Exhibit 99.1
For release: July 23, 2009 | For further information: |
| | Steven R. Lewis, President & CEO |
| | David W. Gifford, CFO |
| | (330) 373-1221 |
First Place Financial Corp. Reports Fourth Quarter Net Loss of $12.7 Million
Board of Directors Approves Quarterly Dividend
Highlights
| | · | Net loss for the fourth quarter of fiscal 2009 was $12.7 million, primarily driven by a higher provision for loan losses, real estate owned expense and a one-time FDIC special assessment, partially offset by mortgage banking gains; |
| | · | First Place continued to strengthen its allowance for loan losses by $3.8 million or 10.7% during the current quarter to $39.6 million or 1.60% of loans, up from 1.41% of loans at March 31, 2009; |
| | · | Real estate owned expense increased to $6.1 million for the current quarter compared to $0.9 million for the same quarter in the prior year, primarily due to declining values of residential and commercial properties held for sale; |
| | · | An increase in market share and continued favorable long-term interest rates resulted in an increase in mortgage banking activity and gains of $3.8 million, an increase of $1.4 million from the same quarter in the prior year; |
| | · | First Place strategically priced certificates and core deposits and improved the deposit mix to include less certificates of deposit resulting in a 21 basis point increase in net interest margin to 3.06% from 2.85% in the March 2009 quarter; and |
| | · | The Board of Directors declared the Company’s 42nd consecutive quarterly common cash dividend. The dividend of $0.01 per share is the same as the prior quarter. |
Summary
Warren, Ohio – July 23, 2009 – First Place Financial Corp. (Nasdaq: FPFC) reported a net loss of $12.7 million for the quarter ended June 30, 2009 compared with net income of $2.9 million for the quarter ended June 30, 2008. The decline in earnings was primarily due to increases of $15.0 million in the provision for loan losses and $9.8 million in noninterest expense, partially offset by an increase of $2.4 million in noninterest income and a decrease of $6.0 million in income tax expense. The increase in noninterest expense was primarily due to increases of $5.2 million in real estate owned expense and $2.9 million in FDIC insurance premiums. The increase in noninterest income was primarily due to the increase of $1.4 million in mortgage banking gains. Diluted loss per common share for the current quarter was $0.83 compared with diluted earnings per common share of $0.18 for the same quarter in the prior year. Return on average assets and return on average equity for the current quarter were -1.52% and -17.61%, respectively, compared with 0.36% and 3.75% for the same quarter in the prior year.
The net loss of $12.7 million for the quarter ended June 30, 2009 represented a decline of $15.2 million from net income of $2.5 million for the preceding quarter ended March 31, 2009. The decline in earnings was primarily due to increases of $12.8 million in the provision for loan losses, $5.0 million in real estate owned expense and $2.1 million in FDIC premiums and a decrease of $3.0 million in mortgage banking gains, partially offset by an increase of $2.0 million in net interest income and a decrease of $6.3 million in income tax expense. Diluted loss per common share for the current quarter was $0.83 compared with diluted earnings per common share of $0.14 for the preceding quarter ended March 31, 2009. Return on average assets and return on average equity for the current quarter were -1.52% and -17.61%, respectively, compared with 0.31% and 4.46% for the preceding quarter ended March 31, 2009.
For the fiscal year ended June 30, 2009, the Company reported a net loss of $110.4 million compared with net income of $10.8 million for the fiscal year ended June 30, 2008. The decrease was primarily due to pre-tax charges of $93.7 million for goodwill impairment and $12.3 million for a decline in the fair value of securities, and increases of $26.5 million in the provision for loan losses, $6.1 million in real estate owned expense and $5.0 million in FDIC premiums, partially offset by an increase of $5.2 million in mortgage banking gains and decreases of $7.5 million in impairment of securities and $15.6 million in income tax expense. Diluted loss per common share was $6.75 for the fiscal year ended June 30, 2009 compared with diluted earnings per common share of $0.67 for the fiscal year ended June 30, 2008. Return on average assets and return on average equity for the fiscal year ended June 30, 2009 were -3.31% and -38.62%, respectively, compared with 0.33% and 3.40% for the fiscal year ended June 30, 2008.
Core earnings are a supplementary financial measure computed using methods other than Generally Accepted Accounting Principles (GAAP) that exclude certain unusual or nonrecurring items of revenue or expense. For the fourth quarter of fiscal 2009, the $25 thousand pre-tax charge for merger, integration and restructuring expenses relating to the pending acquisition of three AmTrust Bank branches has been excluded from core earnings. For the fourth quarter of the prior year, the $451 thousand pre-tax charge for merger, integration and restructuring expenses has been excluded from core earnings. Core net loss for the quarter ended June 30, 2009 was $12.7 million compared with core earnings of $3.2 million for the quarter ended June 30, 2008.
For the year ended June 30, 2009, the pre-tax charges of $93.7 million for goodwill impairment and $1.1 million for merger, integration and restructuring expenses have been excluded from core earnings. For the year ended June 30, 2008, the pre-tax charge of $1.2 million for merger, integration and restructuring expenses has been excluded from core earnings. The core net loss for the year ended June 30, 2009 was $17.6 million compared with core earnings of $11.6 million for the year ended June 30, 2008. Core loss per common share was $1.14 for the year ended June 30, 2009 compared with core diluted earnings per common share of $0.72 for the year ended June 30, 2008. Core return on average assets and core return on average equity for the year ended June 30, 2009 were -0.53% and -6.14%, respectively, compared with 0.36% and 3.66% for the year ended June 30, 2008. For additional information on core earnings, see the section entitled Explanation of Certain Non-GAAP Measures and the Reconciliation of Net Income to Core Earnings under the Consolidated Financial Highlights.
Commenting on these results, Steven R. Lewis, President and CEO, stated, “Our results this quarter have been dominated by regional and national economic conditions. Stable interest rates and a steep yield curve have resulted in increases in net interest income and net interest margin. Historically low long-term interest rates have resulted in strong mortgage banking activity and solid mortgage banking gains. This positive news has been obscured by activity in our nonperforming assets. We have aggressively and comprehensively addressed nonperforming loans and real estate owned by obtaining additional collateral where possible, restructuring loans where practical and recognizing declines in values where they have occurred. Real estate values in the Midwest continue to be under intense pricing pressure. Taking possession of properties through deeds in lieu of foreclosure and full recognition of declines in value we believe puts us in the best possible position to dispose of nonperforming assets and to put the proceeds back to work as earning assets. We are encouraged by an increase in the volume of sales of real estate owned during the last quarter. Appropriate levels of capital are vital to this process and I am pleased to report that we remain a well-capitalized institution under all regulatory capital measures."
