May 2, 2007
Edward J. Swotek, Senior Vice President
Immediately
LINCOLN, NE – May 2, 2007 — TierOne Corporation (NASDAQ: TONE) (“Company”), the holding company for TierOne Bank (“Bank”), reported quarterly diluted earnings per share of $0.55 for the three months ended March 31, 2007, or a 1.9 percent increase, compared to diluted earnings per share of $0.54 for the same period one year ago.
Net income also increased 1.9 percent for the three months ended March 31, 2007 to $9.4 million compared to $9.2 million for the same period in 2006.
Highlights from the first quarter of 2007 included:
| • | Total deposits at March 31, 2007 increased $98.4 million, or 4.8 percent, to $2.2 billion compared to December 31, 2006; |
| • | Net interest income increased 7.1 percent to $31.2 million for the three months ended March 31, 2007 compared to the same period one year ago; |
| • | Noninterest income increased 9.3 percent to $7.0 million for the three months ended March 31, 2007 compared to the same period one year ago; and |
| • | Net interest margin increased to 3.93 percent compared to 3.87 percent one year ago. |
“Despite the recent challenges experienced in selected regional housing markets and the continuation of flat interest rate trends, our core franchise delivered a solid performance for the first quarter,” said Gilbert G. Lundstrom, chairman and chief executive officer. “Looking forward, we remain focused on building long-term shareholder value by producing strong results from core operations and by seeking new business development opportunities.”
Net interest income for the three months ended March 31, 2007 increased $2.1 million, or 7.1 percent, to $31.2 million compared to the same period ended March 31, 2006. The quarter-over-quarter increase in net interest income was attributable primarily to increased levels of net loan receivables supplemented by higher yields on interest-earning assets.
Average interest rate spread and net interest margin were 3.50 percent and 3.93 percent, respectively, for the three months ended March 31, 2007 compared to 3.57 percent and 3.87 percent, respectively, for the same period one year ago. Despite a 71 basis point increase in the average yield on interest-earning assets, rising rates on interest-bearing liabilities contributed to a modest seven basis point rate compression on the average interest rate spread between the two comparative quarterly periods. Irrespective of this rate compression, net interest margin actually increased for the three month period ended March 31, 2007 compared to the comparable quarter in 2006 due to an increase of $53.4 million in net interest earning assets.
For the three months ended March 31, 2007, noninterest income increased 9.3 percent to $7.0 million compared to $6.4 million for the same period in 2006. The increase in noninterest income was driven primarily by an increase of $468,000 in deposit and debit card-related fees.
Noninterest expense for the three months ended March 31, 2007 increased to $21.5 million compared to $19.3 million for the three months ended March 31, 2006. The increase in quarter-over-quarter noninterest expense was attributable primarily to increases of $1.3 million in salaries and employee benefits related to increases in full-time equivalent personnel and normal salary increases and $646,000 in other operating expense.
Nonperforming loans at March 31, 2007 were $40.3 million, or 1.32 percent of net loans, compared to $30.1 million, or 0.99 percent of net loans, at December 31, 2006. Nonperforming assets totaled $46.8 million, or 1.36 percent of total assets, at March 31, 2007 compared to $35.3 million, or 1.03 percent of total assets, at December 31, 2006. The increase in nonperforming loans and assets for the first three months of 2007 resulted from an $11.8 million increase in nonperforming residential construction loans offset by a $1.6 million collective decline in other lending categories.
As part of the Company’s long-standing policy on minimizing asset quality exposure, the Bank has historically not participated in subprime residential real estate lending. The Office of Thrift Supervision (“OTS”), the Bank’s federal regulatory agency, defines subprime loans as loans to borrowers displaying one or more credit risk characteristics including lending to a borrower with a credit bureau risk score (“FICO”) of 660 or below.
As disclosed in the December 31, 2006 earnings release and a follow-up supplemental report, the Company reported it had a group of residential construction loans located in the Cape Coral area of southwest Florida. These loans, made to individual homebuyers wishing to build a second or retirement home in the Cape Coral area, are for properties located in a fully platted, zoned and infrastructure-complete housing development with direct waterfront access for many lots.
