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 13% GROWTH IN THIRD QUARTER EARNINGS
Culpeper, VA - Virginia Financial Group, Inc. (NASDAQ: VFGI) today reported third quarter 2004 earnings of $4.0 million or $.55 per share, an increase of 13.0% compared to earnings of $3.5 million or $.49 per share for the quarter ended September 30, 2003. Diluted earnings per share for the quarter increased 12.2% compared to third quarter 2003 results.
Earnings for the first nine months of 2004 amounted to $11.1 million or $1.55 per diluted share compared to earnings of $10.4 million or $1.45 per diluted share. This earnings growth represents a 6.9% increase in net income and diluted earnings per share.
VFG’S earnings for the third quarter produced an annualized return on average assets of 1.11% and an annualized return on average equity of 12.99%, compared to prior year ratios of 1.20% and 12.09%, respectively. Earnings for the nine month period yielded an annualized return on average assets of 1.05% and an annualized return on average shareholders’ equity of 12.24%, compared with prior year ratios of 1.22% and 11.97%, respectively.
Analysis of Financial Performance
Revenues for the third quarter of 2004 were $16.8 million, an increase of $1.9 million or 12.4% over $14.9 million in 2003. The largest component, net interest income, amounted to $13.2 million for the third quarter, up $2.4 million or 22.2% compared with $10.8 million for the same quarter in 2003. Growth in average earning assets and an improving net interest margin were primarily contributors to this growth. For the nine months ended September 30, 2004, net interest income was $38.2 million, an increase of $6.7 million or 21.4% from $31.5 million for the same period in 2003. The net interest
margin for the third quarter of 2004 was 4.14%, compared to 4.12% for the same quarter in 2003, and 4.05% for the second quarter of 2004. The net interest margin for the nine month period ended September 30, 2004 was 4.10%, compared to 4.21% for the same period in 2003.
Total noninterest income was $3.6 million for the third quarter of 2004, a decrease of 12.8% compared to $4.2 million for the same period in 2003. Excluding securities gains of $365 thousand in 2003, the decrease in 2004 as compared to 2003 amounted to $169 thousand or 4.4%. VFG continued to see a decrease in mortgage refinance activity, with total mortgage revenue decreasing $754 thousand or 41.5% to $534 thousand for the third quarter of 2004. VFG’s mortgage operation originations for the quarter constituted 66.3% purchase loan activity. Fees from retail banking operations amounted to $2.0 million for the third quarter of 2004, an increase of $556 thousand or 38.2%. Fees from trust and investment services for the third quarter of 2004 amounted to $845 thousand, an increase of $69 thousand or 8.9% compared to the same quarter in 2003.
Noninterest expense for the third quarter of 2004 amounted to $10.4 million, an increase of $526 thousand or 5.3% for the same quarter in 2003. Excluding nonrecurring expenses in 2003 of $340 thousand associated with integration of the First Virginia branches, noninterest expenses increased $866 thousand or 9.1%. Components of this increase are higher operating costs associated with the loan production office in Lynchburg, amortization of intangibles, tele-communication costs and professional fees. These expenses were offset somewhat by decreases in costs associated with mortgage related commissions, medical benefits, and other incentive related accruals. VFG’s efficiency ratio was 60.25% for the third quarter of 2004, compared to 63.22% for the same quarter in 2003.
