Exhibit 99.1
PLACER SIERRA BANCSHARES
PRESS RELEASE
JULY 19
For more information contact:
AT THE COMPANY: | AT FINANCIAL RELATIONS BOARD: | |
Ronald W. Bachli, Chairman & CEO | Tony Rossi | |
David E. Hooston, Chief Financial Officer | (310) 854-8317 | |
(916) 554-4750 |
PLACER SIERRA BANCSHARES REPORTS RECORD
NET INCOME OF $6.1 MILLION FOR THE SECOND QUARTER OF 2005
Sacramento, California – July 19, 2005 - Placer Sierra Bancshares (NASDAQ: PLSB), a $1.9 billion commercial banking company serving the Northern, Central and Southern California markets, today announced financial results for the second quarter ended June 30, 2005.
FINANCIAL HIGHLIGHTS – SECOND QUARTER 2005 VS. FIRST QUARTER 2005
• | An increase of 18.0% in quarterly GAAP net income to $6.1 million from $5.2 million |
• | An increase of 17.6% in fully diluted GAAP earnings per share to $0.40 from $0.34 |
• | GAAP return on average assets of 1.33% and return on average equity of 12.53%, compared to 1.16% and 10.93%, respectively |
• | Return on average tangible assets of 1.50% and average tangible equity of 30.13%, compared to 1.33% and 27.32%, respectively |
• | Net interest margin of 5.19%, compared to 5.20% |
• | Cost of deposits increased to 0.86% from 0.73% |
• | Yield on average earning assets increased to 6.25% from 6.12% |
• | The efficiency ratio improved to 59.05% from 63.92% |
• | Total loans and leases held for investment, net of deferred fees and costs, grew by $31.5 million, or an annualized 9.8%, to $1.326 billion |
• | Total deposits grew by $28.4 million, or an annualized 7.3%, to $1.583 billion |
EARNINGS HIGHLIGHTS
Net income for the three months ended June 30, 2005, was $6.1 million, a 1,195% increase over the $471,000 reported for the same period of 2004. Earnings per diluted share for the three months ended June 30, 2005 was $0.40, an increase of 1,233% over $0.03 per diluted share for the same period of 2004. Net income for the second quarter of 2004 was negatively impacted by after tax merger expenses of $1.4 million associated with the acquisition by Placer Sierra Bancshares of Southland Capital Co. and its subsidiary Bank of Orange County and by a $2.2 million after tax loss from restructuring Bank of Orange County’s investment securities portfolio in preparation for its merger with and into Placer Sierra Bank in contemplation of aligning their interest rate risk and liquidity profiles.
Operating earnings for the second quarter of 2005 were $6.1 million, or $0.40 per diluted share, an increase of 48.0% over operating earnings of $4.1 million, or $0.29 per diluted share in the second quarter of 2004. A reconciliation of operating earnings to GAAP net income for each period is provided in the table below.
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For the three months ended June 30, 2005, the Company’s return on average assets and return on average equity were 1.33% and 12.53%, respectively, compared with 0.14% and 1.11%, respectively, for the second quarter of 2004. For the three months ended June 30, 2004, the Company’s operating return on average assets and operating return on average equity were 1.18% and 9.72%, respectively.
Commenting on the second quarter, Ron Bachli, Chairman and Chief Executive Officer of Placer Sierra Bancshares, said, “We executed well in all facets of our business during the second quarter. We saw meaningful increases in both net interest income and non-interest income compared to the first quarter of 2005. Combined with disciplined expense control and continued excellence in our asset quality, we were able to generate strong bottom-line improvement. We are particularly pleased with the ramp-up in revenues from referrals of commercial real estate loans to third parties. This business line is an important element of our growth strategy, and we are encouraged by the increasing number of lending opportunities in our pipeline that are moving into the funding stage.”
