Exhibit 99.2
Pennsylvania Commerce Bancorp, Inc. | ||||||||||||
Selected Consolidated Financial Data | ||||||||||||
(Unaudited) | ||||||||||||
At or for the | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
% | ||||||||||||
(in thousands, except per share amounts) | 2009 | 2008 | Change | |||||||||
Income Statement Data: | ||||||||||||
Net interest income | $ | 19,337 | $ | 18,583 | 4 | % | ||||||
Provision for loan losses | 3,200 | 975 | 228 | |||||||||
Noninterest income | 5,499 | 5,993 | (8 | ) | ||||||||
Total revenues | 24,836 | 24,576 | 1 | |||||||||
Noninterest operating expenses | 20,627 | 18,901 | 9 | |||||||||
Net income | 837 | 3,206 | (74 | ) | ||||||||
Per Common Share Data: | ||||||||||||
Net income: Basic | $ | 0.13 | $ | 0.50 | (74 | ) % | ||||||
Net income: Diluted | 0.13 | 0.49 | (73 | ) | ||||||||
Book Value | $ | 18.17 | $ | 17.26 | 5 | % | ||||||
Weighted average shares outstanding: | ||||||||||||
Basic | 6,465 | 6,327 | ||||||||||
Diluted | 6,518 | 6,495 | ||||||||||
Balance Sheet Data: | ||||||||||||
Total assets | $ | 2,115,301 | $ | 1,957,843 | 8 | % | ||||||
Loans (net) | 1,430,105 | 1,203,231 | 19 | |||||||||
Allowance for loan losses | 16,231 | 11,627 | 40 | |||||||||
Investment securities | 470,610 | 555,604 | (15 | ) | ||||||||
Total deposits | 1,668,617 | 1,580,099 | 6 | |||||||||
Core deposits | 1,658,100 | 1,545,575 | 7 | |||||||||
Stockholders' equity | 118,997 | 110,336 | 8 | |||||||||
Capital: | ||||||||||||
Stockholders' equity to total assets | 5.63 | % | 5.64 | % | ||||||||
Leverage ratio | 7.59 | 7.59 | ||||||||||
Risk based capital ratios: | ||||||||||||
Tier 1 | 9.51 | 9.99 | ||||||||||
Total Capital | 10.46 | 10.77 | ||||||||||
Performance Ratios: | ||||||||||||
Cost of funds | 1.20 | % | 2.11 | % | ||||||||
Deposit cost of funds | 0.87 | 1.43 | ||||||||||
Net interest margin | 3.83 | 4.07 | ||||||||||
Return on average assets | 0.16 | 0.66 | ||||||||||
Return on average total stockholders' equity | 2.91 | 11.39 | ||||||||||
Asset Quality: | ||||||||||||
Net charge-offs to average loans outstanding | 0.26 | % | 0.01 | % | ||||||||
Nonperforming assets to total period-end assets | 1.44 | 0.22 | ||||||||||
Allowance for loan losses to total period-end loans | 1.12 | 0.96 | ||||||||||
Allowance for loan losses to nonperforming loans | 55 | 309 | ||||||||||
Nonperforming assets to capital and reserves | 22 | % | 4 | % |
(unaudited) | ||||||||||||||||||||||||||||||||||||
Quarter ending, | ||||||||||||||||||||||||||||||||||||
March 2009 | December 2008 | March 2008 | ||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Earning Assets | ||||||||||||||||||||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||||||||||||||
Taxable | $ | 525,370 | $ | 5,477 | 4.17 | % | $ | 546,047 | $ | 6,467 | 4.74 | % | $ | 616,294 | $ | 7,927 | 5.14 | % | ||||||||||||||||||
Tax-exempt | 1,623 | 26 | 6.41 | 1,622 | 25 | 6.17 | 1,621 | 25 | 6.17 | |||||||||||||||||||||||||||
Total securities | 526,993 | 5,503 | 4.18 | 547,669 | 6,492 | 4.74 | 617,915 | 7,952 | 5.15 | |||||||||||||||||||||||||||
Federal funds sold | 0 | 0 | 0.00 | 0 | 0 | 0.00 | 0 | 0 | 0.00 | |||||||||||||||||||||||||||
