Exhibit 99.1
News Release | ||||||||||
First Midwest Bancorp, Inc. | First Midwest Bancorp, Inc. One Pierce Place, Suite 1500 Itasca, Illinois 60143 (630) 875-7450 | |||||||||
FOR IMMEDIATE RELEASE | CONTACT: | Paul F. Clemens | ||||||||
EVP, Chief Financial Officer | ||||||||||
(630) 875-7347 | ||||||||||
TRADED: | NASDAQ Global Select Market | www.firstmidwest.com | ||||||||
SYMBOL: | FMBI |
FIRST MIDWEST BANCORP, INC. ANNOUNCES:
• | STRONG OPERATING PERFORMANCE DRIVEN BY RECORD SALES |
• | RIGOROUS PURSUIT OF CREDIT REMEDIATION PRIORITIES IN TANDEM WITH THE EXECUTION OF LONG TERM CAPITAL MANAGEMENT PLAN |
2nd QUARTER HIGHLIGHTS:
• | Fully diluted earnings per share for second quarter 2008 were $0.56 versus $0.52 for first quarter 2008. Return on average assets of 1.33% versus 1.25% and return on average equity of 14.57% versus 13.75% were achieved for the same periods. |
• | Loan growth in targeted commercial and industrial, agricultural, and commercial real estate categories was 14% annualized for second quarter 2008 versus first quarter 2008. |
• | Nonperforming assets plus 90 day past due loans increased from first quarter 2008 levels by $10.7 million and stand at 1.35% of loans at quarter end. In the first half of 2008, $4.3 million was added to the reserve for loan losses above and beyond charge offs in anticipation of future developments. Numerous administrative enhancements to the credit remediation process embracing oversight, staffing, and reporting were put in place. |
• | Long term capital management plans embraced: scheduled payment of regular quarterly dividends, continued deferral of share repurchases, maintenance of “well capitalized” regulatory capital levels, disciplined balance sheet planning. |
Financial Performance
ITASCA, IL, JULY 16, 2008 – First Midwest Bancorp, Inc. (the “Company” or “First Midwest”)(NASDAQ NGS: FMBI), the holding company of First Midwest Bank, today reported results of operations and financial condition for second quarter 2008. Fully diluted earnings per share were $0.56 compared with $0.52 for first quarter 2008, a 7.7% increase. Excluding offsetting noncore
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transactions, the comparison was $0.51 for second quarter 2008 versus $0.41 for first quarter 2008, a 24.4% increase. The noncore items consisted of the write off of approximately $6.0 million in remaining book value of certain asset backed securities, which was offset by a $1.4 million gain on the sale of a security previously written off and the reversal of tax reserves of $4.9 million due to favorable second quarter events affecting certain tax positions. Return on average assets was 1.33% for second quarter 2008 versus 1.25% for first quarter 2008 while the return on average equity was 14.57% versus 13.75% for the same periods. Net interest margin expanded in the second quarter to 3.58% from 3.53% for first quarter 2008 as a result of higher loan balances and opportunistic funding strategies. Margins should stabilize in this area as volumes of higher priced loans are offset by lagged higher repricing on twelve to eighteen month retail deposits. Efficiency ratios should track to recent trends which saw this measure at 51.67% for second quarter 2008.
Sales Performance
Loans outstanding increased at a rate which had not been reached for more than seven years. Virtually every category of business lending was up on a linked quarter annualized basis: commercial and industrial 14.9%, agriculture 13.6%, and commercial real estate 14.0%. Retail lending growth, though modest, also contributed to the overall annualized increase of 10.8%. Depository activity was mixed but with the seasonal influx in public deposits averaged 14.9% growth quarter over quarter. Assets under trust department management grew by 9.1% in the face of the broader equity markets retreating twenty percent during the first two quarters.
