Exhibit 99.1
3003 Tasman Drive Santa Clara, CA 95054
For release at 9:00 A.M. (EDT) | Contact: |
August 12, 2003 | Meghan O’Leary |
| (415) 512-4263 |
NASDAQ: SIVB
SILICON VALLEY BANCSHARES, INC. ANNOUNCES FINAL SECOND QUARTER RESULTS
SANTA CLARA, Calif. August 12, 2003—On July 17, 2003 Silicon Valley Bancshares, Inc. (NASDAQ: SIVB), parent company of Silicon Valley Bank and Alliant Partners, announced preliminary results that excluded any impact of a Statement of Financial Accounting Standards (SFAS) No. 142 goodwill impairment test on its investment-banking subsidiary, Alliant Partners, which was in process at the time of the announcement. This impairment test, which has now been completed, resulted in a $17.0 million pre-tax charge. Net of tax, the charge was $11.0 million. After reflecting the impact of this impairment charge, the company realized a net loss of $0.02 per diluted common share for the second quarter of 2003.
“Alliant’s unique value as an integral part of our business strategy remains unchanged, and its performance has met our expectations,” said Ken Wilcox, president and CEO.
“We engaged two independent firms to perform separate valuations on Alliant Partners. One analysis resulted in no goodwill impairment, however, the second analysis indicated goodwill impairment. We chose the more conservative of the two.”
Without the SFAS No. 142 analysis and resulting charge, second quarter earnings would have been as previously reported. Complete financial statements reflecting the impact of the impairment test are included as part of this release. With the exception of the SFAS No. 142 charge, the financial analysis remains as previously reported in the July 17, 2003 press release.
Earnings Conference Call
On August 12, 2003, the company will host a conference call at 5:00 p.m. (EDT) to discuss this announcement. The conference call can be accessed by dialing (877) 630-8512 and referencing the passcode “Silicon Valley Bank.” A live Webcast can be accessed at www.svb.com. A digitized replay of this conference call will be available beginning at approximately 7:30 p.m. (EDT), on Tuesday, August 12, 2003, through 8:00 p.m. (EDT), on Saturday, August 16, 2003, by dialing (888) 566-0514. A replay of the Webcast will also be available on www.svb.com beginning Tuesday, August 12, 2003.
1
About Silicon Valley Bancshares, Inc.
For 20 years, Silicon Valley Bancshares Inc., a financial holding company providing diversified financial services, has sustained its mission to provide innovative solutions to help entrepreneurs succeed. The company’s principal subsidiary, Silicon Valley Bank, serves emerging growth and mature companies in the technology and life sciences markets, as well as the premium wine industry. Headquartered in Santa Clara, California, the company offers its clients financial products and services including commercial, investment, merchant and private banking, as well as value-added client services using its proprietary knowledge base. Merger, acquisition and corporate partnering services are provided through the company’s investment banking subsidiary, Alliant Partners. More information on the company can be found at www.svb.com.
