Exhibit 99.1
FOR IMMEDIATE RELEASE: | CONTACT: | Robert K. Chapman | ||||
January 31, 2008 | United Bancorp, Inc. | |||||
734-214-3801 |
UNITED BANCORP, INC. ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2007 EARNINGS
FOURTH QUARTER AND FULL YEAR 2007 EARNINGS
TECUMSEH, MI — United Bancorp, Inc. (UBMI), reported income of $5,581,600 or $1.06 per share for the year ended December 31, 2007, compared to $8,971,500 or $1.69 per share for 2006. Return on average shareholders’ equity (ROE) for 2007 was 7.44%, compared to 12.62% for 2006, and return on average assets (ROA) for the year ended December 31, 2007 was .72%, compared to 1.23% for 2006.
For the fourth quarter of 2007, United recorded a loss of $749,900 or $0.15 per share compared to income of $2.197 million or $0.42 per share for the fourth quarter of 2006. The decline in earnings reflects the Company’s addition to its provision for loan loss resulting from the continued deterioration of the Michigan and local economies. Robert K. Chapman, President and Chief Executive Officer of United Bancorp commented, “United has proactively addressed these challenges by taking additional provision for loan losses, establishing plans to effectively deal with these problems and putting strategies in place to prepare for the future.” In spite of the decline in earnings, the Company’s assets have continued to grow, and United remains well capitalized.
Financial Performance
Net income for the quarter and year to date were down from prior periods. For the year, total revenues increased and noninterest expenses grew modestly. United’s net interest income increased by 1.7% in 2007 over full-year 2006, in spite of a decline in net interest margin, which moved from 4.44% for 2006 to 4.21% for all of 2007. “It has been a difficult year for United. While disappointing to all of us, it is a reflection of the difficult economic conditions we are experiencing in the State of Michigan, and the resulting impact it is having on the banking industry,” said Mr. Chapman.
Total noninterest income for the year reached $13.65 million, for an improvement of $1.48 million over 2006 levels. That represents an increase of 12.1% from 2006 to 2007, with income from loan sales and servicing providing most of the increase. In addition, the Company’s newest subsidiary, United Structured Finance, contributed to the Company’s noninterest income during the fourth quarter of 2007, and the Company’s wealth management group continues to provide a significant contribution to the success of the Company. Wealth Management assets under management totaled $729.7 million at December 31, 2007.
Total noninterest expense declined 9.0% during the fourth quarter compared to the third quarter of 2007, resulting in a full-year 2007 increase of 2.4%. For the year, compensation costs were down, while occupancy and equipment expenses and marketing costs reflect continued growth of United within its markets.
Asset Quality
In December of 2007, the Company identified adverse developments with respect to certain loans in the loan portfolios of its subsidiary banks. In response to this determination, the Company increased its provision for loan losses during the fourth quarter, to address the risks within its loan portfolio. The action taken followed a thorough evaluation of the Company’s entire commercial loan portfolio, and reflects the negative impact of the continued deterioration in the Southeast Michigan real estate markets and the economy in general.
The Company’s provision for the fourth quarter of 2007 was $5.8 million, bringing the full-year provision to $8.6 million, up from $2.1 million for all of 2006. At the end of 2007, the Company’s allowance for loan loss was 1.89% of total loans, up from 1.30% at the end of 2006. The Company’s ratio of total
3
nonperforming loans to total loans increased from 1.04% at the end of 2006 to 2.33% at December 31, 2007. At the end of 2007, non-performing loans totaled $15.2 million, compared to $6.3 million one year earlier.
Financial Condition
Total assets at December 31, 2007 were $795.7 million, representing growth of $44.7 million, or 6.0% for the year. Loans, including loans held for sale, totaled $650.3 million on December 31, 2007, up 8.1% from the end of 2006. Deposit growth of $43.5 million for the year brought the year-end total deposits to $671.5 million, for an increase of 6.9% for the year.
