EXHIBIT 99.1
PRESS RELEASE
FINANCIAL HIGHLIGHTS - THIRD QUARTER, 2006
· | Quarterly earnings totaled $8.7 million, or $0.47 per diluted share, an increase of 1.2% and 2.2%, respectively, over the third quarter of 2005. |
· | Strong growth in operating revenues led by a 4.2% improvement in net interest income and a 7.8% increase in noninterest income. |
· | Improvement in net interest margin as reflected by a 28 basis point increase over the third quarter of 2005 and 7 basis points over the second quarter of 2006 - net interest margin of 5.45% continues to significantly exceed peer group. |
· | Continued strong credit quality as reflected by a nonperforming asset ratio of .34% and an annualized net charge-off ratio of .13%. |
· | Well-capitalized with a risk based capital ratio of 14.72%. |
Three Months Ended | Nine Months Ended | |||||||||||||||
Sept 30, | June 30, | Sept 30, | Sept 30, | Sept 30, | ||||||||||||
(Dollars in thousands, except per share data) | 2006 | 2006 | 2005 | 2006 | 2005 | |||||||||||
EARNINGS | ||||||||||||||||
Net Income | $ | 8,680 | 8,315 | 8,577 | 24,416 | 22,822 | ||||||||||
Diluted Earnings Per Common Share | 0.47 | 0.44 | 0.46 | 1.31 | 1.26 | |||||||||||
PERFORMANCE | ||||||||||||||||
Return on Average Equity | 10.83 | % | 10.56 | 11.31 | 10.36 | 10.89 | ||||||||||
Return on Average Assets | 1.35 | 1.28 | 1.32 | 1.26 | 1.25 | |||||||||||
Net Interest Margin | 5.45 | 5.38 | 5.17 | 5.36 | 5.05 | |||||||||||
Noninterest Income as % of Operating Revenue | 31.88 | 31.69 | 31.15 | 31.51 | 30.99 | |||||||||||
Efficiency Ratio | 64.35 | 66.23 | 63.60 | 65.90 | 64.64 | |||||||||||
CAPITAL ADEQUACY | ||||||||||||||||
Tier 1 Capital Ratio | 13.76 | % | 12.99 | 12.35 | 13.76 | 12.35 | ||||||||||
Total Capital Ratio | 14.72 | 13.92 | 13.29 | 14.72 | 13.29 | |||||||||||
Leverage Ratio | 11.26 | 10.35 | 10.20 | 11.26 | 10.20 | |||||||||||
Equity to Assets | 12.47 | 11.56 | 11.67 | 12.47 | 11.67 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Sept 30, | June 30, | Sept 30, | Sept 30, | Sept 30, | ||||||||||||
(Dollars in thousands, except per share data) | 2006 | 2006 | 2005 | 2006 | 2005 | |||||||||||
ASSET QUALITY | ||||||||||||||||
Allowance as % of Non-Performing Loans | 269.35 | % | 325.80 | 342.79 | 269.35 | 342.79 | ||||||||||
Allowance as a % of Loans | 0.86 | 0.84 | 0.85 | 0.86 | 0.85 | |||||||||||
Net Charge-Offs as % of Average Loans | 0.13 | 0.03 | 0.08 | 0.10 | 0.08 | |||||||||||
Nonperforming Assets as % of Loans and ORE | 0.34 | 0.28 | 0.36 | 0.34 | 0.36 | |||||||||||
STOCK PERFORMANCE | ||||||||||||||||
High | $ | 33.25 | 35.39 | 38.72 | 37.97 | 38.72 | ||||||||||
Low | 29.87 | 29.51 | 31.78 | 29.51 | 28.02 | |||||||||||
Close | $ | 31.10 | 30.20 | 37.71 | 31.10 | 37.71 | ||||||||||
Average Daily Trading Volume | 19,185 | 27,302 | 18,024 | 20,653 | 20,946 |
Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported earnings for the third quarter of 2006 totaling $8.7 million, or $0.47 per diluted share. This compares to $8.6 million, or $0.46 per diluted share, in the third quarter of 2005. The Return on Average Assets was 1.35% and the Return on Average Equity was 10.83%, compared to 1.32% and 11.31%, respectively, for the comparable period in 2005.
The increase in earnings compared to third quarter 2005 was primarily attributable to an increase in operating revenues (net interest income plus noninterest income) of $2.2 million, partially offset by increases in noninterest expense of $1.8 million and loan loss provision of $335,000. The increase in operating revenues is reflective of a 4.2% increase in net interest income and a 7.8% increase in noninterest income. The increase in net interest income is attributable to an improvement in the net interest margin, which increased 28 basis points to 5.45%. Growth in noninterest income was driven primarily by higher deposit fees. The higher loan loss provision is reflective of a higher level of loan charge-offs. Higher expense for compensation and occupancy were the primary reasons for the increase in noninterest expense.