INCOME STATEMENT
The following table presents earnings and key performance indicators on both a GAAP and operating earnings basis for the three and six months ended June 30, 2005 and 2004:
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
($ in thousands, except per share data) | ||||||||||||||||
Net income | $ | 6,101 | $ | 471 | $ | 11,271 | $ | 4,651 | ||||||||
Acquisition related: | ||||||||||||||||
Merger expenses, net of tax effect | — | 1,441 | — | 1,441 | ||||||||||||
Investment security restructuring loss, net of tax effect | — | 2,210 | — | 2,210 | ||||||||||||
Operating earnings | $ | 6,101 | $ | 4,122 | $ | 11,271 | $ | 8,302 | ||||||||
GAAP earnings per share – basic | $ | 0.41 | $ | 0.03 | $ | 0.76 | $ | 0.34 | ||||||||
GAAP earnings per share – diluted | $ | 0.40 | $ | 0.03 | $ | 0.74 | $ | 0.33 | ||||||||
GAAP return on average assets | 1.33 | % | 0.14 | % | 1.24 | % | 0.67 | % | ||||||||
GAAP return on average shareholders’ equity | 12.53 | % | 1.11 | % | 11.74 | % | 5.57 | % | ||||||||
GAAP efficiency ratio | 59.05 | % | 94.60 | % | 61.42 | % | 77.73 | % | ||||||||
Net interest margin | 5.19 | % | 4.96 | % | 5.20 | % | 5.09 | % | ||||||||
Operating earnings per share – basic | $ | 0.41 | $ | 0.30 | $ | 0.76 | $ | 0.60 | ||||||||
Operating earnings per share – diluted | $ | 0.40 | $ | 0.29 | $ | 0.74 | $ | 0.60 | ||||||||
Operating return on average assets | 1.33 | % | 1.18 | % | 1.24 | % | 1.20 | % | ||||||||
Operating return on average shareholders’ equity | 12.53 | % | 9.72 | % | 11.74 | % | 9.95 | % | ||||||||
Operating efficiency ratio | 59.05 | % | 64.05 | % | 61.42 | % | 64.39 | % |
Net interest income for the second quarter of 2005 was $20.5 million, an increase of 37.7% over net interest income of $14.9 million in the same period of 2004. The increase in net interest income reflects the acquisition of First Financial Bancorp and its subsidiary Bank of Lodi on December 10, 2004, as well as the asset sensitive nature of the Company’s balance sheet during a period of rising interest rates.
Net interest margin for the second quarter of 2005 was 5.19%, relatively constant with 5.20% during the first quarter of 2005 and an increase of 23 basis points over the second quarter of 2004. During the second quarter of 2005 the yield on loans increased 17 basis points to 6.69% from 6.52% during the first quarter of 2005. The cost of deposits in the second quarter of 2005 increased 13 basis points to 0.86% from 0.73% in the first quarter of 2005. The increase in the yield on earning assets principally reflects the impact of loans tied to indexes associated with the prime rate, while the increase in the cost of deposits principally reflects an increased cost of certificates of deposit. Certificates of deposit continue to be the Company’s singular interest rate sensitive deposit product, with all other deposit products showing little price sensitivity.
Total non-interest income for the second quarter of 2005 totaled $4.1 million, compared with $127,000 for the second quarter of 2004. Excluding the loss from restructuring Bank of Orange County’s investment portfolio, non-interest income increased $163,000, or 4.1%, from the same quarter in the prior year. Compared to the first quarter
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of 2005, the Company’s non-interest income increased $641,000 or 18.5%. The growth in non-interest income over the first quarter was primarily attributable to the following:
• | A 16.3% increase in service charges and fees on deposit accounts, principally attributable to a revised fee structure |
• | A 96.5% increase in referral and other loan-related fees due to an increase in commercial real estate loans referred to third parties |
Total non-interest expense for the second quarter of 2005 was $14.5 million, compared with $14.2 million for the second quarter of 2004. During the second quarter of 2004, the Company recorded merger related expenses of $2.1 million ($1.4 million after tax) associated with the acquisition by Placer Sierra Bancshares of Southland Capital Co. and its subsidiary Bank of Orange County. Excluding the merger related costs, non-interest expense increased $2.5 million, or 20.5%, which was principally attributable to the acquisition of First Financial Bancorp.
The Company’s efficiency ratio for the second quarter of 2005 was 59.05%, compared to 94.60% in the second quarter of 2004 and 63.92% in the first quarter of 2005. Excluding the impact of the previously discussed merger expenses and the investment security restructuring loss recorded in the second quarter of 2004, the efficiency ratio in the second quarter of 2004 would have been 64.05%.