Other Company News
At its meeting of January 9, 2008, the board of directors of United Bancorp, Inc. declared a cash dividend of $0.20 per share payable January 31, 2008 to shareholders of record January 21, 2008. This dividend represented the same per-share amount paid by the Company for the prior two quarters.
About United Bancorp, Inc.
United Bancorp, Inc. is an independent financial holding company that is the parent company for United Bank & Trust and United Bank & Trust — Washtenaw. The subsidiary banks operate seventeen banking offices in Lenawee, Washtenaw and Monroe counties, and United Bank & Trust maintains an active wealth management group that serves the Company’s market area. For more information, visit the company’s website at www.ubat.com.
Unaudited Consolidated Financial Statements Follow.
Safe Harbor Statement
This news release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 B of the Securities Act of 1934, as amended, which are intended to be safe harbors created thereby. Those statements are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and about the Company itself. Words such as “anticipate,” “believe,” “determine,” “estimate,” “expect,” “forecast,” “intend,” “is likely,” “plan,” “project,” “opinion,” variations of such terms, and similar expressions are intended to identify such forward-looking statements. The presentations and discussions of the provision and allowance for loan losses presented in this report are inherently forward-looking statements in that they involve judgments and statements of belief as to the outcome of future events.
These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Internal and external factors that may cause such a difference include changes in economic conditions in the market area the Company conducts business which could materially impact credit quality trends, interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking laws and regulations; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of pending and future litigation and contingencies; trends in customer behavior and customer ability to repay loans; software failure, errors or miscalculations; and the vicissitudes of the national economy. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.
###
4
United Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands except per share data)
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands except per share data)
December 31, | December 31, | |||||||
2007 | 2006 | |||||||
Assets | ||||||||
Cash and demand balances in other banks | $ | 17,996 | $ | 17,606 | ||||
Federal funds sold | 11,130 | 3,770 | ||||||
Total cash and cash equivalents | 29,126 | 21,376 | ||||||
Securities available for sale | 85,898 | 95,811 | ||||||
Loans held for sale | 5,770 | 5,772 | ||||||
Portfolio loans | ||||||||
Personal | 98,659 | 91,817 | ||||||
Business | 451,718 | 420,433 | ||||||
Residential Mortgage | 94,154 | 83,741 | ||||||
Total loans | 650,300 | 601,763 | ||||||
Less allowance for loan losses | 12,306 | 7,849 | ||||||
Net loans | 637,994 | 593,914 | ||||||
