Exhibit 99.1
Old Second Bancorp, Inc. | For Immediate Release | |
(Nasdaq: OSBC) |
| April 22, 2005 |
Contact: | J. Douglas Cheatham |
| Chief Financial Officer |
| (630) 906-5484 |
Old Second Bancorp, Inc. Announces First Quarter Earnings
AURORA, Illinois – Old Second Bancorp, Inc. (Nasdaq: OSBC) today announced first quarter earnings of $6.2 million, up $119,000 from the first quarter of 2004. Earnings per diluted share were $0.46, up from $0.45 in the first quarter of 2004. Continued loan growth and an increase in noninterest income contributed to the increase in earnings for the quarter.
Net interest income increased $790,000, or 4.69%, in the first quarter of 2005. This increase was the result of higher average earning assets, partially offset by a lower net interest margin. The net interest margin was 3.67% in the first quarter of 2005 compared with 3.91% in the first quarter of 2004. Interest costs associated with a 16.8% increase in deposits contributed to the decline in net interest margin. The increase in deposits provided funding for strong loan growth.
The Company recorded a negative provision for loan losses of $37,000 in the first quarter of 2005. The Company did not make a provision for loan losses during the first nine months of 2004, and recorded a negative provision of $2.9 million in the fourth quarter of 2004. The determination by management to reduce the allowance for loan losses was based on a number of factors, including the quality of the loan portfolio and favorable loan loss experience. Provisions for loan losses are made to provide for probable and estimable losses inherent in the loan portfolio. Management’s analysis of the allowance for loan losses underwent an extensive review in 2004. As a result of slight changes in the methodology and internal evaluations of probable and estimable losses, management determined that this adjustment was appropriate. Net charge offs in the first quarter of 2005 were $44,000. Net recoveries were $10,000 in the first quarter of 2004. Non-performing assets increased from $3.1 million at year-end 2004 to $6.5 million at March 31, 2005.
Noninterest income was $6.5 million during the first quarter of 2005, an increase of $261,000, or 4.2%. Trust income increased to $1.7 million in 2005, an increase of $276,000 from $1.4 million in 2004. Service charges on deposits increased from $1.7 million in the first quarter of 2004 to $1.8 million in the first quarter of 2005. Deposit service charges for the quarter increased as a result of deposit growth. Other noninterest income increased from $1.0 million in the first quarter of 2004 to $1.2 million in the first quarter of 2005. The purchase of bank owned life insurance (BOLI) during the second quarter of 2004 resulted in an increase in other income of $219,000 in 2005. Mortgage-related noninterest income, principally gains on sales of mortgage loans, totaled $1.6 million in the first three months of 2005 and $1.4 million in the same period of 2004.
Noninterest expense was $15.0 million during the first quarter of 2005, an increase of $1.2 million, or 8.7%, from $13.8 million in the first quarter of 2004. Salaries and benefits expense was $9.1 million during the first quarter of 2005, an increase of $694,000, or 8.2%, from $8.4 million in the first quarter of 2004. The full-time equivalent number of employees was 547 as of March 31, 2005, as compared with 535 one year earlier. The increase in salaries and benefits was primarily related to increased staffing due to branch expansion, and annual merit increases.
Net occupancy and furniture and equipment expense decreased $88,000, or 4.5%, from the first quarter of 2004 to the first quarter of 2005. As the Company has expanded into and developed new markets, related facility and employee expenses have increased accordingly. There were two new branch openings in 2005, bringing the number of locations to twenty-seven bank branches and four mortgage offices. These expenses were offset in the first quarter of 2005 by a reduction in the estimated accrual for real estate taxes of $319,000.
Other expense increased from $3.3 million in the first quarter of 2004 to $3.9 million in the first quarter of 2005. Activities relating to branch expansion, marketing, as well as rising costs related to Sarbanes-Oxley compliance all contributed to the increase.
Total assets were $2.20 billion as of March 31, 2005, an increase of $98.0 million, or 4.7%, from $2.10 billion as of December 31, 2004. Loans grew $81.0 million during the first quarter of 2005. Deposits increased by $37.7 million during the first quarter to $1.84 billion as of March 31, 2005.
