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EXHIBIT 99.1
Seacoast BANKING CORPORATION OF FLORIDA
|
| News Release |
Dennis S. Hudson, III
President and Chief Executive Officer
Seacoast Banking Corporation of Florida
(772) 288-6086
William R. Hahl
Executive Vice President/
Chief Financial Officer
(772) 221-2825
SEACOAST ANNOUNCES THIRD QUARTER NET INCOME
STUART, FL., October 15, 2003 – Seacoast Banking Corporation of Florida (NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is First National Bank and Trust Company of the Treasure Coast, today reported net income of $3,415,000, or $0.22 diluted earnings per share (“DEPS”) comparable to the prior year’s net income for the same quarter of $3,507,000, or $0.22 DEPS.
“We are pleased with our performance for the third quarter, particularly the growth of commercial real estate loans and fees from mortgage loan production, both gaining as a result of our increasing presence in northern Palm Beach County,” commented Dennis S. Hudson, III, President and Chief Executive Officer. “While our current operating results benefited from maintaining favorable credit quality and double-digit growth in low-cost/no-cost funding, the continuing decline in the net interest margin, a result of the low interest rate environment, has offset some very positive traditional lending and deposit results that we believe will begin to have favorable impacts on the margin as soon as the fourth quarter.”
The historical low interest rate environment and our strategy to reduce the relative size of our residential loan portfolio and increase the size of our commercial and consumer loan portfolios, caused overall loan growth to decline by 7.6 percent over the last twelve months. After declining $26.6 million in the first quarter and $10.0 million in the second quarter, total loans grew $12.6 million in the third quarter of 2003 or an annualized 7.8 percent. The opening of three branches in Palm Beach County has been very successful with loan growth for the quarter of $20.2 million and total outstandings of $45.2 million for this new market at September 30, 2003.
The Company’s SuperCommunity banking strategy has resulted in higher deposit balances from cross-selling of other products and improving operating margins. Total deposits have grown by $74.0 million or 7.4 percent since September 30, 2002. Demand deposits increased $33.4 million or 18.9 percent over the last twelve months, and savings deposits, with an average cost of 0.59 percent, grew $61.5 million or 13.6 percent over the same period. In Palm Beach County, deposits grew by $6.3 million in the quarter and now total $20.7 million with all but $5.4 million in transaction and savings accounts.
The net interest margin for the quarter was 3.44 percent, a decrease from the 4.17 percent achieved in the third quarter 2002 and nineteen basis points lower than last quarter’s margin of 3.63 percent. Third quarter margin results were impacted by the continued sale of substantially all new residential loan production and high prepayments of loans and investment securities collateralized by residential mortgages. Recent increases in interest rates (beginning in June of this year) have resulted in a significant reduction in loan and investment prepayments beginning in September 2003. This, together with the diminished size of the residential portfolio, should result in an expansion of the Company’s net interest margin going forward. The successful execution of the key strategies to improve loan yields by intentionally reducing the percentage of residential loans and increasing consumer and commercial loans will continue to be a vital factor in future net interest margin improvement.
A positive result of the long-term SuperCommunity Bank strategy is the Company’s success at maintaining and growing low-cost funding relationships. The average cost of interest bearing deposits as a percent of earning assets for the quarter declined to 1.25 percent compared to 1.40 percent for the second quarter and 1.94 percent one year ago. Likewise the deposit mix has become more favorable over time with noninterest demand deposits increasing to 19.5 percent of total deposits from 17.6 percent a year ago, and core interest bearing deposits remaining a strong 72+ percent of total deposits.
Mortgage banking fees increased to $1,098,000 or 74.3 percent over the third quarter 2002. Total residential loan production exceeded $55 million during the quarter and production totals $209 million year-to-date. The improvement is the result of a favorable rate environment, as well as increased market penetration and broader, more competitive, product offerings. Also, in addition to three new residential lenders in Palm Beach County, the Company’s other branch locations within its footprint increased production, and now account for approximately thirty percent of originations. The Company intends to open three more Palm Beach locations in 2004 and 2005 to further enhance its commercial and residential lending capabilities. Palm Beach County is the top wealth market in Florida, followed by Martin County, where the Company is headquartered and has the largest market share.