Premises and equipment, net | 13,160 | 13,215 | ||||||
Goodwill | 3,469 | 3,469 | ||||||
Bank owned life insurance | 11,961 | 11,499 | ||||||
Accrued interest receivable and other assets | 14,080 | 11,705 | ||||||
Total Assets | $ | 795,687 | $ | 750,989 | ||||
Liabilities | ||||||||
Deposits | ||||||||
Non-interest bearing | $ | 77,878 | $ | 81,373 | ||||
Interest bearing deposits | 593,659 | 546,629 | ||||||
Total deposits | 671,537 | 628,002 | ||||||
Short term borrowings | — | 77 | ||||||
FHLB Advances outstanding | 44,611 | 40,945 | ||||||
Accrued interest payable and other liabilities | 6,572 | 7,430 | ||||||
Total Liabilities | 722,720 | 676,453 | ||||||
Shareholders’ Equity | ||||||||
Common stock and paid in capital, no par value; 10,000,000 shares authorized; 5,092,230 and 5,247,432 shares issued and outstanding, respectively | 67,860 | 71,075 | ||||||
Retained earnings | 4,814 | 3,393 | ||||||
Accumulated other comprehensive income (loss), net of tax | 293 | 68 | ||||||
Total Shareholders’ Equity | 72,967 | 74,536 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 795,687 | $ | 750,989 | ||||
Book value per share of common stock | $ | 14.33 | $ | 14.20 |
(Per share values restated to reflect 2007 stock dividend)
5
United Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)
(Dollars in thousands except per share data)
Consolidated Statements of Income (Unaudited)
(Dollars in thousands except per share data)
Quarter to Date | Year to Date | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
Interest Income | ||||||||||||||||
Interest and fees on loans | $ | 11,981.7 | $ | 11,279.1 | $ | 47,301.3 | $ | 42,900.4 | ||||||||
Interest on investment securities | 980.1 | 1,026.5 | 4,062.0 | 3,796.6 | ||||||||||||
Interest on federal funds sold | 116.1 | 67.9 | 270.8 | 358.6 | ||||||||||||
Total interest income | 13,077.9 | 12,373.5 | 51,634.1 | 47,055.7 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 5,116.2 | 4,456.3 | 19,630.6 | 15,890.3 | ||||||||||||
Interest on fed funds purchased | 15.4 | 14.1 | 175.4 | 61.6 | ||||||||||||
Interest on FHLB advances | 535.1 | 479.6 | 2,066.9 | 1,850.3 | ||||||||||||
Total interest expense | 5,666.6 | 4,950.1 | 21,872.9 | 17,802.1 | ||||||||||||
Net Interest Income | 7,411.3 | 7,423.4 | 29,761.2 | 29,253.6 | ||||||||||||
Provision for loan losses | 5,801.0 | 921.3 | 8,637.2 | 2,123.0 | ||||||||||||
Net Interest Income After Provision for Loan Losses | 1,610.3 | 6,502.1 | 21,124.0 | 27,130.6 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges on deposit accounts | 956.0 | 881.7 | 3,579.4 | 3,364.4 | ||||||||||||
Trust & Investment fee income | 952.6 | 947.8 | 3,775.0 | 3,769.2 | ||||||||||||
Gains (losses) on securities transactions | 8.3 | 13.8 | 9.0 | 12.1 | ||||||||||||
Income from loan sales and servicing | 507.3 | 276.5 | 1,749.2 | 905.7 | ||||||||||||
ATM, debit and credit card fee income | 569.0 | 496.0 | 2,117.9 | 1,905.2 | ||||||||||||
Sales of nondeposit investment products | 278.1 | 206.3 | 1,026.0 | 992.7 | ||||||||||||
Income from bank-owned life insurance | 120.7 | 105.6 | 461.4 | 407.7 | ||||||||||||