###
2
SILICON VALLEY BANCSHARES, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
CONDENSED STATEMENTS OF INCOME
|
| For the three months ended |
|
| For the six months ended |
| ||||||||||||
|
| June 30, |
| March 31, |
| June 30, |
|
| June 30, |
| June 30, |
| ||||||
(Dollars in thousands, except per share amounts) |
| 2003 |
| 2003 |
| 2002 |
|
| 2003 |
| 2002 |
| ||||||
Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Loans |
| $ | 38,134 |
| $ | 37,836 |
| $ | 39,652 |
|
| $ | 75,970 |
| $ | 77,977 |
| |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Taxable |
| 8,557 |
| 10,377 |
| 11,752 |
|
| 18,934 |
| 25,602 |
| ||||||
Non-Taxable |
| 1,586 |
| 1,596 |
| 1,716 |
|
| 3,182 |
| 3,681 |
| ||||||
Federal Funds Sold and Securities |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Purchased Under Agreement to Resell |
| 1,129 |
| 830 |
| 591 |
|
| 1,959 |
| 836 |
| ||||||
Total Interest Income |
| 49,406 |
| 50,639 |
| 53,711 |
|
| 100,045 |
| 108,096 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deposits |
| 2,389 |
| 2,451 |
| 4,162 |
|
| 4,840 |
| 9,060 |
| ||||||
Other Borrowings |
| 317 |
| 210 |
| 476 |
|
| 527 |
| 961 |
| ||||||
Total Interest Expense |
| 2,706 |
| 2,661 |
| 4,638 |
|
| 5,367 |
| 10,021 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Income |
| 46,700 |
| 47,978 |
| 49,073 |
|
| 94,678 |
| 98,075 |
| ||||||
Provision for Loan Losses |
| 1,162 |
| 3,384 |
| (3,207 | ) |
| 4,546 |
| 219 |
| ||||||
Net Interest Income After Provision for Loan Losses |
| 45,538 |
| 44,594 |
| 52,280 |
|
| 90,132 |
| 97,856 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Noninterest Income: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Client Investment Fees |
| 6,034 |
| 6,332 |
| 7,774 |
|
| 12,366 |
| 16,412 |
| ||||||
Corporate Finance Fees |
| 4,641 |
| 4,144 |
| 4,424 |
|
| 8,785 |
| 7,386 |
| ||||||
Letter of Credit and Foreign |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Exchange Income |
| 3,128 |
| 3,503 |
| 3,575 |
|
| 6,631 |
| 7,352 |
| ||||||
Deposit Service Charges |
| 3,245 |
| 2,876 |
| 2,294 |
|
| 6,121 |
| 4,530 |
| ||||||
Disposition of Client Warrants |
| 1,051 |
| 1,962 |
| 681 |
|
| 3,013 |
| 807 |
| ||||||
Credit Card Fees |
| 988 |
| 1,046 |
| 239 |
|
| 2,034 |
| 348 |
| ||||||
Investment Losses |
| (3,839 | ) | (4,705 | ) | (2,001 | ) |
| (8,544 | ) | (4,598 | ) | ||||||
Other |
| 2,257 |
| 2,288 |
| 1,868 |
|
| 4,545 |
| 3,518 |
| ||||||
Total Noninterest Income |
| 17,505 |
| 17,446 |
| 18,854 |
|
| 34,951 |
| 35,755 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Noninterest Expense: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Compensation and Benefits |
| 29,272 |
| 31,432 |
| 28,821 |
|
| 60,704 |
| 53,749 |
| ||||||
Impairment of goodwill |
| 17,000 |
| — |
| — |
|
| 17,000 |
| — |
| ||||||
Net Occupancy |
| 4,103 |
| 4,402 |
| 6,433 |
|
| 8,505 |
| 10,951 |
| ||||||
Professional Services |
| 3,985 |
| 3,439 |
| 4,367 |
|
| 7,424 |
| 7,403 |
| ||||||
Furniture and Equipment |
| 2,710 |
| 2,194 |
| 1,571 |
|
| 4,904 |
| 3,667 |
| ||||||
Business Development and Travel |
| 2,296 |
| 1,616 |
| 1,933 |
|
| 3,912 |
| 4,056 |
| ||||||
Data Processing Services |
| 1,392 |
| 1,091 |