VFG’s loan portfolio increased $161.2 million or 18.5% to $1.034 billion at September 30, 2004, compared to the same date in 2003. For the third quarter of 2004, VFG’s loan portfolio grew $38.3 million or 3.8%, funded by deposit growth of $31.8 million representing growth of 2.6%. For the nine months ended September 30, 2004, loan growth amounted to $110.4 million or 12.0%. The growth in loans for the quarter was fairly distributed between our Culpeper, Fredericksburg, Charlottesville and Lynchburg lending units. VFG anticipates some slowing in its loan growth during the fourth quarter based on current pipeline levels. VFG ended the quarter with assets of $1.440 billion, compared to $1.383 billion at the same date last year, representing growth of $57 million or 4.1%
VFG’s ratio of non-performing assets as a percentage of total assets amounted to .28% at the end of the third quarter of 2004, compared to .55% for the same quarter in 2003. VFG’s ratio of non-performing assets to loans and other real estate owned amounted to .39% at the end of the quarter, compared to .88% for the same quarter in 2003. Net charge-offs as a percentage of average loans receivable amounted to .01% for the quarter, compared to less than .01% for the same quarter in 2003. At September 30, 2004, the allowance for loan losses as a percentage of non-performing assets was 279.4%, while the allowance as a percentage of total loans amounted to 1.09%.
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, changes in the lending environment, 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 at www.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) | ||||||||||
9/30/2004 | 9/30/2003 | ||||||||||
INCOME STATEMENT | |||||||||||
Interest income - taxable equivalent | $ | 18,372 | $ | 15,912 | 15.46 | % | |||||
Interest expense | 4,775 | 4,622 | 3.31 | % | |||||||
Net interest income - taxable equivalent | 13,597 | 11,290 | 20.43 | % | |||||||
Less: taxable equivalent adjustment | 436 | 523 | -16.63 | % | |||||||
Net interest income | 13,161 | 10,767 | 22.23 | % | |||||||
Provision for loan and lease losses | 636 | 323 | 96.90 | % | |||||||
Net interest income after provision for loan and lease losses | 12,525 | 10,444 | 19.93 | % | |||||||
Noninterest income | 3,642 | 4,176 | -12.79 | % | |||||||
Noninterest expense | 10,433 | 9,907 | 5.31 | % | |||||||
Provision for income taxes | 1,743 | 1,181 | 47.59 | % | |||||||
Net income | $ | 3,991 | $ | 3,532 | 13.00 | % | |||||
PER SHARE DATA | |||||||||||
Basic earnings | $ | 0.56 | $ | 0.49 | 14.29 | % | |||||
Diluted earnings | $ | 0.55 | $ | 0.49 | 12.24 | % | |||||
Shares outstanding | 7,160,417 | 7,149,926 | |||||||||
Weighted average shares - | |||||||||||
Basic | 7,160,417 | 7,149,926 | |||||||||
Diluted | 7,204,399 | 7,185,547 | |||||||||
Shares repurchased | — | — | |||||||||
Average price of shares repurchased | $ | — | $ | — | |||||||
Dividends paid on common shares | $ | 0.20 | $ | 0.19 | |||||||
PERFORMANCE RATIOS | |||||||||||
