Exhibit 99.1
FOR FURTHER INFORMATION:
AT MERCANTILE BANK CORPORATION:
| Michael Price | Charles Christmas | |||
| Chairman & CEO | Chief Financial Officer | |||
| 616-726-1600 | 616-726-1202 | |||
| mprice@mercbank.com | cchristmas@mercbank.com |
MERCANTILE BANK CORPORATION ANNOUNCES
2008 THIRD QUARTER RESULTS
2008 THIRD QUARTER RESULTS
Grand Rapids, MI — October 14, 2008 — Mercantile Bank Corporation (NASDAQ: MBWM) reported net income of $1.1 million, or $0.13 per diluted share, for the third quarter of 2008 compared with net income of $2.4 million, or $0.28 per diluted share, for the third quarter of 2007. For the nine-month 2008 period, a net loss of $5.3 million, or $0.62 per diluted share, was recorded, compared with net income of $8.9 million, or $1.05 per diluted share, for the prior-year nine months.
Mercantile returned to profitability during the third quarter of 2008 after reporting net losses for the first two quarters of 2008, primarily reflecting a significantly lower provision for loan and lease losses. Mercantile’s year-to-date 2008 performance has been impacted by several factors: net interest margin compression resulting from the rapid interest rate decline that began during the third quarter of last year; sizable provisions for loan and lease losses taken in response to deteriorating asset quality; and write-downs on foreclosed properties to reflect lower estimated market values.
Chairman and CEO Michael Price commented, “While we continue to face some very strong headwinds with the economy and within the banking industry, it is gratifying to see that our aggressive approach to identifying and administering problem credits may be starting to yield results. Over a year ago, we became concerned with the deteriorating financial condition of certain borrowers and the status of underlying projects in our commercial real estate portfolio, especially within the residential real estate development segment. The early identification of problem loans has provided us the opportunity to
closely work with our distressed borrowers, and during the third quarter we saw notable improvement in a number of larger relationships. Nonperforming and other delinquent loans remain at elevated levels, and further hard work remains. However, we are pleased with our progress thus far. We are cautiously optimistic that we are near the peak in asset quality challenges, but we remain appropriately reserved and vigilant.”
Mr. Price continued, “A second priority has been to improve our net interest margin, which has been impacted by the series of aggressive interest rate cuts implemented by the Federal Reserve beginning in September 2007 and continuing through April 2008, as well as by an elevated level of nonperforming assets and price competition for loans and deposits. This quarter, we began to reverse the decline with a 15 basis point improvement in the net interest margin over the second quarter. A steady prime rate and the initial benefits of several loan-pricing initiatives have stabilized our loan yield, while our cost of funds continues to decline.”
“Although we were hopeful the improved trend would continue, last week’s 50 basis point prime rate reduction will once again negatively impact our net interest margin over the near term. Further anticipated declines in our cost of funds are expected to largely offset the impact of the prime rate cut, and a relatively steady rather than improving net interest margin is the likely fourth quarter outcome. We expect the loan pricing initiatives that were initiated during the third quarter to increase in scope and value in future periods. However, the extreme volatility in financial markets makes it difficult to forecast net interest income and the net interest margin with any precision.”
“The outstanding performance of our employees throughout this critical period has made a huge difference in the results we’ve been able to achieve. Our employees continue to provide our customers with an exceptional banking experience, and the difficult banking environment has provided us the opportunity to strengthen our position within our markets. We continue to see much more rational commercial loan pricing and terms, which should positively impact our earnings performance in future periods.”
Operating Results
Third quarter 2008 total revenue, consisting of net interest income plus noninterest income, was $13.5 million, down 12.9 percent from the $15.6 million reported for the prior-year third quarter. Net interest income totaled $11.7 million, a decline of $2.3 million, or 16.5 percent, from the $14.1 million generated in the year-ago quarter. The net interest margin declined from 2.86 percent in the prior-year third quarter to 2.30 percent in the current-year third quarter, a decrease of 56 basis points, or 19.6 percent. The negative impact of the lower net interest margin on net interest income was partially offset by an $81.7 million increase in average earning assets. Noninterest income was $1.8 million in the third quarter of 2008, up $0.3 million, or 20.6 percent, from the $1.5 million reported in last year’s third quarter, primarily due to increased service charge and bank-owned life insurance policy income.
