Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
| | | | |
CONTACTS: | | Edward M. Jamison | | 702.878.0700 |
| | President, Chief Executive Officer and Chairman of the Board | | |
| | |
| | Patrick Hartman | | 702.947.3514 |
| | Executive Vice President, Chief Financial Officer | | |
COMMUNITY BANCORP ANNOUNCES
30.4% GROWTH IN NET INCOME FOR 2007
LAS VEGAS, Nev. – (BUSINESS WIRE)—January 23, 2008— Community Bancorp (NASDAQ: CBON), the Las Vegas-based community bank holding company with $1.7 billion in total assets as of December 31, 2007, operating through Community Bank of Nevada and Community Bank of Arizona, today announced financial results for the three and twelve months ended December 31, 2007.
Overview
2007 versus 2006
| | • | | Net income for 2007 increased 30.4% to $20.4 million, or $1.95 per fully diluted share, from $15.6 million, or $1.92 per fully diluted share, in 2006. |
| | • | | Net interest income before provision for loan losses for 2007 increased 34.4% to $70.9 million compared to $52.7 million in 2006. |
| | • | | Noninterest income for 2007 increased 38.0% to $3.6 million compared to $2.6 million in 2006. |
| | • | | Gross loans at December 31, 2007 were over $1.4 billion, an increase of $166.0 million, or 13.2% from December 31, 2006. |
| | • | | Non-performing loans increased to 0.85% of total loans at December 31, 2007 compared to 0.05% at December 31, 2006. |
Linked Quarter
| | • | | Net income for the fourth quarter of 2007 decreased to $3.8 million compared to $5.5 million for the quarter ended September 30, 2007. |
| | • | | Earnings per share for the fourth quarter of 2007 were $0.36 per diluted share compared to $0.53 per diluted share for the third quarter of 2007. As discussed below, net interest income before provision for loan losses for the quarter ended December 31, 2007 decreased by $885,000, or $0.06 per diluted share (after tax) as compared to the quarter ended September 30, 2007 and the provision for loan losses increased by $1.3 million, or $0.08 per diluted share (after tax) as compared to the quarter ended September 30, 2007. |
| | • | | Gross loans increased $45.5 million to over $1.4 billion during the fourth quarter of 2007 compared to an increase of $7.3 million during the third quarter of 2007. |
| | • | | Non-performing loans were $12.1 million, or .85% at December 31, 2007 compared to $7.7 million at September 30, 2007, or 0.56% of gross loans. |
Financial Performance
2007 versus 2006
Return on average shareholders’ equity. For 2007, the Company’s return on average shareholders’ equity (“ROAE”) was 8.9% compared to 11.6% for 2006. The decrease in ROAE was due in part to the issuance of approximately 3.0 million shares of Community Bancorp common stock, resulting in an increase of $94.7 million in the Company’s equity, as part of the 2006 acquisition of Valley Bancorp.
Diluted earnings per share were $1.95 for 2007, compared to $1.92 for 2006. The moderate growth in the Company’s diluted earnings per share, compared to the increase in net income during the same period, reflects the issuance of approximately 3.0 million shares in the fourth quarter 2006 as part of the acquisition of Valley Bancorp.
Return on average assets.Return on average assets (“ROAA”) was 1.2% for 2007 compared to 1.4% in 2006. The relatively stable ROAA from period to period reflects the Company’s increase in average earning assets and elimination of excess liquidity which off-set the negative impact of the increase in goodwill and core deposit intangibles resulting from the Company’s 2006 acquisitions.
Operating efficiency.The Company’s efficiency ratio increased to 53.3% in 2007 compared to 49.9% in 2006. The increase in the efficiency ratio was driven primarily by the 0.31% compression in net interest margin and increases (due to a full year of amortization) of core deposit intangible amortizations and costs (e.g., payroll, rent, supplies etc) associated with opening three new branches and one administrative office, which exceed the operational efficiencies resulting from the 2006 acquisitions.
The year 2007 presented the Company with new challenges and required change. The year over year earnings increase of 30.4% was very encouraging. We believe the 29 basis points increase in non-accrual loans (to gross loans) on a linked quarter basis and the 9 basis points of net charge offs (to gross loans) for the year, in this economic environment, speaks to our disciplined credit culture,” stated Edward M. Jamison, Chairman, President and Chief Executive Officer of Community Bancorp. “Fourth quarter earnings were impacted by loan growth which required additional reserves with little earnings from the growth during the quarter. Non-interest deposit and overall deposit growth and deposit mix continued to be a priority to reduce our cost of funds.”
“As we position the Company for 2008, we have a solid credit culture and infrastructure that is scalable for organic growth, strong capital and we are preparing to move forward as the economy in our communities improves. The markets in which we operate are stressed and will require time to work through these economic challenges. Our strategy continues to focus on organic growth, quality credit, diversifying our revenue, expanding core deposits and improving efficiencies that will produce higher returns and increasing value to our shareholders.”
Income Statement Results
2007 versus 2006
The Company continued to grow its loan portfolio during 2007 with net loans increasing $162.0 million during 2007. During 2007, approximately $100 million of loans were paid off and not considered for renewal as management believed the credit quality of these loans, in the changing economic climate, no longer met the Company’s credit criteria.
As a result of 2007 loan growth and the impact of the 2006 acquisitions, interest income, interest expense and the resulting net interest income for 2007 increased substantially from 2006. The 2006 acquisitions of Community Bank of Arizona (September 2006) and Valley Bancorp (October 2006) resulted in the addition of $367.6 million of gross loans (at acquisition) and a corresponding increase in deposits of $376.0 million (at acquisition).
“The loan growth for 2007 was modest and reflective of the changing economic climate yet provided solid growth and the addition of new relationships. Commercial construction lending continues to provide opportunities within our markets and growth potential. The draws on the construction loans will provide progressive increases of outstanding loans. We are very pleased that we have been able to deliver responsible growth given the nature of commercial construction lending and the high levels of payoff’s we have experienced” stated Lawrence Scott, Executive Vice President and Chief Operating officer.
