Exhibit 99.1
News Release
Date: October 25, 2006 |
| Phone Number: 805/473-6803 |
Contact: James G. Stathos |
| NASDAQ Symbol: MDST |
Title: Executive Vice President and Chief Financial Officer |
| Web site: www.midstatebank.com |
The financial information presented in this news release represents preliminary
financial results.
Mid-State Bancshares Reports Earnings of
$0.39 Per Share for Third Quarter of 2006
ARROYO GRANDE, CA - Mid-State Bancshares (the Company) [NASDAQ: MDST], the holding company for Mid-State Bank & Trust (the Bank), reported diluted earnings of $0.39 per share for the third quarter of 2006 on net income of $8.9 million.
Results in the quarter continued to be impacted by increased non-interest expense compared to the prior year reflecting, primarily, increases in staffing for growth and compliance, benefit cost increases and adoption of Statement of Financial Accounting Standards (SFAS) No. 123(R), “Share-Based Payments,” which changes the method of accounting for costs of stock options and other equity compensation. The adoption of the new accounting statement alone reduced earnings by approximately $419,000 after tax, or $0.02 per share. Net income for the third quarter of 2005 was $9.5 million, or $0.41 per share.
For the first nine months of 2006, net income was $26.6 million, or $1.17 per diluted share, compared to $28.1 million and $1.20 per share for the first nine months of 2005. Adoption of SFAS No. 123(R) reduced 2006 earnings by approximately $1.2 million after tax for the first nine months, or $0.05 per share.
In the wake of increases in short term interest rates throughout 2005 and early 2006, the Company’s net interest margin improved to 5.61% (6.02% on a taxable equivalent basis) for the first nine months of 2006, up from the 2005 period’s level of 5.27% (5.69% on a taxable equivalent basis). “The Company’s net interest margin has generally been increasing in the rising rate environment of 2005 and 2006. Although up from the prior year, it was virtually unchanged in the third quarter compared to the second quarter of 2006 due to intense deposit competition and the lack of additional rate increases during the third quarter. As a result, net interest income has grown slowly year-to-date, in concert with modest earning asset growth.” said James G. Stathos, executive vice president and chief financial officer. “Average loans in the third quarter of 2006 were slightly ahead of the second quarter of this year and efforts to generate deposits took hold as average total deposits increased modestly over the second quarter after three quarters
of decline. Securing deposits at a reasonable cost to fund loan growth is an ongoing challenge. The Company will continue its promotions during the balance of the year to bolster deposit growth.”
“Despite current challenges, earnings and key financial ratios remained stable in the third quarter of 2006 compared to the first two quarters of this year,” noted James W. Lokey, president and chief executive officer. “Our Westlake Village office in the Ventura County market opened during the quarter and we look forward to their contributions to loan and deposit growth in the fourth quarter and into 2007.”
The loan portfolio reached $1.57 billion at September 30, 2006, compared to $1.50 billion one year ago. The Company saw growth in its loan portfolio in both the residential and non-residential real estate sectors. Real estate secured loans, excluding construction and land development loans and home equity credit lines, total approximately $851 million or 54% of the loan portfolio. With increased interest rates and more intense pricing pressure from competition, the growth rates enjoyed in this sector of the loan portfolio have slowed. To offset this slowing, and as noted in prior quarters, additional emphasis in 2006 is being focused on growing the Company’s commercial and industrial loans, with special emphasis being placed on the small business sector. “The Company introduced new competitive products for small business loans, together with a streamlined underwriting process providing improved turnaround time, which has positively impacted growth in commercial loans,” said Lokey. As a result of the change in focus in both small business and commercial and industrial loans, the commercial loan segment grew to over $183 million at September 30, 2006, an annualized growth rate of 14.8% over June 30, 2006 balances.
Non-performing asset levels are negligible, having fallen to $205,000 at period-end from $8.4 million one year earlier. The Company’s allowances for losses to loans was 0.9% of total gross loans both at September 30, 2006 and 2005. Management believes the Company’s allowances are appropriate to cover the losses inherent in the loan portfolio at the current time.
