Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Jeffrey W. Farrar
Executive Vice President and CFO
(540) 829-1603
farrarj@vfgi.net
VIRGINIA FINANCIAL GROUP, INC. ANNOUNCES GROWTH IN
SECOND QUARTER EARNINGS AND DIVIDEND
Culpeper, VA-Virginia Financial Group, Inc. (NASDAQ: VFGI) today reported second quarter 2004 earnings of $3.7 million, an increase of 2.7% compared to earnings of $3.6 million for the second quarter of 2003. Net income per diluted share was $.51, up 2.0% compared to $.50 for the same period in 2003. VFG’S earnings for the second quarter of 2004 produced an annualized return on average assets (ROA) of 1.05% and an annualized return on average equity (ROE) of 12.20%, compared to prior year ratios of 1.28% and 12.41%, respectively. For the first six months of 2004, net income was $7.1 million, up 3.7% from $6.9 million for the same period in 2003. Net income per diluted share was $.99, up 3.1% from $.96 for the first six months of 2003. ROA and ROE for the six month period was 1.02% and 11.86%, respectively.
Analysis of Financial Performance
Revenues for the second quarter of 2004 were $16.5 million, an increase of $2.2 million or 15.4% over $14.3 million in 2003. The largest component, net interest income, amounted to $12.6 million for the second quarter, up $2.2 million or 20.3% compared with $10.4 million for the same quarter in 2003. For the six months ended June 30, 2004, net interest income was $25.1 million, an increase of $4.3 million or 20.9% from $20.7 million for the same period in 2003. Significant growth in average earning assets from loan production offices in Charlottesville and Lynchburg, and nine new branches opened or purchased in 2003, were primarily contributors to this growth. The net interest margin for the second quarter of 2004 was 4.05%, down four basis points compared to 4.09% for the first quarter of 2004, and down sixteen basis points when compared to 4.21% for the second quarter of 2003. The decline is largely due to lower yields associated with significant loan growth over the past twelve month period. The net interest margin for the six month period ended June 30, 2004 was 4.07%, compared to 4.24% for the same period in 2003.
Average loans for the second quarter were $976.6 million, up $252.0 million or 34.8% from the second quarter of 2003, and average assets were $1.41 billion, up 279.0 million or 24.7% from the second quarter of 2003. Loan growth for the first six months of 2004 was $72.4 million or 7.8%. This 2004 growth was funded predominately from maturities and pay downs in the securities portfolio and short term borrowings. Average interest bearing deposits for the quarter were $991.7 million, up 23.8% from the second quarter of 2003.
VFG’s provision for loan losses for the second quarter were $636 thousand, up $314 thousand or almost 100% from the same period in 2003. For the six month period, the provision for loan losses was $1.3 million, up $672 thousand or over 100% from the same period in 2003. The increases are directly attributed to the aforementioned higher rates of loan growth for each period. Nonperforming assets and net charge-offs were at improved levels, with non-performing assets as a percentage of total assets of .31% at June 30, 2004, compared to .63% at June 30, 2003. Net charge-offs for the second quarter were $120 thousand, compared to net-charges of $345 thousand for the same period in 2003. Net charge-offs as a percentage of average loans were .01% for the second quarter and .03% for the six month period, compared to .05% and .07 % for the same periods in 2003. At June 30, 2004, the allowance for loan losses as a percentage of non-performing assets was 248.8%, while the allowance as a percentage of total loans amounted to 1.08%.
Total noninterest income was $4.0 million for the second quarter of 2004, an increase of $100 thousand or 2.0% compared to $3.9 million for the second quarter of 2003. Growth in retail banking fees offset the decline in mortgage revenue for the quarter, with revenue of $2.1 million, up $610 thousand or 42.4% from the same period in 2003. Fees and net gains from mortgages sold were $836 thousand for the second quarter of 2004, a decrease of $423 thousand or 33.6% from the second quarter of 2003. Originations were $50.4 million for the second quarter of 2004, down 20.9% compared to $63.7 million for the same period in 2003. Refinance loans represented $27.8 million or 55.2% of total originations for the second quarter of 2004.