Loans receivable: | ||||||||||||||||||||||||||||||||||||
Mortgage and construction | 753,190 | 10,740 | 5.70 | 723,049 | 11,153 | 6.05 | 579,577 | 9,992 | 6.83 | |||||||||||||||||||||||||||
Commercial loans and lines of credit | 369,236 | 4,663 | 5.05 | 373,748 | 5,268 | 5.52 | 332,486 | 5,865 | 6.98 | |||||||||||||||||||||||||||
Consumer | 270,078 | 3,409 | 5.12 | 265,847 | 3,909 | 5.85 | 226,889 | 3,717 | 6.59 | |||||||||||||||||||||||||||
Tax-exempt | 96,328 | 1,536 | 6.38 | 99,502 | 1,617 | 6.50 | 56,742 | 985 | 6.94 | |||||||||||||||||||||||||||
Total loans receivable | 1,488,832 | 20,348 | 5.48 | 1,462,146 | 21,947 | 5.91 | 1,195,694 | 20,559 | 6.83 | |||||||||||||||||||||||||||
Total earning assets | $ | 2,015,825 | $ | 25,851 | 5.14 | % | $ | 2,009,815 | $ | 28,439 | 5.59 | % | $ | 1,813,609 | $ | 28,511 | 6.26 | % | ||||||||||||||||||
Sources of Funds | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||
Regular savings | $ | 345,498 | $ | 552 | 0.65 | % | $ | 363,773 | $ | 761 | 0.83 | % | $ | 349,976 | $ | 1,200 | 1.38 | % | ||||||||||||||||||
Interest checking and money market | 722,248 | 1,663 | 0.93 | 753,670 | 2,249 | 1.19 | 706,625 | 3,360 | 1.91 | |||||||||||||||||||||||||||
Time deposits | 249,374 | 2,047 | 3.33 | 193,063 | 1,575 | 3.25 | 166,221 | 1,650 | 3.99 | |||||||||||||||||||||||||||
Public funds time | 10,307 | 70 | 2.75 | 8,830 | 72 | 3.24 | 22,920 | 237 | 4.16 | |||||||||||||||||||||||||||
Total interest-bearing deposits | 1,327,427 | 4,332 | 1.32 | 1,319,336 | 4,657 | 1.40 | 1,245,742 | 6,447 | 2.08 | |||||||||||||||||||||||||||
Short-term borrowings | 308,065 | 426 | 0.55 | 325,477 | 603 | 0.72 | 230,749 | 1,911 | 3.28 | |||||||||||||||||||||||||||
Other borrowed money | 50,000 | 548 | 4.38 | 50,000 | 561 | 4.39 | 50,000 | 555 | 4.39 | |||||||||||||||||||||||||||
Junior subordinated debt | 29,400 | 661 | 8.99 | 29,400 | 661 | 8.99 | 29,400 | 661 | 8.99 | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,714,892 | 5,967 | 1.41 | 1,724,213 | 6,482 | 1.49 | 1,555,891 | 9,574 | 2.46 | |||||||||||||||||||||||||||
Noninterest-bearing funds (net) | 300,933 | 285,602 | 257,718 | |||||||||||||||||||||||||||||||||
Total sources to fund earning assets | $ | 2,015,825 | $ | 5,967 | 1.20 | % | $ | 2,009,815 | $ | 6,482 | 1.28 | % | $ | 1,813,609 | $ | 9,574 | 2.11 | % | ||||||||||||||||||
Net interest income and margin on a tax-equivalent basis | $ | 19,884 | 3.94 | % | $ | 21,957 | 4.31 | % | $ | 18,937 | 4.15 | % | ||||||||||||||||||||||||
Tax-exempt adjustment | 547 | 574 | 354 | |||||||||||||||||||||||||||||||||
Net interest income and margin | $ | 19,337 | 3.83 | % | $ | 21,383 | 4.20 | % | $ | 18,583 | 4.07 | % | ||||||||||||||||||||||||
Other Balances: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 38,763 | $ | 42,237 | $ | 46,913 | ||||||||||||||||||||||||||||||
Other assets | 75,055 | 70,996 | 89,927 | |||||||||||||||||||||||||||||||||
Total assets | 2,129,643 | 2,123,048 | 1,950,449 | |||||||||||||||||||||||||||||||||
Demand deposits (noninterest-bearing) | 285,580 | 272,871 | 270,345 | |||||||||||||||||||||||||||||||||
Other liabilities | 12,702 | 13,581 | 11,041 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 116,469 | 112,383 | 113,172 |
