Centrue Financial Corporation Announces 2011 Fourth Quarter EarningsST. LOUIS, MO -- (Marketwire - March 15, 2012) - Centrue Financial Corporation (the "Company" or "Centrue") (OTCQB: TRUE) (PINKSHEETS: TRUE)
Highlights
- Earnings: Fourth quarter of 2011 net income was $0.1 million compared to a net loss of $39.2 million for the fourth quarter of 2010 and a net loss of $4.7 million for the third quarter of 2011.
- Risk-Based Capital Ratios: At December 31, 2011 unit Centrue Bank was considered "well-capitalized." Centrue Bank total risk-based capital and Tier 1 leverage capital ratios were 10.28% and 6.06%. The Company was considered "adequately-capitalized" under regulatory defined capital ratios except for the Company's Tier 1 leverage ratio which was 3.74%. The Company total risk-based capital ratio was 9.03%.
- Credit Quality: Nonperforming assets declined $20.1 million from December 31, 2010 and $5.4 million from September 30, 2011. The allowance to total loans was 3.65%, a decrease from 4.37% at December 31, 2010 and 3.76% at September 30, 2011; the coverage ratio (allowance for loan losses to nonperforming loans) was 46.32%, an increase from 45.02% at December 31, 2010 and a decrease from 48.59% at September 30, 2011.
- Balance Sheet: Total assets equaled $968.0 million, representing decreases of $137.2 million, or 12.4%, from year-end 2010 and $41.0 million, or 4.1%, from September 30, 2011. Total loans equaled $582.4 million, representing decreases of $139.5 million, or 19.3%, from year-end 2010 and $38.1 million, or 6.1%, from September 30, 2011. Total deposits equaled $848.6 million, representing decreases of $82.5 million, or 8.9%, from year-end 2010 and $13.5 million, or 1.6%, from September 30, 2011.
- Net Interest Margin: The net interest margin was 3.09% for the fourth quarter 2011, representing an increase of 2 basis points from 3.07% reported in the fourth quarter of 2010 and a decrease of 5 basis points from 3.14% recorded in the third quarter of 2011.
- Liquidity: As part of its continued liquidity management efforts, the Company's cash and cash equivalents were $69.7 million at year-end, up from $63.3 million recorded at the previous quarter-end.
- Operations: Unit Centrue Bank completed the sale of its Champaign branch to Springfield, IL-based Marine Bank on November 18, 2011. Marine Bank assumed approximately $23.5 million of deposit liabilities related to the branch as well as $10.3 million of branch loans. The transaction generated a net gain on sale of $1.3 million.
ST. LOUIS, MO Centrue Financial Corporation (the "Company" or "Centrue") (OTCQB: TRUE) (PINKSHEETS: TRUE), parent company of Centrue Bank, reported fourth quarter net income of $0.1 million, or a loss of $0.08 per common diluted share, compared to a net loss of $39.2 million, or $6.56 per common diluted share in the fourth quarter of 2010 and a net loss of $4.7 million, or $0.87 per common diluted share in the third quarter of 2011. The results for the fourth quarter 2011 were impacted by a $1.3 million gain on sale of the Champaign branch, security gains of $0.8 million, a $1.5 million charge to the provision for loan losses and a $1.1 million non-cash valuation adjustment on OREO properties.
Credit costs continued to weigh on earnings in the fourth quarter 2011, as we recorded $1.5 million in provision for loan losses largely related to asset quality deterioration in the Company's land development, construction and commercial real estate portfolio. Also impacting earnings was a $1.1 million non-cash valuation adjustment to OREO, increased loan remediation costs, including collection expenses on nonperforming loans and expenses associated with maintaining foreclosed real estate. Positively contributing to earnings were gains on the sale of the Champaign branch and gains on sale of securities.
For the full year 2011, the Company reported a net loss of $10.6 million, or $2.08 per common diluted share as compared to a net loss of $65.8 million, or $11.20 per common diluted share for the same period in 2010. Results for 2011 were adversely impacted by $11.4 million in provision for loan losses, $6.8 million non-cash valuation adjustments to OREO, and $0.5 million decrease in mortgage banking income.
