Center Financial Corporation
5-5-5
EXHIBIT 99.1
CENTER FINANCIAL REPORTS 2006 FIRST QUARTER RESULTS
LOS ANGELES, CA – April 27, 2006 – Center Financial Corporation (NASDAQ NM: CLFC), the holding company of Center Bank, today reported financial results for the three months ended March 31, 2006.
2006 first quarter highlights, compared with a year ago, include:
• | Net income increased 7% to $5.8 million, equal to $0.35 per diluted share |
• | Net loans increased 19% to $1.2 billion |
• | Total deposits grew 25% to $1.5 billion |
• | Total assets increased 22% to $1.7 billion |
• | Return on average assets and return on average equity equals 1.41% and 20.16%, respectively |
• | Efficiency ratio equals 55.8% |
• | Net interest income before provision for loan losses increased 20% to $16.7 million |
• | Noninterest income even at $5.0 million |
• | Quarterly cash dividends totaled $0.04 per share for the year |
“Following a record year of earnings and healthy growth in our balance sheet and loan and deposit portfolios, first quarter results were moderate and reflect the impact of a significant, non-recurring investment to build up our BSA infrastructure,” said (Paul) Seon-Hong Kim, president and chief executive officer of Center Financial. “While this effort certainly restrained our financial performance in the current first quarter, we believe we have taken the appropriate steps necessary to enable us to move forward with our strategic growth objectives.
“Fortifying the platform from which we expect to grow in the years ahead, we recently announced the expansion of our sales team with the appointment of a new chief marketing officer, along with several new experienced marketing professionals,” Kim said. “We believe these investments, along with initiatives designed to further improve our internal reporting processes, will result in long-term value for our customers, employees and shareholders.”
For the three months ended March 31, 2006, net interest income before provision for loan losses rose 20% to $16.7 million from $13.8 million in the 2005 first quarter, reflecting the positive impact of prime rate increases on a largely variable rate loan portfolio, partially offset by higher interest expense on deposits. The company’s yield on interest earning assets rose to 7.54% in the 2006 first quarter from 6.34% in the same period a year ago. The net interest margin narrowed to 4.40% from 4.57% in the first quarter of 2005.
The company posted a provision for loan losses of $257,000 in the 2006 first quarter, compared with $650,000 in the same 2005 period. Allowance for loan losses to gross loans equaled 1.12% in the first quarter of 2006, versus 1.13% a year earlier.
Noninterest income was relatively equal at $5.0 million in the first quarter of 2006 and 2005.
Noninterest expense for the 2006 first quarter rose to $12.1 million from $9.4 million a year earlier principally due to non-recurring professional fees related to the company’s major effort to build up its BSA infrastructure, which included the engagement of specialized outside consultants. In addition, the company recorded higher staff,
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Center Financial Corporation
6-6-6
occupancy and operational costs associated with the addition of two full-service branches in 2005 located in Seattle and Irvine. Reflecting the non-recurring professional fees in 2006 first quarter, the efficiency ratio rose to 55.8% from 49.7% in the prior-year period.
Net income for the 2006 first quarter increased 7% to $5.8 million, or $0.35 per diluted share, from $5.4 million, or $0.32 per diluted share, in the corresponding period a year ago.
For the 2006 first quarter, return on average assets was 1.41% and return on average equity was 20.16%, compared with 1.63% and 23.36%, respectively, for the same period last year.
Gross loans at March 31, 2006 increased 19% to $1.2 billion from $1.0 billion at March 31, 2005. Commercial real estate loans grew 25% from prior-year levels and accounted for 63% of the company’s gross loans at the end of the 2006 first quarter. Commercial and industrial loans, including commercial, trade finance and SBA loans, were up 9% over a year earlier and represented 30% of the gross loan portfolio at March 31, 2006. Consumer loans increased 18% over the prior year and totaled 6% of the company’s gross loan portfolio at the end of the 2006 first quarter.
“Earlier this month, Center Bank was honored to be recipient of the U.S. Small Business Administration’s (SBA) 2006 Excellence in Lending Award at the National Small Business Week 2006 event,” Kim said. “Amongst the nation’s largest and multi-national banks, Center Bank was designated as an Excellent Lender by the SBA based on the last three to five fiscal years of outstanding compounded annual growth in loan volume, consistent loan volume increases year-over-year, and exceptional credit quality. This recognition is a testament to Center Bank’s continued support of small business owners and its leadership in SBA lending. We look forward to another strong year of achievements.”