To limit geographic loan concentration, the Bank discontinued purchasing residential construction loans in the Cape Coral area from a local Florida-based mortgage brokerage firm by December 31, 2005. At March 31, 2006, the Bank had 874 residential construction loan commitments totaling $233.2 million in the Cape Coral area with disbursed funds amounting to $110.0 million. Each borrower in the Cape Coral area possessed a strong credit score which met Fannie Mae or other secondary market underwriting guidelines (average FICO score for Cape Coral borrowers at March 31, 2007 was 741, materially higher than levels associated with subprime borrowers as defined above) and had also obtained a contractual commitment for permanent financing with third-party lenders upon completion of the residence.At March 31, 2006, only one loan of $360,000 was 90 days or more delinquent.
A substantially higher than expected surge in residential construction building permit applications occurred in the Cape Coral area in early to mid-2006 which resulted in unusual delays in the commencement of construction. In many cases, these delays extended beyond the original term of the residential construction loan. The backlog of residential construction permits awaiting issuance has returned to normal levels and as a result, several residential construction builders are actively constructing homes for the Bank’s borrowers.
Notwithstanding localized construction delays and a correction of housing values in selected Florida markets, the Bank reduced its Cape Coral residential construction loan commitments from March 31, 2006 by 37.9 percent to $144.9 million at December 31, 2006 and total outstandings declined 23.5 percent to $84.2 million.
The Bank has taken a number of aggressive, pro-active steps designed to address its Florida residential construction loan delinquencies. These measures include offering loan and lot modification loans to qualified borrowers, identifying large, highly-respected local builders to construct homes at 2006 price levels and finding other third-party lenders who will offer permanent financing and closing cost incentives to borrowers for completed homes. The Bank has also reclaimed servicing functions on a number of loans from the Florida mortgage broker, required the broker to engage new legal counsel to handle foreclosure matters and entered into various loss-sharing agreements with the Florida mortgage broker. Through March 31, 2007, the Bank has not charged-off any residential construction loan balances in the Cape Coral area and is planning to aggressively pursue all legal remedies against any delinquent Florida borrower.
For the first quarter of 2007, residential construction loan commitments in the Cape Coral area further decreased 17.3 percent to $119.9 million at March 31, 2007 compared to $144.9 million at December 31, 2006. Disbursed funds associated with these loans declined an additional 13.3 percent to $72.9 million at March 31, 2007, compared to $84.2 million at year-end 2006, and represented less than 2.4 percent of the Bank’s total net loans. Of the Bank’s $29.9 million of nonperforming residential construction loans at March 31, 2007, $19.5 million related to Cape Coral loans. Since March 31, 2007, the Bank’s Cape Coral loans continue to decline as borrowers pay off loans on a weekly basis.
We believe that, based on information currently available to us at this time, our allowance for loan losses is maintained at a level which covers all known and inherent losses that are both probable and reasonable to estimate at the present time. Actual losses are dependent upon future events and, as such, further changes to the level of allowances for loan losses may become necessary based on changes in economic conditions and other factors.
The Company’s total charged off loans, net of recoveries, amounted to $691,000 for the three months ended March 31, 2007 compared to $422,000 for the same period one year ago. The majority of the Company’s charged off loans reported for the latest quarterly period were automobile and other consumer-related loans.
The provision for loan losses for the three months ended March 31, 2007 was $1.5 million compared to $1.3 million for the three months ended March 31, 2006. The allowance for loan losses as a percent of net loans was 1.11 percent at March 31, 2007 compared to 1.07 percent one year ago.
Total assets at March 31, 2007 were $3.44 billion, an increase of $10.1 million compared to $3.43 billion at December 31, 2006.
Total liabilities at March 31, 2007 remained virtually unchanged at $3.1 billion compared to December 31, 2006. However, total deposits increased $98.4 million, or 4.8 percent, to $2.2 billion at March 31, 2007 compared to $2.1 billion at December 31, 2006. Deposit growth for the first quarter of 2007 was driven primarily by the Company’s enhanced retail sales initiatives and resulted in increases in time deposits, business banking and consumer core deposits. The quarterly increase in deposits was offset by a $98.1 million decline in FHLBank advances and other borrowings.