BALANCE SHEET
As of June 30, 2005, total assets were $1.862 billion, compared to $1.832 billion at March 31, 2005. Average assets for the second quarter of 2005 were $1.841 billion, compared with $1.401 billion for the same quarter of 2004, an increase of $440.0 million, or 31.4%. The increase during the twelve months ended June 30, 2005 is principally attributable to the Company’s acquisition of First Financial Bancorp.
Total loans and leases held for investment, net of deferred fees and costs, were $1.326 billion at June 30, 2005, compared with $1.294 billion at March 31, 2005, representing annualized growth of 9.8%. Average loans and leases held for investment for the second quarter of 2005 were $1.301 billion, compared with $987.6 million for the same quarter of 2004, an increase of $313.6 million, or 31.7%. While the Company booked $241.0 million of new commitments during the three months ended June 30, 2005, it also experienced an unusually large amount of loan prepayments at $100.1 million. Loan growth for the twelve months ended June 30, 2005, exclusive of the loans associated with the acquisition of First Financial Bancorp, totaled $105.5 million, or 10.5%.
Total deposits grew by $28.4 million, or an annualized 7.3%, to $1.583 billion at June 30, 2005, from $1.555 billion at March 31, 2005. Average deposits for the second quarter of 2005 were $1.561 billion, compared with $1.166 billion for the same quarter of 2004, an increase of $394.8 million, or 33.9%. Deposit growth for the twelve months ended June 30, 2005, exclusive of deposits associated with the acquisition of First Financial Bancorp, totaled $116.3 million, or 9.7%.
Total shareholders’ equity was $199.6 million at June 30, 2005, compared with $193.0 million at March 31, 2005. Average shareholders equity for the second quarter of 2005 was $195.3 million, compared with $170.6 million for the same quarter of 2004, an increase of $24.7 million, or 14.5%.
CREDIT QUALITY
The Company’s overall credit quality remained strong during the second quarter, resulting in the determination by management that no provision for the allowance for loan and lease loss was required.
At June 30, 2005 and March 31, 2005, non-performing loans to total loans and leases held for investment was 0.24%.
Net charge-offs were $263,000 in the second quarter of 2005, representing an annualized rate of 0.08% of average loans and leases held for investment. Net recoveries as a percentage of average loans and leases held for investment on an annualized basis, were 0.04% for the first six months of 2005, compared with net charge-offs of 0.15% for the six months ended June 30, 2004. The allowance for loan and lease losses totaled $16.5 million at June 30, 2005 and represented 1.24% of loans and leases held for investment, net of deferred fees and costs, and 527.20% of non-performing loans and leases as of that date.
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REGULATORY CAPITAL
Placer Sierra Bancshares’ regulatory capital ratios at June 30, 2005 are as follows:
Leverage Ratio | |||
Placer Sierra Bancshares | 8.2 | % | |
Minimum regulatory requirement | 4.0 | % | |
Tier 1 Risk-Based Capital Ratio | |||
Placer Sierra Bancshares | 10.5 | % | |
Minimum regulatory requirement | 4.0 | % | |
Total Risk-Based Capital Ratio | |||
Placer Sierra Bancshares | 11.8 | % | |
Minimum regulatory requirement | 8.0 | % |
OUTLOOK
For the third quarter of 2005, the Company expects fully diluted earnings per share to range from $0.41 to $0.43. The Company remains comfortable with the current full year 2005 consensus analyst estimate of $1.62 in fully diluted earnings per share.
Commenting on the outlook for Placer Sierra Bancshares, Mr. Bachli said, “We built solid momentum in the second quarter that we believe will carry through the remainder of the year. Although we expect our net interest margin to compress somewhat due to increased deposit costs, this should be more than offset by our growth in earning assets. Our core markets remain vibrant and our investment in experienced bankers to facilitate our entrance into attractive adjacent markets is beginning to show traction. Our loan pipeline remains strong and we remain enthusiastic about achieving our goal of generating more than $800 million in new loan commitments during 2005. We believe the continued momentum in loan production and referral fees should result in steadily improving bottom-line performance throughout the remainder of 2005.”