The provision for loan and lease losses totaled $17.2 million for the first nine months of 2008, including $1.9 million expensed during the third quarter. In comparison, the provision expense equaled $6.2 million during the first nine months of 2007, including $2.8 million recorded in the third quarter. The larger provision expense recognized
during the first nine months of 2008 reflects a higher level of net loan and lease charge-offs and loan and lease growth in 2008. In addition, higher reserve levels relative to the prior year were necessary to provide for possible future losses in the existing loan and lease portfolio. The allowance for loan and lease losses equaled 1.58 percent of total loans and leases as of September 30, 2008, compared to 1.73 percent at June 30, 2008, and 1.38 percent at September 30, 2007.
Noninterest expense for the third quarter of 2008 was $10.5 million, an increase of $0.9 million, or 9.9 percent, over the prior-year third quarter. Compared with the second quarter of 2008, third quarter noninterest expense declined $0.3 million, or 2.4 percent. For the first nine months of 2008, noninterest expense was $31.6 million, up $3.3 million, or 11.5 percent, from $28.3 million for the same time period in 2007. A majority of the 2008 noninterest expense growth relates to costs associated with the administration and resolution of problem assets, including legal expenses, property tax payments, appraisal costs, and write-downs on foreclosed properties. These costs totaled $2.3 million during the first nine months of 2008, including $0.8 million expensed during the third quarter of 2008. By comparison, costs related to problem assets totaled $0.6 million for the first nine months of 2007, with $0.3 million of costs incurred in the third quarter. Write-downs on foreclosed properties accounted for $0.9 million of the $2.3 million in costs related to problem assets incurred during the first nine months of 2008.
Asset Quality
“While we saw a small increase in the level of nonperforming assets in the third quarter, the rate of increase was considerably lower than over the past several quarters,” noted Mr. Price. “The marked slowdown in borrowing relationships that deteriorated to nonperforming status had a positive impact on our provision expense for the third quarter. However, the majority of our nonperforming loans are real estate-related, secured by collateral that has illiquid characteristics in the current market. Updated appraisals often reflect significant declines from the original estimated values, requiring additional reserves for potential future loan and lease losses.”
At September 30, 2008, nonperforming assets totaled $47.8 million, or 2.17 percent of total assets, up from $46.6 million (2.16 percent of total assets) at June 30, 2008 and $25.9 million (1.23 percent of total assets) at September 30, 2007. Approximately 36 percent of nonperforming loans were contractually current on payments as of September 30, 2008. The net increase in nonperforming assets during the third quarter of 2008 was $1.2 million, reflecting the addition of $11.5 million of new nonperforming loans, less the return of loans to accruing status, loan paydowns, sales of foreclosed real estate and write-downs of foreclosed properties totaling $6.6 million and net loan and lease charge-offs of $3.7 million.
Commercial-related nonperforming assets were $26.7 million as of September 30, 2008, compared to $28.7 million as of June 30, 2008. Nonperforming loans and foreclosed properties associated with the development and construction of residential real estate totaled $15.9 million, with an additional $5.2 million in nonperforming loans secured by, and foreclosed properties consisting of, residential properties at September 30, 2008. At June 30, 2008, the levels were $14.7 million and $3.2 million, respectively.
Net loan and lease charge-offs in the third quarter of 2008 were $4.3 million, or an annualized 0.91 percent of average total loans and leases, compared to $4.3 million (0.95 percent) and $5.0 million (1.11 percent) during the second and first quarters of 2008, respectively. Net loan and lease charge-offs associated with commercial-related loans and residential-related loans totaled $3.6 million and $0.7 million during the third quarter, and $10.0 million and $3.6 million during the first nine months of 2008, respectively. Of the $4.5 million in gross loan and lease charge-offs during the third quarter, approximately $3.0 million, or 66 percent, reflect the charge-off of specific reserves that were created through provisions for loan and lease losses in prior quarters.