Other fee income | 159.8 | 182.8 | 850.9 | 816.9 | ||||||||||||
Other income | 14.6 | — | 83.3 | 1.1 | ||||||||||||
Total noninterest income | 3,566.5 | 3,110.5 | 13,652.1 | 12,174.9 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Salaries and employee benefits | 3,531.9 | 3,540.6 | 14,862.0 | 15,037.7 | ||||||||||||
Occupancy and equipment expense | 1,078.5 | 1,064.3 | 4,724.0 | 4,344.3 | ||||||||||||
External data processing | 451.7 | 475.6 | 1,605.4 | 1,536.6 | ||||||||||||
Advertising and marketing | 251.2 | 243.3 | 1,192.8 | 1,062.7 | ||||||||||||
Other expense | 1,299.3 | 1,274.1 | 5,175.5 | 4,932.8 | ||||||||||||
Total noninterest expense | 6,612.5 | 6,597.9 | 27,559.7 | 26,914.0 | ||||||||||||
Income (Loss) Before Federal Income Tax | (1,435.7 | ) | 3,014.7 | 7,216.4 | 12,391.5 | |||||||||||
Federal income tax | (685.8 | ) | 817.6 | 1,634.8 | 3,419.9 | |||||||||||
Net Income (Loss) | $ | (749.9 | ) | $ | 2,197.1 | $ | 5,581.6 | $ | 8,971.5 | |||||||
Basic and diluted earnings (loss) per share | $ | (0.15 | ) | $ | 0.42 | $ | 1.06 | $ | 1.69 |
(Earnings per share restated to reflect 2007 stock dividend)
6
United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Quarter to Date | ||||||||||||||||
December 31, | Change | |||||||||||||||
2007 | 2006 | Amount | Percentage | |||||||||||||
Financial Summary | ||||||||||||||||
Interest Income | $ | 13,077.9 | $ | 12,373.5 | $ | 704.4 | 5.7 | % | ||||||||
Interest Expense | 5,666.6 | 4,950.1 | 716.5 | 14.5 | % | |||||||||||
Net Interest Income | 7,411.3 | 7,423.4 | (12.1 | ) | -0.2 | % | ||||||||||
Provision for loan losses | 5,801.0 | 921.3 | 4,879.7 | 529.6 | % | |||||||||||
Non-interest income | 3,566.5 | 3,110.5 | 456.0 | 14.7 | % | |||||||||||
Non-interest expense | 6,612.5 | 6,597.9 | 14.6 | 0.2 | % | |||||||||||
Income (loss) before taxes | (1,435.7 | ) | 3,014.7 | (4,450.4 | ) | -147.6 | % | |||||||||
Federal income tax | (685.8 | ) | 817.6 | (1,503.4 | ) | -183.9 | % | |||||||||
Net income (loss) | $ | (749.9 | ) | $ | 2,197.1 | $ | (2,947.0 | ) | -134.1 | % | ||||||
Performance Ratios | ||||||||||||||||
Return on average assets (annualized) | -0.37 | % | 1.18 | % | -1.55 | % | -131.4 | % | ||||||||
Return on average equity (annualized) | -3.97 | % | 11.85 | % | -15.82 | % | -133.5 | % | ||||||||
Net interest margin (tax equivalent) | 4.06 | % | 4.39 | % | -0.32 | % | -7.4 | % | ||||||||
Efficiency ratio | 59.0 | % | 61.2 | % | -2.22 | % | 3.6 | % | ||||||||
Balance Sheet Data | ||||||||||||||||
Average earning assets | 758,261 | 703,339 | 54,922 | 7.8 | % | |||||||||||
Total loans | 650,300 | 601,763 | 48,537 | 8.1 | % | |||||||||||
Allowance for loan loss | 12,306 | 7,849 | 4,457 | 56.8 | % | |||||||||||
Average loans | 650,606 | 592,948 | 57,658 | 9.7 | % | |||||||||||
Total deposits | 671,537 | 628,002 | 43,535 | 6.9 | % | |||||||||||
Average deposits | 665,498 | 618,066 | 47,432 | 7.7 | % | |||||||||||
Total assets | 795,687 | 750,989 | 44,698 | 6.0 | % | |||||||||||
Average assets | 797,472 | 741,678 | 55,794 | 7.5 | % | |||||||||||