The improved year-over-year noninterest income growth was aided by increases in fee-based businesses, an increased customer base and market expansion. Total noninterest income for the quarter increased $1,043,000 or 27.1 percent to $4.9 million from $3.8 million for the third quarter 2002. For the quarter, fee income derived from the non-recourse sale of out-of-market marine loans increased to $903,000 over the prior year’s results of $189,000. This fee-based business benefited from some companies exiting this business which allowed for the capture of greater market share through market expansion. Late in 2002, the Company’s Seacoast Marine division added locations and personnel to better serve the U.S. western marine markets. This expansion has resulted in the very strong growth in revenues year to date for this business.
Total noninterest income now represents over 30 percent of total revenues, up from 25 percent in the third quarter of 2002. The increase occurred despite the negative impact of continued stock market volatility on retail investment management and brokerage fee income. On a combined basis, these businesses declined $140,000 in the third quarter and $335,000 year to date, compared to results a year ago. The decline in revenues from investment management has been disappointing and remains extremely challenging due to the economic environment and the uncertainties for improvement; however, continuing to provide these services is an important part of our SuperCommunity banking strategy. In addition, when the economy does improve, these revenues should expand and contribute to future earnings results.
Noninterest expenses totaled $10.7 million for the quarter, up 7.5 percent from third quarter 2002. A substantial portion of this increase was a rise in salaries and employee benefits attributable to the expansion into Palm Beach County and higher commissions and incentive compensation related to increases in revenues from the Company’s mortgage and marine fee-based businesses.
Nonperforming assets increased $771,000 from a year ago to $3.2 million or 0.48 percent of loans outstanding at September 30, 2003. A secured loan, totaling approximately $2 million, was placed on nonaccrual in June 2003 and the collateral has now been acquired through foreclosure.
For the third quarter, the Company posted net recoveries totaling $29,000 compared to net charge-offs of $435,000 for the second quarter, $280,000 for the first quarter 2003 and $69,000 for the third quarter last year. For the first nine months, annualized net charge-offs as a percent of average loans totaled 0.14 percent compared to 0.04 percent a year earlier and 0.10 percent for the last twelve months.. The allowance for loan losses as a percentage of loans totaled 0.92 percent at September 30, 2003, a small decline from 0.95 percent one year earlier. Due to the continued excellent credit quality, lower loan balances and recent information from our internal credit monitoring system, there was no loan loss provision for the third quarter and year to date. No provision for credit losses was made for all of 2002.
The Company’s solid capital levels provide a back-up against any potential economic deterioration and provide resources for its planned market expansion. At September 30, 2003, the average shareholders’ equity to average assets was 7.80 percent compared to 7.95 percent one year earlier.
Seacoast management will host a conference call on October 16 at 9:00 a.m. (Eastern time) to discuss the earnings results and business trends. Investors may call in by dialing 866-246-6870 (passcode: 3851538; leader: Dennis S. Hudson, III). Two charts will be used during the conference call and may be accessed at Seacoast’s website atwww.seacoastbanking.net under “Presentations”. A replay of the call will be available beginning the afternoon of October 16 by dialing 888-211-2648 (domestic), using the passcode 3851538.
Seacoast Banking Corporation of Florida has approximately $1.3 billion in assets. It is one of the largest independent commercial banking organizations in Florida, headquartered on Florida’s Treasure Coast, one of the wealthiest and fastest growing areas in the nation.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.
You can identify these forward-looking statements through our use of words such as "may", "will", "anticipate", “assume”, "should", “indicate”, "would", "believe", "contemplate", "expect", "estimate", "continue", “point to”, “project”, "could", "intend" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic conditions; governmental monetary and fiscal policies, as well as legislative and regulatory changes; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest r ate risks and sensitivities; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in the Company's market area and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; the failure of assumptions underlying the establishment of reserves for possible loan losses, and the risks of mergers and acquisitions, including, without limitation, the related costs, including integrating operations as part of these transactions, and the failure to achieve the expected gains, revenue growth and/or expense savings from such transactions.
All written or oral forward looking statements attributable to the Company are expressly qualified in their entirety by this Cautionary Notice including, without limitation, those risks and uncertainties, described in the Company's annual report on Form 10-K for the year ended December 31, 2002 under “Special Cautionary Notice Regarding Forward Looking Statements”, and otherwise in the Company's SEC reports and filings. Such reports are available upon request from Seacoast, or from the Securities and Exchange Commission, including the SEC’s website at http://www.sec.gov.