Noninterest expense for the second quarter of 2004 amounted to $10.6 million, up $1.4 million or 15.7% from the same period in 2003, and up 1.9% from the first quarter of 2004. For the six month period ended June 30, 2004, noninterest expense amounted to $21.1 million, an increase of $2.8 million or 14.9% over the same period in 2003. The increases are largely attributable to the Company’s expansion efforts, and the incremental operating costs and intangible amortization associated with the eight purchased branches, loan production offices in Charlottesville and Lynchburg and a de novo branch in Fishersville, Virginia.
At June 30, 2004 VFG had assets of $1.41 billion, compared to $1.15 billion at June 30, 2003. Equity capital represented 8.59% of total assets at June 30, 2004. Book value at June 30, 2004 was $16.87 per share.
Dividend Increase
The Board of Directors has declared an increase in the quarterly cash dividend on its common stock to $0.20 per common share, up 5.3% from the current quarterly dividend of $0.19 per common share. The dividend is payable August 23, 2004, to shareholders of record on August 2, 2004. The new annual dividend rate will be $.80 per share, representing a 2.5% annualized yield on the most recent closing price.
About VFG
VFG is the holding company for Planters Bank & Trust Company of Virginia – in Staunton; Second Bank & Trust – in Culpeper; Virginia Heartland Bank – in Fredericksburg and Virginia Commonwealth Trust Company – in Culpeper. The Company is a traditional community banking provider, offering a full range of business and consumer banking services including trust and asset management service via its trust company affiliate. The organization maintains a network of thirty-seven branches serving Central and Southwest Virginia. It also maintains five trust and investment service offices in its markets, and loan production offices located in Charlottesville and Lynchburg.
This press release contains forward-looking statements as defined by federal securities laws. These statements may address certain results that are expected or anticipated to occur or otherwise state the company’s predictions for the future. These particular forward-looking statements and all other statements that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Such factors include but are not limited to: general economic conditions, significant fluctuations in interest rates that could reduce net interest margin; difficulties in executing integration plans: reduction of fee income from existing products due to market conditions; and the amount of growth in the company’s general and administrative expenses. Consequently, these cautionary statements qualify all forward-looking statements made herein. Please refer to VFG’s filings with the Securities and Exchange Commission for additional information, which may be accessed atwww.vfgi.net.
QUARTERLY PERFORMANCE SUMMARY
Virginia Financial Group, Inc. (NASDAQ: VFGI)
(Dollars in thousands, except per share data)
For the Three Months Ended | Percent (Decrease) | ||||||||||
6/30/2004 | 6/30/2003 | ||||||||||
INCOME STATEMENT | |||||||||||
Interest income - taxable equivalent | $ | 17,703 | $ | 15,789 | 12.12 | % | |||||
Interest expense | 4,693 | 4,764 | -1.49 | % | |||||||
Net interest income - taxable equivalent | 13,010 | 11,025 | 18.00 | % | |||||||
