Exhibit 99.1
FOR FURTHER INFORMATION:
AT MERCANTILE BANK CORPORATION:
| | | | | | | |
| | | Michael Price
Chairman & CEO
616-726-1600
mprice@mercbank.com | | Charles Christmas
Chief Financial Officer
616-726-1202
cchristmas@mercbank.com | | |
MERCANTILE BANK CORPORATION ANNOUNCES SECOND QUARTER
NET INCOME OF $2.2 MILLION
Grand Rapids, MI — July 11, 2007 — Mercantile Bank Corporation (Nasdaq: MBWM) reported earnings for the second quarter of 2007 of $2.2 million, or $0.26 per diluted share, a decrease of 56.5 percent from the $5.1 million, or $0.60 per diluted share, reported for the second quarter of 2006. For the first six months of 2007, Mercantile reported net income of $6.5 million, or $0.77 per diluted share, a decrease of 35.2 percent and 34.7 percent, respectively, from the $10.0 million, or $1.18 per diluted share, reported in the prior-year period. The decline in 2007 earnings is primarily the result of increased non-performing assets, which have negatively impacted all major areas of Mercantile’s performance. Also, earnings were lowered by a one-time expense associated with the retirement of Mercantile’s former chairman and CEO, Gerald Johnson, Jr.
Michael Price, Mercantile’s newly-appointed chairman and CEO, commented, “Mercantile achieved an impressive track record over the first ten years of its existence by adhering to a disciplined strategy based on strong loan growth, superb asset quality, and low overhead. We are currently in the midst of a difficult economic period in Michigan, which has depressed our real estate market to levels beyond our expectation. This has affected not only asset quality, but also loan growth. We believe we are taking every step possible to identify problem loans and proactively address the issues involved. As a result, non-performing assets nearly doubled this quarter. We believe we are approaching a peak in non-performing assets and should see improvement going forward. On a more positive note, loan originations have picked up, reflecting the success of our restructured lending teams.
“It is our goal to return to the quality results which have defined our organization. We are hopeful that the days of major provisioning are over. While our margin is still on the low side, much of the impact is derived from the higher level of nonaccrual loans on our books.”
Operating Results
Total revenue, consisting of net interest income and non-interest income, was $15.4 million for the second quarter of 2007, a decrease of 9.2 percent from the $16.9 million reported for the prior-year second quarter. Net interest income for the current quarter was $13.9 million, a decrease of $1.7 million, or 10.9 percent, from the 2006 second quarter level due to a 56 basis point decline in the net interest margin, partially offset by a 6.7 percent increase in average earning assets. Compared with the first quarter of 2007, the decline in net interest income was $536,000, or 3.7 percent; the impact to net interest income was primarily due to a 16 basis point decline in the margin from the previous quarter, since earning assets remained stable. Mr. Price commented, “The competition for quality loans is still intense, so loan pricing has been under pressure. However, we are seeing a leveling in the cost of funds; for the current quarter, the increase was only six basis points compared to first quarter of 2007. The more significant contributor to the margin decline was an 11 basis point drop in asset yield that was largely attributable to the rise in non-performing assets during the quarter.” Non-interest income for the second quarter of 2007 was $1.4 million, an increase of $146,000, or 11.5 percent over the second quarter of 2006.
The provision for loan and lease losses increased 56.7 percent year over year, from $1.5 million in the second quarter of 2006 to $2.35 million for the current quarter, primarily due to an increase in net loan charge-offs and non-performing loans this quarter compared with last year.
Mr. Price continued, “Efficient operations have been a key component to our business strategy since inception, and we maintain this discipline throughout our Company.” Non-interest expense for the second quarter of 2007 was $10.0 million, an increase of $2.0 million, or 25.0 percent, over the prior-year period, and an increase of $1.3 million, or 14.9 percent, from the first quarter of 2007. Exclusive of the $1.2 million one-time charge associated with Mr. Johnson’s retirement, operating expenses rose 10.1% from last year, primarily related to the addition of 28 FTE employees since June 30, 2006. The efficiency ratio was 65.3 percent for the second quarter of 2007, compared with 47.5 percent for the year-ago quarter. For the six-month 2007 period, the ratio was 60.1 percent, compared with 48.2 percent for the prior-year period. Excluding the impact of Mr. Johnson’s retirement package, the efficiency ratio for the current quarter would be 57.5 percent.
