January 24, 2006
Edward J. Swotek, Senior Vice President
Immediately
TierOne Corporation Record Performance Increases 2005 Earnings Per Share by 41.7 Percent
LINCOLN, NE – January 24, 2006 — TierOne Corporation (NASDAQ: TONE) (“Company”), the holding company for TierOne Bank (“Bank”), reported a 41.7 percent increase in diluted earnings per share to $1.97 for the fiscal year ended December 31, 2005 compared to $1.39 for 2004. Net income for 2005 increased 37.6 percent to a record $32.8 million compared to $23.9 million earned in 2004.
For the three months ended December 31, 2005, the Company attained record quarterly diluted earnings per share of $0.56, a 36.6 percent increase compared to $0.41 for the same period one year ago. A $729,000 pre-tax valuation recapture related to mortgage servicing rights (“MSR”) contributed $0.03 to the reported quarterly diluted earnings per share for the three months ended December 31, 2005. Net income for the three months ended December 31, 2005 increased 40.6 percent to $9.5 million compared to $6.7 million earned during the same period in 2004.
Highlights from the fourth quarter of 2005 included:
| | • | Total deposits grew $104.9 million to a record $2.0 billion compared to $1.9 billion at September 30, 2005; |
| | • | Quarterly loan originations, excluding warehouse lines of credit, surpassed the $500 million mark for the first time by reaching $502.6 million for the three months ended December 31, 2005; |
| | • | Net interest margin and average interest rate spread increased to 3.73 percent and 3.45 percent, respectively, for the three months ended December 31, 2005; |
| | • | The Company improved its efficiency ratio to 51.10 percent for the three months ended December 31, 2005 compared to 56.78 percent in the comparable period one year ago; and |
| | • | In late December, the Company opened its ninth loan production office with the addition of a Las Vegas, Nevada facility. |
“Our focus on enhancing core earnings and executing our community bank strategic business model has lead to another year of outstanding performance and increased shareholder value,” said Gilbert G. Lundstrom, chairman and chief executive officer. “The continued positive momentum reflected by these results offers our Company an opportunity in 2006 to build upon this success, further expand our business line penetration and bring more value to our shareholders.”
With the latest performance results, the Company has now achieved nine consecutive quarters of double-digit earnings per share growth when measured on a quarter-over-comparable-quarter basis.
Synopsis of Fourth Quarter and Fiscal Year 2005 Performance
Net Interest Income
For the three months ended December 31, 2005, net interest income increased 20.1 percent to a record quarterly level of $28.2 million compared to $23.5 million for the same period in 2004. For the fiscal year ended December 31, 2005, net interest income was $104.9 million, a $27.7 million, or 35.9 percent, increase compared to 2004. Increases in net interest income for the three- and twelve-month periods ended December 31, 2005 are primarily attributable to the combination of continued growth in the Bank’s loans receivable portfolio and further increases in yields on interest-earning assets.
Average interest rate spread for the three months ended December 31, 2005 was 3.45 percent compared to 3.29 percent for the three months ended September 30, 2005 and 3.21 percent for the three months ended December 31, 2004. For the year ended December 31, 2005, average interest rate spread was 3.33 percent compared to 3.02 percent in 2004. The Bank’s emphasis on growing its higher-yielding, shorter-term loan portfolio is primarily credited with the increases in average interest rate spread during the December 31, 2005 quarterly and annual comparative periods.
Net interest margin increased to 3.73 percent for the three months ended December 31, 2005 compared to 3.55 percent for the three months ended September 30, 2005 and 3.40 percent for the three months ended December 31, 2004. For 2005, net interest margin was 3.58 percent compared to 3.29 percent for 2004. Similar to average interest rate spreads, continued growth in the Bank’s higher-yielding, shorter-term loan portfolio combined with higher yields on interest-earning assets more than offset increases in rates paid on interest-bearing liabilities.
Noninterest Income
For the three months ended December 31, 2005, noninterest income totaled $7.7 million, a $791,000, or an 11.5 percent, increase compared to the same period in 2004. The increase in noninterest income for the December 31, 2005 quarterly period was driven primarily by a $729,000 MSR valuation recapture compared to a $145,000 MSR impairment charge recorded during the comparable 2004 period as well as a $619,000 increase in deposit-related fees and a $256,000 increase in loan-related fees. These quarter-over-quarter gains were partially offset by a $374,000 reduction in non-deposit fees, a $262,000 decline in other operating income due primarily to a late 2004 one-time gain on sale of an overlapping bank facility following the United Nebraska Financial Co. acquisition and a $149,000 reduction in gains on sale of investment securities.
