Exhibit 99.1
CONTACT:
B. Grant Yarber
President and Chief Executive Officer
Phone: (919) 645-3494
Email: gyarber@capitalbank-nc.com
FOR IMMEDIATE RELEASE
Capital Bank Reports 88% Increase in Third Quarter Net Income to $3.3 Million
RALEIGH, N.C. - October 18, 2006 - Capital Bank Corporation (Nasdaq: CBKN), the parent company of Capital Bank, today announced its financial results for the third quarter of 2006. Net income for the quarter ended September 30, 2006 increased 88% to $3.3 million, from $1.7 million in the quarter ended September 30, 2005. Fully diluted earnings per share increased 12% to $0.28 for the quarter ended September 30, 2006 compared to $0.25 for the quarter ended September 30, 2005. For the nine months ended September 30, 2006 and 2005, net income was $9.1 million and $4.9 million, respectively, and fully diluted earnings per share were $0.78 and $0.71, respectively.
During the first quarter of 2006, the Company completed its acquisition of 1st State Bancorp, Inc., the parent company of 1st State Bank, which has had a significant impact on the Company’s financial results for the third quarter of 2006 and thus the comparison of year over year results. The acquisition was accounted for as a purchase business combination and, accordingly, there was no restatement of prior period financial information. In conjunction with this acquisition, the Company issued 4,882,630 shares of common stock, increasing its common shares outstanding to 11.5 million shares at September 30, 2006 compared to 6.9 million shares at December 31, 2005. Shareholders’ equity increased to $160.9 million at September 30, 2006 compared to $83.5 million at December 31, 2005.
Commenting on the Company’s results, B. Grant Yarber, President and CEO, stated, “Loan demand remained robust in the third quarter, particularly in the Triangle region. Our continued attention to core deposit growth helped to fund loan demand while CDs, our most expensive funding source, remained flat. Credit quality continues to improve, with nonperforming loans declining 22% to $6.1 million from September 30, 2005 to September 30, 2006, while the loan portfolio increased 50% since December 31, 2005 to $1 billion.
As of September 30, 2006, total assets were $1.4 billion compared to $1.36 billion at June 30, 2006 and $961 million at December 31, 2005. During the quarter ended September 30, 2006, gross loans receivable increased $38 million to $1.0 billion compared to $965 million and $659 million at June 30, 2006 and December 31, 2005, respectively. During the quarter ended September 30, 2006, total deposits increased $18 million to $1.04 billion compared to $1.03 billion and $699 million at June 30, 2006 and December 31, 2005, respectively. Approximately $230 million of net loans and $267 million of total deposits were acquired in the 1st State transaction.
Net interest income for the quarter ended September 30, 2006 increased $4.2 million, or 56%, compared to the quarter ended September 30, 2005. Net interest income totaled $11.6 million for the quarter ended September 30, 2006, and the net interest margin on a tax equivalent basis was 3.91%, an increase of 34 basis points compared to the net interest margin of 3.57% for the quarter ended September 30, 2005. The increase in net interest income was attributable to growth in the loan portfolio, higher interest rates and the infusion of 1st State’s interest-earning assets. The net interest margin for the quarter ended September 30, 2006 decreased by 13 basis points compared to the net interest margin for the quarter ended June 30, 2006, reflecting the increased competition for deposits and higher deposit rates throughout Capital Bank’s market areas, which increased the cost of funds. Management expects further interest rate compression in the near term and is taking steps to mitigate this risk, including entering into an interest rate swap to reduce the bank’s exposure to interest rate volatility.
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The Company’s allowance for loan losses was $13.9 million, or 1.38% of total loans and 227% of nonperforming loans at September 30, 2006, compared to $9.8 million, or 1.52% of total loans and 127% of nonperforming loans at September 30, 2005 as the credit quality of the loan portfolio continues to improve. The Company recorded a credit provision for loan losses for the quarter ended September 30, 2006 of $215,000 compared to a credit provision in the quarter ended September 30, 2005 of $28,000. For the quarter ended September 30, 2006, recoveries on loans previously charged off exceed the amount of current period charge-offs by $102,000, which represented (0.04%) of average loans. Net charge-offs for the quarter ended September 30, 2005 were $118,000, which represented 0.07% of average loans. Nonperforming loans were $6.1 million at September 30, 2006, a decrease of $1.7 million, or 22%, compared to $7.8 million at September 30, 2005. Total past due loans were $9.5 million, or 0.97% of total loans, at September 30, 2006, compared to $10.1 million, or 1.58% of total loans, at September 30, 2005. Based on these factors and the improvement in the credit quality of the loan portfolio, the Company’s provision for loan losses was lower for the quarter ended September 30, 2006 compared to the quarter ended September 30, 2005.