FINANCIAL HIGHLIGHTS (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Three Months Ended | Nine Months Ended |
(Dollars in thousands, | September 30, | September 30, |
except per share data) | 2003 | 2002 | 2003 | 2002 | ||||
Summary of Earnings | ||||||||
Net income | $ 3,415 | $ 3,507 | $ 10,188 | $ 11,242 | ||||
Core operating income (4) | 3,418 | 3,512 | 10,959 | 10,962 | ||||
Net interest income (1) | 10,830 | 11,879 | 33,667 | 35,955 | ||||
Performance Ratios | ||||||||
Return on average assets (2), (3) | 1.04 | % | 1.17 | % | 1.05 | % | 1.24 | % |
Return on average | ||||||||
shareholders' equity (2), (3) | 13.27 | 14.19 | 13.48 | 15.54 | ||||
Net interest margin (1), (2) | 3.44 | 4.17 | 3.65 | 4.16 | ||||
Per Share Data (A) | ||||||||
Net income diluted | $ 0.22 | $ 0.22 | $ 0.65 | $ 0.71 | ||||
Net income basic | 0.22 | 0.23 | 0.66 | 0.73 | ||||
Cash dividends declared | 0.13 | 0.09 | 0.33 | 0.27 | ||||
September 30, | Increase/ |
2003 | 2002 | (Decrease) |
Credit Analysis | ||||||||
Net charge-offs year-to-date | $ 686 | $ 201 | 241.3 | % | ||||
Net charge-offs to average loans | 0.14 | % | 0.04 | % | 250.0 | |||
Loan loss provision year-to-date | $ -- | $ -- | -- |
Allowance to loans at end of period | 0.92 | % | 0.95 | % | (3.2 | ) |
Nonperforming assets | $ 3,225 | $ 2,454 | 31.4 | |||||
Nonperforming assets to loans and other | ||||||||
real estate owned at end of period | 0.48 | % | 0.34 | % | 41.2 | |||
Selected Financial Data | ||||||||
Total assets | $ 1,319,431 | $1,187,602 | 11.1 | |||||
Securities – Trading (at fair value) | 6,531 | -- | n/m | |||||
Securities – Available for Sale (at fair value) | 471,995 | 346,870 | 36.1 | |||||
Securities – Held for Sale (at amortized cost) | 100,201 | 23,419 | 327.9 | |||||
Net loans | 657,951 | 712,038 | (7.6 | ) | ||||
Deposits | 1,080,992 | 1,006,953 | 7.4 | |||||
Shareholders' equity | 103,476 | 98,883 | 4.6 | |||||
Book value per share (A) | 6.75 | 6.47 | 4.3 | |||||
Tangible book value per share (A) | 6.56 | 6.23 | 5.3 | |||||
Average shareholders' equity | ||||||||
to average assets | 7.80 | % | 7.95 | % | (1.9 | ) | ||
(A) Reflects 10% stock dividend paid as a stock split effective August 1, 2003.
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
(3) The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses) because the unrealized gains (losses) are not included in net income.
(4) Net income excluding investment security gains and losses.