"This past year has been a period of transition and change for our organization on many fronts," remarked President & CEO Kurt R. Stevenson. "Despite reporting losses for 2011, the modest quarterly earnings mark what we hope to be an important shift in momentum. We ended the year with a continued focus on two critical objectives -- working through our asset quality challenges and increasing revenue. With the addition of several new commercial calling officers, a newly formed treasury management area and the expansion of our mortgage banking team, it is clear that we are back on the offense with our sales efforts as we focus on quality, relationship-oriented growth."
Securities
Total securities equaled $238.0 million, representing an increase of $8.1 million, or 3.5%, from year-end 2010 and a decrease of $7.2 million, or 2.9%, from September 30, 2011. During the fourth quarter of 2011, the Company evaluated its security portfolio and determined there was no other-than-temporary impairment loss. The full year impairment charges recorded were $0.5 million.
Loans
Total loans equaled $582.4 million, representing decreases of $139.5 million, or 19.3%, from year-end 2010 and $38.1 million, or 6.1%, from September 30, 2011. This decline was related to a combination of normal attrition, pay-downs, loan charge-offs, and transfers to OREO. Also contributing to the decrease was $10.3 million related to the sale of the Champaign branch. Due to economic conditions, we have also experienced a decrease in loan demand as many borrowers continue to reduce their debt.
Funding and Liquidity
Total deposits equaled $848.6 million, representing decreases of $82.5 million, or 8.9%, from year-end 2010 and $13.5 million, or 1.6%, from September 30, 2011. The net decrease during the fourth quarter of 2011 was largely concentrated in higher cost time deposits and partially related to a $23.5 million reduction related to the sale of the Champaign branch.
Due to continued uncertainty in the financial markets, we elected to maintain a higher level of liquidity during 2011. The Bank's overall liquidity position improved during the fourth quarter 2011, largely due to a reduction in the loan portfolio, net of gross charge-offs and transfers to OREO.
Credit Quality
The key credit quality metrics are as follows:
- The allowance for loan losses to total loans was 3.65% at December 31, 2011, compared to 4.37% at December 31, 2010 and 3.76% at September 30, 2011. Management evaluates the sufficiency of the allowance for loan losses based on the combined total of specific allocations, historical loss and qualitative components and believes that the allowance for loan losses represented probable incurred credit losses inherent in the loan portfolio at December 31, 2011.
- The provision for loan losses for the fourth quarter of 2011 was $1.5 million, down from $10.5 million recorded in the fourth quarter of 2010 and $2.4 million recorded in the third quarter of 2011. The fourth quarter 2011 provision level was driven by:
- Lowering levels of nonperforming loans and less new credits that migrated to nonperforming status;
- Declining trend in past due loans;
- Some stabilization of collateral values.
- Net loan charge-offs for the fourth quarter of 2011 were $3.6 million, or 0.59% of average loans, compared with $22.3 million, or 2.98% of average loans, for the fourth quarter of 2010 and $3.4 million, or 0.54% of average loans, for the third quarter of 2011. Loan charge-offs during the fourth quarter of 2011 were largely influenced by the credit performance of the Company's land development, construction and commercial real estate portfolio. These charge-offs reflect management's continuing efforts to align the carrying value of these assets with the value of underlying collateral based upon more aggressive disposition strategies and recognizing falling property values. Because these loans are collateralized by real estate, losses occur more frequently when property values are declining and borrowers are losing equity in the underlying collateral. Management believes we are recognizing losses in our portfolio through provisions and charge-offs as credit developments warrant.
- Nonperforming loans (nonaccrual, 90 days past due and troubled debt restructures) decreased to $45.8 million at December 31, 2011, from $70.0 million at December 31, 2010 and $48.0 million at September 30, 2011. The $2.2 million decrease from the third quarter of 2011 to the fourth quarter of 2011 was largely due to $3.6 million in charge-offs, net of recoveries. The $45.8 million recorded at December 31, 2011 included $38.7 million in nonaccrual loans and $7.1 million in troubled debt restructures. The level of nonperforming loans to end of period loans was 7.87% at December 31, 2011, compared to 9.70% at December 31, 2010 and 7.73% at September 30, 2011.
