EXHIBIT 99.1
Washington Banking Company Earns $23.6 Million, or $1.53 per Diluted Common Share, in 2010
Operating Profits Increase to $12.4Million, or $0.80 per Diluted Common Sharebefore Gains on Acquisitions
OAK HARBOR, WA –February 1, 2011 – Washington Banking Company (NASDAQ: WBCO), the holding company for Whidbey Island Bank, today reported its core banking business generated strong operating profits in 2010 augmented by two FDIC-assisted acquisitions, which contributed an $18.9 million one-time bargain purchase gain in pretax income for the year.Before preferred dividends, net income grew to $25.3 million in 2010,compared to $6.2 million in 2009.Net income available to common shareholders was$23.6millionor $1.53per diluted common share in2010, compared to $4.6 million, or $0.46per diluted common share, in 2009.
In the fourth quarter of 2010, Washington Banking earned $4.1 million, compared to $1.7 million for the same period last year. For the fourth quarter of 2010, net income available to common shareholders, after preferred dividend payments increased to $3.7 million, or $0.24 per diluted common share, compared to $1.3 million, or $0.11 per diluted common share, for the fourth quarter of 2009.
“It has been a pivotal year for our franchise,” said Jack Wagner, President and Chief Executive Officer. “The two FDIC-assisted acquisitions have proven to be strategically and financially attractive, filling out our branch network in Snohomish County and North King County. We’ve added some very talented bankers to our ranks, not only from the institutions we acquired, but also from other banks, and they have been successful in bringing some terrific customer relationships to our franchise. In the short term, the acquisitions contributed a significant one-time pretax gain, added $4.9 million in goodwill to our balance sheet and greatly complicated the accounting and reporting process.In addition, the gain and goodwill recognized are subject to future adjustment up to one year from the date of each acquisition. With all the accounting ‘noise’ from the acquisitions, we have included certain no n-GAAP presentations that illustrate the earnings power of our franchise, which we hope will be useful to investors.
“Another item of significance is that we repaid $26.6 million to the US Treasury to redeem the preferred shares issued under the TARP Capital Purchase Program, while maintaining well-capitalized status. Since the redemption took place in January 2011, it is not reflected in the 2010 yearend statements,” Wagner added.
The core operating earnings available to common shareholders, which exclude merger related costs and the bargain purchase gain on the FDIC-assisted transactions, totaled $12.4million, or $0.80 per diluted common share, in 2010, compared to $5.5 million, or $0.55 per diluted share in 2009.Core operating earnings and core operating earnings per share are non-GAAP financial measures; please refer to the GAAP reconciliation table in this release.
2010 Financial Highlights (December 31, 2010 compared to December 31, 2009)
- Capital ratios exceeded all regulatory requirements for well-capitalized institutions, with Total Risk BasedCapital to risk-adjusted assets of 21.05% compared to 22.15%.
- Tangible book value per common share increased to $9.69 compared to $8.79.
- Deposits, including $633 million acquiredthrough acquisitions, increased 76%year over year to $1.49 billion.Transaction account deposits in the acquired institutions increased $10.8 million since closing.
- Low cost demand, money market, savings and NOW accounts totaled $826 million and make up55% of totaldeposits.
- Net non-covered loans increased $17.8 million from a year agoand totaled $815 million.
- The provision for non-covered loan losses was $12.2million in 2010, a19% increase from the $10.2 million ayear ago.
- Loan loss reserves increased to 2.25% of non-covered loans, from 1.99% a year ago.
- A cash dividend of $0.05 per share will be paid March 1to shareholders of record as of February 11.
Acquisition Update
Whidbey Island Bank completed two FDIC-assisted acquisitions in 2010 which include theformerNorth County Bank, Arlington, WA and CityBank of Lynnwood, WA. “The accounting for these transactions is complex and our year-end results include a number of accounting adjustments for both transactions,” said Rick Shields, Chief Financial Officer.“These
WBCO Reports Record 4Q10 Profits
February 1, 2011
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adjustments include changes to the pre-tax bargain purchase gain for both transactions, which decreased that line item for the year by approximately $348,000. In addition, we recorded approximately $4.9 million in goodwill for the CityBank acquisition. In accordance with accounting standards, we have adjusted our financial statements retrospectively.” The adjusted June 30, 2010, and September 30, 2010, consolidated statements of income and balance sheets are included in this release for reference. Additionally,an analysis of actual versus expected cash flows for the City Bank acquired loan portfolio resulted in recording a covered loan provision of $1.3 million related to four of the 18 loan pools acquired. The provision was due to the timing of expected cash flows and was not credit quality driven. For the remaining pools, where the cash flows exceed day-1 valuation assumptions, Washington Banking is recognizing ad ditional interest income and as a result is now amortizing the indemnification asset.
Covered loans are shown as a separate line item of the balance sheet and are not included in the net loan totals. Covered loans are also not included in any of the reported credit quality metrics, as they are accounted for separately per generally accepted accounting principles (GAAP) requirements. Both the FDIC indemnification asset and the covered loan portfolio will decline over time, as the loans mature, payoff,or are otherwise resolved.
The following table shows the acquired deposits in both the NorthCounty and CityBank transactions. “We have kept mostof the local deposits we wanted and allowed some brokered and other non-core deposits to run off. Consequently, about $273 million in time deposits ran off during the second half of the year,” noted Wagner. “As you can see with the City acquisition, we have increased low-cost transaction deposits and reduced high cost certificates. At North County, most of the reduction in deposits was in high-cost time certificates. We continue to be very pleased with the deposit retention rate achieved by our new employees.”
