10753 Macatawa Drive
Holland, MI 49424
NEWS RELEASE
| NASDAQ NATIONAL MARKET: FOR RELEASE: DATE: Contact: | MCBC Immediate July 20, 2009 Jon Swets, CFO 616.494.7645 |
Macatawa Bank Corporation Reports 2nd Quarter Results
Holland, Michigan, July 20, 2009 — Macatawa Bank Corporation today announced its results for the second quarter of 2009.
The Company’s second quarter results were impacted by:
| • | A non-cash charge of $11 million included in federal income tax expense to establish a valuation allowance on deferred tax assets. |
| • | A one-time charge of $5.5 million ($3.6 million after-tax) associated with the settlement of the substantial majority of the Trade Partners litigation disclosed in previous announcements. |
| • | A $960,000 ($624,000 after-tax) special FDIC assessment applicable to all FDIC insured institutions. |
| • | These items total $15.2 million or $0.88 per diluted common share. |
These charges led to a net loss of $18.6 million for the second quarter of 2009 compared to a net loss of $8.1 million for the second quarter of 2008. The net loss for the first six months of 2009 totaled $22.7 million compared to a net loss of $5.7 million for the six months ended June 30, 2008. Loss per diluted common share was $1.13 for the second quarter of 2009 compared to a loss per diluted common share of $0.48 for same period in the prior year. For the six months ended June 30, 2009 the loss per diluted common share was $1.43 compared to a loss per diluted common share of $0.33 for the same period in the prior year.
The Company and its wholly-owned subsidiary, Macatawa Bank, continue to maintain capital levels well in excess of regulatory minimums for well capitalized bank holding companies and banks.
“Our second quarter results were impacted by three unusual charges that will not negatively impact future results,” commented Philip J. Koning, Co-Chief Executive Officer of Macatawa Bank Corporation. “We expect to recapture the tax valuation allowance over time when we move beyond this current credit cycle and return to profitability. We are also pleased to have put the Trade Partners litigation behind us such that we can fully focus on our core business.”
Similar to most banking companies, Macatawa has a net deferred tax asset for expected future tax deductions. The valuation allowance was established against the entire balance of deferred tax assets and was due primarily to the Company’s recent quarterly losses resulting from the challenging operating environment currently confronting banks. The charge does not affect the Company’s liquidity position and was already excluded from its regulatory capital. The valuation allowance will be analyzed quarterly for changes affecting the deferred tax assets, and will be reversed in accordance with the accounting rules when conditions allow for it.
As previously disclosed in an SEC Form 8-K dated June 16, 2009, the Company settled substantially all of its exposure with respect to the Trade Partners litigation, which had been in the courts for the past six years. The Settlement Agreement did not contain any admission of liability or wrongdoing by the Company or Macatawa Bank.
“Our efforts remain focused on building and preserving capital, improving asset quality, containing credit costs and emphasizing improved operating efficiencies within this sustained economic downturn,” commented Ronald L. Haan, Co-Chief Executive Officer of Macatawa Bank Corporation.
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Macatawa Bank 2Q Results / page 2 of 4
The Company earlier increased its capital through the sale of $31.3 million of preferred stock in the fourth quarter of 2008. In the second quarter of 2009, the Company began its second phase of raising private capital by issuing $4.9 million of common stock, preferred stock and subordinated debt in a private placement.
Operating results
Second quarter net interest income totaled $13.4 million, an increase of $602,000 from the first quarter of 2009 and a decrease of $1.7 million from the second quarter of 2008. The net interest margin was 2.79 percent for the quarter, up 13 basis points from 2.66 percent for the first quarter of 2009 and down 27 basis points from 3.06 percent for the second quarter of 2008. Approximately nine of the 13 basis points of improvement in margin over the last quarter was primarily from a decline in the Company’s costs of funds in excess of the decline in asset yields. The remaining improvement was from a reduced negative impact from non-performing assets.
“While we recognize our margin will be constrained in the near term due to the lack of earnings associated with our nonperforming assets, we are extremely pleased with the stabilization that has occurred in our margin,” commented Mr. Koning.
Approximately 18 basis points of the decline in margin from the prior year was from higher balances of non-performing assets with the remainder largely from the Federal funds rate cuts that occurred throughout 2008. Average earning assets declined by $19.0 million from the first quarter of 2009 and by $40.1 million from the second quarter of 2008.
