EXHIBIT 99.1
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News Release
For more information contact:
Dennis J. Zember Jr.
Executive Vice President & CFO
(229) 890-1111
AMERIS BANCORP REPORTS NET INCOME OF $3.6 MILLION FOR
THIRD QUARTER OF 2007
AMERIS BANCORP (NasdaqGS: ABCB), Moultrie, Georgia, reported net income of $3.6 million, or $0.26 per diluted share, for the quarter ended September 30, 2007, compared to net income of $5.9 million, or $0.45 per diluted share, in the same quarter of 2006. Earnings per share in the third quarter of 2006 were positively affected by the Company’s sale of a banking charter for $1.0 million. Year to date earnings totaled $14.0 million or $1.02 per diluted share compared to $16.4 million or $1.24 per diluted share for the same period in 2006.
Growth in Net Interest Income
Net interest income during the third quarter of 2007 grew 6.61% to $19.1 million compared to the same quarter in 2006. Yields on earning assets increased to 7.87% in the current quarter from 7.73% in the third quarter of 2006. Average loan balances increased 16.2% to $1.6 billion during the quarter ending September 30, 2007 compared to the same period in 2006.
Average deposits during the third quarter of 2007 grew 10.8% to $1.70 billion compared to $1.53 billion during the same quarter in 2006. Continued growth in loans and deposits is largely the result of successful sales efforts across the Company's footprint, particularly in growth markets such as Jacksonville, Florida and Columbia, South Carolina.
Higher Levels of Provision for Loan Loss
During the third quarter, additional levels of loan loss provisions were recorded associated with two problem credits that the Company believes are nearing resolution. These two problem credits amounted to 45.9% of total non-performing loans at the current quarter end. The Company has aggressively pursued collection of these credits and the current collateral values are fully recognized in current earnings at liquidation levels.
These problem credits are located in an area that has recently experienced declines in value and a slowdown in real estate sales. While 1% of the Company’s loan portfolio is located in this area, only these specific credits have exhibited weakness. A broader review of the portfolio shows steady to improving criticized and classified credits and steady past dues ranging from 0.60% to 0.75% of total loans. Addressing the Company’s credit quality, Edwin W. Hortman, Jr., President and CEO, commented, “Although we’re disappointed with the condition of several loans and their impact on our results, we are encouraged that steps taken last year to tighten underwriting standards and improve collection efforts have resulted in steady quality indicators in the overall portfolio. There is no systemic credit quality issue in our portfolio and exposure to areas experiencing significant declines in real estate values are limited.”
The Company’s allowance for loan losses totaled $26.4 million at the end of the third quarter of 2007 or 1.66% as a percentage of total loans versus 1.74% at September 2006. Non-performing assets increased $3.6 million during the quarter to end at $21.9 million. Non-performing assets as a percentage of loans and repossessed collateral were 1.38% at quarter end versus 0.73% at September 2006.
Non-Recurring Expenses and Dilution from Expansion Projects
In addition to higher than normal provision for loan losses, the Company realized other operating expenses, primarily associated with collection efforts and upgrades to operating systems necessary to support our recently centralized functions. Partially offsetting these expenses were significantly lower levels of employee incentive accruals. The net increase in these operating expenses was approximately $400,000.
Expansion efforts continue in South Carolina and Jacksonville, Florida. Dilution from these activities totaled $0.02 per share for the quarter and $0.08 for the year to date period. Total loans and deposits in these markets increased to $240.5 million and $286.2 million, respectively, compared to $109.6 and $162.2 million for the same period in 2006.
Non-interest Income and Efforts to Improve Efficiency
Recurring non-interest income increased 10.9% during the quarter to $4.7 million from $4.2 million in the same quarter in 2006. Income from mortgage banking activities increased $236,000 or 43.1% over amounts reported in the third quarter of 2006. The Company’s efforts to recruit experienced mortgage bankers continued during the quarter. During 2007, Ameris has added approximately 20 mortgage bankers across its footprint to capture a greater share of related activity. The Company has no exposure to subprime mortgage losses and recent communications with the Company’s correspondent banks have not revealed weaknesses or funding issues.