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Three Months Ended | Nine months Ended | ||
September 30, | September 30, |
(Dollars in thousands, except per share data) | 2003 | 2002 | 2003 | 2002 |
Interest on securities: | ||||||||
Taxable | $ | 3,681 | $ | 3,614 | $ | 11,430 | $ | 10,686 |
Nontaxable | 38 | 48 | 119 | 148 |
Interest and fees on loans | 10,997 | 13,643 | 34,681 | 42,543 | |||
Interest on federal funds sold | 18 | 43 | 59 | 466 | |||
Total Interest Income | 14,734 | 17,348 | 46,289 | 53,843 |
| ||||||||
Interest on deposits | 759 | 1,261 | 2,526 | 3,887 |
Interest on time certificates | 2,380 | 3,526 | 7,677 | 11,768 | |||
Interest on borrowed money | 801 | 728 | 2,531 | 2,370 | |||
Total Interest Expense | 3,940 | 5,515 | 12,734 | 18,025 |
Net Interest Income | 10,794 | 11,833 | 33,555 | 35,818 | |||
Provision for loan losses | 0 | 0 | 0 | 0 |
Net Interest Income After Provision for Loan Losses | 10,794 | 11,833 | 33,555 | 35,818 |
Noninterest income: |
Service charges on deposit accounts | 1,279 | 1,321 | 3,698 | 3,808 |
Trust income | 494 | 535 | 1,545 | 1,674 |
Mortgage banking fees | 1,098 | 630 | 3,959 | 2,026 | |||
Brokerage commissions and fees | 364 | 463 | 1,370 | 1,576 | |||
Marine finance fees | 903 | 189 | 2,569 | 695 | |||
Debit card income | 301 | 253 | 910 | 728 | |||
Other deposit based EFT fees | 106 | 88 | 327 | 279 |
Other income | 347 | 375 | 1,075 | 1,084 | ||||
4,892 | 3,854 | 15,453 | 11,870 |
Securities gains (losses) | (4 | ) | (9 | ) | (1,172 | ) | 455 |
Total Noninterest Income | 4,888 | 3,845 | 14,281 | 12,325 |
Noninterest expenses: | ||||||||
Salaries and wages | 4,214 | 3,940 | 12,646 | 11,555 | ||||
Employee benefits | 1,123 | 1,064 | 3,551 | 3,175 | ||||
Outsourced data processing | 1,367 | 1,183 | 3,968 | 3,614 | ||||
Occupancy expense | 977 | 831 | 2,947 | 2,491 |
Furniture and equipment expense | 451 | 503 | 1,377 | 1,537 |
Marketing expense | 492 | 498 | 1,560 | 1,525 |
Legal and professional fees | 339 | 367 | 1,117 | 1,147 |
FDIC assessments | 44 | 44 | 126 | 131 | ||||
Amortization of intangibles | 24 | 63 | 150 | 189 | ||||
Other expense | 1,637 | 1,428 | 4,906 | 4,327 |
Total Noninterest Expenses | 10,668 | 9,921 | 32,348 | 29,691 |
Income Before Income Taxes | 5,014 | 5,757 | 15,488 | 18,452 | |||
Provision for income taxes | 1,599 | 2,250 | 5,300 | 7,210 |
Net Income | $ | 3,415 | $ | 3,507 | $ | 10,188 | $ | 11,242 |
Per share common stock (A): | ||||||||
Net income diluted | $ | 0.22 | $ | 0.22 | $ | 0.65 | $ | 0.71 |
Net income basic | 0.22 | 0.23 | 0.66 | 0.73 | ||||
Cash dividends declared | 0.13 | 0.09 | 0.33 | 0.27 | ||||
Average diluted shares outstanding | 15,620,117 | 15,709,955 | 15,644,581 | 15,733,118 | |||
Average basic shares outstanding | 15,326,353 | 15,320,082 | 15,322,684 | 15,373,489 |
(A) Reflects 10% stock dividend paid as a stock split effective August 1, 2003.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
September 30, | December 31, | September 30, | ||||
(Dollars in thousands) | 2003 |
| 2002 | 2002 | ||
Assets |
Cash and due from banks | $ | 40,919 | $ | 49,571 | $ | 42,762 |
Federal funds sold and interest bearing deposits | 255 | 251 | 18,695 | |||
Securities: |
| |||||
Trading (at fair value) | 6,531 | -- | -- | |||
Available for sale (at fair value) | 471,995 | 466,278 | 346,870 | |||
Held for sale (at amortized cost) | 100,201 | 32,181 | 23,410 | |||
Total Securities | 578,727 | 498,459 | 370,289 | |||