Revenue
Net interest income for the fourth quarter of fiscal 2009 was $23.7 million, an increase of $0.8 million or 3.5% compared with $22.9 million in the fourth quarter of fiscal 2008. This increase was the result of a 5.2% increase in average earning assets in the current quarter compared with the same quarter in the prior year, partially offset by a decline of seven basis points in the net interest margin to 3.06% for the current quarter compared with 3.13% for the same quarter in the prior year. Net interest income of $23.7 million for the quarter ended June 30, 2009 represents an increase of $2.0 million from net interest income of $21.7 million for the quarter ended March 31, 2009 while net interest margin of 3.06% for the current quarter increased from 2.85% for the quarter ended March 31, 2009. The primary reason for the increase in net interest margin from the March 2009 quarter was that interest rates paid on interest-bearing liabilities decreased at a faster pace than interest rates on interest-earning assets declined. During the quarter ended March 31, 2009, the Company carried a high level of short-term liquid assets due to the uncertainties in the financial markets. Since March 31, 2009, the Company employed much of those short-term liquid assets to retire maturing liabilities with high interest rates and to fund increases in loans held for sale.
Noninterest income for the fourth quarter of fiscal 2009 was $8.5 million, an increase of $2.4 million or 38.1% compared with $6.1 million in the fourth quarter of fiscal 2008. This increase was primarily due to an increase of $1.4 million in mortgage banking gains and a reduction of $1.6 million in impairment of securities, partially offset by a decrease of $0.9 million in loan servicing income.
The volume of loan sales in the current quarter was $429 million compared to $298 million for the same quarter in the prior year. The increase in mortgage banking gains was primarily due to the higher volume of loans sold supplemented by an increase in the margin on mortgage banking sales. The $0.9 million decrease in loan servicing income was primarily due to an increase in the amortization of mortgage servicing rights from a higher level of prepayments caused by historically low long-term interest rates.
Mr. Lewis commented, "We are seeing substantial margin improvement, which we expect to continue in the first fiscal quarter of 2010 as we more fully realize the benefit of the rate reductions on liabilities as well as wider loan spreads. Once again, I congratulate all of our mortgage banking personnel. Their efforts this year resulted in nearly $2 billion in residential mortgage loan originations which was more than 40% higher than any previous year in our history. This is a win for us and for our customers who were able to purchase new homes or reduce the monthly payments on their current homes."
Noninterest Expense
Noninterest expense for the fourth quarter of fiscal year 2009 was $31.0 million, an increase of $9.8 million or 46.2% compared with $21.2 million in the fourth quarter of fiscal year 2008. The increase in noninterest expense was primarily due to increases of $5.2 million in real estate owned expense, $2.9 million in FDIC premiums, and $1.2 million in salaries and employee benefits. The increase in real estate owned expense was primarily due to charges related to the decrease in the value of residential and commercial properties. Our comprehensive program to recognize declines in value is key to selling the properties and reducing nonperforming assets. The increase in FDIC premiums resulted from increases in premium rates and deposit balances along with the exhaustion of credits issued in 2006 and a one-time FDIC special assessment of $1.6 million. Salaries and employee benefits increased primarily due to severance costs related to the continued re-alignment and consolidation of the Company’s operations and the impact of employees added with the OC Financial, Inc. acquisition in June 2008. Noninterest expense as a percent of average assets increased to 3.72% for the quarter ended June 30, 2009 from 2.60% for the same quarter in the prior year. Real estate owned expense and FDIC premiums as a percent of average assets were 0.73% and 0.36%, respectively, for the quarter ended June 30, 2009 compared with 0.11% and 0.01% for the same quarter in the prior year.
Noninterest expense for the fourth quarter of fiscal 2009 was $31.0 million, an increase of $8.0 million from $23.0 million in the preceding quarter ended March 31, 2009. The increase was primarily due to increases in real estate owned expense and FDIC premiums. Noninterest expense as a percent of average assets increased to 3.72% in the current quarter compared with 2.80% in the preceding quarter.
Core noninterest expense excludes goodwill impairment and merger, integration and restructuring costs which were $94.9 million and $1.2 million for the years ended June 30, 2009 and 2008, respectively. Core noninterest expense for the year ended June 30, 2009 was $97.1 million, an increase of $14.3 million or 17.2% over core noninterest expense of $82.8 million for the year ended June 30, 2008. The increase in core noninterest expense was primarily due to increases of $6.1 million in real estate owned expense and $5.0 million in FDIC premiums. For the year ended June 30, 2009, core noninterest expense as a percent of average assets increased to 2.91% from 2.55% for the year ended June 30, 2008.
Asset Quality
Nonperforming assets, which are comprised of nonperforming loans and real estate owned, were $140.0 million at June 30, 2009, or 4.11% of total assets, up $35.8 million from $104.2 million, or 3.08% of total assets at March 31, 2009. Nonperforming loans were $103.2 million at June 30, 2009, or 4.18% of total loans, up $34.0 million from $69.2 million, or 2.74% of total loans at March 31, 2009. Real estate owned was $36.8 million at June 30, 2009, up $1.8 million from $35.0 million at March 31, 2009. In the normal course of business, the Company continually works with borrowers in various stages of delinquency. When deemed beneficial for both the borrower and the Company, concessions are made through modifications of current loan terms with the intention of maximizing the amounts collected on the loan prospectively. These modified loans are considered ‘Troubled Debt Restructurings’ under current accounting guidance and are classified as nonperforming loans even if all contractual terms are met. In the current recessionary economy, these restructurings are becoming more prevalent. At June 30, 2009, the Company’s troubled debt restructurings were $10.5 million, or 10.2% of total nonperforming loans compared with $3.0 million, or 4.3% of total nonperforming loans at March 31, 2009. First Place also works with borrowers to avoid foreclosure if at all possible. Furthermore, if it becomes inevitable that a borrower will not be able to retain ownership of their property, First Place often seeks a deed in lieu of foreclosure in order to gain control of the property earlier in the recovery process. This strategy of pursuing deeds in lieu of foreclosure more aggressively should result in a significant reduction in the holding period for nonperforming assets and ultimately reduce economic losses. Single family residential properties represented $21.1 million of the $36.8 million balance of real estate owned at June 30, 2009.
