Exhibit 99.1
July 26, 2006
Edward J. Swotek, Senior Vice President
Immediately
TierOne Corporation’s Second Quarter Earnings Per Share Increased 23.9 Percent to Set New Record
LINCOLN, NE – July 26, 2006 — TierOne Corporation (NASDAQ: TONE) (“Company”), the holding company for TierOne Bank (“Bank”), reported record quarterly diluted earnings per share of $0.57 for the three months ended June 30, 2006, a 23.9 percent increase, compared to $0.46 per share for the same period one year ago. Quarterly net income for the three months ended June 30, 2006 increased 27.6 percent to a record $9.7 million compared to $7.6 million for the three months ended June 30, 2005.
For the first half of 2006, the Company posted a 24.7 percent increase in diluted earnings per share to $1.11 compared to $0.89 per share achieved during the same period in 2005. Net income was $18.9 million for the six months ended June 30, 2006, an increase of 27.9 percent above the $14.8 million net income earned in the comparable 2005 period.
Both earnings per share and net income results for the three and six months ended June 30, 2006 include pre-tax expenses for shareholder-approved employee stock options for each respective period. The inclusion of the expensing of stock options reduced earnings per share by $0.02 and $0.03 for the second quarter of 2006 and the six months ended June 30, 2006, respectively. The Company began expensing stock options in 2006 under new accounting guidelines.
Highlights from the second quarter of 2006 included:
| | • | Loan originations, excluding warehouse lines of credit, for the three months ended June 30, 2006 totaled a record level of $540.2 million, a 9.4 percent increase from the same period in 2005; |
| | • | Net interest income increased 22.2 percent on a comparable quarter-over-quarter basis to a record $31.4 million; |
| | • | Net interest margin and average interest rate spread for the quarter increased to 4.06 percent and 3.75 percent, respectively; |
| | • | Deposit and debit card fees increased 13.6 percent to a record $4.6 million compared to the same period in 2005; and |
| | • | The Company increased its quarterly cash dividend paid to shareholders by 16.7 percent to $0.07 per share effective with the June 30, 2006 dividend payment. |
“The Company’s double-digit earnings per share growth is reflective of our commitment to generate maximum performance from our core operations,” said Gilbert G. Lundstrom, chairman and chief executive officer. “Even in today’s challenging interest rate environment, our successful business model has increased interest margins and spreads and has contributed to growing profitability and shareholder value.”
The Company has achieved eleven consecutive quarters of double-digit earnings per share growth when measured on a quarter-over-comparable-quarter basis.
Synopsis of Second Quarter 2006 Performance
Net Interest Income
For the three months ended June 30, 2006, net interest income totaled $31.4 million, an increase of $5.7 million, or 22.2 percent, compared to the same period in 2005. For the first half of 2006, net interest income increased $10.5 million, or 21.0 percent, to $60.5 million compared to $50.0 million earned during the six months ended June 30, 2005. The increase in net interest income for the three and six month periods ended June 30, 2006 was attributable primarily to further increases in the average yield on interest-earning assets and the Bank’s continued growth of its net loan portfolio.
Net interest margin and average interest rate spread increased to 4.06 percent and 3.75 percent, respectively, for the three months ended June 30, 2006 compared to 3.56 percent and 3.32 percent, respectively, for the same period in 2005. These increases were driven primarily by the Bank’s strategic focus on building upon its diversified, higher-yielding loan portfolio while competitively maintaining its average rate on interest-bearing deposit liabilities.
Noninterest Income
Total noninterest income for the three months ended June 30, 2006 was $7.2 million, an increase of 13.5 percent, compared to $6.3 million for the same period in 2005. Contributing to the quarter-over-quarter increase in noninterest income was a $548,000 increase in deposit and debit card-related fees.
For the six months ended June 30, 2006, noninterest income increased 10.5 percent to $13.6 million compared to $12.3 million for the first half of 2005. The period-over-period increase in noninterest income resulted primarily from an increase of $1.1 million in deposit and debit card-related fees.