Non-interest income was $4.2 million for the second quarter of 2009, a decrease of $831,000 compared to $5.1 million for the second quarter of 2008. Non-interest income for the second quarter of 2008 included approximately $412,000 and $243,000, respectively, of gains on the sale of securities and the termination of certain borrowings. Increases in net gains from mortgage lending activities and revenue from ATM and debit card processing were offset by declines in revenue from deposit, trust and brokerage services.
Non-interest expense was $21.3 million for the quarter compared to $14.5 million for the second quarter of 2008. The current quarter includes the $5.5 million one-time charge associated with the Trade Partners settlement. Costs associated with the administration and disposition of problem loans and non-performing assets amounted to approximately $2.4 million in the current quarter compared to $1.5 million in the second quarter of 2008. FDIC insurance assessments amounted to $1.7 million compared to $361,000 for the same quarter in the prior year due to an industry-wide special assessment, which amounted to $960,000 for Macatawa Bank, and from higher assessment rates implemented by the FDIC in late 2008.
When excluding these costs, non-interest expense would have been approximately $11.6 million for the quarter, down 8 percent from $12.6 million for the second quarter of 2008. Salaries and employee benefit costs led the decline, decreasing $643,000 or 9.5 percent for the quarter compared to the second quarter of 2008. “We continue to see the positive results from our expense reduction initiatives, which included a selective reduction in staff and the elimination of bonuses and merit increases in 2009,” stated Mr. Koning.
Asset Quality
Although elevated, the provision for loan losses of $8.4 million for the second quarter of 2009 was down compared to $10.5 million for the prior quarter and $18.5 million for the second quarter of 2008.
The Company recorded $15.2 million in net charge-offs for the quarter in response to elevated non-performing asset levels and sustained declines in valuations for real estate secured loans. The charge-offs exceeded the loan loss provision for the quarter as there were significant specific reserves previously established for much of the charge-offs. In addition, the decrease in the overall loan portfolio and the decrease in non-performing loans supported the decline in required reserves at June 30, 2009. The loan loss reserve was 1.98 percent of total loans at June 30, 2009 compared to 2.16 percent at December 31, 2008 and 1.69 percent at June 30, 2008.
“Our provision and charge-offs remained elevated in the second quarter as we respond to prolonged weakness with certain credits, primarily in our residential land development portfolio. We did, however, see a decline in total non-performing loan levels. Although an encouraging sign, we recognize it will take time for marked improvement in non-performing levels considering the depth of this economic downturn,” commented Mr. Haan.
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Macatawa Bank 2Q Results / page 3 of 4
The Company’s non-performing assets were $126.9 million and represent 6.27 percent of total assets at June 30, 2009. The majority of the non-performing asset portfolio is secured by real estate, primarily residential land development.
A breakdown of non-performing assets is shown in the table below:
| Dollars in 000s | June 30, 2009 | March 31, 2009 | December 31, 2008 | June 30, 2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Commercial Real Estate | $ | 94,237 | $ | 100,064 | $ | 80,466 | $ | 66,620 | ||||||
| Commercial and Industrial | 5,657 | 9,462 | 9,005 | 9,871 | ||||||||||
| Total Commercial Loans | 99,894 | 109,526 | 89,471 | 76,491 | ||||||||||
| Residential Mortgage Loans | 1,702 | 3,071 | 1,906 | 1,634 | ||||||||||
| Consumer Loans | 1,468 | 1,010 | 893 | 770 | ||||||||||
| Total Non-Performing Loans | 103,064 | 113,607 | 92,270 | $ | 78,895 | |||||||||
| Other Repossessed Assets | 339 | 564 | 306 | 218 | ||||||||||
| Other Real Estate Owned | 23,516 | 18,510 | 19,516 | 7,225 | ||||||||||
| Total Non-Performing Assets | $ | 126,919 | $ | 132,681 | $ | 112,092 | $ | 86,338 | ||||||
Loans for the development or sale of 1-4 family residential properties that were in a non-performing status were approximately $64.0 million or 62 percent of total non-performing loans at June 30, 2009 compared to $59.9 million or 65 percent at December 31, 2008 and $62.9 million or 78 percent at June 30, 2008.
Balance Sheet, Liquidity and Capital
Total assets were $2.02 billion at June 30, 2009 a decrease of $125.2 million compared to $2.15 billion at December 31, 2008 and a decrease of $85.5 million compared to $2.11 billion at June 30, 2008. Total loans were $1.63 billion at June 30, 2009, down $145.3 million from December 31, 2008 and down $119.8 million from June 30, 2008.