Asset Quality | ||||||||||||||||
Net charge offs | 1,211 | 66 | 1,145 | 1730.9 | % | |||||||||||
Non-accrual loans | 13,695 | 5,427 | 8,268 | 152.4 | % | |||||||||||
Non-performing loans | 15,150 | 6,282 | 8,868 | 141.2 | % | |||||||||||
Loans over 90 days past due/total loans | 0.22 | % | 0.14 | % | 0.08 | % | 57.4 | % | ||||||||
Nonperforming loans/total loans | 2.33 | % | 1.04 | % | 1.29 | % | 123.2 | % | ||||||||
Allowance for loan loss/total loans | 1.89 | % | 1.30 | % | 0.59 | % | 45.1 | % | ||||||||
Allowance for loan loss/nonperforming loans | 81.2 | % | 124.9 | % | -43.7 | % | -35.0 | % | ||||||||
Other real estate owned | 2,253 | 1,063 | 1,190 | 111.9 | % | |||||||||||
Stock Performance | ||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||
Basic and diluted | $ | (0.15 | ) | $ | 0.42 | $ | (0.56 | ) | -134.9 | % | ||||||
Market Value: | ||||||||||||||||
High | $ | 22.00 | $ | 22.50 | $ | (0.50 | ) | -2.2 | % | |||||||
Low | $ | 17.00 | $ | 22.00 | $ | (5.00 | ) | -22.7 | % | |||||||
Close | $ | 17.00 | $ | 22.50 | $ | (5.50 | ) | -24.4 | % | |||||||
Shares outstanding | 5,092,230 | 5,247,432 | (155,202 | ) | -3.0 | % | ||||||||||
Dividends/share | $ | 0.20 | $ | 0.19 | $ | 0.01 | 5.3 | % | ||||||||
Dividend payout ratio | 137.9 | % | 45.8 | % | 92.15 | % | 201.3 | % | ||||||||
Price/Earnings ratio (prior 12 months) | 16.1 | x | 13.3 | x | 2.8 | x | 21.2 | % | ||||||||
Selling price/Book | 118.6 | % | 158.4 | % | -39.8 | % | -25.1 | % | ||||||||
Book Value per share | $ | 14.33 | $ | 14.20 | $ | 0.12 | 0.9 | % |
All per-share data is restated to reflect 100% stock dividend in 2007
7
United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Year to Date | ||||||||||||||||
December 31, | Change | |||||||||||||||
2007 | 2006 | Amount | Percentage | |||||||||||||
Financial Summary | ||||||||||||||||
Interest Income | $ | 51,634.1 | $ | 47,055.7 | $ | 4,578.3 | 9.7 | % | ||||||||
Interest Expense | 21,872.9 | 17,802.1 | 4,070.8 | 22.9 | % | |||||||||||
Net Interest Income | 29,761.2 | 29,253.6 | 507.6 | 1.7 | % | |||||||||||
Provision for loan losses | 8,637.2 | 2,123.0 | 6,514.2 | 306.8 | % | |||||||||||
Non-interest income | 13,652.1 | 12,174.9 | 1,477.2 | 12.1 | % | |||||||||||
Non-interest expense | 27,559.7 | 26,914.0 | 645.7 | 2.4 | % | |||||||||||
Income before taxes | 7,216.4 | 12,391.5 | (5,175.1 | ) | ||||||||||||
Federal income tax | 1,634.8 | 3,419.9 | (1,785.1 | ) | -52.2 | % | ||||||||||
Net income | $ | 5,581.6 | $ | 8,971.5 | $ | (3,390.0 | ) | -37.8 | % | |||||||
Performance Ratios | ||||||||||||||||
Return on average assets (annualized) | 0.72 | % | 1.23 | % | -0.51 | % | -41.46 | % | ||||||||
Return on average equity (annualized) | 7.44 | % | 12.62 | % | -5.18 | % | -41.05 | % | ||||||||
Net interest margin (tax equivalent) | 4.21 | % | 4.44 | % | -0.23 | % | -5.15 | % | ||||||||
Efficiency ratio | 62.1 | % | 63.5 | % | -1.4 | % | 2.27 | % | ||||||||
Balance Sheet Data | ||||||||||||||||
Average earning assets | 741,133 | 689,384 | 51,749 | 7.5 | % | |||||||||||