The Company’s noninterest income for the quarter ended September 30, 2006 increased $468,000 to $2.3 million compared to the quarter ended September 30, 2005. This increase is primarily due to a higher volume of transaction accounts, including those acquired in the 1st State transaction, improving levels of deposit service charges, and higher NSF fees, brokerage commissions and net gains generated on sales of investments.
Noninterest expenses were $9.1 million for the quarter ended September 30, 2006, an increase of $2.4 million compared to $6.6 million for the quarter ended September 30, 2005. The increase in noninterest expenses is primarily due to the consummation of the 1st State transaction, which added five branches, as well as higher costs associated with the Company’s growth.
Capital Bank Corporation, headquartered in Raleigh, N.C., with approximately $1.4 billion in total assets, offers a broad range of financial services. Capital Bank operates 26 banking offices in Asheville (3), Burlington (4), Cary, Graham (2), Greensboro, Hickory, Mebane, Morrisville, Oxford, Pittsboro, Raleigh (5), Sanford (3), Siler City, and Wake Forest. The company’s website is www.capitalbank-nc.com.
Information in this press release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Capital Bank Corporation’s filings with the Securities and Exchange Commission, including without limitation its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Capital Bank Corporation does not undertake a duty to update any forward-looking statements in this press release.
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CAPITAL BANK CORPORATION
SUMMARY OF OPERATIONS
Three Months Ended September 30, 2006 | Three Months Ended September 30, 2005 | Nine Months Ended September 30, 2006 | Nine Months Ended September 30, 2005 | ||||||||||
(In thousands except per share data) | |||||||||||||
Interest income | $ | 22,668 | $ | 13,078 | $ | 63,447 | $ | 36,782 | |||||
Interest expense | 11,075 | 5,649 | 28,856 | 15,287 | |||||||||
Net interest income | 11,593 | 7,429 | 34,591 | 21,495 | |||||||||
Provision (credit) for loan losses | (215 | ) | (28 | ) | 446 | (434 | ) | ||||||
Net interest income after provision for loan losses | 11,808 | 7,457 | 34,145 | 21,929 | |||||||||
Noninterest income | 2,258 | 1,790 | 6,885 | 4,709 | |||||||||
Noninterest expense | 9,069 | 6,644 | 27,224 | 19,283 | |||||||||
Income before taxes | 4,997 | 2,603 | 13,806 | 7,355 | |||||||||
Income tax expense | 1,730 | 869 | 4,725 | 2,463 | |||||||||
Net income | $ | 3,267 | $ | 1,734 | $ | 9,081 | $ | 4,892 | |||||
Income per share - basic | $ | 0.28 | $ | 0.26 | $ | 0.78 | $ | 0.72 | |||||
Income per share - fully diluted | $ | 0.28 | $ | 0.25 | $ | 0.78 | $ | 0.71 | |||||
Weighted average shares outstanding: | |||||||||||||
Basic | 11,611 | 6,801 | 11,622 | 6,762 | |||||||||
Fully diluted | 11,694 | 6,904 | 11,708 | 6,906 |
END OF PERIOD BALANCES
2006 | 2005 | |||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(Dollars in thousands except per share data) | ||||||||||||||||
Total assets | $ | 1,399,673 | $ | 1,364,030 | $ | 1,308,567 | $ | 960,906 | $ | 927,077 | ||||||
Investment securities | 200,647 | 189,669 | 181,032 | 161,600 | 161,389 | |||||||||||
Loans (gross)* | 1,003,835 | 965,484 | 944,325 | 668,982 | 646,448 | |||||||||||
Allowance for loan losses | 13,894 | 14,007 | 14,209 | 9,592 | 9,844 | |||||||||||