Total assets of the Company increased 1.7% to $2.37 billion at quarter-end, up from $2.33 billion in the prior quarter but down 2.3% from $2.42 billion one year earlier. Deposits increased 1.7% to $2.02 billion at quarter-end, up from $1.99 billion the prior quarter but down 4.1% from $2.11 billion one year earlier. Demand deposits increased to $534.0 million from $521.5 million at the end of the second quarter but down from $589.6 million one year earlier. Time deposits increased to $484.6 million from $466.3 million in the second quarter and $428.3 million in the prior year. Other interest bearing deposit categories, including NOW, money market and savings, increased by $2.5 million over the second quarter but declined by $87.2 million compared to the year earlier period.
Total non-interest income for the quarter increased to $5.5 million from $5.3 million in the comparable 2005 period. For the full nine months, non-interest income was $16.4 million in 2006 compared to $16.0 million in 2005. The Company benefited from increases in service charges and fees, primarily the result of increased debit card and NSF fees, in the 2006 periods compared to the like 2005 periods. These were partially offset by declines in net gains on sale of securities and sale of loans held for sale.
Total non-interest expense was $21.3 million in the third quarter of 2006 compared to $19.5 million in the like 2005 period. Year-to-date, non-interest expense increased from $57.0 million in 2005 to $63.8 million this year. Approximately $490,000 of the increase for the quarter and $1.4 million of the year-to-date increase before taxes, relates to the aforementioned expense of adopting SFAS No. 123(R). An additional $315,000 of the increase across the two quarters, and $1.6 million across the two nine-month periods, represents higher salary expense relating to a combination of hiring additional personnel to staff up the newly opened Westlake Village branch location, increasing staff for compliance purposes (especially as it relates to Bank Secrecy Act and USA Patriot Act provisions) and regular salary increases across the Company. Benefit costs also increased $45,000 and $856,000 in comparing the three-month and nine-month periods ending September 30, respectively, primarily for increased group insurance costs and incentive programs. Professional services increased $337,000 across the comparable quarters and between the two nine-month periods, were up $1.2 million, primarily for increased consulting services and accounting services. The balance of the increases across the time periods consisted of a number of smaller increases over several line items.
In other matters concerning capital, the Board of Directors approved a quarterly cash dividend of $0.18 per share in the third quarter of 2006, identical to its first and second quarter 2006 levels. The rate was $0.16 per share in each of the comparable 2005 periods.
Mid-State Bancshares is a $2.4 billion holding company for Mid-State Bank & Trust, an independent, community bank serving California’s San Luis Obispo, Santa Barbara, and Ventura Counties. Since opening its doors in 1961, the Bank has grown to 41 offices serving more than 100,000 households.
This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act. All of the statements contained in the Press Release, other than statements of historical fact, should be considered forward-looking statements, including, but not limited to, those concerning (i) the Company’s strategies, objectives and plans for expansion of its operations, products and services, and growth of its portfolio of loans, investments and deposits, (ii) the Company’s beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of its operation and interest rates, (iii) the Company’s beliefs as to the adequacy of its existing and anticipated allowances for loan and real estate losses, (iv) the Company’s beliefs and expectations concerning future operating results, (v) the growth of its loan portfolio and its net interest margin and (vi) the strength of the economy in its service area. Although the Company believes the expectations reflected in those forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. All subsequent written and oral forward-looking statements by or attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this qualification.
Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not intended to give any assurance as to future results. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Please See Pertinent Financial Data Attached.