Return on average assets | 1.11 | % | 1.20 | % | -7.50 | % | |||||
Return on average equity | 12.99 | % | 12.09 | % | 7.44 | % | |||||
Return on average realized equity (A) | 13.12 | % | 12.70 | % | 3.31 | % | |||||
Net yield on earning assets (taxable equivalent) | 4.14 | % | 4.12 | % | 0.49 | % | |||||
Efficiency (taxable equivalent) (B) | 60.25 | % | 63.22 | % | -4.70 | % | |||||
ASSET QUALITY | |||||||||||
Allowance for loan losses | |||||||||||
Beginning of period | $ | 10,799 | $ | 9,344 | |||||||
Provision for loan losses | 636 | 322 | |||||||||
Charge offs | (184 | ) | (88 | ) | |||||||
Recoveries | 49 | 80 | |||||||||
End of period | $ | 11,300 | $ | 9,658 |
NOTES: Applicable ratios are annualized
(A) | Excludes the effect on average stockholders’ 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 Nine Months Ended | Percent Increase (Decrease) | ||||||||||
9/30/2004 | 9/30//03 | ||||||||||
INCOME STATEMENT | |||||||||||
Interest income - taxable equivalent | $ | 53,917 | $ | 47,562 | 13.36 | % | |||||
Interest expense | 14,356 | 14,377 | -0.15 | % | |||||||
Net interest income - taxable equivalent | 39,561 | 33,185 | 19.21 | % | |||||||
Less: taxable equivalent adjustment | 1,346 | 1,698 | -20.73 | % | |||||||
Net interest income | 38,215 | 31,487 | 21.37 | % | |||||||
Provision for loan and lease losses | 1,953 | 968 | 101.76 | % | |||||||
Net interest income after provision for loan and lease losses | 36,262 | 30,519 | 18.82 | % | |||||||
Noninterest income | 11,048 | 11,705 | -5.61 | % | |||||||
Noninterest expense | 31,503 | 28,252 | 11.51 | % | |||||||
Provision for income taxes | 4,676 | 3,557 | 31.46 | % | |||||||
Net income | $ | 11,131 | $ | 10,415 | 6.87 | % | |||||
PER SHARE DATA | |||||||||||
Basic earnings | $ | 1.56 | $ | 1.46 | 6.85 | % | |||||
Diluted earnings | $ | 1.55 | $ | 1.45 | 6.90 | % | |||||
Shares outstanding | 7,160,417 | 7,149,926 | |||||||||
Weighted average shares - | |||||||||||
Basic | 7,157,833 | 7,157,482 | |||||||||
Diluted | 7,201,815 | 7,192,409 | |||||||||
Shares repurchased | — | 28,507 | |||||||||
Average price of shares repurchased | $ | — | $ | 28.68 | |||||||
Dividends paid on common shares | $ | 0.58 | $ | 0.56 | |||||||
PERFORMANCE RATIOS | |||||||||||
Return on average assets | 1.05 | % | 1.22 | % | -13.93 | % | |||||
Return on average equity | 12.24 | % | 11.97 | % | 2.26 | % | |||||
Return on average realized equity (A) | 12.55 | % | 12.62 | % | -0.55 | % | |||||
Net yield on earning assets (taxable equivalent) | 4.10 | % | 4.21 | % | -2.61 | % | |||||
Efficiency (taxable equivalent) (B) | 62.13 | % | 62.75 | % | -0.99 | % | |||||
ASSET QUALITY | |||||||||||
Allowance for loan losses | |||||||||||
Beginning of period | $ | 9,743 | $ | 9,180 | |||||||
Provision for loan losses | 1,953 | 968 | |||||||||
Charge offs | (538 | ) | (679 | ) | |||||||
Recoveries | 142 | 189 | |||||||||
End of period | $ | 11,300 | $ | 9,658 | |||||||
Non-performing assets: | |||||||||||
Non-accrual loans | $ | 2,116 | $ | 1,824 | |||||||