Total earning assets | 1,237,684 | 1,191,014 | 1,151,739 | 843,942 | 847,296 | |||||||||||
Deposits | 1,043,755 | 1,025,949 | 972,232 | 698,480 | 703,183 | |||||||||||
Shareholders’ equity | 160,871 | 157,770 | 158,095 | 83,492 | 82,268 | |||||||||||
Book value per share | $ | 13.98 | $ | 13.66 | $ | 13.60 | $ | 12.18 | $ | 12.11 | ||||||
Tangible book value per share | $ | 8.19 | $ | 7.86 | $ | 7.82 | $ | 10.31 | $ | 10.21 | ||||||
*Includes loans held for sale |
AVERAGE BALANCES
2006 | 2005 | |||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Total assets | $ | 1,365,832 | $ | 1,322,781 | $ | 1,311,145 | $ | 932,332 | $ | 922,141 | ||||||
Investments (at amortized cost) | 195,323 | 190,045 | 194,535 | 160,928 | 162,282 | |||||||||||
Loans (gross)* | 982,037 | 954,420 | 923,950 | 653,475 | 637,743 | |||||||||||
Total earning assets | 1,213,002 | 1,171,648 | 1,158,324 | 846,780 | 843,992 | |||||||||||
Deposits | 1,020,143 | 990,037 | 957,693 | 696,335 | 697,311 | |||||||||||
Shareholders’ equity | 161,901 | 161,321 | 159,841 | 83,380 | 81,606 | |||||||||||
*Includes loans held for sale |
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CAPITAL BANK CORPORATION
QUARTERLY RESULTS
2006 | 2005 | |||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(In thousands except per share data) | ||||||||||||||||
Interest income | $ | 22,668 | $ | 21,109 | $ | 19,670 | $ | 13,967 | $ | 13,078 | ||||||
Interest expense | 11,075 | 9,501 | 8,280 | 6,172 | 5,649 | |||||||||||
Net interest income | 11,593 | 11,608 | 11,390 | 7,795 | 7,429 | |||||||||||
Provision (credit) for loan losses | (215 | ) | 249 | 412 | 38 | (28 | ) | |||||||||
Net interest income after provision for loan losses | 11,808 | 11,359 | 10,978 | 7,757 | 7,457 | |||||||||||
Noninterest income | 2,258 | 2,612 | 2,015 | 2,022 | 1,790 | |||||||||||
Noninterest expense | 9,069 | 9,341 | 8,814 | 7,171 | 6,644 | |||||||||||
Income before taxes | 4,997 | 4,630 | 4,179 | 2,608 | 2,603 | |||||||||||
Income tax expense | 1,730 | 1,579 | 1,416 | 801 | 869 | |||||||||||
Net income | $ | 3,267 | $ | 3,051 | $ | 2,763 | $ | 1,807 | $ | 1,734 | ||||||
Income per share - basic | $ | 0.28 | $ | 0.26 | $ | 0.24 | $ | 0.26 | $ | 0.26 | ||||||
Income per share - fully diluted | $ | 0.28 | $ | 0.26 | $ | 0.24 | $ | 0.26 | $ | 0.25 | ||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 11,611 | 11,639 | 11,617 | 6,875 | 6,801 | |||||||||||
Fully diluted | 11,694 | 11,727 | 11,704 | 6,962 | 6,904 |
QUARTERLY NET INTEREST MARGIN*
2006 | 2005 | |||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
Yield on earning assets | 7.53 | % | 7.29 | % | 6.95 | % | 6.62 | % | 6.22 | % | ||||||
Cost of interest bearing liabilities | 4.02 | % | 3.63 | % | 3.26 | % | 3.26 | % | 2.97 | % | ||||||
Net interest spread | 3.51 | % | 3.66 | % | 3.69 | % | 3.36 | % | 3.25 | % | ||||||
Net interest margin | 3.91 | % | 4.04 | % | 4.06 | % | 3.73 | % | 3.57 | % | ||||||
*Annualized and on a fully taxable equivalent basis |
NONPERFORMING ASSETS
2006 | 2005 | |||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||||||||
(Dollars in thousands) | ||||||||||||||||
Commercial and commercial real estate | $ | 3,885 | $ | 3,728 | $ | 5,149 | $ | 5,040 | $ | 3,915 | ||||||
Consumer | 259 | 106 | 100 | 176 | 239 | |||||||||||
Equity lines | 440 | 418 | 398 | 497 | 592 | |||||||||||