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| | City Bank |
| | April 16, | | December 31, | | Period |
| | 2010 | | 2010 | | Change |
| Acquired Deposit Composition | | | | | | | | | |
| Noninterest-Bearing Demand | $ | 31,543 | | $ | 43,421 | | $ | 11,878 | |
| NOW Accounts | | 2,765 | | | 27,800 | | | 25,035 | |
| Money Market | | 96,331 | | | 67,034 | | | (29,297 | ) |
| Savings | | 26,703 | | | 30,616 | | | 3,913 | |
| Time Deposits | | 492,762 | | | 291,967 | | | (200,795 | ) |
Total Acquired Deposits | $ | 650,104 | | $ | 460,838 | | $ | (189,266 | ) |
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| | North County Bank |
| | September 30, | | December 31, | | Period |
| | 2010 | | 2010 | | Change |
| Acquired Deposit Composition | | | | | | | | | |
| Noninterest-Bearing Demand | $ | 13,927 | | $ | 12,800 | | $ | (1,127 | ) |
| NOW Accounts | | 18,116 | | | 19,931 | | | 1,815 | |
| Money Market | | 30,282 | | | 28,583 | | | (1,698 | ) |
| Savings | | 4,244 | | | 4,090 | | | (154 | ) |
| Time Deposits | | 178,764 | | | 106,965 | | | (71,799 | ) |
Total Acquired Deposits | $ | 245,333 | | $ | 172,369 | | $ | (72,964 | ) |
With a 63% increase in assets and expanding the branch network to 30 locations from 18 a year ago, thefull time equivalent employees (FTEs) count has increased to 448 from 281 FTEs at the end of 2009. “Most of this growth was from the acquisitions, and we also hired a team of lenders who are working out of our new Everett Commercial Lending Center,” Wagner said. “We now have three lending teams in our new region covering North King County and Snohomish County. These lending teams are doing a great job of bringing new relationships to the bank and serving our existing customers.”
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February 1, 2011
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Credit Quality
“With the continuing high unemployment in the region, our legacy loan portfolio has performed relatively well during the year, but has shown an incremental increase in nonperforming loans,”said Joe Niemer, Chief Credit Officer.Nonperforming, non-coveredloans (NPLs) increased by $4.3 million during the quarter and by $22.5 million in the year, primarily from land development projects, construction and commercial real estate. “While some of the projects are still current on their payments, we have added them to nonaccrual status due to prospective evaluation of future values and the lengthening of the sales cycle,” stated Niemer.NPL/Loans grew to 3.10% at year end from 2.57% in the prior quarter and 0.42% a year ago. NPA/Assets was 1.73% compared to 1.40% in the third quarter and 0.76% a year ago. Other real estate owned (OREO) was $4.1 million, relatively unchanged from the prior quarter and down from $4.5 million a year ago. NPLs are concentrated primarily in the Skagit County market as shown in the following table:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | Percent of | |
| | | Island | | | King | | | Skagit | | | Whatcom | | | Snohomish | | | | | total NPA | |
| NPA by location | | County | | | County | | | County | | | County | | | County | | | Total | | by loan type | |
| (dollars in 000s) | | | | | | | | | | | | | | | | | | | | |
| 12/31/2010 | | | | | | | | | | | | | | | | | | | | |
| Commercial loans | $ | 895 | | $ | - | | $ | 2,409 | | $ | - | | $ | - | | $ | 3,304 | | 11.03 | % |
| Real estate mortgage loans: | | | | | | | | | | | | | | | | | | | | |
| One-to-four family residential | | 435 | | | 1,759 | | | 1,347 | | | 338 | | | - | | | 3,879 | | 12.94 | % |
| Multi-family and commercial | | 263 | | | - | | | 1,191 | | | 1,138 | | | 543 | | | 3,135 | | 10.46 | % |
| Real estate construction loans: | | | | | | | | | | | | | | - | | | | | | |
| One-to-four family residential | | 4,387 | | | - | | | 10,497 | | | 139 | | | - | | | 15,023 | | 50.13 | % |
| Multi-family and commercial | | 387 | | | - | | | - | | | - | | | - | | | 387 | | 1.29 | % |
| Consumer loans: | | | | | | | | | | | | | | | | | | | | |
| Direct | | 118 | | | - | | | - | | | - | | | - | | �� | 118 | | 0.39 | % |
| Other Real Estate Owned | | 178 | | | - | | | 658 | | | 3,286 | | | - | | | 4,122 | | 13.75 | % |
| Total | $ | 6,663 | | $ | 1,759 | | $ | 16,102 | | $ | 4,901 | | $ | 543 | | $ | 29,968 | | 100.00 | % |
| |
| Percent of total NPA by location | | 22.23 | % | | 5.87 | % | | 53.73 | % | | 16.35 | % | | 1.81 | % | | 100.00 | % | | |
The provision for loan losses on non-covered loanswas $12.2million, which exceeded net charge-offs by $2.6 million in 2010.Net charge-offs in 2010 were $9.6 million,or 1.15% of average loans, compared to $6.2 million, or 0.76% of average loans in 2009. Net charge-offs in the indirect lending portfolio improved to $954,000 in 2010, compared to $1.6 million in 2009.The reserve for loan losses increased to 2.25% of non-covered loans from 2.14% of loans at the end of September and 1.99% of loans a year ago.
Balance Sheet
Total assetsincreased63% to $1.71 billion at December 31, 2010,compared to $1.05billion a year ago. Total non-covered loansincreased to $834.3 million from $813.9million at the end of 2009. The non-covered loan portfolio is well diversified with commercial and industrial loans making up 17% and residential mortgages accounting for 6% of the portfolio. Owner-occupied commercial real estate loans represent approximately 20%of the portfolio and non-owner occupied commercial real estate loans account for approximately 22%of loans. Indirect consumer loans account for 11% of the portfolio and other consumer loans account for 10%. Construction and land development loans for residential properties represent 9% and commercial construction and land development loans represent 5% of the portfolio.
Covered loans totaled $367.8 million and covered OREO totaled $28.8 million, and the FDIC indemnification asset totaled $107.0 million at December 31, 2010.
Total deposits grew 76% year-over-year to $1.49billion at December 31, 2010, compared to $847 million a year ago.Largely as a result of the acquisitions, noninterest-bearing demand deposits increased 77% year-over-year, now representing 12% of total deposits. Year-over-year, money market accounts increased69% and now comprise 23% of total deposits;time deposits increased 90% to $666 million and account for 45% of total deposits. Core deposits, excluding time deposits over $100,000, represent 82% of all deposits. “We continue to have no brokered certificates of deposits other than the CDARS (Certificate of Deposit Account Registry Service) program, which provides additional sources of insurance
WBCO Reports Record 4Q10 Profits
February 1, 2011
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for local customers,” saidShields. “Because we only take CDARS from customers in our existing footprint, we consider them as part of our core deposit base.” Shareholders’ equity increased to $181.3million compared to $159.5 million a year ago. Included in shareholders’ equity is the $25.3million from the preferred shares issued to the U.S. Treasury in January of 2009 and recently repaid on January 12, 2011. Retained earnings increased 44% to $71.0 million, bringing tangible book value per common share to $9.69 at December 31, 2010, compared to $8.79 a year ago.