Capital Management
All regulatory mandated ratios for characterization as “well capitalized” were achieved as of June 30, 2008:
6/30/08 | Minimum “Well-Capitalized” Level | |||||
Tier 1 Risk Based | 9.42 | % | 6.00 | % | ||
Total Risk Based | 12.03 | % | 10.00 | % | ||
Tier 1 Leverage | 7.56 | % | 5.00 | % |
Tangible equity to tangible assets ratio (exclusive of other comprehensive income) stood at 5.90% as of June 30, 2008 and is on pace to exceed 6.00% by December 31, 2008.
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The Company’s dividend policy remained on track paying $0.31 per share on July 15, 2008 and represented the 102nd consecutive quarterly dividend since the founding of the Company in 1983. Contrariwise, the Company’s share repurchase program, which has operated episodically in recent years, is anticipated to be informally suspended throughout the balance of 2008. Leverage within the balance sheet is carefully managed through the operations of our Asset Liability Committee.
Credit Remediation
As anticipated, nonperforming assets plus 90 day past due loans aggregated $70.0 million at June 30, 2008, compared with $59.3 million at March 31, 2008. Such increase is related primarily to loans to home builders and developers, substantially all of whom are in the greater Chicagoland area. In response to this trend, the Company has enhanced its credit remediation staff and accelerated executive management review. The evolution of the trend in these loans from performing to nonperforming and, in some instances, to other real estate owned is evident in the new reporting metrics set forth on page 10 (attached) as are charge offs by subcategory of credit. The subcategory of loans as a percentage of total loans is set forth on new page 9 (attached).
Analysis of the potential exposure of the Company’s loan portfolios to loss indicates provisioning at the level of the most recent quarters should be sufficient to absorb these losses. The Company is aggressively engaged with each of its builder/developer clients to define the best approach to realize maximum value. Exposures are primarily in projects that are well known to management because of their nearly 100% concentration in our Chicagoland markets. Loan to value guidelines for unimproved and developed land are 65% and 75% respectively which provide an initial cushion to future reappraisal of property values. Fortunately, the Company is only minimally exposed to the direct consumer part of this negative credit cycle because of its modest concentrations and conservative underwriting. Aggregate loan to value ratio in the Company’s home equity portfolio ($460.6 million) is approximately 60%. At the same time, the Company’s single-family mortgage portfolio ($213.3 million) is leveraged at approximately 50%.
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About the Company
First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area’s largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 101 offices located in 63 communities, primarily in metropolitan Chicago. First Midwest was recently recognized by the Alfred P. Sloan awards for Business Excellence in Workforce Flexibility in the greater Chicago Area.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results and the Company’s financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the Company’s future results, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management’s best judgment as of the date hereof based on currently available information. Except as required by law, the Company undertakes no duty to update the contents of this press release after the date hereof.
Conference Call
A conference call to discuss the Company’s results, outlook and related matters will be held on Wednesday, July 16th, at 10:00 am (ET). Members of the public who would like to listen to the conference call should dial 1-866-713-8310. (U.S. domestic) or 1-617-597-5308 (international) and enter passcode number 129-50-118. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company’s web site, www.firstmidwest.com/aboutinvestor_overview.asp. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the Company’s web site or by dialing 1-888-286-8010 (U.S. domestic) or 1-617-801-6888 (international) passcode number 734-83-254, beginning approximately one hour after the event through 11:59 pm (ET) on July 23, 2008. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.
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Accompanying Financial Statements and Tables
Accompanying this press release is the following unaudited financial information:
• | Operating Highlights, Balance Sheet Highlights, Stock Performance Data, and Capital Ratios (1 page) |
• | Condensed Consolidated Statements of Condition (1 page) |
• | Condensed Consolidated Statements of Income (1 page) |
• | Loan Portfolio Composition (1 page) |
• | Asset Quality (1 page) |
Press Release and Additional Information Available on Website
This press release, the accompanying financial statements and tables, and certain additional unauditedSelected Financial Information(totaling 3 pages) are available through the “Investor Relations” section of First Midwest’s website atwww.firstmidwest.com.