Commercial loans declined by $103.6 million representing the majority of the decline since December 31. Commercial and industrial loans declined by $47.2 million from both seasonal declines in lines of credit and a general decline in business activity. The commercial real estate portfolio declined by $56.4 million, including $21.5 million in loans tied to residential development.
The reduction in loans since the beginning of the year was primarily redeployed to build short-term investments. Federal funds sold and other short-term investments were $96.0 million at June 30, 2009, up $56.9 million from December 31, 2008 and up $88.2 million from June 30, 2008.
“We continue to succeed at improving the liquidity of our Balance Sheet and the diversification of our loan portfolio by reducing our exposure to certain loan sectors,” stated Mr. Haan. The composition of the commercial loan portfolio is shown in the table below:
| Dollars in 000s | June 30, 2009 | March 31, 2009 | December 31, 2008 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Construction and development | $ | 213,831 | $ | 228,499 | $ | 237,108 | |||||
| Commercial real estate | 657,373 | 688,068 | 690,525 | ||||||||
| Total Commercial Real Estate | 871,204 | 916,567 | 927,633 | ||||||||
| Commercial and Industrial | 404,660 | 415,635 | 451,826 | ||||||||
| Total Commercial Loans | $ | 1,275,864 | $ | 1,332,202 | $ | 1,379,459 | |||||
Commercial real estate consists primarily of loans to business owners and developers of owner and non-owner occupied properties, secured by single and multi-family residential as well as non-residential real estate. Loans for the development or sale of residential properties were approximately $182.2 million at June 30, 2009 compared to $196.9 million at March 31, 2009 and $203.7 million at December 31, 2008. Of the total at June 30, approximately $25.1 million was secured by vacant land, $106.5 million was secured by developed residential land and $50.6 million was secured by properties held for speculative purposes.
The Company remained well capitalized with a total risk based capital ratio of 10.88 percent at June 30, 2009.
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Macatawa Bank 2Q Results / page 4 of 4
“Although we expect the difficult economic conditions to persist, Macatawa remains well capitalized with a more liquid and diversified Balance Sheet. Our entire team is focused on further strengthening our financial condition while expanding the breadth and depth of our customer relationships to position ourselves well for an eventual recovery,” concluded Mr. Koning and Mr. Haan.
The common stock, preferred stock and subordinated debt sold and any future securities that may be sold in the private offering have not been and will not be registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements. This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.
Conference Call
Macatawa Bank Corporation will hold its quarterly earnings conference call on Tuesday, July 21, at 10:00 A.M. Persons who wish to access the call may do so via the Internet by visitingwww.macatawabank.comand clicking on the webcast link in the Investor Information section. It may also be accessed by logging on towww.streetevents.com. A replay of the call will be available for 30 days following the call.
About Macatawa Bank
Headquartered in Holland, Michigan, Macatawa Bank Corporation is the parent company for Macatawa Bank. Through its banking subsidiary, the Corporation offers a full range of banking, investment and trust services to individuals, businesses, and governmental entities from a network of 26 full service branches located in communities in Kent County, Ottawa County, and northern Allegan County. Services include commercial, consumer and real estate financing; business and personal deposit services, ATM’s and Internet banking services, trust and employee benefit plan services, and various investment services. The Corporation emphasizes its local management team and decision making, along with providing customers excellent service and superior financial products.
“CAUTIONARY STATEMENT: This press release contains certain forward-looking statements that involve risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting our operations, markets, products, services, and pricing. These statements include, among others, statements related to future changes to the valuation allowance, capital raising activities, dividends, future growth and funding sources, future profitability levels, the effects on earnings of changes in interest rates and the future level of other revenue sources. Annualized growth rates are not intended to imply future growth at those rates. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Further information concerning our business, including additional factors that could materially affect our financial results, is included in our filings with the Securities and Exchange Commission.”
MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
(Dollars in thousands except per share information)
| Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |||||||||||
| EARNINGS SUMMARY | ||||||||||||||
| Total interest income | $ | 24,531 | $ | 29,199 | $ | 49,655 | $ | 60,515 | ||||||
| Total interest expense | 11,133 | 14,112 | 23,461 | 30,731 | ||||||||||
| Net interest income | 13,398 | 15,087 | 26,194 | 29,784 | ||||||||||
| Provision for loan loss | 8,400 | 18,460 | 18,930 | 21,160 | ||||||||||
| Net interest income after provision for loan loss | 4,998 | (3,373 | ) | 7,264 | 8,624 | |||||||||
| NON-INTEREST INCOME | ||||||||||||||
| Deposit service charges | 1,210 | 1,322 | 2,439 | 2,563 | ||||||||||
| Net gains on mortgage loans | 501 | 343 | 2,123 | 819 | ||||||||||
| Trust fees | 984 | 1,164 | 1,917 | 2,334 | ||||||||||
| Other | 1,529 | 2,226 | 3,068 | 4,342 | ||||||||||
| Total non-interest income | 4,224 | 5,055 | 9,547 | 10,058 | ||||||||||
| NON-INTEREST EXPENSE | ||||||||||||||
| Salaries and benefits | 6,232 | 6,875 | 12,375 | 13,776 | ||||||||||
| Occupancy | 1,056 | 1,114 | 2,212 | 2,339 | ||||||||||
| Furniture and equipment | 995 | 992 | 2,012 | 1,985 | ||||||||||
| Other | 12,981 | 5,510 | 19,146 | 9,982 | ||||||||||
| Total non-interest expense | 21,264 | 14,491 | 35,745 | 28,082 | ||||||||||
| Income (loss) before income tax | (12,042 | ) | (12,809 | ) | (18,934 | ) | (9,400 | ) | ||||||
| Federal income tax expense (benefit) | 6,528 | (4,703 | ) | 3,778 | (3,732 | ) | ||||||||
| Net income (loss) | $ | (18,570 | ) | $ | (8,106 | ) | $ | (22,712 | ) | $ | (5,668 | ) | ||
| Dividends declared on preferred shares | 939 | - | 1,878 | - | ||||||||||
| Net income (loss) available to common shares | $ | (19,509 | ) | $ | (8,106 | ) | $ | (24,590 | ) | $ | (5,668 | ) | ||
| Basic earnings per common share | $ | (1.13 | ) | $ | (0.48 | ) | $ | (1.43 | ) | $ | (0.33 | ) | ||
| Diluted earnings per common share | $ | (1.13 | ) | $ | (0.48 | ) | $ | (1.43 | ) | $ | (0.33 | ) | ||
| Return on average assets | -3.59 | % | -1.52 | % | -2.18 | % | -0.53 | % | ||||||
| Return on average equity | -52.85 | % | -19.74 | % | -31.19 | % | -6.90 | % | ||||||
| Net interest margin | 2.79 | % | 3.06 | % | 2.72 | % | 3.03 | % | ||||||
| Efficiency ratio | 120.67 | % | 71.94 | % | 100.01 | % | 70.48 | % | ||||||
| June 30, 2009 | December 31, 2008 | June 30, 2008 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| BALANCE SHEET DATA | |||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 23,057 | $ | 29,188 | $ | 41,243 | |||||
| Federal funds sold and other short-term investments | 96,013 | 39,096 | 7,777 | ||||||||
| Securities available for sale | 159,194 | 184,681 | 169,378 | ||||||||
| Securities held to maturity | 656 | 1,835 | 1,840 | ||||||||
| Federal Home Loan Bank Stock | 12,275 | 12,275 | 12,275 | ||||||||
| Loans held for sale | 811 | 2,261 | 992 | ||||||||
| Total loans | 1,628,794 | 1,774,063 | 1,748,629 | ||||||||
| Less allowance for loan loss | 32,291 | 38,262 | 29,579 | ||||||||
| Net loans | 1,596,503 | 1,735,801 | 1,719,050 | ||||||||
| Premises and equipment, net | 62,327 | 63,482 | 64,284 | ||||||||
| Acquisition intangibles | 731 | 874 | 28,722 | ||||||||
| Bank-owned life insurance | 23,932 | 23,645 | 23,164 | ||||||||
| Other real estate owned | 23,516 | 19,516 | 7,225 | ||||||||