Tax equivalent net interest income in the third quarter increased $1.4 million, or 4.8%, compared to the third quarter of 2005, due to improvement in the net interest margin. The net interest margin increased 28 basis points from the third quarter of 2005 to a level of 5.45%, attributable to a 106 basis point improvement in earning asset yields partially offset by the higher cost of funds of 78 basis points. The higher rate environment resulted in a favorable repricing spread and higher yield on new loan production. Earning asset yields outpaced funding costs during the third quarter resulting in a net interest margin improvement of 7 basis points over the second quarter of 2006.
Provision for loan losses of $0.7 million for the quarter was $0.3 million higher than the third quarter of 2005 due to a higher level of loan charge-offs.. Net charge-offs totaled $0.7 million, or .13%, of average loans for the quarter compared to $0.4 million, or .08%, for the third quarter of 2005. At quarter-end, the allowance for loan losses was .86% of outstanding loans and provided coverage of 269% of nonperforming loans.
Noninterest income increased $1.0 million, or 7.8%, from the third quarter of 2005 primarily due to higher deposit fees, asset management fees, retail brokerage fees, and card processing fees. The increase in deposit fees is due to the growth in deposit accounts reflective of strong deposit growth that has resulted from the Company’s “Absolutely Free" checking products. Asset management fees increased due to growth in new business. The improvement in retail brokerage fees is due to an increase in the sales force, which has increased production. Card processing fees were driven higher by increased transaction volume for merchant services and increased bank card activity.
Noninterest expense grew by $1.8 million, or 6.3%, compared to the third quarter of 2005. Higher expense for compensation and occupancy were the primary reasons for the increase. The increase in compensation was driven by higher associate salaries and higher associate benefit costs, primarily pension, insurance, and stock-based compensation. The increase in occupancy was driven by higher expense for depreciation, maintenance/repair, utilities, and building insurance primarily attributable to the increase in the number of banking offices.
Average earning assets for the quarter decreased $9.7 million, or .43%, over the comparable quarter in 2005. The decrease in earning assets is primarily reflective of a decrease in average loans reflective of an increase in principal pay-downs and loan pay-offs, and lower new loan production.
Nonperforming assets of $6.8 million decreased from the third quarter of 2005 by $.6 million and represented .34% of total loans and other real estate at quarter-end. This compares to .36% and .28%, respectively for the third quarter of 2005 and second quarter of 2006. The decrease in the level of nonperforming assets from the third quarter of 2005 is due to a decrease in other real estate primarily reflective of the resolution of a large problem asset in the fourth quarter of 2005. The increase in nonperforming assets from the second quarter of 2006 is due to the addition of new non-accrual loans.
Average total deposits increased $10.1 million, or .50%, from the third quarter of 2005 driven by a $96.2 million increase in transaction accounts, partially offset by a $26.7 million decrease in savings deposits and $59.5 million decrease in certificates of deposit. The increase in transaction accounts is reflective of strong growth in balances related to “Absolutely Free” deposit products, and the Company’s Cash Power money market account product.
The Company had approximately $9.8 million in average net overnight funds sold for the quarter as compared to $21.9 million in average net overnight funds purchased in the third quarter of 2005. The improvement is due primarily to the aforementioned deposit growth and an overall reduction in the loan portfolio.
About Capital City Bank Group, Inc.
Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest financial services companies headquartered in Florida and has approximately $2.6 billion in assets. The Company provides a full range of banking services, including traditional deposit and credit services, asset management, trust, mortgage banking, merchant services, bankcards, data processing and securities brokerage services. The Company's bank subsidiary, Capital City Bank, was founded in 1895 and now has 69 banking offices, four mortgage lending offices, and 78 ATMs in Florida, Georgia and Alabama. In 2006, Mergent, Inc., a leading provider of information on publicly traded companies, named the Company as a Dividend Achiever. To be named a Dividend Achiever, a public company must have increased its regular cash dividends for at least 10 consecutive years. Of all publicly traded U.S. companies that pay dividends, less than three percent made this list. Capital City Bank Group, Inc. was also named to this list in 2005. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.
FORWARD-LOOKING STATEMENTS
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The matters discussed in this press release that are not historical facts, contain forward-looking information with respect to strategic initiatives. Such forward-looking statements are based on current plans and expectations, which are subject to a number of uncertainties and risks. These uncertainties and risks could cause future results of Capital City Bank Group, Inc. (the “Company”) to differ materially from those anticipated by such statements. The following factors, among others, could cause the Company’s actual results to differ from those set forth in these forward-looking statements: the Company’s ability to integrate the business and operations of companies and banks that it has acquired, and those it may acquire in the future; strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; effects of harsh weather conditions, including hurricanes; inflation, interest rate, market and monetary fluctuations; effect of changes in the stock market and other capital markets; the ability of the Company to constrain its costs and expenses; legislative or regulatory changes; willingness of customers to accept third-party products and services for the Company’s products and services and vice versa; changes in the securities and real estate markets; increased competition and its effect on pricing; technological changes; changes in monetary and fiscal policies of the U.S. government; changes in consumer spending and savings habits; growth and profitability of the Company’s noninterest income; changes in accounting principles, policies, practices or guidelines; other risks described from time to time in the Company’s filings with the Securities and Exchange Commission; and the Company’s ability to manage the risks involved in the foregoing. Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005, and the Company’s other filings with the Securities and Exchange Commission (“SEC”) and available at the SEC’s internet site (http://www.sec.gov). The forward-looking statements in this press release speak only as of the date of the press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.