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First Midwest Bancorp, Inc. | Press Release Dated July 16, 2008 |
Operating Highlights
Unaudited | Quarters Ended | |||||||||||
(Dollar amounts in thousands except per share data) | June 30, 2008 | March 31, 2008 | June 30, 2007 | |||||||||
Net income | $ | 26,997 | $ | 25,038 | $ | 29,311 | ||||||
Diluted earnings per share | $ | 0.56 | $ | 0.52 | $ | 0.59 | ||||||
Return on average equity | 14.57 | % | 13.75 | % | 15.47 | % | ||||||
Return on average assets | 1.33 | % | 1.25 | % | 1.44 | % | ||||||
Net interest margin | 3.58 | % | 3.53 | % | 3.61 | % | ||||||
Efficiency ratio | 51.67 | % | 54.02 | % | 52.13 | % | ||||||
Balance Sheet Highlights | ||||||||||||
Unaudited | As Of | |||||||||||
(Dollar amounts in thousands except per share data) | June 30, 2008 | March 31, 2008 | June 30, 2007 | |||||||||
Total assets | $ | 8,311,025 | $ | 8,315,368 | $ | 8,055,358 | ||||||
Total loans | 5,182,355 | 5,045,765 | 4,909,858 | |||||||||
Total deposits | 5,785,163 | 5,721,562 | 5,814,744 | |||||||||
Stockholders’ equity | 724,034 | 737,927 | 741,060 | |||||||||
Book value per share | $ | 14.90 | $ | 15.20 | $ | 14.97 | ||||||
Period end shares outstanding | 48,584 | 48,561 | 49,494 | |||||||||
Stock Performance Data | ||||||||||||
Unaudited | Quarters Ended | |||||||||||
(Dollar amounts in thousands except per share data) | June 30, 2008 | March 31, 2008 | June 30, 2007 | |||||||||
Market Price: | ||||||||||||
Quarter End | $ | 18.65 | $ | 27.77 | $ | 35.51 | ||||||
High | $ | 29.36 | $ | 31.98 | $ | 38.17 | ||||||
Low | $ | 18.65 | $ | 24.38 | $ | 34.82 | ||||||
Quarter end price to book value | 1.3 | ��x | 1.8 | x | 2.4 | x | ||||||
Quarter end price to consensus estimated 2008 earnings | 9.3 | x | N/A | N/A | ||||||||
Dividends declared per share | $ | 0.310 | $ | 0.310 | $ | 0.295 | ||||||
Common dividends paid | $ | 15,084 | $ | 15,079 | $ | 14,622 | ||||||
Capital Ratios | ||||||||||||
Unaudited | As Of | |||||||||||
June 30, 2008 | March 31, 2008 | June 30, 2007 | ||||||||||
Regulatory capital ratios: | ||||||||||||
Total capital to risk-weighted assets | 12.03 | % | 11.78 | % | 12.49 | % | ||||||
Tier 1 capital to risk-weighted assets | 9.42 | % | 9.19 | % | 9.87 | % | ||||||
Tier 1 leverage to average assets | 7.56 | % | 7.51 | % | 7.75 | % | ||||||
Tangible equity ratios: | ||||||||||||
Tangible equity to tangible assets | 5.45 | % | 5.62 | % | 5.80 | % | ||||||
Tangible equity, excluding other comprehensive loss, to tangible assets | 5.90 | % | 5.73 | % | 6.26 | % | ||||||
Tangible equity to risk-weighted assets | 6.88 | % | 7.08 | % | 7.28 | % |
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First Midwest Bancorp, Inc. | Press Release Dated July 16, 2008 |
Condensed Consolidated Statements of Condition
Unaudited | June 30, | |||||||
(Amounts in thousands) | 2008 | 2007 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 174,122 | $ | 156,305 | ||||
