FRESNO, CA -- (Marketwire - July 20, 2011) - The Board of Directors of Central Valley Community Bancorp (Company) (NASDAQ: CVCY), the parent company of Central Valley Community Bank (Bank), reported today unaudited consolidated net income of $3,361,000, and diluted earnings per common share of $0.33 for the six months ended June 30, 2011, compared to $1,796,000 and $0.17 per diluted common share for the six months ended June 30, 2010. While net interest income before provision for credit losses for the period decreased compared to the corresponding period in 2010, net income increased primarily as a result of lower provision for credit losses and an increase in non-interest income.
During the first two quarters of 2011, the Company's total assets increased 1.97% while total liabilities increased 1.31% and shareholders' equity increased 6.62% compared to December 31, 2010. Annualized return on average equity (ROE) for the six months ended June 30, 2011 was 6.67%, compared to 3.80% for the same period in 2010. The increase in ROE reflects an increase in net income, notwithstanding an increase in capital from an increase in other comprehensive income, and an increase in retained earnings. Annualized return on average assets (ROA) was 0.87% for the first six months of 2011, compared to 0.48% for the same period in 2010. The ROA increase is due to an increase in net income, notwithstanding an increase in average assets.
During the six months ended June 30, 2011, the Company recorded a provision for credit losses of $350,000, compared to $1,600,000 for the same period in 2010. During six months ended June 30, 2011, the Company recorded $330,000 in net loan charge-offs, compared to $332,000 for the same period in 2010. The annualized net charge-off ratio, which reflects net charge-offs to average loans was 0.15% for the six months ended June 30, 2011, and 2010. The Company also recorded OREO related expenses of $2,000 during the first two quarters of 2011 compared to $441,000 for the same period in 2010. As of June 30, 2011, the Company had no OREO balance.
At June 30, 2011, the allowance for credit losses stood at $11,035,000, compared to $11,014,000 at December 31, 2010, a net increase of $21,000. The allowance for credit losses as a percentage of total loans was 2.53% at June 30, 2011, and 2.55% at December 31, 2010. The Company believes the allowance for credit losses is adequate to provide for probable losses inherent within the loan portfolio at June 30, 2011.
Total non-performing assets were $14,959,000, or 1.89% of total assets, as of June 30, 2011 compared to $19,984,000 or 2.57% of total assets as of December 31, 2010. Total non-performing assets as of March 31, 2011 were of $15,846,000 or 2.07% of total assets.
The following provides a reconciliation of the change in non-accrual loans for the first two quarters of 2011.
Trans-
fers to
Addi- Fore-
tions closed Returns
Balances to Non- Collat- to Balances
(Dollars in December accrual Net Pay eral - Accrual Charge June 30,
thousands) 31, 2010 Loans Downs OREO Status Offs 2011
----------------------------------------------------------------------------
Non-accrual
loans:
Commercial
and
industrial $ 377 $ 390 $ (59) $ (95) $ - $ (156) $ 457
Real estate 1,407 297 (735) - (195) (26) 748
Real estate
construction
and
other land
loans 5,634 - (193) - - - 5,441
Equity loans
and lines of
credit 488 248 (216) - - - 520
Restructured
loans
(non-accruing):
Commercial
and
industrial 1,978 - (257) - (850) - 871
Real estate 4,198 - (1,495) - - - 2,703
Real estate
construction
and
other land
loans 4,479 - (260) - - - 4,219
Consumer - 82 - - - (82) -
-------- ------- ------- ------- ------- ------ --------
Total non-
accrual $ 18,561 $ 1,017 $(3,215) $ (95) $(1,045) $ (264) $ 14,959
======== ======= ======= ======= ======= ====== ========
The following provides a summary of the change in the OREO balance for the six months ended June 30, 2011:
Six Months Ended
(Dollars in thousands) June 30, 2011
---------------------------------------------------------------------------
Balance, December 31, 2010 $ 1,325
Additions 257
Dispositions (2,115)
Write-downs -
Net gain (loss) on disposition 533
---------------------
Balance, June 30, 2011 $ -
---------------------
The Company's annualized net interest margin (fully tax equivalent basis) was 4.69% for the six months ended June 30, 2011, compared to 5.02% for the same period in 2010. The 2011 net interest margin decrease in the period-to-period comparison resulted primarily from a decrease in the yield on the Company's investment portfolio partially offset by a decrease in the Company's cost of funds. For the six months ended June 30, 2011, the effective yield on total earning assets decreased 57 basis points to 5.15% compared to 5.72% for the same period in 2010, while the cost of total interest-bearing liabilities decreased 28 basis points to 0.65% compared to 0.93% for the same period in 2010. The Company's average investment securities, including interest-earning deposits in other banks and Federal funds sold, increased while the effective yield on average investment securities decreased to 3.48% for the six months ended June 30, 2011 compared to 4.74% for the same period in 2010. The Company's average loans decreased while the effective yield on average loans increased to 6.35% from 6.31% over the same periods. The decrease in yield in the Company's investment securities during the first six months of 2011 resulted primarily from the purchase of lower yielding investment securities along with an increase in average balances in interest bearing deposits in other banks. The cost of total deposits decreased 21 basis points to 0.44% for the six months ended June 30, 2011 compared to 0.65% for the same period in 2010. Net interest income for the six months ended June 30, 2011 was $15,392,000, compared to $15,916,000 for the same period in 2010, a decrease of $524,000 or 3.29%. Net interest income decreased as a result of these yield changes offset by an increase in average earning assets and interest-bearing liabilities.
