EXHIBIT 99.1
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 REPORTS A 12.5% INCREASE IN EARNINGS
FOR THE FIRST QUARTER
STUART, FL., April 14, 2004 – 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 totaling $3,625,000, up 12.5 percent from the first quarter of 2003. Net income of $0.23 diluted earnings per share (“DEPS”) was earned for the first quarter of 2004, compared to $0.21 DEPS for the first quarter a year ago and $0.24 DEPS for the fourth quarter of 2003.
“The improvement in key revenue trends which began in the fourth quarter, notably renewed net interest income growth combined with continued growth in fees, indicate that we are now on track to resume strong long term quality growth.” commented Dennis S. Hudson, III, Chief Executive Officer of Seacoast. “During the second half of 2003, we indicated the Company was poised for better performance as we implemented our strategy to improve net interest margins and decrease interest rate risk by increasing the size of our commercial and consumer loan portfolios and reducing the relative size of our residential portfolio. This indeed began to occur in late 2003 and has continued with double digit loan growth this quarter. We also continued to produce solid core deposit growth while maintaining our favorable low fu nding cost.”
First quarter revenue trends included the following:
•
Total revenues (net interest income and noninterest income combined) were up 29.5 percent on an annualized basis from the fourth quarter;
•
Net interest margin expanded by 16 basis points during the quarter;
•
Net interest income gained 22.2 percent on an annualized basis over the fourth quarter and was up $1.298 million or 11.2 percent over prior year’s first quarter; and
•
Noninterest income less securities gains (losses) increased $506,000 from the fourth quarter as fees from investment management services, marine finance, and mortgage banking all increased during the quarter.
Other highlights for the quarter included:
•
Average total deposits increased $26.3 million or 9.6 percent annualized during the quarter with average noninterest bearing and low cost savings deposits improving by 18.4 percent and 5.4 percent annualized, respectively;
•
Loan balances rose 17.5 percent on an annualized basis from fourth quarter 2003;
•
Average equity to average assets remained strong at 7.91 percent compared to 7.81 percent one year earlier; and
•
Asset quality improved with a nonperforming assets ratio of 0.31 percent compared to 0.43 percent at year-end and 0.29 percent in the first quarter 2003.
The net interest margin, on a fully taxable equivalent basis, for the quarter was 3.98 percent, representing an increase from the 3.89 percent achieved in last year’s first quarter and the 3.82 percent in the fourth quarter of 2003. The net interest margin has steadily improved since the third quarter 2003 as a result of a steeper yield curve, an improved loan mix and growth in loans outstanding. In addition, as mentioned above, the favorable deposit growth in the first quarter and over the past year resulted in an overall lower cost of funds.
Net interest income (on a tax equivalent basis) increased to $12,932,000 or $679,000 from fourth quarter 2003’s total of $12,253,000, which had increased by $1.4 million from the third quarter 2003. The gain in interest income comes from the growth in the balance sheet and the favorable overall change in earning asset mix as the intended transformation of the loan portfolio begins to develop. Average earning assets have increased $81.6 million or 6.7 percent over the last twelve months and average loans are up $40.3 million or 5.8 percent.
The cost for interest bearing liabilities declined to 1.34 percent from 1.83 percent in the first quarter 2003 and 1.46 percent in the fourth quarter. Interest expense as a percent of earning assets for the three months ended March 31, 2004, declined 10 basis points to 1.05 percent compared to the fourth quarter 2003. Lower cost savings, NOW and money market balances increased $14.0 million, or an annualized growth of 10.6 percent in the first three months of 2004.
The expansion into Palm Beach County has been accretive to overall loan growth over the past twelve months. Total loans in the new market grew to $66.7 million with a total of $58 million funded during the past year. The addition of two full service branches in Palm Beach County in late 2004 will further assist in expanding the Company’s loan origination capabilities. At March 31, 2004, lenders in this market have originated a total of $95.7 million in loans (including unfunded commitments) and a pipeline of over $119 million. The acquisition of Palm Beach County’s two largest community banks by large out-of-market competitors has resulted in strong customer demand for the Company’s brand of banking, particularly commercial and commercial real estate loans and services. Deposit balances in Palm Beach now total over $39 million, of which 20.7 percent are noninterest bearing. In addition, the cost of interest bearing deposits in the new market is comparable to the total bank with an average cost of 1.53 percent.