Funds sold and other short-term investments | 692 | 8,996 | ||||||
Trading account securities | 17,368 | 17,403 | ||||||
Securities available-for-sale | 2,106,461 | 2,128,683 | ||||||
Securities held to maturity, at amortized cost | 94,580 | 104,152 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 54,767 | 54,767 | ||||||
Loans | 5,182,355 | 4,909,858 | ||||||
Reserve for loan losses | (66,104 | ) | (62,391 | ) | ||||
Net loans | 5,116,251 | 4,847,467 | ||||||
Premises, furniture, and equipment | 121,215 | 128,448 | ||||||
Investment in corporate owned life insurance | 206,132 | 199,396 | ||||||
Goodwill and other intangible assets | 286,737 | 290,447 | ||||||
Accrued interest receivable and other assets | 132,700 | 119,294 | ||||||
Total assets | $ | 8,311,025 | $ | 8,055,358 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Deposits | $ | 5,785,163 | $ | 5,814,744 | ||||
Borrowed funds | 1,489,908 | 1,172,190 | ||||||
Subordinated debt | 232,476 | 226,118 | ||||||
Accrued interest payable and other liabilities | 79,444 | 101,246 | ||||||
Total liabilities | 7,586,991 | 7,314,298 | ||||||
Common stock | 613 | 613 | ||||||
Additional paid-in capital | 206,113 | 205,836 | ||||||
Retained earnings | 866,844 | 852,598 | ||||||
Accumulated other comprehensive (loss) | (35,949 | ) | (35,148 | ) | ||||
Treasury stock, at cost | (313,587 | ) | (282,839 | ) | ||||
Total stockholders’ equity | 724,034 | 741,060 | ||||||
Total liabilities and stockholders’ equity | $ | 8,311,025 | $ | 8,055,358 | ||||
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First Midwest Bancorp, Inc. | Press Release Dated July 16, 2008 |
Condensed Consolidated Statements of Income
Unaudited | Quarters Ended | ||||||||||
(Amounts in thousands except per share data) | June 30, 2008 | March 31, 2008 | June 30, 2007 | ||||||||
Interest Income | |||||||||||
Loans | $ | 74,819 | $ | 81,334 | $ | 92,273 | |||||
Securities | 26,391 | 27,120 | 28,169 | ||||||||
Other | 103 | 21 | 229 | ||||||||
Total interest income | 101,313 | 108,475 | 120,671 | ||||||||
Interest Expense | |||||||||||
Deposits | 28,036 | 34,210 | 41,593 | ||||||||
Borrowed funds | 9,249 | 12,076 | 14,363 | ||||||||
Subordinated debt | 3,702 | 3,689 | 3,751 | ||||||||
Total interest expense | 40,987 | 49,975 | 59,707 | ||||||||
Net interest income | 60,326 | 58,500 | 60,964 | ||||||||
Provision for loan losses | 5,780 | 9,060 | 1,761 | ||||||||
Net interest income after provision for loan losses | 54,546 | 49,440 | 59,203 | ||||||||
Noninterest Income | |||||||||||
Service charges on deposit accounts | 11,385 | 10,422 | 11,483 | ||||||||
Trust and investment management fees | 3,945 | 3,947 | 3,916 | ||||||||
Other service charges, commissions, and fees | 4,456 | 5,002 | 6,099 | ||||||||
Card-based fees | 4,236 | 3,898 | 4,181 | ||||||||
Subtotal, fee-based revenues | 24,022 | 23,269 | 25,679 | ||||||||