Net charge-offs were $15.8 million in the current quarter, which was an increase of $10.4 million over net charge-offs of $5.4 million in the quarter ended June 30, 2008 and an increase of $11.2 million from net charge-offs of $4.6 million in the quarter ended March 31, 2009. The current quarter net charge-offs consisted of $11.2 million in commercial loans, $2.8 million in mortgage and construction loans and $1.8 million in consumer loans. Management performs an ongoing assessment of the overall credit risk within the loan portfolio. This assessment provides an analysis of the estimated probable credit losses that could be incurred in the loan portfolio. Based on this analysis, a provision for loan losses of $19.6 million was recorded for the quarter ended June 30, 2009. That provision represents a $15.0 million increase over the provision of $4.6 million recorded in the quarter ended June 30, 2008 and a $12.8 million increase from the provision of $6.8 million recorded in the quarter ended March 31, 2009. The allowance for loan losses increased to $39.6 million at June 30, 2009, from $35.8 million at March 31, 2009 and $28.2 million at June 30, 2008. The ratio of the allowance for loan losses to total loans was 1.60% at June 30, 2009, compared with 1.41% at March 31, 2009 and 1.07% at June 30, 2008. The allowance for loan losses as a percent of nonperforming loans was 38.34% at June 30, 2009, down from 51.69% at March 31, 2009. This decline in the coverage of nonperforming loans reflects the increase of troubled debt restructurings where modifications to the loans improve the borrower’s ability to service the debt and reduce the probability of future losses. Of the total nonperforming loans at June 30, 2009, 90% were secured by real estate. Real estate loans are generally well secured and if these loans do default, the majority of the loan balance is recovered by liquidating the real estate.
Steven Lewis commented, “From the beginning of this current credit cycle, we have been aggressively dealing with our most problematic assets. During this fourth quarter, we took actions to further reduce the risk in these portfolios, including the reflection of the reduced real estate values in the Ohio and Michigan markets, and we also increased our allowance for loan loss. Our provision exceeded loan charge-offs by $3.8 million, increasing the allowance for loan losses to 1.60% of loans.”
Balance Sheet Activity
Assets were $3.404 billion at June 30, 2009, compared with $3.385 billion at March 31, 2009, an increase of $19 million or 0.60%. The increase in assets was primarily due to an increase of $216 million in loans held for sale, partially offset by decreases of $128 million in cash and due from banks and $61 million in portfolio loans. Total portfolio loans were $2.468 billion at June 30, 2009. During the current quarter, mortgage and construction loans decreased $36 million or 4.0%, to $851 million, consumer loans decreased $11 million to $373 million and commercial loans decreased $14 million to $1.245 billion. Commercial loans now account for 50.4% of the loan portfolio, up from 49.8% at March 31, 2009. Loans held for sale increased to $376 million at June 30, 2009, primarily due to a higher volume of refinanced loans as a result of lower mortgage interest rates over the past several months.
Deposits totaled $2.436 billion at June 30, 2009, a decrease of $114 million since March 31, 2009. The decrease in deposits was primarily due to a decrease of $58 million in deposits generated through our retail branch deposit network and maturities of $56 million in certificates of deposit acquired through brokers and public funds of the state of Ohio. Total borrowings increased $151 million to $659 million at June 30, 2009, compared with $508 million at March 31, 2009. The increase was entirely in short-term borrowings, which served to increase net interest margin by replacing deposits at lower costs and funding the increase in loans held for sale at short-term rates.
At June 30, 2009, total equity was $281 million, down $13 million from $294 million at March 31, 2009. The decline was primarily due to the $12.7 million net loss for the quarter ended June 30, 2009. Total equity as a percent of assets was 8.27% at June 30, 2009, down from 8.70% at March 31, 2009. Tangible equity to tangible assets was 7.96% at June 30, 2009, down from 8.36% at March 31, 2009. During the quarter ended March 31, 2009, the Company received $73 million in the U.S. Treasury’s Capital Purchase Program funds to strengthen total equity and invested $31 million of the funds directly into First Place Bank. First Place Bank was well capitalized under regulatory capital standards prior to the receipt of the U.S. Treasury’s Capital Purchase Program funds and continued to be well capitalized at June 30, 2009.
Steven Lewis noted, “With the recent and dramatic disruption in the capital markets and the resulting tightening of credit nationwide, we have carefully monitored and maintained appropriate levels of both liquidity and capital. In this environment, it is imperative that we strike a careful balance between managing risk effectively and doing our part to help the communities we serve regain their financial viability. These times are certainly challenging, but I remain confident in the ability of First Place to come out of this cycle better positioned to compete and perform.”
Pending Acquisition
On June 24, 2009, First Place Bank announced that it signed a purchase and assumption agreement with AmTrust Bank (AmTrust) to acquire three AmTrust branches in Lake County, Ohio. The branches are located in Mentor, Willowick and Wickliffe, Ohio. The transaction will include the assumption of approximately $225 million in deposits in exchange for certain fixed assets of the offices, a pool of mortgage loans currently estimated to be approximately $160 million at closing and cash, net of a 3% premium paid on deposits. The acquisition is anticipated to be accretive to diluted earnings per share by approximately $0.11 in the first year of operation exclusive of transaction costs of $0.02 per diluted share. The transaction is expected to close during the quarter ended September 30, 2009, pending regulatory approval and satisfaction of other customary closing conditions.
Board Actions
At its regular meeting held on July 21, 2009, the Board of Directors declared a per share cash dividend of $0.01 payable on August 13, 2009, to shareholders of record as of the close of business on July 30, 2009. This dividend is at the same level as the dividend declared in April 2009.