Noninterest income, excluding securities gains and losses, increased 13.2 percent when compared to the fourth quarter of 2003, reflecting growing revenues from investment management services, up over 26 percent from the fourth quarter, and solid growth in revenues from mortgage banking and marine finance activities. Revenues from investment management began improving in the fourth quarter 2003, and with an improving economy, the performance for investment management and Seacoast Marine Finance division could conceivably continue to improve. In addition, the future for increased residential mortgage loan production looks favorable as the housing market on the Treasure Coast continues to outpace the southeastern region and the nation.
Core deposit growth continued to enhance fees by increasing the customer base and usage of check cards. During the first quarter of 2004, a total of $298,000 in interchange income was earned compared to $289,000 for the same period in 2003. The growth rate of these fees was negatively impacted in 2003 as a result of VISA and MasterCard agreeing to reduce check card interchange income fees beginning in August 2003. The negative impacts have been offset with the growth in the cardholder base and transaction volumes.
Net loan charge offs were $35,000 for the first quarter of 2004, compared to net charge-offs of $280,000 for the same quarter in 2003. Nonperforming assets to loans and other real estate owned declined to 0.31 percent at March 31, 2004, compared to 0.43 percent for the fourth quarter 2003. Nonperforming assets totaled $2,325,000, up slightly from the $1,901,000 for the same quarter a year ago.
Consistent credit quality and historically low net charge-offs in all of the Company’s loan portfolios support an allowance for loan losses of 0.85 percent of total loans at March 31, 2004, a level lower than that found in many other banks. Over the past two years, the Company has intentionally reduced the relative size of its residential loan portfolio while continuing to grow its commercial (primarily real estate secured) and consumer portfolios and as a result, until recently, overall loan growth has been negative. This, combined with the aforementioned stable asset quality, negated the need for any additional provisioning for loan losses until the current quarter. During the quarter the Company provided $150,000 for loan losses due to loan growth.
Noninterest expenses totaled $11.5 million, an increase of 6.0 percent from the prior year’s first quarter and a 14.0 percent increase over the fourth quarter 2004. A portion of the growth is a result of increased wages, benefits, occupancy, marketing and other overhead due to the addition of branches and personnel in the Palm Beach County market, and from higher commissions, stock awards and other incentive compensation related to the Company’s improved performance.
Seacoast will host a conference call on April 15 at 9:30 a.m. (Eastern time) to discuss the earnings results and business trends. Investors may call in by dialing 888-639-6218 (passcode: 440873; leader: Dennis S. Hudson, III). A replay of the call will be available beginning 1:00 p.m. by dialing 866-219-1444 (domestic), using the passcode 440873.
Seacoast Banking Corporation of Florida has approximately $1.4 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.