Less: taxable equivalent adjustment | 448 | 586 | -23.55 | % | |||||||
Net interest income | 12,562 | 10,439 | 20.34 | % | |||||||
Provision for loan and lease losses | 636 | 322 | 97.52 | % | |||||||
Net interest income after provision for loan and lease losses | 11,926 | 10,117 | 17.88 | % | |||||||
Noninterest income | 3,949 | 3,870 | 2.04 | % | |||||||
Noninterest expense | 10,635 | 9,195 | 15.66 | % | |||||||
Provision for income taxes | 1,555 | 1,203 | 29.26 | % | |||||||
Net income | $ | 3,685 | $ | 3,589 | 2.67 | % | |||||
PER SHARE DATA | |||||||||||
Basic earnings | $ | 0.51 | $ | 0.50 | 2.00 | % | |||||
Diluted earnings | $ | 0.51 | $ | 0.50 | 2.00 | % | |||||
Shares outstanding | 7,160,417 | 7,149,659 | |||||||||
Weighted average shares - | |||||||||||
Basic | 7,159,654 | 7,154,236 | |||||||||
Diluted | 7,200,797 | 7,189,857 | |||||||||
Shares repurchased | — | 12,100 | |||||||||
Average price of shares repurchased | $ | — | $ | 30.40 | |||||||
Dividends paid on common shares | $ | 0.19 | $ | 0.19 | |||||||
PERFORMANCE RATIOS | |||||||||||
Return on average assets | 1.05 | % | 1.28 | % | -17.97 | % | |||||
Return on average equity | 12.20 | % | 12.41 | % | -1.69 | % | |||||
Return on average realized equity (A) | 12.51 | % | 13.22 | % | -5.37 | % | |||||
Net yield on earning assets (taxable equivalent) | 4.05 | % | 4.21 | % | -3.80 | % | |||||
Efficiency (taxable equivalent) (B) | 62.69 | % | 61.85 | % | 1.36 | % | |||||
ASSET QUALITY | |||||||||||
Allowance for loan losses | |||||||||||
Beginning of period | $ | 10,283 | $ | 9,367 | |||||||
Provision for loan losses | 636 | 323 | |||||||||
Charge offs | (178 | ) | (416 | ) | |||||||
Recoveries | 58 | 70 | |||||||||
End of period | $ | 10,799 | $ | 9,344 |
NOTES: Applicable ratios are annualized
(A) | Excludes the effect on average shareholders’ equity of unrealized gains (losses) that result from changes in market values of securities and other comprehensive pension expense. |
(B) | Excludes foreclosed property expense and non-recurring items for all periods. |
QUARTERLY PERFORMANCE SUMMARY
Virginia Financial Group, Inc. (NASDAQ: VFGI)
(Dollars in thousands, except per share data)
For the Six Months Ended | Percent (Decrease) | ||||||||||
6/30/2004 | 6/30/2003 | ||||||||||
INCOME STATEMENT | |||||||||||
Interest income - taxable equivalent | $ | 35,545 | $ | 31,649 | 12.31 | % | |||||
Interest expense | 9,581 | 9,755 | -1.78 | % | |||||||
Net interest income - taxable equivalent | 25,964 | 21,894 | 18.59 | % | |||||||
Less: taxable equivalent adjustment | 910 | 1,174 | -22.49 | % | |||||||
Net interest income | 25,054 | 20,720 | 20.92 | % | |||||||
Provision for loan and lease losses | 1,317 | 645 | 104.19 | % | |||||||
Net interest income after provision for loan and lease losses | 23,737 | 20,075 | 18.24 | % | |||||||
Noninterest income | 7,406 | 7,529 | -1.63 | % | |||||||
Noninterest expense | 21,070 | 18,345 | 14.85 | % | |||||||
Provision for income taxes | 2,933 | 2,376 | 23.44 | % | |||||||
Net income | $ | 7,140 | $ | 6,883 | 3.73 | % | |||||
PER SHARE DATA | |||||||||||
Basic earnings | $ | 1.00 | $ | 0.96 | 4.17 | % | |||||
Diluted earnings | $ | 0.99 | $ | 0.96 | 3.13 | % | |||||
Shares outstanding | 7,160,417 | 7,149,659 | |||||||||
Weighted average shares - | |||||||||||
Basic | 7,156,505 | 7,161,280 | |||||||||
Diluted | 7,199,256 | 7,196,207 | |||||||||