| Other assets | 25,153 | 36,718 | 33,687 | ||||||||
| Total Assets | $ | 2,024,168 | $ | 2,149,372 | $ | 2,109,637 | |||||
| Liabilities and Shareholders' Equity | |||||||||||
| Noninterest-bearing deposits | $ | 219,229 | $ | 192,842 | $ | 186,688 | |||||
| Interest-bearing deposits | 1,356,823 | 1,472,919 | 1,417,324 | ||||||||
| Total deposits | 1,576,052 | 1,665,761 | 1,604,012 | ||||||||
| Federal funds purchased | - | - | 8,500 | ||||||||
| Other borrowed funds | 268,690 | 284,790 | 295,775 | ||||||||
| Surbordinated debt | 950 | - | - | ||||||||
| Long-term debt | 41,238 | 41,238 | 41,238 | ||||||||
| Other liabilities | 8,375 | 8,370 | 9,563 | ||||||||
| Total Liabilities | 1,895,305 | 2,000,159 | 1,959,088 | ||||||||
| Shareholders' equity | 128,863 | 149,213 | 150,549 | ||||||||
| Total Liabilities and Shareholders' Equity | $ | 2,024,168 | $ | 2,149,372 | $ | 2,109,637 | |||||
MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(Dollars in thousands except per share information)
| Quarterly | Year to Date | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2nd Qtr 2009 | 1st Qtr 2009 | 4th Qtr 2008 | 3rd Qtr 2008 | 2nd Qtr 2008 | 2009 | 2008 | |||||||||||||||||
| EARNINGS SUMMARY | |||||||||||||||||||||||
| Net interest income | $ | 13,398 | $ | 12,796 | $ | 13,510 | $ | 14,836 | $ | 15,087 | $ | 26,194 | $ | 29,784 | |||||||||
| Provision for loan loss | 8,400 | 10,530 | 13,850 | 2,425 | 18,460 | 18,930 | 21,160 | ||||||||||||||||
| Total non-interest income | 4,224 | 5,323 | 3,949 | 4,138 | 5,055 | 9,547 | 10,058 | ||||||||||||||||
| Total non-interest expense | 21,264 | 14,481 | 43,946 | 14,039 | 14,491 | 35,745 | 28,082 | ||||||||||||||||
| Federal income tax expense (benefit) | 6,528 | (2,750 | ) | (5,280 | ) | 639 | (4,703 | ) | 3,778 | (3,732 | ) | ||||||||||||
| Net income (loss) | (18,570 | ) | (4,142 | ) | (35,057 | ) | 1,871 | (8,106 | ) | (22,712 | ) | (5,668 | ) | ||||||||||
| Dividends declared on preferred shares | 939 | 939 | 817 | - | - | 1,878 | - | ||||||||||||||||
| Net income (loss) available to common shares | $ | (19,509 | ) | $ | (5,081 | ) | $ | (35,874 | ) | $ | 1,871 | $ | (8,106 | ) | $ | (24,590 | ) | $ | (5,668 | ) | |||
| Basic earnings per common share | $ | (1.13 | ) | $ | (0.30 | ) | $ | (2.10 | ) | $ | 0.11 | $ | (0.48 | ) | $ | (1.43 | ) | $ | (0.33 | ) | |||
| Diluted earnings per common share | $ | (1.13 | ) | $ | (0.30 | ) | $ | (2.10 | ) | $ | 0.11 | $ | (0.48 | ) | $ | (1.43 | ) | $ | (0.33 | ) | |||
| MARKET DATA | |||||||||||||||||||||||
| Book value per common share | $ | 5.43 | $ | 6.64 | $ | 6.91 | $ | 8.93 | $ | 8.84 | $ | 5.43 | $ | 8.84 | |||||||||
| Tangible book value per common share | $ | 5.40 | $ | 6.61 | $ | 6.88 | $ | 7.31 | $ | 7.21 | $ | 5.40 | $ | 7.21 | |||||||||
| Market value per common share | $ | 2.82 | $ | 3.70 | $ | 3.47 | $ | 6.99 | $ | 8.00 | $ | 2.82 | $ | 8.00 | |||||||||
| Average basic common shares | 17,260,269 | 17,162,237 | 17,066,897 | 17,022,393 | 17,020,517 | 17,211,524 | 17,008,834 | ||||||||||||||||
| Average diluted common shares | 17,260,269 | 17,162,237 | 17,066,897 | 17,044,979 | 17,020,517 | 17,211,524 | 17,008,834 | ||||||||||||||||
| Period end common shares | 17,659,264 | 17,166,515 | 17,161,515 | 17,024,850 | 17,021,379 | 17,659,264 | 17,021,379 | ||||||||||||||||
| PERFORMANCE RATIOS | |||||||||||||||||||||||