Total deposits rose 25% to $1.5 billion at March 31, 2006 from $1.2 billion a year ago. Non-interest bearing deposits were up 4% over levels a year earlier and accounted for 26% of deposits at the end of the 2006 first quarter. Interest bearing checking and savings deposits posted increases of 6% and 5%, respectively, over levels at March 31, 2005. Time deposits rose 50% over a year ago as consumers responded to the higher interest rate environment and accounted for 55% of total deposits at the end of the 2006 first quarter.
The average cost of interest-bearing deposits for the 2006 first quarter increased to 4.14% from 2.37% a year earlier. The average cost of total deposits rose to 3.09% for the current first quarter, up from 1.66% in the year-ago first quarter.
Total assets at March 31, 2006 grew 22% to $1.7 billion, up from $1.4 billion at March 31, 2005. Interest-earning assets totaled $1.5 billion at the end of the 2006 first quarter compared with $1.2 billion at March 31, 2005. The company continued to finance the growth of its total assets with the increase in deposits through its expanded network of branch offices.
The company continued to maintain excellent asset quality with total nonperforming assets totaling $3.6 million, or 0.21% of total assets, at March 31, 2006, compared with $3.5 million, or 0.25% of total assets, at March 31, 2005. Net charge-offs for 2006 first quarter totaled $210,000, compared with $94,000 in the year-ago first quarter.
Shareholders’ equity at March 31, 2006 increased 24% to $118.5 million from $95.4 million at March 31, 2005. At the end of the 2006 first quarter, Center Financial remained “well-capitalized” under all regulatory categories, with a Tier 1 risk-based capital ratio of 9.99%, a total risk-based capital ratio of 11.05%, and a Tier 1 leverage ratio of 8.17%.
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Center Financial Corporation
7-7-7
Investor Conference Call
The company will host an investor conference call at 11:00 a.m. EDT (8:00 a.m. PDT) on Thursday, April 27, 2006 to review the financial results for its 2006 first quarter. The call will be open to all interested investors through a live, listen-only audio Web broadcast via the Internet at www.centerbank.com and www.earnings.com. For those who are not available to listen to the live broadcast, the call will be archived for one year at both Web sites. A telephonic playback of the conference call also will be available through 8:00 p.m. EST, Wednesday, May 3, by calling 888-286-8010 (domestic) or 617-801-6888 (international) and using passcode 29811794.
About Center Financial Corporation
Center Financial Corporation is the holding company of Center Bank, a community bank offering a full range of financial services for diverse ethnic and small business customers. Founded in 1986 and specializing in commercial and SBA loans and trade finance products, Center Bank has grown to be one of the nation’s largest financial institutions focusing on the Korean-American community, with total assets of $1.7 billion at March 31, 2006. Headquartered in Los Angeles, Center Bank operates 26 branch and loan production offices across the nation. Of the company’s 17 full-service branches, 15 are located throughout Southern California, along with one branch each in Chicago and Seattle. Center Bank’s nine loan production offices are strategically located in Phoenix, Seattle, Denver, Washington D.C., Las Vegas, Atlanta, Honolulu, Houston and Dallas. Center Bank is a California state-chartered institution and its deposits are insured by the FDIC to the extent provided by law. For additional information on Center Bank, visit the company’s Web site at www.centerbank.com.
This release may contain forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and accordingly, the cautionary statements contained in Center Financial Corp’s Annual Report on amended Form 10-K for the fiscal year ended Dec. 31, 2005 (See Business, and Management’s Discussion and Analysis), and other filings with the Securities and Exchange Commission (SEC) are incorporated herein by reference. These factors include, but are not limited to: competition in the financial services market for both deposits and loans; the ability of Center Financial and its subsidiaries to increase its customer base; and regional and general economic conditions. Actual results and performance in future periods may be materially different from any future results or performance suggested by the forward-looking statements in this release. Such forward-looking statements speak only as of the date of this release. Center Financial expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the company’s expectations of results or any change in events.