Conference Call
Steven R. Lewis, Chief Executive Officer of First Place Financial Corp., and David W. Gifford, Chief Financial Officer, along with members of the Company’s executive team, will provide an overview of fourth quarter fiscal 2009 performance and business highlights in a conference call and simultaneous webcast to be held at 10 a.m. eastern time, Friday, July 24, 2009. The conference call can be accessed by dialing 877-407-0783 or 201-689-8564. The webcast can be accessed live at the Company’s website, www.firstplacebank.com, along with the release and supporting financial information. The event will be archived on the First Place website for one month. In addition, the recorded version of the conference call can be accessed by phone from 12 p.m. eastern time, July 24, 2009 through midnight August 7, 2009 by dialing 877-660-6853 Account #286, ID #326548.
About First Place Financial Corp.
First Place Financial Corp. is a $3.4 billion financial services holding company based in Warren, Ohio. First Place Financial Corp. operates 44 retail locations, 2 business financial service centers and 16 loan production offices through its principal subsidiary, First Place Bank. Additional affiliates of First Place Financial Corp. include First Place Holdings, Inc., the holding company for the Company’s nonbank affiliates including First Place Insurance Agency, Ltd., Coldwell Banker First Place Real Estate, Ltd., Title Works Agency, LLC and APB Financial Group, Ltd. Information about First Place Financial Corp. may be found on the Company’s web site: www.firstplacebank.com.
Explanation of Certain Non-GAAP Measures
This press release contains certain financial information determined by methods other than in accordance with GAAP. Specifically, we have provided financial measures that are based on core earnings rather than net income. Ratios and other financial measures with the word “core” in their title were computed using core earnings rather than net income. Core earnings excludes merger, integration and restructuring expense; extraordinary income or expense; income or expense from discontinued operations; and income, expense, gains and losses that are not reflective of ongoing operations or that we do not expect to reoccur. Similarly, core noninterest expense or core noninterest income exclude the pre-tax impact of those same items that impact noninterest income or noninterest expense. We believe that this information is useful to both investors and to management and can aid them in understanding the Company’s current performance, performance trends and financial condition. While core earnings can be useful in evaluating current performance and projecting current trends into the future, we do not believe that core earnings are a substitute for GAAP net income. We encourage investors and others to use core earnings as a supplemental tool for analysis and not as a substitute for GAAP net income. Our non-GAAP measures may not be comparable to the non-GAAP measures of other companies. In addition, future results of operations may include nonrecurring items that would not be included in core earnings. Reconciliation from GAAP net income to the non-GAAP measure of core earnings is shown in the consolidated financial highlights on page nine.
Forward-Looking Statements
When used in this press release, or future press releases or other public or shareholder communications, in filings by the Company with the Securities and Exchange Commission or in oral statements made with the approval of an authorized executive officer, the words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “believe,” “should,” “may,” “will,” “plan,” or variations of such terms or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Company’s actual results to be materially different from those indicated. Such statements are subject to certain risks and uncertainties including changes in economic conditions in the market areas the Company conducts business, which could materially impact credit quality trends, changes in laws, regulations or policies of regulatory agencies, fluctuations in interest rates, demand for loans in the market areas the Company conducts business, and competition, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
| FIRST PLACE FINANCIAL CORP. | |
| CONSOLIDATED STATEMENTS OF INCOME | |
| (Unaudited) | | Three months ended | | | | | | Year ended | | | | |
| | | June 30, | | | Percent | | | June 30, | | | Percent | |
| (Dollars in thousands, except share data) | | 2009 | | | 2008 | | | Change | | | 2009 | | | 2008 | | | Change | |
| Interest income | | $ | 41,523 | | | $ | 44,860 | | | | (7.4 | )% | | $ | 171,888 | | | $ | 189,672 | | | | (9.4 | )% |
| Interest expense | | | 17,872 | | | | 21,999 | | | | (18.8 | ) | | | 82,294 | | | | 102,046 | | | | (19.4 | ) |
Net interest income | | | 23,651 | | | | 22,861 | | | | 3.5 | | | | 89,594 | | | | 87,626 | | | | 2.2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Provision for loan losses | | | 19,620 | | | | 4,631 | | | | 323.7 | | | | 42,984 | | | | 16,467 | | | | 161.0 | |