CAPITAL CITY BANK GROUP, INC. |
CONSOLIDATED STATEMENT OF INCOME |
Unaudited |
2006 | 2005 | Nine Months Ended | ||||||||||||||||||||
Third | Second | First | Fourth | Third | September 30, | |||||||||||||||||
(Dollars in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Quarter | 2006 | 2005 | |||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||
Interest and Fees on Loans | $ | 40,260 | 38,967 | 37,343 | 36,990 | 35,331 | 116,570 | 96,278 | ||||||||||||||
Investment Securities | 1,914 | 1,816 | 1,530 | 1,437 | 1,437 | 5,260 | 4,357 | |||||||||||||||
Funds Sold | 338 | 586 | 539 | 353 | 121 | 1,463 | 638 | |||||||||||||||
Total Interest Income | 42,512 | 41,369 | 39,412 | 38,780 | 36,889 | 123,293 | 101,273 | |||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||
Deposits | 9,985 | 8,716 | 7,722 | 6,727 | 5,480 | 26,423 | 14,407 | |||||||||||||||
Short-Term Borrowings | 753 | 776 | 824 | 979 | 691 | 2,353 | 1,875 | |||||||||||||||
Subordinated Notes Payable | 936 | 926 | 926 | 942 | 931 | 2,789 | 2,039 | |||||||||||||||
Other Long-Term Borrowings | 615 | 764 | 810 | 822 | 783 | 2,189 | 2,272 | |||||||||||||||
Total Interest Expense | 12,289 | 11,182 | 10,282 | 9,470 | 7,885 | 33,754 | 20,593 | |||||||||||||||
Net Interest Income | 30,223 | 30,187 | 29,130 | 29,310 | 29,004 | 89,539 | 80,680 | |||||||||||||||
Provision for Loan Losses | 711 | 121 | 667 | 1,333 | 376 | 1,499 | 1,174 | |||||||||||||||
Net Interest Income after Provision for Loan Losses | 29,512 | 30,066 | 28,463 | 27,977 | 28,628 | 88,040 | 79,506 | |||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||||
Service Charges on Deposit Accounts | 6,450 | 6,096 | 5,680 | 5,722 | 5,635 | 18,226 | 15,018 | |||||||||||||||
Data Processing | 674 | 703 | 637 | 693 | 660 | 2,014 | 1,917 | |||||||||||||||
Asset Management Fees | 1,215 | 1,155 | 1,050 | 1,244 | 1,050 | 3,420 | 3,175 | |||||||||||||||
Retail Brokerage Fees | 520 | 502 | 483 | 404 | 305 | 1,505 | 917 | |||||||||||||||
Gain on Sale of Investment Securities | - | (4 | ) | - | - | 9 | (4 | ) | 9 | |||||||||||||
Mortgage Banking Revenues | 824 | 903 | 721 | 956 | 1,317 | 2,448 | 3,116 | |||||||||||||||
Merchant Fees | 1,766 | 1,793 | 1,725 | 1,522 | 1,556 | 5,284 | 4,652 | |||||||||||||||
Interchange Fees | 797 | 788 | 675 | 631 | 582 | 2,260 | 1,608 | |||||||||||||||
ATM/Debit Card Fees | 635 | 627 | 599 | 582 | 550 | 1,861 | 1,624 | |||||||||||||||
Other | 1,263 | 1,440 | 1,475 | 1,220 | 1,459 | 4,178 | 4,188 | |||||||||||||||
Total Noninterest Income | 14,144 | 14,003 | 13,045 | 12,974 | 13,123 | 41,192 | 36,224 | |||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||||
Salaries and Associate Benefits | 15,278 | 15,204 | 15,430 | 13,894 | 14,046 | 45,912 | 39,793 | |||||||||||||||
Occupancy, Net | 2,354 | 2,358 | 2,223 | 2,202 | 2,119 | 6,935 | 6,091 | |||||||||||||||
Furniture and Equipment | 2,491 | 2,661 | 2,500 | 2,381 | 2,285 | 7,652 | 6,589 | |||||||||||||||
Intangible Amortization | 1,536 | 1,536 | 1,530 | 1,518 | 1,430 | 4,601 | 3,922 | |||||||||||||||
Other | 8,763 | 9,311 | 8,409 | 9,347 | 8,729 | 26,484 | 24,077 | |||||||||||||||
Total Noninterest Expense | 30,422 | 31,070 | 30,092 | 29,342 | 28,609 | 91,584 | 80,472 | |||||||||||||||
OPERATING PROFIT | 13,234 | 12,999 | 11,416 | 11,609 | 13,142 | 37,648 | 35,258 | |||||||||||||||
Provision for Income Taxes | 4,554 | 4,684 | 3,995 | 4,150 | 4,565 | 13,232 | 12,436 | |||||||||||||||
