economic conditions and the extraordinary volatility in the securities markets experienced in the fourth quarter 2008.
The Company's Board of Directors has approved the payment of a $0.07 quarterly cash dividend on the Company's common stock. This payment represents a reduction of $0.07 per share or 50% from the dividend paid by the Company for the third quarter of 2008. This marks the 95th consecutive quarter of dividends paid to stockholders and the first dividend reduction in the Company's history. The dividend will be paid to stockholders of record on March 6, 2009 and will be payable on March 20, 2009.
"The Board's action on the first-quarter dividend reflects our objective to provide a return to our shareholders, even as we prudently manage our business in these challenging economic times," stated Thomas A. Daiber, President and Chief Executive Officer. "Adjusting our dividend level will help us maintain our strong capital position while navigating through the current economic storm. This action provides us with additional flexibility as we strive to maximize long term shareholder value and demonstrates our commitment to keeping our company healthy and strong so that we can continue to fulfill our obligations to all of our constituents."
Daiber went on to remark, "We are disappointed with our fourth quarter results which were adversely impacted by a larger than anticipated loan loss provision and an impairment expense related to investment securities. Although the earnings for 2008 were below our expectations, Centrue increased our already strong capital position. After the closing on $32.7 million in the U.S. Treasury Capital Purchase Program on January 9, 2009, we now have over $53.0 million of capital in excess of the minimum standards for a 'well capitalized' institution. We monitor our asset quality very closely and, throughout 2008, we saw a significant slow down in economic activity in the year. Based on overall economic conditions as well as our ongoing review of the loan portfolio, we felt it was prudent to provide a $5.2 million loan loss provision in the fourth quarter to increase our allowance for loan losses to 1.50% of total loans and 145.55% of nonperforming loans. No one can predict with certainty the duration or severity of our troubled economy. While only 1.03% of our loans were nonperforming at year end 2008, our borrowers are not immune to the ongoing economic slowdown. If economic conditions do not improve in 2009, it is likely that many of our borrowers will find it increasingly difficult to meet the terms of their debt obligations."
Fourth Quarter Highlights:
- -- Fourth quarter loss of $0.27 per diluted share was largely driven by a
$2.7 million non-cash charge for impairment of trust preferred
securities and a $5.2 provision for loan loss.
-- Approximately $850,000 of the $5.2 million provision for loan
loss was associated with alleged fraudulent activity with an
Illinois loan customer.
-- Excluding the $2.7 million impairment charge for trust preferred
securities and $850,000 additional provision for loan losses
related to the alleged loan fraud, the Company would have
recorded net income of $639,000 or $0.10 per diluted share.
- -- Nonperforming loans at December 31, 2008 were $10.3 million or 1.03% of
total loans, a decline of $2.2 million or 8.8% from September 30, 2008
levels.
- -- Risk-based capital and tier 1 risk-based capital ratios were 12.18% and
9.99%, respectively, an increase from 11.70% and 9.70% at September 30,
2008 and 10.23% and 9.25% that was reported at December 31, 2007.
- -- The net interest margin was 3.33%, a 4 basis point decrease when
compared to 3.37% recorded in the third quarter 2008, and a 2 basis
point decrease when compared to 3.35% reported in the fourth quarter
2007.
- -- The Company was notified prior to year-end that it was approved for
$32.7 million from the U.S. Treasury Department's Capital Purchase
Program. The transaction closed on January 9, 2009. The additional
capital provided through the Treasury's investment would have increased
the Company's December 31, 2008 total risk-based capital ratio from
12.18% to 14.82% and tier 1 risk-based capital ratio from 9.99% to
12.69%.
- -- The Company and its subsidiary, Centrue Bank, announced that they will
participate in the FDIC's Transaction Account Guarantee Program. This
program provides unlimited insurance coverage in addition to and
separate from the $250,000 coverage available under the FDIC's
insurance rules for general deposits. Available to Centrue customers
through December 31, 2009, the Program provides a full guarantee on all
non-interest-bearing transaction accounts, and NOW accounts paying
0.50% or less on the entire balance of the account, regardless of
dollar amount.