| Net interest income after provision for loan losses | | | 4,031 | | | | 18,230 | | | | (77.9 | ) | | | 46,610 | | | | 71,159 | | | | (34.5 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest income | | | | | | | | | | | | | | | | | | | | | | | | |
Service charges on deposit accounts | | | 2,936 | | | | 2,140 | | | | 37.2 | | | | 10,214 | | | | 8,346 | | | | 22.4 | |
Net gains (losses) on sale of securities | | | (10 | ) | | | 5 | | | | (300.0 | ) | | | 310 | | | | 742 | | | | (58.2 | ) |
Impairment of securities | | | (1,159 | ) | | | (2,711 | ) | | | (57.2 | ) | | | (1,159 | ) | | | (8,611 | ) | | | (86.5 | ) |
Change in fair value of securities | | | 69 | | | | - | | | | N/M | | | | (12,284 | ) | | | - | | | | N/M | |
Mortgage banking gains | | | 3,772 | | | | 2,398 | | | | 57.3 | | | | 14,465 | | | | 9,257 | | | | 56.3 | |
Gain on sale of loan servicing rights | | | - | | | | - | | | | N/M | | | | - | | | | 1,961 | | | | N/M | |
Loan servicing income (loss) | | | (568 | ) | | | 317 | | | | (279.2 | ) | | | (2,561 | ) | | | 50 | | | | N/M | |
Other income – bank | | | 1,642 | | | | 1,778 | | | | (7.6 | ) | | | 6,595 | | | | 6,747 | | | | (2.3 | ) |
Insurance commission income | | | 951 | | | | 900 | | | | 5.7 | | | | 3,930 | | | | 3,630 | | | | 8.3 | |
Other income – nonbank | | | 822 | | | | 1,297 | | | | (36.6 | ) | | | 3,026 | | | | 4,843 | | | | (37.5 | ) |
Total noninterest income | | | 8,455 | | | | 6,124 | | | | 38.1 | | | | 22,536 | | | | 26,965 | | | | (16.4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest expense | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 11,340 | | | | 10,156 | | | | 11.7 | | | | 43,158 | | | | 40,875 | | | | 5.6 | |
Occupancy and equipment | | | 3,410 | | | | 3,513 | | | | (2.9 | ) | | | 13,831 | | | | 13,140 | | | | 5.3 | |
Professional fees | | | 901 | | | | 627 | | | | 43.7 | | | | 3,386 | | | | 2,781 | | | | 21.8 | |
Loan expenses | | | 1,175 | | | | 641 | | | | 83.3 | | | | 3,414 | | | | 2,117 | | | | 61.3 | |
Marketing | | | 705 | | | | 558 | | | | 26.3 | | | | 2,128 | | | | 2,684 | | | | (20.7 | ) |
Federal deposit insurance premiums | | | 3,039 | | | | 117 | | | | N/M | | | | 5,429 | | | | 389 | | | | N/M | |
Merger, integration and restructuring | | | 25 | | | | 451 | | | | (94.5 | ) | | | 1,134 | | | | 1,241 | | | | (8.6 | ) |
Goodwill impairment | | | - | | | | - | | | | N/M | | | | 93,741 | | | | - | | | | N/M | |
Amortization of intangible assets | | | 766 | | | | 1,019 | | | | (24.8 | ) | | | 3,144 | | | | 4,346 | | | | (27.7 | ) |
Real estate owned expense | | | 6,105 | | | | 894 | | | | N/M | | | | 9,679 | | | | 3,584 | | | | 170.1 | |
Other expense | | | 3,534 | | | | 3,233 | | | | 9.3 | | | | 12,915 | | | | 12,908 | | | | 0.1 | |
Total noninterest expense | | | 31,000 | | | | 21,209 | | | | 46.2 | | | | 191,959 | | | | 84,065 | | | | 128.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income tax expense (benefit) | | | (18,514 | ) | | | 3,145 | | | | N/M | | | | (122,813 | ) | | | 14,059 | | | | N/M | |
Income tax expense (benefit) | | | (5,795 | ) | | | 231 | | | | N/M | | | | (12,379 | ) | | | 3,269 | | | | N/M | |
| Net income (loss) | | | (12,719 | ) | | | 2,914 | | | | N/M | | | | (110,434 | ) | | | 10,790 | | | | N/M | |
Preferred stock dividends and accretion | | | 1,081 | | | | - | | | | N/M | | | | 1,297 | | | | - | | | | N/M | |
| Income (loss) available to common shareholders | | $ | (13,800 | ) | | $ | 2,914 | | | | N/M | | | $ | (111,731 | ) | | $ | 10,790 | | | | N/M | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| SHARE DATA: | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic earnings (loss) per common share | | $ | (0.83 | ) | | $ | 0.18 | | | | N/M | | | $ | (6.75 | ) | | $ | 0.67 | | | | N/M | |
| Diluted earnings (loss) per common share | | $ | (0.83 | ) | | $ | 0.18 | | | | N/M | | | $ | (6.75 | ) | | $ | 0.67 | | | | N/M | |
| Cash dividends per common share | | $ | 0.01 | | | $ | 0.17 | | | | (94.1 | ) | | $ | 0.19 | | | $ | 0.665 | | | | (71.4 | ) |
| Average common shares outstanding - basic | | | 16,580,439 | | | | 15,986,481 | | | | 3.7 | | | | 16,563,736 | | | | 16,132,198 | | | | 2.7 | |
| Average common shares outstanding - diluted | | | 16,580,439 | | | | 15,992,275 | | | | 3.7 | | | | 16,563,736 | | | | 16,195,704 | | | | 2.3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| N/M – Not meaningful | | | | | | | | | | | | | | | | | | | | | | | | |
| FIRST PLACE FINANCIAL CORP. | |
| CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | |
| | | | | | | | | | | | | | | | |
| | | June 30, | | | March 31, | | | Dec. 31, | | | Sept. 30, | | | June 30, | |
| | | 2009 | | | 2009 | | | 2008 | | | 2008 | | | 2008 | |
| (Dollars in thousands) | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | | |
| | | | | | | | | | | | | | | | |
| ASSETS | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 38,321 | | | $ | 70,564 | | | $ | 38,647 | | | $ | 65,444 | | | $ | 59,483 | |
Interest-bearing deposits in other banks | | | 56,614 | | | | 111,376 | | | | 74,494 | | | | 5,992 | | | | 4,151 | |
