PRESS RELEASE
Date: | February 11, 2010 |
From: | MutualFirst Financial, Inc. |
For Publication: | Immediately |
Contact: | Tim McArdle, Senior Vice President and Treasurer ofMutualFirst Financial, Inc. (765) 747-2818 |
MutualFirst Announces 2009 Earnings
Muncie, Indiana - MutualFirst Financial, Inc. (NASDAQ: MFSF), the holding company of MutualBank (the “Bank”), announced today that net income available to common shareholders for the year ended December 31, 2009 was $1.4 million, or $.20 for basic and diluted earnings per common share. This compared to a net loss for the year ended December 31, 2008 of $22.1 million, or $4.22 for basic and diluted earnings per common share. Return on assets was .23% and return on average tangible common equity was 1.49% for the year ended 2009 compared to a negative 1.91% and a negative 28.04% respectively, for the year ended 2008.
“We are pleased to report positive annual earnings through this difficult economic environment, which has included historically high levels of credit expense on the loan portfolio and other than temporary impairments on the investment portfolio,” said David W. Heeter, President and CEO.
Assets totaled $1.4 billion at December 31, 2009, an increase from December 31, 2008 of $10.1 million, or 0.7% as cash received from loan sales and prepayments was reinvested into securities. Gross loans, excluding loans held for sale, decreased $52.1 million, or 4.6%. Increases in commercial loans of $8.7 million, or 2.6% were offset by decreases in consumer loans of $8.6 million, or 3.3% and residential mortgage loans held in the portfolio of $52.2 million, or 9.8%. Residential mortgage loans held for sale increased $1.0 million and mortgage loans sold during the year 2009 totaled $160.0 million compared to $92.9 million sold during the year 2008. Total loan originations for the year ended December 31, 2009 were approximately $335 million, a 68% increase over 2008. Despite the increased originations, loan prepayments and mortgage loan sales have led to a decrease in loan balances. Increases in investment securities available for sale of $53.7 million, or 69.5% primarily due to investments in highly rated municipal, corporate and mortgage-backed securities and cash and cash equivalents of $6.6 million helped offset the decreases in the loan portfolio.
The net loss for the three months ended December 31, 2009 was $1.6 million, or $.24 for basic and diluted earnings per common share. The net loss for the quarter was a direct result of $2.4 million of other than temporary impairment charges on several investments. This compared to a net loss for the comparable period in 2008 of $24.9 million, or $3.65 for basic and diluted earnings per share. The net loss in fourth quarter 2008 was primarily due to a goodwill impairment charge of $29.0 million. Annualized return on average assets was a negative .34% and return on average tangible common equity was a negative 7.06% for the three months ended December 31, 2009 compared to a negative 7.13% and a negative 108.92% respectively, for the same period last year.
Allowance for loan losses was $16.4 million at December 31, 2009, an increase of $1.3 million from December 31, 2008. Net charge offs for the quarter ended December 31, 2009 were $1.9 million, or .69% of average loans on an annualized basis compared to $1.9 million, or .66% of average loans for the comparable period in 2008. Net charge offs for the year ended December 31, 2009 were $5.2 million, or .47% of average loans compared to $3.2 million, or .34% of average loans for the comparable period in 2008. The allowance for loan losses as a percentage of non-performing loans and total loans was 50.38% and 1.53%, respectively at December 31, 2009 compared to 69.41% and 1.34%, respectively at December 31, 2008 and 50.68% and 1.53%, respectively at September 30, 2009. On a linked quarter basis net charge offs increased from an annualized .50% of average loans for the quarter ended September 30, 2009 to .69% for the current quarter. Heeter commented, “We continue to actively monitor our loan portfolio and we believe our allowance is adequate.”
Total deposits were $1.0 billion at December 31, 2009 an increase of $82.7 million, or 8.6% from December 31, 2008. This increase was due to increases in certificates of deposit of $62.1 million and transactional deposits of $20.6 million. Total borrowings decreased $81.1 million to $198.0 million at December 31, 2009 from $279.1 million at December 31, 2008. The decrease in total borrowings was a direct result of increasing retail deposits and paying down maturating borrowings helping to reduce interest costs.