Total loans | 650,300 | 601,763 | 48,537 | 8.1 | % | |||||||||||
Allowance for loan loss | 12,306 | 7,849 | 4,457 | 56.8 | % | |||||||||||
Average loans | 633,855 | 574,709 | 59,147 | 10.3 | % | |||||||||||
Total deposits | 671,537 | 628,002 | 43,535 | 6.9 | % | |||||||||||
Average deposits | 647,342 | 615,914 | 31,428 | 5.1 | % | |||||||||||
Total assets | 795,687 | 750,989 | 44,698 | 6.0 | % | |||||||||||
Average assets | 777,243 | 729,967 | 47,276 | 6.5 | % | |||||||||||
Asset Quality | ||||||||||||||||
Net charge offs | 4,182 | 635 | 3,547 | 558.6 | % | |||||||||||
Non-accrual loans | 13,695 | 5,427 | 8,268 | 152.4 | % | |||||||||||
Non-performing loans | 15,150 | 6,282 | 8,868 | 141.2 | % | |||||||||||
Loans over 90 days past due/total loans | 0.22 | % | 0.14 | % | 0.08 | % | 57.4 | % | ||||||||
Nonperforming loans/total loans | 2.33 | % | 1.04 | % | 1.29 | % | 123.2 | % | ||||||||
Allowance for loan loss/total loans | 1.89 | % | 1.30 | % | 0.59 | % | 45.1 | % | ||||||||
Allowance for loan loss/nonperforming loans | 81.2 | % | 124.9 | % | -43.7 | % | -35.0 | % | ||||||||
Stock Performance | ||||||||||||||||
Earnings per share: | ||||||||||||||||
Basic and diluted | $ | 1.06 | $ | 1.69 | $ | (0.63 | ) | -37.1 | % | |||||||
Market Value: | ||||||||||||||||
High | $ | 24.00 | $ | 29.31 | $ | (5.31 | ) | -18.1 | % | |||||||
Low | $ | 17.00 | $ | 21.39 | $ | (4.39 | ) | -20.5 | % | |||||||
Close | $ | 17.00 | $ | 22.50 | $ | (5.50 | ) | -24.4 | % | |||||||
Shares outstanding | 5,092,230 | 5,247,432 | (155,202 | ) | -3.0 | % | ||||||||||
Dividends/share | $ | 0.79 | $ | 0.73 | $ | 0.06 | 8.7 | % | ||||||||
Dividend payout ratio | 74.3 | % | 43.0 | % | 31.30 | % | 72.8 | % | ||||||||
Price/Earnings ratio (prior 12 months) | 16.1 | x | 13.3 | x | 2.8 | x | 21.2 | % | ||||||||
Selling price/Book | 118.6 | % | 158.4 | % | -39.8 | % | -25.1 | % | ||||||||
Book Value per share | $ | 14.33 | $ | 14.20 | $ | 0.12 | 0.9 | % |
All per-share data is restated to reflect 100% stock dividend in 2007
8
United Bancorp, Inc. and Subsidiaries
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Financial Summary & Selected Ratios (Unaudited)
(Dollars in thousands except per share data)
Quarter Ended | ||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
2007 | 2007 | 2007 | 2007 | 2006 | ||||||||||||||||
Financial Summary | ||||||||||||||||||||
Interest Income | $ | 13,077.9 | 13,322.4 | 12,880.3 | 12,353.5 | 12,373.5 | ||||||||||||||
Interest Expense | 5,666.6 | 5,742.4 | 5,402.4 | 5,061.5 | 4,950.1 | |||||||||||||||
Net Interest Income | 7,411.3 | 7,580.0 | 7,477.9 | 7,292.0 | 7,423.4 | |||||||||||||||
Provision for loan losses | 5,801.0 | 617.5 | 710.0 | 1,508.7 | 921.3 | |||||||||||||||
Non-interest income | 3,566.5 | 3,538.2 | 3,338.3 | 3,209.1 | 3,110.5 | |||||||||||||||
Non-interest expense | 6,612.5 | 7,267.0 | 6,990.4 | 6,689.7 | 6,597.9 | |||||||||||||||
Income (loss) before taxes | (1,435.7 | ) | 3,233.7 | 3,115.7 | 2,302.7 | 3,014.7 | ||||||||||||||
Federal income tax | (685.8 | ) | 895.4 | 848.6 | 576.7 | 817.6 | ||||||||||||||