###
Consolidated Financial Data — Mid-State Bancshares
(Unaudited)
|
| Quarter Ended |
| Year-to-Date |
| ||||||||||
(In thousands) |
|
|
| Sept. 30, 2006 |
| Sept. 30, 2005 |
| Sept. 30, 2006 |
| Sept. 30, 2005 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||
Interest Income (not taxable equivalent) |
| $ | 37,223 |
| $ | 32,923 |
| $ | 107,988 |
| $ | 94,059 |
| ||
Interest Expense |
| 7,472 |
| 4,324 |
| 19,316 |
| 10,731 |
| ||||||
Net Interest Income |
| 29,751 |
| 28,599 |
| 88,672 |
| 83,328 |
| ||||||
(Benefit)/Provision for Loan Losses |
| — |
| — |
| — |
| — |
| ||||||
Net Interest Income after provision for loan losses |
| 29,751 |
| 28,599 |
| 88,672 |
| 83,328 |
| ||||||
Non-interest income |
| 5,467 |
| 5,271 |
| 16,406 |
| 16,044 |
| ||||||
Non-interest expense |
| 21,276 |
| 19,473 |
| 63,827 |
| 57,019 |
| ||||||
Income before income taxes |
| 13,942 |
| 14,397 |
| 41,251 |
| 42,353 |
| ||||||
Provision for income taxes |
| 5,085 |
| 4,905 |
| 14,697 |
| 14,259 |
| ||||||
Net Income |
| $ | 8,857 |
| $ | 9,492 |
| $ | 26,554 |
| $ | 28,094 |
| ||
|
| Quarter Ended |
| Year-to-Date |
| ||||||||||
(In thousands, except per share data) |
|
|
| Sept. 30, 2006 |
| Sept. 30, 2005 |
| Sept. 30, 2006 |
| Sept. 30, 2005 |
| ||||
Per share: |
|
|
|
|
|
|
|
|
| ||||||
Net Income - basic |
| $ | 0.40 |
| $ | 0.42 |
| $ | 1.19 |
| $ | 1.23 |
| ||
Net Income - diluted |
| $ | 0.39 |
| $ | 0.41 |
| $ | 1.17 |
| $ | 1.20 |
| ||
Weighted average shares used in Basic E.P.S. calculation |
| 22,055 |
| 22,709 |
| 22,247 |
| 22,869 |
| ||||||
Weighted average shares used in Diluted E.P.S. calculation |
| 22,501 |
| 23,231 |
| 22,720 |
| 23,388 |
| ||||||
Cash dividends |
| $ | 0.18 |
| $ | 0.16 |
| $ | 0.54 |
| $ | 0.48 |
| ||
Book value at period-end |
| $ | 12.45 |
| $ | 12.01 |
|
|
|
|
| ||||
Tangible book value at period end |
| $ | 10.02 |
| $ | 9.60 |
|
|
|
|
| ||||
Ending Shares |
| 22,050 |
| 22,623 |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Financial Ratios |
|
|
|
|
|
|
|
|
| ||||||
Return on assets |
| 1.50 | % | 1.57 | % | 1.51 | % | 1.60 | % | ||||||
Return on tangible assets |
| 1.53 | % | 1.60 | % | 1.54 | % | 1.64 | % | ||||||
Return on equity |
| 12.91 | % | 13.65 | % | 12.95 | % | 13.62 | % | ||||||
Return on tangible equity |
| 16.09 | % | 17.03 | % | 16.12 | % | 17.01 | % | ||||||
Net interest margin (not taxable equivalent) |
| 5.60 | % | 5.22 | % | 5.61 | % | 5.27 | % | ||||||
Net interest margin (taxable equivalent yield) |
| 6.04 | % | 5.63 | % | 6.02 | % | 5.69 | % | ||||||
Net loan (recoveries) losses to avg. loans |
| -0.04 | % | 0.49 | % | -0.01 | % | 0.21 | % | ||||||
Efficiency ratio |
| 60.4 | % | 57.5 | % | 60.7 | % | 57.4 | % | ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Period Averages |
|
|
|
|
|
|
|
|
| ||||||
Total Assets |
| $ | 2,348,298 |
| $ | 2,401,998 |
| $ | 2,356,728 |
| $ | 2,349,750 |
| ||
Total Tangible Assets |
| 2,294,536 |
| 2,347,308 |
| 2,302,749 |
| 2,294,719 |
| ||||||
Total Loans (includes loans held for sale) |
| 1,565,655 |
| 1,517,357 |
| 1,548,919 |
| 1,470,976 |
| ||||||
Total Earning Assets |
| 2,108,389 |
| 2,172,310 |
| 2,115,075 |
| 2,113,833 |
| ||||||
Total Deposits |
| 2,004,911 |
| 2,082,464 |
| 2,011,479 |
| 2,032,504 |
| ||||||
Common Equity |
| 272,156 |
| 275,854 |
| 274,160 |