Stockholders’ equity was $129.7 million at December 31, 2009, a decrease of $788,000, or 0.6% from December 31, 2008. The decrease was due primarily to dividend payments of $2.9 million to common shareholders and $1.4 million to preferred shareholders. This decrease was partially offset by net income of $3.2 million and Employee Stock Ownership Plan (ESOP) shares earned of $215,000. Accumulated other comprehensive income increased $170,000 as unrealized gains on securities and derivatives of $325,000 were partially offset by a $155,000 unrealized loss on a benefit plan. The Bank’s risk-based capital ratio is 12.75% and the tier one capital ratio is 11.50%. The Bank’s capital ratios are well in excess of “well-capitalized” levels as defined by all regulatory standards.
Net interest income before the provision for loan losses decreased $263,000 from $10.5 million for the three months ended December 31, 2008 to $10.3 million for the three months ended December 31, 2009. The primary reason for the decrease was a decrease in net interest margin of 17 basis points to 3.24% in the fourth quarter 2009 compared to 3.41% for the fourth quarter 2008. This decrease was partially offset by an increase in average earning assets of $30.1 million due to an increased investment portfolio. On a linked quarter basis, net interest income increased $38,000 primarily due to an increase in net interest margin of 3 basis points, partially offset by a decrease in average earning assets of $8.4 million.
Net interest income before the provision for loan losses increased $7.7 million from $33.5 million for the year ended December 31, 2008 to $41.2 million for the year ended December 31, 2009. The primary reason for the increase was an increase in average earning assets of $239.5 million due to the acquisition of MFB Corp in the third quarter of 2008. Net interest margin remained unchanged at 3.22% for the years ended December 31, 2009 and 2008.
The provision for loan losses for the fourth quarter of 2009 was $1.7 million, a decrease of $3.1 million from last year’s comparable period. This decline was due to the fourth quarter of 2008 provision of $4.8 million to sufficiently meet the Bank’s internal allowance calculation due to the declining economic and loan factors. The current provision continues to provide sufficient additional allowance to meet the Bank’s internal allowance calculation. Non-performing loans to total loans at December 31, 2009 were 3.03% compared to 1.93% at December 31, 2008. This increase in non-performing loans was primarily due to an increased level of non-performing residential property loans. Non-performing assets to total assets were 2.86% at December 31, 2009 compared to 1.92% at December 31, 2008. On a linked quarter basis, non-performing loans to total loans at December 31, 2009 were 3.03% compared to 3.02% at September 30, 2009. This increase in non-performing loans was primarily due to a decreased level of total loans as non-performing loans decreased $208,000. Non-performing assets to total assets were 2.86% at December 31, 2009 compared to 2.74% at September 30, 2009.
The provision for loan losses for the year ended 2009 was $6.5 million, a decrease of $500,000 from 2008. The provision for loan losses continued to exceed net charge offs and added an additional $1.3 million to the allowance. Allowance for loan losses to loans receivable was 1.53% as of December 31, 2009 compared to 1.34% as of December 31, 2008.
Non-interest income increased $599,000 to $1.8 million for the three months ended December 31, 2009 compared to the same period in 2008. This increase is primarily due to increases in service fees on transaction accounts of $19,000, increases in commission income of $243,000 primarily due to an increase in income on trust services, increases in limited partnership income of $407,000 primarily due to one-time gains of $427,000, and increases in net gain on sale of loans of $596,000 primarily due to a $500,000 mortgage servicing rights impairment in the fourth quarter of 2008, which was not duplicated in 2009. These increases were partially offset by a decrease in gains on sale of investments of $936,000 due to impairment charges of $2.4 million on securities taken in the fourth quarter of 2009 compared to $1.2 million taken in the fourth quarter 2008.
For the year ended December 31, 2009 non-interest income increased $6.6 million to $13.2 million compared to $6.5 million for the same period in 2008. The reasons for the increases are primarily due to the acquisition of MFB Corp in the third quarter 2008, the impairment charge taken in the third quarter of 2008, and increased mortgage banking income in 2009.