- continued -
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, an d interest sensitive assets and liabilities; interest rate 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, 2003 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 | ||||||||||||||||
(Dollars in thousands, | March 31, | |||||||||||||||
except per share data) | 2004 | 2003 | ||||||||||||||
Summary of Earnings | ||||||||||||||||
Net income | $ 3,625 | $ 3,223 | ||||||||||||||
Net interest income (1) | 12,932 | 11,639 | ||||||||||||||
Performance Ratios | ||||||||||||||||
Return on average assets (2), (3) | 1.05 | % | 1.02 | % | ||||||||||||
Return on average | ||||||||||||||||
shareholders' equity (2), (3) | 13.31 | 13.07 | ||||||||||||||
Net interest margin (1), (2) | 3.98 | 3.89 | ||||||||||||||
Per Share Data (A) | ||||||||||||||||
Net income diluted | $ 0.23 | $ 0.21 | ||||||||||||||
Net income basic | 0.23 | 0.21 | ||||||||||||||
Cash dividends declared | 0.13 | 0.10 | ||||||||||||||
March 31, | Increase/ | |||||||||||||||
2004 | 2003 | (Decrease) | ||||||||||||||
Credit Analysis | ||||||||||||||||
Net charge-offs year-to-date | $ 35 | $ 280 | (87.5 | )% | ||||||||||||
Net charge-offs to average loans | 0.02 | % | 0.16 | % | (87.5 | ) | ||||||||||
Loan loss provision year-to-date | 150 | -- | n/m | |||||||||||||
Allowance to loans at end of period | 0.85 | % | 0.99 | % | (14.1 | ) | ||||||||||
Nonperforming assets | $ 2,325 | $ 1,901 | 22.3 | |||||||||||||
Nonperforming assets to loans and other | ||||||||||||||||
real estate owned at end of period | 0.31 | % | 0.29 | % | 6.9 | |||||||||||
Selected Financial Data | ||||||||||||||||
Total assets | $ 1,401,399 | $1,297,826 | 8.0 | |||||||||||||
Securities – Trading (at fair value) | 6,079 | 43,719 | (86.1 | ) | ||||||||||||
Securities – Available for sale (at fair value) | 440,696 | 440,185 | 0.1 | |||||||||||||
Securities – Held for Investment (at amortized cost) | 97,705 | 19,998 | 388.6 | |||||||||||||
Net loans | 733,528 | 654,990 | 12.0 | |||||||||||||
Deposits | 1,164,971 | 1,060,591 | 9.8 | |||||||||||||
Shareholders' equity | 106,970 | 100,526 | 6.4 | |||||||||||||
Book value per share (A) | 6.90 | 6.56 | 5.2 | |||||||||||||
Tangible book value per share (A) | 6.72 | 6.35 | 5.8 | |||||||||||||
Average shareholders' equity | ||||||||||||||||
to average assets | 7.91 | % | 7.81 | % | 1.3 | |||||||||||
(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.
n/m = not meaningful
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
Three Months Ended March 31, | ||||||||||||||||||
(Dollars in thousands, except per share data) | 2004 | 2003 | ||||||||||||||||
Interest on securities: | ||||||||||||||||||
Taxable | $ | 4,514 | $ | 4,033 | ||||||||||||||
Nontaxable | 28 | 41 | ||||||||||||||||
Interest and fees on loans | 11,703 | 11,982 | ||||||||||||||||
Interest on federal funds sold | 36 | 21 | ||||||||||||||||
Total Interest Income | 16,281 | 16,077 | ||||||||||||||||
Interest on deposits | 768 | 903 | ||||||||||||||||
Interest on time certificates | 2,143 | 2,701 | ||||||||||||||||
Interest on borrowed money | 472 | 873 | ||||||||||||||||
Total Interest Expense | 3,383 | 4,477 | ||||||||||||||||
Net Interest Income | 12,898 | 11,600 | ||||||||||||||||
Provision for loan losses | 150 | -- | ||||||||||||||||
Net Interest Income After Provision for Loan Losses | 12,748 | 11,600 | ||||||||||||||||
Noninterest income: | ||||||||||||||||||
Service charges on deposit accounts | 1,107 | 1,217 | ||||||||||||||||
Trust income | 538 | 524 | ||||||||||||||||
Mortgage banking fees | 482 | 1,638 | ||||||||||||||||
Brokerage commissions and fees | 715 | 420 | ||||||||||||||||
Marine finance fees | 763 | 807 | ||||||||||||||||
Debit card income | 298 | 289 | ||||||||||||||||