For 2007, interest and dividend income increased to $128.0 million compared to $86.5 million in 2006. The primary driver of the increase was the increase in average loans outstanding due to both organic and merger related loan growth. Also impacting interest income were loan yields for 2007 which increased to 9.17% compared to 9.09% in 2006. The increase in the loan yields in 2007 as compared to 2006 was due primarily to the slightly higher average prime rate of 8.05% in 2007 compared to 7.96% in 2006. The Company’s loan portfolio is comprised of approximately 70.0% rate sensitive loans tied to recognized indexes (e.g., Prime and LIBOR). Loan yields also improved slightly during 2007 due to higher loan fees charged on construction and land development loans which are amortized over the life of the loan.
Interest expense in 2007 increased to $57.1 million compared to $33.8 million in 2006. The primary cause of these increases was the increase in average interest-bearing liabilities due to both organic and merger related growth. Impacting the increase in average interest bearing liabilities (in addition to the mergers noted above) was the issuance of $51.5 million in trust preferred debt in the third quarter of 2006. For 2007 the average cost of interest bearing liabilities increased to 4.75% compared to 4.28% during 2006 reflecting continued competitive pricing pressures on deposits, changes in market rates and usage of other instruments (e.g., trust preferred debt, wholesale deposits and other borrowings) to fund the Company’s growth.
The Company’s net interest margin during 2007 decreased to 4.88% compared to 5.19% in 2006. The decrease in net interest margin was primarily attributable to continued upward pressure and availability of deposits and other funding liabilities during 2007 in a fairly stable prime rate environment.
Net interest income before provision for loan losses increased 34.4% compared to 2006, as interest earned on higher loan volumes and increased yields outweighed the effect of increased funding liabilities and higher cost of funds. Impacting net interest income for 2007 was the addition of gross loans and deposits from the 2006 acquisitions as well as the issuance of trust preferred debt in 2006.
The Company recorded a provision for loan losses of $3.4 million in 2007 compared to $3.5 million for 2006. The allowance for loan losses was $17.1 million, or 1.20% of total loans, as of December 31, 2007 compared to $15.0 million, or 1.19% of total loans, at December 31, 2006. The relatively stable provision for loan losses, year over year, resulted from a lower provision for originated loans as historic loan growth decreased in 2007, combined with a $761,000 increase in net charge offs in 2007 as compared to 2006 (net charge offs were $1.2 million, 9 basis points of gross loans, and $469,000, 4 basis points of gross loans, for the years ended December 31, 2007 and 2006, respectively).
“The increase in nonaccruals and impaired loans is indicative of the fluid economic and banking environment currently extant at both national and local levels. While the geometry of the banking landscape continues to evolve, we believe the infrastructure is in place to manage the risks inherent in our current portfolio, and that the present level of the allowance for loan losses accurately reflects the company’s assessment of internal credit risks. As we monitor asset quality and performance, we will continue to maintain a focused and aggressive portfolio management posture, including prudent limits, effective credit review and loan classification procedures and an appropriate methodology for dealing with problem exposures in a flexible and timely manner” stated Don Bigger, Executive Vice President and Chief Credit Administrator.
Non-interest income increased 38.0%, or $997,000, to $3.6 million for 2007 compared to $2.6 million for 2006. While the Company continued to experience growth throughout 2007, the increase in non-interest income was due primarily to the acquisition of Community Bank of Arizona (September 2006) and Valley Bancorp (October 2006) (e.g., acquisition of additional customer accounts from which customer service fees are earned) and the increase in gain on sale of loans that included a gain of approximately $285,000 related to the sale of the Company’s credit card portfolio during the second quarter of 2007.
Non-interest expense increased 43.8%, or $12.1 million, to $39.7 million for 2007 compared to $27.6 million for 2006. This increase resulted primarily from the acquisition of Community Bank of Arizona (September 2006) and Valley Bancorp (October 2006).
As a result of the acquisitions of Community Bank of Arizona and Valley Bancorp, the Company increased its branch network by six and added approximately eighty full-time equivalent employees. In addition to this expansion through acquisition, the Company added three new branches, closed two branches and added one administrative office during the year ended December 31, 2007. The expansion of facilities and human resources (full time equivalent employees increased to 285 at December 31, 2007 from 235 at December 31, 2006) were the primary drivers of the Company’s increased non-interest expense for 2007 as compared to 2006. The 2007 expansion costs, combined with the compression of net interest margin, adversely affected the 2007 efficiency ratio.
LINKED QUARTER
For the quarter ended December 31, 2007, interest income decreased to $31.5 million as compared to $33.3 million for the quarter ended September 30, 2007. The decrease in interest income is directly attributable to lower yields on the Company’s indexed loans (approximately 70% of the Company’s loans are tied to recognized indexes). For the quarter ended December 31, 2007 yields on loans decreased to 8.77% compared to 9.28% for the quarter ended September 30, 2007. The Company’s average prime rate for the quarter ended December 31, 2007 was 7.52% as compared to 8.17% for the quarter ended September 30, 2007.
For the quarter ended December 31, 2007, interest expense decreased to $14.1 million as compared to $15.0 million at September 31, 2007. The decrease in interest expense was driven primarily by a decline in the Company’s cost of funds which decreased to 4.62% for the quarter ended December 31, 2007 as compared to 4.90% for the quarter ended September 30, 2007.
The Company’s cost of funds did not decrease proportionally with the decrease in yields for interest earning assets as certain higher cost retail deposits were allowed to run off and replaced by interest sensitive wholesale deposits. As a result, while the Company’s funding liabilities are more sensitive to interest rate changes at December 31, 2007 as compared to September 30, 2007, the higher cost of wholesale funds adversely impacted the decrease in the fourth quarter 2007 funding costs. However, the change in funding liability mix enhanced the liability sensitive position of the Company’s balance sheet at December 31, 2007.