ABOUT PLACER SIERRA BANCSHARES
Placer Sierra Bancshares is a Northern California-based bank holding company for Placer Sierra Bank with 31 branches in an eight-county area of Northern California, including Placer, Sacramento, El Dorado, Sierra, Nevada, Amador, San Joaquin and Calaveras counties and nine branches in Southern California’s Orange and Los Angeles counties. Placer Sierra Bank and its divisions, Sacramento Commercial Bank, Bank of Orange County and Bank of Lodi, offers its customers the resources of a large financial institution and the resourcefulness and superior customer service of a community bank.
Placer Sierra Bank offers a broad array of deposit products and services for both commercial and retail customers. These products include electronic banking, cash management services, electronic bill payment and investment services with an emphasis on relationship banking. Placer Sierra Bank also provides competitive loan products such as commercial loans and lines of credit, commercial real estate loans, Small Business Administration loans, residential mortgage loans, home equity lines of credit and construction loans. For more information, please visitwww.placersierrabank.com.
Placer Sierra Bancshares is publicly traded on NASDAQ under the stock symbol PLSB. For more information about Placer Sierra Bancshares, please visitwww.placersierrabancshares.com.
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FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve inherent risks and uncertainties. Placer Sierra Bancshares cautions readers that a number of important factors could cause actual results to differ materially from those in such forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Risks and uncertainties include, but are not limited to: the possibility that personnel changes will not proceed as planned; planned acquisitions and relative cost savings cannot be realized or realized within the expected time frame; revenues are lower than expected; competitive pressure among depository institutions increases significantly; the integration of acquired businesses costs more, takes longer or is less successful than expected; the cost of additional capital is more than expected; changes in the interest rate environment reduces interest margins; general economic conditions, either nationally or in the market areas in which Placer Sierra does business, are less favorable than expected; legislation or regulatory requirements or changes adversely affect Placer Sierra’s business; changes that may occur in the securities markets; and other risks that are described in Placer Sierra’s Securities and Exchange Commission filings. If any of these uncertainties materializes or any of these assumptions proves incorrect, Placer Sierra’s results could differ materially from Placer Sierra’s expectations as set forth in these statements. Placer Sierra assumes no obligation to update such forward-looking statements.
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UNAUDITED CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share data)
June 30, 2005 | December 31,2004 | ||||||
Assets: | |||||||
Cash and due from banks | $ | 59,729 | $ | 39,255 | |||
Federal funds sold | 43,623 | 361 | |||||
Cash and cash equivalents | 103,352 | 39,616 | |||||
Interest bearing deposits with other banks | 127 | 125 | |||||
Investment securities available-for-sale | 233,648 | 249,916 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 14,225 | 10,430 | |||||
Loans and leases held for investment, net of allowance for loan and lease losses of $16,475 in 2005 and $16,200 in 2004 | 1,309,387 | 1,278,064 | |||||