Stockholders’ equity increased $11.1 million, or 3.2 percent, to $364.4 million at March 31, 2007 compared to $353.3 million at December 31, 2006. The increase in stockholders’ equity resulted primarily from an increase in retained earnings related to $9.4 million in net income earned during the three month period ended March 31, 2007.
The Company did not repurchase any of its common stock during the three months ended March 31, 2007. Under a Board-authorized stock buyback plan, the Company remains eligible to repurchase approximately 1.5 million shares of stock. To date, nearly 4.6 million shares have been repurchased.
Shareholders of record at March 15, 2007 were paid a $0.07 per share quarterly cash dividend on March 30, 2007. The March payment was the thirteenth consecutive quarterly cash dividend paid to shareholders since the inception of the Company’s dividend program in March 2004.
The Bank’s tangible, core and risk-based capital positions continue to meet and exceed all federally mandated regulatory guidelines. Throughout its publicly traded existence, the Bank has consistently been recognized as “well capitalized” by the federal government; the highest rating awarded to federally insured financial institutions.
At a ceremony held at the Nebraska State Capitol, Governor Dave Heineman recognized TierOne Bank upon achieving its 100th anniversary on March 27, 2007. The event launched the beginning of a series of brand-building marketing efforts designed to enhance market perception and awareness, develop new consumer and business account relationships and build profitable market share.
TierOne Corporation is the parent company of TierOne Bank, a $3.4 billion federally chartered savings bank and the largest publicly traded financial institution headquartered in Nebraska. Celebrating its 100th Anniversary in 2007, TierOne Bank offers customers a wide variety of full-service consumer, commercial and agricultural banking products and services through a network of 69 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; unanticipated changes in fiscal, monetary, regulatory, trade and tax policies and laws; 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.
| (Dollars in thousands, except per share data) | March 31, 2007 | December 31, 2006 | ||||||
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Cash and due from banks | $ | 68,178 | $ | 86,808 | ||||
| Federal funds sold | 16,000 | -- | ||||||
| Total cash and cash equivalents | 84,178 | 86,808 | ||||||
| Investment securities: | ||||||||
| Held to maturity, at cost which approximates fair value | 85 | 90 | ||||||
| Available for sale, at fair value | 121,236 | 105,000 | ||||||
| Mortgage-backed securities, available for sale, at fair value | 10,722 | 12,272 | ||||||
| Loans receivable: | ||||||||
| Net loans (includes loans held for sale of $ 14,699 and $19,285 | ||||||||
| at March 31, 2007 and December 31, 2006, respectively) | 3,044,850 | 3,050,160 | ||||||
| Allowance for loan losses | (33,906 | ) | (33,129 | ) | ||||
| Net loans after allowance for loan losses | 3,010,944 | 3,017,031 | ||||||
| FHLBank Topeka stock, at cost | 62,976 | 62,022 | ||||||
| Premises and equipment, net | 39,433 | 39,821 | ||||||
| Accrued interest receivable | 22,610 | 23,023 | ||||||
| Goodwill | 42,162 | 42,228 | ||||||
| Other intangible assets, net | 7,967 | 8,391 | ||||||
| Mortgage servicing rights (lower of cost or market), net | 12,520 | 12,467 | ||||||
| Other assets | 26,428 | 22,016 | ||||||
| Total assets | $ | 3,441,261 | $ | 3,431,169 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Liabilities: | ||||||||
| Deposits | $ | 2,150,753 | $ | 2,052,343 | ||||