Balance Sheet
As of December 31, 2008 the Company held nine pooled trust preferred securities involving three hundred issuers with a total book value of $25.2 million. The investments in trust-preferred securities receive principal and interest payments from several pools of subordinated capital debentures with each pool containing issuance by a minimum of twenty two banks or, in a few instances, capital notes from insurance companies. During the fourth quarter, the Company recorded a pre-tax non-cash impairment charge totaling $2.7 million based upon management's determination that certain trust preferred securities with an aggregate cost of $5.8 million were other than temporarily impaired. This charge largely reflects deteriorating cash flows within one of these pools and illiquidity and credit concerns within the financial markets.
Management has determined that the remaining $22.1 million of trust-preferred securities is deemed to be only temporarily impaired at year-end. An unrealized loss of approximately $3.3 million associated with these securities has been recorded, on an after-tax basis, through stockholders' equity as a component of other comprehensive income.
Should the economic climate deteriorate from current levels, the underlying credits may experience repayment difficulty, and the level of deferrals and defaults could increase requiring additional impairment charges in future quarters. Centrue does not hold any securities containing sub-prime mortgages or Fannie Mae or Freddie Mac equities.
Gross loans at December 31, 2008 totaled $1.004 billion as compared to $973.9 million recorded at September 30, 2008 and $957.3 million recorded at December 31, 2007. The growth experienced for the twelve months of 2008 was largely generated in the St. Louis market and concentrated in commercial real estate lending activities. Excluding $30.1 million in loans related to branch sales recorded in the first and second quarters of 2008, loans grew $77.2 million or 8.3% since year-end 2007.
Centrue remains focused on profitably growing deposits, taking advantage of opportunities to deepen existing customer relationships as well as develop new long-term relationships. Total deposits grew reflecting strong certificate of deposit growth in response to competitive offers and customer desire to lock in rates in the falling rate environment. Deposits at December 31, 2008 totaled $1.049 billion as compared to $1.009 billion recorded at September 30, 2008 and $1.033 billion recorded at December 31, 2007. Excluding $54.7 million in deposits related to branch sales recorded in the first and second quarters of 2008, total deposits increased $70.7 million or 7.2% since year-end 2007. Non-interest bearing deposits were 11.3% of total deposits at December 31, 2008 as compared to 11.1% recorded at December 31, 2007.
Credit Quality and Allowance for Loan Loss
Due largely to the deterioration of the overall economic conditions, the ongoing implementation of action plans on previously identified relationships, and the identification of several additional deteriorating relationships, the Company's fourth quarter 2008 provision for loan losses increased to $5.2 million. This was $3.5 million above net charge-offs for the fourth quarter and $4.0 million higher than third quarter 2008. This increased provision raised the Company's allowance for credit losses to 1.50% of loans, up 32 basis points from third quarter 2008 and 28 basis points from fourth quarter 2007. Net charge-offs for the fourth quarter 2008 were $1.7 million or 0.17% of average loans as compared to $1.3 million or 0.13% reported in the third quarter 2008 and $546,000 or 0.06% reported in the fourth quarter 2007.
As part of an ongoing review of the commercial loan portfolio, seven additional large credits with a material deterioration in their financial condition were identified during the fourth quarter. Action plans were implemented, resulting in $28.3 million being classified as impaired but performing assets in the fourth quarter. For the two previously identified relationships disclosed in the Company's quarterly report on Form 10Q for the first quarter 2008 filed on May 9, 2008, we continue to carry $8.3 million as other real estate owned for one of these relationships. We are actively marketing the remaining parcel and no additional write-downs related to this credit have been taken other than the $1.2 million charge-off taken during the third quarter 2008. On the second relationship identified earlier in the year, the $7.3 million loan was restructured in the fourth quarter. The remaining parcel with a balance of $3.7 million remains in other assets but is under contract with ongoing due diligence. Upon satisfactory completion of the purchaser's due diligence, the closing is anticipated to take place by mid-2009.