Service charges on deposit accounts also increased materially during the quarter to $3.2 million, an increase of 7.4% when compared to the same quarter in 2006. Sales efforts associated with transaction accounts and further adjustments to fee schedules are the primary reason for the increase.
During the third quarter of 2007, the Company substantially completed the centralization of the remaining non-customer contact roles related to loan and deposit operations. Certain levels of overstaffing were needed as the Company transitioned to centralized processes. Management anticipates some reduction in staff during the fourth quarter of 2007 and the first quarter of 2008 as new support centers develop the necessary expertise to ensure no impact on customer service.
Advertising costs were approximately $321,000 higher during the third quarter of 2007 than in the prior quarter as the Company rolled out several programs aimed at raising low cost deposit accounts and other retail activities. As a result of these sales efforts, the Company’s banking staff opened approximately 4,300 low-cost deposit accounts, a significant improvement over levels seen in previous quarters. The Company anticipates advertising costs to moderate at levels slightly lower than during the third quarter of 2007.
Edwin W. Hortman, Jr. commented on the quarter, saying “The industry’s challenges with credit quality, declining real estate values and the inverted yield curve of the past year have sharpened our senses and our efforts to fine tune each part of our franchise. As we emerge from this tough period, our Company will be better prepared to outperform as we have improved disciplines around efficiency and risk management. We’re succeeding in many areas of the Company, including efforts to recruit seasoned bankers with excellent reputations, consolidation of non-customer contact roles and growth of non-interest income through areas other than service charges. I’m proud of our employees who are working hard to distinguish Ameris Bank and I’m confident that our efforts will be successful.”
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Ameris Bancorp Common Stock is quoted on the NASDAQ Global Select Market under the symbol “ABCB”. The preceding release contains statements that constitute “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. The words “believe”, “estimate”, “expect”, “intend”, “anticipate” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
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AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept. | Sept | Sept | ||||||||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | 2007 | 2006 | ||||||||||||||||||||||
EARNINGS | ||||||||||||||||||||||||||||
Net Income | $ | 3,570 | $ | 5,373 | $ | 5,024 | $ | 5,758 | $ | 5,954 | $ | 13,967 | $ | 16,369 | ||||||||||||||
PER COMMON SHARE DATA | ||||||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||||||
Basic | 0.26 | 0.40 | 0.37 | 0.44 | 0.46 | 1.04 | 1.26 | |||||||||||||||||||||
Diluted | 0.26 | 0.39 | 0.37 | 0.43 | 0.45 | 1.02 | 1.24 | |||||||||||||||||||||
Cash Dividends per share | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.42 | 0.42 | |||||||||||||||||||||
Book value per share (period end) | 13.93 | 13.60 | 13.51 | 13.24 | 12.31 | 13.93 | 12.31 | |||||||||||||||||||||