Total average assets for the six months ended June 30, 2011 were $775,625,000, compared to $750,038,000 for the same period in 2010, an increase of $25,587,000 or 3.41%. Total average loans were $429,737,000 for the first two quarters of 2011, compared to $454,930,000 for the same period in 2010, representing a decrease of $25,193,000 or 5.54%. Total average investments, including deposits in other banks and Federal funds sold, increased to $275,623,000 for the six months ended June 30, 2011 from $224,383,000 for the same period in 2010, representing an increase of $51,240,000 or 22.84%. Total average deposits increased $26,489,000 or 4.21% to $655,271,000 for the six months ended June 30, 2011, compared to $628,782,000 for the same period in 2010. Average interest-bearing deposits increased $1,655,000, or 0.34% and average non-interest bearing demand deposits increased $24,834,000 or 16.94% for the six months ended June 30, 2011 compared to the same period in 2010. The Company's ratio of average non-interest bearing deposits to total deposits was 26.17% for the six months ended June 30, 2011 compared to 23.32% for the same period in 2010.
Non-interest income for the six months ended June 30, 2011 increased $1,264,000, or 60.74% to $3,345,000, compared to $2,081,000 for the same period in 2010, mainly due to an increase in recovery of other real estate owned of $528,000, a $142,000 gain related to the final distribution of the Service 1st escrow account, an $85,000 gain related to the collection of life insurance proceeds, and a decrease in other than temporary impairment charges of $669,000.
Non-interest expense for the six months ended June 30, 2011 decreased $126,000, or 0.88% to $14,220,000 compared to $14,346,000 for the same period in 2010, primarily due to decreases in OREO expenses of $439,000, legal fees of $113,000, and regulatory assessments of $123,000, partially offset by increases in salaries and employees benefits of $492,000.
The Company recorded a provision for income taxes of $806,000 for the six months ended June 30, 2011, compared to $255,000 for the same period in 2010. The effective tax rate for the first six months of 2011 was 19.34% compared to 12.43% for the same period in 2010. The increase in the effective tax rate is primarily due to an increase in taxable income and a decrease in permanent tax differences as a percentage of taxable income.
Quarter Ended June 30, 2011
For the quarter ended June 30, 2011, the Company reported unaudited consolidated net income of $1,773,000 and diluted earnings per common share of $0.18, compared to $504,000 and $0.04 per diluted share, for the same period in 2010, and $1,588,000 and $0.16 per diluted share, for the quarter ended March 31, 2011. The increase in net income during the second quarter of 2011 compared to the same period in 2010 is primarily due to decreases in the provision for credit losses and increases in non-interest income partially offset by decreases in net interest income.
Annualized return on average equity for the second quarter of 2011 was 6.92%, compared to 2.11% for the same period of 2010. This increase is reflective of an increase in net income partially offset by an increase in capital. Annualized return on average assets was 0.91% for the second quarter of 2011 compared to 0.27% for the same period in 2010. This increase is due to an increase in net income partially offset by an increase in average assets.