Nonperforming loans decreased to $10.3 million as compared to $12.5 million reported in the third quarter 2008. The level of nonperforming loans to end of period loans was 1.03% as of December 31, 2008 compared to 1.28% as of September 30, 2008. The decrease in nonperforming loans, coupled with a larger allowance for loan losses, increased the allowance to nonperforming loan coverage ratio to 145.55% in the fourth quarter from third quarter's 91.78%.
Early in 2008, we implemented a strategy to reduce our exposure to construction and land development lending which continues today. The result of this strategy is a decline of $12.0 million or 6.8% from the first quarter and $3.0 million or 1.8% from the third quarter. Construction and land development loans now represent $165 million or 16.4% of the total loan portfolio, down from 17.4% recorded in the first quarter 2008. The Company has no direct exposure to sub-prime mortgages.
In early 2009, the Company determined that certain loans to an Illinois customer that were believed to be secured by inventory were subject to alleged fraudulent activity and that the resources to repay a significant part of the credit relationship were now questionable. Up to that point in time, the customer maintained a lengthy relationship of over ten years with the Company. Due to the fact that the alleged fraudulent activity occurred prior to year-end 2008, the Company provided an additional provision of $850,000 in association with the credit in the fourth quarter. The Company believes this alleged fraudulent activity was an isolated event and is not indicative of any broader loan portfolio concerns.
Management continues to diligently monitor the loan portfolio, paying particular attention to borrowers with residential real estate exposure. While virtually all of these relationships are performing, the economic outlook for this industry will likely remain extremely challenging well into 2009. Should the economic climate deteriorate from current levels, more of our borrowers may experience repayment difficulty, and the level of nonperforming loans, charge-offs and delinquencies will rise requiring further increases in the provision for loan losses.
Net Interest Margin
The net interest margin was 3.33%, a 4 basis point decrease from 3.37% recorded in the third quarter 2008 and a 2 basis point decrease from 3.35% reported in the fourth quarter 2007. Centrue's margin has been pressured by falling short-term interest rates, as approximately 40% of the Company's loan portfolio is tied to prime or LIBOR and immediately reprices downward upon a rate change; whereas, pricing on deposits have decreased at a slower rate partially due to strong competition for deposits. Due largely to continued competition in pricing loans and deposits, the protracted economic downturn, and the Company's interest rate sensitivity, the margin will likely remain under pressure throughout 2009.
Tax-equivalent net interest income for the fourth quarter 2008 decreased to $10.1 million as compared to $10.3 million earned in the same period of 2007. The decline in net interest income was largely due to a decrease in average-earning assets and compression in the net interest margin.
Noninterest Income and Expense
Total noninterest income for the fourth quarter 2008 was $585,000 as compared to $3.9 million reported in the same period in 2007. Excluding the $2.7 million impairment charge taken on trust preferred securities, noninterest income decreased $530,000 or 13.8%. The change was primarily the result of a volume related reduction in revenue generated from the mortgage banking business line and the sale of the asset management and brokerage business lines. These decreases were partially offset by an increase in fees earned from service charges and overdraft activity.
Total noninterest expense for the fourth quarter 2008 was $8.1 million, down $800,000 or 9.0% from $8.9 million recorded during the same period in 2007. The decrease was reported across most categories and was predominantly due to realization of cost saving initiatives and the impact of selling four branches in 2008 which led to reductions in the number of full-time equivalent employees, occupancy, and telephone and data line expense levels.
Capital Management
Total risk-based capital and tier 1 capital ratios were 12.18% and 9.99%, respectively, an increase from 10.23% and 9.25% that was reported at December 31, 2007. Both ratios continue to exceed the regulatory "well-capitalized" thresholds of 10.0% and 6.0%. At December 31, 2008, the Company had $115.9 million in capital, $23.0 million in excess of amounts to be considered well capitalized under applicable regulatory standards.
Other capital management activity included the following:
- -- The Company reduced its quarterly common stock dividend from $0.14 per
share to $0.07 per share in the first quarter of 2009. This reduction would
equate to approximately $1.7 million in retained capital per annum.