Loans 90+ days past due and still accruing | 1 | 11 | |||||||||
Other real estate owned | 5 | 1,233 | |||||||||
Troubled debt restructurings | 1,937 | 4,572 | |||||||||
Total non-performing assets | $ | 4,059 | $ | 7,640 |
NOTES: Applicable ratios are annualized
(A) | Excludes the effect on average stockholders’ 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 Nine Months Ended | Percent Increase (Decrease) | ||||||||||
9/30/2004 | 9/30/2003 | ||||||||||
SELECTED BALANCE SHEET DATA | |||||||||||
End of period balances | |||||||||||
Securities available for sale | $ | 292,096 | $ | 379,847 | -23.10 | % | |||||
Securities held to maturity | 5,846 | 6,335 | -7.72 | % | |||||||
Total securities | 297,942 | 386,182 | -22.85 | % | |||||||
Real estate - construction | 106,356 | 75,099 | 41.62 | % | |||||||
Real estate - 1-4 family residential | 316,425 | 314,507 | 0.61 | % | |||||||
Real estate - commercial and multifamily | 479,760 | 347,190 | 38.18 | % | |||||||
Commercial, financial and agricultural | 82,307 | 75,119 | 9.57 | % | |||||||
Consumer loans | 45,587 | 56,657 | -19.54 | % | |||||||
All other loans | 3,073 | 3,733 | -17.68 | % | |||||||
Total loans | 1,033,508 | 872,305 | 18.48 | % | |||||||
Allowance for loan losses | (11,300 | ) | (9,658 | ) | 17.00 | % | |||||
Other earning assets | 3,527 | 9,191 | -61.63 | % | |||||||
Total earning assets | 1,334,977 | 1,267,678 | 5.31 | % | |||||||
Total assets | 1,439,756 | 1,382,540 | 4.14 | % | |||||||
Non-interest bearing deposits | 220,355 | 223,721 | -1.50 | % | |||||||
Money market & interest checking | 389,970 | 354,345 | 10.05 | % | |||||||
Savings | 141,508 | 137,536 | 2.89 | % | |||||||
CD’s and other time deposits | 498,888 | 491,741 | 1.45 | % | |||||||
Total deposits | 1,250,721 | 1,207,343 | 3.59 | % | |||||||
Short-term borrowed funds | 20,400 | 34,698 | -41.21 | % | |||||||
Trust preferred capital notes | 20,000 | — | 100.00 | % | |||||||
Federal Home Loan Bank advances | 14,080 | 9,160 | 53.71 | % | |||||||
Total interest-bearing liabilities | 1,084,846 | 1,027,480 | 5.58 | % | |||||||
Total stockholders’ equity | $ | 125,679 | $ | 117,738 | 6.74 | % | |||||
Average balances | |||||||||||
Total assets | $ | 1,411,928 | $ | 1,141,813 | 23.66 | % | |||||
Total stockholders’ equity | $ | 121,472 | $ | 116,384 | 4.37 | % | |||||
For the Three Months Ended | Percent Increase (Decrease) | ||||||||||
9/30/2004 | 9/30/2003 | ||||||||||
Average Balances | |||||||||||
Total assets | $ | 1,425,340 | $ | 1,181,658 | 20.62 | % | |||||
Total stockholders’ equity | $ | 122,230 | $ | 117,236 | 4.26 | % |
QUARTERLY PERFORMANCE SUMMARY
Virginia Financial Group, Inc. (NASDAQ: VFGI)
(Dollars in thousands)
For the Three Months Ended | For the Nine Months Ended | |||||||||||
9/30/2004 | 9/30/2003 | 9/30/2004 | 9/30/2003 | |||||||||
Interest Income | ||||||||||||
Interest and fees on loans | $ | 14,969 | $ | 12,167 | $ | 43,263 | $ | 36,381 | ||||
Interest on deposits in other banks | 1 | 29 | 3 | 31 | ||||||||