Shares repurchased | — | 28,507 | |||||||||
Average price of shares repurchased | $ | — | $ | 28.68 | |||||||
Dividends paid on common shares | $ | 0.38 | $ | 0.37 | |||||||
PERFORMANCE RATIOS | |||||||||||
Return on average assets | 1.02 | % | 1.24 | % | -17.74 | % | |||||
Return on average equity | 11.86 | % | 11.97 | % | -0.92 | % | |||||
Return on average realized equity (A) | 12.24 | % | 12.85 | % | -4.75 | % | |||||
Net yield on earning assets (taxable equivalent) | 4.07 | % | 4.24 | % | -4.01 | % | |||||
Efficiency (taxable equivalent) (B) | 63.11 | % | 62.36 | % | 1.20 | % | |||||
ASSET QUALITY | |||||||||||
Allowance for loan losses | |||||||||||
Beginning of period | $ | 9,743 | $ | 9,180 | |||||||
Provision for loan losses | 1,317 | 646 | |||||||||
Charge offs | (354 | ) | (591 | ) | |||||||
Recoveries | 93 | 109 | |||||||||
End of period | $ | 10,799 | $ | 9,344 | |||||||
Non-performing assets: | |||||||||||
Non-accrual loans | $ | 2,325 | $ | 1,257 | |||||||
Loans 90+ days past due and still accruing | 13 | 512 | |||||||||
Other real estate owned | 5 | 1,052 | |||||||||
Troubled debt restructurings | 1,998 | 4,707 | |||||||||
Total non-performing assets | $ | 4,341 | $ | 7,528 |
NOTES: Applicable ratios are annualized
(A) | Excludes the effect on average shareholders’ equity of unrealized gains (losses) that result from changes in market values of securities and other comprehensive pension expense. |
(B) | Excludes foreclosed property expense for all periods. |
QUARTERLY PERFORMANCE SUMMARY
Virginia Financial Group, Inc. (NASDAQ: VFGI)
(Dollars in thousands, except per share data)
For the Six Months Ended | Percent (Decrease) | ||||||||||
6/30/2004 | 6/30/2003 | ||||||||||
SELECTED BALANCE SHEET DATA | |||||||||||
End of period balances | |||||||||||
Securities available for sale | $ | 294,003 | $ | 319,332 | -7.93 | % | |||||
Securities held to maturity | 5,843 | 7,056 | -17.19 | % | |||||||
Total securities | 299,846 | 326,388 | -8.13 | % | |||||||
Real estate - construction | 102,907 | 64,635 | 59.21 | % | |||||||
Real estate - 1-4 family residential | 311,626 | 234,621 | 32.82 | % | |||||||
Real estate - commercial and multifamily | 451,480 | 311,779 | 44.81 | % | |||||||
Commercial, financial and agricultural | 78,278 | 66,548 | 17.63 | % | |||||||
Consumer loans | 46,459 | 48,275 | -3.76 | % | |||||||
All other loans | 4,685 | 17,812 | -73.70 | % | |||||||
Total loans | 995,435 | 743,670 | 33.85 | % | |||||||
Allowance for loan losses | (10,799 | ) | (9,344 | ) | 15.57 | % | |||||
Other earning assets | 749 | 9,210 | -91.87 | % | |||||||
Total earning assets | 1,296,030 | 1,079,268 | 20.08 | % | |||||||
Total assets | 1,406,422 | 1,145,670 | 22.76 | % | |||||||
Non-interest bearing deposits | 225,416 | 186,024 | 21.18 | % | |||||||
Money market & interest checking | 362,894 | 286,186 | 26.80 | % | |||||||
Savings | 142,207 | 112,541 | 26.36 | % | |||||||
CD’s and other time deposits | 488,398 | 403,682 | 20.99 | % | |||||||
Total deposits | 1,218,915 | 988,433 | 23.32 | % | |||||||
Short-term borrowed funds | 25,498 | 21,528 | 18.44 | % | |||||||
Trust preferred capital notes | 20,000 | — | 100.00 | % | |||||||
Federal Home Loan Bank advances | 14,100 | 9,180 | 53.59 | % | |||||||
Total interest-bearing liabilities | 1,053,097 | 833,117 | 26.40 | % | |||||||
Total shareholders’ equity | $ | 120,769 | $ | 119,501 | 1.06 | % | |||||