Net interest income before provision for loan losses decreased to $17.3 million for the quarter ended December 31, 2007 as compared to $18.2 million for the quarter ended September 30, 2007. As noted above, the compression in net interest margin resulted as the Company’s interest sensitive earning assets repriced downward and funding liabilities costs decreased disproportionately as the Company changed its funding liabilities mix to a more interest rate sensitive position.
The provision for loan losses increased to $1.9 million for the quarter ended December 31, 2007 as compared to $533,000 for the quarter ended September 30, 2007. The increase in the provision for loan losses was due to significantly higher growth of the loan portfolio in the fourth quarter of 2007 ($45.5 million for the fourth quarter 2007 versus $7.3 million for the third quarter 2007) and an increase in net loans charged off of approximately $606,000.
Noninterest income increased to $929,000 for the quarter ended December 31, 2007 as compared to $822,000. The increase was primarily due to increased service charges which resulted from the full implementation of new deposit programs that earn higher fee income.
Noninterest expense increased to $10.6 million for the quarter ended December 31, 2007 as compared to $10.0 million for the quarter ended September 30, 2007. The increase was due primarily to increased salaries, wages and employee benefits as the full quarter effect of the restricted stock issuance in August and September 2007 was recognized, the recognition of a loss on one of the Company’s interest rate swaps in the amount of $380,000 off set in part by the loss on extinguishment of debt of $377,000 in the quarter ended September 30, 2007 for which there was no such expense in the fourth quarter of 2007.
Balance Sheet Management
Total assets increased by 7.8% to $1.7 billion as of December 31, 2007, from $1.6 billion as of December 31, 2006. The increase in total assets was driven primarily by a $162.0 million increase in net loans off set in part by reductions in cash and cash equivalents and securities of $46.9 million from December 31, 2006 to December 31, 2007. Asset growth during 2007 was funded primarily through increases in interest bearing deposits of $88.6 million, borrowings of $53.5 million, and current year income of $20.4 million, off set in part by a reduction in non-interest bearing deposits of $34.3 million.
Non-performing loans as of December 31, 2007 were $12.1 million compared to $647,000 at December 31, 2006. The increase in non-performing loans from December 31, 2006 is composed of non-accrual commercial and industrial, commercial real estate and construction and land development loans that are well secured with sufficient loan to values. At December 31, 2007 three credit relationships accounted for approximately $9.2 million of the non accrual loans with the balance of the non-accrual loans related to 18 borrowers with loan balances that range from $5,000 to $550,000.
As of December 31, 2007, net loans represented 82.5% of total assets. The Company’s lending activities consist primarily of commercial and industrial, commercial real estate and construction and land development loans. For 2007 the largest increase in the loan portfolio was real estate – construction and land development, which increased 15.0%, indicating a continued demand for this product in the Company’s primary markets. As of December 31, 2007, real estate – construction and land development represented 55.6% of the Company’s gross loans. The Company’s gross loan portfolio as of December 31, 2007 consisted of commercial and industrial loans – 14.8% and real estate – 84.7%. The Company’s loan portfolio consists of a limited amount of residential construction loans and no sub-prime loans.
During the quarter ended December 31, 2007 the Company finalized its adjustments to goodwill resulting from the October 2006 acquisition of Valley Bancorp. These adjustments resulted in a decrease of goodwill of approximately $1.5 million and are primarily related to final computations of the deferred income tax effect associated with the purchase accounting and had no effect on the Company’s consolidated statement of income.
Total deposits increased by $54.2 million, or 4.6% to $1.2 billion as of December 31, 2007. The increase in deposits is directly attributed to an increase in interest bearing demand deposits and time deposits, driven, in part, by the Company’s participation in several wholesale deposit programs.
The Board of Directors at its regular meeting of July 25, 2007, authorized the purchase of up to 5% of the Company’s outstanding shares as of June 30, 2007, or 520,996 shares, over the next twelve months. Based on this authorization, the Company repurchased 316,200 shares at a total cost of $6.4 million, or $20.24 per share, during 2007.
Capital Ratios
Our capital ratios continue to be above the well-capitalized guidelines established by bank regulatory agencies and should provide ample resources for future growth.
About Community Bancorp
Community Bancorp is a bank holding company headquartered in Las Vegas, Nevada with four wholly-owned subsidiaries: 1) Community Bank of Nevada, 2) Community Bank of Arizona, 3) Community Bancorp (NV) Statutory Trust II and 4) Community Bancorp (NV) Statutory Trust III. Community Bancorp exists primarily for the purpose of holding the stock of its wholly-owned subsidiaries and facilitating their activities. Community Bank of Nevada is a Nevada state chartered bank providing a full range of commercial and consumer bank products through thirteen branches located in the greater Las Vegas area and one loan production office in Arizona. Community Bank of Arizona (formerly Cactus Commerce Bank), is an Arizona state chartered bank providing a full range of commercial and consumer bank products through three branches located in the greater Phoenix, Arizona area. We provide commercial banking services, including real estate, construction and commercial loans and SBA loans, to small- and medium-sized businesses.
For more information about Community Bancorp, visit our website atwww.communitybanknv.com.
The Company will host an investor conference call at 11:00 a.m. EDT (8:00 a.m. PDT) on Thursday, January 24, 2008 to discuss this earnings release. The call will be open to all interested investors through a live, listen-only audio Web broadcast via the Internet atwww.communitybanknv.com/conference. For those who are not available to listen to the live broadcast, the call will be archived for 90 days.
Attached to this press release is summarized financial information.