Noninterest Expense
Noninterest expense for the three months ended June 30, 2006 increased $3.3 million, or 18.6 percent, to $21.0 million, compared to $17.7 million for the same period in 2005. The quarter-over-quarter increase was primarily associated with increases of $2.0 million in salary and employee benefit expense, $958,000 in other operating expense and $220,000 in occupancy expense. Included in the $2.0 million salary and employee benefit expense was a $420,000 pre-tax charge related to the expensing of employee stock options. Increases in second quarter 2006 other operating expense were driven primarily by a $675,000 increase in litigation expense with $524,000 of this increase related to the preparation and trial of the damage portion of the goodwill claims the Bank has pursued against the United States as disclosed in the Company’s December 31, 2005 Annual Report on Form 10-K.
Noninterest expense for the six months ended June 30, 2006 totaled $40.3 million, an increase of $4.6 million, or 12.9 percent, compared to $35.7 million for the same period in 2005. The increase between the comparable periods resulted primarily from increases of $3.5 million in salary and employee benefit expense, which included $841,000 in employee stock option expenses, and $608,000 in litigation expense. Much of the 2006 noninterest expense increase, excluding litigation, can be attributed to the Bank’s continued personnel and bank office expansion plans to meet both market demand and the Company’s strategic growth initiatives.
Asset Quality
Nonperforming loans at June 30, 2006 totaled $17.4 million, or 0.59 percent of net loans, compared to $14.4 million, or 0.51 percent of net loans, at December 31, 2005. Nonperforming assets were $23.0 million, or 0.69 percent of total assets, at June 30, 2006 compared to $16.9 million, or 0.52 percent of total assets, at year-end 2005. The year-to-date increase in nonperforming loans and assets relates primarily to increases of $5.1 million in nonperforming residential construction loans, $3.1 million in real estate owned and $2.9 million in nonperforming business loans partially offset by a $5.2 million decline in nonperforming multi-family residential loans.
Charged-off loans, net of recoveries, were $1.4 million for the three months ended June 30, 2006 compared to $828,000 for the same period one year ago. Loans charged-off during the latest reported quarterly period consisted primarily of one commercial real estate land development loan, four small business loans and other consumer-related loans.
The Bank established provisions for loan losses of $1.8 million for the three months ended June 30, 2006 compared to $1.9 million for the three months ended June 30, 2005. The Bank’s allowance for loan losses was 1.08 percent of net loans at June 30, 2006 compared to 1.09 percent at December 31, 2005.
In the Company’s March 31, 2006 quarterly report on Form 10-Q, the Company disclosed that it had a lending relationship with one of Omaha, Nebraska’s largest residential construction builders which sought Chapter 11 bankruptcy relief following the death of its president. The Bank had funded $8.1 million of loans to this builder of which $6.8 million were related to entities seeking Chapter 11 relief. Included in the Chapter 11-related loans were 27 residential homes and a 121-lot residential land development loan totaling $1.8 million. Loans in the amount of $1.3 million to the deceased president and his widow were not under the protection of the bankruptcy court and were secured by either their personal residence or four completed model homes.
In the three months ended June 30, 2006, the Bank was paid-in-full on loans related to the sale of three residential and two model homes. The land associated with the $1.8 million development project was also sold and the Bank’s loan was paid-in-full in early July 2006. Two residential homes, one model home and the builder’s personal residence are currently under contract to be sold. At the present time, the Bank believes that it is adequately secured with respect to the remaining portfolio of loans in this relationship.
Consolidated Statements of Financial Condition
Total assets at June 30, 2006 were $3.3 billion, an increase of $100.1 million, or 3.1 percent, compared to $3.2 billion at December 31, 2005. The year-to-date increase in total assets was driven primarily by a $121.8 million increase in net loans partially offset by a $24.0 million reduction in cash and cash equivalents.
Total liabilities amounted to $3.0 billion at June 30, 2006, an increase of $78.4 million, or 2.7 percent, compared to $2.9 billion at year-end 2005. Growth in 2006 total liabilities through June 30 primarily resulted from increases of $91.3 million in advances from the FHLBank Topeka and other borrowings, $38.4 million in retail deposits and $8.1 million of retail deposits acquired in the Marine Bank branch purchase. These cumulative increases were partially offset by a $57.6 million decline in brokered time deposits.
Stockholders’ equity at June 30, 2006 increased $21.7 million, or 7.0 percent, to $330.5 million compared to $308.9 million at December 31, 2005. The Company’s increase in year-to-date stockholders’ equity was primarily attributable to an increase in retained earnings related to $18.9 million in net income earned during the first half of 2006.