Total loans were $1.59 billion as of March 31, 2005, an increase of $81.0 million, or 5.4%, from $1.51 billion as of December 31, 2004. The largest increase was in commercial real estate, which increased $33.5 million, or 6.5%. Construction and residential real estate loans increased $26.3 million and $12.1 million, respectively. These changes reflected the continuing loan demand in the markets in which the Company operates. The loan portfolio generally reflects the profile of the communities in which the Company operates. Because the Company is located in growing areas, real estate lending (including commercial, residential, and construction) is a significant portion of the portfolio. These categories comprised 86.0% of the portfolio as of March 31, 2005 and 83.8% of the portfolio as of December 31, 2004.
Total deposits were $1.84 billion as of March 31, 2005, an increase of $37.7 million, or 2.1%, from $1.8 billion as of December 31, 2004. Demand deposits decreased $6.6 million, or 2.6%, during 2005, from $250.3 million to $243.8 million. Savings deposits increased $28.0 million, or 3.7%, from $763.6 million to $791.7 million. Time deposits increased $16.3 million from $784.9 million to $801.1 million, or 2.1%. Pricing and sales strategies targeted growth in transactional deposit accounts and customer reinvestment of maturing time deposit balances in longer-term maturities. Successful selling efforts in these areas resulted in an increase in new account relationships and core funding sources.
Non-GAAP Presentations: Management uses certain non-GAAP ratios to evaluate and measure the Company’s performance. Management presents a net interest margin calculation. The net interest margin is calculated by dividing net interest income on a tax equivalent basis by average earning assets for the period. Management believes this measure provides investors with information regarding balance sheet profitability. Management also presents an efficiency ratio that is non-GAAP. The efficiency ratio is calculated by dividing noninterest expense by the sum of net interest income on a tax equivalent basis and noninterest income. Management believes this measure provides investors with information regarding the Company’s operating efficiency and how management evaluates performance internally. The tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
2
Forward Looking Statements: This report may contain forward-looking statements. Forward looking statements are identifiable by the inclusion of such qualifications as expects, intends, believes, may, likely or other indications that the particular statements are not based upon facts but are rather based upon the company’s beliefs as of the date of this release. Actual events and results may differ significantly from those described in such forward looking statements, due to changes in the economy, interest rates or other factors. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. For additional information concerning the Company and its business, including other factors that could materially affect the Company’s financial results, please review our filings with the Securities and Exchange Commission.
3
Financial Highlights (unaudited)
In thousands, except share data
|
| Quarter Ended |
| Year Ended |
| |||||
|
| 2005 |
| 2004 |
| 2004 |
| |||
Summary Income Statement: |
|
|
|
|
|
|
| |||
Net interest income |
| $ | 17,632 |
| $ | 16,842 |
| $ | 68,359 |
|
Provision for loan losses |
| (37 | ) | — |
| (2,900 | ) | |||
Noninterest income |
| 6,472 |
| 6,211 |
| 25,914 |
| |||
Noninterest expense |
| 14,999 |
| 13,769 |
| 57,608 |
| |||
Income taxes |
| 2,953 |
| 3,214 |
| 13,278 |
| |||
Net income |
| 6,189 |
| 6,070 |
| 26,287 |
| |||
|
|
|
|
|
|
|
| |||
Key Ratios (annualized): |
|
|
|
|
|
|
| |||
Return on average assets |