Interest on investment securities: | ||||||||||||
Taxable | 92 | 109 | 279 | 337 | ||||||||
Interest and dividends on securities available for sale: | ||||||||||||
Taxable | 2,023 | 2,066 | 6,580 | 5,956 | ||||||||
Nontaxable | 696 | 897 | 2,158 | 2,731 | ||||||||
Dividends | 132 | 96 | 256 | 259 | ||||||||
Interest income on federal funds sold | 23 | 25 | 32 | 169 | ||||||||
Total Interest Income | 17,936 | 15,389 | 52,571 | 45,864 | ||||||||
Interest Expense | ||||||||||||
Interest on deposits | 4,322 | 4,396 | 13,093 | 13,681 | ||||||||
Interest on trust preferred | 220 | — | 442 | — | ||||||||
Interest on Federal Home Loan Bank advances | 181 | 163 | 519 | 533 | ||||||||
Interest on federal funds repurchased and securities sold under agreements to repurchase | 47 | 62 | 161 | 159 | ||||||||
Interest on other short-term borrowings | 5 | 1 | 141 | 4 | ||||||||
Total Interest Expense | 4,775 | 4,622 | 14,356 | 14,377 | ||||||||
Net Interest Income | 13,161 | 10,767 | 38,215 | 31,487 | ||||||||
Provision for loan losses | 636 | 323 | 1,953 | 968 | ||||||||
Net Interest Income after Provision for Loan Losses | 12,525 | 10,444 | 36,262 | 30,519 | ||||||||
Other Income | ||||||||||||
Retail banking fees | 2,011 | 1,455 | 5,610 | 4,143 | ||||||||
Fees from fiduciary activities | 676 | 673 | 2,136 | 2,162 | ||||||||
Brokerage services | 169 | 103 | 514 | 451 | ||||||||
Other operating income | 252 | 272 | 773 | 884 | ||||||||
Gains (losses) on securities available for sale | — | 365 | — | 435 | ||||||||
Gains (losses) on other real estate owned | — | 20 | — | 20 | ||||||||
Gains (losses) on sale of fixed assets | — | — | — | — | ||||||||
Fees on mortgage loans sold | 534 | 1,288 | 2,015 | 3,610 | ||||||||
Total Other Income | 3,642 | 4,176 | 11,048 | 11,705 | ||||||||
Other Expense | ||||||||||||
Compensation and employee benefits | 5,793 | 5,690 | 17,601 | 16,274 | ||||||||
Net occupancy expense | 697 | 561 | 2,073 | 1,679 | ||||||||
Supplies and equipment | 1,085 | 893 | 3,224 | 2,840 | ||||||||
Amortization-intangible assets | 173 | 39 | 520 | 118 | ||||||||
Computer services | 350 | 270 | 1,091 | 902 | ||||||||
Professional fees | 162 | 219 | 653 | 575 | ||||||||
Other operating expenses | 2,173 | 2,235 | 6,341 | 5,864 | ||||||||
Total Other Expense | 10,433 | 9,907 | 31,503 | 28,252 | ||||||||
Income Before Income Tax Expense | 5,734 | 4,713 | 15,807 | 13,972 | ||||||||
Income tax expense | 1,743 | 1,181 | 4,676 | 3,557 | ||||||||
Net Income | $ | 3,991 | $ | 3,532 | $ | 11,131 | $ | 10,415 |
VIRGINIA FINANCIAL GROUP INC.
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
Three months Ending SEPTEMBER 30, 2004 | Three months Ending SEPTEMBER 30, 2003 | |||||||||||||||||||||
Dollars in thousands | Average Balance | Interest Inc/Exp | Average Rates | Average Balance | Interest Inc/Exp | Average Rates | ||||||||||||||||
Assets | ||||||||||||||||||||||
Loans receivable, net | $ | 1,009,098,814 | $ | 15,027,427 | 5.92 | % | $ | 755,222,127 | $ | 12,233,073 | 6.43 | % | ||||||||||