| 918 |
|
| 2,483 |
| 1,783 |
| ||||||
Correspondent Bank Fees |
| 1,094 |
| 1,040 |
| 608 |
|
| 2,134 |
| 1,315 |
| ||||||
Telephone |
| 857 |
| 778 |
| 701 |
|
| 1,635 |
| 1,602 |
| ||||||
Tax Credit Fund Amortization |
| 716 |
| 715 |
| 836 |
|
| 1,431 |
| 1,286 |
| ||||||
Postage and Supplies |
| 632 |
| 584 |
| 792 |
|
| 1,216 |
| 1,575 |
| ||||||
Trust Preferred Securities Distributions |
| 313 |
| 281 |
| 746 |
|
| 594 |
| 1,571 |
| ||||||
Other |
| 2,833 |
| 2,536 |
| 1,292 |
|
| 5,369 |
| 3,378 |
| ||||||
Total Noninterest Expense |
| 67,203 |
| 50,108 |
| 49,018 |
|
| 117,311 |
| 92,336 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Minority Interest |
| 2,765 |
| 3,479 |
| 1,397 |
|
| 6,244 |
| 3,237 |
| ||||||
(Loss) Income Before Income Taxes |
| (1,395 | ) | 15,411 |
| 23,513 |
|
| 14,016 |
| 44,512 |
| ||||||
Income Tax (Benefit) Expense |
| (819 | ) | 4,993 |
| 8,528 |
|
| 4,174 |
| 16,167 |
| ||||||
Net (Loss) Income |
| $ | (576 | ) | $ | 10,418 |
| $ | 14,985 |
|
| $ | 9,842 |
| $ | 28,345 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net (Loss) Income per Common Share – Basic |
| $ | (0.02 | ) | $ | 0.27 |
| $ | 0.33 |
|
| $ | 0.26 |
| $ | 0.63 |
| |
Net (Loss) Income per Common Share – Diluted |
| $ | (0.02 | ) | $ | 0.26 |
| $ | 0.32 |
|
| $ | 0.25 |
| $ | 0.61 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Return on Average Assets |
| (0.1 | %) | 1.1 | % | 1.6 | % |
| 0.5 | % | 1.5 | % | ||||||
Return on Average Equity |
| (0.4 | %) | 7.3 | % | 9.3 | % |
| 3.6 | % | 8.9 | % | ||||||
Efficiency Ratio (1) |
| 72.9 | % | 71.4 | % | 68.8 | % |
| 72.1 | % | 65.4 | % | ||||||
Weighted Average Shares Outstanding |
| 36,735,072 |
| 39,092,153 |
| 45,389,348 |
|
| 37,909,333 |
| 45,283,034 |
| ||||||
Weighted Average Diluted Shares Outstanding |
| 37,814,221 |
| 39,782,783 |
| 46,974,731 |
|
| 38,816,807 |
| 46,772,329 |
| ||||||
(1) Excludes impairment of goodwill
3
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
|
| For the three months ended |
|
| For the six months ended |
| |||||||||||
|
| June 30, |
| March 31 |
| June 30, |
|
| June 30, |
| June 30, |
| |||||
(Dollars in thousands) |
| 2003 |
| 2003 |
| 2002 |
|
| 2003 |
| 2002 |
| |||||
Net (Loss) Income |
| $ | (576 | ) | $ | 10,418 |
| $ | 14,985 |
|
| $ | 9,842 |
| $ | 28,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other Comprehensive Income (Loss), Net of Tax: |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Change in Unrealized Gains (Losses) on |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized Holding Gains (Losses) |
| 1,218 |
| (1,378 | ) | 5,546 |
|
| (162 | ) | 2,714 |
| |||||
Reclassification Adjustment for Gains Included in Net Income |
| (703 | ) | (1,326 | ) | (434 | ) |
| (2,027 | ) | (514 | ) | |||||
Other Comprehensive Income (Loss) |
| 515 |
| (2,704 | ) | 5,112 |
|
| (2,189 | ) | 2,200 |
| |||||
Comprehensive (Loss) Income |
| $ | (61 | ) | $ | 7,714 |
| $ | 20,097 |
|
| $ | 7,653 |
| $ | 30,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
4
CONDENSED BALANCE SHEETS
|
|
|
|
|
|
|
| |||
|
| June 30, |
| March 31, |
| June 30, |
| |||
(Dollars in thousands, except par value and per share amounts) |
| 2003 |
| 2003 |
| 2002 |
| |||