In comparing the second quarter of 2011 to the second quarter of 2010, average total loans decreased $21,867,000, or 4.97%. During the second quarter of 2011, the Company recorded a $250,000 provision for credit losses, compared to $1,000,000 for the same period in 2010. During the second quarter of 2011, the Company recorded $235,000 in net loan charge-offs compared to $127,000 for the same period in 2010. The net charge-off ratio, which reflects annualized net charge-offs to average loans, was 0.22% for the quarter ended June 30, 2011 compared to 0.11% for the quarter ended June 30, 2010.
The following provides a reconciliation of the change in non-accrual loans for the quarter ended June 30, 2011.
Trans-
fers to
Addi- Fore-
tions closed Returns
Balances to Non- Collat- to Balances
(Dollars in March accrual Net Pay eral - Accrual Charge June 30,
thousands) 31, 2011 Loans Downs OREO Status Offs 2011
----------------------------------------------------------------------------
Non-accrual
loans:
Commercial
and
industrial $ 481 $ - $ (24) $ - $ - $ - $ 457
Real estate 763 - (15) - - - 748
Real estate
construction
and
other land
loans 5,533 - (92) - - - 5,441
Equity loans
and lines of
credit 522 - (2) - - - 520
Restructured
loans
(non-accruing):
Commercial
and
industrial 922 - (51) - - - 871
Real estate 2,874 - (171) - - - 2,703
Real estate
construction
and
other land
loans 4,412 - (193) - - - 4,219
Consumer 82 - - - - (82) -
-------- ------- ------- -------- -------- ------ --------
Total non-
accrual $ 15,589 $ - $ (548) $ - $ - $ (82) $ 14,959
======== ======= ======= ======== ======== ====== ========
The following provides a summary of the change in the OREO balance for the quarter ended June 30, 2011:
Three Months Ended
(Dollars in thousands) June 30, 2011
---------------------------------------------------------------------------
Balance, March 31, 2011 $ 257
Additions -
Dispositions (245)
Write-downs -
Net gain (loss) on disposition (12)
---------------------
Balance, June 30, 2011 $ -
---------------------
Average total deposits for the second quarter of 2011 increased $40,817,000 or 6.58% to $661,041,000 compared to $620,224,000 for the same period of 2010.
The Company's net interest margin (fully tax equivalent basis) decreased 35 basis points to 4.71% for the three months ended June 30, 2011, from 5.06% for the three months ended June 30, 2010. Net interest income, before provision for credit losses, decreased $136,000 or 1.72% to $7,794,000 for the second quarter of 2011, compared to $7,930,000 for the same period in 2010. The decreases in net interest margin and in net interest income are primarily due to a decrease in the yield of interest-earning assets and a decrease in average loan balances. Over the same periods, the cost of total deposits decreased 21 basis points to 0.43% compared to 0.64% in 2010.
Non-interest income increased $850,000 or 113.79% to $1,597,000 for the second quarter of 2011 compared to $747,000 for the same period in 2010, primarily due to a decrease in other than temporary impairment charges of $700,000. The second quarter of 2011 non-interest income also included a $142,000 gain related to the final distribution of the Service 1st escrow account and an $85,000 gain related to the collection of life insurance proceeds. Non-interest expense decreased $75,000 or 1.05% for the same periods mainly due to decreases in regulatory assessments and other real estate owned expenses, partially offset by increases in salary and employee benefits.
"We continue to be hopeful that the economy is shifting in a more positive direction; however, in spite of some seasonal loan growth in the current quarter over first quarter 2011, proof of a strong economic recovery in California's Central Valley has yet to be seen. Our team is encouraged that the bank showed a positive increase in earnings for both the current quarter and the first six months of 2011," stated Daniel J. Doyle, president and CEO for Central Valley Community Bancorp and Central Valley Community Bank.
"The continuation of our positive improvement in asset quality, moderate write down of loans, and no OREO has allowed us to reduce the provision for future loan loss. While reduced credit costs have helped to improve earnings, and in spite of strong core deposit growth and lower cost of funds; the low interest rate for investment securities and a soft loan demand continue to mute the overall net income for the near term," concluded Doyle.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under the symbol CVCY. Central Valley Community Bank, headquartered in Fresno, California, was founded in 1979 and is the sole subsidiary of Central Valley Community Bancorp. Central Valley Community Bank currently operates 17 full service offices in Clovis, Fresno, Kerman, Lodi, Madera, Oakhurst, Prather, Merced, Sacramento, Stockton, Tracy, and Modesto, California. Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending and Agribusiness Lending Departments. Investment services are provided by Investment Centers of America and insurance services are offered through Central Valley Community Insurance Services LLC. Members of Central Valley Community Bancorp's and the Bank's Board of Directors are: Daniel N. Cunningham (Chairman), Sidney B. Cox, Edwin S. Darden, Jr., Daniel J. Doyle, Steven D. McDonald, Louis McMurray, Wanda L. Rogers (Director Emeritus), William S. Smittcamp, and Joseph B. Weirick.