Forward-Looking Statements
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to the recent fluctuation in the U.S. capital markets, loan production, balance sheet management, the economic condition of the markets in Las Vegas, Nevada, or Phoenix, Arizona, net interest margin, loan quality, the ability to control costs and expenses, interest rate changes and financial policies of the United States government, and general economic conditions. Additional information on these and other factors that could affect financial results are included in our Securities and Exchange Commission filings.
When used in this release, the words or phrases such as “will likely result in,” “management expects that,” “will continue,” “is anticipated,” “estimate,” “projected,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. Community Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting Community Bancorp under PSLRA’s safe harbor provisions.
COMMUNITY BANCORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| | | | | | | | | | | | |
| | | December 31,
2007 | | | September 30,
2007 | | | December 31,
2006 | |
| | | (In thousands, except share data) | |
ASSETS | | | | | | | | | | | | |
Cash and due from banks | | $ | 19,243 | | | $ | 32,897 | | | $ | 28,694 | |
Interest bearing deposits in other banks | | | 141 | | | | 4,186 | | | | 8,501 | |
Federal funds sold | | | 20 | | | | 9,155 | | | | 8,921 | |
| | | | | | | | | | | | |
Cash and cash equivalents | | | 19,404 | | | | 46,238 | | | | 46,116 | |
Securities available for sale, at fair value | | | 88,217 | | | | 90,938 | | | | 107,849 | |
Securities held to maturity, at amortized cost (fair value of $817 as of December 31, 2007, $878 as of September 30, 2007 and $1,334 as of December 31, 2006) | | | 801 | | | | 865 | | | | 1,309 | |
Required equity investments, at cost | | | 14,014 | | | | 13,720 | | | | 6,589 | |
Loans, net of allowance for loan losses of $17,098 as of December 31, 2007, $16,184 as of September 30, 2007 and $14,973 as of December 31, 2006 | | | 1,396,890 | | | | 1,352,171 | | | | 1,234,841 | |
Premises and equipment, net | | | 27,535 | | | | 25,390 | | | | 24,133 | |
Accrued interest and dividends receivable | | | 8,046 | | | | 8,645 | | | | 7,668 | |
Deferred income taxes, net | | | 1,503 | | | | — | | | | 875 | |
Bank owned life insurance | | | 10,521 | | | | 10,410 | | | | 10,071 | |
Goodwill | | | 113,636 | | | | 115,143 | | | | 115,865 | |
Core deposit intangible, net of accumulated amortization of $2,478 as of December 31, 2007, $2,143 as of September 30, 2007 and $1,138 as of December 31, 2006 | | | 7,481 | | | | 7,816 | | | | 8,821 | |
Other assets | | | 5,473 | | | | 6,523 | | | | 6,242 | |
| | | | | | | | | | | | |
Total assets | | $ | 1,693,521 | | | $ | 1,677,859 | | | $ | 1,570,379 | |
| | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | |
Non-interest bearing | | $ | 170,725 | | | $ | 211,547 | | | $ | 205,115 | |
Interest bearing: | | | | | | | | | | | | |
Demand | | | 672,567 | | | | 606,942 | | | | 510,454 | |
Savings | | | 28,465 | | | | 32,979 | | | | 60,480 | |
Time, $100,000 or more | | | 171,664 | | | | 200,994 | | | | 164,954 | |
Other time | | | 187,041 | | | | 206,441 | | | | 235,273 | |
| | | | | | | | | | | | |
Total deposits | | | 1,230,462 | | | | 1,258,903 | | | | 1,176,276 | |
Borrowings | | | 146,684 | | | | 101,267 | | | | 77,695 | |
Accrued interest payable and other liabilities | | | 9,090 | | | | 9,240 | | | | 9,907 | |
Deferred income taxes, net | | | — | | | | 522 | | | | — | |
Junior subordinated debt | | | 72,166 | | | | 72,166 | | | | 87,630 | |
| | | | | | | | | | | | |
Total liabilities | | | 1,458,402 | | | | 1,442,098 | | | | 1,351,508 | |
| | | | | | | | | | | | |
Stockholders’ equity Common stock, par value: $0.001; shares authorized: 30,000,000; shares issued: 10,620,529 as of December 31, 2007 (including 161,137 shares of unvested restricted stock), 10,617,794 as of September 30, 2007(including 163,195 share of unvested restricted stock) and 10,423,188 as of December 31, 2006 | | | 11 | | | | 11 | | | | 10 | |
Additional paid-in capital | | | 168,931 | | | | 168,416 | | | | 167,359 | |
Retained earnings | | | 72,797 | | | | 69,024 | | | | 52,402 | |
Accumulated other comprehensive income (loss), net of tax | | | 64 | | | | (420 | ) | | | (615 | ) |
| | | | | | | | | | | | |
| | | 241,803 | | | | 237,031 | | | | 219,156 | |
Less cost of treasury stock, 350,575 shares as of December 31, 2007, 77,175 as of September 30, 2007 and 34,375 as of December 31, 2006 | | | (6,684 | ) | | | (1,270 | ) | | | (285 | ) |
| | | | | | | | | | | | |
Total stockholders’ equity | | | 235,119 | | | | 235,761 | | | | 218,871 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,693,521 | | | $ | 1,677,859 | | | $ | 1,570,379 | |
| | | | | | | | | | | | |
COMMUNITY BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
| | | | | | | | | | | | | | | |
| | | For the three months ended | | For the twelve months ended |
| | | December 31,
2007 | | September 30,
2007 | | December 31,