Loans sold and available for sale | 6,162 | 13,814 | 14,317 | |||
Loans | 664,091 | 688,161 | 718,871 | |||
Less: Allowance for loan losses | (6,140) | (6,826) | (6,833) | |||
Net Loans | 657,951 | 681,335 | 712,038 | |||
Bank premises and equipment | 16,777 | 16,045 | 16,078 | |||
Other real estate owned | 2,029 | 8 | 119 | |||
Other assets | 16,611 | 21,814 | 13,304 | |||
$ | 1,319,431 | $ | 1,281,297 | $ | 1,187,602 | |
Liabilities and Shareholders’ Equity | ||||||
Liabilities | ||||||
Deposits | ||||||
Demand deposits (noninterest bearing) | $ | 210,771 | $ | 184,524 | $ | 177,331 |
Savings deposits | 512,433 | 472,976 | 450,975 | |||
Other time deposits | 268,824 | 279,255 | 286,123 | |||
Time certificates of $100,000 or more | 88,964 | 93,785 | 92,524 | |||
Total Deposits | 1,080,992 | 1,030,540 | 1,006,953 | |||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 63,746 | 102,967 | 35,855 | |||
Other borrowings | 65,000 | 40,000 | 40,000 | |||
Other liabilities | 6,217 | 7,043 | 5,911 | |||
1,215,955 | 1,180,550 | 1,088,719 | ||||
Shareholders' Equity | ||||||
Preferred stock | -- | -- | -- | |||
Common stock | 1,710 | 1,555 | 1,555 | |||
Additional paid in capital | 26,839 | 26,994 | 26,887 | |||
Retained earnings | 93,901 | 89,960 | 87,474 | |||
Treasury stock | (17,841) | (18,578) | (18,402) | |||
104,609 | 99,931 | 97,514 | ||||
Other comprehensive income (loss) | (1,133) | 816 | 1,369 | |||
Total Shareholders’ Equity | 103,476 | 100,747 | 98,883 | |||
$ | 1,319,431 | $ | 1,281,297 | $ | 1,187,602 | |
Common Shares Outstanding | 15,325,274 | 15,279,001 | 15,290,385 |
Note: The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Quarters |
2003 | 2002 | Last 12 |
(Dollars in thousands, except per share data) | Third | Second | First | Fourth | Months |
Operating Ratios | ||||||||||
Return on average assets (2),(3) | 1.04 | % | 1.09 | % | 1.02 | % | 1.32 | % | 1.11 | % |
Return on average shareholders' equity (2),(3) | 13.27 | 14.08 | 13.07 | 16.24 | 14.12 | |||||
Net interest margin (1),(2) | 3.44 | 3.63 | 3.89 | 4.02 | 3.85 | |||||
Average equity to average assets | 7.84 | 7.74 | 7.81 | 8.12 | 7.87 | |||||
Credit Analysis | ||||||||||
Net charge-offs | $ (29 | ) | $ 435 | $ 280 | $ 7 | $ 693 | ||||
Net charge-offs to average loans | (0.02 | )% | 0.26 | % | 0.16 | % | 0.00 | % | 0.10 | % |
Loan loss provision | $ -- | $ -- | $ -- | $ -- | -- | |||||
Allowance to loans at end of period | 0.92 | % | 0.94 | % | 0.99 | % | 0.99 | % | ||
Nonperforming assets | $ 3,225 | $ 3,238 | $ 1,901 | $ 2,249 | ||||||
Nonperforming assets to loans and other real estate owned at end of period | 0.48 | % | 0.50 | % | 0.29 | % | 0.33 | % | ||
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 0.18 | 0.49 | 0.29 | 0.33 | ||||||
Per Share Common Stock (A) | ||||||||||
Net income diluted | $ 0.22 | $ 0.23 | $ 0.21 | $ 0.26 | $ 0.92 | |||||
Net income basic | 0.22 | 0.23 | 0.21 | 0.26 | 0.93 | |||||
Cash dividends declared | 0.13 | 0.10 | 0.10 | 0.10 | 0.43 | |||||
Book value per share | 6.75 | 6.63 | 6.56 |
| 6.59 | |||||
(A) Reflects 10% stock dividend paid as a stock split effective August 1, 2003.
(1) Calculated on a fully taxable equivalent basis using amortized cost.
(2) These ratios are stated on an annualized basis and are not necessarily indicative of ratios which may be expected for the entire year.
(3) The calculation of ROA and ROE do not include the mark-to-market unrealized gains (losses), because the unrealized gains (losses) are not included in net income.