Balance Sheet
Total assets were $2.21 billion as of September 30, 2008, an increase of $100.9 million, or 4.8 percent, since September 30, 2007. Total loans and leases increased $73.8 million, or 4.1 percent, over the past twelve months, with $30.0 million of the growth occurring in the third quarter of 2008. Approximately 72 percent of Mercantile’s loan portfolio is secured by real estate, with construction and land development loans accounting for $277.4 million, or 14.8 percent of total loans and leases. Deposits totaled $1.58 billion as of September 30, 2008, a decline of $65.3 million since September 30, 2007, in part reflecting the shifting of a portion of brokered deposits into lower-rate Federal Home Loan Bank advances, which increased $150.0 million over the past twelve months.
Shareholders’ equity totaled $171.3 million at September 30, 2008, a decline of $6.8 million, or 3.8 percent, from the level of equity at December 31, 2007. Total shares outstanding at the end of the third quarter of 2008 were 8,532,535. The Bank remains “well-capitalized” under regulatory capital requirements, with a total risk-based capital ratio of 10.9 percent as of September 30, 2008. The Bank’s total regulatory capital equaled $226.1 million at September 30, 2008, approximately $15.3 million in excess of the amount required to provide for the minimum “well-capitalized”.
In conclusion, Mr. Price commented, “Our third quarter results represent a significant improvement over the previous three quarters. While we expect the third quarter is the beginning of a trend, the future is difficult to predict due to the unprecedented challenges facing the banking industry. Our focus on asset quality remains unwavering, and we believe we are well-positioned to weather this difficult period.”
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, Ann Arbor and Oakland County, 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 nontraditional 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 local real estate values; changes in the national and local economies; 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
Third Quarter 2008 Results
Third Quarter 2008 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
| SEPTEMBER 30, | DECEMBER 31, | SEPTEMBER 30, | ||||||||||
| 2008 | 2007 | 2007 | ||||||||||
| (Unaudited) | (Audited) | (Unaudited) | ||||||||||
ASSETS | ||||||||||||
| Cash and due from banks | $ | 25,694,000 | $ | 29,138,000 | $ | 28,764,000 | ||||||
| Short-term investments | 87,000 | 292,000 | 534,000 | |||||||||
| Federal funds sold | 4,820,000 | 0 | 0 | |||||||||
| Total cash and cash equivalents | 30,601,000 | 29,430,000 | 29,298,000 | |||||||||
| Securities available for sale | 144,019,000 | 136,673,000 | 135,243,000 | |||||||||
| Securities held to maturity | 64,002,000 | 65,330,000 | 64,863,000 | |||||||||
| Federal Home Loan Bank stock | 15,681,000 | 9,733,000 | 7,534,000 | |||||||||
| Loans and leases | 1,870,799,000 | 1,799,880,000 | 1,796,962,000 | |||||||||
| Allowance for loan and lease losses | (29,511,000 | ) | (25,814,000 | ) | (24,857,000 | ) | ||||||
| Loans and leases, net | 1,841,288,000 | 1,774,066,000 | 1,772,105,000 | |||||||||
| Premises and equipment, net | 32,958,000 | 34,351,000 | 34,492,000 | |||||||||
| Bank owned life insurance policies | 41,459,000 | 39,118,000 | 32,962,000 | |||||||||