| 1.17 | % | 1.31 | % | 1.34 | % | |||
Return on average equity |
| 18.20 | % | 20.22 | % | 20.86 | % | |||
Net interest margin (tax equivalent) |
| 3.67 | % | 3.91 | % | 3.78 | % | |||
Efficiency ratio |
| 60.59 | % | 58.61 | % | 59.86 | % | |||
Tangible capital to assets |
| 6.13 | % | 6.33 | % | 6.29 | % | |||
Total capital to risk weighted assets |
| 10.93 | % | 11.19 | % | 11.06 | % | |||
Tier 1 capital to risk weighted assets |
| 10.02 | % | 9.94 | % | 10.09 | % | |||
Tier 1 capital to average assets |
| 7.90 | % | 7.86 | % | 7.85 | % | |||
|
|
|
|
|
|
|
| |||
Per Share Data: |
|
|
|
|
|
|
| |||
Basic earnings per share |
|
| $0.46 |
|
| $0.45 |
|
| $1.96 |
|
Diluted earnings per share |
|
| $0.46 |
|
| $0.45 |
|
| $1.94 |
|
Dividends declared per share |
|
| $0.12 |
|
| $0.10 |
|
| $0.46 |
|
Book value per share |
|
| $10.21 |
|
| $9.20 |
|
| $10.06 |
|
Tangible book value per share |
|
| $10.01 |
|
| $8.97 |
|
| $9.84 |
|
Ending number of shares outstanding |
| 13,496,111 |
| 13,412,214 |
| 13,424,346 |
| |||
Average number of shares outstanding |
| 13,452,126 |
| 13,400,083 |
| 13,413,263 |
| |||
Diluted average shares outstanding |
| 13,594,802 |
| 13,540,116 |
| 13,535,881 |
| |||
|
|
|
|
|
|
|
| |||
End of Period Balances: |
|
|
|
|
|
|
| |||
Loans |
| $ | 1,590,038 |
| $ | 1,391,220 |
| $ | 1,509,076 |
|
Deposits |
| 1,836,579 |
| 1,572,661 |
| 1,798,849 |
| |||
Stockholders’ equity |
| 137,788 |
| 123,442 |
| 134,988 |
| |||
Total earning assets |
| 2,081,314 |
| 1,802,202 |
| 1,978,677 |
| |||
Total assets |
| 2,201,595 |
| 1,900,405 |
| 2,103,661 |
| |||
|
|
|
|
|
|
|
| |||
Average Balances: |
|
|
|
|
|
|
| |||
Loans |
| $ | 1,547,515 |
| $ | 1,357,566 |
| $ | 1,421,483 |
|
Deposits |
| 1,830,925 |
| 1,543,541 |
| 1,684,377 |
| |||
Stockholders’ equity |
| 137,898 |
| 120,723 |
| 125,998 |
| |||
Total earning assets |
| 2,019,257 |
| 1,778,597 |
| 1,858,710 |
| |||
Total assets |
| 2,142,454 |
| 1,860,492 |
| 1,964,631 |
| |||
|
|
|
|
|
|
|
| |||
Asset Quality: |
|
|
|
|
|
|
| |||
Nonaccrual loans |
| $ | 4,936 |
| $ | 1,967 |
| $ | 5,129 |
|
Restructured loans |
| — |
| — |
| — |
| |||
Loans past due 90 days |
| 1,557 |
| 248 |
| 116 |
| |||
Nonperforming loans |
| 6,493 |
| 2,215 |
| 5,245 |
| |||
Other real estate |
| — |
| 921 |
| — |
| |||
Nonperforming assets |
| 6,493 |
| 3,136 |
| 5,245 |
| |||
Charge-offs |
| 353 |
| 75 |
| 757 |
| |||
Recoveries |
| 309 |
| 85 |
| 851 |
| |||
Net charge-offs (recoveries) |
| 44 |
| (10 | ) | (94 | ) | |||
Allowance for loan losses |
| 15,414 |
| 18,311 |
| 15,495 |
| |||
Allowance for loan losses to loans |
| 0.97 | % | 1.32 | % | 1.03 | % | |||
4
Major Classifications of Loans
|
| March 31, |
| March 31, |
| December 31, |
| |||
Commercial and industrial |
| $ | 178,100 |
| $ | 183,165 |
| $ | 171,058 |
|
Real estate - commercial |
| 548,297 |
| 474,572 |
| 514,782 |
| |||
Real estate - construction |
| 295,828 |
| 270,582 |
| 269,537 |
| |||
Real estate - residential |
| 526,142 |
| 423,414 |
| 514,020 |
| |||
Installment |
| 44,184 |
| 42,857 |
| 42,155 |
| |||
|
| 1,592,551 |
| 1,394,590 |
| 1,511,552 |
| |||
Unearned origination fees |
| (2,513 | ) | (3,370 | ) | (2,476 | ) | |||
|
| $ | 1,590,038 |
| $ | 1,391,220 |
| $ | 1,509,076 |
|
Major Classifications of Deposits
|
| March 31, |
| March 31, |
| December 31, |
| |||
Noninterest bearing |
| $ | 243,760 |
| $ | 210,666 |
| $ | 250,328 |
|
Savings |
| 128,276 |
| 124,245 |
| 123,981 |
| |||
NOW accounts |
| 232,344 |
| 232,746 |
| 234,757 |
| |||
Money market accounts |
| 431,051 |
| 370,547 |
| 404,899 |
| |||
Certificates of deposits of less than $100,000 |
| 523,341 |
| 419,949 |
| 510,231 |
| |||
Certificates of deposits of $100,000 or more |
| 277,807 |
| 214,508 |
| 274,653 |
| |||
|
| $ | 1,836,579 |
| $ | 1,572,661 |
| $ | 1,798,849 |
|
5
Old Second Bancorp, Inc.