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(Dollars in thousands)
SECURITIES | September 30, 2003 | December 31, 2002 | September 30, 2002 |
Mortgage-backed | $ | 6,531 | $ | -- | $ | -- | |
Securities Trading | 6,531 | -- | -- | ||||
U.S. Treasury and U. S. Government Agencies | 1,599 | 2,508 | 2,531 | ||||
Mutual funds | 0 | 292 | 295 | ||||
Mortgage-backed | 464,220 | 456,655 | 336,383 | ||||
Other securities | 6,176 | 6,823 | 7,661 | ||||
Securities Available for Sale | 471,995 | 466,278 | 346,870 | ||||
U.S. Treasury and U. S. Government Agencies | 4,998 | 0 | 0 | ||||
Mortgage-backed | 92,254 | 28,555 | 19,557 | ||||
Obligations of states and political subdivisions | 2,949 | 3,626 | 3,862 | ||||
Securities Held for Investment | 100,201 | 32,181 | 23,419 | ||||
Total Securities | $ | 578,727 | $ | 498,459 | $ | 370,289 | |
LOANS | September 30, 2003 | December 31, 2002 | September 30, 2002 |
Real estate construction | $ | 93,516 | $ | 77,909 | $ | 71,932 | |
Real estate mortgage | 449,528 | 478,123 | 513,518 | ||||
Installment loans to individuals | 78,933 | 91,307 | 95,172 | ||||
Commercial and financial | 41,934 | 40,491 | 37,983 | ||||
Other loans | 180 | 331 | 266 | ||||
Total Loans | $ | 664,091 | $ | 688,161 | $ | 718,871 | |
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CONSOLIDATED QUARTERLY AVERAGE BALANCES, YIELDS AND RATES (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2003 | 2002 |
Third Quarter | Second Quarter | Third Quarter |
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||
(Dollars in thousands) | Balance | Rate | Balance | Rate | Balance | Rate | ||||
Assets | ||||||||||
Earning assets: | ||||||||||
Securities: | ||||||||||
Taxable | $ | 575,915 | 2.56 | % $ | 555,142 | 2.68 | % $ | 374,898 | 3.86 | % |
Nontaxable | 2,924 | 7.93 | 2,980 | 8.05 | 3,653 | 7.99 | ||||
Total Securities | 578,839 | 2.58 | 558,122 | 2.71 | 378,551 | 3.90 | ||||
Federal funds sold and other | ||||||||||
short-term investments | 7,265 | 0.98 | 6,769 | 1.19 | 9,933 | 1.72 | ||||
Loans, net | 662,425 | 6.60 | 671,740 | 7.00 | 742,176 | 7.30 | ||||
| ||||||||||
Total Earning Assets | 1,248,529 | 4.69 | 1,236,631 | 5.03 | 1,130,660 | 6.10 | ||||
Allowance for loan losses | (6,123 | ) | (6,542 | ) | (6,867 | ) | ||||
Cash and due from banks | 31,240 | 47,638 | 34,386 | |||||||
Premises and equipment | 16,858 | 16,339 | 15,257 | |||||||
Other assets | 11,472 | 11,687 | 12,976 | |||||||
$ | 1,301,976 | $ | 1,305,753 | $ | 1,186,412 | |||||
Liabilities and Shareholders' Equity | ||||||||||
Interest-bearing liabilities: | ||||||||||
NOW (including Super NOW) | $ | 61,928 | 0.47 | % $ | 66,854 | 0.58 | % $ | 55,841 | 0.92 | % |
Savings deposits | 154,759 | 0.51 | 150,818 | 0.55 | 147,232 | 0.96 | ||||
Money market accounts | 290,248 | 0.67 | 283,526 | 0.79 | 256,811 | 1.20 | ||||
Time deposits | 365,558 | 2.58 | 375,143 | 2.75 | 376,684 | 3.71 | ||||
Federal funds purchased and securities sold under agreements to repurchase | 50,596 | 0.60 | 62,430 | 0.83 | 35,664 | 0.90 | ||||
Other borrowings | 65,000 | 4.43 | 65,000 | 4.49 | 40,000 | 6.42 | ||||
Total Interest-Bearing Liabilities | 988,089 | 1.58 | 1,003,771 | 1.73 | 912,232 | 2.40 | ||||
Demand deposits (noninterest-bearing) | 205,740 | 196,451 | 171,255 | |||||||
Other liabilities | 6,069 | 4,406 | 4,905 | |||||||
Total Liabilities | 1,199,898 | 1,204,628 | 1,088,392 | |||||||
Shareholders' equity | 102,078 | 101,125 | 98,020 | |||||||
$ | 1,301,976 | $ | 1,305,753 | $ | 1,186,412 | |||||
Interest expense as a % of earning assets | 1.25 | % | 1.40 | % | 1.94 | % | ||||
Net interest income as a % of earning assets | 3.44 | 3.63 | 4.17 |
(1) On a fully taxable equivalent basis. All yields and rates have been computed on an annualized basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
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