Construction | 71 | 193 | 807 | 737 | 1,302 | |||||||||||
Mortgage | 1,453 | 1,695 | 1,588 | 1,628 | 1,711 | |||||||||||
Total nonperforming loans | 6,108 | 6,140 | 8,042 | 8,078 | 7,759 | |||||||||||
Other real estate owned | 637 | 1 | 879 | 1 | 888 | 1 | 771 | 1,608 | ||||||||
Total nonperforming assets | $ | 6,745 | $ | 7,019 | $ | 8,930 | $ | 8,849 | $ | 9,367 | ||||||
Nonperforming assets include loans that are 90 days or more past due or in nonaccrual status and other real estate owned. | ||||||||||||||||
1 Other real estate owned excludes $776, $776 and $1,854 as of September 30, 2006, June 30, 2006 and March 31, 2006, respectively, related to branch locations that are held for sale. |
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CAPITAL BANK CORPORATION
KEY RATIOS
2006 | 2005 | ||||||||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
Past due loans | $ | 9,491 | $ | 9,179 | $ | 11,678 | $ | 7,008 | $ | 10,089 | |||||||
Past due loans as a percent of average loans | 0.97 | % | 0.96 | % | 1.26 | % | 1.07 | % | 1.58 | % | |||||||
Net charge-offs (recoveries) | $ | (102 | ) | $ | 451 | $ | 3,432 | 2 | $ | 433 | $ | 118 | |||||
Net charge-offs (recoveries) as a percent of average loans (annualized) | (0.04 | %) | 0.19 | % | �� | 1.49 | % | 2 | 0.27 | % | 0.07 | % | |||||
Allowance for loan losses as a percent of total loans | 1.38 | % | 1.45 | % | 1.50 | % | 1.43 | % | 1.52 | % | |||||||
Nonperforming assets as a percent of total assets | 0.48 | % | 0.51 | % | 0.68 | % | 0.92 | % | 1.01 | % | |||||||
Allowance for loan losses as a percent of nonperforming loans | 227 | % | 228 | % | 177 | % | 119 | % | 127 | % | |||||||
2 Includes $3.2 million related to one 1st State Bank loan relationship that was fully reserved as of 12/31/05. |
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CAPITAL BANK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
September 30, 2006 and December 31, 2005
September 30, 2006 | December 31, 2005 | Change | % Change | ||||||||||
(Dollars in thousands except share data) | (Unaudited) | ||||||||||||
ASSETS | |||||||||||||
Cash and due from banks: | |||||||||||||
Interest earning | $ | 12,679 | $ | 4,603 | $ | 8,076 | 175 | % | |||||
Noninterest earning | 38,908 | 30,544 | 8,364 | 27 | % | ||||||||
Cash held in escrow | - | 33,185 | (33,185 | ) | -100 | % | |||||||
Federal funds sold and short term investments | 20,523 | 8,757 | 11,766 | 134 | % | ||||||||
Investment securities - available for sale, at fair value | 189,627 | 149,266 | 40,361 | 27 | % | ||||||||
Investment securities - held to maturity, at amortized cost | 11,020 | 12,334 | (1,314 | ) | -11 | % | |||||||
Loans - net of unearned income and deferred fees | 1,003,835 | 668,982 | 334,853 | 50 | % | ||||||||
Allowance for loan losses | (13,894 | ) | (9,592 | ) | (4,302 | ) | 45 | % | |||||
Net loans | 989,941 | 659,390 | 330,551 | 50 | % | ||||||||
Premises and equipment, net | 23,354 | 14,868 | 8,486 | 57 | % | ||||||||
Bank owned life insurance | 20,408 | 19,857 | 551 | 3 | % | ||||||||
Deposit premium and goodwill, net | 66,616 | 12,853 | 53,763 | 418 | % | ||||||||
Deferred tax assets | 8,098 | 6,305 | 1,793 | 28 | % | ||||||||
Other assets | 18,499 | 15,249 | 9,555 | 107 | % | ||||||||
Total assets | $ | 1,399,673 | $ | 960,906 | $ | 438,767 | 46 | % | |||||
LIABILITIES | |||||||||||||
Deposits: | |||||||||||||
Demand, noninterest bearing | $ | 108,052 | $ | 77,847 | $ | 30,205 | 39 | % | |||||