More information about Central Valley Community Bancorp and Central Valley Community Bank can be found at www.cvcb.com.
Forward-looking Statements- Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained herein that are not historical facts, such as statements regarding the Company's current business strategy and the Company's plans for future development and operations, are based upon current expectations. These statements are forward-looking in nature and involve a number of risks and uncertainties. Such risks and uncertainties include, but are not limited to (1) significant increases in competitive pressure in the banking industry; (2) the impact of changes in interest rates, a decline in economic conditions at the international, national or local level on the Company's results of operations, the Company's ability to continue its internal growth at historical rates, the Company's ability to maintain its net interest margin, and the quality of the Company's earning assets; (3) changes in the regulatory environment; (4) fluctuations in the real estate market; (5) changes in business conditions and inflation; (6) changes in securities markets; and (7) the other risks set forth in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. Therefore, the information set forth in such forward-looking statements should be carefully considered when evaluating the business prospects of the Company.
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
June 30, December 31,
------------------------------
(In thousands, except share amounts) 2011 2010
----------------------------------------------------------------------------
(Unaudited)
ASSETS
Cash and due from banks $ 19,291 $ 11,357
Interest-earning deposits in other banks 74,047 89,042
Federal funds sold 531 600
-------------- --------------
Total cash and cash equivalents 93,869 100,999
Available-for-sale investment securities
(Amortized cost of $207,466 at June 30, 2011
and $189,682 at December 31, 2010) 213,129 191,325
Loans, less allowance for credit losses of
$11,035 at June 30, 2011 and $11,014 at
December 31, 2010 425,305 420,583
Bank premises and equipment, net 5,845 5,843
Other real estate owned - 1,325
Bank owned life insurance 11,466 11,390
Federal Home Loan Bank stock 2,920 3,050
Goodwill 23,577 23,577
Core deposit intangibles 990 1,198
Accrued interest receivable and other assets 15,828 18,304
-------------- --------------
Total assets $ 792,929 $ 777,594
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 171,782 $ 173,867
Interest bearing 497,115 476,628
-------------- --------------
Total deposits 668,897 650,495
Short-term borrowings - 10,000
Long-term debt 4,000 4,000
Junior subordinated deferrable interest
debentures 5,155 5,155
Accrued interest payable and other
liabilities 11,035 10,553
-------------- --------------
Total liabilities 689,087 680,203
-------------- --------------
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value, $1,000 per
share liquidation preference; 10,000,000
shares authorized;
Series A, no par value, 7,000 shares issued
and outstanding 6,887 6,864
Common stock, no par value; 80,000,000
authorized; issued and outstanding
9,288,954 at June 30, 2011 and 9,109,154
at December 31, 2010 39,328 38,428
Non-voting common stock, 1,000,000
authorized; issued and outstanding 258,862
at June 30, 2011 and December 31, 2010 1,317 1,317
Retained earnings 52,978 49,815
Accumulated other comprehensive income, net
of tax 3,332 967
-------------- --------------
Total shareholders' equity 103,842 97,391
-------------- --------------
Total liabilities and shareholders'
equity $ 792,929 $ 777,594
============== ==============
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Six Months
Ended June 30,
------------------------
(In thousands, except share and per share amounts) 2011 2010
---------------------------------------------------------------------------
INTEREST INCOME:
Interest and fees on loans $ 13,022 $ 13,665
Interest on deposits in other banks 95 40
Interest on Federal funds sold 1 1