# # #
(TABLES FOLLOW)
CENTER FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(Unaudited)
(In thousands, except share and per share data)
3/31/2006 | 12/31/2005 | 3/31/2005 | ||||||||||
ASSETS: | ||||||||||||
Cash and due from banks | $ | 84,808 | $ | 79,822 | $ | 69,566 | ||||||
Federal funds sold | 91,690 | 58,490 | 52,470 | |||||||||
Money market funds and interest-bearing deposits in other banks | 5,264 | 5,064 | 3,564 | |||||||||
Cash and cash equivalents | 181,762 | 143,376 | 125,600 | |||||||||
Securities available for sale, at fair value | 204,121 | 226,023 | 167,829 | |||||||||
Securities held to maturity, at amortized cost (fair value of $11,147 as of March 31, 2006, $11,014 as of December 31, 2005 and $10,951 as of March 31, 2005) | 11,217 | 11,052 | 10,880 | |||||||||
Federal Home Loan Bank and Pacific Coast Bankers Bank stock, at cost | 5,497 | 5,434 | 3,905 | |||||||||
Loans, net of allowance for loan losses of $13,918 as of March 31, 2006, $13,871 as of December 31, 2005 and $11,783 as of March 31, 2005 | 1,218,864 | 1,206,408 | 1,017,302 | |||||||||
Loans held for sale, at the lower of cost or market | 11,781 | 12,741 | 14,591 | |||||||||
Premises and equipment, net | 13,863 | 14,027 | 12,047 | |||||||||
Customers’ liability on acceptances | 3,698 | 4,028 | 3,573 | |||||||||
Accrued interest receivable | 7,256 | 6,486 | 5,261 | |||||||||
Deferred income taxes, net | 10,117 | 10,205 | 6,443 | |||||||||
Investments in affordable housing partnerships | 4,353 | 4,481 | 3,772 | |||||||||
Cash surrender value of life insurance | 10,897 | 10,805 | 10,522 | |||||||||
Goodwill | 1,253 | 1,253 | 1,253 | |||||||||
Intangible assets-net | 360 | 373 | 413 | |||||||||
Other assets | 4,318 | 4,311 | 4,100 | |||||||||
Total | $ | 1,689,357 | $ | 1,661,003 | $ | 1,387,491 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Noninterest-bearing | $ | 389,355 | $ | 395,050 | $ | 374,917 | ||||||
Interest-bearing | 1,101,727 | 1,085,506 | 815,734 | |||||||||
Total Deposits | 1,491,082 | 1,480,556 | 1,190,651 | |||||||||
Acceptances outstanding | 3,698 | 4,028 | 3,573 | |||||||||
Accrued interest payable | 11,150 | 9,084 | 3,760 | |||||||||
Other borrowed funds | 37,243 | 28,643 | 69,268 | |||||||||
Trust preferred securities | 18,557 | 18,557 | 18,557 | |||||||||
Accrued expenses and other liabilities | 9,145 | 7,421 | 6,312 | |||||||||
Total liabilities | 1,570,875 | 1,548,289 | 1,292,121 | |||||||||
Commitments and Contingencies | ||||||||||||
Shareholders’ Equity | ||||||||||||
Serial preferred stock, no par value; authorized 10,000,000 shares; issued and outstanding, none | — | — | — | |||||||||
Common stock, no par value; authorized 40,0000,000 shares; issued and outstanding, 16,476,768 as of March 31, 2006, 16,439,053 as of December 31, 2005 and 16,431,063 as of March 31, 2005 | 66,066 | 65,622 | 65,078 | |||||||||
Retained earnings | 53,379 | 48,268 | 31,049 | |||||||||
Accumulated other comprehensive loss, net of tax | (963 | ) | (1,176 | ) | (757 | ) | ||||||
Total shareholders’ equity | 118,482 | 112,714 | 95,370 | |||||||||
Total | $ | 1,689,357 | $ | 1,661,003 | $ | 1,387,491 | ||||||
CENTER FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME(Unaudited)
(In thousands, except share and per share data)
Three Months Ended | |||||||||
March 31, 2006 | December 31, 2005 | March 31, 2005 | |||||||