Assets: |
|
|
|
|
|
|
| |||
Cash and Due from Banks |
| $ | 238,202 |
| $ | 145,805 |
| $ | 231,247 |
|
Federal Funds Sold and Securities Purchased |
| 305,609 |
| 353,182 |
| 154,869 |
| |||
Investment Securities |
| 1,663,920 |
| 1,291,551 |
| 1,460,659 |
| |||
Loans: |
|
|
|
|
|
|
| |||
Gross Loans |
| 1,977,433 |
| 2,083,024 |
| 1,880,860 |
| |||
Unearned Income on Loans |
| (12,633 | ) | (12,961 | ) | (11,983 | ) | |||
Loans, Net of Unearned Income |
| 1,964,800 |
| 2,070,063 |
| 1,868,877 |
| |||
Allowance for Loan Losses |
| (69,500 | ) | (70,000 | ) | (76,000 | ) | |||
Net Loans |
| 1,895,300 |
| 2,000,063 |
| 1,792,877 |
| |||
Premises and Equipment |
| 15,585 |
| 16,223 |
| 20,495 |
| |||
Goodwill |
| 83,548 |
| 100,567 |
| 98,638 |
| |||
Accrued Interest Receivable and Other Assets |
| 92,426 |
| 80,697 |
| 72,985 |
| |||
Total Assets |
| $ | 4,294,590 |
| $ | 3,988,088 |
| $ | 3,831,770 |
|
|
|
|
|
|
|
|
| |||
Liabilities, Minority Interest and Stockholders’ Equity: |
|
|
|
|
|
|
| |||
Liabilities: |
|
|
|
|
|
|
| |||
Deposits: |
|
|
|
|
|
|
| |||
Noninterest-Bearing Demand |
| $ | 1,893,707 |
| $ | 1,769,916 |
| $ | 1,533,009 |
|
NOW |
| 55,164 |
| 38,854 |
| 50,683 |
| |||
Money Market |
| 1,029,987 |
| 892,138 |
| 792,089 |
| |||
Time |
| 509,526 |
| 550,186 |
| 617,398 |
| |||
Total Deposits |
| 3,488,384 |
| 3,251,094 |
| 2,993,179 |
| |||
Short-term Borrowings |
| 9,264 |
| 9,196 |
| 41,734 |
| |||
Other Liabilities |
| 115,551 |
| 61,020 |
| 42,573 |
| |||
Long-term Debt |
| 163,057 |
| 17,538 |
| 26,105 |
| |||
Total Liabilities |
| 3,776,256 |
| 3,338,848 |
| 3,103,591 |
| |||
|
|
|
|
|
|
|
| |||
Company Obligated Mandatorily Redeemable Trust Preferred Securities of Subsidiary Trust Holding Solely Junior Subordinated Debentures (Trust Preferred Securities) |
| 38,718 |
| 39,247 |
| 38,780 |
| |||
Minority Interest |
| 47,481 |
| 43,857 |
| 30,556 |
| |||
Stockholders’ Equity: |
|
|
|
|
|
|
| |||
Common Stock, $0.001 Par Value |
| 34 |
| 39 |
| 46 |
| |||
Additional Paid-In Capital |
| 1,758 |
| 69,649 |
| 196,387 |
| |||
Retained Earnings |
| 419,999 |
| 487,028 |
| 451,597 |
| |||
Unearned Compensation |
| (1,839 | ) | (2,248 | ) | (1,062 | ) | |||
Accumulated Other Comprehensive Income: |
|
|
|
|
|
|
| |||
Net Unrealized Gains on Available-for-Sale Investments |
| 12,183 |
| 11,668 |
| 11,875 |
| |||
Total Stockholders’ Equity |
| 432,135 |
| 566,136 |
| 658,843 |
| |||
Total Liabilities, Minority Interest and Stockholders’ Equity |
| $ | 4,294,590 |
| $ | 3,988,088 |
| $ | 3,831,770 |
|
Capital Ratios: |
|
|
|
|
|
|
| |||
Total Risk-Based Capital Ratio |
| 14.4 | % | 15.2 | % | 18.9 | % | |||
Tier 1 Risk-Based Capital Ratio |
| 9.9 | % | 13.9 | % | 17.6 | % | |||
Tier 1 Leverage Ratio |
| 9.8 | % | 13.1 | % | 15.7 | % | |||
Average Stockholders’ Equity as a Percentage of Average Assets (1) |
| 13.2 | % | 14.8 | % | 16.9 | % | |||
Other Period End Statistics: |
|
|
|
|
|
|
| |||
Book Value per Share |
| $ | 12.53 |
| $ | 14.56 |
| $ | 14.43 |
|
Full-Time Equivalent Employees |
| 980 |
| 985 |
| 997 |
| |||
Common Stock Outstanding |
| 34,490,249 |
| 38,874,487 |
| 45,654,069 |
| |||
(1) Represents quarterly average balances for each respective period.