Corporate owned life insurance income | 2,145 | 2,462 | 1,982 | ||||||||
Security (losses) gains, net | (4,618 | ) | 4,968 | 961 | |||||||
Other | 874 | (680 | ) | 2,001 | |||||||
Total noninterest income | 22,423 | 30,019 | 30,623 | ||||||||
Noninterest Expense | |||||||||||
Salaries and employee benefits | 26,368 | 26,190 | 29,008 | ||||||||
Net occupancy expense | 5,528 | 6,151 | 5,386 | ||||||||
Equipment expense | 2,451 | 2,567 | 2,590 | ||||||||
Technology and related costs | 1,820 | 1,771 | 1,849 | ||||||||
Other | 13,778 | 12,664 | 11,904 | ||||||||
Total noninterest expense | 49,945 | 49,343 | 50,737 | ||||||||
Income before taxes | 27,024 | 30,116 | 39,089 | ||||||||
Income tax expense | 27 | 5,078 | 9,778 | ||||||||
Net Income | $ | 26,997 | $ | 25,038 | $ | 29,311 | |||||
Diluted Earnings Per Share | $ | 0.56 | $ | 0.52 | $ | 0.59 | |||||
Dividends Declared Per Share | $ | 0.310 | $ | 0.310 | $ | 0.295 | |||||
Weighted Average Diluted Shares Outstanding | 48,576 | 48,589 | 49,984 | ||||||||
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First Midwest Bancorp, Inc. | Press Release Dated July 16, 2008 |
Unaudited | As Of | 6/30/08 % Change From | ||||||||||||||||
(Dollar amounts in thousands) | 6/30/08 | % of total | 3/31/08 | 6/30/07 | 3/31/08 | 6/30/07 | ||||||||||||
Loan Portfolio Composition | ||||||||||||||||||
Loan portfolio composition: | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 1,656,161 | 32.0 | % | $ | 1,597,279 | $ | 1,558,876 | 14.7 | % | 6.2 | % | ||||||
Commercial real estate: | ||||||||||||||||||
Office, retail, and industrial | 1,048,547 | 20.2 | % | 1,020,403 | 905,483 | 11.0 | % | 15.8 | % | |||||||||
Residential land and development | 418,455 | 8.1 | % | 413,531 | 431,635 | 4.8 | % | (3.1 | )% | |||||||||
Multifamily | 195,815 | 3.8 | % | 188,474 | 205,821 | 15.6 | % | (4.9 | )% | |||||||||
Other commercial real estate | 1,107,122 | 21.3 | % | 1,054,143 | 1,011,265 | 20.1 | % | 9.5 | % | |||||||||
Total commercial real estate(1) | 2,769,939 | 53.4 | % | 2,676,551 | 2,554,204 | 14.0 | % | 8.4 | % | |||||||||
Consumer: | ||||||||||||||||||
Home equity | 460,581 | 8.9 | % | 459,068 | 467,471 | 1.3 | % | (1.5 | )% | |||||||||
Real estate 1-4 family | 213,295 | 4.1 | % | 224,895 | 206,506 | (20.6 | )% | 3.3 | % | |||||||||
Other consumer | 82,379 | 1.6 | % | 87,972 | 122,801 | (25.4 | )% | (32.9 | )% | |||||||||
Total consumer | 756,255 | 14.6 | % | 771,935 | 796,778 | (8.1 | )% | (5.1 | )% | |||||||||
Total loans(2) | $ | 5,182,355 | 100.0 | % | $ | 5,045,765 | $ | 4,909,858 | 10.8 | % | 5.5 | % | ||||||
Commercial Real Estate Detail Office, Retail, and Industrial | ||||||||||||||||||
Loans by product type(2): | ||||||||||||||||||
Office | $ | 337,424 | 32.2 | % | $ | 326,107 | $ | 270,029 | 13.9 | % | 25.0 | % | ||||||
Retail | 281,942 | 26.9 | % | 279,612 | 232,988 | 3.3 | % | 21.0 | % | |||||||||