Asset Quality
According to Mr. Price, “We have been extremely diligent in reviewing our loan portfolio. The large addition to non-performing loans this quarter accounts for what we believe to be most of the recent credit weakness we have experienced; we are hopeful that this quarter represents a high point in non-performing assets against which
improvement in asset quality can be measured.” Non-performing assets were $24.0 million, or 1.14 percent of total assets at June 30, 2007, compared with $12.6 million, or 0.60 percent of total assets at March 31, 2007, and $8.7 million, or 0.44 percent of total assets at June 30, 2006. Mr. Price explained that the majority of the recent increase can be attributed to two loans totaling $8.0 million that Mercantile placed on non-accrual status this quarter. Mr. Price added, “Over 90 percent of non-performing loans are collateralized by real estate; although resolution of real estate loans is a lengthy process, we believe we are adequately reserved as present market conditions stand.”
Net loan charge-offs for the second quarter of 2007 were $1.2 million, equivalent to 0.28 percent of average loans on an annualized basis, compared with $0.8 million or 0.18 percent of average loans in the first quarter of 2007, and $1.0 million or 0.24 percent for the second quarter of 2006. Loan and lease loss reserves were $22.8 million, or 1.28 percent of total loans and leases at June 30, 2007, up from the 1.24 percent level reported at March 31, 2007.
Balance Sheet
Total assets were $2.10 billion at June 30, 2007, an increase of $134.1 million, or 6.8 percent, from June 30, 2006. Over the last twelve months, loans grew by $105.6 million, or 6.3 percent; year to date 2007 loan growth was $30.5 million, with the second quarter contributing $27.2 million. Most of the growth since year-end 2006 was in commercial real estate loans, including multi-family properties, which increased by $44.4 million, or 5.3 percent, to $883.7 million; commercial real estate accounts for 49.8 percent of total loan outstandings. Otherwise, Mercantile’s portfolio composition remained relatively unchanged, with commercial and industrial loans, the second largest component of Mercantile’s loan portfolio, holding a 26.1 percent share, followed by construction and land development loans, which are also primarily commercial in nature, holding a 16.7 percent share.
Shareholders’ equity at June 30, 2007 was $174.5 million, a twelve-month increase of $12.9 million, or 8.0 percent. Total shares outstanding at quarter-end were 8,476,673. Mercantile’s total risk-based capital ratio was 11.4 percent at quarter-end, well in excess of well-capitalized requirements. Mr. Price concluded, “We have strengthened our credit underwriting and loan review processes, completed an extensive review and analysis of our loan portfolio, and believe we have identified most of our problem assets. Our restructured lending teams are proving their effectiveness in the marketplace, and we are hopeful that our performance will shortly begin to reflect the progress we’ve made in these areas.”
About Mercantile Bank Corporation
Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Headquartered in Grand Rapids, the Bank provides a wide variety of commercial banking services through its five full-service banking offices in greater Grand Rapids, and its full-service banking offices in Holland, Lansing, and Ann Arbor, Michigan. Mercantile Bank Corporation’s common stock is listed on the NASDAQ Global Select Market under the symbol “MBWM.”