Operating Results
Revenue for 2010was $98.2 million, compared to $48.7million a year ago. Net interest income, before the provision for loan losses, increased 64%to $66.1million in 2010compared to $40.4 million a year ago. Interest income from covered loans contributed $21.2 million to 2010 revenues.
Noninterest income totaled $31.7 million in 2010, which included $18.9 million in the bargain purchase gain on acquisition and $1.1 millionrelated to the change in the FDIC indemnification asset.
Washington Banking’s net interest margin was 5.76% in the fourth quarter, an increase of 71basis points from the preceding quarter, and 107basis points from the year ago quarter. For2010, net interest margin was 5.01% up from 4.63% in 2009. “Our margin benefited from the contribution of the acquired loan portfolio, which had an average yield of 9.3% during 2010,” Shields noted.
Noninterest expense increased 63% year-over-yearprimarily due to additional expensesrelated to the acquisitions. Operating expenses were $46.8million in 2010 compared to $28.7million in 2009.
Conference Call Information
Management will host a conference call on Wednesday, February 2 at 10:00 a.m. PST (1:00 p.m. EST) to discuss the quarterly and year-to-date financial results. The call will also be broadcast live via the internet. Investment professionals and all current and prospective shareholders are invited to access the live call by dialing (480) 629-9722 at 10:00 a.m. PT for conference ID #4400199. To listen to the call online, either live or archived, visit the Investor Relations page of Whidbey Island Bank’s website atwww.wibank.com. Shortly after the call concludes, the replay will also be available at (303) 590-3030, using access code #4400199.
ABOUT WASHINGTON BANKING COMPANY
Washington Banking Company is a bank holding company based in Oak Harbor, Washington, that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers’ financial needs. Whidbey Island Bank operates 30full-service branches located in six counties in Northwestern Washington. In June 2009, Washington Banking was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies.
www.wibank.com
This news release may contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future events and developments such asthe transition of CityBank and/or North County Bank operations, employees and customers, future operating results, availability of acquisition opportunities, growth in loans and deposits, credit quality and loan losses, and continued success of the Company’s business plan. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. The words “anticipate,” “expect,” “will,” “believe,” and words of similar meaning are intended, in part, to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risk and unc ertainty that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company’s filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic condition; (2) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislation or regulatory requirements; (5) the ability to realize the efficiencies expected from investment in personnel and infrastructure;and (6) the inability to retain CityBank and/or North County Bank customers or employees and expenses associated with the integration of acquired bank operations. Washington Banking Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.
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WBCO Reports Record 4Q10 Profits
February 1, 2011
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| CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) | | Quarter Ended | | | Quarter Ended | | Three | | | Quarter Ended | | Quarter Ended | | One | |
| ($ in thousands, except per share data) | | December 31, | | | September 30, | | Month | | | June 30, | | December 31, | | Year | |
| | | 2010 | | | 2010 | | Change | | | 2010 | | 2009 | | Change | |
| Interest Income | | | | | | | | | | | | | | | |
| Non-covered Loans | $ | 13,451 | | $ | 13,536 | | -1 | % | $ | 13,342 | $ | 13,345 | | 1 | % |
| Covered Loans | | 10,101 | | | 6,719 | | 50 | % | | 4,361 | | - | | 100 | % |
| Taxable Investment Securities | | 729 | | | 699 | | 4 | % | | 507 | | 319 | | 128 | % |
| Tax Exempt Securities | | 202 | | | 187 | | 8 | % | | 170 | | 132 | | 53 | % |
| Other | | 68 | | | 99 | | -31 | % | | 94 | | 25 | | 174 | % |
| Total Interest Income | | 24,551 | | | 21,240 | | 16 | % | | 18,474 | | 13,821 | | 78 | % |
| |
| Interest Expense | | | | | | | | | | | | | | | |
| Deposits | | 2,709 | | | 3,075 | | -12 | % | | 2,805 | | 2,813 | | -4 | % |
| Other Borrowings | | - | | | 59 | | -100 | % | | 93 | | 94 | | -100 | % |
| Junior Subordinated Debentures | | 122 | | | 135 | | -10 | % | | 121 | | 122 | | 0 | % |
| Total Interest Expense | | 2,831 | | | 3,269 | | -13 | % | | 3,019 | | 3,029 | | -7 | % |
| |
| Net Interest Income | | 21,720 | | | 17,971 | | 21 | % | | 15,455 | | 10,792 | | 101 | % |
| Provision for Loan Losses, Noncovered Loans | | 3,500 | | | 3,950 | | -11 | % | | 2,550 | | 2,250 | | 56 | % |
| Provision for Loan Losses, Covered Loans | | 1,336 | | | - | | 100 | % | | - | | - | | 100 | % |
| Net Interest Income after Provision for Loan Losses | | 16,884 | | | 14,021 | | 20 | % | | 12,905 | | 8,542 | | 98 | % |