| Accrued interest receivable | 9,044,000 | 9,957,000 | 11,143,000 | |||||||||
| Other assets | 28,307,000 | 22,745,000 | 18,787,000 | |||||||||
| Total assets | $ | 2,207,359,000 | $ | 2,121,403,000 | $ | 2,106,427,000 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 109,154,000 | $ | 133,056,000 | $ | 121,336,000 | ||||||
| Interest-bearing | 1,466,559,000 | 1,458,125,000 | 1,519,648,000 | |||||||||
| Total deposits | 1,575,713,000 | 1,591,181,000 | 1,640,984,000 | |||||||||
| Securities sold under agreements to repurchase | 105,986,000 | 97,465,000 | 88,683,000 | |||||||||
| Federal funds purchased | 0 | 13,800,000 | 3,300,000 | |||||||||
| Federal Home Loan Bank advances | 285,000,000 | 180,000,000 | 135,000,000 | |||||||||
| Subordinated debentures | 32,990,000 | 32,990,000 | 32,990,000 | |||||||||
| Other borrowed money | 19,393,000 | 4,013,000 | 3,839,000 | |||||||||
| Accrued interest and other liabilities | 16,929,000 | 23,799,000 | 23,907,000 | |||||||||
| Total liabilities | 2,036,011,000 | 1,943,248,000 | 1,928,703,000 | |||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||
| Common stock | 172,480,000 | 172,938,000 | 172,793,000 | |||||||||
| Retained earnings (deficit) | (1,593,000 | ) | 4,948,000 | 6,037,000 | ||||||||
| Accumulated other comprehensive income (loss) | 461,000 | 269,000 | (1,106,000 | ) | ||||||||
| Total shareholders’ equity | 171,348,000 | 178,155,000 | 177,724,000 | |||||||||
| Total liabilities and shareholders’ equity | $ | 2,207,359,000 | $ | 2,121,403,000 | $ | 2,106,427,000 | ||||||
Mercantile Bank Corporation
Third Quarter 2008 Results
Third Quarter 2008 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED REPORTS OF INCOME
CONSOLIDATED REPORTS OF INCOME
| THREE MONTHS ENDED | THREE MONTHS ENDED | NINE MONTHS ENDED | NINE MONTHS ENDED | |||||||||||||
| September 30, 2008 | September 30, 2007 | September 30, 2008 | September 30, 2007 | |||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
INTEREST INCOME | ||||||||||||||||
| Loans and leases, including fees | $ | 27,161,000 | $ | 34,077,000 | $ | 82,707,000 | $ | 101,012,000 | ||||||||
| Investment securities | 2,641,000 | 2,530,000 | 8,067,000 | 7,521,000 | ||||||||||||
| Federal funds sold | 40,000 | 168,000 | 157,000 | 343,000 | ||||||||||||
| Short-term investments | 1,000 | 5,000 | 6,000 | 13,000 | ||||||||||||
| Total interest income | 29,843,000 | 36,780,000 | 90,937,000 | 108,889,000 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
| Deposits | 14,180,000 | 19,357,000 | 46,144,000 | 57,361,000 | ||||||||||||
| Short term borrowings | 483,000 | 900,000 | 1,506,000 | 2,598,000 | ||||||||||||
| Federal Home Loan Bank advances | 2,839,000 | 1,759,000 | 7,834,000 | 4,343,000 | ||||||||||||
| Long term borrowings | 613,000 | 713,000 | 1,750,000 | 2,104,000 | ||||||||||||
| Total interest expense | 18,115,000 | 22,729,000 | 57,234,000 | 66,406,000 | ||||||||||||
| Net interest income | 11,728,000 | 14,051,000 | 33,703,000 | 42,483,000 | ||||||||||||
| Provision for loan and lease losses | 1,900,000 | 2,800,000 | 17,200,000 | 6,170,000 | ||||||||||||
| Net interest income after provision for loan and lease losses | 9,828,000 | 11,251,000 | 16,503,000 | 36,313,000 | ||||||||||||
NONINTEREST INCOME | ||||||||||||||||
| Service charges on accounts | 488,000 | 402,000 | 1,472,000 | 1,184,000 | ||||||||||||