2006 | | December 31,
2007 | | December 31,
2006 |
| | | (In thousands, except per share data) |
Interest and dividend income: | | | | | | | | | | | | | | | |
Loans, including fees | | $ | 30,031 | | $ | 31,613 | | $ | 27,371 | | $ | 121,017 | | $ | 79,547 |
Securities and investments | | | 1,291 | | | 1,345 | | | 1,437 | | | 5,520 | | | 4,475 |
Federal funds sold | | | 140 | | | 301 | | | 1,097 | | | 1,488 | | | 2,467 |
| | | | | | | | | | | | | | | |
Total interest and dividend income | | | 31,462 | | | 33,259 | | | 29,905 | | | 128,025 | | | 86,489 |
| | | | | | | | | | | | | | | |
Interest expense on: | | | | | | | | | | | | | | | |
Deposits | | | 11,493 | | | 12,279 | | | 10,614 | | | 46,395 | | | 27,326 |
Borrowings | | | 1,401 | | | 1,209 | | | 919 | | | 4,911 | | | 2,888 |
Junior subordinated debt | | | 1,225 | | | 1,543 | | | 1,559 | | | 5,841 | | | 3,551 |
| | | | | | | | | | | | | | | |
Total interest expense | | | 14,119 | | | 15,031 | | | 13,092 | | | 57,147 | | | 33,765 |
| | | | | | | | | | | | | | | |
Net interest income before provision for loan losses | | | 17,343 | | | 18,228 | | | 16,813 | | | 70,878 | | | 52,724 |
Provision for loan losses | | | 1,854 | | | 533 | | | 385 | | | 3,355 | | | 3,509 |
| | | | | | | | | | | | | | | |
Net interest income after provision for loan losses | | | 15,489 | | | 17,695 | | | 16,428 | | | 67,523 | | | 49,215 |
Non-interest income: | | | | | | | | | | | | | | | |
Service charges and other income | | | 712 | | | 621 | | | 570 | | | 2,518 | | | 1,913 |
Bank owned life insurance | | | 111 | | | 111 | | | 124 | | | 451 | | | 373 |
Net swap settlements | | | 38 | | | 52 | | | 49 | | | 182 | | | 151 |
Rental income | | | 61 | | | 38 | | | 37 | | | 175 | | | 145 |
Gain on sale of securities | | | — | | | — | | | 2 | | | 4 | | | 2 |
Net gain on sale of loans | | | 7 | | | — | | | 41 | | | 292 | | | 41 |
| | | | | | | | | | | | | | | |
Total non-interest income | | | 929 | | | 822 | | | 823 | | | 3,622 | | | 2,625 |
| | | | | | | | | | | | | | | |
Non-interest expense: | | | | | | | | | | | | | | | |
Salaries, wages and employee benefits | | | 5,690 | | | 5,337 | | | 5,000 | | | 22,328 | | | 15,028 |
Occupancy, equipment and depreciation | | | 1,349 | | | 1,351 | | | 1,122 | | | 5,123 | | | 3,573 |
Core deposit intangible amortization | | | 335 | | | 335 | | | 313 | | | 1,340 | | | 884 |
Data processing | | | 259 | | | 246 | | | 283 | | | 1,088 | | | 931 |
Advertising and public relations | | | 442 | | | 651 | | | 351 | | | 1,830 | | | 1,172 |
Professional fees | | | 527 | | | 486 | | | 464 | | | 1,713 | | | 1,341 |
Telephone and postage | | | 201 | | | 214 | | | 144 | | | 809 | | | 390 |
Stationery and supplies | | | 186 | | | 189 | | | 170 | | | 733 | | | 485 |
Directors fees | | | 273 | | | 71 | | | 44 | | | 522 | | | 781 |
Insurance | | | 270 | | | 170 | | | 137 | | | 699 | | | 400 |
Software maintenance | | | 130 | | | 106 | | | 91 | | | 457 | | | 252 |
Loan related | | | 76 | | | 74 | | | 57 | | | 327 | | | 215 |
Loss on interest rate swap | | | 380 | | | — | | | — | | | 380 | | | — |
Other operating expenses | | | 485 | | | 813 | | | 765 | | | 2,378 | | | 2,168 |
| | | | | | | | | | | | | | | |
Total non-interest expense | | | 10,603 | | | 10,043 | | | 8,941 | | | 39,727 | | | 27,620 |
| | | | | | | | | | | | | | | |
Income before income tax provision | | | 5,815 | | | 8,474 | | | 8,310 | | | 31,418 | | | 24,220 |
Income tax provision | | | 2,043 | | | 2,943 | | | 2,916 | | | 11,023 | | | 8,581 |
| | | | | | | | | | | | | | | |
Net income | | $ | 3,772 | | $ | 5,531 | | $ | 5,394 | | $ | 20,395 | | $ | 15,639 |
| | | | | | | | | | | | | | | |
EARNINGS PER SHARE: | | | | | | | | | | | | | | | |
Basic | | $ | 0.37 | | $ | 0.53 | | $ | 0.54 | | $ | 1.96 | | $ | 1.95 |
| | | | | | | | | | | | | | | |
Diluted | | $ | 0.36 | | $ | 0.53 | | $ | 0.54 | | $ | 1.95 | | $ | 1.92 |
| | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | | | | | | | | | | | | | |
Basic | | | 10,220,281 | | | 10,395,240 | | | 9,965,919 | | | 10,358,561 | | | 8,036,905 |
| | | | | | | | | | | | | | | |
Diluted | | | 10,366,583 | | | 10,497,060 | | | 10,061,691 | | | 10,458,350 | | | 8,136,968 |
| | | | | | | | | | | | | | | |
DISTRIBUTION, RATE AND YIELD ANALYSIS OF NET INTEREST INCOME
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| | | December 31, 2007 | | | September 30, 2007 | | | December 31, 2006 | |
| | | Average
Balance | | Interest
Income/
Expense | | Annualized
Average
Rate/Yield
(7)(8) | | | Average
Balance | | Interest
Income/
Expense | | Annualized
Average
Rate/Yield
(7)(8) | | | Average
Balance
(9) | | Interest
Income/
Expense
(9) | | Annualized
Average
Rate/Yield
(7)(8) | |
| | | (In thousands, except percentage data) | |
Assets: | | | | |
Interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans (1)(2) | | $ | 1,358,566 | | $ | 30,031 | | 8.77 | % | | $ | 1,351,327 | | $ | 31,613 | | 9.28 | % | | $ | 1,189,726 | | $ | 27,371 | | 9.13 | % |
Investment securities (3)(4) | | | 106,656 | | | 1,291 | | 5.20 | % | | | 109,663 | | | 1,345 | | 5.26 | % | | | 121,119 | | | 1,437 | | 5.08 | % |