- Approximately 53.08% of total nonaccrual loans at December 31, 2011 were concentrated in land development and construction credits. The ratio of construction and land development loans to total loans decreased to 7.21% at December 31, 2011 from 9.98% at December 31, 2010 and increased from 7.13% at September 30, 2011.
- The coverage ratio (allowance for loan losses to nonperforming loans) was 46.32% at December 31, 2011, compared to 45.02% at December 31, 2010 and 48.59% at September 30, 2011.
- Other real estate owned ("OREO") was $29.7 million at December 31, 2011, as compared to $25.6 million at December 31, 2010 and $32.9 million at September 30, 2011. In the fourth quarter of 2011, management converted collateral securing problem loans to properties ready for disposition in the net amount of $3.9 million. Fourth quarter additions were offset by $6.0 million in dispositions that generated a net gain on sale of $0.1 million and $1.1 million in additional valuation adjustments, reflective of existing market conditions and more aggressive disposition strategies. A total of 46 properties were sold during 2011.
- Nonperforming assets (nonaccrual, 90 days past due, troubled debt restructures and OREO) decreased to $75.5 million at December 31, 2011, from $95.6 million at December 31, 2010 and $80.9 million at September 30, 2011. The $5.4 million decrease from the third quarter of 2011 to the fourth quarter of 2011 was largely due to $3.6 million in charge-offs, net of recoveries. The ratio of nonperforming assets to total assets was 7.80% at December 31, 2011, 8.65% at December 31, 2010, and 8.02% at September 30, 2011.
Net Interest Margin
The net interest margin was 3.09% for the fourth quarter of 2011, representing an increase of 2 basis points from 3.07% reported in the fourth quarter 2010 and a decrease of 5 basis points from 3.14% recorded in the third quarter of 2011. Centrue Bank's net interest margin was 3.27% for the fourth quarter, representing a 5 basis points increase from 3.22% in the fourth quarter of 2010 and a decrease of 4 basis points from 3.31% in the third quarter of 2011. The decrease in the fourth quarter 2011 net interest margin, as compared to the prior quarter, was primarily due to lower average volume of higher-yielding loans and increased premium amortization due to higher prepayments in the securities portfolio. Positively impacting the margin was a continued reduction in the Company's cost of interest-bearing liabilities due to maturity of higher rate time deposits and the decline in market interest rates. Due largely to the protracted economic downturn, the carrying cost of nonaccrual loans and the Company's interest rate sensitivity, the margin will likely remain under pressure throughout 2012.
Noninterest Income and Expense
Total noninterest income for the fourth quarter of 2011 was $4.6 million, an increase of $1.3 million, compared to $3.3 million reported in the same period in 2010. Excluding credit impairment charges on CDO securities and gains related to the sale of OREO and other assets from both periods, noninterest income decreased $0.7 million or 22.6%. This $0.7 million decrease was largely due to a decrease in mortgage banking income.
Total noninterest expense for the fourth quarter of 2011 was $9.7 million, a decrease of $16.8 million, compared to $26.5 million recorded during the same period in 2010. Excluding OREO valuation adjustments taken in both periods and the goodwill impairment taken in the fourth quarter of 2010, noninterest expense levels decreased $0.3 million, or 3.4%. This $0.3 million decrease was mainly due to a decrease in our FDIC insurance assessment.
Capital Management
As reflected in the following table, unit Centrue Bank was considered "well-capitalized" and the Company was considered "adequately-capitalized" under regulatory defined capital ratios as of December 31, 2011 except for the Company's Tier 1 leverage ratio which was 3.74%; 4.0% is the threshold for "adequately-capitalized."