The Company repurchased approximately 13,000 shares to support employee benefit programs during the three months ended June 30, 2006. Nearly 1.7 million shares remain eligible for repurchase under a 2004 plan approved by the Board of Directors. To date, the Company has repurchased over 4.4 million shares since it initiated its first stock buyback plan in late 2003.
The Company paid its tenth consecutive quarterly cash dividend on June 30, 2006 to shareholders of record at June 15, 2006. The quarterly cash dividend, which had been $0.06 per share, was increased 16.7 percent to $0.07 per share for the June 2006 payment by a Board-approved directive announced at the Company’s May annual meeting of shareholders.
Other Developments
The Bank relocated its Hastings, Nebraska operation to a new, expanded banking facility in early May. Using the “Bank-of-the-Future” design concept, the new full-service office offers additional lending and depository services, drive-through convenience, live satellite television broadcasting the latest financial news and a “state-of-the-art” Internet Café for customers. Since relocating, the Hastings office has opened more new customer accounts than any other TierOne Bank office and total deposits have increased 15.4 percent.
In early June, the Company completed its purchase of Marine Bank’s only branch office in Omaha, Nebraska. The banking office, located in a high growth retail/commercial/residential area of southwest Omaha, became the Bank’s twelfth facility in the metropolitan area and is expected to strengthen the Bank’s growing retail presence and build consumer and commercial banking activity.
The Company’s continued effort to enhance its market position and business leadership has recently been recognized by two distinguished organizations. NASDAQ, the market on which the Company’s stock is traded, has placed the Company in its newly-created “Global Select Market” level, the top tier of all NASDAQ-listed companies. The Bank was also recently presented with the Better Business Bureau’s annual “Integrity Award” honoring a large Nebraska business whose policies, business practices and employees represent the highest standards of business ethics and integrity.
Corporate Profile
TierOne Corporation is the parent company of TierOne Bank, a $3.3 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 70 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, including issues associated with the growth of a more diversified loan portfolio; unanticipated issues associated with increases in the levels of losses, customer bankruptcies, claims and assessments; 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
June 30, 2006 (Unaudited) and December 31, 2005
(Dollars in thousands, except per share data)
| June 30, 2006
| December 31, 2005
|
|---|
| ASSETS | | | | | | | | |
| Cash and due from banks | | | $ | 63,998 | | $ | 83,534 | |
| Federal funds sold | | | | -- | | | 4,500 | |
|
| Total cash and cash equivalents | | | | 63,998 | | | 88,034 | |
|
| Investment securities: | | |
| Held to maturity, at cost which approximates fair value | | | | 100 | | | 111 | |
| Available for sale, at fair value | | | | 102,796 | | | 102,614 | |
| Mortgage-backed securities, available for sale, at fair value | | | | 16,070 | | | 19,752 | |
| Loans receivable: | | |
| Net loans (includes loans held for sale of $11,125 and $8,666 | | |
| at June 30, 2006 and December 31, 2005, respectively) | | | | 2,966,493 | | | 2,844,670 | |
| Allowance for loan losses | | | | (32,159 | ) | | (30,870 | ) |
|
| Net loans after allowance for loan losses | | | | 2,934,334 | | | 2,813,800 | |
|
| FHLBank Topeka stock, at cost | | | | 60,131 | | | 58,491 | |
| Premises and equipment, net | | | | 40,092 | | | 39,509 | |
| Accrued interest receivable | | | | 20,071 | | | 19,190 | |
| Goodwill | | | | 42,283 | | | 42,283 | |
| Other intangible assets, net | | | | 9,257 | | | 10,041 | |
| Other assets | | | | 33,249 | | | 28,450 | |
|
| Total assets | | | $ | 3,322,381 | | $ | 3,222,275 | |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | |
| Liabilities: | | |
| Deposits | | | $ | 2,027,306 | | $ | 2,038,319 | |
| FHLBank Topeka advances and other borrowings | | | | 906,210 | | | 814,924 | |
| Advance payments from borrowers for taxes, insurance and | | |
| other escrow funds | | | | 27,235 | | | 24,864 | |
| Accrued interest payable | | | | 6,075 | | | 7,289 | |
| Accrued expenses and other liabilities | | | | 25,011 | | | 28,012 | |
|
| Total liabilities | | | | 2,991,837 | | | 2,913,408 | |
|
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; | | |
| 18,149,694 and 18,150,773 shares issued and outstanding | | |
| at June 30, 2006 and December 31, 2005, respectively | | | | 226 | | | 226 | |
| Additional paid-in capital | | | | 353,957 | | | 358,587 | |
| Retained earnings, substantially restricted | | | | 92,043 | | | 75,282 | |
| Treasury stock, at cost; 4,425,381 and 4,424,302 shares at | | |
| June 30, 2006 and December 31, 2005, respectively | | | | (101,739 | ) | | (101,584 | ) |
| Unallocated common stock held by Employee Stock | | |
| Ownership Plan | | | | (12,416 | ) | | (13,169 | ) |
| Unearned common stock held by Management Recognition | | |
| and Retention Plan | | | | -- | | | (9,368 | ) |
| Accumulated other comprehensive loss, net | | | | (1,527 | ) | | (1,107 | ) |
|
| Total stockholders’ equity | | | | 330,544 | | | 308,867 | |
|
| Total liabilities and stockholders’ equity | | | $ | 3,322,381 | | $ | 3,222,275 | |
|
TierOne Corporation
Consolidated Statements of Income (Unaudited)
| For the Three Months Ended
June 30,
| For the Six Months Ended
June 30,
|
|---|
(Dollars in thousands, except per share data)
| 2006
| 2005
| 2006
| 2005
|
|---|
| Interest income: | | | | | | | | | | | | | | |
| Loans receivable | | | $ | 52,669 | | $ | 40,629 | | $ | 100,771 | | $ | 78,095 | |
| Investment securities | | | | 2,162 | | | 2,096 | | | 4,177 | | | 4,130 | |
| Other interest-earning assets | | | | -- | | | -- | | | 76 | | | -- | |
|
| Total interest income | | | | 54,831 | | | 42,725 | | | 105,024 | | | 82,225 | |
|
| Interest expense: | | |
| Deposits | | | | 14,267 | | | 9,933 | | | 27,409 | | | 18,831 | |
| FHLBank Topeka advances and other borrowings | | | | 9,160 | | | 7,091 | | | 17,075 | | | 13,357 | |
|
| Total interest expense | | | | 23,427 | | | 17,024 | | | 44,484 | | | 32,188 | |
|
| Net interest income | | | | 31,404 | | | 25,701 | | | 60,540 | | | 50,037 | |
| Provision for loan losses | | | | 1,811 | | | 1,923 | | | 3,142 | | | 2,711 | |
|
| Net interest income after provision | | |
| for loan losses | | | | 29,593 | | | 23,778 | | | 57,398 | | | 47,326 | |
|
| Noninterest income: | | |
| Fees and service charges | | | | 5,636 | | | 5,127 | | | 10,683 | | | 10,015 | |
| Debit card fees | | | | 685 | | | 521 | | | 1,301 | | | 988 | |
| Income (loss) from real estate operations, net | | | | (59 | ) | | (10 | ) | | (65 | ) | | (8 | ) |
| Net gain (loss) on sales of: | | |
| Investment securities | | | | -- | | | -- | | | 21 | | | 13 | |
| Loans held for sale | | | | 625 | | | 502 | | | 1,170 | | | 973 | |
| Real estate owned | | | | 6 | | | 14 | | | (64 | ) | | 50 | |
| Other operating income | | | | 302 | | | 184 | | | 555 | | | 282 | |
|
| Total noninterest income | | | | 7,195 | | | 6,338 | | | 13,601 | | | 12,313 | |
|
| Noninterest expense: | | |
| Salaries and employee benefits | | | | 12,168 | | | 10,184 | | | 23,943 | | | 20,404 | |
| Occupancy, net | | | | 2,158 | | | 1,938 | | | 4,374 | | | 4,126 | |
| Data processing | | | | 533 | | | 485 | | | 1,101 | | | 993 | |
| Advertising | | | | 1,373 | | | 1,294 | | | 2,461 | | | 2,208 | |
| Other operating expense | | | | 4,759 | | | 3,801 | | | 8,458 | | | 8,005 | |
|
| Total noninterest expense | | | | 20,991 | | | 17,702 | | | 40,337 | | | 35,736 | |
|
| Income before income taxes | | | | 15,797 | | | 12,414 | | | 30,662 | | | 23,903 | |
| Income tax expense | | | | 6,090 | | | 4,806 | | | 11,753 | | | 9,117 | |
|
| Net income | | | $ | 9,707 | | $ | 7,608 | | $ | 18,909 | | $ | 14,786 | |
|