Forward-Looking Statements
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
# # # #
Mercantile Bank Corporation
Second Quarter 2007 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | | | |
| | | JUNE 30, | | | DECEMBER 31, | | | JUNE 30, | |
| | | 2007 | | | 2006 | | | 2006 | |
| | | (Unaudited) | | | (Audited) | | | (Unaudited) | |
ASSETS | | | | | | | | | | | | |
| Cash and due from banks | | $ | 48,190,000 | | | $ | 51,098,000 | | | $ | 47,142,000 | |
| Short-term investments | | | 251,000 | | | | 282,000 | | | | 271,000 | |
| | | | | | | | | | |
| Total cash and cash equivalents | | | 48,441,000 | | | | 51,380,000 | | | | 47,413,000 | |
| | | | | | | | | | | | | |
| Securities available for sale | | | 133,247,000 | | | | 130,967,000 | | | | 119,023,000 | |
| Securities held to maturity | | | 63,664,000 | | | | 63,943,000 | | | | 61,759,000 | |
| Federal Home Loan Bank stock | | | 7,534,000 | | | | 7,509,000 | | | | 7,887,000 | |
| | | | | | | | | | | | | |
| Total loans and leases | | | 1,776,026,000 | | | | 1,745,478,000 | | | | 1,670,471,000 | |
| Allowance for loan and lease losses | | | (22,800,000 | ) | | | (21,411,000 | ) | | | (21,507,000 | ) |
| | | | | | | | | | |
| Total loans and leases, net | | | 1,753,226,000 | | | | 1,724,067,000 | | | | 1,648,964,000 | |
| | | | | | | | | | | | | |
| Premises and equipment, net | | | 34,797,000 | | | | 33,539,000 | | | | 30,824,000 | |
| Bank owned life insurance policies | | | 32,330,000 | | | | 30,858,000 | | | | 29,852,000 | |
| Accrued interest receivable | | | 9,971,000 | | | | 10,287,000 | | | | 9,047,000 | |
| Other assets | | | 20,310,000 | | | | 14,718,000 | | | | 14,660,000 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
| Total assets | | $ | 2,103,520,000 | | | $ | 2,067,268,000 | | | $ | 1,969,429,000 | |
| | | | | | | | | | |
| | | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Noninterest-bearing | | $ | 124,977,000 | | | $ | 133,197,000 | | | $ | 129,483,000 | |
| Interest-bearing | | | 1,514,033,000 | | | | 1,513,706,000 | | | | 1,418,429,000 | |
| | | | | | | | | | |
| Total deposits | | | 1,639,010,000 | | | | 1,646,903,000 | | | | 1,547,912,000 | |
| | | | | | | | | | | | | |
| Securities sold under agreements to repurchase | | | 84,987,000 | | | | 85,472,000 | | | | 64,431,000 | |
| Federal funds purchased | | | 9,100,000 | | | | 9,800,000 | | | | 11,400,000 | |
| Federal Home Loan Bank advances | | | 135,000,000 | | | | 95,000,000 | | | | 130,000,000 | |
| Subordinated debentures | | | 32,990,000 | | | | 32,990,000 | | | | 32,990,000 | |
| Other borrowed money | | | 3,653,000 | | | | 3,316,000 | | | | 2,957,000 | |
| Accrued expenses and other liabilities | | | 24,249,000 | | | | 21,872,000 | | | | 18,079,000 | |
| | | | | | | | | | |
| Total liabilities | | | 1,928,989,000 | | | | 1,895,353,000 | | | | 1,807,769,000 | |
| | | | | | | | | | | | | |
SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
| Common stock | | | 176,461,000 | | | | 161,223,000 | | | | 160,872,000 | |
| Retained earnings | | | 1,038,000 | | | | 11,794,000 | | | | 4,070,000 | |
| Accumulated other comprehensive income (loss) | | | (2,968,000 | ) | | | (1,102,000 | ) | | | (3,282,000 | ) |
| | | | | | | | | | |
| Total shareholders’ equity | | | 174,531,000 | | | | 171,915,000 | | | | 161,660,000 | |
| | | | | | | | | | | | | |
| Total liabilities and shareholders’ equity | | $ | 2,103,520,000 | | | $ | 2,067,268,000 | | | $ | 1,969,429,000 | |