| |
| Noninterest Income | | | | | | | | | | | | | | | |
| Service Charges and Fees | | 964 | | | 907 | | 6 | % | | 856 | | 806 | | 20 | % |
| Electronic Banking Income | | 539 | | | 511 | | 5 | % | | 447 | | 363 | | 48 | % |
| Investment Products | | 174 | | | 120 | | 45 | % | | 178 | | 164 | | 6 | % |
| Bank Owned Life Insurance Income | | (15 | ) | | 61 | | N/A | | | 98 | | (158 | ) | N/A | |
| Income from the Sale of Loans | | 436 | | | 352 | | 24 | % | | 204 | | 157 | | 179 | % |
| SBA Premium Income | | 200 | | | 126 | | 59 | % | | 206 | | 98 | | 105 | % |
| Change in FDIC Indemnification Asset | | (455 | ) | | 790 | | N/A | | | 786 | | - | | 100 | % |
| Bargain Purchase Gain on Acquisition | | - | | | 18,920 | | N/A | | | - | | - | | 100 | % |
| Gain on Disposition of Covered Loans | | 779 | | | 332 | | 135 | % | | 733 | | - | | 100 | % |
| Other Income | | 695 | | | 449 | | 55 | % | | 540 | | 307 | | 127 | % |
| Total Noninterest Income | | 3,317 | | | 22,568 | | -85 | % | | 4,048 | | 1,737 | | 91 | % |
| |
| Noninterest Expense | | | | | | | | | | | | | | | |
| Compensation and Employee Benefits | | 6,055 | | | 6,615 | | -8 | % | | 6,528 | | 3,875 | | 56 | % |
| Occupancy and Equipment | | 1,589 | | | 1,677 | | -5 | % | | 1,338 | | 1,041 | | 53 | % |
| Office Supplies and Printing | | 380 | | | 299 | | 27 | % | | 311 | | 223 | | 71 | % |
| Data Processing | | 423 | | | 403 | | 5 | % | | 397 | | 137 | | 209 | % |
| Consulting and Professional Fees | | 400 | | | 92 | | 335 | % | | 131 | | 246 | | 63 | % |
| Intangible Amortization | | 247 | | | 234 | | 6 | % | | 191 | | - | | 100 | % |
| Merger Related Expenses | | 460 | | | 978 | | -53 | % | | 675 | | - | | 100 | % |
| FDIC Premiums | | 541 | | | 562 | | -4 | % | | 254 | | 268 | | 102 | % |
| OREO & Repossession Expenses | | 1,450 | | | (23 | ) | N/A | | | 471 | | 549 | | 164 | % |
| Other | | 2,725 | | | 2,008 | | 36 | % | | 1,631 | | 1,283 | | 112 | % |
| Total Noninterest Expense | | 14,270 | | | 12,845 | | 11 | % | | 11,927 | | 7,622 | | 87 | % |
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| Income Before Income Taxes | | 5,931 | | | 23,744 | | -75 | % | | 5,026 | | 2,657 | | 123 | % |
| Provision for Income Taxes | | 1,846 | | | 8,049 | | -77 | % | | 1,531 | | 921 | | 100 | % |
| Net Income | | 4,085 | | | 15,695 | | -74 | % | | 3,495 | | 1,736 | | 135 | % |
| Preferred dividends | | 415 | | | 415 | | 0 | % | | 415 | | 414 | | 0 | % |
| Net Income available to common shareholders | $ | 3,670 | | $ | 15,280 | | -76 | % | $ | 3,080 | $ | 1,322 | | 178 | % |
| Earnings per Common Share | | | | | | | | | | | | | | | |
| Net Income per Share, Basic | $ | 0.24 | | $ | 1.00 | | -76 | % | $ | 0.20 | $ | 0.12 | | 108 | % |
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| Net Income per Share, Diluted | $ | 0.24 | | $ | 0.99 | | -76 | % | $ | 0.20 | $ | 0.11 | | 109 | % |
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| Average Number of Common Shares Outstanding | | 15,316,708 | | | 15,309,000 | | | | | 15,305,000 | | 11,481,000 | | | |
| Fully Diluted Average Common and Equivalent Shares Outstanding | | 15,490,503 | | | 15,473,000 | | | | | 15,466,000 | | 11,673,000 | | | |
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February 1, 2011
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| CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) | | For the Year Ended | One | |
| ($ in thousands, except per share data) | | December 31, | Year | |
| | | 2010 | | 2009 | Change | |
| Interest Income | | | | | | | |
| Non-covered Loans | | 53,414 | | 53,128 | 1 | % |
| Covered Loans | | 21,181 | | - | 100 | % |
| Taxable Investment Securities | | 2,348 | | 809 | 190 | % |
| Tax Exempt Securities | | | 716 | | 402 | 78 | % |
| Other | | | 298 | | 53 | 462 | % |
| Total Interest Income | | 77,957 | | 54,392 | 43 | % |
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| Interest Expense | | | | | | | |
| Deposits | | 11,091 | | 12,920 | -14 | % |
| Other Borrowings | | | 243 | | 434 | -44 | % |
| Junior Subordinated Debentures | | | 496 | | 665 | -25 | % |
| Total Interest Expense | | 11,830 | | 14,019 | -16 | % |
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| Net Interest Income | | 66,127 | | 40,373 | 64 | % |
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| Provision for Loan Losses, Noncovered Loans | | 12,150 | | 10,200 | 19 | % |
| Provision for Loan Losses, Covered Loans | | 1,336 | | - | 100 | % |
| Net Interest Income after Provision for Loan Losses | | 52,641 | | 30,173 | 74 | % |
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| Noninterest Income | | | | | | | |
| Service Charges and Fees | | 3,462 | | 3,426 | 1 | % |
| Electronic Banking Income | | 1,864 | | 1,397 | 33 | % |
| Investment Products | | | 522 | | 532 | -2 | % |
| Bank Owned Life Insurance Income | | | 226 | | 154 | 47 | % |
| Income from the Sale of Loans | | 1,134 | | 865 | 31 | % |
| SBA Premium Income | | | 578 | | 180 | 220 | % |
| Change in FDIC Indemnification Asset | | 1,121 | | - | 100 | % |
| Bargain Purchase Gain on Acquisition | | 18,920 | | - | 100 | % |