Industrial | 429,181 | 40.9 | % | 414,684 | 402,466 | 14.0 | % | 6.6 | % | |||||||||
Total office, retail, and industrial | $ | 1,048,547 | 100.0 | % | $ | 1,020,403 | $ | 905,483 | 11.0 | % | 15.8 | % | ||||||
Residential Land and Development Composition | ||||||||||||||||||
Loans by product type: | ||||||||||||||||||
Structures | $ | 220,680 | 52.7 | % | $ | 212,369 | $ | 255,388 | 15.6 | % | (13.8 | )% | ||||||
Land | 197,775 | 47.3 | % | 201,162 | 176,247 | (6.7 | )% | 12.2 | % | |||||||||
Total residential land and development | $ | 418,455 | 100.0 | % | $ | 413,531 | $ | 431,635 | 4.8 | % | (3.1 | )% | ||||||
Other Commercial Real Estate Composition | ||||||||||||||||||
Loans by product type: | ||||||||||||||||||
Commercial land | $ | 381,013 | 34.4 | % | $ | 365,246 | $ | 273,615 | 17.3 | % | 39.3 | % | ||||||
1-5 family investors | 165,445 | 14.9 | % | 166,684 | 153,032 | (3.0 | )% | 8.1 | % | |||||||||
Service stations and truck stops | 120,670 | 10.9 | % | 117,592 | 72,532 | 10.5 | % | 66.4 | % | |||||||||
Warehouses and storage | 79,580 | 7.2 | % | 71,421 | 54,385 | 45.7 | % | 46.3 | % | |||||||||
Hotels | 67,574 | 6.1 | % | 59,082 | 66,012 | 57.5 | % | 2.4 | % | |||||||||
Restaurants | 47,313 | 4.3 | % | 48,147 | 41,750 | (6.9 | )% | 13.3 | % | |||||||||
Medical | 43,347 | 3.9 | % | 42,912 | 13,841 | 4.1 | % | 213.2 | % | |||||||||
Automobile dealers | 37,562 | 3.4 | % | 30,934 | 27,784 | 85.7 | % | 35.2 | % | |||||||||
Mobile home parks | 25,217 | 2.3 | % | 23,481 | 24,526 | 29.6 | % | 2.8 | % | |||||||||
Recreational | 15,106 | 1.4 | % | 16,243 | 17,791 | (28.0 | )% | (15.1 | )% | |||||||||
Religious | 11,362 | 1.0 | % | 11,291 | 11,296 | 2.5 | % | 0.6 | % | |||||||||
Other(3) | 112,933 | 10.2 | % | 101,110 | 254,701 | 46.8 | % | (55.7 | )% | |||||||||
Total other commercial real estate | $ | 1,107,122 | 100.0 | % | $ | 1,054,143 | $ | 1,011,265 | 20.1 | % | 9.5 | % | ||||||
(1) | 24% of total commercial real estate loans are owner occupied as of June 30, 2008. |
(2) | Substantially all loans that are over $1 million are to customers within our market as of June 30, 2008. |
(3) | Certain loans presented here as of June 30, 2007 were subsequently redistributed to more appropriate categories. |
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First Midwest Bancorp, Inc. | Press Release Dated July 16, 2008 |
Unaudited | As Of | |||||||||||||||||
(Dollar amounts in thousands) | 6/30/08 | % of Category | % of Total | 3/31/08 | 6/30/07 | |||||||||||||
Asset Quality | ||||||||||||||||||
Nonaccrual loans: | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 5,222 | 0.32 | % | 7.4 | % | $ | 6,770 | $ | 8,815 | ||||||||
Office, retail, and industrial | 1,125 | 0.11 | % | 1.6 | % | 730 | — | |||||||||||
Residential land and development | 11,664 | 2.79 | % | 16.7 | % | 4,081 | 540 | |||||||||||
Multifamily | 3,016 | 1.54 | % | 4.3 | % | 1,361 | 294 | |||||||||||