| 275,846 |
| ||||||
Common Tangible Equity |
| 218,393 |
| 221,164 |
| 220,180 |
| 220,815 |
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
| ||||||
Cash and due from banks |
|
|
|
|
| $ | 96,450 |
| $ | 130,602 |
| ||||
Investments and Fed Funds Sold |
|
|
|
|
| 544,450 |
| 649,815 |
| ||||||
Loans held for sale |
|
|
|
|
| 12,675 |
| 10,391 |
| ||||||
Loans, net of deferred fees, before allowance for loan losses |
|
|
|
|
| 1,573,970 |
| 1,497,704 |
| ||||||
Allowance for Loan Losses |
|
|
|
|
| (12,016 | ) | (11,532 | ) | ||||||
Goodwill and core deposit intangibles |
|
|
|
|
| 53,669 |
| 54,541 |
| ||||||
Other assets |
|
|
|
|
| 98,066 |
| 90,852 |
| ||||||
Total Assets |
|
|
|
|
| $ | 2,367,264 |
| $ | 2,422,373 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||
Non-interest bearing deposits |
|
|
|
|
| $ | 533,961 |
| $ | 589,601 |
| ||||
Interest bearing deposits |
|
|
|
|
| 1,485,530 |
| 1,516,361 |
| ||||||
Other borrowings |
|
|
|
|
| 48,595 |
| 23,680 |
| ||||||
Allowance for losses - unfunded commitments |
|
|
|
|
| 1,975 |
| 1,839 |
| ||||||
Other liabilities |
|
|
|
|
| 22,610 |
| 19,206 |
| ||||||
Shareholders’ equity |
|
|
|
|
| 274,593 |
| 271,686 |
| ||||||
Total Liabilities and Shareholders’ Equity |
|
|
|
|
| $ | 2,367,264 |
| $ | 2,422,373 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||
Asset Quality & Capital - At Period-End |
|
|
|
|
|
|
|
|
| ||||||
Non-accrual loans |
|
|
|
|
| $ | 205 |
| $ | 8,323 |
| ||||
Loans past due 90 days or more |
|
|
|
|
| — |
| — |
| ||||||
Other real estate owned |
|
|
|
|
| — |
| — |
| ||||||
Total non performing assets |
|
|
|
|
| $ | 205 |
| $ | 8,323 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||||
Allowance for losses to loans, gross (1) |
|
|
|
|
| 0.9 | % | 0.9 | % | ||||||
Non-accrual loans to total loans, gross |
|
|
|
|
| 0.0 | % | 0.6 | % | ||||||
Non performing assets to total assets |
|
|
|
|
| 0.0 | % | 0.3 | % | ||||||
Allowance for losses to non performing loans (1) |
|
|
|
|
| 6824.9 | % | 160.7 | % | ||||||
|
|
|
|
|
|
|
|
|
| ||||||
Equity to average assets (leverage ratio) |
|
|
|
|
| 9.6 | % | 9.2 | % | ||||||
Tier One capital to risk-adjusted assets |
|
|
|
|
| 11.3 | % | 11.5 | % | ||||||
Total capital to risk-adjusted assets |
|
|
|
|
| 12.0 | % | 12.2 | % | ||||||
(1) Includes allowance for loan losses and allowance losses - unfunded commitments
Consolidated Financial Data — Mid-State Bancshares
(Unaudited)
|
|
|
| Quarter Ended |
| |||||||||||||||
(In thousands, except per share data) |
|
|
| Sept. 30, 2006 |
| June 30, 2006 |
| Mar. 31, 2006 |
| Dec. 31, 2005 |
| Sept. 30, 2005 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest Income (not taxable equivalent) |
| $ | 37,223 |
| $ | 36,030 |
| $ | 34,735 |
| $ | 34,267 |
| $ | 32,923 |
| ||||
Interest Expense |
| 7,472 |
| 6,578 |
| 5,266 |
| 4,772 |
| 4,324 |
| |||||||||
Net Interest Income |
| 29,751 |
| 29,452 |
| 29,469 |
| 29,495 |
| 28,599 |
| |||||||||
(Benefit)/Provision for Loan Losses |
| — |
| — |
| — |
| — |
| — |
| |||||||||
Net Interest Income after provision for loan losses |
| 29,751 |
| 29,452 |
| 29,469 |
| 29,495 |
| 28,599 |
| |||||||||
Non-interest income |
| 5,467 |
| 5,959 |
| 4,980 |
| 5,397 |
| 5,271 |
| |||||||||
Non-interest expense |
| 21,276 |
| 21,589 |
| 20,962 |