Savings and interest bearing demand deposits | 355,932 | 237,005 | 118,927 | 50 | % | ||||||||
Time deposits | 579,771 | 383,628 | 196,143 | 51 | % | ||||||||
Total deposits | 1,043,755 | 698,480 | 345,275 | 49 | % | ||||||||
Repurchase agreements and federal funds purchased | 28,582 | 14,514 | 14,068 | 97 | % | ||||||||
Borrowings | 111,027 | 93,173 | 17,854 | 19 | % | ||||||||
Short-term debt | - | 30,000 | (30,000 | ) | -100 | % | |||||||
Subordinated debentures | 30,930 | 30,930 | - | 0 | % | ||||||||
Other liabilities | 24,508 | 10,317 | 14,191 | 138 | % | ||||||||
Total liabilities | 1,238,802 | 877,414 | 361,388 | 41 | % | ||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||
Common stock, no par value; 20,000,000 authorized; 11,507,167 and 6,852,156 issued and outstanding as of September 30, 2006 and December 31, 2005, respectively | 141,532 | 70,985 | 70,547 | 99 | % | ||||||||
Retained earnings | 21,180 | 14,179 | 7,001 | 49 | % | ||||||||
Accumulated other comprehensive loss | (1,841 | ) | (1,672 | ) | (169 | ) | n/a | ||||||
Total shareholders’ equity | 160,871 | 83,492 | 77,379 | 93 | % | ||||||||
Total liabilities and shareholders’ equity | $ | 1,399,673 | $ | 960,906 | $ | 438,767 | 46 | % |
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CAPITAL BANK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Nine Months Ended September 30, 2006 and 2005 (Unaudited)
2006 | 2005 | Change | % Change | ||||||||||
(Dollars in thousands except share and per share data) | |||||||||||||
Interest income: | |||||||||||||
Loans and loan fees | $ | 55,646 | $ | 31,140 | $ | 24,506 | 79 | % | |||||
Investment securities | 6,488 | 5,144 | 1,344 | 26 | % | ||||||||
Federal funds and other interest income | 1,313 | 498 | 815 | 164 | % | ||||||||
Total interest income | 63,447 | 36,782 | 26,665 | 72 | % | ||||||||
Interest expense: | |||||||||||||
Deposits | 22,115 | 11,015 | 11,100 | 101 | % | ||||||||
Borrowings and repurchase agreements | 6,741 | 4,272 | 2,469 | 58 | % | ||||||||
Total interest expense | 28,856 | 15,287 | 13,569 | 89 | % | ||||||||
Net interest income | 34,591 | 21,495 | 13,096 | 61 | % | ||||||||
Provision (credit) for loan losses | 446 | (434 | ) | 880 | n/a | ||||||||
Net interest income after provision for loan losses | 34,145 | 21,929 | 12,216 | 56 | % | ||||||||
Noninterest income: | |||||||||||||
Service charges and other fees | 2,921 | 2,142 | 779 | 36 | % | ||||||||
Mortgage fees and revenues | 1,525 | 1,212 | 313 | 26 | % | ||||||||
Net gain on sale of securities | 128 | 7 | 121 | n/a | |||||||||
Bank owned life insurance | 597 | 385 | 212 | 55 | % | ||||||||
Other noninterest income | 1,714 | 963 | 751 | 78 | % | ||||||||
Total noninterest income | 6,885 | 4,709 | 2,176 | 46 | % | ||||||||
Noninterest expense: | |||||||||||||
Salaries and employee benefits | 13,680 | 10,164 | 3,516 | 35 | % | ||||||||
Occupancy | 2,760 | 1,906 | 854 | 45 | % | ||||||||
Furniture and equipment | 1,729 | 1,093 | 636 | 58 | % | ||||||||
Data processing | 814 | 930 | (116 | ) | -12 | % | |||||||
Director fees | 1,028 | 717 | 311 | 43 | % | ||||||||
Advertising | 813 | 596 | 217 | 36 | % | ||||||||
Amortization of deposit premiums | 1,028 | 160 | 868 | n/a | |||||||||
Professional fees | 856 | 739 | 117 | 16 | % | ||||||||
Telecommunications | 579 | 428 | 151 | 35 | % | ||||||||