Interest and dividends on investment securities:
Taxable 2,228 3,017
Exempt from Federal income taxes 1,630 1,516
----------- -----------
Total interest income 16,976 18,239
----------- -----------
INTEREST EXPENSE:
Interest on deposits 1,429 2,036
Interest on junior subordinated deferrable
interest debentures 49 48
Other 106 239
----------- -----------
Total interest expense 1,584 2,323
----------- -----------
Net interest income before provision for
credit losses 15,392 15,916
PROVISION FOR CREDIT LOSSES 350 1,600
----------- -----------
Net interest income after provision for credit
losses 15,042 14,316
----------- -----------
NON-INTEREST INCOME:
Service charges 1,448 1,724
Appreciation in cash surrender value of bank
owned life insurance 193 195
Loan placement fees 134 104
Gain on disposal of other real estate owned 533 5
Net realized gains on sales and calls of
investment securities 26 51
Total impairment on investment securities (218) (3,768)
Decrease in fair value recognized in other
comprehensive income 187 3,068
----------- -----------
Net impairment loss recognized in earnings (31) (700)
Federal Home Loan Bank dividends 5 4
Other income 1,037 698
----------- -----------
Total non-interest income 3,345 2,081
----------- -----------
NON-INTEREST EXPENSES:
Salaries and employee benefits 8,076 7,584
Occupancy and equipment 1,870 1,914
Regulatory assessments 483 606
Data processing expense 562 568
Advertising 366 375
Audit and accounting fees 225 228
Legal fees 176 289
Other real estate owned 2 441
Amortization of core deposit intangibles 207 207
Other expense 2,253 2,134
----------- -----------
Total non-interest expenses 14,220 14,346
----------- -----------
Income before provision for income taxes 4,167 2,051
PROVISION FOR INCOME TAXES 806 255
----------- -----------
Net income $ 3,361 $ 1,796
=========== ===========
Net income $ 3,361 $ 1,796
Preferred stock dividends and accretion 198 198
----------- -----------
Net income available to common shareholders $ 3,163 $ 1,598
=========== ===========
Net income per common share:
Basic earnings per common share $ 0.33 $ 0.18
=========== ===========
Weighted average common shares used in basic
computation 9,495,890 9,051,168
=========== ===========
Diluted earnings per common share $ 0.33 $ 0.17
=========== ===========
Weighted average common shares used in diluted
computation 9,522,664 9,148,724
=========== ===========
CENTRAL VALLEY COMMUNITY BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the three Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
months ended 2011 2011 2010 2010 2010
----------------------------------------------------------------------------
(In thousands,
except share and
per share amounts)
Net interest income $ 7,794 $ 7,598 $ 7,641 $ 8,173 $ 7,930
Provision for
credit losses 250 100 900 1,300 1,000
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision for
credit losses 7,544 7,498 6,741 6,873 6,930
Total non-interest
income 1,597 1,748 347 1,293 747
Total non-interest
expense 7,067 7,153 6,986 7,409 7,142
Provision for
(benefit from)
income taxes 301 505 (517) (107) 31
---------- ---------- ---------- ---------- ----------
Net income $ 1,773 $ 1,588 $ 619 $ 864 $ 504
========== ========== ========== ========== ==========
Net income
available to
common
shareholders $ 1,674 $ 1,489 $ 520 $ 766 $ 405
========== ========== ========== ========== ==========
Basic earnings per
common share $ 0.18 $ 0.16 $ 0.06 $ 0.08 $ 0.04
========== ========== ========== ========== ==========
Weighted average
common shares
used in basic
computation 9,516,110 9,475,444 9,368,016 9,363,908 9,131,753
========== ========== ========== ========== ==========
Diluted earnings
per common share $ 0.18 $ 0.16 $ 0.06 $ 0.08 $ 0.04
========== ========== ========== ========== ==========
Weighted average
common shares
used in diluted
computation 9,540,615 9,503,313 9,429,226 9,432,301 9,210,838
========== ========== ========== ========== ==========
CENTRAL VALLEY COMMUNITY BANCORP