Noninterest income for the fiscal year ended December 31, 2005 increased $2.7 million, or 11.2 percent, to $26.6 million compared to $23.9 million in 2004. The increase in 2005 noninterest income was primarily attributable to a $3.2 million increase in deposit-related fees, an $876,000 increase in non-deposit fees and a $755,000 increase in lending fees. These increases were partially offset by a $1.6 million reduction in other noninterest income due primarily to a one-time gain in early 2004 from the Bank’s merger of its defined benefit pension plan with an unrelated third party plan. Increases in 2005 noninterest income were further offset by a $447,000 reduction in gains on sale of investment securities and a reduction in other noninterest income primarily relating to the sale of overlapping bank facilities following the 2004 United Nebraska acquisition.
Noninterest Expense
Noninterest expense increased to $18.8 million for the three months ended December 31, 2005 compared to $17.7 million for the same period one year ago. The quarter-over-quarter increase primarily resulted from an $805,000 increase in salaries and employee benefits expense due to additional lending and support personnel and normal salary increases combined with a $400,000 increase in advertising and marketing expense to expand business in the Bank’s primary market area. These increases were partially offset by a $256,000 reduction in other operating expense.
For the twelve months ended December 31, 2005, noninterest expense totaled $72.5 million compared to $58.2 million in 2004. The increase in 2005 noninterest expense was primarily driven by increases of $7.1 million in employee compensation and benefits expense, $4.4 million in other operating expense (of which $1.2 million relates to the increased amortization of core value deposits), $1.6 million in occupancy expense and $1.1 million in advertising expense. In large part, these increases were related to the 2004 acquisition of United Nebraska.
Asset Quality
Non-performing loans at December 31, 2005 were $14.4 million, or 0.51 percent of net loans, compared to $10.2 million, or 0.39 percent of net loans, at December 31, 2004. Non-performing assets amounted to $16.9 million, or 0.52 percent of total assets, at December 31, 2005 compared to $10.6 million, or 0.35 percent of total assets, one year ago. A majority of the year-over-year increase in non-performing loans and assets was attributable to payment defaults on $5.7 million of seasoned loans for tax-advantaged affordable housing units.
Charged-off loans, net of recoveries, totaled $611,000 and $2.4 million for the three and twelve months ended December 31, 2005, respectively, compared to $697,000 and $1.9 million for the same respective periods one year ago. The majority of loans charged off during 2005 were consumer-related loans, primarily automobile loans, and one multi-family residential property loan acquired in the United Nebraska acquisition.
The Bank’s provision for loan losses was $2.0 million and $6.4 million for the three and twelve months ended December 31, 2005, respectively, compared to $1.9 million and $4.9 million for the same periods in 2004. The allowance for loan losses as a percent of net loans increased to 1.09 percent at December 31, 2005 compared to 1.01 percent one year ago.
Consolidated Statements of Financial Condition
Total assets at December 31, 2005 were $3.2 billion, an increase of $174.2 million, or 5.7 percent, compared to $3.0 billion at December 31, 2004. The increase in 2005 assets was driven primarily by a $189.7 million increase in net loans and an $18.0 million increase in cash and cash equivalents partially offset by a $41.6 million reduction in investment and mortgage-backed securities.
At December 31, 2005, total liabilities increased $142.4 million, or 5.1 percent, to $2.9 billion compared to $2.8 billion one year ago. Total liability growth in 2005 was primarily attributable to a $220.3 million increase in total deposits partially offset by a $46.7 million decrease in brokered time deposits and a $26.7 million decline in Federal Home Loan Bank advances and other borrowings.
Total stockholders’ equity was $308.9 million at December 31, 2005, a $31.8 million, or 11.5 percent, increase compared to $277.0 million at December 31, 2004. The increase in 2005 stockholders’ equity was due primarily to record net income of $32.8 million.
Other than shares purchased to support employee benefit programs, no additional stock repurchases were made by the Company during the three months ended December 31, 2005. Total shares repurchased during 2005, including those supporting employee benefit programs, amounted to 148,538. To date, more than 4.4 million shares of stock have been repurchased since the Company’s formation. Another 1.7 million shares remain eligible for repurchase under a 2004 plan approved by the Board of Directors.