5
AVERAGE BALANCES, RATES AND YIELDS
|
| For the three months ended June 30, |
| |||||||||||||||
|
| 2003 |
|
| 2002 |
| ||||||||||||
|
|
|
|
|
| Average |
|
|
|
|
|
| Average |
| ||||
|
| Average |
|
|
| Yield/ |
|
| Average |
|
|
| Yield/ |
| ||||
(Dollars in thousands) |
| Balance |
| Interest |
| Rate |
|
| Balance |
| Interest |
| Rate |
| ||||
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Federal Funds Sold and Securities Purchased |
| $ | 345,163 |
| $ | 1,129 |
| 1.3 | % |
| $ | 122,718 |
| $ | 591 |
| 1.9 | % |
Investment Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Taxable |
| 1,151,524 |
| 8,557 |
| 3.0 |
|
| 1,438,209 |
| 11,752 |
| 3.3 |
| ||||
Non-taxable (2) |
| 143,506 |
| 2,440 |
| 6.8 |
|
| 172,165 |
| 2,640 |
| 6.2 |
| ||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Commercial |
| 1,528,983 |
| 34,557 |
| 9.1 |
|
| 1,477,767 |
| 35,983 |
| 9.8 |
| ||||
Real Estate Construction and Term |
| 104,887 |
| 1,520 |
| 5.8 |
|
| 104,657 |
| 1,931 |
| 7.4 |
| ||||
Consumer and Other |
| 190,664 |
| 2,057 |
| 4.3 |
|
| 142,890 |
| 1,738 |
| 4.9 |
| ||||
Total Loans |
| 1,824,534 |
| 38,134 |
| 8.4 |
|
| 1,725,314 |
| 39,652 |
| 9.2 |
| ||||
Total Interest-Earning Assets |
| 3,464,727 |
| 50,260 |
| 5.8 |
|
| 3,458,406 |
| 54,635 |
| 6.3 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Cash and Due From Banks |
| 193,709 |
|
|
|
|
|
| 185,545 |
|
|
|
|
| ||||
Allowance for Loan Losses |
| (72,436 | ) |
|
|
|
|
| (73,641 | ) |
|
|
|
| ||||
Goodwill |
| 100,386 |
|
|
|
|
|
| 97,365 |
|
|
|
|
| ||||
Other Asets |
| 203,991 |
|
|
|
|
|
| 185,860 |
|
|
|
|
| ||||
Total Assets |
| $ | 3,890 377 |
|
|
|
|
|
| $ | 3,853,535 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Funding Sources: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
NOW Deposits |
| $ | 26,897 |
| 31 |
| 0.5 |
|
| $ | 40,836 |
| 60 |
| 0.6 |
| ||
Regular Money Market Deposits |
| 277,872 |
| 424 |
| 0.6 |
|
| 289,130 |
| 713 |
| 1.0 |
| ||||
Bonus Money Market Deposits |
| 634,365 |
| 946 |
| 0.6 |
|
| 611,219 |
| 1,528 |
| 1.0 |
| ||||
Time Deposits |
| 522,807 |
| 989 |
| 0.8 |
|
| 608,726 |
| 1,861 |
| 1.2 |
| ||||
Short-term Borrowings |
| 9,450 |
| 69 |
| 2.9 |
|
| 41,570 |
| 266 |
| 2.6 |
| ||||
Long-term Debt |
| 84,716 |
| 247 |
| 1.2 |
|
| 25,975 |
| 210 |
| 3.2 |
| ||||
Total Interest-bearing Liabilities |
| 1,556,107 |
| 2,706 |
| 0.7 |
|
| 1,617,456 |
| 4,638 |
| 1.2 |
| ||||
Portion of Noninterest-bearing |
| 1,908,620 |
|
|
|
|
|
| 1,840,950 |
|
|
|
|
| ||||
Total Funding Sources |
| 3,464,727 |