Premises and equipment, net | 27,744 | 27,645 | |||||
Cash surrender value of life insurance | 43,513 | 42,390 | |||||
Other real estate | — | 657 | |||||
Goodwill | 101,205 | 101,329 | |||||
Other intangible assets | 12,874 | 14,172 | |||||
Other assets | 15,938 | 14,641 | |||||
Total assets | $ | 1,862,013 | $ | 1,778,985 | |||
Liabilities and shareholders’ equity: | |||||||
Liabilities: | |||||||
Non-interest bearing deposits | $ | 501,492 | $ | 485,193 | |||
Interest bearing deposits | 1,081,687 | 1,014,866 | |||||
Total deposits | 1,583,179 | 1,500,059 | |||||
Short-term borrowings | 13,448 | 16,265 | |||||
Accrued interest payable and other liabilities | 12,151 | 17,409 | |||||
Junior subordinated deferrable interest debentures | 53,611 | 53,611 | |||||
Total liabilities | 1,662,389 | 1,587,344 | |||||
Shareholders’ equity: | |||||||
Common stock | 158,615 | 157,834 | |||||
Retained earnings | 41,017 | 33,323 | |||||
Accumulated other comprehensive (loss) income | (8 | ) | 484 | ||||
Total shareholders’ equity | 199,624 | 191,641 | |||||
Total liabilities and shareholders’ equity | $ | 1,862,013 | $ | 1,778,985 | |||
Shares outstanding | 14,927,789 | 14,877,056 | |||||
Book value per share | $ | 13.37 | $ | 12.88 |
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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
($ in thousands, except per share data)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans and leases held for investment | $ | 21,718 | $ | 14,930 | $ | 42,484 | $ | 29,999 | ||||||||
Interest on loans held for sale | — | — | — | 3 | ||||||||||||
Interest on deposits with other banks | 1 | — | 2 | — | ||||||||||||
Interest and dividends on investment securities: | ||||||||||||||||
Taxable | 2,580 | 1,790 | 4,953 | 4,002 | ||||||||||||
Tax-exempt | 187 | 132 | 350 | 264 | ||||||||||||
Interest on federal funds sold | 228 | 125 | 354 | 198 | ||||||||||||
Total interest income | 24,714 | 16,977 | 48,143 | 34,466 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 3,346 | 1,615 | 6,097 | 3,139 | ||||||||||||
Interest on short-term borrowings | 25 | 28 | 59 | 117 | ||||||||||||
Interest on junior subordinated deferrable interest debentures | 836 | 446 | 1,596 | 892 | ||||||||||||
Total interest expense | 4,207 | 2,089 | 7,752 | 4,148 | ||||||||||||
Net interest income | 20,507 | 14,888 | 40,391 | 30,318 | ||||||||||||
Provision for the allowance for loan and lease losses | — | 40 | — | 560 | ||||||||||||
Net interest income after provision for the allowance for loan and lease losses | 20,507 | 14,848 | 40,391 | 29,758 | ||||||||||||
Non-interest income: | ||||||||||||||||
Service charges and fees on deposit accounts | 2,006 | 1,614 | 3,731 | 3,179 | ||||||||||||
Referral and other loan-related fees | 1,018 | 703 | 1,536 | 1,324 | ||||||||||||
Loan servicing income | 105 | 78 | 238 | 171 | ||||||||||||
Gain on sale of loans, net | — | 106 | — | 176 | ||||||||||||
Revenues from sales of non-deposit investment products | 175 | 154 | 366 | 372 | ||||||||||||
Loss on sale of investment securities available-for-sale, net | (55 | ) | (3,542 | ) | (55 | ) | (3,336 | ) | ||||||||
Increase in cash surrender value of life insurance | 430 | 308 | 844 | 627 | ||||||||||||
Other | 425 | 706 | 907 | 1,665 | ||||||||||||
Total non-interest income | 4,104 | 127 | 7,567 | 4,178 | ||||||||||||
Non-interest expense: | ||||||||||||||||
Salaries and employee benefits | 7,400 | 6,236 | 14,998 | 12,664 | ||||||||||||
Occupancy and equipment | 1,941 | 1,735 | 3,991 | 3,422 | ||||||||||||
Merger | — | 2,142 | — | 2,142 | ||||||||||||
Other | 5,193 | 4,091 | 10,469 | 8,585 | ||||||||||||