On December 31, 2005, the Company paid its eighth consecutive quarterly cash dividend to shareholders of record at December 15, 2005. The December 31, 2005 cash dividend payment of $0.06 per share brought total 2005 dividend payments to $0.23 per share.
Other Developments
In mid-October, the Bank began construction of a new, full-service banking facility in Hastings, Nebraska. The Bank also purchased and began renovation of another property in northwest Omaha, Nebraska for a full-service banking and commercial lending center. Both the Hastings and Omaha projects will employ the Bank’s successful “Bank of the Future” design concept and are intended to be competitively positioned to strengthen market presence in each community.
In late December, the Bank opened a new loan production office in Las Vegas, Nevada. The Las Vegas office, the ninth loan production office in the Bank’s network, will focus primarily on residential construction lending. Las Vegas is the fastest growing major metropolitan area in the country, and with the new office, the Bank will have loan production offices in four of the nation’s top ten fastest growing major markets.
Corporate Profile
TierOne Corporation is the parent company of TierOne Bank, a $3.2 billion federally chartered savings bank and the largest publicly-traded financial institution headquartered in Nebraska. Established in 1907, TierOne Bank offers customers a wide variety of full-service consumer, commercial and agricultural banking products and services through a network of 68 banking offices located in Nebraska, Iowa and Kansas and nine loan production offices located in Arizona, Colorado, Florida, Minnesota, Nevada and North Carolina.
Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates or other competitive factors which could affect net interest margins, net interest income and noninterest income; changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality and general economic conditions; unanticipated issues associated with the execution of the Company’s strategic plan; unanticipated issues relating to the construction of the Company’s new banking offices in Omaha and Hastings, Nebraska; unanticipated issues associated with the opening of the Company’s new loan production office in Las Vegas, Nevada; as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. These factors should be considered in evaluating the forward-looking statements and undue reliance should not be placed on such statements. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
TierOne Corporation
Consolidated Statements of Financial Condition
December 31, 2005 (Unaudited) and December 31, 2004
(Dollars in thousands, except per share data)
| December 31, 2005
| December 31, 2004
|
|---|
| ASSETS | | | | | | | | |
| Cash and due from banks | | | $ | 83,534 | | $ | 70,030 | |
| Federal funds sold | | | | 4,500 | | | -- | |
|
| Total cash and cash equivalents | | | | 88,034 | | | 70,030 | |
|
| Investment securities: | | |
| Held to maturity, at cost which approximates fair value | | | | 111 | | | 126 | |
| Available for sale, at fair value | | | | 102,614 | | | 127,757 | |
| Mortgage-backed securities, available for sale, at fair value | | | | 19,752 | | | 36,175 | |
| Loans receivable: | | |
| Net loans (includes loans held for sale of $8,666 and $11,956 | | |
| at December 31, 2005 and December 31, 2004, respectively) | | | | 2,844,670 | | | 2,654,986 | |
| Allowance for loan losses | | | | (30,870 | ) | | (26,831 | ) |
|
| Net loans after allowance for loan losses | | | | 2,813,800 | | | 2,628,155 | |
|
| Federal Home Loan Bank stock | | | | 58,491 | | | 54,284 | |
| Premises and equipment, net | | | | 39,509 | | | 38,220 | |
| Accrued interest receivable | | | | 19,190 | | | 15,573 | |
| Goodwill | | | | 42,283 | | | 42,283 | |
| Other intangible assets, net | | | | 10,041 | | | 11,877 | |
| Other assets | | | | 28,450 | | | 23,601 | |
|
| Total assets | | | $ | 3,222,275 | | $ | 3,048,081 | |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | |
| Liabilities: | | |
| Deposits | | | $ | 2,038,319 | | $ | 1,864,761 | |
| Advances from Federal Home Loan Bank and other borrowings | | | | 814,924 | | | 841,666 | |
| Advance payments from borrowers for taxes, insurance and | | |
| other escrow funds | | | | 24,864 | | | 26,565 | |