Investment securities | ||||||||||||||||||||||
Taxable | 226,490,641 | 2,249,404 | 3.95 | % | 239,450,228 | 2,273,723 | 3.80 | % | ||||||||||||||
Tax exempt | 65,267,961 | 1,071,656 | 6.53 | % | 77,260,040 | 1,354,470 | 7.01 | % | ||||||||||||||
Total Investments | 291,758,602 | 3,321,060 | 4.53 | % | 316,710,268 | 3,628,193 | 4.58 | % | ||||||||||||||
FHLB int bearing | 323,067 | 1,289 | 1.59 | % | 313,263 | 25,768 | 32.63 | % | ||||||||||||||
Federal funds sold | 5,962,083 | 22,108 | 1.48 | % | 16,946,229 | 51,037 | 1.19 | % | ||||||||||||||
298,043,752 | 3,344,457 | 4.46 | % | 333,969,760 | 3,704,998 | 4.44 | % | |||||||||||||||
Total Earning Assets | 1,307,142,566 | 18,371,884 | 5.59 | % | Tax Eql. | 1,089,191,887 | 15,938,071 | 5.82 | % | Tax Eql. | ||||||||||||
Non-Earning Assets | 118,197,929 | 92,465,731 | ||||||||||||||||||||
Total Assets | 1,425,340,495 | 1,181,657,618 | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||
Time and savings deposits | ||||||||||||||||||||||
Interest-bearing transaction accounts | $ | 196,014,562 | $ | 184,026 | 0.37 | % | $ | 134,876,643 | $ | 216,835 | 0.64 | % | ||||||||||
Money market deposit accounts | 181,754,438 | 413,743 | 0.91 | % | 163,709,661 | 421,622 | 1.02 | % | ||||||||||||||
Passbook savings accounts | 144,072,154 | 233,693 | 0.65 | % | 114,981,891 | 235,237 | 0.81 | % | ||||||||||||||
Certificates of deposit >$100k | 122,270,427 | 1,020,227 | 3.32 | % | 93,176,952 | 880,914 | 3.75 | % | ||||||||||||||
Certificates of deposit <$100k | 369,100,912 | 2,469,840 | 2.66 | % | 315,843,023 | 2,641,615 | 3.32 | % | ||||||||||||||
Total Time and Savings Deposits | 1,013,212,493 | 4,321,529 | 1.70 | % | 822,588,170 | 4,396,223 | 2.12 | % | ||||||||||||||
Federal funds purchased | 21,754,651 | 46,208 | 0.85 | % | 40,377,100 | 88,252 | 0.87 | % | ||||||||||||||
Trust Preferred Securities | 19,999,999 | 220,609 | 4.39 | % | — | — | ||||||||||||||||
Other short term borrowings | 1,293,478 | 5,132 | 1.58 | % | 403,325 | 1,485 | 1.46 | % | ||||||||||||||
Federal Home Loan Bank advances | 13,504,525 | 181,461 | 5.35 | % | 9,177,826 | 162,608 | 7.03 | % | ||||||||||||||
56,552,653 | 453,410 | 3.19 | % | 49,958,251 | 252,345 | 2.00 | % | |||||||||||||||
Total Interest - Bearing Liabilities | 1,069,765,146 | 4,774,939 | 1.78 | % | 872,546,421 | 4,648,568 | 2.11 | % | ||||||||||||||
Non-Interest - Bearing Liabilities | 233,345,465 | 191,875,534 | ||||||||||||||||||||
Total Stockholders’ Equity | 122,229,884 | 117,235,663 | ||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | 1,425,340,495 | 1,181,657,618 | ||||||||||||||||||||
Net interest income (tax equivalent) | $ | 13,596,945 | $ | 11,289,503 | ||||||||||||||||||
Average interest rate spread | 3.82 | % | 3.70 | % | ||||||||||||||||||
Interest expense as percentage of average earning assets | 1.45 | % | 1.69 | % | ||||||||||||||||||
Net interest margin | 4.14 | % | 4.12 | % | ||||||||||||||||||
VIRGINIA FINANCIAL GROUP INC.