| Gain on Disposition of Covered Loans | | 1,844 | | - | 100 | % |
| Other Income | | 2,004 | | 1,107 | 81 | % |
| Total Noninterest Income | | 31,675 | | 7,661 | 313 | % |
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| Noninterest Expense | | | | | | | |
| Compensation and Employee Benefits | | 23,527 | | 14,374 | 64 | % |
| Occupancy and Equipment | | 5,631 | | 4,244 | 33 | % |
| Office Supplies and Printing | | 1,200 | | 799 | 50 | % |
| Data Processing | | 1,434 | | 555 | 158 | % |
| Consulting and Professional Fees | | | 891 | | 811 | 10 | % |
| Intangible Amortization | | | 672 | | - | 100 | % |
| Merger Related Expenses | | 2,113 | | - | 100 | % |
| FDIC Premiums | | 1,609 | | 1,374 | 17 | % |
| OREO & Repossession Expenses | | 2,091 | | 1,531 | 37 | % |
| Other | | 7,648 | | 5,046 | 52 | % |
| Total Noninterest Expense | | 46,816 | | 28,734 | 63 | % |
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| Income Before Income Taxes | | 37,500 | | 9,100 | 312 | % |
| Provision for Income Taxes | | 12,230 | | 2,886 | 324 | % |
| Net Income | | 25,270 | | 6,214 | 307 | % |
| Preferred dividends | | 1,659 | | 1,600 | 4 | % |
| Net income available to common shareholders | $ | 23,611 | $ | 4,614 | 412 | % |
| Earnings per Common Share | | | | | | | |
| Net Income per Share, Basic | $ | | 1.54 | $ | 0.46 | 235 | % |
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| Net Income per Share, Diluted | $ | | 1.53 | $ | 0.46 | 234 | % |
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| Average Number of Common Shares Outstanding | | 15,307,000 | | 10,011,000 | | |
| Fully Diluted Average Common and Equivalent Shares Outstanding | | 15,465,000 | | 10,079,000 | | |
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WBCO Reports Record 4Q10 Profits
February 1, 2011
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| CONSOLIDATED BALANCE SHEETS(unaudited) | | | | | | | Three | | | | | | | | One | |
| ($ in thousands except per share data) | | December 31, | | | September 30, | | Month | | | June 30, | | | December 31, | | Year | |
| | | 2010 | | | 2010 | | Change | | | 2010 | | | 2009 | | Change | |
| Assets | | | | | | | | | | | | | | | | |
| Cash and Due from Banks | $ | 19,766 | | $ | 24,572 | | -20 | % | $ | 19,474 | | $ | 14,950 | | 32 | % |
| Interest-Bearing Deposits with Banks | | 61,186 | | | 141,630 | | -57 | % | | 135,746 | | | 86,891 | | -30 | % |
| Fed Funds Sold | | 735 | | | 4,963 | | -85 | % | | 8,000 | | | - | | 100 | % |
| Total Cash and Cash Equivalents | | 81,687 | | | 171,165 | | -52 | % | | 163,220 | | | 101,841 | | -20 | % |
| |
| Investment Securities Available for Sale | | 199,556 | | | 200,448 | | 0 | % | | 156,065 | | | 80,833 | | 147 | % |
| |
| FHLB Stock | | 7,576 | | | 7,576 | | 0 | % | | 7,174 | | | 2,430 | | 212 | % |
| |
| Loans Held for Sale | | 10,976 | | | 7,785 | | 41 | % | | 4,295 | | | 3,232 | | 240 | % |
| |
| Loans Receivable | | 834,293 | | | 837,017 | | 0 | % | | 832,739 | | | 813,852 | | 3 | % |
| Less: Allowance for Loan Losses | | (18,812 | ) | | (17,936 | ) | 5 | % | | (16,975 | ) | | (16,212 | ) | 16 | % |
| Non-covered Loans, Net | | 815,481 | | | 819,081 | | 0 | % | | 815,764 | | | 797,640 | | 2 | % |
| |
| Covered Loans, Net Allowance for Loan Losses | | 367,756 | | | 386,440 | | -5 | % | | 281,149 | | | - | | 100 | % |
| Premises and Equipment, Net | | 37,847 | | | 37,462 | | 1 | % | | 25,676 | | | 25,495 | | 48 | % |
| Bank Owned Life Insurance | | 17,202 | | | 17,217 | | 0 | % | | 17,156 | | | 16,976 | | 1 | % |
| Goodwill and Other Intangible Assets, net | | 7,540 | | | 7,787 | | -3 | % | | 7,971 | | | - | | 100 | % |
| Other Real Estate Owned | | 4,122 | | | 4,095 | | 1 | % | | 4,984 | | | 4,549 | | -9 | % |
| Covered Other Real Estate Owned | | 28,755 | | | 27,250 | | 6 | % | | 14,178 | | | - | | 100 | % |
| FDIC Indemnification Asset | | 106,989 | | | 124,969 | | -14 | % | | 85,178 | | | - | | 100 | % |
| Other Assets | | 20,129 | | | 18,870 | | 7 | % | | 16,941 | | | 12,875 | | 56 | % |
| Total Assets | $ | 1,705,616 | | $ | 1,830,145 | | -7 | % | $ | 1,599,751 | | $ | 1,045,871 | | 63 | % |
| |
| Liabilities and Shareholders' Equity | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | |
| Noninterest-Bearing Demand | $ | 184,098 | | $ | 187,009 | | -2 | % | $ | 165,962 | | $ | 104,070 | | 77 | % |
| NOW Accounts | | 206,717 | | | 194,370 | | 6 | % | | 164,859 | | | 141,121 | | 46 | % |
| Money Market | | 341,211 | | | 336,329 | | 1 | % | | 271,524 | | | 202,144 | | 69 | % |
| Savings | | 94,235 | | | 88,085 | | 7 | % | | 81,251 | | | 49,003 | | 92 | % |
| Time Deposits | | 665,959 | | | 805,471 | | -17 | % | | 700,143 | | | 350,333 | | 90 | % |
| Total Deposits | | 1,492,220 | | | 1,611,264 | | -7 | % | | 1,383,739 | | | 846,671 | | 76 | % |
| Other Borrowed Funds | | - | | | - | | 0 | % | | 10,000 | | | 10,000 | | -100 | % |
| Junior Subordinated Debentures | | 25,774 | | | 25,774 | | 0 | % | | 25,774 | | | 25,774 | | 0 | % |
| Other Liabilities | | 6,276 | | | 12,441 | | -50 | % | | 15,516 | | | 3,905 | | 61 | % |
| Total Liabilities | | 1,524,270 | | | 1,649,479 | | -8 | % | | 1,435,029 | | | 886,350 | | 72 | % |
| Shareholders' Equity: | | | | | | | | | | | | | | | | |