Federal funds sold | | | - | | | | 41,000 | | | | - | | | | 150 | | | | 5,608 | |
Securities, at fair value | | | 276,600 | | | | 287,719 | | | | 283,097 | | | | 278,989 | | | | 284,433 | |
Loans held for sale, at fair value | | | 376,406 | | | | 160,165 | | | | 96,851 | | | | 66,039 | | | | 72,341 | |
Loans | | | | | | | | | | | | | | | | | | | | |
Mortgage and construction | | | 851,281 | | | | 886,805 | | | | 954,660 | | | | 989,003 | | | | 1,015,010 | |
Commercial | | | 1,244,515 | | | | 1,258,784 | | | | 1,265,165 | | | | 1,245,998 | | | | 1,234,130 | |
Consumer | | | 372,648 | | | | 383,640 | | | | 393,630 | | | | 395,942 | | | | 399,637 | |
Total loans | | | 2,468,444 | | | | 2,529,229 | | | | 2,613,455 | | | | 2,630,943 | | | | 2,648,777 | |
Less allowance for loan losses | | | 39,580 | | | | 35,766 | | | | 33,577 | | | | 31,428 | | | | 28,216 | |
Loans, net | | | 2,428,864 | | | | 2,493,463 | | | | 2,579,878 | | | | 2,599,515 | | | | 2,620,561 | |
Federal Home Loan Bank stock | | | 36,221 | | | | 36,221 | | | | 36,221 | | | | 36,221 | | | | 35,761 | |
Premises and equipment, net | | | 52,222 | | | | 38,561 | | | | 40,454 | | | | 40,328 | | | | 40,089 | |
Premises held for sale, net | | | - | | | | 14,739 | | | | 13,333 | | | | 13,491 | | | | 13,555 | |
Goodwill | | | 885 | | | | 909 | | | | - | | | | 93,741 | | | | 93,626 | |
Core deposit and other intangibles | | | 10,639 | | | | 11,380 | | | | 11,979 | | | | 12,767 | | | | 13,573 | |
Real estate owned | | | 36,790 | | | | 34,969 | | | | 34,801 | | | | 26,573 | | | | 23,695 | |
Other assets | | | 90,905 | | | | 84,304 | | | | 74,527 | | | | 76,703 | | | | 74,170 | |
Total assets | | $ | 3,404,467 | | | $ | 3,385,370 | | | $ | 3,284,282 | | | $ | 3,315,953 | | | $ | 3,341,046 | |
| | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Deposits | | | | | | | | | | | | | | | | | | | | |
Noninterest-bearing checking | | $ | 238,417 | | | $ | 230,968 | | | $ | 227,434 | | | $ | 222,305 | | | $ | 248,851 | |
Interest-bearing checking | | | 173,376 | | | | 166,394 | | | | 160,274 | | | | 158,298 | | | | 159,874 | |
Savings | | | 400,424 | | | | 399,343 | | | | 393,070 | | | | 438,410 | | | | 475,835 | |
Money markets | | | 291,131 | | | | 283,927 | | | | 285,615 | | | | 305,320 | | | | 359,801 | |
Certificates of deposit | | | 1,332,253 | | | | 1,468,643 | | | | 1,474,557 | | | | 1,281,294 | | | | 1,124,731 | |
Total deposits | | | 2,435,601 | | | | 2,549,275 | | | | 2,540,950 | | | | 2,405,627 | | | | 2,369,092 | |
Short-term borrowings | | | 323,458 | | | | 170,946 | | | | 142,454 | | | | 156,173 | | | | 197,100 | |
Long-term debt | | | 335,159 | | | | 337,092 | | | | 364,269 | | | | 414,448 | | | | 424,374 | |
Other liabilities | | | 28,770 | | | | 33,681 | | | | 18,752 | | | | 28,790 | | | | 31,513 | |
Total liabilities | | | 3,122,988 | | | | 3,090,994 | | | | 3,066,425 | | | | 3,005,038 | | | | 3,022,079 | |
| | | | | | | | | | | | | | | | | | | | | |
| SHAREHOLDERS’ EQUITY | | | 281,479 | | | | 294,376 | | | | 217,857 | | | | 310,915 | | | | 318,967 | |
Total liabilities and shareholders’ equity | | $ | 3,404,467 | | | $ | 3,385,370 | | | $ | 3,284,282 | | | $ | 3,315,953 | | | $ | 3,341,046 | |
| FIRST PLACE FINANCIAL CORP. | | | | |
| CONSOLIDATED FINANCIAL HIGHLIGHTS | | | | |
| (Unaudited) | | As of or for the three months ended | | | As of or for the | |
| | | 6/30/09 | | | 3/31/09 | | | 12/31/08 | | | 9/30/08 | | | 6/30/08 | | | year ended | |
| | | 4th Qtr | | | 3rd Qtr | | | 2nd Qtr | | | 1st Qtr | | | 4th Qtr | | | June 30, | |
(Dollars in thousands except per share data) | | FY 2009 | | | FY 2009 | | | FY 2009 | | | FY 2009 | | | FY 2008 | | | 2009 | | | 2008 | |
| | | | | | | | | | | | | | | | | | | | | | |
| EARNINGS (GAAP) | | | | | | | | | | | | | | | | | | | | | |
Fully tax equivalent net interest income | | $ | 24,016 | | | | 22,038 | | | | 21,712 | | | | 23,358 | | | | 23,241 | | | | 91,124 | | | | 89,163 | |
Net interest income | | $ | 23,651 | | | | 21,685 | | | | 21,303 | | | | 22,955 | | | | 22,861 | | | | 89,594 | | | | 87,626 | |
Provision for loan losses | | $ | 19,620 | | | | 6,797 | | | | 9,216 | | | | 7,351 | | | | 4,631 | | | | 42,984 | | | | 16,467 | |
Noninterest income | | $ | 8,455 | | | | 11,136 | | | | 4,543 | | | | (1,598 | ) | | | 6,124 | | | | 22,536 | | | | 26,965 | |
Noninterest expense | | $ | 31,000 | | | | 23,000 | | | | 116,599 | | | | 21,360 | | | | 21,209 | | | | 191,959 | | | | 84,065 | |
Net income (loss) | | $ | (12,719 | ) | | | 2,541 | | | | (94,097 | ) | | | (6,159 | ) | | | 2,914 | | | | (110,434 | ) | | | 10,790 | |
Income (loss) available to common shareholders | | $ | (13,800 | ) | | | 2,325 | | | | (94,097 | ) | | | (6,159 | ) | | | 2,914 | | | | (111,731 | ) | | | 10,790 | |
Basic earnings (loss) per common share | | $ | (0.83 | ) | | | 0.14 | | | | (5.68 | ) | | | (0.37 | ) | | | 0.18 | | | | (6.75 | ) | | | 0.67 | |
Diluted earnings (loss) per common share | | $ | (0.83 | ) | | | 0.14 | | | | (5.68 | ) | | | (0.37 | ) | | | 0.18 | | | | (6.75 | ) | | | 0.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PERFORMANCE RATIOS (GAAP) (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | (1.52 | )% | | | 0.31 | % | | | (11.14 | )% | | | (0.74 | )% | | | 0.36 | % | | | (3.31 | ) % | | | 0.33 | % |