| FHLBank Topeka advances and other borrowings | 864,317 | 962,376 | ||||||
| Advance payments from borrowers for taxes, insurance and | ||||||||
| other escrow funds | 24,941 | 27,203 | ||||||
| Accrued interest payable | 6,487 | 6,620 | ||||||
| Accrued expenses and other liabilities | 30,343 | 29,344 | ||||||
| Total liabilities | 3,076,841 | 3,077,886 | ||||||
| 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; | ||||||||
| 18,057,813 and 18,041,413 shares issued and outstanding | ||||||||
| at March 31, 2007 and December 31, 2006, respectively | 226 | 226 | ||||||
| Additional paid-in capital | 360,553 | 358,733 | ||||||
| Retained earnings, substantially restricted | 120,471 | 112,111 | ||||||
| Treasury stock, at cost; 4,517,262 and 4,533,662 shares at | ||||||||
| March 31, 2007 and December 31, 2006, respectively | (105,025 | ) | (105,406 | ) | ||||
| Unallocated common stock held by Employee Stock | ||||||||
| Ownership Plan | (11,288 | ) | (11,664 | ) | ||||
| Accumulated other comprehensive loss, net | (517 | ) | (717 | ) | ||||
| Total stockholders’ equity | 364,420 | 353,283 | ||||||
| Total liabilities and stockholders’ equity | $ | 3,441,261 | $ | 3,431,169 | ||||
| For the Three Months Ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands, except per share data) | 2007 | 2006 | ||||||
| Interest income: | ||||||||
| Loans receivable | $ | 56,065 | $ | 48,102 | ||||
| Investment securities | 2,429 | 2,015 | ||||||
| Other interest-earning assets | 171 | 76 | ||||||
| Total interest income | 58,665 | 50,193 | ||||||
| Interest expense: | ||||||||
| Deposits | 17,896 | 13,142 | ||||||
| FHLBank Topeka advances and other borrowings | 9,574 | 7,915 | ||||||
| Total interest expense | 27,470 | 21,057 | ||||||
| Net interest income | 31,195 | 29,136 | ||||||
| Provision for loan losses | 1,468 | 1,331 | ||||||
| Net interest income after provision | ||||||||
| for loan losses | 29,727 | 27,805 | ||||||
| Noninterest income: | ||||||||
| Fees and service charges | 5,501 | 5,047 | ||||||
| Debit card fees | 761 | 616 | ||||||
| Loss from real estate operations, net | (134 | ) | (6 | ) | ||||
| Net gain (loss) on sales of: | ||||||||
| Investment securities | -- | 21 | ||||||
| Loans held for sale | 628 | 545 | ||||||
| Real estate owned | (5 | ) | (70 | ) | ||||
| Other operating income | 253 | 253 | ||||||
| Total noninterest income | 7,004 | 6,406 | ||||||
| Noninterest expense: | ||||||||
| Salaries and employee benefits | 13,118 | 11,775 | ||||||
| Occupancy, net | 2,413 | 2,216 | ||||||
| Data processing | 621 | 568 | ||||||
| Advertising | 1,002 | 1,088 | ||||||
| Other operating expense | 4,345 | 3,699 | ||||||
| Total noninterest expense | 21,499 | 19,346 | ||||||
| Income before income taxes | 15,232 | 14,865 | ||||||
| Income tax expense | 5,854 | 5,663 | ||||||
| Net income | $ | 9,378 | $ | 9,202 | ||||
| Net income per common share, basic | $ | 0.56 | $ | 0.56 | ||||
| Net income per common share, diluted | $ | 0.55 | $ | 0.54 | ||||
| Dividends declared per common share | $ | 0.07 | $ | 0.06 | ||||
| Average common shares outstanding, basic (000’s) | 16,601 | 16,389 | ||||||
| Average common shares outstanding, diluted (000’s) | 17,161 | 17,032 | ||||||
| (Dollars in thousands) | March 31, 2007 | December 31, 2006 | ||||||
|---|---|---|---|---|---|---|---|---|
| Selected Financial and Other Data: | ||||||||
| Total assets | $ | 3,441,261 | $ | 3,431,169 | ||||
| Cash and cash equivalents | 84,178 | 86,808 | ||||||
| Investment securities: | ||||||||
| Held to maturity, at cost which approximates fair value | 85 | 90 | ||||||
| Available for sale, at fair value | 121,236 | 105,000 | ||||||