NET INCOME | $ | 8,680 | 8,315 | 7,421 | 7,459 | 8,577 | 24,416 | 22,822 | ||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||
Basic Earnings | $ | 0.47 | 0.44 | 0.40 | 0.40 | 0.46 | 1.31 | 1.26 | ||||||||||||||
Diluted Earnings | 0.47 | 0.44 | 0.40 | 0.40 | 0.46 | 1.31 | 1.26 | |||||||||||||||
Cash Dividends | 0.163 | 0.163 | 0.163 | 0.163 | 0.152 | 0.489 | 0.456 | |||||||||||||||
AVERAGE SHARES | ||||||||||||||||||||||
Basic | 18,530 | 18,633 | 18,652 | 18,624 | 18,623 | 18,604 | 18,143 | |||||||||||||||
Diluted | 18,565 | 18,653 | 18,665 | 18,654 | 18,649 | 18,627 | 18,157 |
CAPITAL CITY BANK GROUP, INC. |
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION |
Unaudited |
2006 | 2005 | |||||||||||||||
Third | Second | First | Fourth | Third | ||||||||||||
(Dollars in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||
ASSETS | ||||||||||||||||
Cash and Due From Banks | $ | 100,781 | 103,078 | 104,486 | 105,195 | 109,847 | ||||||||||
Funds Sold and Interest Bearing Deposits | 35,631 | 126,210 | 110,604 | 61,164 | 16,382 | |||||||||||
Total Cash and Cash Equivalents | 136,412 | 229,288 | 215,090 | 166,359 | 126,229 | |||||||||||
Investment Securities, Available-for-Sale | 190,617 | 191,232 | 180,760 | 171,019 | 192,435 | |||||||||||
Loans, Net of Unearned Interest | ||||||||||||||||
Commercial, Financial, & Agricultural | 218,442 | 220,345 | 223,310 | 232,294 | 230,175 | |||||||||||
Real Estate - Construction | 183,238 | 180,049 | 172,317 | 160,914 | 151,951 | |||||||||||
Real Estate - Commercial | 647,302 | 672,881 | 679,948 | 704,881 | 699,293 | |||||||||||
Real Estate - Residential | 529,087 | 536,346 | 543,373 | 531,653 | 526,167 | |||||||||||
Real Estate - Home Equity | 174,577 | 171,835 | 163,189 | 165,336 | 162,309 | |||||||||||
Consumer | 237,069 | 238,381 | 240,921 | 242,481 | 243,081 | |||||||||||
Credit Card | — | — | — | — | 1 | |||||||||||
Other Loans | 14,521 | 29,784 | 26,951 | 26,346 | 34,225 | |||||||||||
Overdrafts | 5,223 | 3,239 | 4,647 | 3,589 | 5,690 | |||||||||||
Total Loans, Net of Unearned Interest | 2,009,459 | 2,052,860 | 2,054,656 | 2,067,494 | 2,052,892 | |||||||||||
Allowance for Loan Losses | (17,311 | ) | (17,264 | ) | (17,279 | ) | (17,410 | ) | (17,424 | ) | ||||||
Loans, Net | 1,992,148 | 2,035,596 | 2,037,377 | 2,050,084 | 2,035,468 | |||||||||||
Premises and Equipment, Net | 84,915 | 81,407 | 76,693 | 73,818 | 71,044 | |||||||||||
Intangible Assets | 105,886 | 107,422 | 108,958 | 110,451 | 111,851 | |||||||||||
Other Assets | 48,895 | 52,541 | 55,841 | 53,731 | 46,475 | |||||||||||
Total Other Assets | 239,696 | 241,370 | 241,492 | 238,000 | 229,370 | |||||||||||
Total Assets | $ | 2,558,873 | 2,697,486 | 2,674,719 | 2,625,462 | 2,583,502 | ||||||||||
LIABILITIES | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest Bearing Deposits | $ | 506,331 | 572,549 | 562,140 | 559,492 | 571,880 | ||||||||||
NOW Accounts | 533,549 | 555,350 | 518,024 | 520,878 | 481,767 | |||||||||||
Money Market Accounts | 387,906 | 377,958 | 369,416 | 331,094 | 267,074 | |||||||||||
Regular Savings Accounts | 129,884 | 135,330 | 137,780 | 144,296 | 155,471 | |||||||||||
Certificates of Deposit | 491,569 | 512,672 | 521,796 | 523,586 | 549,296 | |||||||||||
Total Deposits | 2,049,239 | 2,153,859 | 2,109,156 | 2,079,346 | 2,025,488 | |||||||||||
Short-Term Borrowings | 54,171 | 77,571 | 89,105 | 82,973 | 92,746 | |||||||||||