Pennsylvania Commerce Bancorp, Inc. and Subsidiaries | ||||||||||||
Summary of Allowance for Loan Losses and Other Related Data | ||||||||||||
(unaudited) | ||||||||||||
3/31/2009 | 3/31/2008 | Year-ended | ||||||||||
(dollar amounts in thousands) | Three Months Ended | 12/31/2008 | ||||||||||
Balance at beginning of period | $ | 16,719 | $ | 10,742 | $ | 10,742 | ||||||
Provisions charged to operating expense | 3,200 | 975 | 7,475 | |||||||||
19,919 | 11,717 | 18,217 | ||||||||||
Recoveries on loans charged-off: | ||||||||||||
Commercial | 3 | 124 | 145 | |||||||||
Consumer | 1 | 6 | 25 | |||||||||
Real estate | 0 | 0 | 0 | |||||||||
Total recoveries | 4 | 130 | 170 | |||||||||
Loans charged-off: | ||||||||||||
Commercial | (3,685 | ) | (165 | ) | (1,426 | ) | ||||||
Consumer | (7 | ) | (38 | ) | (173 | ) | ||||||
Real estate | 0 | (17 | ) | (69 | ) | |||||||
Total charged-off | (3,692 | ) | (220 | ) | (1,668 | ) | ||||||
Net charge-offs | (3,688 | ) | (90 | ) | (1,498 | ) | ||||||
Balance at end of period | $ | 16,231 | $ | 11,627 | $ | 16,719 | ||||||
Net charge-offs as a percentage of | ||||||||||||
average loans outstanding | 0.26 | % | 0.01 | % | 0.11 | % | ||||||
Allowance for loan losses as a percentage of | ||||||||||||
period-end loans | 1.12 | % | 0.96 | % | 1.16 | % |
Summary of Nonperforming Loans and Assets | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
The following table presents information regarding nonperforming loans and assets as of March 31, 2009 and for the preceding four quarters | ||||||||||||||||||||
(dollar amounts in thousands). | ||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
2009 | 2008 | 2008 | 2008 | 2008 | ||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||||
Commercial | $ | 8,479 | $ | 6,863 | $ | 7,083 | $ | 2,577 | $ | 1,158 | ||||||||||
Consumer | 724 | 492 | 164 | 125 | 120 | |||||||||||||||
Real Estate: | ||||||||||||||||||||
Construction | 7,870 | 7,646 | 731 | 735 | 284 | |||||||||||||||
Real Estate | 12,348 | 12,121 | 3,657 | 3,433 | 2,183 | |||||||||||||||
Total nonaccrual loans | 29,421 | 27,122 | 11,635 | 6,870 | 3,745 | |||||||||||||||
Loans past due 90 days or more | ||||||||||||||||||||
and still accruing | 0 | 0 | 33 | 6,036 | 15 | |||||||||||||||
Renegotiated loans | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total nonperforming loans | 29,421 | 27,122 | 11,668 | 12,906 | 3,760 | |||||||||||||||
Foreclosed real estate | 989 | 743 | 535 | 421 | 588 | |||||||||||||||
Total nonperforming assets | $ | 30,410 | $ | 27,865 | $ | 12,203 | $ | 13,327 | $ | 4,348 | ||||||||||
Nonperforming loans to total loans | 2.03 | % | 1.88 | % | 0.84 | % | 0.98 | % | 0.31 | % | ||||||||||
Nonperforming assets to total assets | 1.44 | % | 1.30 | % | 0.57 | % | 0.65 | % | 0.22 | % | ||||||||||
Nonperforming loan coverage | 55 | % | 62 | % | 119 | % | 95 | % | 309 | % | ||||||||||
Allowance for loan losses as a percentage | ||||||||||||||||||||
of total period-end loans | 1.12 | % | 1.16 | % | 1.00 | % | 0.93 | % | 0.96 | % | ||||||||||
Nonperforming assets / capital plus allowance for loan losses | 22 | % | 21 | % | 10 | % | 11 | % | 4 | % |