| Mortgage-backed securities, available for sale, at fair value | 10,722 | 12,272 | ||||||
| Loans receivable: | ||||||||
| Loans held for sale | 14,699 | 19,285 | ||||||
| Total loans receivable | 3,611,702 | 3,662,950 | ||||||
| Unamortized premiums, discounts and deferred loan fees | 6,728 | 5,602 | ||||||
| Loans in process | (588,279 | ) | (637,677 | ) | ||||
| Net loans | 3,044,850 | 3,050,160 | ||||||
| Allowance for loan losses | (33,906 | ) | (33,129 | ) | ||||
| Net loans after allowance for loan losses | 3,010,944 | 3,017,031 | ||||||
| Deposits | 2,150,753 | 2,052,343 | ||||||
| FHLBank Topeka advances and other borrowings | 864,317 | 962,376 | ||||||
| Stockholders’ equity | 364,420 | 353,283 | ||||||
Nonperforming loans | 40,286 | 30,050 | ||||||
| Nonperforming assets | 46,800 | 35,314 | ||||||
| Allowance for loan losses | 33,906 | 33,129 | ||||||
| Nonperforming loans as a percent of net loans | 1.32 | % | 0.99 | % | ||||
| Nonperforming assets as a percent of total assets | 1.36 | % | 1.03 | % | ||||
| Allowance for loan losses as a percent of | ||||||||
| nonperforming loans | 84.16 | % | 110.25 | % | ||||
| Allowance for loan losses as a percent of net loans | 1.11 | % | 1.09 | % | ||||
| Three Months Ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|
| Selected Operating Ratios: | 2007 | 2006 | ||||||
| Average yield on interest-earning assets | 7.38 | % | 6.67 | % | ||||
| Average rate on interest-bearing liabilities | 3.88 | % | 3.10 | % | ||||
| Average interest rate spread | 3.50 | % | 3.57 | % | ||||
| Net interest margin | 3.93 | % | 3.87 | % | ||||
| Average interest-earning assets to average | ||||||||
| interest-bearing liabilities | 112.22 | % | 110.77 | % | ||||
| Net interest income after provision for loan | ||||||||
| losses to noninterest expense | 138.27 | % | 143.72 | % | ||||
| Total noninterest expense to average assets | 2.54 | % | 2.41 | % | ||||
| Efficiency ratio (1) | 55.17 | % | 53.19 | % | ||||
| Return on average assets | 1.11 | % | 1.15 | % | ||||
| Return on average equity | 10.49 | % | 11.75 | % | ||||
| Average equity to average assets | 10.55 | % | 9.75 | % | ||||
| Return on tangible equity (2) | 12.08 | % | 13.89 | % | ||||
| (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. |
| Three Months Ended March 31, | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | |||||||||||||||||||
| (Dollars in thousands) | Average Balance | Interest | Average Yield/Rate | Average Balance | Interest | Average Yield/Rate | ||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Federal funds sold | 13,090 | 171 | 5.23 | % | 7,156 | 76 | 4.25 | % | ||||||||||||
| Investment securities (1) | 173,340 | 2,306 | 5.32 | 161,387 | 1,825 | 4.52 | ||||||||||||||
| Mortgage-backed securities (1) | 11,578 | 123 | 4.25 | 19,002 | 190 | 4.00 | ||||||||||||||
| Loans receivable (2) | 2,980,236 | 56,065 | 7.52 | 2,823,180 | 48,102 | 6.82 | ||||||||||||||
| Total interest-earning assets | 3,178,244 | 58,665 | 7.38 | % | 3,010,725 | 50,193 | 6.67 | % | ||||||||||||
| Noninterest-earning assets | 210,954 | 202,971 | ||||||||||||||||||
| Total assets | 3,389,198 | 3,213,696 | ||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||
| Interest-bearing checking accounts | 344,974 | 972 | 1.13 | % | 382,671 | 1,068 | 1.12 | % | ||||||||||||
| Savings accounts | 45,731 | 54 | 0.47 | 56,289 | 75 | 0.53 | ||||||||||||||
| Money market accounts | 401,736 | 3,027 | 3.01 | 377,538 | 2,389 | 2.53 | ||||||||||||||
| Time deposits | 1,147,523 | 13,843 | 4.83 | 1,075,824 | 9,610 | 3.57 | ||||||||||||||
| Total interest-bearing deposits | 1,939,964 | 17,896 | 3.69 | 1,892,322 | 13,142 | 2.78 | ||||||||||||||