Average balances | |||||||||||
Total assets | $ | 1,405,147 | $ | 1,120,681 | 25.38 | % | |||||
Total shareholders’ equity | $ | 121,089 | $ | 115,955 | 4.43 | % | |||||
For the Three Months Ended | Percent Increase (Decrease) | ||||||||||
Average balances | 6/30/2004 | 6/30/2003 | |||||||||
Total assets | $ | 1,406,614 | $ | 1,127,594 | 24.74 | % | |||||
Total shareholders’ equity | $ | 121,446 | $ | 115,952 | 4.74 | % |
QUARTERLY PERFORMANCE SUMMARY
Virginia Financial Group, Inc. (NASDAQ: VFGI)
(Dollars in thousands)
For the Three Months Ended | For the Six Months Ended | |||||||||||
6/30/2004 | 6/30/2003 | 6/30/2004 | 6/30/2003 | |||||||||
Interest Income | ||||||||||||
Interest and fees on loans | $ | 14,239 | $ | 12,006 | $ | 28,294 | $ | 24,214 | ||||
Interest on deposits in other banks | 1 | — | 2 | 2 | ||||||||
Interest on investment securities: | ||||||||||||
Taxable | 92 | 114 | 187 | 228 | ||||||||
Interest and dividends on securities available for sale: | ||||||||||||
Taxable | 2,126 | 1,970 | 4,557 | 3,890 | ||||||||
Nontaxable | 713 | 940 | 1,462 | 1,834 | ||||||||
Dividends | 77 | 108 | 124 | 163 | ||||||||
Interest income on federal funds sold | 7 | 65 | 9 | 144 | ||||||||
Total Interest Income | 17,255 | 15,203 | 34,635 | 30,475 | ||||||||
Interest Expense | ||||||||||||
Interest on deposits | 4,237 | 4,535 | 8,771 | 9,285 | ||||||||
Interest on trust preferred | 194 | — | 222 | — | ||||||||
Interest on Federal Home Loan Bank advances | 183 | 178 | 338 | 370 | ||||||||
Interest on federal funds repurchased and securities sold under agreements to repurchase | 35 | 49 | 106 | 97 | ||||||||
Interest on other short-term borrowings | 44 | 2 | 144 | 3 | ||||||||
Total Interest Expense | 4,693 | 4,764 | 9,581 | 9,755 | ||||||||
Net Interest Income | 12,562 | 10,439 | 25,054 | 20,720 | ||||||||
Provision for loan losses | 636 | 322 | 1,317 | 645 | ||||||||
Net Interest Income after Provision for Loan Losses | 11,926 | 10,117 | 23,737 | 20,075 | ||||||||
Other Income | ||||||||||||
Retail banking fees | 2,050 | 1,440 | 3,599 | 2,688 | ||||||||
Fees from fiduciary activities | 684 | 710 | 1,460 | 1,489 | ||||||||
Brokerage services | 147 | 115 | 345 | 348 | ||||||||
Other operating income | 232 | 300 | 521 | 612 | ||||||||
Gains (losses) on securities available for sale | — | 46 | — | 70 | ||||||||
Gains (losses) on other real estate owned | — | — | — | — | ||||||||
Gains (losses) on sale of fixed assets | — | — | — | — | ||||||||
Fees on mortgage loans sold | 836 | 1,259 | 1,481 | 2,322 | ||||||||
Total Other Income | 3,949 | 3,870 | 7,406 | 7,529 | ||||||||
Other Expense | ||||||||||||
Compensation and employee benefits | 5,948 | 5,326 | 11,808 | 10,584 | ||||||||
Net occupancy expense | 670 | 548 | 1,376 | 1,118 | ||||||||
Supplies and equipment | 1,095 | 999 | 2,139 | 1,947 | ||||||||
Amortization-intangible assets | 174 | 40 | 347 | 79 | ||||||||
Computer services | 442 | 291 | 741 | 632 | ||||||||
Professional fees | 290 | 144 | 491 | 356 | ||||||||
Other operating expenses | 2,016 | 1,847 | 4,168 | 3,629 | ||||||||
Total Other Expense | 10,635 | 9,195 | 21,070 | 18,345 | ||||||||
Income Before Income Tax Expense | 5,240 | 4,792 | 10,073 | 9,259 | ||||||||
Income tax expense | 1,555 | 1,203 | 2,933 | 2,376 | ||||||||
Net Income | $ | 3,685 | $ | 3,589 | $ | 7,140 | $ | 6,883 |
VIRGINIA FINANCIAL GROUP INC.