Centrue Financial Centrue Bank
-------------------- --------------------
Dec 31, Dec 31, Dec 31, Dec 31,
2011 2010 2011 2010
--------- --------- --------- ---------
Carrying amounts ($millions):
Total risk-based capital $ 61.2 $ 76.5 $ 68.6 $ 78.2
Tier 1 risk-based capital $ 37.2 $ 58.0 $ 60.1 $ 67.8
Capital ratios:
Total risk-based capital 9.03% 9.35% 10.28% 9.69%
Tier 1 risk-based capital 5.49% 7.09% 9.01% 8.41%
Tier 1 leverage ratio 3.74% 5.08% 6.06% 5.96%
The Company's regulatory capital ratios decreased since year-end 2010 largely as a result of net operating losses for the full-year 2011. The Bank's ratios improved during 2011 despite net operating losses as a result of lower total assets.
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 is 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 Highlights
- Unaudited Consolidated Balance Sheets
- Unaudited Consolidated Statements of Income
- Unaudited Selected Quarterly Consolidated Financial Data
Centrue Financial Corporation
Unaudited Highlights
(In Thousands, Except Share Data)
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- -----------------------
2011 2010 2011 2010
----------- ---------- ---------- ----------
Operating Highlights
Net income (loss) $ 58 $ (39,215) $ (10,572) $ (65,803)
Return on average
total assets 0.02% (13.54)% (1.01)% (5.32)%
Return on average
stockholders' equity 0.71 (188.05) (28.26) (66.10)
Net interest margin 3.09 3.07 3.11 2.85
Efficiency ratio 89.03 75.83 82.88 81.05
Bank net interest
margin 3.27 3.22 3.28 2.99
Per Share Data
Diluted earnings
(loss) per common
share $ (0.08) $ (6.56) $ (2.08) $ (11.20)
Book value per common
share $ (0.10) $ 1.61 $ (0.10) $ 1.61
Tangible book value
per common share $ (0.97) $ 0.57 $ (0.97) $ 0.57
Diluted weighted
average common
shares outstanding 6,059,028 6,048,405 6,051,083 6,045,225
Period end common
shares outstanding 6,063,441 6,048,405 6,063,441 6,048,405
Stock Performance Data
Market price:
Quarter-end $ 0.30 $ 0.98 $ 0.30 $ 0.98
High $ 0.40 $ 1.59 $ 1.18 $ 4.18
Low $ 0.23 $ 0.80 $ 0.22 $ 0.80
Period end price to
book value NM 60.87% NM 60.87%
Period end price to
tangible book value NM 171.93% NM 171.93%
Centrue Financial Corporation
Unaudited Consolidated Balance Sheets
(In Thousands, Except Share Data)
December 31, December 31,
2011 2010
------------ ------------
ASSETS
Cash and cash equivalents $ 69,735 $ 82,945
Securities available-for-sale 228,836 219,475
Restricted securities 9,150 10,470
Loans 582,395 721,871
Allowance for loan losses (21,232) (31,511)
------------ ------------
Net loans 561,163 690,360
Bank-owned life insurance 31,412 30,403
Mortgage servicing rights 2,089 2,425
Premises and equipment, net 23,754 25,687
Other intangible assets, net 5,264 6,293
Other real estate owned 29,667 25,564
Other assets 6,914 11,540
------------ ------------
Total assets $ 967,984 $ 1,105,162
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Non-interest-bearing $ 134,137 $ 118,667
Interest-bearing 714,501 812,438
------------ ------------
Total deposits 848,638 931,105
Federal funds purchased and securities sold
under agreements to repurchase 18,036 16,188
Federal Home Loan Bank advances 23,058 71,059
Notes payable 10,440 10,623
Series B mandatory redeemable preferred
stock 268 268
Subordinated debentures 20,620 20,620
Other liabilities 14,355 12,378
------------ ------------
Total liabilities 935,415 1,062,241
Stockholders' equity
Series A convertible preferred stock 500 500
Series C cumulative perpetual preferred
stock 31,429 30,810
Common stock 7,454 7,454
Surplus 74,558 74,721