Other commercial real estate | 885 | 0.08 | % | 2.9 | % | 255 | 2,101 | |||||||||||
Consumer | 3,324 | 0.44 | % | 4.7 | % | 3,876 | 3,177 | |||||||||||
Total nonaccrual loans | 25,236 | 36.0 | % | 17,073 | 14,927 | |||||||||||||
Restructured loans | 259 | 0.4 | % | 140 | — | |||||||||||||
Total nonperforming loans | 25,495 | 36.4 | % | 17,213 | 14,927 | |||||||||||||
Other real estate owned | 7,042 | 10.1 | % | 8,607 | 3,683 | |||||||||||||
Total nonperforming assets | $ | 32,537 | 46.5 | % | $ | 25,820 | $ | 18,610 | ||||||||||
90 days past due loans (still accruing interest): | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 4,530 | 0.27 | % | 6.5 | % | $ | 3,926 | $ | 2,458 | ||||||||
Office, retail, and industrial | 2,855 | 0.27 | % | 4.1 | % | 2,182 | 907 | |||||||||||
Residential land and development | 17,181 | 4.11 | % | 21.1 | % | 17,438 | 5,006 | |||||||||||
Multifamily | 2,071 | 1.06 | % | 2.9 | % | 2,332 | 6,281 | |||||||||||
Other commercial real estate | 2,925 | 0.26 | % | 7.6 | % | 2,451 | 1,457 | |||||||||||
Consumer | 7,948 | 1.05 | % | 11.3 | % | 5,150 | 3,524 | |||||||||||
Total 90 days past due loans | 37,510 | 53.5 | % | 33,479 | 19,633 | |||||||||||||
Total nonperforming assets plus 90 days past due loans | $ | 70,047 | 100.0 | % | $ | 59,299 | $ | 38,243 | ||||||||||
Asset Quality Ratios | ||||||||||||||||||
Nonperforming loans to loans | 0.49 | % | 0.34 | % | 0.30 | % | ||||||||||||
Nonperforming assets to loans plus foreclosed real estate | 0.63 | % | 0.51 | % | 0.38 | % | ||||||||||||
Nonperforming assets plus loans past due 90 days to loans plus foreclosed real estate | 1.35 | % | 1.17 | % | 0.78 | % | ||||||||||||
Reserve for loan losses | $ | 66,104 | $ | 64,780 | $ | 62,391 | ||||||||||||
Reserve for loan losses to loans | 1.28 | % | 1.28 | % | 1.27 | % | ||||||||||||
Reserve for loan losses to nonperforming loans | 259 | % | 376 | % | 418 | % | ||||||||||||
Quarters Ended | ||||||||||||||||||
(Dollar amounts in thousands) | 6/30/08 | % of Category | % of Total | 3/31/08 | 6/30/07 | |||||||||||||
Charge-off Data | ||||||||||||||||||
Net loans charged-off: | ||||||||||||||||||
Commercial, industrial, and agricultural | $ | 2,380 | 0.14 | % | 53.4 | % | $ | 3,188 | $ | 1,252 | ||||||||
Office, retail, and industrial | 31 | 0.00 | % | 0.7 | % | — | — | |||||||||||
Residential land and development | 138 | 0.03 | % | 3.1 | % | 559 | 18 | |||||||||||
Multifamily | 830 | 0.42 | % | 18.6 | % | 842 | 119 | |||||||||||
Other commercial real estate | 116 | 0.01 | % | 2.6 | % | 673 | (78 | ) | ||||||||||
Consumer | 961 | 0.13 | % | 21.6 | % | 818 | 459 | |||||||||||
Total net loans charged-off | $ | 4,456 | 100.0 | % | $ | 6,080 | $ | 1,770 | ||||||||||
Quarter-to-date net loan charge-offs to average loans (annualized) | 0.35 | % | 0.49 | % | 0.14 | % | ||||||||||||
Year-to-date net loan charge-offs to average loans (annualized) | 0.42 | % | 0.49 | % | 0.19 | % | ||||||||||||
10