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
THREE MONTHS ENDED JUNE 30, 2004 AND 2003
2004 | 2003 | |||||||||||||||||
Dollars in thousands | Average Balance | Interest Income/ Expense | Average Rates | Average Balance | Interest Income/ Expense | Average Rates | ||||||||||||
Assets | ||||||||||||||||||
Loans receivable, net | $ | 976,562,652 | $ | 14,297,176 | 5.89 | % | $ | 724,539,057 | $ | 12,078,005 | 6.69 | % | ||||||
Investment securities | ||||||||||||||||||
Taxable | 244,109,495 | 2,299,787 | 3.79 | % | 222,572,066 | 2,188,121 | 3.93 | % | ||||||||||
Tax exempt | 66,607,619 | 1,096,467 | 6.62 | % | 78,652,021 | 1,458,173 | 7.42 | % | ||||||||||
Total Investments | 310,717,114 | 3,396,254 | 4.40 | % | 283,418,600 | 3,469,081 | 4.84 | % | ||||||||||
FHLB int bearing | 504,116 | 1,291 | 1.03 | % | 510,920 | 701 | 0.55 | % | ||||||||||
Federal funds sold | 3,220,790 | 7,378 | 0.92 | % | 22,537,806 | 64,277 | 1.14 | % | ||||||||||
314,442,020 | 3,404,923 | 4.36 | % | 311,331,379 | 3,549,940 | 4.58 | % | |||||||||||
Total Earning Assets | $ | 1,291,004,672 | 17,702,099 | 5.51 | % | $ | 1,048,811,870 | 15,789,277 | 6.03 | % | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||
Time and savings deposits | ||||||||||||||||||
Interest-bearing transaction accounts | $ | 189,402,247 | $ | 184,872 | 0.39 | % | $ | 127,181,960 | $ | 237,023 | 0.75 | % | ||||||
Money market deposit accounts | 170,697,590 | 375,130 | 0.88 | % | 159,828,257 | 464,712 | 1.17 | % | ||||||||||
Passbook savings accounts | 141,020,480 | 235,474 | 0.67 | % | 111,358,903 | 274,445 | 0.99 | % | ||||||||||
Certificates of deposit >$100k | 119,938,527 | 993,335 | 3.33 | % | 90,714,140 | 875,184 | 3.87 | % | ||||||||||
Certificates of deposit <$100k | 370,676,906 | 2,448,607 | 2.66 | % | 311,830,873 | 2,683,191 | 3.45 | % | ||||||||||
Total Time and Savings Deposits | 991,735,750 | 4,237,418 | 1.72 | % | 800,914,133 | 4,534,555 | 2.27 | % | ||||||||||
Federal funds purchased | 21,632,939 | 34,370 | 0.64 | % | 20,940,226 | 48,623 | 0.93 | % | ||||||||||
Trust preferred capital notes | 20,000,000 | 194,133 | 3.90 | % | ||||||||||||||
Other short term borrowings | 10,813,186 | 45,875 | 1.71 | % | 600,053 | 1,306 | 0.87 | % | ||||||||||
Federal Home Loan Bank advances | 14,117,803 | 182,676 | 5.20 | % | 10,912,088 | 178,786 | 6.57 | % | ||||||||||
66,563,928 | 457,054 | 2.76 | % | 32,193,091 | 241,016 | 3.01 | % | |||||||||||
Total Interest- Bearing Liabilities | $ | 1,058,299,678 | 4,694,472 | 1.78 | % | $ | 833,366,500 | 4,763,270 | 2.29 | % | ||||||||
Net interest income (tax equivalent) | $ | 13,007,627 | $ | 11,026,007 | ||||||||||||||
Average interest rate spread | 3.73 | % | 3.78 | % | ||||||||||||||
Interest expense as percentage of average earning assets | 1.46 | % | 1.82 | % | ||||||||||||||
Net interest margin | 4.05 | % | 4.21 | % | ||||||||||||||
VIRGINIA FINANCIAL GROUP INC.