Tangible book value per share (period end) | 9.51 | 9.16 | 9.06 | 8.73 | 8.58 | 9.51 | 8.58 | |||||||||||||||||||||
Weighted average number of shares: | ||||||||||||||||||||||||||||
Basic | 13,501,663 | 13,485,683 | 13,443,850 | 13,044,493 | 13,022,400 | 13,477,065 | 12,986,788 | |||||||||||||||||||||
Diluted | 13,620,069 | 13,663,072 | 13,667,509 | 13,269,289 | 13,226,055 | 13,650,217 | 13,156,784 | |||||||||||||||||||||
Period-end number of shares | 13,539,195 | 13,541,476 | 13,527,520 | 13,553,002 | 13,033,193 | 13,539,195 | 13,033,193 | |||||||||||||||||||||
Market data: | ||||||||||||||||||||||||||||
High closing price | 23.05 | 25.58 | 28.15 | 28.99 | 27.77 | 27.94 | 27.91 | |||||||||||||||||||||
Low closing price | 17.72 | 21.76 | 23.11 | 25.77 | 20.99 | 17.72 | 19.35 | |||||||||||||||||||||
Period end closing price | 18.08 | 22.47 | 24.33 | 28.18 | 27.07 | 18.08 | 27.07 | |||||||||||||||||||||
Average daily volume | 50,547 | 38,941 | 41,130 | 23,016 | 36,957 | 43,565 | 25,001 | |||||||||||||||||||||
PERFORMANCE RATIOS | ||||||||||||||||||||||||||||
Return on average assets | 0.68 | % | 1.06 | % | 1.01 | % | 1.17 | % | 1.28 | % | 0.92 | % | 1.24 | % | ||||||||||||||
Return on average equity | 7.56 | % | 11.64 | % | 11.22 | % | 13.51 | % | 15.15 | % | 10.10 | % | 14.33 | % | ||||||||||||||
Earning asset yield (TE) | 7.87 | % | 7.80 | % | 7.85 | % | 7.64 | % | 7.73 | % | 7.84 | % | 7.49 | % | ||||||||||||||
Total cost of funds | 3.90 | % | 3.84 | % | 3.79 | % | 3.65 | % | 3.50 | % | 3.85 | % | 3.15 | % | ||||||||||||||
Net interest margin (TE) | 4.03 | % | 4.03 | % | 4.10 | % | 4.03 | % | 4.26 | % | 4.05 | % | 4.36 | % | ||||||||||||||
Non-interest income excluding securities transactions, | ||||||||||||||||||||||||||||
as a percent of total revenue (TE) | 11.04 | % | 11.34 | % | 11.29 | % | 17.02 | % | 13.82 | % | 11.22 | % | 12.65 | % | ||||||||||||||
Efficiency ratio | 64.08 | % | 59.98 | % | 62.96 | % | 62.66 | % | 58.24 | % | 62.36 | % | 58.57 | % | ||||||||||||||
CAPITAL ADEQUACY | ||||||||||||||||||||||||||||
Equity to assets | 8.97 | % | 8.98 | % | 8.97 | % | 8.73 | % | 8.25 | % | 8.97 | % | 8.73 | % | ||||||||||||||
Tangible common equity to assets | 6.30 | % | 6.24 | % | 6.20 | % | 5.95 | % | 5.90 | % | 6.30 | % | 5.90 | % | ||||||||||||||
OTHER PERIOD-END DATA | ||||||||||||||||||||||||||||
FTE Headcount | 621 | 604 | 600 | 600 | 588 | 621 | 588 | |||||||||||||||||||||
Assets per FTE | $ | 3,387 | $ | 3,393 | $ | 3,394 | $ | 3,413 | $ | 3,309 | $ | 3,387 | $ | 3,309 | ||||||||||||||
Branch locations | 47 | 46 | 46 | 44 | 43 | 47 | 43 | |||||||||||||||||||||
Deposits per branch location | $ | 36,337 | $ | 36,852 | $ | 37,228 | $ | 38,867 | $ | 38,162 | $ | 36,337 | $ | 38,162 |
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AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept. | Sept | Sept | ||||||||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | 2007 | 2006 | ||||||||||||||||||||||
INCOME STATEMENT | ||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||
Interest and fees on loans | $ | 33,479 | $ | 31,573 | $ | 30,760 | $ | 29,175 | $ | 28,553 | $ | 95,811 | $ | 78,384 | ||||||||||||||
Interest on taxable securities | 3,480 | 3,434 | 3,337 | 3,032 | 2,986 | 10,252 | 8,678 | |||||||||||||||||||||