SELECTED RATIOS
(Unaudited)
As of and for the Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
three months ended 2011 2011 2010 2010 2010
---------------------------------------------------------------------------
(Dollars in
thousands, except
per share amounts)
Allowance for credit
losses to total
loans 2.53% 2.61% 2.55% 2.42% 2.45%
Nonperforming assets
to total assets 1.89% 2.07% 2.57% 2.89% 2.45%
Total nonperforming
assets $ 14,959 $ 15,846 $ 19,984 $ 22,119 $ 18,496
Net loan charge offs $ 235 $ 95 $ 992 $ 1,662 $ 127
Net charge offs to
average loans
(annualized) 0.22% 0.09% 0.89% 1.43% 0.11%
Book value per share $ 10.15 $ 9.76 $ 9.66 $ 9.78 $ 9.46
Tangible book value
per share $ 7.58 $ 7.16 $ 7.02 $ 7.13 $ 6.80
Tangible common
equity $ 72,389 $ 67,748 $ 65,753 $ 66,763 $ 63,628
Interest and
dividends on
investment
securities exempt
from Federal income
taxes $ 830 $ 800 $ 762 $ 761 $ 759
Net interest margin
(calculated on a
fully tax equivalent
basis) (1) 4.71% 4.67% 4.67% 5.10% 5.06%
Return on average
assets (2) 0.91% 0.82% 0.32% 0.46% 0.27%
Return on average
equity (2) 6.92% 6.41% 2.53% 3.53% 2.11%
Tier 1 leverage -
Bancorp 10.22% 9.87% 9.48% 10.07% 9.94%
Tier 1 leverage -
Bank 10.04% 9.67% 9.32% 9.93% 9.80%
Tier 1 risk-based
capital - Bancorp 15.26% 14.81% 14.16% 13.75% 12.96%
Tier 1 risk-based
capital - Bank 14.99% 14.51% 13.92% 13.55% 12.77%
Total risk-based
capital - Bancorp 16.54% 16.08% 15.42% 15.03% 14.24%
Total risk based
capital - Bank 16.26% 15.78% 15.19% 14.82% 14.05%
(1) Net Interest Margin is computed by dividing annualized quarterly net interest income by quarterly average interest-bearing assets.
(2) Computed by annualizing quarterly net income.
CENTRAL VALLEY COMMUNITY BANCORP
AVERAGE BALANCES AND RATES
(Unaudited)
For the Three Months For the Six Months
AVERAGE AMOUNTS Ended June 30, Ended June 30,
---------------------- ----------------------
(Dollars in thousands) 2011 2010 2011 2010
---------------------------------------------------------------------------
Federal funds sold $ 563 $ 937 $ 660 $ 898
Interest-earning deposits in
other banks 70,339 24,390 73,460 30,694
Investments 206,500 189,336 201,503 192,791
Loans (1) 418,121 439,988 413,749 437,768
Federal Home Loan Bank stock 2,986 3,097 3,018 3,118
---------- ---------- ---------- ----------
Earning assets 698,509 657,748 692,390 665,269
Allowance for credit losses (10,952) (10,596) (10,979) (10,601)
Non-accrual loans 15,095 15,628 15,988 17,162
Other real estate owned 56 2,790 337 2,808
Other non-earning assets 77,758 75,699 77,889 75,400
---------- ---------- ---------- ----------
Total assets $ 780,466 $ 741,269 $ 775,625 $ 750,038
========== ========== ========== ==========
Interest bearing deposits $ 491,074 $ 476,902 $ 483,795 $ 482,140
Other borrowings 9,155 19,155 11,393 20,122
---------- ---------- ---------- ----------
Total interest-bearing
liabilities 500,229 496,057 495,188 502,262
Non-interest bearing demand
deposits 169,967 143,322 171,476 146,642
Non-interest bearing
liabilities 7,909 6,378 8,222 6,712
---------- ---------- ---------- ----------
Total liabilities 678,105 645,757 674,886 655,616
---------- ---------- ---------- ----------
Total equity 102,361 95,512 100,739 94,422
---------- ---------- ---------- ----------
Total liabilities and equity $ 780,466 $ 741,269 $ 775,625 $ 750,038
========== ========== ========== ==========
AVERAGE RATES
---------------------------------------------------------------------------
Federal funds sold 0.25% 0.25% 0.30% 0.22%
Interest-earning deposits in
other banks 0.26% 0.25% 0.26% 0.25%
Investments 3.51% 4.69% 4.66% 5.47%
Loans 6.29% 6.31% 6.35% 6.31%
Earning assets 5.15% 5.74% 5.15% 5.72%
Interest bearing deposits 0.58% 0.83% 0.60% 0.85%
Other borrowings 2.63% 2.89% 2.74% 2.88%
Total interest-bearing
liabilities 0.62% 0.91% 0.65% 0.93%
Net interest margin
(calculated on a fully tax
equivalent basis) 4.71% 5.06% 4.69% 5.02%
(1) Average loans do not include non-accrual loans.
Contact: Debbie Nalchajian-Cohen 559-222-1322