Net income (loss) | $ | (749.9 | ) | $ | 2,338.3 | $ | 2,267.2 | $ | 1,726.0 | $ | 2,197.1 | |||||||||
Performance Ratios | ||||||||||||||||||||
Return on average assets (annualized) | -0.37 | % | 1.18 | % | 1.18 | % | 0.92 | % | 1.18 | % | ||||||||||
Return on average equity (annualized) | -3.97 | % | 12.32 | % | 12.11 | % | 9.35 | % | 11.85 | % | ||||||||||
Net interest margin (tax equivalent) | 4.06 | % | 4.21 | % | 4.29 | % | 4.30 | % | 4.39 | % | ||||||||||
Efficiency ratio | 59.0 | % | 64.0 | % | 63.2 | % | 62.3 | % | 61.2 | % | ||||||||||
Balance Sheet Data | ||||||||||||||||||||
Average earning assets | 758,261 | 748,878 | 733,693 | 720,664 | 703,339 | |||||||||||||||
Total loans | 650,300 | 652,511 | 640,065 | 615,104 | 601,763 | |||||||||||||||
Allowance for loan loss | 12,306 | 7,714 | 7,561 | 9,229 | 7,849 | |||||||||||||||
Average loans | 650,606 | 648,026 | 630,439 | 605,872 | 592,948 | |||||||||||||||
Total deposits | 671,537 | 658,660 | 656,866 | 636,413 | 628,002 | |||||||||||||||
Average deposits | 665,498 | 654,216 | 636,702 | 632,500 | 618,066 | |||||||||||||||
Total assets | 795,687 | 788,297 | 781,640 | 760,473 | 750,989 | |||||||||||||||
Average assets | 797,472 | 784,135 | 768,165 | 758,816 | 741,678 | |||||||||||||||
Asset Quality | ||||||||||||||||||||
Net charge offs | 1,211 | 464 | 2,379 | 128 | 66 | |||||||||||||||
Non-accrual loans | 13,695 | 7,467 | 7,261 | 10,629 | 5,427 | |||||||||||||||
Non-performing loans | 15,150 | 8,999 | 7,514 | 10,855 | 6,282 | |||||||||||||||
Non-performing assets | 17,415 | 10,978 | 8,672 | 11,966 | 7,360 | |||||||||||||||
Loans over 90 days past due/total loans | 0.22 | % | 0.23 | % | 0.04 | % | 0.04 | % | 0.14 | % | ||||||||||
Nonperforming loans/total loans | 2.33 | % | 1.38 | % | 1.17 | % | 1.76 | % | 1.04 | % | ||||||||||
ALL/total loans | 1.89 | % | 1.18 | % | 1.18 | % | 1.50 | % | 1.30 | % | ||||||||||
ALL/nonperforming loans | 81.2 | % | 85.7 | % | 100.6 | % | 85.0 | % | 124.9 | % | ||||||||||
Stock Performance | ||||||||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic and diluted | $ | (0.15 | ) | $ | 0.45 | $ | 0.43 | $ | 0.33 | $ | 0.42 | |||||||||
Market Value: | ||||||||||||||||||||
High | $ | 22.00 | $ | 22.50 | $ | 24.00 | $ | 23.50 | $ | 22.50 | ||||||||||
Low | $ | 17.00 | $ | 20.20 | $ | 21.75 | $ | 21.88 | $ | 22.00 | ||||||||||
Close | $ | 17.00 | $ | 20.75 | $ | 21.75 | $ | 22.05 | $ | 22.50 | ||||||||||
Shares outstanding | 5,092,230 | 5,133,444 | 5,216,770 | 5,242,572 | 5,247,432 | |||||||||||||||
Dividends/share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.19 | $ | 0.19 | ||||||||||
Dividend payout ratio | 137.9 | % | 44.4 | % | 46.6 | % | 58.5 | % | 45.8 | % | ||||||||||
Price/Earnings ratio (prior 12 months) | 16.1 | x | 12.9 | x | 13.4 | x | 13.7 | x | 13.3 | x | ||||||||||
Selling price/Book | 118.6 | % | 141.1 | % | 150.3 | % | 153.6 | % | 158.5 | % | ||||||||||
Book Value per share | $ | 14.33 | $ | 14.71 | $ | 14.47 | $ | 14.36 | $ | 14.20 |
All per-share data is restated to reflect 100% stock dividend in 2007
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