| 20,655 |
| 19,473 |
| |||||||||
Income before income taxes |
| 13,942 |
| 13,822 |
| 13,487 |
| 14,237 |
| 14,397 |
| |||||||||
Provision for income taxes |
| 5,085 |
| 4,899 |
| 4,713 |
| 4,840 |
| 4,905 |
| |||||||||
Net Income |
| $ | 8,857 |
| $ | 8,923 |
| $ | 8,774 |
| $ | 9,397 |
| $ | 9,492 |
| ||||
Per share: |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Net Income - basic |
| $ | 0.40 |
| $ | 0.40 |
| $ | 0.39 |
| $ | 0.42 |
| $ | 0.42 |
| ||||
Net Income - diluted |
| $ | 0.39 |
| $ | 0.39 |
| $ | 0.38 |
| $ | 0.41 |
| $ | 0.41 |
| ||||
Weighted average shares used in Basic E.P.S. calculation |
| 22,055 |
| 22,246 |
| 22,444 |
| 22,546 |
| 22,709 |
| |||||||||
Weighted average shares used in Diluted E.P.S. calculation |
| 22,501 |
| 22,706 |
| 22,951 |
| 23,038 |
| 23,231 |
| |||||||||
Cash dividends |
| $ | 0.18 |
| $ | 0.18 |
| $ | 0.18 |
| $ | 0.18 |
| $ | 0.16 |
| ||||
Book value at period-end |
| $ | 12.45 |
| $ | 12.08 |
| $ | 12.12 |
| $ | 12.10 |
| $ | 12.01 |
| ||||
Tangible book value at period end |
| $ | 10.02 |
| $ | 9.64 |
| $ | 9.71 |
| $ | 9.69 |
| $ | 9.60 |
| ||||
Ending Shares |
| 22,050 |
| 22,121 |
| 22,378 |
| 22,520 |
| 22,623 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Financial Ratios |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Return on assets |
| 1.50 | % | 1.52 | % | 1.50 | % | 1.54 | % | 1.57 |
| |||||||||
Return on tangible assets |
| 1.53 | % | 1.56 | % | 1.53 | % | 1.58 | % | 1.60 |
| |||||||||
Return on equity |
| 12.91 | % | 13.17 | % | 12.77 | % | 13.41 | % | 13.65 |
| |||||||||
Return on tangible equity |
| 16.09 | % | 16.44 | % | 15.85 | % | 16.67 | % | 17.03 |
| |||||||||
Net interest margin (not taxable equivalent) |
| 5.60 | % | 5.61 | % | 5.61 | % | 5.47 | % | 5.22 |
| |||||||||
Net interest margin (taxable equivalent yield) |
| 6.04 | % | 6.00 | % | 6.02 | % | 5.88 | % | 5.63 |
| |||||||||
Net loan losses (recoveries) to average loans |
| -0.04 | % | 0.02 | % | (0.01 | )% | (0.10 | )% | 0.49 |
| |||||||||
Efficiency ratio |
| 60.4 | % | 61.0 | % | 60.8 | % | 59.2 | % | 57.5 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Period Averages |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total Assets |
| $ | 2,348,298 |
| $ | 2,347,097 |
| $ | 2,375,086 |
| $ | 2,421,219 |
| $ | 2,401,998 |
| ||||
Total Tangible Assets |
| 2,294,536 |
| 2,293,114 |
| 2,320,887 |
| 2,366,807 |
| 2,347,308 |
| |||||||||
Total Loans (includes loans held for sale) |
| 1,565,655 |
| 1,560,602 |
| 1,520,000 |
| 1,478,550 |
| 1,517,357 |
| |||||||||
Total Earning Assets |
| 2,108,389 |
| 2,107,590 |
| 2,129,477 |
| 2,138,788 |
| 2,172,310 |
| |||||||||
Total Deposits |
| 2,004,911 |
| 1,998,463 |
| 2,031,355 |
| 2,099,061 |
| 2,082,464 |
| |||||||||
Common Equity |
| 272,156 |
| 271,704 |
| 278,693 |
| 278,092 |
| 275,854 |
| |||||||||
Common Tangible Equity |
| 218,393 |
| 217,721 |
| 224,494 |
| 223,679 |
| 221,164 |
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Balance Sheet - At Period-End |
|
|
|
|
|
|
|
|
|
|
| |||||||||
Cash and due from banks |
| $ | 96,450 |
| $ | 97,563 |
| $ | 113,461 |
| $ | 109,791 |
| $ | 130,602 |
| ||||
Investments and Fed Funds Sold |
| 544,450 |
| 522,091 |
| 590,191 |
| 619,332 |
| 649,815 |
| |||||||||
Loans held for sale |
| 12,675 |
| 8,933 |
| 8,683 |
| 10,176 |