| Net income per common share, basic | | | $ | 0.59 | | $ | 0.47 | | $ | 1.15 | | $ | 0.91 | |
|
| Net income per common share, diluted | | | $ | 0.57 | | $ | 0.46 | | $ | 1.11 | | $ | 0.89 | |
|
| Dividends declared per common share | | | $ | 0.07 | | $ | 0.06 | | $ | 0.13 | | $ | 0.11 | |
|
| Average common shares outstanding, basic (000’s) | | | | 16,463 | | | 16,147 | | | 16,425 | | | 16,171 | |
|
| Average common shares outstanding, diluted (000’s) | | | | 17,129 | | | 16,547 | | | 17,080 | | | 16,586 | |
|
TierOne Corporation
Selected Financial and Other Data
(Dollars in thousands)
| June 30, 2006
| December 31, 2005
| | |
|---|
| Selected Financial and Other Data: | | | | | | | | | | | | | | |
| Total assets | | | $ | 3,322,381 | | $ | 3,222,275 | | | | |
| Cash and cash equivalents | | | | 63,998 | | | 88,034 | | | | |
| Investment securities: | | |
| Held to maturity, at cost which approximates fair value | | | | 100 | | | 111 | | | | |
| Available for sale, at fair value | | | | 102,796 | | | 102,614 | | | | |
| Mortgage-backed securities, available for sale, at fair value | | | | 16,070 | | | 19,752 | | | | |
| Loans receivable: | | |
| Loans held for sale | | | | 11,125 | | | 8,666 | | | | |
| Total loans receivable | | | | 3,638,750 | | | 3,499,813 | | | | |
| Unamortized premiums, discounts and deferred loan fees | | | | 3,991 | | | 4,778 | | | | |
| Undisbursed portion of construction and land | | |
| development loans in process | | | | (687,373 | ) | | (668,587 | ) | | | |
|
| Net loans | | | | 2,966,493 | | | 2,844,670 | | | | |
| Allowance for loan losses | | | | (32,159 | ) | | (30,870 | ) | | | |
|
| Net loans after allowance for loan losses | | | | 2,934,334 | | | 2,813,800 | | | | |
|
| Deposits | | | | 2,027,306 | | | 2,038,319 | | | | |
| FHLBank Topeka advances and other borrowings | | | | 906,210 | | | 814,924 | | | | |
| Stockholders’ equity | | | | 330,544 | | | 308,867 | | | | |
Average interest-earning assets (year-to-date) | | | | 3,051,164 | | | 2,933,358 | | | | |
| Average interest-bearing liabilities (year-to-date) | | | | 2,755,952 | | | 2,664,150 | | | | |
| Nonperforming loans | | | | 17,380 | | | 14,405 | | | | |
| Nonperforming assets | | | | 22,966 | | | 16,851 | | | | |
| Allowance for loan losses | | | | 32,159 | | | 30,870 | | | | |
| Nonperforming loans as a percent of net loans | | | | 0.59 | % | | 0.51 | % | | | |
| Nonperforming assets as a percent of total assets | | | | 0.69 | % | | 0.52 | % | | | |
| Allowance for loan losses as a percent of | | |
| nonperforming loans | | | | 185.03 | % | | 214.30 | % | | | |
| Allowance for loan losses as a percent of net loans | | | | 1.08 | % | | 1.09 | % | | | |
| Three Months Ended
June 30,
| Six Months Ended
June 30,
|
|---|
Selected Operating Ratios:
| 2006
| 2005
| 2006
| 2005
|
|---|
| Average yield on interest-earning assets | | | | 7.10 | % | | 5.92 | % | | 6.88 | % | | 5.77 | % |
| Average rate on interest-bearing liabilities | | | | 3.35 | % | | 2.60 | % | | 3.23 | % | | 2.49 | % |
| Average interest rate spread | | | | 3.75 | % | | 3.32 | % | | 3.65 | % | | 3.28 | % |
| Net interest margin | | | | 4.06 | % | | 3.56 | % | | 3.97 | % | | 3.51 | % |
| Average interest-earning assets to average | | |
| interest-bearing liabilities | | | | 110.65 | % | | 110.02 | % | | 110.71 | % | | 110.13 | % |
| Net interest income after provision for loan | | |
| losses to noninterest expense | | | | 140.98 | % | | 134.32 | % | | 142.30 | % | | 132.43 | % |
| Total noninterest expense to average assets | | | | 2.55 | % | | 2.30 | % | | 2.48 | % | | 2.35 | % |
| Efficiency ratio (1) | | | | 53.23 | % | | 53.79 | % | | 53.21 | % | | 55.82 | % |
| Return on average assets | | | | 1.18 | % | | 0.99 | % | | 1.16 | % | | 0.97 | % |
| Return on average equity | | | | 11.94 | % | | 10.68 | % | | 11.85 | % | | 10.45 | % |
| Average equity to average assets | | | | 9.87 | % | | 9.26 | % | | 9.81 | % | | 9.29 | % |
| Return on tangible equity (2) | | | | 14.02 | % | | 12.91 | % | | 13.96 | % | | 12.67 | % |
| (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.