Interest on nontaxable securities | 175 | 176 | 179 | 174 | 156 | 530 | 381 | |||||||||||||||||||||
Interest on deposits in other banks | 317 | 659 | 1,042 | 1,626 | 899 | 2,017 | 1,956 | |||||||||||||||||||||
Interest on federal funds sold | - | 1 | 91 | 73 | 30 | 92 | 188 | |||||||||||||||||||||
Total interest income | 37,451 | 35,842 | 35,409 | 34,080 | 32,624 | 108,702 | 89,587 | |||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||
Interest on deposits | 15,877 | 15,540 | 15,205 | 14,392 | 12,600 | 46,621 | 31,207 | |||||||||||||||||||||
Interest on federal funds purchased and securities | ||||||||||||||||||||||||||||
sold under agreements to repurchase | 43 | 34 | 59 | 62 | 37 | 137 | 118 | |||||||||||||||||||||
Interest on other borrowings | 2,450 | 1,939 | 1,727 | 1,713 | 2,090 | 6,115 | 6,300 | |||||||||||||||||||||
Total interest expense | 18,370 | 17,512 | 16,991 | 16,167 | 14,727 | 52,873 | 37,625 | |||||||||||||||||||||
Net interest income | 19,081 | 18,330 | 18,419 | 17,913 | 17,897 | 55,829 | 51,962 | |||||||||||||||||||||
Provision for loan losses | 2,964 | 936 | 507 | 713 | 713 | 4,407 | 2,124 | |||||||||||||||||||||
Net interest income after provision for loan losses | 16,117 | 17,394 | 17,911 | 17,200 | 17,184 | 51,422 | 49,838 | |||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||
Service charges on deposit accounts | 3,197 | 3,066 | 2,870 | 3,665 | 2,978 | 9,133 | 8,535 | |||||||||||||||||||||
Mortgage banking activity | 783 | 799 | 683 | 639 | 547 | 2,265 | 1,495 | |||||||||||||||||||||
Other non-interest income | 680 | 769 | 972 | 2,718 | 1,730 | 2,422 | 2,960 | |||||||||||||||||||||
Gain(loss) on sale of securities | (69 | ) | 8 | - | - | (3 | ) | (61 | ) | (308 | ) | |||||||||||||||||
Total noninterest income | 4,591 | 4,643 | 4,525 | 7,023 | 5,252 | 13,759 | 12,682 | |||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||
Salaries and employee benefits | 7,438 | 7,492 | 7,732 | 7,445 | 7,131 | 22,662 | 19,797 | |||||||||||||||||||||
Equipment and occupancy expense | 1,757 | 1,718 | 1,676 | 2,281 | 1,658 | 5,151 | 4,555 | |||||||||||||||||||||
Amortization of intangible assets | 324 | 324 | 324 | 322 | 344 | 973 | 785 | |||||||||||||||||||||
Other operating expenses | 5,650 | 4,245 | 4,712 | 5,577 | 4,348 | 14,607 | 12,723 | |||||||||||||||||||||
Total noninterest expense | 15,170 | 13,780 | 14,444 | 15,626 | 13,481 | 43,394 | 37,860 | |||||||||||||||||||||
Operating Profit | 5,539 | 8,257 | 7,992 | 8,597 | 8,955 | 21,787 | 24,660 | |||||||||||||||||||||
Provision for income taxes | 1,968 | 2,884 | 2,968 | 2,838 | 3,001 | 7,820 | 8,291 | |||||||||||||||||||||
Net Income | $ | 3,570 | $ | 5,373 | $ | 5,024 | $ | 5,759 | $ | 5,954 | $ | 13,967 | $ | 16,369 | ||||||||||||||
Diluted earnings per share | 0.26 | 0.39 | 0.37 | 0.43 | 0.45 | 1.02 | 1.24 |
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AMERIS BANCORP | ||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||
Sept. | June | Mar. | Dec. | Sept. | ||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | ||||||||||||||||
PERIOD-END BALANCE SHEET | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 58,281 | $ | 50,328 | $ | 49,640 | $ | 66,856 | $ | 54,093 | ||||||||||