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Mercantile Bank Corporation
Second Quarter 2007 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED REPORTS OF INCOME
| | | | | | | | | | | | | | | | | |
| | | THREE MONTHS ENDED | | | THREE MONTHS ENDED | | | SIX MONTHS ENDED | | | SIX MONTHS ENDED | |
| | | June 30, 2007 | | | June 30, 2006 | | | June 30, 2007 | | | June 30, 2006 | |
| | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | |
INTEREST INCOME | | | | | | | | | | | | | | | | |
| Loans and leases, including fees | | $ | 33,513,000 | | | $ | 31,304,000 | | | $ | 66,935,000 | | | $ | 60,031,000 | |
| Investment securities | | | 2,485,000 | | | | 2,299,000 | | | | 4,991,000 | | | | 4,536,000 | |
| Federal funds sold | | | 82,000 | | | | 139,000 | | | | 175,000 | | | | 271,000 | |
| Short-term investments | | | 4,000 | | | | 4,000 | | | | 8,000 | | | | 7,000 | |
| | | | | | | | | | | | | |
| Total interest income | | | 36,084,000 | | | | 33,746,000 | | | | 72,109,000 | | | | 64,845,000 | |
| | | | | | | | | | | | | | | | | |
INTEREST EXPENSE | | | | | | | | | | | | | | | | |
| Deposits | | | 19,179,000 | | | | 15,358,000 | | | | 38,004,000 | | | | 28,843,000 | |
| Short-term borrowings | | | 866,000 | | | | 720,000 | | | | 1,698,000 | | | | 1,321,000 | |
| Federal Home Loan Bank advances | | | 1,390,000 | | | | 1,369,000 | | | | 2,584,000 | | | | 2,684,000 | |
| Long-term borrowings | | | 701,000 | | | | 653,000 | | | | 1,391,000 | | | | 1,252,000 | |
| | | | | | | | | | | | | |
| Total interest expense | | | 22,136,000 | | | | 18,100,000 | | | | 43,677,000 | | | | 34,100,000 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net interest income | | | 13,948,000 | | | | 15,646,000 | | | | 28,432,000 | | | | 30,745,000 | |
| | | | | | | | | | | | | | | | | |
| Provision for loan and lease losses | | | 2,350,000 | | | | 1,500,000 | | | | 3,370,000 | | | | 2,725,000 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net interest income after provision for loan and lease losses | | | 11,598,000 | | | | 14,146,000 | | | | 25,062,000 | | | | 28,020,000 | |
| | | | | | | | | | | | | | | | | |
NON INTEREST INCOME | | | | | | | | | | | | | | | | |
| Service charges on accounts | | | 393,000 | | | | 329,000 | | | | 782,000 | | | | 645,000 | |
| Net gain on sales of commercial loans | | | 0 | | | | 0 | | | | 0 | | | | 29,000 | |
| Other income | | | 1,028,000 | | | | 946,000 | | | | 2,047,000 | | | | 1,844,000 | |
| | | | | | | | | | | | | |
| Total non interest income | | | 1,421,000 | | | | 1,275,000 | | | | 2,829,000 | | | | 2,518,000 | |
| | | | | | | | | | | | | | | | | |
NON INTEREST EXPENSE | | | | | | | | | | | | | | | | |
| Salaries and benefits | | | 6,521,000 | | | | 4,683,000 | | | | 11,905,000 | | | | 9,448,000 | |
| Occupancy | | | 814,000 | | | | 772,000 | | | | 1,581,000 | | | | 1,602,000 | |
| Furniture and equipment | | | 501,000 | | | | 515,000 | | | | 994,000 | | | | 1,037,000 | |
| Other expense | | | 2,203,000 | | | | 2,061,000 | | | | 4,298,000 | | | | 3,950,000 | |
| | | | | | | | | | | | | |
| Total non interest expense | | | 10,039,000 | | | | 8,031,000 | | | | 18,778,000 | | | | 16,037,000 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Income before federal income tax expense | | | 2,980,000 | | | | 7,390,000 | | | | 9,113,000 | | | | 14,501,000 | |
| | | | | | | | | | | | | | | | | |