| Accrued interest payable | | | | 7,289 | | | 6,308 | |
| Accrued expenses and other liabilities | | | | 28,012 | | | 31,758 | |
|
| Total liabilities | | | | 2,913,408 | | | 2,771,058 | |
|
Stockholders’ equity: | | |
| Preferred stock, $0.01 par value. 10,000,000 shares | | |
| authorized; none issued | | | | -- | | | -- | |
| Common stock, $0.01 par value. 60,000,000 shares authorized; | | |
| 18,150,773 and 18,287,811 shares issued and outstanding | | |
| at December 31, 2005 and December 31, 2004 | | | | 226 | | | 226 | |
| Additional paid-in capital | | | | 358,587 | | | 355,986 | |
| Retained earnings, substantially restricted | | | | 75,282 | | | 46,263 | |
| Treasury stock, at cost; 4,424,302 and 4,287,264 shares at | | |
| December 31, 2005 and December 31, 2004, respectively | | | | (101,584 | ) | | (98,254 | ) |
| Unallocated common stock held by Employee Stock | | |
| Ownership Plan | | | | (13,169 | ) | | (14,674 | ) |
| Unearned common stock held by Management | | |
| Recognition and Retention Plan | | | | (9,368 | ) | | (12,229 | ) |
| Accumulated other comprehensive loss, net | | | | (1,107 | ) | | (295 | ) |
|
| Total stockholders’ equity | | | | 308,867 | | | 277,023 | |
|
| Total liabilities and stockholders’ equity | | | $ | 3,222,275 | | $ | 3,048,081 | |
|
TierOne Corporation
Consolidated Statements of Income (Unaudited)
| For the Three Months Ended
December 31,
| For the Year Ended
December 31,
|
|---|
(Dollars in thousands, except per share data)
| 2005
| 2004
| 2005
| 2004
|
|---|
| Interest income: | | | | | | | | | | | | | | |
| Loans receivable | | | $ | 46,874 | | $ | 35,594 | | $ | 169,177 | | $ | 119,572 | |
| Investment securities | | | | 2,034 | | | 2,204 | | | 8,165 | | | 5,377 | |
| Other interest-earning assets | | | | 1 | | | -- | | | 1 | | | 31 | |
|
| Total interest income | | | | 48,909 | | | 37,798 | | | 177,343 | | | 124,980 | |
|
| Interest expense: | | |
| Deposits | | | | 12,207 | | | 7,996 | | | 41,947 | | | 26,454 | |
| Advances from Federal Home Loan Bank | | |
| and other borrowings | | | | 8,520 | | | 6,334 | | | 30,481 | | | 21,315 | |
|
| Total interest expense | | | | 20,727 | | | 14,330 | | | 72,428 | | | 47,769 | |
|
| Net interest income | | | | 28,182 | | | 23,468 | | | 104,915 | | | 77,211 | |
| Provision for loan losses | | | | 2,034 | | | 1,926 | | | 6,436 | | | 4,887 | |
|
| Net interest income after provision | | |
| for loan losses | | | | 26,148 | | | 21,542 | | | 98,479 | | | 72,324 | |
|
| Noninterest income: | | |
| Fees and service charges | | | | 6,477 | | | 5,148 | | | 21,783 | | | 17,173 | |
| Debit card fees | | | | 573 | | | 526 | | | 2,104 | | | 1,977 | |
| Income (loss) from real estate operations, net | | | | (13 | ) | | 61 | | | (7 | ) | | (16 | ) |
| Net gain on sales of: | | |
| Investment securities | | | | -- | | | 149 | | | 14 | | | 461 | |
| Loans held for sale | | | | 403 | | | 435 | | | 1,928 | | | 1,863 | |
| Real estate owned | | | | 36 | | | 99 | | | 85 | | | 189 | |
| Gain on pension plan curtailment | | | | -- | | | -- | | | -- | | | 1,456 | |
| Other operating income | | | | 192 | | | 459 | | | 678 | | | 802 | |
|
| Total noninterest income | | | | 7,668 | | | 6,877 | | | 26,585 | | | 23,905 | |
|
| Noninterest expense: | | |
| Salaries and employee benefits | | | | 10,802 | | | 9,997 | | | 41,663 | | | 34,593 | |
| Occupancy, net | | | | 2,234 | | | 2,210 | | | 8,546 | | | 6,938 | |
| Data processing | | | | 514 | | | 435 | | | 2,024 | | | 1,951 | |
| Advertising | | | | 1,331 | | | 931 | | | 4,483 | | | 3,357 | |
| Other operating expense | | | | 3,882 | | | 4,137 | | | 15,734 | | | 11,373 | |
|
| Total noninterest expense | | | | 18,763 | | | 17,710 | | | 72,450 | | | 58,212 | |
|
| Income before income taxes | | | | 15,053 | | | 10,709 | | | 52,614 | | | 38,017 | |
| Income tax expense | | | | 5,570 | | | 3,966 | | | 19,782 | | | 14,152 | |
|
| Net income | | | $ | 9,483 | | $ | 6,743 | | $ | 32,832 | | $ | 23,865 | |
|
| Net income per common share, basic | | | $ | 0.58 | | $ | 0.42 | | $ | 2.02 | | $ | 1.42 | |
|
| Net income per common share, diluted | | | $ | 0.56 | | $ | 0.41 | | $ | 1.97 | | $ | 1.39 | |
|
| Dividends declared per common share | | | $ | 0.06 | | $ | 0.05 | | $ | 0.23 | | $ | 0.20 | |
|
| Average common shares outstanding, basic (000’s) | | | | 16,308 | | | 16,136 | | | 16,221 | | | 16,802 | |