Retained earnings (accumulated deficit) (60,064) (46,861)
Accumulated other comprehensive income
(loss) 569 (1,589)
------------ ------------
54,446 65,035
Treasury stock, at cost (21,877) (22,114)
------------ ------------
Total stockholders' equity 32,569 42,921
Total liabilities and stockholders'
equity $ 967,984 $ 1,105,162
============ ============
Centrue Financial Corporation
Unaudited Consolidated Statements of Income
(In Thousands, Except Share Data)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- ----------------------
2011 2010 2011 2010
---------- ---------- ---------- ----------
Interest income
Loans $ 7,787 $ 9,873 $ 34,201 $ 41,750
Securities
Taxable 971 1,235 4,103 5,958
Exempt from federal
income taxes 149 241 699 1,024
Federal funds sold and
other 50 19 158 112
---------- ---------- ---------- ----------
Total interest income 8,957 11,368 39,161 48,844
Interest expense
Deposits 1,607 2,733 8,244 14,569
Federal funds purchased
and securities sold under
agreements to repurchase 12 8 44 45
Federal Home Loan Bank
advances 338 532 1,452 2,265
Series B mandatory
redeemable preferred
stock 4 4 16 16
Subordinated debentures 286 267 1,107 1,050
Notes payable 92 92 362 371
---------- ---------- ---------- ----------
Total interest expense 2,339 3,636 11,225 18,316
Net interest income 6,618 7,732 27,936 30,528
Provision for loan losses 1,475 10,450 11,375 34,600
---------- ---------- ---------- ----------
Net interest income (loss)
after provision for loan
losses 5,143 (2,718) 16,561 (4,072)
Noninterest income
Service charges 1,116 1,330 4,599 5,264
Mortgage banking income 271 693 1,321 1,807
Electronic banking
services 528 529 2,172 2,057
Bank-owned life insurance 254 265 1,009 1,038
Securities gains, net 778 788 1,157 2,701
Total other-than-temporary
impairment losses - (1,378) (499) (5,452)
Portion of loss recognized
in other comprehensive
income (before taxes) - 379 - 431
---------- ---------- ---------- ----------
Net impairment on
securities - (999) (499) (5,021)
Gain (loss) on sale of
OREO 85 299 25 333
Gain (loss) on sale of
other assets 1,285 47 1,332 1,695
Other income 244 311 819 944
---------- ---------- ---------- ----------
4,561 3,263 11,935 10,818
Noninterest expenses
Salaries and employee
benefits 3,529 3,530 14,127 14,549
Occupancy, net 723 822 2,859 3,200
Furniture and equipment 407 467 1,674 2,152
Marketing 83 70 266 350
Supplies and printing 81 97 289 399
Telephone 273 215 910 782
Data processing 408 400 1,528 1,567
FDIC insurance 527 823 2,524 3,372
Loan processing and
collection costs 537 645 2,134 2,434
Goodwill impairment - 15,880 - 15,880
OREO valuation adjustment 1,065 1,727 6,835 4,092
Amortization of intangible
assets 240 291 1,029 1,258
Other expenses 1,787 1,547 6,259 5,854
---------- ---------- ---------- ----------
9,660 26,514 40,434 55,889
Income (loss) before income
taxes 44 (25,969) (11,938) (49,143)
Income tax expense (benefit) (14) 13,246 (1,366) 16,660
---------- ---------- ---------- ----------
Net income (loss) $ 58 $ (39,215) $ (10,572) $ (65,803)
Preferred stock dividends 512 489 2,012 1,924
---------- ---------- ---------- ----------
Net income (loss) for common
stockholders $ (454) $ (39,704) $ (12,584) $ (67,727)
========== ========== ========== ==========
Basic earnings (loss) per
common share $ (0.08) $ (6.56) $ (2.08) $ (11.20)
========== ========== ========== ==========
Diluted earnings (loss) per
common share $ (0.08) $ (6.56) $ (2.08) $ (11.20)
========== ========== ========== ==========
Centrue Financial Corporation
Unaudited Selected Quarterly Consolidated Financial Data