- -- On January 9, 2009, Centrue received $32.7 million through
participation in the U.S. Treasury's Capital Purchase Program. The
additional capital provided through the Treasury's investment in Centrue
would have increased the Company's December 31, 2008 total risk-based
capital ratio from 12.18% to 14.82% and tier 1 risk-based capital ratio
from 9.99% to 12.69%. While we have historically exceeded the industry's
'well-capitalized' standards, the Capital Purchase Program investment will
even further strengthen our balance sheet and capital position, improves
the Company's liquidity position and provides access to capital at more
attractive rates than what is available in the current market. Preferred
dividends paid to the US Treasury on their investment will equate to
approximately $1.6 million per annum.
- -- The Company did not repurchase any common shares during the fourth
quarter. The stock repurchase program expired on January 24, 2009.
About the Company
Centrue Financial Corporation is a regional financial services company headquartered in St. Louis, Missouri and devotes special attention to personal service. The Company serves a market area which extends from the far western and southern suburbs of the Chicago metropolitan area across Central Illinois down to the metropolitan St. Louis area.
Further information about the Company will be available at its website at http://www.centrue.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934 as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," or "project" or similar expressions. The Company's ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and the subsidiaries include, but are not limited to, changes in: interest rates; general economic conditions; legislative/regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality and composition of the loan or securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company's market areas; the Company's implementation of new technologies; the Company's ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Accompanying Financial Statements and Tables
Accompanying this press release is the following unaudited financial
information:
- -- Unaudited Quarterly Highlights
- -- Unaudited Consolidated Balance Sheets
- -- Unaudited Consolidated Statements of Income
Centrue Financial Corporation
Unaudited Highlights
(In Thousands, Except Share Data)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ----------------------
2008 2007 2008 2007
--------- ---------- ---------- ----------
Operating Highlights
Net income (loss) $ (1,559) $ 3,080 $ 6,390 $ 11,323
Return on average total
assets (0.46)% 0.90% 0.47% 0.85%
Return on average
stockholders' equity (5.26) 10.22 5.43 9.53
Net interest margin 3.33 3.35 3.32 3.35
Efficiency ratio 60.71 61.72 64.32 66.67
Per Share Data
Diluted earnings (loss)
per common share $ (0.27) $ 0.49 $ 1.02 $ 1.74
Book value per common
share $ 19.14 $ 19.50 $ 19.14 $ 19.50
Diluted weighted average
common shares
outstanding 6,028,491 6,227,046 6,042,296 6,380,659
Period end common shares
outstanding 6,028,491 6,071,546 6,028,491 6,071,546
Stock Performance Data
Market price:
Quarter end $ 6.17 $ 22.50 $ 6.17 $ 22.50
High $ 14.57 $ 24.90 $ 22.94 $ 24.90
Low $ 5.70 $ 19.19 $ 5.70 $ 18.50
Period end price to book
value 32.24% 115.38% 32.24% 115.38%
Centrue Financial Corporation
Unaudited Consolidated Balance Sheets
(In Thousands, Except Share Data)
December 31, December 31,
2008 2007
------------ ------------
ASSETS
Cash and cash equivalents $ 35,014 $ 51,628
Securities available-for-sale 241,851 238,661
Restricted securities 10,711 10,670
Loans 1,004,390 957,285
Allowance for loan losses (15,018) (10,755)
------------ ------------
Net loans 989,372 946,530
Cash value of life insurance 27,917 26,895
Mortgage servicing rights 2,890 3,161