| Preferred Stock, no par value, 26,380 shares authorized | | | | | | | | | | | | | | | | |
| Series A (Liquidation preference $1,000 per shares); issued | | | | | | | | | | | | | | |
| and outstanding 26,380 at 12/31/10, 9/30/10, | | 25,334 | | | 25,249 | | 0 | % | | 25,164 | | | 24,995 | | 1 | % |
| 6/30/2010 and 12/31/2009 | | | | | | | | | | | | | | | | |
| |
| Common Stock (no par value) | | | | | | | | | | | | | | | | |
| Authorized 35,000,000 Shares: | | | | | | | | | | | | | | | | |
| Issued and Outstanding 15,321,227 at 12/31/2010, | | | | | | | | | | | | | | | | |
| 15,310,893 at 9/30/10, 15,309,318 at 6/30/10 | | | | | | | | | | | | | | | | |
| and 15,297,801 at 12/31/09 | | 85,264 | | | 85,123 | | 0 | % | | 84,972 | | | 84,814 | | 1 | % |
| Retained Earnings | | 71,007 | | | 68,105 | | 4 | % | | 53,284 | | | 49,463 | | 44 | % |
| Other Comprehensive Income (Loss) | | (259 | ) | | 2,189 | | -112 | % | | 1,302 | | | 249 | | 204 | % |
| Total Shareholders' Equity | | 181,346 | | | 180,666 | | 0 | % | | 164,722 | | | 159,521 | | 14 | % |
| Total Liabilities and Shareholders' Equity | $ | 1,705,616 | | $ | 1,830,145 | | -7 | % | $ | 1,599,751 | | $ | 1,045,871 | | 63 | % |
| | | | | | | | | | | | | | | |
WBCO Reports Record 4Q10 Profits
February 1, 2011
Page 8 |
| |
| |
| ASSET QUALITY(unaudited) | | Quarter Ended | | | Quarter Ended | | | Quarter Ended | | | Year Ended | |
| ($ in thousands, except per share data) | | December 31, | | | September 30, | | | December 31, | | | December 31, | |
| | | 2010 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| Allowance for Loan Losses Activity: | | | | | | | | | | | | | | | |
| |
| Balance at Beginning of Period | $ | 17,936 | | $ | 16,975 | | $ | 15,882 | | $ | 16,212 | | $ | 12,250 | |
| Indirect Loans: | | | | | | | | | | | | | | | |
| Charge-offs | | (541 | ) | | (352 | ) | | (635 | ) | | (1,691 | ) | | (2,416 | ) |
| Recoveries | | 182 | | | 168 | | | 182 | | | 737 | | | 842 | |
| Indirect Net Charge-offs | | (359 | ) | | (184 | ) | | (453 | ) | | (954 | ) | | (1,574 | ) |
| |
| Other Loans: | | | | | | | | | | | | | | | |
| Charge-offs | | (2,384 | ) | | (2,863 | ) | | (1,673 | ) | | (9,088 | ) | | (5,854 | ) |
| Recoveries | | 119 | | | 58 | | | 206 | | | 492 | | | 1,190 | |
| Other Net charge-offs | | (2,265 | ) | | (2,805 | ) | | (1,467 | ) | | (8,596 | ) | | (4,664 | ) |
| |
| Total Net Charge-offs | | (2,624 | ) | | (2,989 | ) | | (1,920 | ) | | (9,550 | ) | | (6,238 | ) |
| Provision for loan losses | | 3,500 | | | 3,950 | | | 2,250 | | | 12,150 | | | 10,200 | |
| Balance at End of Period | $ | 18,812 | | $ | 17,936 | | $ | 16,212 | | $ | 18,812 | | $ | 16,212 | |
| |
| Net Charge-offs to Average Loans: | | | | | | | | | | | | | | | |
| Indirect Loans Net Charge-Offs, to Avg Indirect Loans, Annualized(1) | | 1.55 | % | | 0.74 | % | | 1.71 | % | | 0.77 | % | | 1.50 | % |
| Other Loans Net Charge-Offs, to Avg Other Loans, Annualized(1) | | 1.21 | % | | 1.51 | % | | 0.82 | % | | 1.18 | % | | 0.65 | % |
| Net Charge-offs to Average Total Loans(1) | | 1.25 | % | | 1.42 | % | | 0.94 | % | | 1.15 | % | | 0.76 | % |
| |
| | | December 31, | | | September 30, | | | December 31, | | | | | | | |
| | | 2010 | | | 2010 | | | 2009 | | | | | | | |
| Nonperforming Non-Covered Assets | | | | | | | | | | | | | | | |
| |
| Nonperforming Non-Covered Loans(2) | $ | 25,846 | | $ | 21,518 | | $ | 3,395 | | | | | | | |
| Other Real Estate Owned | | 4,122 | | | 4,095 | | | 4,549 | | | | | | | |
| Total Nonperforming Non-Covered Assets | $ | 29,968 | | $ | 25,613 | | $ | 7,944 | | | | | | | |
| |
| Nonperforming Non-Covered Loans to Loans(1) | | 3.10 | % | | 2.57 | % | | 0.42 | % | | | | | | |
| Nonperforming Non-Covered Assets to Assets | | 1.73 | % | | 1.40 | % | | 0.76 | % | | | | | | |
| Allowance for Loan Losses to Nonperforming Non-Covered Loans | | 72.78 | % | | 83.35 | % | | 477.51 | % | | | | | | |
| Allowance for Loan Losses to Non-Covered Loans | | 2.25 | % | | 2.14 | % | | 1.99 | % | | | | | | |
| |
| Non-Covered Loan Composition | | | | | | | | | | | | | | | |
| Commercial | | 145,319 | | $ | 146,997 | | $ | 93,295 | | | | | | | |
| Real Estate Mortgages | | | | | | | | | | | | | | | |
| One-to-Four Family Residential | | 46,717 | | | 47,723 | | | 53,313 | | | | | | | |
| Commercial | | 348,548 | | | 351,560 | | | 360,745 | | | | | | | |
| Real Estate Construction | | | | | | | | | | | | | | | |
| One-to-Four Family Residential | | 72,945 | | | 69,341 | | | 76,046 | | | | | | | |
| Commercial | | 42,664 | | | 38,943 | | | 34,231 | | | | | | | |
| Consumer | | | | | | | | | | | | | | | |
| Indirect | | 90,231 | | | 93,356 | | | 100,697 | | | | | | | |
| Direct | | 85,665 | | | 86,844 | | | 93,051 | | | | | | | |
| Deferred Fees | | 2,204 | | | 2,253 | | | 2,474 | | | | | | | |
| Total Non-Covered Loans | $ | 834,293 | | $ | 837,017 | | $ | 813,852 | | | | | | | |
| |
| Time Deposit Composition | | | | | | | | | | | | | | | |
| Time Deposits $100,000 and more | | 268,862 | | | 321,224 | | | 151,018 | | | | | | | |
| All other time deposits | | 387,891 | | | 466,904 | | | 170,399 | | | | | | | |
| Brokered Deposits | | | | | | | | | | | | | | | |