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003
Nine months Ending SEPTEMBER 30, 2004 | Nine months Ending SEPTEMBER 30, 2003 | |||||||||||||||||||||
Dollars in thousands | Average Balance | Interest Inc/Exp | Average Rates | Average Balance | Interest Inc/Exp | Average Rates | ||||||||||||||||
Assets | ||||||||||||||||||||||
Loans receivable, net | $ | 976,363,428 | $ | 43,438,782 | 5.94 | % | $ | 732,297,011 | $ | 36,621,327 | 6.69 | % | ||||||||||
Investment securities | ||||||||||||||||||||||
Taxable | 242,745,631 | 7,123,168 | 3.92 | % | 222,299,115 | 6,555,320 | 3.93 | % | ||||||||||||||
Tax exempt | 67,586,427 | 3,320,086 | 6.56 | % | 78,492,230 | 4,188,248 | 7.11 | % | ||||||||||||||
Total Investments | 310,332,058 | 10,443,254 | 4.50 | % | 300,791,345 | 10,743,568 | 4.76 | % | ||||||||||||||
FHLB int bearing | 458,136 | 3,334 | 0.97 | % | 436,258 | 28,032 | 8.59 | % | ||||||||||||||
Federal funds sold | 3,356,694 | 31,571 | 1.26 | % | 18,407,982 | 168,928 | 1.23 | % | ||||||||||||||
314,146,888 | 10,478,159 | 4.46 | % | 319,635,585 | 10,940,528 | 4.56 | % | |||||||||||||||
Total Earning Assets | 1,290,510,316 | 53,916,941 | 5.58 | % | Tax Eql. | 1,051,932,596 | 47,561,855 | 6.04 | % | Tax Eql. | ||||||||||||
Non-Earning Assets | 121,417,205 | 89,880,649 | ||||||||||||||||||||
Total Assets | 1,411,927,521 | 1,141,813,245 | ||||||||||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||||
Time and savings deposits | ||||||||||||||||||||||
Interest-bearing transaction accounts | $ | 193,990,441 | $ | 753,997 | 0.52 | % | $ | 128,686,454 | $ | 689,997 | 0.72 | % | ||||||||||
Money market deposit accounts | 173,922,313 | 1,194,696 | 0.92 | % | 160,028,427 | 1,422,557 | 1.19 | % | ||||||||||||||
Passbook savings accounts | 140,716,072 | 717,736 | 0.68 | % | 111,117,410 | 820,018 | 0.99 | % | ||||||||||||||
Certificates of deposit >$100k | 119,364,249 | 3,000,241 | 3.36 | % | 91,454,193 | 2,640,905 | 3.86 | % | ||||||||||||||
Certificates of deposit <$100k | 370,699,992 | 7,426,262 | 2.68 | % | 313,436,061 | 8,107,623 | 3.46 | % | ||||||||||||||
Total Time and Savings Deposits | 998,693,067 | 13,092,932 | 1.75 | % | 804,722,545 | 13,681,100 | 2.27 | % | ||||||||||||||
Federal funds purchased | 25,919,258 | 154,826 | 0.80 | % | 22,206,170 | 159,193 | 0.96 | % | ||||||||||||||
Trust Preferred Securities | 14,379,562 | 442,475 | 4.11 | % | — | — | ||||||||||||||||
Other short term borrowings | 12,798,175 | 146,896 | 1.53 | % | 485,475 | 4,251 | 1.17 | % | ||||||||||||||
Federal Home Loan Bank advances | 12,584,818 | 519,013 | 5.51 | % | 10,758,022 | 532,950 | 6.62 | % | ||||||||||||||
65,681,813 | 1,263,210 | 2.57 | % | 33,449,667 | 696,394 | 2.78 | % | |||||||||||||||
Total Interest - Bearing Liabilities | 1,064,374,880 | 14,356,142 | 1.80 | % | 838,172,212 | 14,377,494 | 2.29 | % | ||||||||||||||
Non-Interest - Bearing Liabilities | 226,080,678 | 187,256,629 | ||||||||||||||||||||
Total Stockholders’ Equity | 121,471,963 | 116,384,404 | ||||||||||||||||||||
Total Liabilities and Stockholders’ Equity | 1,411,927,521 | 1,141,813,245 | ||||||||||||||||||||
Net interest income (tax equivalent) | $ | 39,560,799 | $ | 33,184,361 | ||||||||||||||||||
Average interest rate spread | 3.78 | % | 3.75 | % | ||||||||||||||||||
Interest expense as percentage of average earning assets | 1.49 | % | 1.83 | % | ||||||||||||||||||
Net interest margin | 4.10 | % | 4.21 | % | ||||||||||||||||||