Federal funds sold | | | 11,867 | | | 140 | | 4.68 | % | | | 23,636 | | | 301 | | 5.05 | % | | | 83,127 | | | 1,097 | | 5.24 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets (3) | | | 1,477,089 | | | 31,462 | | 8.48 | % | | | 1,484,626 | | | 33,259 | | 8.92 | % | | | 1,393,972 | | | 29,905 | | 8.54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest earning assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | 19,469 | | | | | | | | | 21,421 | | | | | | | | | 25,934 | | | | | | |
Goodwill and intangibles | | | 122,358 | | | | | | | | | 122,996 | | | | | | | | | 104,929 | | | | | | |
Other assets | | | 35,242 | | | | | | | | | 34,498 | | | | | | | | | 31,781 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,654,158 | | | | | | | | $ | 1,663,541 | | | | | | | | $ | 1,556,616 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities and stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand | | $ | 74,507 | | $ | 494 | | 2.63 | % | | $ | 73,048 | | $ | 524 | | 2.85 | % | | $ | 48,598 | | $ | 328 | | 2.69 | % |
Money market | | | 540,335 | | | 5,836 | | 4.29 | % | | | 505,620 | | | 5,885 | | 4.62 | % | | | 462,093 | | | 5,365 | | 4.60 | % |
Savings | | | 30,594 | | | 164 | | 2.13 | % | | | 35,820 | | | 306 | | 3.39 | % | | | 59,287 | | | 555 | | 3.71 | % |
Time | | | 387,997 | | | 4,999 | | 5.11 | % | | | 423,741 | | | 5,564 | | 5.21 | % | | | 401,670 | | | 4,366 | | 4.31 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest bearing deposits | | | 1,033,433 | | | 11,493 | | 4.41 | % | | | 1,038,229 | | | 12,279 | | 4.69 | % | | | 971,648 | | | 10,614 | | 4.33 | % |
Borrowings | | | 107,220 | | | 1,401 | | 5.18 | % | | | 93,052 | | | 1,209 | | 5.16 | % | | | 72,573 | | | 919 | | 5.02 | % |
Junior subordinated debt | | | 72,166 | | | 1,225 | | 6.73 | % | | | 86,790 | | | 1,543 | | 7.05 | % | | | 87,630 | | | 1,559 | | 7.06 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest bearing liabilities | | | 1,212,819 | | | 14,119 | | 4.62 | % | | | 1,218,071 | | | 15,031 | | 4.90 | % | | | 1,131,851 | | | 13,092 | | 4.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Demand deposits | | | 193,778 | | | | | | | | | 200,972 | | | | | | | | | 212,180 | | | | | | |
Other liabilities | | | 11,148 | | | | | | | | | 10,264 | | | | | | | | | 11,267 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total non-interest bearing liabilities | | | 1,417,745 | | | | | | | | | 1,429,307 | | | | | | | | | 1,355,298 | | | | | | |
Stockholders’ equity | | | 236,413 | | | | | | | | | 234,234 | | | | | | | | | 201,318 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,654,158 | | | | | | | | $ | 1,663,541 | | | | | | | | $ | 1,556,616 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | | | | $ | 17,343 | | | | | | | | $ | 18,228 | | | | | | | | $ | 16,813 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest spread (5) | | | | | | | | 3.86 | % | | | | | | | | 4.02 | % | | | | | | | | 3.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest margin (3)(6) | | | | | | | | 4.69 | % | | | | | | | | 4.90 | % | | | | | | | | 4.82 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) | Includes average non-accrual loans of $9.8 million, $3.7 million and $597,000 for the three months ended December 31, 2007, September 30, 2007 and December 31, 2006, respectively. |
| (2) | Net loan fees of $2.3 million, $2.2 million and $1.2 million are included in the yield computations for the three months ended December 31, 2007, September 31, 2007 and December 31, 2006, respectively. |
| (3) | Yields on securities, total interest-earning assets and net interest margin have been adjusted to a tax-equivalent basis. |
| (4) | Includes securities available for sale, securities held to maturity, interest bearing deposits in other banks and required equity investments. |
| (5) | Net interest spread represents the average yield earned on interest earning assets less the average rate paid on interest bearing liabilities. |
| (6) | Net interest margin is computed by dividing net interest income, on a tax equivalent basis, by total average earning-assets. |
| (7) | Average rates/yields for these periods have been annualized. |
| (8) | Yields are computed based on actual number of days during the period. As a result, yields in 2006 have been adjusted to conform with current presentation. |
| (9) | Certain average balances and income in prior periods have been reclassified to conform with current presentation. |
DISTRIBUTION, RATE AND YIELD ANALYSIS OF NET INTEREST INCOME
| | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, | |
| | | 2007 | | | 2006 | |
| | | Average
Balance | | Interest
Income/
Expense | | Annualized
Average
Rate/Yield | | | Average
Balance (7) | | Interest
Income/
Expense (7) | | Annualized
Average
Rate/Yield | |
| | | (In thousands, except percentage data) | |
Assets: | | | | |
Interest earning assets: | | | | | | | | | | | | | | | | | | |