| Return on average assets | -3.59 | % | -0.79 | % | -6.59 | % | 0.35 | % | -1.52 | % | -2.18 | % | -0.53 | % | |||||||||
| Return on average equity | -52.85 | % | -10.99 | % | -84.90 | % | 4.92 | % | -19.74 | % | -31.19 | % | -6.90 | % | |||||||||
| Net interest margin (fully taxable equivalent) | 2.79 | % | 2.66 | % | 2.74 | % | 2.98 | % | 3.06 | % | 2.72 | % | 3.03 | % | |||||||||
| Efficiency ratio | 120.67 | % | 79.92 | % | 251.71 | % | 73.99 | % | 71.94 | % | 100.01 | % | 70.48 | % | |||||||||
| ASSET QUALITY | |||||||||||||||||||||||
| Net charge-offs | $ | 15,205 | $ | 9,696 | $ | 6,078 | $ | 1,514 | $ | 20,835 | $ | 24,901 | $ | 25,003 | |||||||||
| Nonperforming loans | $ | 103,064 | $ | 113,607 | $ | 92,270 | $ | 86,446 | $ | 78,895 | $ | 103,064 | $ | 78,895 | |||||||||
| Other real estate and repossessed assets | $ | 23,855 | $ | 19,074 | $ | 19,822 | $ | 9,626 | $ | 7,443 | $ | 23,855 | $ | 7,443 | |||||||||
| Nonperforming loans to total loans | 6.33 | % | 6.68 | % | 5.20 | % | 4.91 | % | 4.51 | % | 6.33 | % | 4.51 | % | |||||||||
| Nonperforming assets to total assets | 6.27 | % | 6.33 | % | 5.21 | % | 4.38 | % | 4.09 | % | 6.27 | % | 4.09 | % | |||||||||
| Net charge-offs to average loans (annualized) | 3.62 | % | 2.23 | % | 1.38 | % | 0.34 | % | 4.71 | % | 2.92 | % | 2.84 | % | |||||||||
| Allowance for loan loss to total loans | 1.98 | % | 2.30 | % | 2.16 | % | 1.73 | % | 1.69 | % | 1.98 | % | 1.69 | % | |||||||||
| CAPITAL & LIQUIDITY | |||||||||||||||||||||||
| Average equity to average assets | 6.79 | % | 7.18 | % | 7.76 | % | 7.11 | % | 7.70 | % | 6.99 | % | 7.74 | % | |||||||||
| Tier 1 capital to risk-weighted assets | 9.62 | % | 9.91 | % | 10.01 | % | 8.94 | % | 8.93 | % | 9.62 | % | 8.93 | % | |||||||||
| Total capital to risk-weighted assets | 10.88 | % | 11.17 | % | 11.26 | % | 10.20 | % | 10.18 | % | 10.88 | % | 10.18 | % | |||||||||
| Loans to deposits + other borrowings | 88.29 | % | 89.78 | % | 90.95 | % | 88.57 | % | 92.04 | % | 88.29 | % | 92.04 | % | |||||||||
| END OF PERIOD BALANCES | |||||||||||||||||||||||
| Total portfolio loans | $ | 1,628,794 | $ | 1,699,945 | $ | 1,774,063 | $ | 1,761,431 | $ | 1,748,629 | $ | 1,628,794 | $ | 1,748,629 | |||||||||
| Earning assets | 1,894,536 | 1,957,043 | 2,009,859 | 2,027,350 | 1,938,098 | 1,894,536 | 1,938,098 | ||||||||||||||||
| Total assets | 2,024,168 | 2,092,792 | 2,149,372 | 2,194,658 | 2,109,637 | 2,024,168 | 2,109,637 | ||||||||||||||||
| Deposits | 1,576,052 | 1,624,703 | 1,665,761 | 1,693,601 | 1,604,012 | 1,576,052 | 1,604,012 | ||||||||||||||||
| Total shareholders' equity | 128,863 | 144,644 | 149,213 | 152,098 | 150,549 | 128,863 | 150,549 | ||||||||||||||||
| AVERAGE BALANCES | |||||||||||||||||||||||
| Total portfolio loans | $ | 1,678,648 | $ | 1,735,738 | $ | 1,764,235 | $ | 1,757,583 | $ | 1,768,983 | $ | 1,707,035 | $ | 1,763,308 | |||||||||
| Earning assets | 1,940,364 | 1,959,359 | 1,969,524 | 1,984,547 | 1,980,470 | 1,949,809 | 1,975,628 | ||||||||||||||||
| Total assets | 2,071,098 | 2,100,924 | 2,128,975 | 2,142,065 | 2,131,979 | 2,084,530 | 2,124,292 | ||||||||||||||||
| Deposits | 1,611,922 | 1,620,159 | 1,611,709 | 1,640,986 | 1,593,452 | 1,616,018 | 1,570,927 | ||||||||||||||||
| Total shareholders' equity | 140,556 | 150,747 | 165,170 | 152,219 | 164,229 | 145,623 | 164,366 | ||||||||||||||||