Non-interest expense decreased $28.2 million to $11.9 million for the three months ended December 31, 2009 compared to $40.1 million for the same period in 2008. The fourth quarter 2008 included a goodwill impairment charge of $29.0 million. The increases in the current quarter non-interest expense compared to the same period in 2008 included increases in occupancy and equipment expense of $222,000 primarily due to increased property taxes, increases in data processing of $85,000, increases in deposit insurance of $208,000 primarily due to higher premium rates and increased deposits, and increases in repossessed asset expense of $494,000 primarily due to increased repossessed assets. The decreases in the current quarter non-interest expense compared to the same period in 2008 included a decrease in salaries and employee benefits of $54,000, a decrease in marketing expense of $73,000, a decrease in software subscriptions and maintenance of $42,000, a decrease in intangible amortization of $44,000 and a decrease in other expenses of $29.0 million related to the goodwill impairment charge.
For the year ended December 31, 2009 non-interest expense decreased $19.1 million to $44.5 million compared to $63.6 million for the same period in 2008. The reasons for the increase after excluding the $29.0 million goodwill impairment charge were due to the acquisition of MFB Corp in the third quarter of 2008, increased FDIC assessments, which included a one-time $630,000 in the second quarter 2009, and credit related expenses on the loan portfolio.
MutualFirst Financial, Inc. and MutualBank, an Indiana-based financial institution, has thirty-three full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana. MutualBank also has two Wealth Management and Trust offices located in Carmel and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan. MutualBank is a leading residential lender in each of the market areas it serves, and provides a full range of financial services including wealth management and trust services and Internet banking services. The Company’s stock is traded on the NASDAQ National Market under the symbol “MFSF” and can be found on the internet at www.bankwithmutual.com.
Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
MUTUALFIRST | FINANCIAL INC. | |||||||
December 31, | December 31, | |||||||
Selected Financial Condition Data(Unaudited): | 2009 | 2008 | ||||||
(000 | ) | (000 | ) | |||||
Total Assets | $ | 1,398,881 | $ | 1,388,827 | ||||
Cash and cash equivalents | 46,341 | 39,703 | ||||||
Loans held for sale | 2,521 | 1,541 | ||||||
Loans receivable, net | 1,059,694 | 1,113,132 | ||||||
Investment securities held to maturity | 8,147 | 9,676 | ||||||
Investment securities available for sale, at fair value | 130,914 | 77,255 | ||||||
Total deposits | 1,045,196 | 962,514 | ||||||
Total borrowings | 197,960 | 279,104 | ||||||
Total stockholders' equity | 129,727 | 130,515 |
Three Months | Three Months | Three Months | Twelve Months | Twelve Months | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
Selected Operations Data (Unaudited): | 2009 | 2009 | 2008 | 2009 | 2008 | |||||||||||||||
(000 | ) | (000 | ) | (000 | ) | (000 | ) | (000 | ) | |||||||||||
Total interest income | $ | 17,378 | $ | 17,682 | $ | 19,108 | $ | 71,852 | $ | 65,179 | ||||||||||
Total interest expense | 7,097 | 7,439 | 8,564 | 30,624 | 31,639 | |||||||||||||||
Net interest income | 10,281 | 10,243 | 10,544 | 41,228 | 33,540 | |||||||||||||||