Return on average equity | | | (17.61 | )% | | | 4.46 | % | | | (121.96 | )% | | | (7.74 | )% | | | 3.75 | % | | | (38.62 | ) % | | | 3.40 | % |
Return on average tangible assets | | | (1.53 | )% | | | 0.31 | % | | | (11.50 | )% | | | (0.76 | )% | | | 0.37 | % | | | (3.37 | ) % | | | 0.34 | % |
Return on average tangible equity | | | (18.36 | )% | | | 4.71 | % | | | (185.71 | )% | | | (11.71 | )% | | | 5.66 | % | | | (48.76 | ) % | | | 5.13 | % |
Net interest margin, fully tax equivalent | | | 3.06 | % | | | 2.85 | % | | | 2.81 | % | | | 3.07 | % | | | 3.13 | % | | | 2.94 | % | | | 2.99 | % |
Efficiency ratio | | | 95.47 | % | | | 69.33 | % | | | 444.98 | % | | | 98.16 | % | | | 72.23 | % | | | 168.89 | % | | | 72.39 | % |
Noninterest expense to average assets | | | 3.72 | % | | | 2.80 | % | | | 13.81 | % | | | 2.56 | % | | | 2.60 | % | | | 5.76 | % | | | 2.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RECONCILIATION OF NET INCOME TO CORE EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | (12,719 | ) | | | 2,541 | | | | (94,097 | ) | | | (6,159 | ) | | | 2,914 | | | | (110,434 | ) | | | 10,790 | |
Merger, integration and restructuring, net of tax | | $ | 16 | | | | - | | | | 692 | | | | 29 | | | | 293 | | | | 737 | | | | 807 | |
Goodwill impairment, net of tax | | $ | - | | | | - | | | | 92,139 | | | | - | | | | - | | | | 92,139 | | | | - | |
Core earnings (loss) | | $ | (12,703 | ) | | | 2,541 | | | | (1,266 | ) | | | (6,130 | ) | | | 3,207 | | | | (17,558 | ) | | | 11,597 | |
Core earnings (loss) available to common shareholders | | $ | (13,784 | ) | | | 2,325 | | | | (1,266 | ) | | | (6,130 | ) | | | 3,207 | | | | (18,855 | ) | | | 11,597 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CORE EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core earnings (loss) available to common shareholders | | $ | (13,784 | ) | | | 2,325 | | | | (1,266 | ) | | | (6,130 | ) | | | 3,207 | | | | (18,855 | ) | | | 11,597 | |
Core basic earnings (loss) per common share | | $ | (0.83 | ) | | | 0.14 | | | | (0.08 | ) | | | (0.37 | ) | | | 0.20 | | | | (1.14 | ) | | | 0.72 | |
Core diluted earnings (loss) per common share | | $ | (0.83 | ) | | | 0.14 | | | | (0.08 | ) | | | (0.37 | ) | | | 0.20 | | | | (1.14 | ) | | | 0.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CORE PERFORMANCE RATIOS (annualized) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Core return on average assets | | | (1.52 | )% | | | 0.31 | % | | | (0.15 | )% | | | (0.73 | )% | | | 0.39 | % | | | (0.53 | )% | | | 0.36 | % |
Core return on average equity | | | (17.58 | )% | | | 4.46 | % | | | (1.64 | )% | | | (7.71 | )% | | | 4.13 | % | | | (6.14 | )% | | | 3.66 | % |
Core return on average tangible assets | | | (1.53 | )% | | | 0.31 | % | | | (0.15 | )% | | | (0.76 | )% | | | 0.41 | % | | | (0.54 | )% | | | 0.37 | % |
Core return on average tangible equity | | | (18.34 | )% | | | 4.71 | % | | | (2.50 | )% | | | (11.65 | )% | | | 6.23 | % | | | (7.75 | )% | | | 5.52 | % |
Core net interest margin, fully tax equivalent | | | 3.06 | % | | | 2.85 | % | | | 2.81 | % | | | 3.07 | % | | | 3.13 | % | | | 2.94 | % | | | 2.99 | % |
Core efficiency ratio | | | 95.39 | % | | | 69.33 | % | | | 83.00 | % | | | 97.95 | % | | | 70.69 | % | | | 85.42 | % | | | 71.32 | % |
Core noninterest expense to average assets | | | 3.71 | % | | | 2.80 | % | | | 2.58 | % | | | 2.56 | % | | | 2.55 | % | | | 2.91 | % | | | 2.55 | % |
| FIRST PLACE FINANCIAL CORP. | | | | |
| CONSOLIDATED FINANCIAL HIGHLIGHTS | | | | |
| (Unaudited) | | As of or for the three months ended | | | As of or for the | |
| | | 6/30/09 | | | 3/31/09 | | | 12/31/08 | | | 9/30/08 | | | 6/30/08 | | | year ended | |
| | | 4th Qtr | | | 3rd Qtr | | | 2nd Qtr | | | 1st Qtr | | | 4th Qtr | | | June 30, | |
(Dollars in thousands except per share data) | | FY 2009 | | | FY 2009 | | | FY 2009 | | | FY 2009 | | | FY 2008 | | | 2009 | | | 2008 | |
| CAPITAL | | | | | | | | | | | | | | | | | | | | | |
Total equity to total assets at end of period | | | 8.27 | % | | | 8.70 | % | | | 6.63 | % | | | 9.38 | % | | | 9.55 | % | | | 8.27 | % | | | 9.55 | % |
Tangible total equity to tangible assets at end of period | | | 7.96 | % | | | 8.36 | % | | | 6.29 | % | | | 6.37 | % | | | 6.55 | % | | | 7.96 | % | | | 6.55 | % |
Book value per common share | | $ | 12.51 | | | | 13.27 | | | | 12.84 | | | | 18.32 | | | | 18.79 | | | | 12.51 | | | | 18.79 | |
Tangible book value per common share | | $ | 11.83 | | | | 12.55 | | | | 12.13 | | | | 12.04 | | | | 12.48 | | | | 11.83 | | | | 12.48 | |
Period-end market value per common share | | $ | 3.11 | | | | 3.36 | | | | 3.83 | | | | 12.85 | | | | 9.40 | | | | 3.11 | | | | 9.40 | |
Dividends declared per common share | | $ | 0.01 | | | | 0.01 | | | | 0.085 | | | | 0.085 | | | | 0.17 | | | | 0.19 | | | | 0.665 | |
Period-end common shares outstanding (000) | | | 16,973 | | | | 16,973 | | | | 16,973 | | | | 16,973 | | | | 16,973 | | | | 16,973 | | | | 16,973 | |