| Federal income tax expense | | | 759,000 | | | | 2,279,000 | | | | 2,609,000 | | | | 4,461,000 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Net income | | $ | 2,221,000 | | | $ | 5,111,000 | | | $ | 6,504,000 | | | $ | 10,040,000 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Basic earnings per share | | $ | 0.26 | | | $ | 0.61 | | | $ | 0.77 | | | $ | 1.20 | |
| | | | | | | | | | | | | | | | | |
| Diluted earnings per share | | $ | 0.26 | | | $ | 0.60 | | | $ | 0.77 | | | $ | 1.18 | |
| | | | | | | | | | | | | | | | | |
| Average basic shares outstanding * | | | 8,455,891 | | | | 8,401,047 | | | | 8,446,419 | | | | 8,386,996 | |
| | | | | | | | | | | | | | | | | |
| Average diluted shares outstanding * | | | 8,503,138 | | | | 8,525,811 | | | | 8,494,276 | | | | 8,517,021 | |
| | |
| * | | - Adjusted for 5% stock dividend paid on May 4, 2007 |
Mercantile Bank Corporation
Second Quarter 2007 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarterly | | Year-To-Date |
| | | 2007 | | 2007 | | 2006 | | 2006 | | 2006 | | | | |
| (dollars in thousands except per share data) | | 2nd Qtr | | 1st Qtr | | 4th Qtr | | 3rd Qtr | | 2nd Qtr | | 2007 | | 2006 |
EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income | | $ | 13,948 | | | | 14,484 | | | | 15,295 | | | | 15,547 | | | | 15,646 | | | | 28,432 | | | | 30,745 | |
| Provision for loan and lease losses | | $ | 2,350 | | | | 1,020 | | | | 1,700 | | | | 1,350 | | | | 1,500 | | | | 3,370 | | | | 2,725 | |
| Noninterest income | | $ | 1,421 | | | | 1,408 | | | | 1,381 | | | | 1,362 | | | | 1,275 | | | | 2,829 | | | | 2,518 | |
| Noninterest expense | | $ | 10,039 | | | | 8,739 | | | | 8,197 | | | | 8,028 | | | | 8,031 | | | | 18,778 | | | | 16,037 | |
| Net income | | $ | 2,221 | | | | 4,283 | | | | 4,605 | | | | 5,202 | | | | 5,111 | | | | 6,504 | | | | 10,040 | |
| Basic earnings per share | | $ | 0.26 | | | | 0.51 | | | | 0.55 | | | | 0.62 | | | | 0.61 | | | | 0.77 | | | | 1.20 | |
| Diluted earnings per share | | $ | 0.26 | | | | 0.50 | | | | 0.54 | | | | 0.61 | | | | 0.60 | | | | 0.77 | | | | 1.18 | |
| Average basic shares outstanding* | | | 8,455,891 | | | | 8,436,933 | | | | 8,421,318 | | | | 8,416,816 | | | | 8,401,047 | | | | 8,446,419 | | | | 8,386,996 | |
| Average diluted shares outstanding* | | | 8,503,138 | | | | 8,518,791 | | | | 8,523,314 | | | | 8,524,116 | | | | 8,525,811 | | | | 8,494,276 | | | | 8,517,021 | |
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PERFORMANCE RATIOS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Return on average assets | | | 0.43 | % | | | 0.84 | % | | | 0.89 | % | | | 1.04 | % | | | 1.06 | % | | | 0.63 | % | | | 1.06 | % |
| Return on average common equity | | | 5.08 | % | | | 10.04 | % | | | 10.78 | % | | | 12.54 | % | | | 12.81 | % | | | 7.53 | % | | | 12.77 | % |
Net interest margin(fully tax-equivalent) | | | 2.91 | % | | | 3.07 | % | | | 3.19 | % | | | 3.34 | % | | | 3.47 | % | | | 2.99 | % | | | 3.49 | % |
| Efficiency ratio | | | 65.32 | % | | | 54.99 | % | | | 49.15 | % | | | 47.48 | % | | | 47.46 | % | | | 60.07 | % | | | 48.21 | % |
| Full-time equivalent employees | | | 305 | | | | 295 | | | | 291 | | | | 284 | | | | 277 | | | | 305 | | | | 277 | |
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CAPITAL | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period-ending equity to assets | | | 8.30 | % | | | 8.40 | % | | | 8.32 | % | | | 8.27 | % | | | 8.21 | % | | | 8.30 | % | | | 8.21 | % |
| Tier 1 leverage capital ratio | | | 10.10 | % | | | 10.12 | % | | | 10.04 | % | | | 10.14 | % | | | 10.15 | % | | | 10.10 | % | | | 10.15 | % |