Interest income | $ | 28,520 | $ | 27,505 | $ | 19,173 | |||
interest expense | 11,862 | 10,034 | 5,341 | ||||||
Net interest income before provision for loan losses | 16,658 | 17,471 | 13,832 | ||||||
Provision for loan losses | 257 | 740 | 650 | ||||||
Net interest income after provision for loan losses | 16,401 | 16,731 | 13,182 | ||||||
Noninterest Income: | |||||||||
Customer service fees | 2,130 | 2,194 | 2,235 | ||||||
Fee income from trade finance transactions | 953 | 755 | 902 | ||||||
Wire transfer fees | 216 | 239 | 204 | ||||||
Gain on sale of loans | 674 | 667 | 673 | ||||||
Net gain on sale of securities available for sale | — | — | 50 | ||||||
Loan service fees | 554 | 459 | 440 | ||||||
Other income | 480 | 528 | 533 | ||||||
Total noninterest income | 5,007 | 4,842 | 5,037 | ||||||
Noninterest expense: | |||||||||
Salaries and employee benefits | 5,563 | 5,636 | 4,445 | ||||||
Occupancy | 884 | 1,038 | 715 | ||||||
Furniture, fixtures, and equipment | 460 | 479 | 408 | ||||||
Data processing | 542 | 536 | 465 | ||||||
Professional service fees | 2,060 | 804 | 798 | ||||||
Business promotion and advertising | 845 | 723 | 650 | ||||||
Stationary and supplies | 159 | 220 | 177 | ||||||
Telecommunications | 173 | 157 | 129 | ||||||
Postage and courier service | 141 | 197 | 163 | ||||||
Security service | 263 | 230 | 175 | ||||||
Loss on termination of interest rate swap | — | — | 306 | ||||||
Loss on interest rate swaps | 53 | 32 | 157 | ||||||
Other operating expenses | 947 | 1,343 | 782 | ||||||
Total noninterest expense | 12,090 | 11,395 | 9,370 | ||||||
Income before income tax provision | 9,318 | 10,178 | 8,849 | ||||||
Income tax provision | 3,549 | 3,529 | 3,436 | ||||||
Net income | $ | 5,769 | $ | 6,649 | $ | 5,413 | |||
Earings per share | |||||||||
Basic | $ | 0.35 | $ | 0.40 | $ | 0.33 | |||
Diluted | $ | 0.35 | $ | 0.40 | $ | 0.32 | |||
Basic average common shares outstanding | 16,451,055 | 16,434,670 | 16,314,981 | ||||||
Diluted average common shares outstanding | 16,629,328 | 16,725,023 | 16,669,068 | ||||||
CENTER FINANCIAL CORPORATION
SELECTED FINANCIAL DATA (Unaudited)
(In thousands)
Three Months Ended | |||||||||||||||||||||||||||
March 31, 2006 | December 31, 2005 | March 31, 2005 | |||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Rate/ Yield | Average Balance | Interest Income/ Expense | Rate/ Yield | Average Balance | Interest Income/ Expense | Rate/ Yield | |||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||
Loans | $ | 1,227,712 | $ | 25,288 | 8.35 | % | $ | 1,210,886 | $ | 25,175 | 8.25 | % | $ | 1,027,819 | $ | 17,594 | 6.94 | % | |||||||||
Federal funds sold | 73,806 | 823 | 4.52 | 32,448 | 323 | 3.94 | 27,385 | 171 | 2.53 | ||||||||||||||||||
Investment securities | 232,294 | 2,409 | 4.21 | 207,564 | 2,007 | 3.84 | 171,608 | 1,408 | 3.33 | ||||||||||||||||||
Total interest-earning assets | 1,533,812 | 28,520 | 7.54 | % | 1,450,898 | 27,505 | 7.52 | % | 1,226,812 | 19,173 | 6.34 | % | |||||||||||||||
Noninterest - earning assets | 128,792 | 132,240 | 117,844 | ||||||||||||||||||||||||
Total assets | $ | 1,662,604 | $ | 1,583,138 | $ | 1,344,656 | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||
Money market and NOW accounts | $ | 202,960 | $ | 1,360 | 2.72 | % | $ | 199,727 | $ | 1,224 | 2.43 | % | $ | 202,816 | $ | 840 | 1.68 | % | |||||||||