Subordinated Notes Payable | 62,887 | 62,887 | 62,887 | 62,887 | 62,887 | |||||||||||
Other Long-Term Borrowings | 43,701 | 63,022 | 68,764 | 69,630 | 71,526 | |||||||||||
Other Liabilities | 29,833 | 28,403 | 33,744 | 24,850 | 29,278 | |||||||||||
Total Liabilities | 2,239,831 | 2,385,742 | 2,363,656 | 2,319,686 | 2,281,925 | |||||||||||
SHAREOWNERS' EQUITY | ||||||||||||||||
Common Stock | 185 | 185 | 187 | 186 | 186 | |||||||||||
Additional Paid-In Capital | 80,938 | 80,272 | 84,291 | 83,304 | 83,185 | |||||||||||
Retained Earnings | 238,870 | 233,201 | 227,920 | 223,532 | 219,099 | |||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | (951 | ) | (1,914 | ) | (1,335 | ) | (1,246 | ) | (893 | ) | ||||||
Total Shareowners' Equity | 319,042 | 311,744 | 311,063 | 305,776 | 301,577 | |||||||||||
Total Liabilities and Shareowners' Equity | $ | 2,558,873 | 2,697,486 | 2,674,719 | 2,625,462 | 2,583,502 | ||||||||||
OTHER BALANCE SHEET DATA | ||||||||||||||||
Earning Assets | $ | 2,235,707 | 2,370,302 | 2,346,020 | 2,299,677 | 2,261,709 | ||||||||||
Intangible Assets | ||||||||||||||||
Goodwill | 84,811 | 84,811 | 84,811 | 84,828 | 84,710 | |||||||||||
Deposit Base | 19,632 | 21,042 | 22,453 | 23,864 | 25,275 | |||||||||||
Other | 1,443 | 1,569 | 1,694 | 1,759 | 1,866 | |||||||||||
Interest Bearing Liabilities | 1,703,667 | 1,784,790 | 1,767,772 | 1,735,344 | 1,680,767 | |||||||||||
Book Value Per Diluted Share | $ | 17.18 | 16.81 | 16.65 | 16.39 | 16.17 | ||||||||||
Tangible Book Value Per Diluted Share | 11.48 | 11.01 | 10.82 | 10.47 | 10.17 | |||||||||||
18,530 | ||||||||||||||||
Actual Basic Shares Outstanding | 18,532 | 18,530 | 18,667 | 18,632 | 18,624 | |||||||||||
Actual Diluted Shares Outstanding | 18,567 | 18,550 | 18,680 | 18,662 | 18,649 | |||||||||||
CAPITAL CITY BANK GROUP, INC. | ||||||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||
AND NONPERFORMING ASSETS | ||||||||||||||
Unaudited |
2006 | 2005 | |||||||||||||||
Third | Second | First | Fourth | Third | ||||||||||||
(Dollars in thousands) | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||
ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||
Balance at Beginning of Period | $ | 17,264 | 17,279 | 17,410 | 17,424 | 17,451 | ||||||||||
Provision for Loan Losses | 711 | 121 | 667 | 1,333 | 376 | |||||||||||
Net Charge-Offs | 664 | 136 | 798 | 1,347 | 403 | |||||||||||
Balance at End of Period | $ | 17,311 | 17,264 | 17,279 | 17,410 | 17,424 | ||||||||||
As a % of Loans | 0.86 | % | 0.84 | 0.84 | 0.84 | 0.85 | ||||||||||
As a % of Nonperforming Loans | 269.35 | 325.80 | 330.70 | 331.11 | 342.79 | |||||||||||
As a % of Nonperforming Assets | 253.79 | 299.72 | 298.27 | 313.69 | 236.07 | |||||||||||
CHARGE-OFFS | ||||||||||||||||
Commercial, Financial and Agricultural | $ | 294 | 144 | 322 | 745 | 151 | ||||||||||
Real Estate - Construction | — | — | — | — | — | |||||||||||
Real Estate - Commercial | — | — | 291 | 245 | 4 | |||||||||||
Real Estate - Residential | 81 | 23 | 22 | 145 | 115 | |||||||||||
Consumer | 690 | 448 | 591 | 575 | 551 | |||||||||||
Total Charge-Offs | $ | 1,065 | 615 | 1,226 | 1,710 | 821 | ||||||||||
RECOVERIES | ||||||||||||||||
Commercial, Financial and Agricultural | $ | 43 | 63 | 62 | 30 | 43 | ||||||||||
Real Estate - Construction | — | — | — | — | — | |||||||||||
Real Estate - Commercial | 4 | 2 | 3 | 1 | 1 | |||||||||||
Real Estate - Residential | 2 | 2 | 7 | 1 | 20 | |||||||||||