Provision for loan losses | 1,650 | 1,650 | 4,763 | 6,500 | 7,020 | |||||||||||||||
Net interest income after provision | ||||||||||||||||||||
for loan losses | 8,631 | 8,593 | 5,781 | 34,728 | 26,520 | |||||||||||||||
Non-interest income | ||||||||||||||||||||
Fees and service charges | 1,936 | 1,956 | 1,917 | 7,458 | 6,257 | |||||||||||||||
Net gain (loss) on sale of investments | (2,019 | ) | 60 | (1,083 | ) | (1,800 | ) | (3,716 | ) | |||||||||||
Equity in gains (losses) of limited partnerships | 341 | (78 | ) | (66 | ) | 108 | (158 | ) | ||||||||||||
Commissions | 849 | 710 | 606 | 3,047 | 1,796 | |||||||||||||||
Net gain (loss) on loan sales | 258 | 582 | (338 | ) | 2,622 | 1,141 | ||||||||||||||
Increase in cash surrender value of life insurance | 390 | 385 | 413 | 1,573 | 1,323 | |||||||||||||||
Other income (loss) | 25 | 33 | (268 | ) | 145 | (121 | ) | |||||||||||||
Total non-interest income | 1,780 | 3,648 | 1,181 | 13,153 | 6,522 | |||||||||||||||
Non-interest expense | ||||||||||||||||||||
Salaries and benefits | 6,076 | 5,823 | 6,130 | 23,047 | 19,118 | |||||||||||||||
Occupancy and equipment | 1,482 | 1,424 | 1,260 | 5,677 | 4,509 | |||||||||||||||
Data processing fees | 407 | 388 | 322 | 1,510 | 1,192 | |||||||||||||||
Professional fees | 319 | 310 | 312 | 1,291 | 1,133 | |||||||||||||||
Marketing | 397 | 408 | 470 | 1,530 | 1,461 | |||||||||||||||
Deposit insurance | 414 | 416 | 206 | 2,263 | 512 | |||||||||||||||
Software subscriptions and maintenance | 334 | 367 | 376 | 1,378 | 1,011 | |||||||||||||||
Intangible amortization | 359 | 372 | 403 | 1,525 | 805 | |||||||||||||||
Repossessed assets expense | 899 | 446 | 405 | 2,025 | 875 | |||||||||||||||
Other expenses | 1,191 | 993 | 30,234 | 4,261 | 33,009 | |||||||||||||||
Total non-interest expense | 11,878 | 10,947 | 40,118 | 44,507 | 63,625 | |||||||||||||||
Income (loss) before taxes | (1,467 | ) | 1,294 | (33,156 | ) | 3,374 | (30,583 | ) | ||||||||||||
Income tax provision (benefit) | (278 | ) | 52 | (8,309 | ) | 211 | (8,485 | ) | ||||||||||||
Net income (loss) | (1,189 | ) | 1,242 | (24,847 | ) | 3,163 | (22,098 | ) | ||||||||||||
Preferred stock dividends and amortization | 451 | 451 | 31 | 1,803 | 31 | |||||||||||||||
Net income (loss) available to common shareholders | $ | (1,640 | ) | $ | 791 | $ | (24,878 | ) | $ | 1,360 | $ | (22,129 | ) |
Average Balances, Net Interest Income, Yield Earned and Rates Paid | ||||||||||||||||||||||||
Three | Three | |||||||||||||||||||||||
mos ended | mos ended | |||||||||||||||||||||||
12/31/2009 | 12/31/2008 | |||||||||||||||||||||||
Average | Interest | Average | Average | Interest | Average | |||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | |||||||||||||||||||
Balance | Paid | Rate | Balance | Paid | Rate | |||||||||||||||||||
(000 | ) | (000 | ) | (000 | ) | (000 | ) | |||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||||||||
Interest -bearing deposits | $ | 31,203 | $ | 14 | 0.18 | % | $ | 8,855 | $ | 22 | 0.99 | % | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||
Available-for-sale | 101,110 | 990 | 3.92 | 49,950 | 707 | 5.66 | ||||||||||||||||||
Held-to-maturity | 8,899 | 120 | 5.39 | 9,796 | 187 | 7.64 | ||||||||||||||||||
Investment securities: | ||||||||||||||||||||||||
Available-for-sale | 26,190 | 323 | 4.93 | 20,475 | 241 | 4.71 | ||||||||||||||||||
Loans receivable | 1,082,263 | 15,882 | 5.87 | 1,130,529 | 17,729 | 6.27 | ||||||||||||||||||
Stock in FHLB of Indianapolis | 18,632 | 50 | 1.07 | 18,632 | 222 | 4.77 | ||||||||||||||||||