Savings | 80,670 | 744 | 3.74 | 80,571 | 735 | 3.62 | 75,247 | 599 | 3.23 | ||||||||||||||||||
Time certificates of deposits in: | |||||||||||||||||||||||||||
Denominations of $100,000 or more | 734,453 | 8,392 | 4.63 | 646,188 | 6,745 | 4.14 | 464,211 | 2,938 | 2.57 | ||||||||||||||||||
Other time certificate of deposits | 100,489 | 928 | 3.75 | 95,624 | 788 | 3.27 | 82,079 | 444 | 2.19 | ||||||||||||||||||
1,118,572 | 11,424 | 4.14 | 1,022,110 | 9,492 | 3.68 | 824,353 | 4,821 | 2.37 | |||||||||||||||||||
Other borrowed funds | 9,437 | 104 | 4.47 | 20,150 | 222 | 4.37 | 36,030 | 254 | 2.86 | ||||||||||||||||||
Long-term subordinated debentures | 18,557 | 334 | 7.30 | 18,557 | 320 | 6.85 | 18,557 | 266 | 5.82 | ||||||||||||||||||
Total interest-bearing liabilities | 1,146,566 | 11,862 | 4.20 | 1,060,817 | 10,034 | 3.75 | 878,940 | 5,341 | 2.46 | % | |||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||
Demand deposits | 379,431 | 394,063 | 354,608 | ||||||||||||||||||||||||
Total funding liabilities | 1,525,997 | 3.15 | % | 1,454,880 | 2.73 | % | 1,233,548 | 1.76 | % | ||||||||||||||||||
Other liabilities | 20,567 | 18,029 | 17,123 | ||||||||||||||||||||||||
Total noninterest-bearing liabilities | 399,998 | 412,092 | 371,731 | ||||||||||||||||||||||||
Shareholders’ equity | 116,040 | 110,258 | 93,985 | ||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,662,604 | $ | 1,583,167 | $ | 1,344,656 | |||||||||||||||||||||
Net interest income | $ | 16,658 | $ | 17,471 | $ | 13,832 | |||||||||||||||||||||
Cost of deposits | 3.09 | % | 2.66 | % | 1.66 | % | |||||||||||||||||||||
Net interest spread | 3.34 | % | 3.77 | % | 3.88 | % | |||||||||||||||||||||
Net interest margin | 4.40 | % | 4.78 | % | 4.57 | % | |||||||||||||||||||||
CENTER FINANCIAL CORPORATION
SELECTED FINANCIAL DATA (Unaudited)
(In thousands)
March 31, 2006 | December 31, 2005 | March 31, 2005 | ||||||||||
Nonaccrual loans: | ||||||||||||
Real estate: | ||||||||||||
Construction | $ | 1,562 | $ | 1,632 | $ | 1,726 | ||||||
Commercial | 354 | — | — | |||||||||
Commercial | 1,088 | 598 | 426 | |||||||||
Consumer | 173 | 113 | 62 | |||||||||
Trade Finance | — | — | 532 | |||||||||
SBA | 429 | 600 | 753 | |||||||||
Total nonperforming loans | 3,606 | 2,943 | 3,499 | |||||||||
Other real estate owned | — | — | — | |||||||||
Total nonperforming assets | $ | 3,606 | $ | 2,943 | $ | 3,499 | ||||||
Nonperforming loans as a percent of total loans | 0.29 | % | 0.24 | % | 0.37 | % | ||||||
Nonperforming assets as a percent of total loans and other real estate owned | 0.29 | % | 0.24 | % | 0.37 | % | ||||||
Nonperforming assets to total assets | 0.21 | % | 0.17 | % | 0.37 | % | ||||||
Three Months Ended March 31, 2006 | Year Ended December 31, 2005 | Three Months Ended March 31, 2005 | ||||||||||
Balances | ||||||||||||
Average total loans outstanding during the period | $ | 1,241,701 | $ | 1,123,880 | $ | 1,039,245 | ||||||
Total loans outstanding at end of period | $ | 1,244,563 | $ | 1,234,615 | $ | 1,043,675 | ||||||
Allowance for loan losses: | ||||||||||||
Balance at beginning of period | $ | 13,871 | $ | 11,227 | $ | 11,227 | ||||||
Net loan charge-offs | (210 | ) | (726 | ) | (94 | ) | ||||||
Provision for loan losses | 257 | 3,370 | 650 | |||||||||
Balance at end of period | $ | 14,338 | $ | 15,323 | $ | 11,971 | ||||||