|
| Average common shares outstanding, diluted (000’s) | | | | 16,840 | | | 16,518 | | | 16,690 | | | 17,136 | |
|
TierOne Corporation
Selected Financial and Other Data
(Dollars in thousands)
| December 31, 2005
| December 31, 2004
| | |
|---|
| Selected Financial and Other Data: | | | | | | | | | | | | | | |
| Total assets | | | $ | 3,222,275 | | $ | 3,048,081 | | | | | | | |
| Cash and cash equivalents | | | | 88,034 | | | 70,030 | | | | | | | |
| Investment securities: | | |
| Held to maturity, at cost which approximates fair value | | | | 111 | | | 126 | | | | | | | |
| Available for sale, at fair value | | | | 102,614 | | | 127,757 | | | | | | | |
| Mortgage-backed securities, available for sale, at fair value | | | | 19,752 | | | 36,175 | | | | | | | |
| Loans receivable: | | |
| Loans held for sale | | | | 8,666 | | | 11,956 | | | | | | | |
| Total loans receivable | | | | 3,499,813 | | | 3,077,254 | | | | | | | |
| Unamortized premiums, discounts and deferred loan fees | | | | 4,778 | | | 7,228 | | | | | | | |
| Undisbursed portion of construction and land | | |
| development loans in process | | | | (668,587 | ) | | (441,452 | ) | | | | | | |
|
| Net loans | | | | 2,844,670 | | | 2,654,986 | | | | | | | |
| Allowance for loan losses | | | | (30,870 | ) | | (26,831 | ) | | | | | | |
|
| Net loans after allowance for loan losses | | | | 2,813,800 | | | 2,628,155 | | | | | | | |
|
| Deposits | | | | 2,038,319 | | | 1,864,761 | | | | | | | |
| Advances from Federal Home Loan Bank and other borrowings | | | | 814,924 | | | 841,666 | | | | | | | |
| Stockholders’ equity | | | | 308,867 | | | 277,023 | | | | | | | |
Average interest-earning assets (year-to-date) | | | | 2,933,358 | | | 2,344,795 | | | | | | | |
| Average interest-bearing liabilities (year-to-date) | | | | 2,664,150 | | | 2,069,741 | | | | | | | |
| Nonperforming loans | | | | 14,405 | | | 10,232 | | | | | | | |
| Nonperforming assets | | | | 16,851 | | | 10,614 | | | | | | | |
| Allowance for loan losses | | | | 30,870 | | | 26,831 | | | | | | | |
| Nonperforming loans as a percent of net loans | | | | 0.51 | % | | 0.39 | % | | | | | | |
| Nonperforming assets as a percent of total assets | | | | 0.52 | % | | 0.35 | % | | | | | | |
| Allowance for loan losses as a percent of | | |
| nonperforming loans | | | | 214.30 | % | | 262.23 | % | | | | | | |
| Allowance for loan losses as a percent of net loans | | | | 1.09 | % | | 1.01 | % | | | | | | |
| Three Months Ended
December 31,
| Year Ended
December 31,
|
|---|
Selected Operating Ratios:
| 2005
| 2004
| 2005
| 2004
|
|---|
| Average yield on interest-earning assets | | | | 6.47 | % | | 5.48 | % | | 6.05 | % | | 5.33 | % |
| Average rate on interest-bearing liabilities | | | | 3.02 | % | | 2.27 | % | | 2.72 | % | | 2.31 | % |
| Average interest rate spread | | | | 3.45 | % | | 3.21 | % | | 3.33 | % | | 3.02 | % |
| Net interest margin | | | | 3.73 | % | | 3.40 | % | | 3.58 | % | | 3.29 | % |
| Average interest-earning assets to average | | |
| interest-bearing liabilities | | | | 110.21 | % | | 109.42 | % | | 110.10 | % | | 113.29 | % |
| Net interest income after provision for loan | | |
| losses to noninterest expense | | | | 139.36 | % | | 121.64 | % | | 135.93 | % | | 124.24 | % |
| Total noninterest expense to average assets | | | | 2.33 | % | | 2.39 | % | | 2.31 | % | | 2.35 | % |
| Efficiency ratio (1) | | | | 51.10 | % | | 56.78 | % | | 53.70 | % | | 56.95 | % |
| Return on average assets | | | | 1.18 | % | | 0.91 | % | | 1.05 | % | | 0.96 | % |
| Return on average equity | | | | 12.49 | % | | 9.83 | % | | 11.28 | % | | 8.53 | % |
| Average equity to average assets | | | | 9.42 | % | | 9.26 | % | | 9.29 | % | | 11.29 | % |
| Return on tangible equity (2) | | | | 14.87 | % | | 12.05 | % | | 13.58 | % | | 9.08 | % |
| (1) | Efficiency ratio is calculated as total noninterest expense, less amortization expense of intangible assets, as a percentage of the sum of net interest income and noninterest income. |
| (2) | Return on tangible equity is calculated as annualized net income as a percentage of average stockholders' equity adjusted for goodwill and other intangible assets. |
TierOne Corporation
Loan Portfolio Composition
The following table shows the composition of our loan portfolio by type of loan at the dates indicated.