Consolidated Balance Sheets
(In thousands)
|
| (Unaudited) |
|
|
| ||
|
| March 31, |
| December 31, |
| ||
Assets |
|
|
|
|
| ||
Cash and due from banks |
| $ | 47,171 |
| $ | 58,600 |
|
Interest bearing balances with banks |
| 56 |
| 62 |
| ||
Cash and cash equivalents |
| 47,227 |
| 58,662 |
| ||
Securities available for sale |
| 479,290 |
| 452,942 |
| ||
Loans held for sale |
| 11,930 |
| 16,597 |
| ||
Loans |
| 1,590,038 |
| 1,509,076 |
| ||
Allowance for loan losses |
| 15,414 |
| 15,495 |
| ||
Net loans |
| 1,574,624 |
| 1,493,581 |
| ||
Premises and equipment, net |
| 37,651 |
| 36,208 |
| ||
Goodwill, net |
| 2,130 |
| 2,130 |
| ||
Core deposit intangible assets, net |
| 622 |
| 711 |
| ||
Bank owned life insurance |
| 20,889 |
| 20,670 |
| ||
Accrued interest and other assets |
| 27,232 |
| 22,160 |
| ||
Total assets |
| $ | 2,201,595 |
| $ | 2,103,661 |
|
|
|
|
|
|
| ||
Liabilities |
|
|
|
|
| ||
Deposits: |
|
|
|
|
| ||
Demand |
| $ | 243,760 |
| $ | 250,328 |
|
Savings |
| 791,671 |
| 763,637 |
| ||
Time |
| 801,148 |
| 784,884 |
| ||
Total deposits |
| 1,836,579 |
| 1,798,849 |
| ||
Securities sold under repurchase agreements |
| 37,857 |
| 45,242 |
| ||
Other short-term borrowings |
| 136,611 |
| 75,786 |
| ||
Junior subordinated debentures |
| 31,625 |
| 31,625 |
| ||
Notes payable |
| 2,700 |
| 2,700 |
| ||
Accrued interest and other liabilities |
| 18,435 |
| 14,471 |
| ||
Total liabilities |
| 2,063,807 |
| 1,968,673 |
| ||
|
|
|
|
|
| ||
Stockholders’ Equity |
|
|
|
|
| ||
Common stock |
| 16,568 |
| 16,497 |
| ||
Additional paid-in capital |
| 13,698 |
| 12,480 |
| ||
Retained earnings |
| 160,595 |
| 156,025 |
| ||
Accumulated other comprehensive income |
| (2,735 | ) | 324 |
| ||
Treasury stock |
| (50,338 | ) | (50,338 | ) | ||
Total stockholders’ equity |
| 137,788 |
| 134,988 |
| ||
Total liabilities and stockholders’ equity |
| $ | 2,201,595 |
| $ | 2,103,661 |
|
6
Old Second Bancorp, Inc.
Consolidated Statements of Income
(In thousands, except share data)
|
| (Unaudited) |
|
|
| |||||
|
| Three Months Ended |
| Year Ended |
| |||||
|
| 2005 |
| 2004 |
| 2004 |
| |||
Interest Income |
|
|
|
|
|
|
| |||
Loans, including fees |
| $ | 23,014 |
| $ | 19,596 |
| $ | 82,665 |
|
Loans held for sale |
| 173 |
| 114 |
| 782 |
| |||
Securities: |
|
|
|
|
|
|
| |||
Taxable |
| 2,750 |
| 2,825 |
| 10,624 |
| |||
Tax-exempt |
| 1,124 |
| 718 |
| 3,265 |
| |||
Federal funds sold |
| — |
| 1 |
| 58 |
| |||
Interest bearing deposits |
| — |
| — |
| 4 |
| |||
Total interest income |
| 27,061 |
| 23,254 |
| 97,398 |
| |||
Interest Expense |
|
|
|
|
|
|
| |||
Savings deposits |
| 2,279 |
| 1,314 |
| 6,421 |
| |||
Time deposits |
| 5,690 |
| 4,011 |
| 18,602 |
| |||
Repurchase agreements |
| 211 |
| 94 |
| 450 |
| |||
Other short-term borrowings |
| 609 |
| 371 |
| 1,037 |
| |||
Notes payable |
| 23 |
| 5 |
| 43 |
| |||
Junior subordinated debentures |
| 617 |
| 617 |
| 2,486 |
| |||
Total interest expense |
| 9,429 |
| 6,412 |
| 29,039 |
| |||
Net interest income |
| 17,632 |