| Tier 1 risk-based capital ratio | | | 10.26 | % | | | 10.44 | % | | | 10.37 | % | | | 10.47 | % | | | 10.52 | % | | | 10.26 | % | | | 10.52 | % |
| Total risk-based capital ratio | | | 11.37 | % | | | 11.52 | % | | | 11.45 | % | | | 11.61 | % | | | 11.66 | % | | | 11.37 | % | | | 11.66 | % |
| Book value per share | | $ | 20.64 | | | | 20.70 | | | | 20.36 | | | | 19.90 | | | | 19.21 | | | | 20.64 | | | | 19.21 | |
| Cash dividend per share | | $ | 0.14 | | | | 0.14 | | | | 0.13 | | | | 0.13 | | | | 0.13 | | | | 0.28 | | | | 0.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ASSET QUALITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross loan charge-offs | | $ | 1,358 | | | | 1,134 | | | | 2,276 | | | | 1,250 | | | | 1,083 | | | | 2,492 | | | | 1,863 | |
| Net loan charge-offs | | $ | 1,204 | | | | 777 | | | | 2,227 | | | | 920 | | | | 988 | | | | 1,981 | | | | 1,744 | |
| Net loan charge-offs to average loans | | | 0.28 | % | | | 0.18 | % | | | 0.51 | % | | | 0.22 | % | | | 0.24 | % | | | 0.23 | % | | | 0.22 | % |
| Allowance for loan and lease losses | | $ | 22,800 | | | | 21,654 | | | | 21,411 | | | | 21,938 | | | | 21,507 | | | | 22,800 | | | | 21,507 | |
| Allowance for losses to total loans | | | 1.28 | % | | | 1.24 | % | | | 1.23 | % | | | 1.28 | % | | | 1.29 | % | | | 1.28 | % | | | 1.29 | % |
| Nonperforming loans | | $ | 20,595 | | | | 10,018 | | | | 8,571 | | | | 9,017 | | | | 8,530 | | | | 20,595 | | | | 8,530 | |
| Other real estate and repossessed assets | | $ | 3,369 | | | | 2,540 | | | | 986 | | | | 421 | | | | 150 | | | | 3,369 | | | | 150 | |
| Nonperforming assets to total assets | | | 1.14 | % | | | 0.60 | % | | | 0.46 | % | | | 0.47 | % | | | 0.44 | % | | | 1.14 | % | | | 0.44 | % |
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END OF PERIOD BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 1,776,026 | | | | 1,748,838 | | | | 1,745,478 | | | | 1,710,268 | | | | 1,670,471 | | | | 1,776,026 | | | | 1,670,471 | |
Total earning assets(before allowance) | | $ | 1,980,722 | | | | 1,967,733 | | | | 1,948,179 | | | | 1,922,051 | | | | 1,859,411 | | | | 1,980,722 | | | | 1,859,411 | |
| Total assets | | $ | 2,103,520 | | | | 2,089,577 | | | | 2,067,268 | | | | 2,026,834 | | | | 1,969,429 | | | | 2,103,520 | | | | 1,969,429 | |
| Deposits | | $ | 1,639,010 | | | | 1,686,157 | | | | 1,646,903 | | | | 1,614,703 | | | | 1,547,912 | | | | 1,639,010 | | | | 1,547,912 | |
| Shareholders’ equity | | $ | 174,531 | | | | 175,477 | | | | 171,915 | | | | 167,548 | | | | 161,660 | | | | 174,531 | | | | 161,660 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 1,755,033 | | | | 1,741,531 | | | | 1,729,899 | | | | 1,684,700 | | | | 1,643,022 | | | | 1,748,320 | | | | 1,612,489 | |
Total earning assets(before allowance) | | $ | 1,965,345 | | | | 1,953,416 | | | | 1,938,499 | | | | 1,881,873 | | | | 1,841,666 | | | | 1,959,414 | | | | 1,810,354 | |
| Total assets | | $ | 2,075,217 | | | | 2,058,718 | | | | 2,042,037 | | | | 1,984,199 | | | | 1,939,413 | | | | 2,067,013 | | | | 1,905,865 | |
| Deposits | | $ | 1,643,522 | | | | 1,647,000 | | | | 1,628,233 | | | | 1,569,614 | | | | 1,521,037 | | | | 1,645,252 | | | | 1,490,322 | |
| Shareholders’ equity | | $ | 175,434 | | | | 173,028 | | | | 169,452 | | | | 164,560 | | | | 160,039 | | | | 174,236 | | | | 158,487 | |
| | |
| * | | - Adjusted for 5% stock dividend paid on May 4, 2007 |