Loans (1)(2) | | $ | 1,318,995 | | $ | 121,017 | | 9.17 | % | | $ | 875,166 | | $ | 79,547 | | 9.09 | % |
Investment securities (3)(4) | | | 112,526 | | | 5,520 | | 5.29 | % | | | 99,243 | | | 4,475 | | 4.96 | % |
Federal funds sold | | | 28,763 | | | 1,488 | | 5.17 | % | | | 49,369 | | | 2,467 | | 5.00 | % |
| | | | | | | | | | | | | | | | | | |
Total interest earning assets (3) | | | 1,460,284 | | | 128,025 | | 8.80 | % | | | 1,023,778 | | | 86,489 | | 8.49 | % |
| | | | | | | | | | | | | | | | | | |
Non-interest earning assets: | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | | 22,280 | | | | | | | | | 21,086 | | | | | | |
Goodwill and intangibles | | | 123,107 | | | | | | | | | 44,260 | | | | | | |
Other assets | | | 34,352 | | | | | | | | | 28,346 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,640,023 | | | | | | | | $ | 1,117,470 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Liabilities and stockholders’ equity: | | | | | | | | | | | | | | | | | | |
Interest bearing liabilities: | | | | | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | | | |
Interest bearing demand | | $ | 70,043 | | $ | 1,884 | | 2.69 | % | | $ | 44,799 | | $ | 1,096 | | 2.45 | % |
Money market | | | 506,669 | | | 22,988 | | 4.54 | % | | | 350,386 | | | 14,329 | | 4.09 | % |
Savings | | | 40,436 | | | 1,118 | | 2.76 | % | | | 19,649 | | | 589 | | 3.00 | % |
Time | | | 406,858 | | | 20,405 | | 5.02 | % | | | 264,223 | | | 11,312 | | 4.28 | % |
| | | | | | | | | | | | | | | | | | |
Total interest bearing deposits | | | 1,024,006 | | | 46,395 | | 4.53 | % | | | 679,057 | | | 27,326 | | 4.02 | % |
Borrowings | | | 95,146 | | | 4,911 | | 5.16 | % | | | 60,266 | | | 2,888 | | 4.79 | % |
Junior subordinated debt | | | 83,520 | | | 5,841 | | 6.99 | % | | | 50,488 | | | 3,551 | | 7.03 | % |
| | | | | | | | | | | | | | | | | | |
Total interest bearing liabilities | | | 1,202,672 | | | 57,147 | | 4.75 | % | | | 789,811 | | | 33,765 | | 4.28 | % |
| | | | | | | | | | | | | | | | | | |
Non-interest bearing liabilities: | | | | | | | | | | | | | | | | | | |
Demand deposits | | | 196,225 | | | | | | | | | 184,726 | | | | | | |
Other liabilities | | | 10,575 | | | | | | | | | 7,621 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total non-interest bearing liabilities | | | 1,409,472 | | | | | | | | | 982,158 | | | | | | |
Stockholders’ equity | | | 230,551 | | | | | | | | | 135,312 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 1,640,023 | | | | | | | | $ | 1,117,470 | | | | | | |
| | | | | | | | | | | | | | | | | | |
Net interest income | | | | | $ | 70,878 | | | | | | | | $ | 52,724 | | | |
| | | | | | | | | | | | | | | | | | |
Net interest spread (5) | | | | | | | | 4.05 | % | | | | | | | | 4.21 | % |
| | | | | | | | | | | | | | | | | | |
Net interest margin (3)(6) | | | | | | | | 4.88 | % | | | | | | | | 5.19 | % |
| | | | | | | | | | | | | | | | | | |
| (1) | Includes average non-accrual loans of $5.1 million and $928,000 for the years ended December 31, 2007 and 2006, respectively. |
| (2) | Net loan fees of $8.2 million and $5.1 million are included in the yield computations for the year ended December 31, 2007 and 2006, respectively. |
| (3) | Yields on securities, total interest-earning assets and net interest margin have been adjusted to a tax-equivalent basis. |
| (4) | Includes securities available for sale, securities held to maturity, interest bearing deposits in other banks and required equity investments. |
| (5) | Net interest spread represents the average yield earned on interest earning assets less the average rate paid on interest bearing liabilities. |
| (6) | Net interest margin is computed by dividing net interest income, on tax equivalent basis, by total average earning-assets. |
| (7) | Certain average balances and income in prior periods have been reclassified to conform with current presentation. |
KEY PERFORMANCE INDICATORS
| | | | | | | | | | | | | | | | | | | | |
| | | 4th
Quarter
2007 | | | 4th
Quarter
2006 | | | Percentage
Change | | | 2007 | | | 2006 | | | Percentage
Change | |
| | | (In thousands, except share and
percentage data) | | | (In thousands, except share and
percentage data) | |
SELECTED FINANCIAL RATIOS | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | 0.90 | % | | 1.37 | % | | (34.2 | )% | | | 1.24 | % | | | 1.40 | % | | (11.1 | )% |
Return on average stockholders’ equity | | 6.33 | % | | 10.63 | % | | (40.5 | )% | | | 8.85 | % | | | 11.56 | % | | (23.5 | )% |
Net interest margin (1) | | 4.69 | % | | 4.82 | % | | (2.7 | )% | | | 4.88 | % | | | 5.19 | % | | (6.0 | )% |
Efficiency ratio (2) | | 58.03 | % | | 50.70 | % | | 14.5 | % | | | 53.32 | % | | | 49.90 | % | | 6.9 | % |
Capital Ratios | | | | | | | | | | | | | | | | | | | | |
Consolidated tier 1 leverage capital ratio | | | | | | | | | | | | 12.0 | % | | | 11.7 | % | | 2.6 | % |
Consolidated tier 1 risk-based capital ratio | | | | | | | | | | | | 11.4 | % | | | 11.8 | % | | (3.4 | )% |
Consolidated total risk-based capital ratio | | | | | | | | | | | | 12.4 | % | | | 13.7 | % | | (9.5 | )% |