Total non-interest expense | 14,534 | 14,204 | 29,458 | 26,813 | ||||||||||||
Income before income taxes | 10,077 | 771 | 18,500 | 7,123 | ||||||||||||
Provision for income taxes | 3,976 | 300 | 7,229 | 2,472 | ||||||||||||
Net income | $ | 6,101 | $ | 471 | $ | 11,271 | $ | 4,651 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.41 | $ | 0.03 | $ | 0.76 | $ | 0.34 | ||||||||
Diluted | $ | 0.40 | $ | 0.03 | $ | 0.74 | $ | 0.33 | ||||||||
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UNAUDITED CONSOLIDATED AVERAGE BALANCE SHEETS
($ in thousands)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2005 | 2004 | 2005 | 2004 | |||||||||||||
Average assets: | ||||||||||||||||
Loans and leases, held for investment | $ | 1,301,172 | $ | 987,622 | $ | 1,295,031 | $ | 975,401 | ||||||||
Loans and leases held for sale | — | 20 | — | 131 | ||||||||||||
Investment securities | 237,292 | 153,049 | 232,994 | 168,269 | ||||||||||||
Federal funds sold | 33,490 | 57,202 | 26,715 | 45,782 | ||||||||||||
Interest bearing deposits with other banks | 126 | — | 126 | — | ||||||||||||
Other earning assets | 13,449 | 9,284 | 11,948 | 8,287 | ||||||||||||
Average earning assets | 1,585,529 | 1,207,177 | 1,566,814 | 1,197,870 | ||||||||||||
Other assets | 255,190 | 193,586 | 259,227 | 191,119 | ||||||||||||
Average total assets | $ | 1,840,719 | $ | 1,400,763 | $ | 1,826,041 | $ | 1,388,989 | ||||||||
Average liabilities and shareholders’ equity: | ||||||||||||||||
Average liabilities: | ||||||||||||||||
Non-interest bearing deposits | $ | 494,825 | $ | 394,101 | $ | 490,136 | $ | 382,946 | ||||||||
Interest bearing deposits | 1,065,793 | 771,713 | 1,052,989 | 762,528 | ||||||||||||
Average deposits | 1,560,618 | 1,165,814 | 1,543,125 | 1,145,474 | ||||||||||||
Other interest bearing liabilities | 66,859 | 51,905 | 68,073 | 62,565 | ||||||||||||
Other liabilities | 17,939 | 12,468 | 21,262 | 13,177 | ||||||||||||
Average liabilities | 1,645,416 | 1,230,187 | 1,632,460 | 1,221,216 | ||||||||||||
Average equity | 195,303 | 170,576 | 193,581 | 167,773 | ||||||||||||
Average liabilities and shareholders’ equity | $ | 1,840,719 | $ | 1,400,763 | $ | 1,826,041 | $ | 1,388,989 | ||||||||
YIELD ANALYSIS: | ||||||||||||||||
Average loans and leases held for investment | $ | 1,301,172 | $ | 987,622 | $ | 1,295,031 | $ | 975,401 | ||||||||
Yield | 6.69 | % | 6.08 | % | 6.62 | % | 6.18 | % | ||||||||
Average earnings assets | $ | 1,585,529 | $ | 1,207,177 | $ | 1,566,814 | $ | 1,197,870 | ||||||||
Yield | 6.25 | % | 5.66 | % | 6.20 | % | 5.79 | % | ||||||||
Average interest bearing deposits | $ | 1,065,793 | $ | 771,713 | $ | 1,052,989 | $ | 762,528 | ||||||||
Cost | 1.26 | % | 0.84 | % | 1.17 | % | 0.83 | % | ||||||||
Average deposits | $ | 1,560,618 | $ | 1,165,814 | $ | 1,543,125 | $ | 1,145,474 | ||||||||
Cost | 0.86 | % | 0.56 | % | 0.80 | % | 0.55 | % | ||||||||
Average interest bearing liabilities | $ | 1,132,652 | $ | 823,618 | $ | 1,121,062 | $ | 825,093 | ||||||||
Cost | 1.49 | % | 1.02 | % | 1.39 | % | 1.01 | % | ||||||||
Interest spread | 4.76 | % | 4.64 | % | 4.81 | % | 4.78 | % | ||||||||
Net interest margin | 5.19 | % | 4.96 | % | 5.20 | % | 5.09 | % |
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CREDIT QUALITY MEASURES
At or for the Six Months Ended 6/30/05 | At or for the Three Months Ended 3/31/05 | At or for the Year Ended 12/31/04 | At or for the Nine Months Ended 9/30/04 | At or for the Six Months Ended 6/30/04 | |||||||||||
Non-performing loans and leases to total loans and leases held for investment | 0.24 | % | 0.24 | % | 0.22 | % | 0.21 | % | 0.35 | % | |||||
Non-performing assets to total assets | 0.17 | % | 0.20 | % | 0.20 | % | 0.19 | % | 0.30 | % | |||||