| CDARS (Certificate of Deposit Account Registry Service) | | 9,206 | | | 17,343 | | | 21,416 | | | | | | | |
| Non-CDARS | | - | | | - | | | 7,500 | | | | | | | |
| Total Time Deposits | $ | 665,959 | | $ | 805,471 | | $ | 350,333 | | | | | | | |
| (1) | Excludes Loans Held for Sale. |
| (2) | Nonperforming loans includes nonaccrual loans plus accruing loans 90 or more days past due. |
| | | | | | | | | | | | | | | | | | | |
WBCO Reports Record 4Q10 Profits
February 1, 2011
Page 9 |
| |
| FINANCIAL STATISTICS(unaudited) | | Quarter Ended | | | Quarter Ended | | | Quarter Ended | | | Quarter Ended | | | Year Ended | |
| ($ in thousands, except per share data) | | December 31, | | | September 30, | | | June 30, | | | December 31, | | | December 30, |
| | | 2010 | | | 2010 | | | 2010 | | | 2009 | | | 2010 | | | | 2009 | |
| Revenues(1)(2) | $ | 25,284 | | $ | 40,779 | | $ | 19,725 | | $ | 12,723 | | $ | 98,240 | | $ | | 48,692 | |
| |
| Averages | | | | | | | | | | | | | | | | | | | |
| Total Assets | $ | 1,750,119 | | $ | 1,611,163 | | $ | 1,532,238 | | $ | 983,955 | | $ | 1,483,084 | | $ | | 941,171 | |
| Non-covered Loans and Loans Held for Sale | | 845,794 | | | 842,709 | | | 829,226 | | | 816,218 | | | 834,668 | | | | 823,438 | |
| Covered Loans | | 371,112 | | | 280,337 | | | 252,592 | | | - | | | 226,852 | | | | - | |
| Interest Earning Assets | | 1,512,109 | | | 1,431,996 | | | 1,388,406 | | | 929,287 | | | 1,327,871 | | | | 887,070 | |
| Deposits | | 1,532,872 | | | 1,393,329 | | | 1,322,384 | | | 818,880 | | | 1,272,296 | | | | 785,705 | |
| Common Shareholders' Equity | $ | 154,377 | | $ | 140,858 | | $ | 137,217 | | $ | 102,037 | | $ | 141,726 | | $ | | 87,369 | |
| |
| Financial Ratios | | | | | | | | | | | | | | | | | | | |
| Return on Average Assets, Annualized | | 0.93 | % | | 3.86 | % | | 0.91 | % | | 0.70 | % | | 1.70 | % | | | 0.66 | % |
| Return on Average Common Equity, Annualized(3) | | 9.43 | % | | 43.04 | % | | 9.00 | % | | 5.14 | % | | 16.66 | % | | | 5.28 | % |
| Efficiency Ratio(2) | | 56.43 | % | | 31.50 | % | | 60.47 | % | | 59.90 | % | | 47.65 | % | | | 59.01 | % |
| Yield on Earning Assets(2) | | 6.51 | % | | 5.95 | % | | 5.40 | % | | 5.99 | % | | 5.90 | % | | | 6.21 | % |
| Cost of Interest Bearing Liabilities | | 0.82 | % | | 1.04 | % | | 1.01 | % | | 1.61 | % | | 1.03 | % | | | 1.93 | % |
| Net Interest Spread | | 5.69 | % | | 4.91 | % | | 4.39 | % | | 4.38 | % | | 4.87 | % | | | 4.27 | % |
| Net Interest Margin(2) | | 5.76 | % | | 5.05 | % | | 4.53 | % | | 4.69 | % | | 5.01 | % | | | 4.63 | % |
| |
| Tangible Book Value Per Share(4) | $ | 9.69 | | $ | 9.64 | | $ | 8.60 | | $ | 8.79 | | $ | 9.69 | | $ | | 8.79 | |
| Tangible Common Equity(4) | | 8.74 | % | | 8.10 | % | | 8.27 | % | | 12.86 | % | | 8.74 | % | | | 12.86 | % |
| |
| | | December 31, | | | September 30, | | | June 30, | | | December 31, | | | Regulatory Requirements | |
| | | | | | | | | | | | | | | Adequately- | | Well- | |
| | | 2010 | | | 2010 | | | 2010 | | | 2009 | | | capitalized | | capitalized | |
| Period End | | | | | | | | | | | | | | | | | | | |
| Total Risk-Based Capital Ratio - Consolidated | | 21.05 | %(5) | | 18.88 | % | | 20.47 | % | | 22.15 | % | | 8.00 | % | | | N/A | |
| Tier 1 Risk-Based Capital Ratio - Consolidated | | 19.78 | %(5) | | 17.63 | % | | 19.21 | % | | 20.89 | % | | 4.00 | % | | | N/A | |
| Tier 1 Leverage Ratio - Consolidated | | 11.34 | %(5) | | 12.40 | % | | 11.38 | % | | 18.73 | % | | 4.00 | % | | | N/A | |
| Total Risk-Based Capital Ratio - Whidbey Island Bank | | 20.78 | %(5) | | 18.61 | % | | 20.05 | % | | 21.55 | % | | 8.00 | % | | | 10.00 | % |
| Tier 1 Risk-Based Capital Ratio - Whidbey Island Bank | | 19.52 | %(5) | | 17.35 | % | | 18.78 | % | | 20.29 | % | | 4.00 | % | | | 6.00 | % |
| Tier 1 Leverage Ratio - Whidbey Island Bank | | 11.30 | %(5) | | 12.20 | % | | 11.13 | % | | 18.17 | % | | 4.00 | % | | | 5.00 | % |
| | | | | | | | | | | | | | | | | | | |
(1)Revenues is the fully tax-equivalent net interest income before provision for loan losses plus noninterest income. |
(2)Fully tax-equivalent is a non-GAAP performance measurement that management believes provides investors with a more accurate picture of the net interest margin, revenues and efficiency ratio for comparative purposes. The calculation involves grossing up interest income on tax-exempt loans and investments by an amount that makes it comparable to taxable income. |
(3)Return on average common equity is adjusted for preferred stock dividends. |
(4)Please see the reconciliations of shareholders' equity to tangible common equity and total assets to tangible assets, and the related measures that appear elsewhere in this release. |
(5)Capital ratios for the most recent period are an estimate pending filing of the Company's regulatory reports. |
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (GAAP) this press release presents certain non-GAAP financial measures. Management believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company's financial performance; however, readers of this report are urged to review these non-GAAP measures in conjunction with the GAAP results as reported.