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
SIX MONTHS ENDED JUNE 30, 2004 AND 2003
2004 | 2003 | |||||||||||||||||
Dollars in thousands | Average Balance | Interest Income/ Expense | Average Rates | Average Balance | Interest Income/ Expense | Average Rates | ||||||||||||
Assets | ||||||||||||||||||
Loans receivable, net | $ | 959,815,870 | $ | 28,411,355 | 5.95 | % | $ | 720,644,465 | $ | 24,388,254 | 6.82 | % | ||||||
Investment securities | ||||||||||||||||||
Taxable | 250,962,439 | 4,873,764 | 3.91 | % | 213,254,425 | 4,281,597 | 4.02 | % | ||||||||||
Tax exempt | 68,758,399 | 2,248,430 | 6.58 | % | 79,118,539 | 2,833,778 | 7.16 | % | ||||||||||
Total Investments | 319,720,838 | 7,122,194 | 4.48 | % | 292,372,964 | 7,115,375 | 4.87 | % | ||||||||||
FHLB int bearing | 526,413 | 2,045 | 0.78 | % | 498,774 | 2,264 | 0.92 | % | ||||||||||
Federal funds sold | 2,039,684 | 9,463 | 0.93 | % | 24,981,072 | 143,573 | 1.16 | % | ||||||||||
322,286,935 | 7,133,702 | 4.45 | % | 317,852,810 | 7,261,212 | 4.57 | % | |||||||||||
Total Earning Assets | $ | 1,282,102,805 | 35,545,057 | 5.58 | % | $ | 1,038,497,275 | 31,649,466 | 6.13 | % | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||
Time and savings deposits | ||||||||||||||||||
Interest-bearing transaction accounts | $ | 192,967,259 | $ | 569,971 | 0.59 | % | $ | 125,540,059 | $ | 473,162 | 0.76 | % | ||||||
Money market deposit accounts | 169,963,217 | 780,953 | 0.92 | % | 158,157,304 | 1,000,935 | 1.28 | % | ||||||||||
Passbook savings accounts | 139,019,591 | 484,043 | 0.70 | % | 109,153,144 | 584,781 | 1.08 | % | ||||||||||
Certificates of deposit >$100k | 117,895,192 | 1,980,014 | 3.38 | % | 90,578,537 | 1,759,991 | 3.92 | % | ||||||||||
Certificates of deposit <$100k | 371,508,318 | 4,956,422 | 2.68 | % | 312,212,634 | 5,466,008 | 3.53 | % | ||||||||||
Total Time and Savings Deposits | 991,353,577 | 8,771,403 | 1.78 | % | 795,641,678 | 9,284,877 | 2.35 | % | ||||||||||
Federal funds purchased | 28,024,444 | 106,092 | 0.78 | % | 20,237,567 | 96,623 | 0.96 | % | ||||||||||
Trust preferred capital notes | 11,538,462 | 221,866 | 3.87 | % | ||||||||||||||
Other short term borrowings | 18,613,736 | 144,290 | 1.53 | % | 527,230 | 2,766 | 1.06 | % | ||||||||||
Federal Home Loan Bank advances | 11,820,000 | 337,552 | 5.74 | % | 11,561,215 | 370,342 | 6.46 | % | ||||||||||
69,996,642 | 809,800 | 2.33 | % | 32,326,012 | 469,731 | 2.93 | % | |||||||||||
Total Interest - Bearing Liabilities | $ | 1,061,350,219 | 9,581,203 | 1.82 | % | $ | 827,967,690 | 9,754,608 | 2.38 | % | ||||||||
Net interest income (tax equivalent) | $ | 25,963,854 | $ | 21,894,858 | ||||||||||||||
Average interest rate spread | 3.76 | % | 3.76 | % | ||||||||||||||
Interest expense as percentage of average earning assets | 1.50 | % | 1.89 | % | ||||||||||||||
Net interest margin | 4.07 | % | 4.24 | % | ||||||||||||||