Allowance for loan and lease losses to total loans and leases held for investment | 1.24 | % | 1.29 | % | 1.25 | % | 1.21 | % | 1.31 | % | |||||
Allowance for loan and lease losses to non-performing loans and leases | 527.20 | % | 549.51 | % | 558.81 | % | 580.35 | % | 370.71 | % | |||||
Allowance for loan and lease losses to non-performing assets | 527.20 | % | 452.01 | % | 455.57 | % | 446.85 | % | 302.20 | % | |||||
Net charge-offs/(recoveries) to average loans and leases held for investment | (0.04 | )% | (0.17 | )% | 0.15 | % | 0.15 | % | 0.15 | % |
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LOANS
($ in thousands)
Balance | Balance | Balance | Balance | Balance | ||||||||||||||||
06/30/05 | 03/31/05 | 12/31/04 | 09/30/04 | 06/30/04 | ||||||||||||||||
Loans and leases held for investment | ||||||||||||||||||||
Real estate - mortgage | $ | 949,131 | $ | 901,956 | $ | 892,136 | $ | 735,971 | $ | 725,974 | ||||||||||
Real estate - construction | 183,886 | 191,834 | 184,317 | 153,552 | 125,943 | |||||||||||||||
Commercial | 155,938 | 155,478 | 167,035 | 127,342 | 118,388 | |||||||||||||||
Agricultural | 7,652 | 14,539 | 17,423 | 391 | 9 | |||||||||||||||
Consumer | 10,950 | 9,961 | 11,110 | 10,688 | 10,363 | |||||||||||||||
Leases receivable and other | 20,477 | 22,784 | 24,575 | 24,523 | 24,471 | |||||||||||||||
Total gross loans and leases held for investment | 1,328,034 | 1,296,552 | 1,296,596 | 1,052,467 | 1,005,148 | |||||||||||||||
Less: Allowance for loan and lease losses | (16,475 | ) | (16,738 | ) | (16,200 | ) | (12,762 | ) | (13,164 | ) | ||||||||||
Deferred loan and lease fees, net | (2,172 | ) | (2,233 | ) | (2,332 | ) | (1,468 | ) | (1,146 | ) | ||||||||||
Total net loans and leases held for investment | $ | 1,309,387 | $ | 1,277,581 | $ | 1,278,064 | $ | 1,038,237 | $ | 990,838 | ||||||||||
Loans held for sale, at cost, which approximates market | $ | — | $ | — | $ | — | $ | — | $ | 181 | ||||||||||
Total loans and leases held for investment, net of deferred fees and costs | $ | 1,325,862 | $ | 1,294,319 | $ | 1,294,264 | $ | 1,050,999 | $ | 1,004,002 | ||||||||||
Percent of gross loans and leases held for investment | ||||||||||||||||||||
Real estate - mortgage | 71.5 | % | 69.5 | % | 68.8 | % | 69.9 | % | 72.2 | % | ||||||||||
Real estate - construction | 13.9 | % | 14.8 | % | 14.2 | % | 14.6 | % | 12.5 | % | ||||||||||
Commercial | 11.7 | % | 12.0 | % | 12.9 | % | 12.1 | % | 11.8 | % | ||||||||||
Agricultural | 0.6 | % | 1.1 | % | 1.3 | % | 0.0 | % | 0.0 | % | ||||||||||
Consumer | 0.8 | % | 0.8 | % | 0.9 | % | 1.0 | % | 1.0 | % | ||||||||||
Leases receivable and other | 1.5 | % | 1.8 | % | 1.9 | % | 2.4 | % | 2.5 | % | ||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
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DEPOSITS
($ in thousands)
At June 30, 2005 | At December 31, 2004 | |||||||||||
Amount | % of Deposits | Amount | % of Deposits | |||||||||
Non interest bearing deposits | $ | 501,492 | 31.7 | % | $ | 485,193 | 32.3 | % | ||||
Interest bearing deposits: | ||||||||||||
Interest bearing demand | 248,653 | 15.7 | % | 256,650 | 17.1 | % | ||||||
Money market | 285,149 | 18.0 | % | 262,957 | 17.5 | % | ||||||
Savings | 181,797 | 11.5 | % | 179,578 | 12.0 | % | ||||||
Time, under $100,000 | 196,076 | 12.4 | % | 176,026 | 11.7 | % | ||||||
Time, $100,000 or more | 170,012 | 10.7 | % | 139,655 | 9.4 | % | ||||||
Total interest bearing deposits | 1,081,687 | 68.3 | % | 1,014,866 | 67.7 | % | ||||||
Total deposits | $ | 1,583,179 | 100.0 | % | $ | 1,500,059 | 100.0 | % | ||||
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