Operating earnings are not a measure of performance calculated in accordance with GAAP. However, management believes that operating earnings are an important indication of our ability to generate earnings through the Company's fundamental banking business. Since operating earnings exclude the effects of certain items that are unusual and/or difficult to predict, management believes that operating earnings provide useful supplemental information to both management and investors in evaluating the Company's financial results.
Operating earnings should not be considered in isolation or as a substitute for net income,cash flows from operating activities, or other income or cash flow statement data calculated in accordance with GAAP. Moreover, the manner in which the Company calculates operating earnings may differ from that of other companies reporting measures with similar names.
WBCO Reports Record 4Q10 Profits
February 1, 2011
Page 10
The following table provides the reconciliation of the Company's GAAP earnings to operating earnings (non-GAAP) for the periods presented:
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Quarter Ended | | | | | | | For the Year Ended | |
| | | December 31, | | | September 30, | | | June 30, | | | December 31, | | | December 31, | |
| | | 2010 | | | 2010 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
| |
| GAAP Earnings Available to Common Shareholders | $ | 3,670 | | $ | 15,280 | | $ | 3,080 | | $ | 1,322 | | $ | 23,611 | | $ | 4,614 | |
| Provision for Income Taxes | | 1,846 | | | 8,049 | | | 1,531 | | | | 921 | | | 12,230 | | | 2,886 | |
| GAAP Earnings Available to Common Shareholders before Provision for Income Taxes | | 5,516 | | | 23,329 | | | 4,611 | | | 2,243 | | | 35,841 | | | 7,500 | |
| Adjustments to GAAP Earnings Available to Common Shareholders | | | | | | | | | | | | | | | | | | | | | |
| Gain on Acqusitions | | | - | | | (18,920 | ) | | - | | | | - | | | (18,920 | ) | | - | |
| Acquisition-Related Costs | | | 460 | | | | 978 | | | 675 | | | | - | | | 2,113 | | | - | |
| Operating Earnings Before Taxes | | 5,976 | | | 5,387 | | | 5,286 | | | 2,243 | | | 19,034 | | | 7,500 | |
| Provision for Income Taxes | | (2,092 | ) | | (1,885 | ) | | (1,850 | ) | | | (740 | ) | | (6,662 | ) | | (1,965 | ) |
| Net Operating Earnings | $ | 3,884 | | $ | 3,502 | | $ | 3,436 | | $ | 1,503 | | $ | 12,372 | | $ | 5,535 | |
| |
| Diluted GAAP Earnings per Common Share | $ | | 0.24 | | $ | | 0.99 | | $ | 0.20 | | $ | | 0.11 | | $ | 1.53 | | $ | 0.46 | |
| Diluted Operating Earnings per Common Share | $ | | 0.25 | | $ | | 0.23 | | $ | 0.22 | | $ | | 0.13 | | $ | 0.80 | | $ | 0.55 | |
Tangible common equity, tangible assets and tangible book value per common share are not measures that are calculated in accordance with GAAP. However, management uses these non-GAAP measures in their analysis of the Company's performance. Management believes that these non-GAAP measures are an important indication of the Company's ability to grow both organically and through business combinations, and, with respect to tangible common equity, the Company's ability to pay dividends and to engage in various capital management strategies.
Neither tangible common equity, tangible assets and tangible book value per common share should be considered in isolation or as a substitute for common shareholders' equity or book value per common share or any other measure calculated in accordance with GAAP. Moreover, the manner in which the Company calculates tangible common equity, tangible assets and tangible book value per share may differ from that of other companies reporting measures with similar names.
The following table provides the reconciliation of the Company's shareholders' equity (GAAP) to tangible common equity (non-GAAP) and total assets (GAAP) to tangible assets (non-GAAP)for the periods presented:
| | | | | | | | | | | | | |
| | | December 31, | | September 30, | | | June 30, | | | December 31, | |
| ($ in thousands, except per share data) | | 2010 | | 2010 | | | 2010 | | | 2009 | |
| |
| Total Shareholders' Equity | | $ | 181,346 | | $ | 180,666 | | $ | 164,722 | | $ | 159,521 | |
| Adjustments to Shareholders' Equity | | | | | | | | | | | | | |
| Preferred Stock | | | (25,334 | ) | | (25,249 | ) | | (25,164 | ) | | (24,995 | ) |
| Other Intangible Assets, net(1) | | | (7,540 | ) | | (7,787 | ) | | (7,971 | ) | | - | |
| Tangible Common Equity | | | 148,472 | | | 147,630 | | | 131,587 | | | 134,526 | |
| |
| Total Assets | | $ | 1,705,616 | | $ | 1,830,145 | | $ | 1,599,751 | | $ | 1,045,871 | |
| Adjustments to Total Assets | | | | | | | | | | | | | |
| Other Intangible Assets, net(1) | | | (7,540 | ) | | (7,787 | ) | | (7,971 | ) | | - | |
| Tangible Assets | | | 1,698,076 | | | 1,822,358 | | | 1,591,780 | | | 1,045,871 | |
| |
| Common Shares Outstanding at Period End | | | 15,321,227 | | | 15,310,893 | | | 15,309,318 | | | 15,297,801 | |
| |
| Tangible Common Equity | | | 8.74 | % | | 8.10 | % | | 8.27 | % | | 12.86 | % |
| Tangible Book Value per Common Share | | $ | 9.69 | | $ | 9.64 | | $ | 8.60 | | $ | 8.79 | |
| |
| (1)Other intangible assets, net excludes mortgage servicing rights | | | | | | | | | | | | | |
-0-
Note: Transmitted on GlobeNewswire on February 1, 2011 at 4:33p.m. PT.