| Other income | 1,329,000 | 1,105,000 | 3,993,000 | 3,152,000 | ||||||||||||
| Total noninterest income | 1,817,000 | 1,507,000 | 5,465,000 | 4,336,000 | ||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||
| Salaries and benefits | 5,584,000 | 5,425,000 | 17,031,000 | 17,330,000 | ||||||||||||
| Occupancy | 967,000 | 881,000 | 2,899,000 | 2,462,000 | ||||||||||||
| Furniture and equipment | 482,000 | 530,000 | 1,502,000 | 1,524,000 | ||||||||||||
| Other expense | 3,480,000 | 2,734,000 | 10,187,000 | 7,032,000 | ||||||||||||
| Total noninterest expense | 10,513,000 | 9,570,000 | 31,619,000 | 28,348,000 | ||||||||||||
| Income (loss) before federal income tax expense (benefit) | 1,132,000 | 3,188,000 | (9,651,000 | ) | 12,301,000 | |||||||||||
| Federal income tax expense (benefit) | 53,000 | 821,000 | (4,380,000 | ) | 3,430,000 | |||||||||||
| Net income (loss) | $ | 1,079,000 | $ | 2,367,000 | $ | (5,271,000 | ) | $ | 8,871,000 | |||||||
| Basic earnings (loss) per share | $ | 0.13 | $ | 0.28 | ($0.62 | ) | $ | 1.05 | ||||||||
| Diluted earnings (loss) per share | $ | 0.13 | $ | 0.28 | ($0.62 | ) | $ | 1.05 | ||||||||
| Average basic shares outstanding | 8,472,569 | 8,458,601 | 8,468,951 | 8,450,524 | ||||||||||||
| Average diluted shares outstanding | 8,530,347 | 8,491,612 | 8,468,951 | 8,488,226 | ||||||||||||
Mercantile Bank Corporation
Third Quarter 2008 Results
Third Quarter 2008 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
| Quarterly | ||||||||||||||||||||||||||||
| 2008 | 2008 | 2008 | 2007 | 2007 | Year-To-Date | |||||||||||||||||||||||
| (dollars in thousands except per share data) | 3rd Qtr | 2nd Qtr | 1st Qtr | 4th Qtr | 3rd Qtr | 2008 | 2007 | |||||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||||||
| Net interest income | $ | 11,728 | 10,592 | 11,383 | 13,074 | 14,051 | 33,703 | 42,483 | ||||||||||||||||||||
| Provision for loan and lease losses | $ | 1,900 | 6,200 | 9,100 | 4,900 | 2,800 | 17,200 | 6,170 | ||||||||||||||||||||
| Noninterest income | $ | 1,817 | 1,758 | 1,890 | 1,534 | 1,507 | 5,465 | 4,336 | ||||||||||||||||||||
| Noninterest expense | $ | 10,513 | 10,777 | 10,329 | 10,008 | 9,570 | 31,619 | 28,348 | ||||||||||||||||||||
| Net income (loss) | $ | 1,079 | (2,612 | ) | (3,738 | ) | 95 | 2,367 | (5,271 | ) | 8,871 | |||||||||||||||||
| Basic earnings (loss) per share | $ | 0.13 | (0.31 | ) | (0.44 | ) | 0.01 | 0.28 | (0.62 | ) | 1.05 | |||||||||||||||||
| Diluted earnings (loss) per share | $ | 0.13 | (0.31 | ) | (0.44 | ) | 0.01 | 0.28 | (0.62 | ) | 1.05 | |||||||||||||||||
| Average basic shares outstanding | 8,472,569 | 8,469,097 | 8,465,148 | 8,462,260 | 8,458,601 | 8,468,951 | 8,450,524 | |||||||||||||||||||||
| Average diluted shares outstanding | 8,530,347 | 8,469,097 | 8,465,148 | 8,485,035 | 8,491,612 | 8,468,951 | 8,488,226 | |||||||||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||||||||||
| Return on average assets | 0.20 | % | (0.49 | %) | (0.71 | %) | 0.02 | % | 0.45 | % | (0.33 | %) | 0.57 | % | ||||||||||||||
| Return on average common equity | 2.53 | % | (6.09 | %) | (8.44 | %) | 0.21 | % | 5.32 | % | (4.06 | %) | 6.78 | % | ||||||||||||||
Net interest margin(fully tax-equivalent) | 2.30 | % | 2.15 | % | 2.33 | % | 2.64 | % | 2.86 | % | 2.26 | % | 2.94 | % | ||||||||||||||