| December 31, 2005
| December 31, 2004
|
|---|
(Dollars in thousands)
| Amount
| %
| Amount
| %
|
|---|
| Real estate loans: | | | | | | | | | | | | | | |
| One-to-four family residential (1) | | | $ | 384,722 | | | 10.96 | % | $ | 418,270 | | | 13.54 | % |
| Second mortgage residential | | | | 160,208 | | | 4.57 | | | 255,222 | | | 8.26 | |
| Multi-family residential | | | | 166,579 | | | 4.75 | | | 142,454 | | | 4.61 | |
| Commercial real estate and land | | | | 692,420 | | | 19.74 | | | 597,114 | | | 19.33 | |
| Residential construction | | | | 943,378 | | | 26.89 | | | 601,075 | | | 19.46 | |
| Commercial construction | | | | 351,767 | | | 10.03 | | | 282,399 | | | 9.14 | |
| Agriculture | | | | 57,008 | | | 1.62 | | | 66,830 | | | 2.16 | |
|
| Total real estate loans | | | | 2,756,082 | | | 78.56 | | | 2,363,364 | | | 76.50 | |
|
| Business loans | | | | 177,592 | | | 5.06 | | | 142,675 | | | 4.62 | |
|
| Agriculture - operating | | | | 72,518 | | | 2.07 | | | 71,223 | | | 2.31 | |
|
| Warehouse mortgage lines of credit | | | | 95,174 | | | 2.71 | | | 132,928 | | | 4.30 | |
|
| Consumer loans: | | |
| Home equity | | | | 61,600 | | | 1.75 | | | 56,441 | | | 1.83 | |
| Home equity line of credit | | | | 141,021 | | | 4.02 | | | 142,725 | | | 4.62 | |
| Home improvement | | | | 69,165 | | | 1.97 | | | 73,386 | | | 2.37 | |
| Automobile | | | | 85,515 | | | 2.44 | | | 80,512 | | | 2.61 | |
| Other | | | | 49,812 | | | 1.42 | | | 25,956 | | | 0.84 | |
|
| Total consumer loans | | | | 407,113 | | | 11.60 | | | 379,020 | | | 12.27 | |
|
| Total loans | | | | 3,508,479 | | | 100.00 | % | | 3,089,210 | | | 100.00 | % |
|
| Unamortized premiums, discounts | | |
| and deferred loan fees | | | | 4,778 | | | | | | 7,228 | | | | |
| Undisbursed portion of construction and | | |
| land development loans in process | | | | (668,587 | ) | | | | | (441,452 | ) | | | |
|
| Net loans | | | | 2,844,670 | | | | | | 2,654,986 | | | | |
| Allowance for loan losses | | | | (30,870 | ) | | | | | (26,831 | ) | | | |
|
| Net loans after allowance for loan losses | | | | 2,813,800 | | | | | | 2,628,155 | | | | |
|
| (1) Includes loans held for sale | | | $ | 8,666 | | | | | $ | 11,956 | | | | |
|
| | CONTACT: | Edward J. Swotek, Senior Vice President
Investor Relations Department
(402)473-6250
investorrelations@tieronecorp.com |
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