Allowance for loan losses to nonperforming loans | 385.97 | % | 471.32 | % | 336.75 | % | ||||||
Allowance for loan losses to gross loans at end of period | 1.12 | % | 1.12 | % | 1.13 | % | ||||||
Provision for loan losses to average total loans | 0.02 | % | 0.30 | % | 0.06 | % | ||||||
Net loan charge-offs to average loans | 0.02 | % | 0.06 | % | 0.01 | % | ||||||
Net loan charge-offs to allowance for loan losses at end of period | 1.51 | % | 5.23 | % | 0.80 | % | ||||||
Net loan charge-offs to provision for loan losses | 81.71 | % | 21.54 | % | 14.50 | % | ||||||
Other ratios | ||||||||||||
Return on average assets | 1.41 | % | 1.67 | % | 1.63 | % | ||||||
Return on average equity | 20.16 | % | 23.92 | % | 23.36 | % | ||||||
Noninterest expense to average assets | 3.20 | % | 2.86 | % | 3.10 | % | ||||||
Efficiency ratio | 55.80 | % | 51.07 | % | 49.66 | % | ||||||
March 31, 2006 | December 31, 2005 | March 31, 2006 | ||||||||||
Tier 1 risk-based captial ratio | 9.99 | % | 9.70 | % | 9.89 | % | ||||||
Total risk-based captial ratio | 11.05 | 10.77 | 10.95 | |||||||||
Tier 1 leverage ratio | 8.17 | 8.21 | 8.35 |
CENTER FINANCIAL CORPORATION
SELECTED FINANCIAL DATA(Unaudited)
(In thousands)
March 31, 2006 | December 31, 2005 | March 31, 2005 | ||||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | |||||||||||||
Real Estate: | ||||||||||||||||||
Construction | $ | 11,569 | 1 | % | $ | 4,713 | — | % | $ | 11,122 | 1 | % | ||||||
Commercial | 792,341 | 63 | 776,725 | 63 | 634,747 | 61 | ||||||||||||
Commercial | 241,331 | 19 | 243,052 | 20 | 211,248 | 20 | ||||||||||||
Trade Finance | 80,071 | 7 | 90,370 | 7 | 76,892 | 7 | ||||||||||||
SBA | 50,390 | 4 | 49,070 | 4 | 51,643 | 5 | ||||||||||||
Other | 250 | — | 1,473 | — | 159 | — | ||||||||||||
Consumer | 72,566 | 6 | 71,499 | 6 | 61,385 | 6 | ||||||||||||
Total Gross Loans | 1,248,518 | 100 | % | 1,236,902 | 100 | % | 1,047,196 | 100 | % | |||||||||
Less: | ||||||||||||||||||
Allowance for Losses | 13,918 | 13,871 | 11,783 | |||||||||||||||
Deferred Loan Fees | 1,547 | 1,595 | 1,310 | |||||||||||||||
Discount on SBA Loans Retained | 2,408 | 2,287 | 2,210 | |||||||||||||||
Total Net Loans and Loans Held for Sale | $ | 1,230,645 | $ | 1,219,149 | $ | 1,031,893 | ||||||||||||
Deposits: | ||||||||||||||||||
Demand deposits (noninterest-bearing) | $ | 389,356 | 26 | % | $ | 395,050 | 26 | % | $ | 374,917 | 31 | % | ||||||
Money market accounts and NOW | 202,159 | 14 | 221,083 | 15 | 191,288 | 16 | ||||||||||||
Savings | 82,411 | 5 | 81,654 | 6 | 78,498 | 7 | ||||||||||||
Time deposits | ||||||||||||||||||
Less than $100,000 | 102,117 | 7 | 97,433 | 7 | 82,542 | 7 | ||||||||||||
$100,000 or more | 715,039 | 48 | 685,336 | 46 | 463,406 | 39 | ||||||||||||
Total deposits | $ | 1,491,082 | 100 | % | $ | 1,480,556 | 100 | % | $ | 1,190,651 | 100 | % | ||||||
Three Months Ended March 31, | Three Months Ended December 31, | Three Months Ended March 31, | |||||||
Average Balances | |||||||||
Gross loans | $ | 1,241,701 | $ | 1,224,415 | $ | 1,039,245 | |||
Net loans | 1,227,712 | 1,210,886 | 1,027,819 | ||||||
Interest earning assets | 1,533,812 | 1,450,898 | 1,226,812 | ||||||
Assets | 1,662,604 | 1,583,138 | 1,344,656 | ||||||
Deposits | 1,498,003 | 1,416,173 | 1,178,961 | ||||||
Equity | 116,040 | 110,263 | 93,985 |