| 16,842 |
| 68,359 |
| |||
Provision for loan losses |
| (37 | ) | — |
| (2,900 | ) | |||
Net interest income after provision for loan losses |
| 17,669 |
| 16,842 |
| 71,259 |
| |||
Noninterest Income |
|
|
|
|
|
|
| |||
Trust income |
| 1,649 |
| 1,373 |
| 5,807 |
| |||
Service charges on deposits |
| 1,800 |
| 1,708 |
| 7,634 |
| |||
Secondary mortgage fees |
| 184 |
| 197 |
| 907 |
| |||
Gain on sale of loans |
| 1,394 |
| 1,227 |
| 5,579 |
| |||
Securities gains, net |
| (4 | ) | 640 |
| 512 |
| |||
Bank owned life insurance |
| 219 |
| — |
| 670 |
| |||
Other income |
| 1,230 |
| 1,066 |
| 4,805 |
| |||
Total noninterest income |
| 6,472 |
| 6,211 |
| 25,914 |
| |||
Noninterest Expense |
|
|
|
|
|
|
| |||
Salaries and employee benefits |
| 9,120 |
| 8,426 |
| 33,603 |
| |||
Occupancy expense, net |
| 611 |
| 946 |
| 3,780 |
| |||
Furniture and equipment expense |
| 1,266 |
| 1,019 |
| 4,586 |
| |||
Amortization of core deposit intangible assets |
| 89 |
| 89 |
| 355 |
| |||
Litigation settlement |
| — |
| — |
| 1,750 |
| |||
Other expense |
| 3,913 |
| 3,289 |
| 13,533 |
| |||
Total noninterest expense |
| 14,999 |
| 13,769 |
| 57,607 |
| |||
Income before income taxes |
| 9,142 |
| 9,284 |
| 39,566 |
| |||
Provision for income taxes |
| 2,953 |
| 3,214 |
| 13,279 |
| |||
Net income |
| $ | 6,189 |
| $ | 6,070 |
| $ | 26,287 |
|
7
ANALYSIS OF AVERAGE BALANCES,
TAX EQUIVALENT INTEREST AND RATES
Three month periods ended March 31, 2005 and 2004
(Dollar amounts in thousands - - unaudited)
|
| 2005 |
| 2004 |
| ||||||||||||
|
| Average |
| Interest |
| Rate |
| Average |
| Interest |
| Rate |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest bearing deposits |
| $ | 890 |
| $ | 0 |
| 0.14 | % | $ | 112 |
| $ | 0 |
| 1.21 | % |
Federal funds sold |
| — |
| — |
| 0.00 |
| 528 |
| 1 |
| 0.86 |
| ||||
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Taxable |
| 329,272 |
| 2,750 |
| 3.39 |
| 328,810 |
| 2,825 |
| 3.46 |
| ||||
Non-taxable (tax equivalent) |
| 129,053 |
| 1,729 |
| 5.43 |
| 80,959 |
| 1,105 |
| 5.49 |
| ||||
Total securities |
| 458,325 |
| 4,479 |
| 3.96 |
| 409,769 |
| 3,930 |
| 3.86 |
| ||||
Loans and loans held for sale |
| 1,560,042 |
| 23,234 |
| 6.04 |
| 1,368,188 |
| 19,764 |
| 5.81 |
| ||||
Total interest earning assets |
| 2,019,257 |
| 27,713 |
| 5.57 |
| 1,778,597 |
| 23,695 |
| 5.36 |
| ||||
Cash and due from banks |
| 54,077 |
| — |
| — |
| 47,916 |
| — |
| — |
| ||||
Allowance for loan losses |
| (15,471 | ) | — |
| — |
| (18,445 | ) | — |
| — |
| ||||
Other noninterest-bearing assets |
| 84,591 |
| — |
| — |
| 52,425 |
| — |
| — |
| ||||
Total assets |
| $ | 2,142,454 |
|
|
|
|
| $ | 1,860,493 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Liabilities and Stockholders�� Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest bearing transaction accounts |
| $ | 662,322 |
| 2,167 |
| 1.33 |
| 616,320 |
| 1,241 |
| 0.81 |
| |||
Savings accounts |
| 124,718 |
| 112 |
| 0.36 |
| 119,782 |
| 73 |
| 0.25 |
| ||||
Time deposits |
| 799,521 |
| 5,690 |