Asset Quality Ratios | | | | | | | | | | | | | | | | | | | | |
Non-performing loans (3) | | | | | | | | | | | $ | 12,076 | | | $ | 647 | | | 1,766.5 | % |
Non-performing assets (4) | | | | | | | | | | | $ | 12,076 | | | $ | 647 | | | 1,766.5 | % |
Non-performing loans to total loans | | | | | | | | | | | | 0.85 | % | | | 0.05 | % | | 1,601.8 | % |
Non-performing assets to total assets | | | | | | | | | | | | 0.71 | % | | | 0.04 | % | | 1,682.7 | % |
Allowance for loan losses to total loans | | | | | | | | | | | | 1.20 | % | | | 1.19 | % | | 1.2 | % |
Allowance for loan losses to non-performing assets | | | | | | | | | | | | 142 | % | | | 2,314 | % | | (94 | )% |
Allowance for loan losses to non-performing loans | | | | | | | | | | | | 142 | % | | | 2,314 | % | | (94 | )% |
Net charge-offs (recoveries) to average loans (5) | | 0.27 | % | | -0.03 | % | | (1,000.0 | )% | | | 0.09 | % | | | 0.05 | % | | 87 | % |
| (1) | Net interest margin represents net interest income on a tax equivalent basis as a percentage of average interest-earning assets. |
| (2) | Efficiency ratio represents non-interest expenses, excluding provision for loan losses, as a percentage of the aggregate of net interest income and non-interest income. |
| (3) | Non-performing loans are defined as loans that are past due 90 days or more plus loans placed in non-accrual status. |
| (4) | Non-performing assets are defined as assets that are past due 90 days or more plus assets placed in non-accrual status plus other real estate owned. Since the Company had no other real estate owned at December 31, 2007 and 2006, non-performing loans equals non-performing assets. |
COMPOSITE OF LOAN PORTFOLIO
| | | | | | | | | | | | | | | | | | | | | |
| | | December 31,
2007 | | | September 30,
2007 | | | December 31,
2006 | |
| | | (In thousands) | | | | |
Commercial and industrial | | $ | 210,614 | | | 14.8 | % | | $ | 181,064 | | | 12.8 | % | | $ | 177,583 | | | 14.2 | % |
Real estate: | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 370,464 | | | 26.1 | % | | | 370,658 | | | 26.1 | % | | | 347,072 | | | 27.7 | % |
Residential | | | 43,212 | | | 3.0 | % | | | 39,312 | | | 2.8 | % | | | 35,150 | | | 2.8 | % |
Construction and land development | | | 789,185 | | | 55.6 | % | | | 777,258 | | | 54.8 | % | | | 686,267 | | | 54.7 | % |
Consumer and other | | | 5,707 | | | 0.4 | % | | | 5,369 | | | 0.4 | % | | | 7,139 | | | 0.6 | % |
| | | | | | | | | | | | | | | | | | | | | |
Total gross loans | | | 1,419,182 | | | 100.0 | % | | | 1,373,661 | | | 100.0 | % | | | 1,253,211 | | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | | | |
Less: | | | | | | | | | | | | | | | | | | | | | |
Allowance for loan losses | | | 17,098 | | | | | | | 16,184 | | | | | | | 14,973 | | | | |
Net unearned loan fees and discounts | | | 5,194 | | | | | | | 5,306 | | | | | | | 3,397 | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Total net loans | | $ | 1,396,890 | | | | | | $ | 1,352,171 | | | | | | $ | 1,234,841 | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Gross loans to total assets | | | 83.8 | % | | | | | | 81.9 | % | | | | | | 79.8 | % | | | |
ALLOWANCE FOR LOAN LOSSES
| | | | | | | | | | | | |
| | | 2007 | | | 2006 | | | 2005 | |
| | | (In thousands) | |
Balance at beginning of period | | $ | 14,973 | | | $ | 8,117 | | | $ | 6,133 | |
Provision for loan losses | | | 3,355 | | | | 3,509 | | | | 1,085 | |
Allowance resulting from acquisition | | | — | | | | 3,816 | | | | 933 | |
Less amounts charged off | | | (1,552 | ) | | | (661 | ) | | | (220 | ) |
Recoveries of amounts charged off | | | 322 | | | | 192 | | | | 186 | |
| | | | | | | | | | | | |
Balance at end of period | | $ | 17,098 | | | $ | 14,973 | | | $ | 8,117 | |
| | | | | | | | | | | | |
COMPOSITE OF NON-ACCRUAL LOANS
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | December 31, 2007 | | | September 30, 2007 | | | December 31, 2006 | |
| | | Non-Accrual
Balance | | % | | | Percent of
Total Loans | | | Non-Accrual
Balance | | % | | | Percent of
Total Loans | | | Non-Accrual
Balance | | % | | | Percent of
Total Loans | |
| | | (In thousands, except percentage data) | |
Commercial and industrial | | $ | 2,042 | | 16.9 | % | | 0.15 | % | | $ | 2,036 | | 26.4 | % | | 0.15 | % | | $ | 595 | | 92.0 | % | | 0.05 | % |
Real Estate: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial | | | 4,291 | | 35.5 | % | | 0.30 | % | | | 351 | | 4.6 | % | | 0.03 | % | | | — | | 0.0 | % | | 0.00 | % |
Residential | | | — | | 0.0 | % | | 0.00 | % | | | 25 | | 0.3 | % | | 0.00 | % | | | 52 | | 8.0 | % | | 0.00 | % |
Construction and land development | | | 5,738 | | 47.6 | % | | 0.40 | % | | | 5,297 | | 68.6 | % | | 0.38 | % | | | — | | 0.0 | % | | 0.00 | % |
Consumer and Other | | | 5 | | 0.0 | % | | 0.00 | % | | | 5 | | 0.1 | % | | 0.00 | % | | | — | | 0.0 | % | | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Loans | | $ | 12,076 | | 100.0 | % | | 0.85 | % | | $ | 7,714 | | 100.0 | % | | 0.56 | % | | $ | 647 | | 100.0 | % | | 0.05 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