| FHLBank Topeka advances and | ||||||||||||||||||||
| other borrowings | 892,093 | 9,574 | 4.29 | 825,626 | 7,915 | 3.83 | ||||||||||||||
| Total interest-bearing liabilities | 2,832,057 | 27,470 | 3.88 | % | 2,717,948 | 21,057 | 3.10 | % | ||||||||||||
| Noninterest-bearing accounts | 132,173 | 118,800 | ||||||||||||||||||
| Other liabilities | 67,300 | 63,663 | ||||||||||||||||||
| Total liabilities | 3,031,530 | 2,900,411 | ||||||||||||||||||
| Stockholders’ equity | 357,668 | 313,285 | �� | |||||||||||||||||
| Total liabilities and stockholders’ equity | 3,389,198 | 3,213,696 | ||||||||||||||||||
| Net interest-earning assets | 346,187 | 292,777 | ||||||||||||||||||
| Net interest income; average interest rate spread | 31,195 | 3.50 | % | 29,136 | 3.57 | % | ||||||||||||||
| Net interest margin (3) | 3.93 | % | 3.87 | % | ||||||||||||||||
| Average interest-earning assets to average interest- | ||||||||||||||||||||
| bearing liabilities | 112.22 | % | 110.77 | % | ||||||||||||||||
| (1) Includes securities available for sale and held to maturity. Investment securities also includes FHLBank Topeka stock. (2) Includes nonperforming loans during the respective periods. Calculated net of unamortized premiums, discounts and deferred fees, loans in process and allowance for loan losses. (3) Equals net interest income (annualized) divided by average interest-earning assets. |
The following table shows the composition of our loan portfolio by type of loan at the dates indicated.
| March 31, 2007 | December 31, 2006 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands) | Amount | % | Amount | % | ||||||||||
| Real estate loans: | ||||||||||||||
| One-to-four family residential (1) | $ | 336,583 | 9.28 | % | $ | 339,080 | 9.21 | % | ||||||
| Second mortgage residential | 113,358 | 3.13 | 120,510 | 3.27 | ||||||||||
| Multi-family residential | 129,538 | 3.57 | 148,922 | 4.05 | ||||||||||
| Commercial real estate | 386,773 | 10.66 | 396,620 | 10.77 | ||||||||||
| Land and land development | 496,712 | 13.70 | 494,887 | 13.44 | ||||||||||
| Residential construction | 721,181 | 19.89 | 780,991 | 21.21 | ||||||||||
| Commercial construction | 540,658 | 14.91 | 491,997 | 13.36 | ||||||||||
| Agriculture | 78,082 | 2.15 | 68,459 | 1.86 | ||||||||||
| Total real estate loans | 2,802,885 | 77.29 | 2,841,466 | 77.17 | ||||||||||
| Business | 224,146 | 6.18 | 220,669 | 5.99 | ||||||||||
| Agriculture - operating | 89,946 | 2.48 | 94,455 | 2.56 | ||||||||||
| Warehouse mortgage lines of credit | 106,353 | 2.94 | 112,645 | 3.06 | ||||||||||
| Consumer loans: | ||||||||||||||
| Home equity | 72,810 | 2.01 | 71,476 | 1.94 | ||||||||||
| Home equity line of credit | 125,270 | 3.45 | 130,071 | 3.53 | ||||||||||
| Home improvement | 52,074 | 1.44 | 55,513 | 1.51 | ||||||||||
| Automobile | 86,050 | 2.37 | 87,575 | 2.38 | ||||||||||
| Other | 66,867 | 1.84 | 68,365 | 1.86 | ||||||||||
| Total consumer loans | 403,071 | 11.11 | 413,000 | 11.22 | ||||||||||
| Total loans | 3,626,401 | 100.00 | % | 3,682,235 | 100.00 | % | ||||||||
| Unamortized premiums, discounts | ||||||||||||||
| and deferred loan fees | 6,728 | 5,602 | ||||||||||||
| Loans in process | (588,279 | ) | (637,677 | ) | ||||||||||
| Net loans | 3,044,850 | 3,050,160 | ||||||||||||
| Allowance for loan losses | (33,906 | ) | (33,129 | ) | ||||||||||
| Net loans after allowance for loan losses | 3,010,944 | 3,017,031 | ||||||||||||
| (1) Includes loans held for sale | $ | 14,699 | $ | 19,285 | ||||||||||
| CONTACT: | Edward J. Swotek, Senior Vice President Investor Relations Department (402)473-6250 investorrelations@tieronecorp.com |
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