Total interest-earning assets (3) | 1,268,297 | 17,379 | 5.48 | 1,238,237 | 19,108 | 6.17 | ||||||||||||||||||
Non-interest earning assets, net of allowance | ||||||||||||||||||||||||
for loan losses and unrealized gain/loss | 125,854 | 155,839 | ||||||||||||||||||||||
Total assets | $ | 1,394,151 | $ | 1,394,076 | ||||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||||||||
Demand and NOW accounts | $ | 159,242 | 172 | 0.43 | $ | 169,002 | 328 | 0.78 | ||||||||||||||||
Savings deposits | 85,759 | 34 | 0.16 | 81,372 | 105 | 0.52 | ||||||||||||||||||
Money market accounts | 49,826 | 120 | 0.96 | 47,161 | 203 | 1.72 | ||||||||||||||||||
Certificate accounts | 640,102 | 4,570 | 2.86 | 573,707 | 5,005 | 3.49 | ||||||||||||||||||
Total deposits | 934,929 | 4,896 | 2.09 | 871,242 | 5,641 | 2.59 | ||||||||||||||||||
Borrowings | 211,071 | 2,201 | 4.17 | 280,390 | 2,923 | 4.17 | ||||||||||||||||||
Total interest-bearing accounts | 1,146,000 | 7,097 | 2.48 | 1,151,632 | 8,564 | 2.97 | ||||||||||||||||||
Non-interest bearing deposit accounts | 100,376 | 94,006 | ||||||||||||||||||||||
Other liabilities | 16,410 | 20,612 | ||||||||||||||||||||||
Total liabilities | 1,262,786 | 1,266,250 | ||||||||||||||||||||||
Stockholders' equity | 131,365 | 127,826 | ||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,394,151 | $ | 1,394,076 | ||||||||||||||||||||
Net earning assets | $ | 122,297 | $ | 86,605 | ||||||||||||||||||||
Net interest income | $ | 10,282 | $ | 10,544 | ||||||||||||||||||||
Net interest rate spread | 3.00 | % | 3.20 | % | ||||||||||||||||||||
Net yield on average interest-earning assets | 3.24 | % | 3.41 | % | ||||||||||||||||||||
Average interest-earning assets to | ||||||||||||||||||||||||
average interest-bearing liabilities | 110.67 | % | 107.52 | % |
Three Months | Three Months | Three Months | Twelve Months | Twelve Months | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
Selected Financial Ratios and Other Financial Data (Unaudited): | December 31, 2009 | September 30, 2009 | December 31, 2008 | December 31, 2009 | December 31, 2008 | |||||||||||||||
Share and per share data: | ||||||||||||||||||||
Average common shares outstanding | ||||||||||||||||||||
Basic | 6,853,643 | 6,845,697 | 6,820,638 | 6,840,659 | 5,249,135 | |||||||||||||||
Diluted | 6,853,672 | 6,846,025 | 6,821,158 | 6,840,748 | 5,253,477 | |||||||||||||||
Per common share: | ||||||||||||||||||||
Basic earnings | $ | (0.24 | ) | $ | 0.12 | $ | (3.65 | ) | $ | 0.20 | $ | (4.22 | ) | |||||||
Diluted earnings | $ | (0.24 | ) | $ | 0.12 | $ | (3.65 | ) | $ | 0.20 | $ | (4.22 | ) | |||||||
Dividends | $ | 0.06 | $ | 0.12 | $ | 0.16 | $ | 0.42 | $ | 0.64 | ||||||||||
Dividend payout ratio | -25.00 | % | 100.00 | % | -4.38 | % | 210.00 | % | -15.17 | % | ||||||||||
Performance Ratios: | ||||||||||||||||||||
Return on average assets (ratio of net | ||||||||||||||||||||
income to average total assets)(1) | -0.34 | % | 0.23 | % | -7.13 | % | 0.23 | % | -1.91 | % | ||||||||||
Return on average tangible common equity (ratio of net | ||||||||||||||||||||
income to average tangible common equity)(1) | -7.06 | % | 3.48 | % | -108.92 | % | 1.49 | % | -28.04 | % | ||||||||||
Interest rate spread information: | ||||||||||||||||||||
Average during the period(1) | 3.00 | % | 2.97 | % | 3.20 | % | 2.98 | % | 3.01 | % | ||||||||||
Net interest margin(1)(2) | 3.24 | % | 3.21 | % | 3.41 | % | 3.22 | % | 3.22 | % | ||||||||||
Efficiency Ratio | 98.48 | % | 78.81 | % | 342.14 | % | 81.84 | % | 158.82 | % | ||||||||||