Federal funds sold & interest bearing balances | 22,910 | 16,342 | 94,496 | 135,232 | 148,118 | |||||||||||||||
Securities available for sale, at fair value | 301,989 | 300,642 | 300,322 | 283,192 | 266,546 | |||||||||||||||
Loans | 1,593,014 | 1,556,862 | 1,475,869 | 1,442,951 | 1,373,071 | |||||||||||||||
Less: allowance for loan losses | 26,434 | 25,032 | 25,113 | 24,863 | 23,905 | |||||||||||||||
Loans, net | 1,566,581 | 1,531,831 | 1,450,756 | 1,418,088 | 1,349,166 | |||||||||||||||
Premises and equipment, net | 54,639 | 52,385 | 47,251 | 46,604 | 42,266 | |||||||||||||||
Intangible assets, net | 5,126 | 5,450 | 5,775 | 6,099 | 5,640 | |||||||||||||||
Goodwill | 54,675 | 54,629 | 54,419 | 54,365 | 42,933 | |||||||||||||||
Other assets | 38,939 | 37,466 | 33,754 | 37,106 | 37,142 | |||||||||||||||
Total Assets | $ | 2,103,139 | $ | 2,049,073 | $ | 2,036,413 | $ | 2,047,542 | $ | 1,945,904 | ||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing demand | $ | 192,706 | $ | 200,849 | $ | 197,845 | $ | 221,592 | $ | 226,939 | ||||||||||
Interest-bearing demand | 586,891 | 576,309 | 574,089 | 545,564 | 517,300 | |||||||||||||||
Savings | 57,080 | 60,243 | 64,182 | 63,255 | 66,645 | |||||||||||||||
Time deposits | 871,177 | 857,785 | 876,391 | 879,752 | 830,082 | |||||||||||||||
Total deposits | 1,707,855 | 1,695,185 | 1,712,507 | 1,710,163 | 1,640,966 | |||||||||||||||
Federal funds purchased & securities sold under | ||||||||||||||||||||
agreements to repurchase | 32,359 | 6,966 | 5,370 | 15,933 | 6,725 | |||||||||||||||
Other borrowings | 116,500 | 105,500 | 75,500 | 75,500 | 76,287 | |||||||||||||||
Other liabilities | 15,560 | 15,054 | 18,003 | 24,945 | 19,217 | |||||||||||||||
Subordinated deferrable interest debentures | 42,269 | 42,269 | 42,269 | 42,269 | 42,269 | |||||||||||||||
Total liabilities | 1,914,543 | 1,864,974 | 1,853,649 | 1,868,810 | 1,785,464 | |||||||||||||||
Stockholders' equity | ||||||||||||||||||||
Common stock | 14,869 | 14,868 | 14,850 | 14,850 | 14,356 | |||||||||||||||
Capital surplus | 82,308 | 82,019 | 81,620 | 81,481 | 67,728 | |||||||||||||||
Retained earnings | 103,805 | 102,124 | 98,631 | 95,523 | 91,589 | |||||||||||||||
Accumulated other comprehensive loss | (1,617 | ) | (4,231 | ) | (1,744 | ) | (2,529 | ) | (2,640 | ) | ||||||||||
Less treasury stock | (10,769 | ) | (10,681 | ) | (10,593 | ) | (10,593 | ) | (10,593 | ) | ||||||||||
Total stockholders' equity | 188,597 | 184,099 | 182,764 | 178,732 | 160,440 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 2,103,139 | $ | 2,049,073 | $ | 2,036,413 | $ | 2,047,542 | $ | 1,945,904 | ||||||||||
Other Data | ||||||||||||||||||||
Earning Assets | 1,917,914 | 1,873,846 | 1,870,687 | 1,861,375 | 1,787,735 | |||||||||||||||
Intangible Assets | 59,801 | 60,079 | 60,193 | 60,464 | 48,573 | |||||||||||||||
Interest bearing liabilities | 1,706,277 | 1,649,071 | 1,637,801 | 1,622,273 | 1,539,308 | |||||||||||||||
Average Assets | 2,069,715 | 2,030,018 | 2,014,040 | 1,946,772 | 1,851,073 | |||||||||||||||
Average Stockholders' Equity | 187,290 | 185,177 | 181,645 | 169,135 | 155,922 |
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AMERIS BANCORP | ||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||