(In Thousands, Except Share Data)
Quarters Ended
----------------------------------------------------------
12/31/11 9/30/11 6/30/11 3/31/11 12/31/10
---------- ---------- ---------- ---------- ----------
Statement of
Income
Interest
income $ 8,957 $ 9,542 $ 10,138 $ 10,524 $ 11,368
Interest
expense (2,339) (2,665) (2,947) (3,274) (3,636)
---------- ---------- ---------- ---------- ----------
Net interest
income 6,618 6,877 7,191 7,250 7,732
Provision for
loan losses 1,475 2,400 3,250 4,250 10,450
---------- ---------- ---------- ---------- ----------
Net interest
income (loss)
after
provision for
loan losses 5,143 4,477 3,941 3,000 (2,718)
Noninterest
income 4,561 2,566 2,684 2,124 3,263
Noninterest
expense 9,660 12,397 9,577 8,800 26,514
---------- ---------- ---------- ---------- ----------
Income (loss)
before income
taxes 44 (5,354) (2,952) (3,676) (25,969)
Income tax
expense
(benefit) (14) (606) (528) (218) 13,246
========== ========== ========== ========== ==========
Net income
(loss) $ 58 $ (4,748) $ (2,424) $ (3,458) $ (39,215)
========== ========== ========== ========== ==========
Net income
(loss) for
common
stockholders $ (454) $ (5,253) $ (2,925) $ (3,952) $ (39,704)
========== ========== ========== ========== ==========
Per Share
Basic earnings
(loss) per
common share $ (0.08) $ (0.87) $ (0.48) $ (0.65) $ (6.56)
Diluted
earnings
(loss) per
common share (0.08) (0.87) (0.48) (0.65) (6.56)
Cash dividends
on common
stock NM NM NM NM NM
Dividend
payout ratio
for common
stock NM NM NM NM NM
Book value per
common share $ (0.10) $ (0.03) $ 0.73 $ 1.09 $ 1.61
Tangible book
value per
common share (0.97) (0.94) (0.23) 0.10 0.57
Basic weighted
average
common shares
outstanding 6,059,028 6,048,405 6,048,405 6,048,405 6,048,405
Diluted
weighted
average
common shares
outstanding 6,059,028 6,048,405 6,048,405 6,048,405 6,048,405
Period-end
common shares
outstanding 6,063,441 6,048,405 6,048,405 6,048,405 6,048,405
Balance Sheet
Securities $ 237,986 $ 245,236 $ 230,317 $ 244,923 $ 229,945
Loans 582,395 620,450 660,882 710,529 721,871
Allowance for
loan losses 21,232 23,314 24,358 29,089 31,511
Assets 967,984 1,008,953 1,022,256 1,073,836 1,105,162
Deposits 848,638 862,117 866,037 922,483 931,105
Stockholders'
equity 32,569 32,961 37,561 39,766 42,921
Earnings
Performance
Return on
average total
assets 0.02% (1.85)% (0.92)% (1.28)% (13.54)%
Return on
average
stockholders'
equity 0.71 (50.99) (25.19) (33.49) (188.05)
Net interest
margin 3.09 3.14 3.13 3.09 3.07
Efficiency
ratio (1) 89.03 78.00 81.82 83.02 75.83
Asset Quality
Nonperforming
assets to
total end of
period assets 7.80% 8.02% 8.56% 8.60% 8.65%
Nonperforming
loans to
total end of
period loans 7.87 7.73 7.86 8.97 9.70
Net loan
charge-offs
to total
average loans 0.59 0.54 1.16 0.91 2.98
Allowance for
loan losses
to total end
of period
loans 3.65 3.76 3.69 4.09 4.37
Allowance for
loan losses
to
nonperforming
loans 46.32 48.59 46.92 45.64 45.02
Nonperforming
loans $ 45,835 $ 47,982 $ 51,915 $ 63,731 $ 69,990
Nonperforming
assets 75,502 80,894 87,533 92,312 95,554
Net loan
charge-offs 3,557 3,445 7,981 6,672 22,329
Capital
Total risk-
based capital
ratio 9.03% 8.51% 8.78% 8.99% 9.35%
Tier 1 risk-
based capital
ratio 5.49 5.15 5.75 5.92 7.09
Tier 1
leverage
ratio 3.74 3.70 4.23 4.17 5.08
(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.
NM Not meaningful.
Contact:
Kurt R. Stevenson
President and
Chief Executive Officer
Centrue Financial Corporation
kurt.stevenson@centrue.com
Daniel R. Kadolph
Chief Financial Officer
Centrue Financial Corporation
daniel.kadolph@centrue.com