Other deposit based EFT fees | 128 | 116 | ||||||||||||||||
Other income | 309 | 360 | ||||||||||||||||
4,340 | 5,371 | |||||||||||||||||
Securities gains (losses) | 56 | (1,157 | ) | |||||||||||||||
Total Noninterest Income | 4,396 | 4,214 | ||||||||||||||||
Noninterest expenses: | ||||||||||||||||||
Salaries and wages | 4,499 | 4,159 | ||||||||||||||||
Employee benefits | 1,447 | 1,216 | ||||||||||||||||
Outsourced data processing | 1,401 | 1,286 | ||||||||||||||||
Occupancy expense | 1,076 | 994 | ||||||||||||||||
Furniture and equipment expense | 483 | 499 | ||||||||||||||||
Marketing expense | 650 | 550 | ||||||||||||||||
Legal and professional fees | 290 | 408 | ||||||||||||||||
FDIC assessments | 41 | 41 | ||||||||||||||||
Other expense | 1,640 | 1,722 | ||||||||||||||||
Total Noninterest Expenses | 11,527 | 10,875 | ||||||||||||||||
Income Before Income Taxes | 5,617 | 4,939 | ||||||||||||||||
Provision for income taxes | 1,992 | 1,716 | ||||||||||||||||
Net Income | $ | 3,625 | $ | 3,223 |
Per share common stock (A): | ||||||
Net income diluted | $ | 0.23 | $ | 0.21 | ||
Net income basic | 0.23 | 0.21 | ||||
Cash dividends declared | 0.13 | 0.10 | ||||
Average diluted shares outstanding | 15,842,523 | 15,673,632 | ||||
Average basic shares outstanding | 15,431,149 | 15,316,176 | ||||
(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 |
March 31, | December 31, | March 31, | ||||
(Dollars in thousands) | 2004 | 2003 |
| 2003 | ||
Assets | ||||||
Cash and due from banks | $ | 40,588 | $ | 44,928 | $ | 63,534 |
Federal funds sold and interest bearing deposits | 27,756 | 255 | 30,990 | |||
Securities: |
| |||||
Trading (at fair value) | 6,079 | -- | 43,719 | |||
Available for sale (at fair value) | 440,696 | 484,223 | 440,185 | |||
Held for sale (at amortized cost) | 97,705 | 80,866 | 19,998 | |||
Total Securities | 544,480 | 565,089 | 503,902 | |||
Loans sold and available for sale | 5,015 | 5,403 | 11,696 | |||
Loans | 739,803 | 708,792 | 661,536 | |||
Less: Allowance for loan losses | (6,275 | ) | (6,160) | (6,546) | ||
Net Loans | 733,528 | 702,632 | 654,990 | |||
Bank premises and equipment | 17,015 | 16,847 | 16,036 | |||
Other real estate owned | 1,913 | 1,954 | 0 | |||
Other assets | 31,104 | 16,715 | 16,678 | |||
$ | 1,401,399 | $ | 1,353,823 | $ | 1,297,826 | |
Liabilities and Shareholders’ Equity | ||||||
Liabilities | ||||||
Deposits | ||||||
Demand deposits (noninterest bearing) | $ | 259,639 | $ | 233,087 | $ | 195,989 |
Savings deposits | 541,402 | 527,400 | 490,976 | |||
Other time deposits | 259,948 | 262,904 | 276,777 | |||
Time certificates of $100,000 or more | 103,982 | 106,251 | 96,849 | |||
Total Deposits | 1,164,971 | 1,129,642 | 1,060,591 | |||
Federal funds purchased and securities sold under agreements to repurchase, maturing within 30 days | 81,849 | 74,158 | 65,241 | |||
Other borrowings | 40,392 | 40,000 | 65,000 | |||
Other liabilities | 7,217 | 5,939 | 6,468 | |||
1,294,429 | 1,249,739 | 1,197,300 | ||||
Shareholders' Equity | ||||||
Preferred stock | -- | -- | -- | |||
Common stock | 1,710 | 1,710 | 1,555 | |||
Additional paid in capital | 26,911 | 26,911 | 26,994 | |||
Retained earnings | 96,516 | 95,336 | 90,533 | |||
Restricted stock awards | (1,947 | ) | (1,947) | -- | ||
Treasury stock | (15,490 | ) | (15,350) | (17,916) | ||
107,700 | 106,660 | 101,166 | ||||
Other comprehensive income (loss) | (730 | ) | (2,576) | (640) | ||
Total Shareholders’ Equity | 106,970 | 104,084 | 100,526 | |||
$ | 1,401,399 | $ | 1,353,823 | $ | 1,297,826 | |
Common Shares Outstanding | 15,503,756 | 15,503,626 | 15,321,846 | |||
Note: The balance sheet at December 31, 2003 has been derived from the audited financial statements at that date.
CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES | |||||||||||||||||||
Quarters | |||||||||||||||||||
2004 | 2003 | Last 12 | |||||||||||||||||
(Dollars in thousands, except per share data) | First | Fourth | Third | Second | Months | ||||||||||||||
Operating Ratios | |||||||||||||||||||
Return on average assets (2),(3) | 1.05 | % | 1.14 | % | 1.04 | % | 1.09 | % | 1.09 | % | |||||||||
Return on average shareholders' equity (2),(3) | 13.31 | 14.46 | 13.27 | 14.08 | 13.88 | ||||||||||||||
Net interest margin (1),(2) | 3.98 | 3.82 | 3.44 | 3.63 | 3.74 | ||||||||||||||
Average equity to average assets | 7.91 | 7.87 | 7.84 | 7.74 | 7.84 | ||||||||||||||
Credit Analysis | |||||||||||||||||||
Net charge-offs | $ 35 | $ (20 | ) | $ (29 | ) | $ 435 | $ 421 | ||||||||||||
Net charge-offs to average loans | 0.02 | % | (0.01 | )% | (0.02 | )% | 0.26 | % | 0.06 | % | |||||||||
Loan loss provision | $ 150 | $ -- | $ -- | $ -- | $ 150 | ||||||||||||||
Allowance to loans at end of period | 0.85 | % | 0.87 | % | 0.92 | % | 0.94 | % | |||||||||||
Nonperforming assets | $ 2,325 | $ 3,045 | $ 3,225 | $ 3,238 | |||||||||||||||
Nonperforming assets to loans and other | |||||||||||||||||||
real estate owned at end of period | 0.31 | % | 0.43 | % | 0.48 | % | 0.50 | % | |||||||||||
Nonaccrual loans and accruing loans 90 days or more past due to loans outstanding at end of period | 0.09 | 0.16 | 0.18 | 0.49 | |||||||||||||||
Per Share Common Stock (A) | |||||||||||||||||||
Net income diluted | $ 0.23 | $ 0.24 | $ 0.22 | $ 0.23 | $ 0.92 | ||||||||||||||
Net income basic | 0.23 | 0.25 | 0.22 | 0.23 | 0.93 | ||||||||||||||
Cash dividends declared | 0.13 | 0.13 | 0.13 | 0.10 | 0.49 | ||||||||||||||
Book value per share | 6.90 | 6.71 | 6.75 |
| 6.63 | ||||||||||||||
(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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CONSOLIDATED QUARTERLY FINANCIAL DATA (Unaudited) (continued) |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
(Dollars in thousands)
SECURITIES | March 31, 2004 | December 31, 2003 | March 31, 2003 | ||||
Mortgage-backed | $ | 6,079 | $ | -- | $ | 43,719 | |
Securities Trading | 6,079 | -- | 43,719 | ||||
U.S. Treasury and U. S. Government Agencies | 1,596 | 1,002 | 2,501 | ||||
Mortgage-backed | 433, 576 | 477,018 | 431,289 | ||||
Other securities | 5,524 | 6,203 | 6,395 | ||||
Securities Available for Sale | 440,696 | 484,223 | 440,185 | ||||
U.S. Treasury and U. S. Government Agencies | 4,998 | 4,998 | -- | ||||
Mortgage-backed | 90,425 | 73,585 | 16,828 | ||||
Obligations of states and political subdivisions | 2,282 | 2,283 | 3,170 | ||||
Securities Held for Investment | 97,705 | 80,866 | 19,998 | ||||
Total Securities | $ | 544,480 | $ | 565,089 | $ | 503,902 | |
LOANS | March 31, 2004 | December 31, 2003 | March 31, 2003 | ||||
Real estate construction | $ | 129,177 | $ | 107,315 | $ | 84,821 | |