Premises and equipment, net 32,376 35,615
Goodwill 24,494 25,498
Intangible assets, net 9,088 11,007
Other real estate 12,723 2,937
Other assets 15,445 12,397
------------ ------------
Total assets $ 1,401,881 $ 1,364,999
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Non-interest-bearing $ 118,745 $ 114,360
Interest-bearing 930,475 918,662
------------ ------------
Total deposits 1,049,220 1,033,022
Federal funds purchased and securities sold
under agreements to repurchase 46,306 44,937
Federal Home Loan Bank advances 140,285 121,615
Notes payable 19,826 13,802
Series B mandatory redeemable preferred stock 268 831
Subordinated debentures 20,620 20,620
Other liabilities 9,448 11,296
------------ ------------
Total liabilities 1,285,973 1,246,123
Stockholders' equity
Series A convertible preferred stock 500 500
Common stock 7,454 7,438
Surplus 71,488 70,901
Retained earnings 62,476 60,344
Accumulated other comprehensive income (loss) (3,590) 939
------------ ------------
138,328 140,122
Treasury stock, at cost (22,420) (21,246)
------------ ------------
Total stockholders' equity 115,908 118,876
Total liabilities and stockholders'
equity $ 1,401,881 $ 1,364,999
============ ============
Centrue Financial Corporation
Unaudited Consolidated Statements of Income
(In Thousands, Except Share Data)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- ------------------
2008 2007 2008 2007
-------- --------- -------- --------
Interest income
Loans $ 14,391 $ 18,097 $ 62,975 $ 69,060
Securities
Taxable 2,301 2,876 9,032 12,419
Exempt from federal income taxes 341 379 1,405 1,520
Federal funds sold and other 12 197 106 577
-------- --------- -------- --------
Total interest income 17,045 21,549 73,518 83,576
Interest expense
Deposits 5,964 9,566 27,555 37,560
Federal funds purchased and
securities sold under agreements
to repurchase 85 472 760 1,881
Federal Home Loan Bank advances 493 925 3,279 2,834
Series B mandatory redeemable
preferred 13 13 50 50
Subordinated debentures 316 395 1,272 1,688
Notes payable 289 235 1,028 722
-------- --------- -------- --------
Total interest expense 7,160 11,606 33,944 44,735
Net interest income 9,885 9,943 39,574 38,841
Provision for loan losses 5,225 449 8,082 675
-------- --------- -------- --------
Net interest income after
provision for loan losses 4,660 9,494 31,492 38,166
Noninterest income
Service charges 1,812 1,726 7,303 6,789
Trust income 89 238 750 942
Mortgage banking income 341 461 1,525 1,743
Brokerage commissions and fees 13 149 254 795
Bank owned life insurance 256 251 1,022 991
Securities gains (losses) - 4 848 (29)
Other than temporary impairment
on securities (2,735) - (2,735) -
Gain on sale of OREO 19 60 379 1,107
Gain on sale of other assets 231 - 1,309 -
Other income 559 961 2,754 3,327
-------- --------- -------- --------
585 3,850 13,409 15,665
Noninterest expenses
Salaries and employee benefits 3,407 3,452 16,283 17,635
Occupancy, net 880 1,055 3,598 4,043
Furniture and equipment 618 683 2,673 2,621
Marketing 322 297 1,228 1,035
Supplies and printing 139 179 470 653
Telephone 158 248 772 834
Data processing 397 484 1,309 1,650
Amortization of intangible assets 435 534 2,607 2,307
Other expenses 1,730 1,976 6,805 6,555
-------- --------- -------- --------
8,086 8,908 35,745 37,333
Income (loss) before income taxes (2,841) 4,436 9,156 16,498
Income taxes (benefit) (1,282) 1,356 2,766 5,175
-------- --------- -------- --------
Net income (loss) $ (1,559) $ 3,080 $ 6,390 $ 11,323
======== ========= ======== ========
Preferred stock dividends 51 51 207 207
-------- --------- -------- --------
Net income (loss) for common
stockholders $ (1,610) $ 3,029 $ 6,183 $ 11,116
======== ========= ======== ========
Basic earnings (loss) per common
share $ (0.27) $ 0.49 $ 1.02 $ 1.75
======== ========= ======== ========