| June 30, 2006
| December 31, 2005
|
|---|
(Dollars in thousands)
| Amount
| %
| Amount
| %
|
|---|
| Real estate loans: | | | | | | | | | | | | | | |
| One-to-four family residential (1) | | | $ | 358,872 | | | 9.83 | % | $ | 384,722 | | | 10.96 | % |
| Second mortgage residential | | | | 136,057 | | | 3.73 | | | 160,208 | | | 4.57 | |
| Multi-family residential | | | | 146,749 | | | 4.02 | | | 166,579 | | | 4.75 | |
| Commercial real estate and land | | | | 795,040 | | | 21.78 | | | 692,420 | | | 19.74 | |
| Residential construction | | | | 926,762 | | | 25.39 | | | 943,378 | | | 26.89 | |
| Commercial construction | | | | 409,161 | | | 11.21 | | | 351,767 | | | 10.03 | |
| Agriculture | | | | 65,217 | | | 1.79 | | | 57,008 | | | 1.62 | |
|
| Total real estate loans | | | | 2,837,858 | | | 77.75 | | | 2,756,082 | | | 78.56 | |
|
| Business | | | | 198,902 | | | 5.45 | | | 177,592 | | | 5.06 | |
|
| Agriculture - operating | | | | 76,246 | | | 2.09 | | | 72,518 | | | 2.07 | |
|
| Warehouse mortgage lines of credit | | | | 124,210 | | | 3.40 | | | 95,174 | | | 2.71 | |
|
| Consumer loans: | | |
| Home equity | | | | 67,351 | | | 1.84 | | | 61,600 | | | 1.75 | |
| Home equity line of credit | | | | 136,718 | | | 3.75 | | | 141,021 | | | 4.02 | |
| Home improvement | | | | 63,253 | | | 1.73 | | | 69,165 | | | 1.97 | |
| Automobile | | | | 87,448 | | | 2.40 | | | 85,515 | | | 2.44 | |
| Other | | | | 57,889 | | | 1.59 | | | 49,812 | | | 1.42 | |
|
| Total consumer loans | | | | 412,659 | | | 11.31 | | | 407,113 | | | 11.60 | |
|
| Total loans | | | | 3,649,875 | | | 100.00 | % | | 3,508,479 | | | 100.00 | % |
|
| Unamortized premiums, discounts | | |
| and deferred loan fees | | | | 3,991 | | | | | | 4,778 | | | | |
| Undisbursed portion of construction and | | |
| land development loans in process | | | | (687,373 | ) | | | | | (668,587 | ) | | | |
|
| Net loans | | | | 2,966,493 | | | | | | 2,844,670 | | | | |
| Allowance for loan losses | | | | (32,159 | ) | | | | | (30,870 | ) | | | |
|
| Net loans after allowance for loan losses | | | | 2,934,334 | | | | | | 2,813,800 | | | | |
|
| (1) Includes loans held for sale | | | $ | 11,125 | | | | | $ | 8,666 | | | | |
|
| CONTACT: | Edward J. Swotek, Senior Vice President
Investor Relations Department
(402)473-6250
investorrelations@tieronecorp.com |