Real estate mortgage | 485,972 | 470,391 | 452,465 | ||||
Installment loans to individuals | 79,209 | 84,512 | 82,011 | ||||
Commercial and financial | 45,241 | 46,310 | 41,809 | ||||
Other loans | 204 | 264 | 430 | ||||
Total Loans | $ | 739,803 | $ | 708,792 | $ | 661,536 | |
AVERAGE BALANCES, YIELDS AND RATES (Unaudited) | |
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES |
2004 | 2003 | |||||||||||||
First Quarter | Fourth Quarter | First Quarter | ||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||
(Dollars in thousands) | Balance | Rate | Balance | Rate | Balance | Rate | ||||||||
Assets | ||||||||||||||
Earning assets: | ||||||||||||||
Securities: | ||||||||||||||
Taxable | $ | 546,639 | 3.30 | % $ | 576,859 | 3.21 | % $ | 512,781 | 3.15 | % | ||||
Nontaxable | 2,182 | 7.88 | 2,183 | 7.88 | 3,193 | 7.77 | ||||||||
Total Securities | 548,821 | 3.32 | 579,042 | 3.22 | 515,974 | 3.17 | ||||||||
Federal funds sold and other | ||||||||||||||
short-term investments | 15,150 | 0.96 | 4,649 | 0.94 | 6,723 | 1.27 | ||||||||
Loans, net | 730,308 | 6.37 | 689,353 | 6.49 | 690,022 | 7.05 | ||||||||
| ||||||||||||||
Total Earning Assets | 1,294,279 | 5.02 | 1,273,044 | 4.97 | 1,212,719 | 5.39 | ||||||||
Allowance for loan losses | (6,200 | ) | (6,177 | ) | (6,795 | ) | ||||||||
Cash and due from banks | 36,985 | 36,116 | 47,048 | |||||||||||
Premises and equipment | 16,969 | 16,781 | 16,122 | |||||||||||
Other assets | 14,324 | 14,056 | 12,105 | |||||||||||
$ | 1,356,357 | $ | 1,333,820 | $ | 1,281,199 | |||||||||
Liabilities and Shareholders' Equity | ||||||||||||||
Interest-bearing liabilities: | ||||||||||||||
NOW (including Super NOW) | $ | 74,402 | 0.46 | % $ | 70,682 | 0.47 | % $ | 67,373 | 0.66 | % | ||||
Savings deposits | 159,594 | 0.51 | 157,089 | 0.51 | 148,857 | 0.62 | ||||||||
Money market accounts | 293,111 | 0.66 | 292,293 | 0.66 | 265,843 | 0.86 | ||||||||
Time deposits | 368,584 | 2.34 | 359,342 | 2.45 | 372,273 | 2.94 | ||||||||
Federal funds purchased and securities sold under agreements to repurchase | 79,989 | 0.85 | 68,718 | 0.77 | 78,495 | 0.96 | ||||||||
Other borrowings | 39,962 | 3.04 | 56,576 | 4.11 | 56,944 | 4.90 | ||||||||
Total Interest-Bearing Liabilities | 1,015,642 | 1.34 | 1,004,700 | 1.46 | 989,785 | 1.83 | ||||||||
Demand deposits (noninterest-bearing) | 228,526 | 218,489 | 186,613 | |||||||||||
Other liabilities | 4,839 | 5,633 | 4,787 | |||||||||||
Total Liabilities | 1,249,007 | 1,228,822 | 1,181,185 | |||||||||||
Shareholders' equity | 107,350 | 104,998 | 100,014 | |||||||||||
$ | 1,356,357 | $ | 1,333,820 | $ | 1,281,199 | |||||||||
Interest expense as a % of earning assets | 1.05 | % | 1.15 | % | 1.50 | % | ||||||||
Net interest income as a % of earning assets | 3.98 | 3.82 | 3.89 | |||||||||||
(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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