Other expenses | 3,939 | 2,550 | 1,387 | 54 | % | ||||||||
Total noninterest expense | 27,224 | 19,283 | 7,941 | 41 | % | ||||||||
Net income before tax expense | 13,806 | 7,355 | 6,451 | 88 | % | ||||||||
Income tax expense | 4,725 | 2,463 | 2,262 | 92 | % | ||||||||
Net income | $ | 9,081 | $ | 4,892 | $ | 4,189 | 86 | % | |||||
Earnings per share - basic | $ | 0.78 | $ | 0.72 | $ | 0.06 | 8 | % | |||||
Earnings per share - diluted | $ | 0.78 | $ | 0.71 | $ | 0.07 | 10 | % | |||||
Weighted average shares: | |||||||||||||
Basic | 11,622,442 | 6,762,292 | 4,860,150 | 72 | % | ||||||||
Fully diluted | 11,708,446 | 6,905,809 | 4,802,637 | 70 | % |
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CAPITAL BANK CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September 30, 2006 and 2005 (Unaudited)
2006 | 2005 | Change | % Change | ||||||||||
(Dollars in thousands except share and per share data) | |||||||||||||
Interest income: | |||||||||||||
Loans and loan fees | $ | 19,982 | $ | 10,993 | $ | 8,989 | 82 | % | |||||
Investment securities | 2,223 | 1,720 | 503 | 29 | % | ||||||||
Federal funds and other interest income | 463 | 365 | 98 | 27 | % | ||||||||
Total interest income | 22,668 | 13,078 | 9,590 | 73 | % | ||||||||
Interest expense: | |||||||||||||
Deposits | 8,677 | 4,157 | 4,520 | 109 | % | ||||||||
Borrowings and repurchase agreements | 2,398 | 1,492 | 906 | 61 | % | ||||||||
Total interest expense | 11,075 | 5,649 | 5,426 | 96 | % | ||||||||
Net interest income | 11,593 | 7,429 | 4,164 | 56 | % | ||||||||
Provision (credit) for loan losses | (215 | ) | (28 | ) | (187 | ) | n/a | ||||||
Net interest income after provision for loan losses | 11,808 | 7,457 | 4,351 | 58 | % | ||||||||
Noninterest income: | |||||||||||||
Service charges and other fees | 895 | 771 | 124 | 16 | % | ||||||||
Mortgage fees and revenues | 507 | 554 | (47 | ) | -8 | % | |||||||
Net gain on sale of securities | 128 | - | 128 | n/a | |||||||||
Bank owned life insurance | 183 | 161 | 22 | 14 | % | ||||||||
Other noninterest income | 545 | 304 | 241 | 79 | % | ||||||||
Total noninterest income | 2,258 | 1,790 | 468 | 26 | % | ||||||||
Noninterest expense: | |||||||||||||
Salaries and employee benefits | 4,287 | 3,536 | 751 | 21 | % | ||||||||
Occupancy | 1,044 | 666 | 378 | 57 | % | ||||||||
Furniture and equipment | 675 | 356 | 319 | 90 | % | ||||||||
Director fees | 369 | 325 | 44 | 14 | % | ||||||||
Data processing | 214 | 301 | (87 | ) | -29 | % | |||||||
Advertising | 234 | 217 | 17 | 8 | % | ||||||||
Amortization of deposit premiums | 342 | 53 | 289 | n/a | |||||||||
Professional fees | 290 | 207 | 83 | 40 | % | ||||||||
Telecommunications | 194 | 145 | 49 | 34 | % | ||||||||
Other expenses | 1,420 | 838 | 582 | 69 | % | ||||||||
Total noninterest expense | 9,069 | 6,644 | 2,425 | 36 | % | ||||||||
Net income before tax expense | 4,997 | 2,603 | 2,394 | 92 | % | ||||||||
Income tax expense | 1,730 | 869 | 861 | 99 | % | ||||||||
Net income | $ | 3,267 | $ | 1,734 | $ | 1,533 | 88 | % | |||||
Earnings per share - basic | $ | 0.28 | $ | 0.26 | $ | 0.02 | 8 | % | |||||
Earnings per share - diluted | $ | 0.28 | $ | 0.25 | $ | 0.03 | 12 | % | |||||
Weighted average shares: | |||||||||||||
Basic | 11,611,476 | 6,800,813 | 4,810,663 | 71 | % | ||||||||
Fully diluted | 11,694,498 | 6,904,321 | 4,790,177 | 69 | % |
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