Consumer | 352 | 412 | 356 | 331 | 354 | |||||||||||
Total Recoveries | $ | 401 | 479 | 428 | 363 | 418 | ||||||||||
NET CHARGE-OFFS | $ | 664 | 136 | 798 | 1,347 | 403 | ||||||||||
Net Charge-Offs as a % of Average Loans (1) | 0.13 | % | 0.03 | 0.16 | 0.26 | 0.08 | ||||||||||
RISK ELEMENT ASSETS | ||||||||||||||||
Nonaccruing Loans | $ | 6,427 | 5,299 | 5,225 | 5,258 | 5,083 | ||||||||||
Restructured | — | — | — | — | — | |||||||||||
Total Nonperforming Loans | 6,427 | 5,299 | 5,225 | 5,258 | 5,083 | |||||||||||
Other Real Estate | 394 | 461 | 568 | 292 | 2,298 | |||||||||||
Total Nonperforming Assets | $ | 6,821 | 5,760 | 5,793 | 5,550 | 7,381 | ||||||||||
Past Due Loans 90 Days or More | $ | 300 | 205 | 367 | 309 | 473 | ||||||||||
Nonperforming Loans as a % of Loans | 0.32 | % | 0.26 | 0.25 | 0.25 | 0.25 | ||||||||||
Nonperforming Assets as a % of | ||||||||||||||||
Loans and Other Real Estate | 0.34 | 0.28 | 0.28 | 0.27 | 0.36 | |||||||||||
Nonperforming Assets as a % of Capital (2) | 2.03 | 1.75 | 1.76 | 1.72 | 2.31 | |||||||||||
(1) | Annualized |
(2) | Capital includes allowance for loan losses. |
AVERAGE BALANCE AND INTEREST RATES (1) | |||||||||||||||||||||||||||
Unaudited |
Third Quarter 2006 | Second Quarter 2006 | First Quarter 2006 | ||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Loans, Net of Unearned Interest | $ | 2,025,112 | $ | 40,433 | 7.92 | % | 2,040,656 | 39,059 | 7.68 | 2,048,642 | 37,439 | 7.41 | ||||||||||||||||
Investment Securities | ||||||||||||||||||||||||||||
Taxable Investment Securities | 109,097 | 1,264 | 4.60 | 114,521 | 1,233 | 4.30 | 118,055 | 1,091 | 3.70 | |||||||||||||||||||
Tax-Exempt Investment Securities | 81,409 | 999 | 4.90 | 74,862 | 895 | 4.78 | 59,368 | 674 | 4.54 | |||||||||||||||||||
Total Investment Securities | 190,506 | 2,263 | 4.73 | 189,383 | 2,128 | 4.49 | 177,423 | 1,765 | 3.98 | |||||||||||||||||||
Funds Sold | 25,540 | 338 | 5.19 | 48,778 | 586 | 4.75 | 49,602 | 539 | 4.36 | |||||||||||||||||||
Total Earning Assets | 2,241,158 | $ | 43,034 | 7.62 | % | 2,278,817 | 41,773 | 7.35 | 2,275,667 | 39,743 | 7.08 | |||||||||||||||||
Cash and Due From Banks | 96,969 | 99,830 | 109,907 | |||||||||||||||||||||||||
Allowance For Loan Losses | (17,420 | ) | (17,443 | ) | (17,582 | ) | ||||||||||||||||||||||
Other Assets | 239,448 | 241,886 | 236,466 | |||||||||||||||||||||||||
Total Assets | $ | 2,560,155 | 2,603,090 | 2,604,458 | ||||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Interest Bearing Deposits | ||||||||||||||||||||||||||||
NOW Accounts | $ | 511,299 | $ | 2,026 | 1.57 | % | 510,088 | 1,664 | 1.31 | 510,270 | 1,446 | 1.15 | ||||||||||||||||
Money Market Accounts | 381,628 | 3,259 | 3.39 | 363,754 | 2,642 | 2.91 | 343,652 | 2,298 | 2.71 | |||||||||||||||||||
Savings Accounts | 132,421 | 73 | 0.22 | 136,168 | 67 | 0.20 | 139,664 | 62 | 0.18 | |||||||||||||||||||
Time Deposits | 504,121 | 4,627 | 3.64 | 518,679 | 4,343 | 3.36 | 521,966 | 3,916 | 3.04 | |||||||||||||||||||
Total Interest Bearing Deposits | 1,529,469 | 9,985 | 2.59 | 1,528,689 | 8,716 | 2.29 | 1,515,552 | 7,722 | 2.07 | |||||||||||||||||||
Short-Term Borrowings | 73,078 | 753 | 4.07 | 82,846 | 776 | 3.75 | 93,867 | 824 | 3.55 | |||||||||||||||||||
Subordinated Notes Payable | 62,887 | 936 | 5.91 | 62,887 | 926 | 5.91 | 62,887 | 926 | 5.97 | |||||||||||||||||||
Other Long-Term Borrowings | 52,367 | 615 | 4.66 | 63,597 | 764 | 4.82 | 69,966 | 810 | 4.70 | |||||||||||||||||||