Ratio of average interest-earning | ||||||||||||||||||||
assets to average interest-bearing | ||||||||||||||||||||
liabilities | 110.67 | % | 110.23 | % | 107.52 | % | 110.22 | % | 107.14 | % | ||||||||||
Allowance for loan losses: | ||||||||||||||||||||
Balance beginning of period | $ | 16,620 | $ | 16,348 | $ | 12,217 | $ | 15,107 | $ | 8,352 | ||||||||||
Charge offs: | ||||||||||||||||||||
One- to four- family | 979 | 218 | 139 | 1,728 | 480 | |||||||||||||||
Multi-family | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Commercial real estate | 169 | 585 | 1,224 | 1,291 | 1,548 | |||||||||||||||
Construction or development | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Consumer loans | 994 | 779 | 623 | 3,154 | 2,174 | |||||||||||||||
Commercial business loans | 0 | 0 | 200 | 83 | 230 | |||||||||||||||
Sub-total | 2,142 | 1,582 | 828 | 6,256 | 4,432 | |||||||||||||||
Recoveries: | ||||||||||||||||||||
One- to four- family | 16 | 0 | 0 | 110 | 42 | |||||||||||||||
Multi-family | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Commercial real estate | 6 | 35 | 244 | 184 | 558 | |||||||||||||||
Construction or development | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Consumer loans | 264 | 169 | 69 | 767 | 556 | |||||||||||||||
Commercial business loans | 0 | 0 | 0 | 2 | 57 | |||||||||||||||
Sub-total | 286 | 204 | 313 | 1,063 | 1,213 | |||||||||||||||
Net charge offs | 1,856 | 1,378 | 1,873 | 5,193 | 3,219 | |||||||||||||||
Acquired with MFB Financial acquisition | 0 | 2,954 | ||||||||||||||||||
Additions charged to operations | 1,650 | 1,650 | 4,763 | 6,500 | 7,020 | |||||||||||||||
Balance end of period | $ | 16,414 | $ | 16,620 | $ | 15,107 | $ | 16,414 | $ | 15,107 | ||||||||||
Net loan charge-offs to average loans (1) | 0.69 | % | 0.50 | % | 0.66 | % | 0.47 | % | 0.34 | % |
December 31, | September 30, | December 31, | ||||||||||
2009 | 2009 | 2008 | ||||||||||
Total shares outstanding | 6,984,754 | 6,984,754 | 6,984,754 | |||||||||
Tangible book value per share | $ | 13.09 | $ | 13.22 | $ | 12.99 | ||||||
Tangible common equity to tangible assets | 6.77 | % | 6.85 | % | 6.79 | % | ||||||
Nonperforming assets (000's) | ||||||||||||
Non-accrual loans | ||||||||||||
One- to four- family | $ | 14,617 | $ | 16,100 | $ | 7,917 | ||||||
Commercial real estate | 8,986 | 9,269 | 7,723 | |||||||||
Consumer loans | 3,610 | 3,501 | 1,851 | |||||||||
Commercial business loans | 1,873 | 2,192 | 2,507 | |||||||||
Total non-accrual loans | 29,086 | 31,062 | 19,998 | |||||||||
Accruing loans past due 90 days or more | 1,934 | 1,266 | 1,473 | |||||||||
Restructured loans | 1,563 | 463 | 293 | |||||||||
Total nonperforming loans | 32,583 | 32,791 | 21,764 | |||||||||
Real estate owned | 5,424 | 4,095 | 2,979 | |||||||||
Other repossessed assets | 2,027 | 1,440 | 1,861 | |||||||||
Total nonperforming assets | $ | 40,034 | $ | 38,326 | $ | 26,604 | ||||||
Asset Quality Ratios: | ||||||||||||
Non-performing assets to total assets | 2.86 | % | 2.74 | % | 1.92 | % | ||||||
Non-performing loans to total loans | 3.03 | % | 3.02 | % | 1.93 | % | ||||||
Allowance for loan losses to non-performing loans | 50.38 | % | 50.68 | % | 69.41 | % | ||||||
Allowance for loan losses to loans receivable | 1.53 | % | 1.53 | % | 1.34 | % |
(1) | Ratios for the three month period have been annualized. |
(2) | Net interest income divided by average interest earning assets. |
(3) | Calculated net of deferred loan fees, loan discounts, loans in process and loss reserves. |