(dollars in thousands except per share data and FTE headcount) | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
Sept | June | Mar. | Dec. | Sept. | Sept | Sept | ||||||||||||||||||||||
2007 | 2007 | 2007 | 2006 | 2006 | 2007 | 2006 | ||||||||||||||||||||||
ASSET QUALITY INFORMATION | ||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | 25,032 | $ | 25,113 | $ | 24,863 | $ | 23,905 | $ | 23,366 | $ | 24,863 | $ | 22,294 | ||||||||||||||
Acquired Reserves | - | - | - | 1,024 | - | - | - | |||||||||||||||||||||
Provision for loan loss | 2,964 | 936 | 507 | 713 | 713 | 4,407 | 2,124 | |||||||||||||||||||||
Charge-offs | 1,806 | 1,327 | 787 | 1,635 | 744 | 3,919 | 2,502 | |||||||||||||||||||||
Recoveries | 244 | 309 | 530 | 856 | 570 | 1,083 | 1,989 | |||||||||||||||||||||
Net charge-offs (recoveries) | 1,562 | 1,018 | 257 | 779 | 174 | 2,837 | 513 | |||||||||||||||||||||
Ending balance | $ | 26,434 | $ | 25,032 | $ | 25,113 | $ | 24,863 | $ | 23,905 | $ | 26,434 | $ | 23,905 | ||||||||||||||
As a percentage of loans | 1.66 | % | 1.61 | % | 1.70 | % | 1.72 | % | 1.74 | % | 1.66 | % | 1.74 | % | ||||||||||||||
As a percentage of nonperforming loans | 135.81 | % | 154.51 | % | 282.46 | % | 361.54 | % | 283.37 | % | 135.81 | % | 283.37 | % | ||||||||||||||
As a percentage of nonperforming assets | 120.37 | % | 136.90 | % | 252.93 | % | 285.29 | % | 237.91 | % | 120.37 | % | 237.91 | % | ||||||||||||||
Net Charge-off information | ||||||||||||||||||||||||||||
Charge-offs | ||||||||||||||||||||||||||||
Commercial | $ | 1,358 | $ | 959 | $ | 353 | $ | 1,078 | $ | 300 | $ | 2,669 | $ | 634 | ||||||||||||||
Installment | 423 | 82 | 146 | 385 | 159 | 651 | 489 | |||||||||||||||||||||
Real Estate | 25 | 286 | 288 | 145 | 280 | 599 | 1,299 | |||||||||||||||||||||
Agriculture | - | - | - | 7 | 4 | - | 7 | |||||||||||||||||||||
Other | - | - | - | 20 | 1 | - | 73 | |||||||||||||||||||||
Total charge-offs | 1,806 | 1,327 | 787 | 1,635 | 744 | 3,919 | 2,502 | |||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||
Commercial | 141 | 192 | 357 | 356 | 481 | 690 | 1,172 | |||||||||||||||||||||
Installment | 70 | 100 | 121 | 107 | 61 | 291 | 370 | |||||||||||||||||||||
Real Estate | 31 | 17 | 51 | 362 | 21 | 100 | 383 | |||||||||||||||||||||
Agriculture | 1 | - | 0 | 31 | 4 | 2 | 36 | |||||||||||||||||||||
Other | - | - | - | - | 3 | - | 28 | |||||||||||||||||||||
Total recoveries | 244 | 309 | 530 | 856 | 570 | 1,083 | 1,989 | |||||||||||||||||||||
Net charge-offs (recoveries) | $ | 1,562 | $ | 1,018 | $ | 257 | $ | 779 | $ | 174 | $ | 2,837 | $ | 513 | ||||||||||||||
�� | ||||||||||||||||||||||||||||
Non-accrual loans | 19,464 | 16,201 | 8,891 | 6,877 | 8,436 | 19,464 | 8,436 | |||||||||||||||||||||
Foreclosed assets | 2,497 | 2,084 | 1,038 | 1,838 | 1,612 | 2,497 | 1,612 | |||||||||||||||||||||
Total non-performing assets | 21,961 | 18,285 | 9,929 | 8,715 | 10,048 | 21,961 | 10,048 | |||||||||||||||||||||
Non-performing assets as a percent of loans | ||||||||||||||||||||||||||||
and foreclosed assets | 1.38 | % | 1.17 | % | 0.67 | % | 0.60 | % | 0.73 | % | 1.38 | % | 0.73 | % | ||||||||||||||
Net charge offs as a percent of loans (Annualized) | 0.39 | % | 0.26 | % | 0.07 | % | 0.22 | % | 0.05 | % | 0.24 | % | 0.05 | % |
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