Total Interest Bearing Liabilities | 1,717,801 | $ | 12,289 | 2.84 | % | 1,738,019 | 11,182 | 2.58 | 1,742,272 | 10,282 | 2.39 | |||||||||||||||||
Noninterest Bearing Deposits | 494,054 | 519,066 | 524,696 | |||||||||||||||||||||||||
Other Liabilities | 30,259 | 30,211 | 26,029 | |||||||||||||||||||||||||
Total Liabilities | 2,242,114 | 2,287,296 | 2,292,997 | |||||||||||||||||||||||||
SHAREOWNERS' EQUITY: | $ | 318,041 | 315,794 | 311,461 | ||||||||||||||||||||||||
Total Liabilities and Shareowners' Equity | $ | 2,560,155 | 2,603,090 | 2,604,458 | ||||||||||||||||||||||||
Interest Rate Spread | $ | 30,745 | 4.78 | % | 30,591 | 4.77 | 29,461 | 4.69 | ||||||||||||||||||||
Interest Income and Rate Earned (2) | $ | 43,034 | 7.62 | 41,773 | 7.35 | 39,743 | 7.08 | |||||||||||||||||||||
Interest Expense and Rate Paid (2) | 12,289 | 2.17 | 11,182 | 1.97 | 10,282 | 1.83 | ||||||||||||||||||||||
Net Interest Margin | $ | 30,745 | 5.45 | % | 30,591 | 5.38 | 29,461 | 5.25 | ||||||||||||||||||||
(1) | Interest and average rates are calculated on a tax-equivalent basis unsing the 35% Federal tax rate. |
(2) | Rate calculated based on average earning assets. |
AVERAGE BALANCE AND INTEREST RATES (1) | ||||||||||||||||||
Unaudited |
Fourth Quarter 2005 | Third Quarter 2005 | ||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
ASSETS: | |||||||||||||||||||
Loans, Net of Unearned Interest | $ | 2,062,775 | $ | 37,112 | 7.14 | % | 2,046,968 | 35,433 | 6.87 | ||||||||||
Investment Securities | |||||||||||||||||||
Taxable Investment Securities | 128,478 | 1,025 | 3.18 | 137,970 | 1,022 | 2.95 | |||||||||||||
Tax-Exempt Investment Securities | 55,481 | 632 | 4.55 | 56,079 | 638 | 4.55 | |||||||||||||
Total Investment Securities | 183,959 | 1,657 | 3.60 | 194,049 | 1,660 | 3.42 | |||||||||||||
Funds Sold | 32,276 | 353 | 4.28 | 9,885 | 121 | 4.79 | |||||||||||||
Total Earning Assets | 2,279,010 | $ | 39,122 | 6.81 | % | 2,250,902 | 37,214 | 6.56 | |||||||||||
Cash and Due From Banks | 114,650 | 106,638 | |||||||||||||||||
Allowance For Loan Losses | (17,568 | ) | (17,570 | ) | |||||||||||||||
Other Assets | 231,505 | 229,554 | |||||||||||||||||
Total Assets | $ | 2,607,597 | 2,569,524 | ||||||||||||||||
LIABILITIES: | |||||||||||||||||||
Interest Bearing Deposits | |||||||||||||||||||
NOW Accounts | $ | 483,780 | $ | 1,088 | 0.89 | % | 463,936 | 773 | 0.66 | ||||||||||
Money Market Accounts | 307,971 | 1,820 | 2.34 | 272,724 | 1,062 | 1.54 | |||||||||||||
Savings Accounts | 149,431 | 67 | 0.18 | 159,080 | 75 | 0.19 | |||||||||||||
Time Deposits | 539,695 | 3,752 | 2.76 | 563,595 | 3,570 | 2.51 | |||||||||||||
Total Interest Bearing Deposits | 1,480,877 | 6,727 | 1.80 | 1,459,335 | 5,480 | 1.49 | |||||||||||||
Short-Term Borrowings | 113,600 | 979 | 3.42 | 89,483 | 691 | 3.07 | |||||||||||||
Subordinated Notes Payable | 62,887 | 942 | 5.94 | 62,887 | 931 | 5.87 | |||||||||||||
Other Long-Term Borrowings | 71,224 | 822 | 4.58 | 72,408 | 783 | 4.29 | |||||||||||||
Total Interest Bearing Liabilities | 1,728,588 | $ | 9,470 | 2.17 | % | 1,684,113 | 7,885 | 1.86 | |||||||||||
Noninterest Bearing Deposits | 543,140 | 554,092 | |||||||||||||||||
Other Liabilities | 29,661 | 30,388 | |||||||||||||||||
Total Liabilities | 2,301,389 | 2,268,593 | |||||||||||||||||
SHAREOWNERS' EQUITY: | $ | 306,208 | 300,931 | ||||||||||||||||
Total Liabilities and Shareowners' Equity | $ | 2,607,597 | 2,569,524 | ||||||||||||||||