| 2.89 |
| 598,632 |
| 4,011 |
| 2.69 |
| ||||
Interest bearing deposits |
| 1,586,561 |
| 7,969 |
| 2.04 |
| 1,334,734 |
| 5,325 |
| 1.60 |
| ||||
Repurchase agreements |
| 39,639 |
| 211 |
| 2.16 |
| 40,763 |
| 94 |
| 0.93 |
| ||||
Federal funds purchased and other borrowed funds |
| 85,250 |
| 609 |
| 2.90 |
| 113,629 |
| 371 |
| 1.31 |
| ||||
Junior subordinated debentures |
| 31,625 |
| 617 |
| 7.91 |
| 30,223 |
| 617 |
| 8.21 |
| ||||
Notes payable |
| 2,700 |
| 23 |
| 3.45 |
| 981 |
| 5 |
| 2.05 |
| ||||
Total interest bearing liabilities |
| 1,745,775 |
| 9,429 |
| 2.19 |
| 1,520,330 |
| 6,412 |
| 1.70 |
| ||||
Noninterest bearing deposits |
| 244,364 |
| — |
| — |
| 208,808 |
| — |
| — |
| ||||
Accrued interest and other liabilities |
| 14,417 |
| — |
| — |
| 10,632 |
| — |
| — |
| ||||
Stockholders’ equity |
| 137,898 |
| — |
| — |
| 120,723 |
| — |
| — |
| ||||
Total liabilities and stockholders’ equity |
| $ | 2,142,454 |
|
|
|
|
| $ | 1,860,493 |
|
|
|
|
| ||
Net interest income (tax equivalent) |
|
|
| $ | 18,284 |
|
|
|
|
| $ | 17,283 |
|
|
| ||
Net interest income (tax equivalent) to total earning assets |
|
|
|
|
| 3.67 | % |
|
|
|
| 3.91 | % | ||||
Interest bearing liabilities to earnings assets |
| 86.46 | % |
|
|
|
| 85.48 | % |
|
|
|
| ||||
Notes: Nonaccrual loans are included in the above stated average balances.
Tax equivalent basis is calculated using a marginal tax rate of 35%.
8
The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP equivalent.
|
| Three Months Ended |
| Year Ended |
| |||||
|
| 2005 |
| 2004 |
|
| ||||
Interest income (GAAP) |
| $ | 27,061 |
| $ | 23,254 |
| $ | 97,398 |
|
Taxable-equivalent adjustment - Loans |
| 47 |
| 54 |
| 206 |
| |||
Taxable-equivalent adjustment - Investments |
| 605 |
| 387 |
| 1,758 |
| |||
Interest income - FTE |
| 27,713 |
| 23,695 |
| 99,362 |
| |||
Interest expense (GAAP) |
| 9,429 |
| 6,412 |
| 29,039 |
| |||
Net interest income - FTE |
| $ | 18,284 |
| $ | 17,283 |
| $ | 70,323 |
|
Net interest income - (GAAP) |
| $ | 17,632 |
| $ | 16,842 |
| $ | 68,359 |
|
Interest earning assets |
| $ | 2,019,257 |
| $ | 1,778,597 |
| $ | 1,858,710 |
|
Net interest margin (GAAP) |
| 3.54 | % | 3.81 | % | 3.68 | % | |||
Net interest margin - FTE |
| 3.67 | % | 3.91 | % | 3.78 | % | |||
|
| Three Months Ended |
| Year Ended |
| |||||
|
| 2005 |
| 2004 |
|
| ||||
Noninterest expense |
| $ | 14,999 |
| $ | 13,769 |
| $ | 57,608 |
|
|
|
|
|
|
|
|
| |||
Noninterest income (excluding securities gains/losses) |
| 6,476 |
| 5,571 |
| 25,402 |
| |||
|
|
|
|
|
|
|
| |||
Net interest income (GAAP) |
| 17,632 |
| 16,842 |
| 68,359 |
| |||
Taxable-equivalent adjustment - Loans |
| 47 |
| 54 |
| 206 |
| |||
Taxable-equivalent adjustment - Investments |
| 605 |
| 387 |
| 1,758 |
| |||
Net interest income - FTE |
| 18,284 |
| 17,283 |
| 70,323 |
| |||
|
|
|
|
|
|
|
| |||
Noninterest income plus net interest income - FTE |
| 24,760 |
| 22,854 |
| 95,725 |
| |||
|
|
|
|
|
|
|
| |||
Efficiency ratio |
| 60.58 | % | 60.25 | % | 60.18 | % | |||
9