| 2,706 |
| 0.3 |
|
| 3,458,406 |
| 4,638 |
| 0.5 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-Bearing Funding Sources: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Demand Deposits |
| 1,675,387 |
|
|
|
|
|
| 1,480,929 |
|
|
|
|
| ||||
Other Liabilities |
| 74,569 |
|
|
|
|
|
| 39,305 |
|
|
|
|
| ||||
Trust Preferred Securities (3) |
| 38,708 |
|
|
|
|
|
| 38,657 |
|
|
|
|
| ||||
Minority Interest |
| 31,821 |
|
|
|
|
|
| 27,821 |
|
|
|
|
| ||||
Stockholders’ Equity |
| 513,785 |
|
|
|
|
|
| 649,367 |
|
|
|
|
| ||||
Portion Used to Fund Interest-earning Assets |
| (1,908,620 | ) |
|
|
|
|
| (1,840,950 | ) |
|
|
|
| ||||
Total Liabilities, Minority Interest and Stockholders’ Equity |
| $ | 3,890,377 |
|
|
|
|
|
| $ | 3,853,535 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income and Margin |
|
|
| $ | 47,554 |
| 5.5 | % |
|
|
| $ | 49,997 |
| 5.8 | % | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Deposits |
| $ | 3,137,328 |
|
|
|
|
|
| $ | 3,030,840 |
|
|
|
|
| ||
(1) |
| Includes average interest-bearing deposits in other financial institutions of $1,824 and $0 for the three months ended June 30, 2003 and 2002, respectively. |
(2) |
| Interest income on non-taxable investments is presented on a fully taxable-equivalent basis using the federal statutory rate of 35% in 2003 and 2002. The tax equivalent adjustments were $854 and $924 for the three months ended June 30, 2003 and 2002, respectively. |
(3) |
| The 8.25% annual distribution to SVB Capital I, which is a special-purpose trust formed for the purpose of issuing the trust preferred securities, is recorded as a component of noninterest expense. |
6
CREDIT QUALITY
|
| June 30, |
| March 31, |
| June 30, |
| |||
(Dollars in thousands) |
| 2003 |
| 2003 |
| 2002 |
| |||
Nonperforming Assets: |
|
|
|
|
|
|
| |||
Loans Past Due 90 days or More |
| $ | — |
| $ | — |
| $ | 281 |
|
Nonaccrual Loans |
| 16,674 |
| 19,124 |
| 19,167 |
| |||
Total Nonperforming Assets |
| $ | 16,674 |
| $ | 19,124 |
| $ | 19,448 |
|
|
|
|
|
|
|
|
| |||
Nonperforming Loans as a Percentage of Total Gross Loans |
| 0.8 | % | 0.9 | % | 1.0 | % | |||
Nonperforming Assets as a Percentage of Total Assets |
| 0.4 | % | 0.5 | % | 0.5 | % | |||
|
|
|
|
|
|
|
| |||
Allowance for Loan Losses |
| $ | 69,500 |
| $ | 70,000 |
| $ | 76,000 |
|
As a Percentage of Total Gross Loans |
| 3.5 | % | 3.4 | % | 4.0 | % | |||
As a Percentage of Nonaccrual Loans |
| 416.8 | % | 366.0 | % | 396.5 | % | |||
As a Percentage of Nonperforming Loans |
| 416.8 | % | 366.0 | % | 390.8 | % | |||
7