Diluted earnings (loss) per common
share $ (0.27) $ 0.49 $ 1.02 $ 1.74
======== ========= ======== ========
Centrue Financial Corporation
Unaudited Selected Quarterly Consolidated Financial Data
(In Thousands, Except Share Data)
Quarters Ended
-----------------------------------------------------
12/31/08 09/30/08 06/30/08 03/31/08 12/31/07
--------- --------- --------- --------- ---------
Statement of Income
Data
Interest income $ 17,045 $ 17,831 $ 18,460 $ 20,182 $ 21,549
Interest expense (7,160) (7,849) (8,456) (10,479) (11,606)
--------- --------- --------- --------- ---------
Net interest income 9,885 9,982 10,004 9,703 9,943
Provision for loan
losses 5,225 1,225 866 766 449
--------- --------- --------- --------- ---------
Net interest income
after provision for
loan losses 4,660 8,757 9,138 8,937 9,494
Noninterest income 585 3,594 4,292 4,938 3,850
Noninterest
expense 8,086 8,122 9,221 10,316 8,908
--------- --------- --------- --------- ---------
Income (loss) before
income taxes (2,841) 4,229 4,209 3,559 4,436
Provision
(benefit) for
income taxes (1,282) 1,430 1,504 1,114 1,356
--------- --------- --------- --------- ---------
Net income (loss) $ (1,559) $ 2,799 $ 2,705 $ 2,445 $ 3,080
========= ========= ========= ========= =========
Net income (loss)
on common stock $ (1,610) $ 2,747 $ 2,653 $ 2,393 $ 3,029
========= ========= ========= ========= =========
Per Share Data
Basic earnings
(loss) per common
share $ (0.27) $ 0.46 $ 0.44 $ 0.40 $ 0.49
Diluted earnings
(loss) per common
share (0.27) 0.46 0.44 0.39 0.49
Cash dividends on
common stock 0.14 0.14 0.14 0.13 0.13
Dividend payout
ratio for common
stock NM 30.72% 31.81% 32.97% 26.74%
Book value per
common share $ 19.14 $ 19.53 $ 19.26 $ 19.48 $ 19.50
Basic weighted
average common
shares
outstanding 6,028,491 6,028,491 6,027,168 6,051,554 6,174,732
Diluted weighted
average common
shares
outstanding 6,028,491 6,030,147 6,048,920 6,088,608 6,227,046
Period-end common
shares
outstanding 6,028,491 6,028,491 6,028,491 6,026,146 6,071,546
Balance Sheet Data
Securities $ 252,562 $ 215,960 $ 214,534 $ 217,937 $ 249,331
Loans 1,004,390 973,933 1,003,689 1,016,097 957,285
Allowance for loan
losses 15,018 11,461 11,542 11,221 10,755
Assets 1,401,881 1,342,182 1,373,548 1,387,852 1,364,999
Deposits 1,049,220 1,008,725 1,010,723 1,049,049 1,033,022
Stockholders'
equity 115,908 118,248 116,607 117,870 118,876
Earnings
Performance Data
Return on average
total assets (0.46)% 0.83% 0.80% 0.71% 0.90%
Return on average
stockholders'
equity (5.26) 9.64 9.26 8.24 10.22
Net interest
margin ratio 3.33 3.37 3.34 3.25 3.35
Efficiency ratio(1) 60.71 58.85 64.76 73.06 61.72
Asset Quality Ratios
Nonperforming assets
to total end of
period assets 1.64% 1.87% 1.76% 0.38% 0.51%
Nonperforming loans
to total end of
period loans 1.03 1.28 1.97 0.40 0.43
Net loan
charge-offs to
total average
loans 0.17 0.13 0.05 0.03 0.06
Allowance for loan
losses to total
end of period
loans 1.50 1.18 1.15 1.10 1.12
Allowance for loan
losses to
nonperforming
loans 145.55 91.78 58.27 276.52 262.96
Capital Ratios
Average equity to
average assets 8.82% 8.63% 8.61% 8.68% 8.75%
Risk-based capital
ratio 12.18 11.70 11.17 10.79 10.23
Tier 1 risk-based
capital 9.99 9.70 9.42 8.94 9.25
Tier 1 leverage
ratio 8.10 8.30 7.93 7.65 7.69
(1) Calculated as noninterest expense less amortization of intangibles and
expenses related to other real estate owned divided by the sum of net
interest income before provisions for loan losses and total
noninterest income excluding securities gains and losses and gains on
sale of assets.
Contact:
Thomas A. Daiber
President and Chief Executive Officer
Centrue Financial Corporation
tom.daiber@centrue.com
Kurt R. Stevenson
Senior Executive Vice President
and Chief Financial Officer
Centrue Financial Corporation
kurt.stevenson@centrue.com