Interest Rate Spread | $ | 29,652 | 4.64 | % | 29,329 | 4.70 | |||||||||||||
Interest Income and Rate Earned (2) | $ | 39,122 | 6.81 | 37,214 | 6.56 | ||||||||||||||
Interest Expense and Rate Paid (2) | 9,470 | 1.65 | 7,885 | 1.39 | |||||||||||||||
Net Interest Margin | $ | 29,652 | 5.16 | % | 29,329 | 5.17 | |||||||||||||
(1) | Interest and average rates are calculated on a tax-equivalent basis unsing the 35% Federal tax rate. |
(2) | Rate calculated based on average earning assets. |
AVERAGE BALANCE AND INTEREST RATES (1) | ||||||||||||||||||
Unaudited |
Nine Months Ended September 30, 2006 | Nine Months Ended September 30, 2005 | ||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||
(Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||
ASSETS: | |||||||||||||||||||
Loans, Net of Unearned Interest | $ | 2,038,050 | $ | 116,931 | 7.67 | % | 1,936,448 | 96,553 | 6.67 | ||||||||||
Investment Securities | |||||||||||||||||||
Taxable Investment Securities | 113,859 | 3,588 | 4.19 | 147,099 | 3,225 | 2.92 | |||||||||||||
Tax-Exempt Investment Securities | 71,960 | 2,568 | 4.76 | 47,153 | 1,737 | 4.91 | |||||||||||||
Total Investment Securities | 185,819 | 6,156 | 4.41 | 194,252 | 4,962 | 3.41 | |||||||||||||
Funds Sold | 41,219 | 1,463 | 4.69 | 26,191 | 638 | 3.21 | |||||||||||||
Total Earning Assets | 2,265,088 | $ | 124,550 | 7.35 | % | 2,156,891 | 102,153 | 6.33 | |||||||||||
Cash and Due From Banks | 102,188 | 102,800 | |||||||||||||||||
Allowance For Loan Losses | (17,481 | ) | (16,917 | ) | |||||||||||||||
Other Assets | 239,277 | 203,228 | |||||||||||||||||
Total Assets | $ | 2,589,072 | 2,446,002 | ||||||||||||||||
LIABILITIES: | |||||||||||||||||||
Interest Bearing Deposits | |||||||||||||||||||
NOW Accounts | $ | 510,556 | $ | 5,136 | 1.34 | % | 412,679 | 1,780 | 0.58 | ||||||||||
Money Market Accounts | 363,150 | 8,199 | 3.02 | 264,999 | 2,517 | 1.27 | |||||||||||||
Savings Accounts | 136,058 | 202 | 0.20 | 154,056 | 225 | 0.20 | |||||||||||||
Time Deposits | 514,857 | 12,886 | 3.35 | 554,570 | 9,885 | 2.38 | |||||||||||||
Total Interest Bearing Deposits | 1,524,621 | 26,423 | 2.32 | 1,386,304 | 14,407 | 1.39 | |||||||||||||
Short-Term Borrowings | 83,187 | 2,353 | 3.77 | 92,561 | 1,875 | 2.71 | |||||||||||||
Subordinated Notes Payable | 62,887 | 2,789 | 5.93 | 46,616 | 2,039 | 5.85 | |||||||||||||
Other Long-Term Borrowings | 61,912 | 2,189 | 4.73 | 69,876 | 2,272 | 4.35 | |||||||||||||
Total Interest Bearing Liabilities | 1,732,607 | $ | 33,754 | 2.60 | % | 1,595,357 | 20,593 | 1.73 | |||||||||||
Noninterest Bearing Deposits | 512,493 | 545,287 | |||||||||||||||||
Other Liabilities | 28,849 | 25,217 | |||||||||||||||||
Total Liabilities | 2,273,949 | 2,165,861 | |||||||||||||||||
SHAREOWNERS' EQUITY: | $ | 315,123 | 280,141 | ||||||||||||||||
Total Liabilities and Shareowners' Equity | $ | 2,589,072 | 2,446,002 | ||||||||||||||||
Interest Rate Spread | $ | 90,796 | 4.75 | % | 81,560 | 4.60 | |||||||||||||
Interest Income and Rate Earned (2) | $ | 124,550 | 7.35 | 102,153 | 6.33 | ||||||||||||||
Interest Expense and Rate Paid (2) | 33,754 | 1.99 | 20,593 | 1.28 | |||||||||||||||
Net Interest Margin | $ | 90,796 | 5.36 | % | 81,560 | 5.05 | |||||||||||||
(1) | Interest and average rates are calculated on a tax-equivalent basis unsing the 35% Federal tax rate. |
(2) | Rate calculated based on average earning assets. |