Average basic common shares outstanding (000) | | | 16,580 | | | | 16,569 | | | | 16,558 | | | | 16,547 | | | | 15,986 | | | | 16,564 | | | | 16,132 | |
Average diluted common shares outstanding (000) | | | 16,580 | | | | 16,569 | | | | 16,558 | | | | 16,547 | | | | 15,992 | | | | 16,564 | | | | 16,196 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ASSET QUALITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net charge-offs | | $ | 15,805 | | | | 4,609 | | | | 7,066 | | | | 4,140 | | | | 5,434 | | | | 31,620 | | | | 14,500 | |
Annualized net charge-offs to average loans | | | 2.52 | % | | | 0.72 | % | | | 1.07 | % | | | 0.63 | % | | | 0.85 | % | | | 1.22 | % | | | 0.56 | % |
Nonperforming loans | | $ | 103,228 | | | | 69,190 | | | | 66,951 | | | | 62,860 | | | | 50,722 | | | | 103,228 | | | | 50,722 | |
Nonperforming loans to total loans | | | 4.18 | % | | | 2.74 | % | | | 2.56 | % | | | 2.39 | % | | | 1.91 | % | | | 4.18 | % | | | 1.91 | % |
Nonperforming assets | | $ | 140,018 | | | | 104,159 | | | | 101,752 | | | | 89,433 | | | | 74,417 | | | | 140,018 | | | | 74,417 | |
Nonperforming assets to total assets | | | 4.11 | % | | | 3.08 | % | | | 3.10 | % | | | 2.70 | % | | | 2.23 | % | | | 4.11 | % | | | 2.23 | % |
Allowance for loan losses | | $ | 39,580 | | | | 35,766 | | | | 33,577 | | | | 31,428 | | | | 28,216 | | | | 39,580 | | | | 28,216 | |
Allowance for loan losses to total loans | | | 1.60 | % | | | 1.41 | % | | | 1.28 | % | | | 1.19 | % | | | 1.07 | % | | | 1.60 | % | | | 1.07 | % |
Allowance for loan losses to nonperforming loans | | | 38.34 | % | | | 51.69 | % | | | 50.15 | % | | | 50.00 | % | | | 55.63 | % | | | 38.34 | % | | | 55.63 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MORTGAGE BANKING | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage originations | | $ | 636,561 | | | | 717,403 | | | | 291,765 | | | | 263,900 | | | | 333,000 | | | | 1,909,629 | | | | 1,281,800 | |
Mortgage banking gains | | $ | 3,772 | | | | 6,812 | | | | 2,106 | | | | 2,064 | | | | 2,398 | | | | 14,754 | | | | 9,257 | |
Mortgage servicing portfolio | | $ | 2,052,135 | | | | 1,833,518 | | | | 1,549,536 | | | | 1,498,521 | | | | 1,425,915 | | | | 2,052,135 | | | | 1,425,915 | |
Mortgage servicing rights | | $ | 20,114 | | | | 16,994 | | | | 13,636 | | | | 14,457 | | | | 14,272 | | | | 20,114 | | | | 14,272 | |
Mortgage servicing rights valuation (loss) recovery | | $ | 185 | | | | 226 | | | | (1,071 | ) | | | (292 | ) | | | 350 | | | | (952 | ) | | | (100 | ) |
Mortgage servicing rights to mortgage servicing portfolio | | | 0.98 | % | | | 0.93 | % | | | 0.88 | % | | | 0.96 | % | | | 1.00 | % | | | 0.98 | % | | | 1.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| END OF PERIOD BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans | | $ | 2,468,444 | | | | 2,529,229 | | | | 2,613,455 | | | | 2,630,943 | | | | 2,648,777 | | | | 2,468,444 | | | | 2,648,777 | |
Assets | | $ | 3,404,467 | | | | 3,385,370 | | | | 3,284,282 | | | | 3,315,953 | | | | 3,341,046 | | | | 3,404,467 | | | | 3,341,046 | |
Deposits | | $ | 2,435,601 | | | | 2,549,275 | | | | 2,540,950 | | | | 2,405,627 | | | | 2,369,092 | | | | 2,435,601 | | | | 2,369,092 | |
Total equity | | $ | 281,479 | | | | 294,376 | | | | 217,857 | | | | 310,915 | | | | 318,967 | | | | 281,479 | | | | 318,967 | |
Tangible total equity | | $ | 269,955 | | | | 282,087 | | | | 205,878 | | | | 204,407 | | | | 211,768 | | | | 269,955 | | | | 211,768 | |
Common equity | | $ | 212,281 | | | | 225,291 | | | | 217,857 | | | | 310,915 | | | | 318,967 | | | | 212,281 | | | | 318,967 | |
Tangible common equity | | $ | 200,757 | | | | 213,002 | | | | 205,878 | | | | 204,407 | | | | 211,768 | | | | 200,757 | | | | 211,768 | |
Loans to deposits ratio | | | 101.35 | % | | | 99.21 | % | | | 102.85 | % | | | 109.37 | % | | | 111.81 | % | | | 101.35 | % | | | 111.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AVERAGE BALANCES | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans | | $ | 2,520,156 | | | | 2,585,519 | | | | 2,622,016 | | | | 2,608,491 | | | | 2,584,075 | | | | 2,596,561 | | | | 2,593,585 | |
Earning assets | | $ | 3,145,979 | | | | 3,141,122 | | | | 3,063,980 | | | | 3,016,618 | | | | 2,990,206 | | | | 3,103,881 | | | | 2,983,417 | |
Assets | | $ | 3,346,646 | | | | 3,331,969 | | | | 3,350,845 | | | | 3,308,996 | | | | 3,277,762 | | | | 3,334,596 | | | | 3,244,182 | |
Deposits | | $ | 2,502,267 | | | | 2,566,770 | | | | 2,483,101 | | | | 2,394,237 | | | | 2,330,860 | | | | 2,486,112 | | | | 2,289,632 | |
Total equity | | $ | 289,768 | | | | 231,155 | | | | 306,099 | | | | 315,519 | | | | 312,476 | | | | 285,923 | | | | 316,934 | |
Tangible total equity | | $ | 277,872 | | | | 218,737 | | | | 201,020 | | | | 208,705 | | | | 207,018 | | | | 226,487 | | | | 210,245 | |
Common equity | | $ | 220,607 | | | | 219,640 | | | | 306,099 | | | | 315,519 | | | | 312,476 | | | | 265,841 | | | | 316,934 | |
Tangible common equity | | $ | 208,711 | | | | 207,222 | | | | 201,020 | | | | 208,705 | | | | 207,018 | | | | 206,405 | | | | 210,245 | |