| Efficiency ratio | 77.62 | % | 87.26 | % | 77.82 | % | 68.51 | % | 61.51 | % | 80.73 | % | 60.55 | % | ||||||||||||||
| Full-time equivalent employees | 307 | 318 | 317 | 306 | 302 | 307 | 302 | |||||||||||||||||||||
CAPITAL | ||||||||||||||||||||||||||||
| Period-ending equity to assets | 7.76 | % | 7.75 | % | 8.24 | % | 8.40 | % | 8.44 | % | 7.76 | % | 8.44 | % | ||||||||||||||
| Tier 1 leverage capital ratio | 9.34 | % | 9.50 | % | 9.69 | % | 9.97 | % | 10.06 | % | 9.34 | % | 10.06 | % | ||||||||||||||
| Tier 1 risk-based capital ratio | 9.61 | % | 9.71 | % | 10.05 | % | 10.14 | % | 10.19 | % | 9.61 | % | 10.19 | % | ||||||||||||||
| Total risk-based capital ratio | 10.86 | % | 10.96 | % | 11.33 | % | 11.39 | % | 11.40 | % | 10.86 | % | 11.40 | % | ||||||||||||||
| Book value per share | $ | 20.08 | 19.66 | 20.43 | 20.89 | 20.96 | 20.08 | 21.00 | ||||||||||||||||||||
| Cash dividend per share | $ | 0.04 | 0.08 | 0.15 | 0.14 | 0.14 | 0.27 | 0.41 | ||||||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||||||
| Gross loan charge-offs | $ | 4,462 | 4,431 | 5,137 | 3,988 | 795 | 14,030 | 3,287 | ||||||||||||||||||||
| Net loan charge-offs | $ | 4,271 | 4,275 | 4,957 | 3,943 | 743 | 13,503 | 2,724 | ||||||||||||||||||||
| Net loan charge-offs to average loans | 0.91 | % | 0.95 | % | 1.11 | % | 0.87 | % | 0.17 | % | 0.99 | % | 0.21 | % | ||||||||||||||
| Allowance for loan and lease losses | $ | 29,511 | 31,881 | 29,957 | 25,814 | 24,857 | 29,511 | 24,857 | ||||||||||||||||||||
| Allowance for losses to total loans | 1.58 | % | 1.73 | % | 1.67 | % | 1.43 | % | 1.38 | % | 1.58 | % | 1.38 | % | ||||||||||||||
| Nonperforming loans | $ | 42,047 | 43,297 | 35,259 | 29,809 | 23,070 | 42,047 | 23,070 | ||||||||||||||||||||
| Other real estate and repossessed assets | $ | 5,743 | 3,322 | 5,371 | 5,895 | 2,820 | 5,743 | 2,820 | ||||||||||||||||||||
| Nonperforming assets to total assets | 2.17 | % | 2.16 | % | 1.92 | % | 1.68 | % | 1.23 | % | 2.17 | % | 1.23 | % | ||||||||||||||
END OF PERIOD BALANCES | ||||||||||||||||||||||||||||
| Loans and leases | $ | 1,870,799 | 1,840,793 | 1,794,310 | 1,799,880 | 1,796,962 | 1,870,799 | 1,796,962 | ||||||||||||||||||||
Total earning assets(before allowance) | $ | 2,099,408 | 2,048,703 | 2,006,373 | 2,011,908 | 2,005,136 | 2,099,408 | 2,005,136 | ||||||||||||||||||||
| Total assets | $ | 2,207,359 | 2,163,354 | 2,115,948 | 2,121,403 | 2,106,427 | 2,207,359 | 2,106,427 | ||||||||||||||||||||
| Deposits | $ | 1,575,713 | 1,544,704 | 1,554,750 | 1,591,181 | 1,640,984 | 1,575,713 | 1,640,984 | ||||||||||||||||||||
| Shareholders’ equity | $ | 171,348 | 167,713 | 174,295 | 178,155 | 177,724 | 171,348 | 177,724 | ||||||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||||||||||
| Loans and leases | $ | 1,852,848 | 1,812,898 | 1,793,726 | 1,791,510 | 1,773,151 | 1,819,944 | 1,756,688 | ||||||||||||||||||||
Total earning assets(before allowance) | $ | 2,073,787 | 2,029,494 | 2,015,210 | 2,006,940 | 1,992,075 | 2,039,622 | 1,970,420 | ||||||||||||||||||||
| Total assets | $ | 2,172,859 | 2,125,731 | 2,115,468 | 2,104,212 | 2,096,597 | 2,138,152 | 2,076,983 | ||||||||||||||||||||
| Deposits | $ | 1,550,544 | 1,531,853 | 1,578,545 | 1,618,825 | 1,632,153 | 1,553,636 | 1,640,838 | ||||||||||||||||||||
| Shareholders’ equity | $ | 169,241 | 171,902 | 177,632 | 178,583 | 176,482 | 172,912 | 174,993 | ||||||||||||||||||||