| 10,391 |
| |||||||||
Loans, net of deferred fees, before allowance for loan losses |
| 1,573,970 |
| 1,564,169 |
| 1,546,323 |
| 1,519,014 |
| 1,497,704 |
| |||||||||
Allowance for Loan Losses |
| (12,016 | ) | (11,855 | ) | (11,931 | ) | (11,896 | ) | (11,532 |
| |||||||||
Goodwill and other intangibles (excl OMSR’s) |
| 53,669 |
| 53,887 |
| 54,105 |
| 54,323 |
| 54,541 |
| |||||||||
Other assets (incl OMSR’s) |
| 98,066 |
| 92,872 |
| 92,609 |
| 90,759 |
| 90,852 |
| |||||||||
Total Assets |
| $ | 2,367,264 |
| $ | 2,327,660 |
| $ | 2,393,441 |
| $ | 2,391,499 |
| $ | 2,422,373 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Non-interest bearing deposits |
| $ | 533,961 |
| $ | 521,469 |
| $ | 535,538 |
| $ | 567,782 |
| $ | 589,601 |
| ||||
Interest bearing deposits |
| 1,485,530 |
| 1,464,783 |
| 1,515,374 |
| 1,501,824 |
| 1,516,361 |
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Other borrowings |
| 48,595 |
| 49,726 |
| 47,159 |
| 25,903 |
| 23,680 |
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Allowance for losses - unfunded commitments |
| 1,975 |
| 1,880 |
| 1,696 |
| 1,761 |
| 1,839 |
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Other liabilities |
| 22,610 |
| 22,693 |
| 22,366 |
| 21,667 |
| 19,206 |
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Shareholders’ equity |
| 274,593 |
| 267,109 |
| 271,308 |
| 272,562 |
| 271,686 |
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Total Liabilities and Shareholders’ equity |
| $ | 2,367,264 |
| $ | 2,327,660 |
| $ | 2,393,441 |
| $ | 2,391,499 |
| $ | 2,422,373 |
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Asset Quality & Capital - At Period-End |
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Non-accrual loans |
| $ | 205 |
| $ | 261 |
| $ | 1,701 |
| $ | 2,463 | �� | $ | 8,323 |
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Loans past due 90 days or more |
| — |
| — |
| — |
| — |
| — |
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Other real estate owned |
| — |
| — |
| — |
| — |
| — |
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Total non performing assets |
| $ | 205 |
| $ | 261 |
| $ | 1,701 |
| $ | 2,463 |
| $ | 8,323 |
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Allowance for losses to loans, gross (1) |
| 0.9 | % | 0.9 | % | 0.9 | % | 0.9 | % | 0.9 |
| |||||||||
Non-accrual loans to total loans, gross |
| 0.0 | % | 0.0 | % | 0.1 | % | 0.2 | % | 0.6 |
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Non performing assets to total assets |
| 0.0 | % | 0.0 | % | 0.1 | % | 0.1 | % | 0.3 |
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Allowance for losses to non performing loans (1) |
| 6824.9 | % | 5262.5 | % | 801.1 | % | 554.5 | % | 160.7 |
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Equity to average assets (leverage ratio) |
| 9.6 | % | 9.4 | % | 9.4 | % | 9.2 | % | 9.2 |
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Tier One capital to risk-adjusted assets |
| 11.3 | % | 11.2 | % | 11.4 | % | 11.6 | % | 11.5 |
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Total capital to risk-adjusted assets |
| 12.0 | % | 11.9 | % | 12.2 | % | 12.3 | % | 12.2 |
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(1) Includes allowance for loan losses and allowance for losses - unfunded commitments