Exhibit 99.1
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| Shareholder Relations | | NEWS RELEASE |
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| 288 Union Street, Rockland, MA 02370 | | Contact: |
Chris Oddleifson
President and
Chief Executive Officer
(781) 982-6660
Denis K. Sheahan
Chief Financial Officer
(781) 982-6341
INDEPENDENT BANK CORP. REPORTS 2005 EARNINGS AND ANNOUNCES STOCK REPURCHASE PROGRAM
Rockland, Massachusetts (January 19, 2006). Independent Bank Corp., (NASDAQ: INDB), parent of Rockland Trust Company, today announced that net income for the quarter ended December 31, 2005 was $8.6 million, a decrease of (6.7%) from the $9.2 million reported in the fourth quarter of 2004. The decrease in earnings from the comparative quarter is primarily attributable to a $1.8 million gain on the sale of a branch that was recognized in the last quarter of 2004. On a per diluted share basis, net income for the quarter was $0.55, a decrease of $0.04 when compared to $0.59 for the quarter ended December 31, 2004. For the twelve months ended December 31, 2005, net income was $33.2 million, an increase of 7.9% from $30.8 million reported in 2004. On a per diluted share basis, 2005 net income was $2.14, an increase of $0.11 when compared to 2004 net income of $2.03.
Comparing the three months ending December 31, 2005 to the same period in 2004 net interest income increased $529,000, or 2.0%, while net interest income for the twelve months ended December 31, 2005 increased $8.0 million, or 8.2% from the same period in 2004. The net interest margin was 3.92% and 3.88% for the three and twelve months ended December 31, 2005, respectively, as compared to 3.96% and 3.95%1 for the three and twelve months ended December 31, 2004, respectively.
Non-interest income decreased by $1.2 million, or (15.1%), and by $1.2 million, or (4.3%), during the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in 2004. Excluding the aforementioned branch sale
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gain of $1.8 million which was recognized in the quarter ended December 31, 2004, the Company experienced growth in non-interest income of $558,000, or 9.0% comparing the three months ended December 31, 2005 to the same period in 2004. Excluding the $1.8 million branch sale gain and $1.5 million of net security gains recognized during 2004 and $616,000 of net security sales gains recognized during 2005, non-interest income grew by $1.4 million, or 5.5%, for the year ended December 31, 2005 when compared to the prior year. See table below for reconciliation of non-interest income as adjusted.
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| | | Three Months Ended | | | Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2005 | | | 2004 | | | 2005 | | | 2004 | |
Non-Interest Income GAAP | | $ | 6,751 | | | $ | 7,949 | | | $ | 27,150 | | | $ | 28,355 | |
| Less: Net Gain on Sale of Securities | | | — | | | | — | | | | 616 | | | | 1,458 | |
| Less: Gain on Branch Sale | | | — | | | | 1,756 | | | | — | | | | 1,756 | |
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Non-Interest Income as Adjusted | | $ | 6,751 | | | $ | 6,193 | | | $ | 26,534 | | | $ | 25,141 | |
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The Company also experienced increases in deposit service charges, investment management, and mortgage banking revenue.
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| Ø | | Service charges on deposit accounts increased by $288,000, or 9.0%, and by $758,000, or 6.1%, for the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in 2004, reflecting growth in core deposits and increased service charges on overdrafts and return check charges implemented in August of 2005. |
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| Ø | | Investment management income increased by $140,000, or 12.2%, and $604,000, or 12.9%, for the three and twelve months ended December 31, 2005, respectively, compared to the same periods in 2004 due to growth in managed assets. Assets under administration at December 31, 2005 were $680.1 million an increase of $116.1 million, or 20.6% as compared to December 31, 2004. |
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| Ø | | Mortgage banking income increased by $112,000, or 24.2%, and by $392,000, or 14.2%, for the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in 2004 as a result of selling a higher percentage of loan production and changes in market rates favorably impacting servicing asset amortization. The balance of the mortgage servicing asset is $2.9 million and loans serviced amounted to $336.5 million as of December 31, 2005. |
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| Ø | | There were no gains on sale of securities in the fourth quarter of 2005 or 2004. For the twelve months ended December 31, 2005 the gain on sales of securities totaled $616,000 a decrease of $842,000, or (57.8%), from the $1.5 million recorded in 2004. |
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| Ø | | Other non-interest income increased by $60,000, or 6.9%, and decreased by $290,000, or (8.4%), for the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in 2004. The |
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| | | decrease in the twelve month comparison is primarily due to a decrease in commercial loan prepayment fees. |
Non-interest expense decreased by $658,000, or (3.2%), and increased by $2.8 million, or 3.6%, for the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in 2004.
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| Ø | | Salaries and employee benefits decreased by $589,000, or (4.6%), and increased by $3.0 million, or 6.7%, for the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in 2004. The decrease from the comparative quarter is largely the result of performance based incentive compensation accrued in the fourth quarter of 2004. The year-over-year increase is the result of annual merit increases for employees, select additions to staff to support strategic initiatives, severance expense due to position eliminations of $333,000 recognized during the quarter ended December 31, 2005, an annual increase in performance based incentive compensation of $399,000 as well as increases in pension costs of $634,000 and medical insurance of $303,000. |
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| Ø | | Occupancy and equipment related expense increased by $301,000, or 13.1%, and by $1.2 million, or 13.2% for the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in 2004. The increase in this expense is primarily driven by facilities rent associated with the Falmouth Bancorp, Inc. acquisition which closed in mid 2004, closed branch lease buyout expense and the accelerated write-off of assets associated with these branch closings, twode novo branches, and increased depreciation expense related to a new phone system installed in 2004. Snow removal cost also increased by $165,000 on a year-over-year basis due to the inclement weather experienced in early 2005. |
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| Ø | | Data processing and facilities management expense has decreased $17,000 or (1.6%), and $383,000, or (8.6%), for the three and twelve months ended December 31, 2005, respectively, compared to the same periods in 2004, as a result of a new data processing contract finalized in the latter part of 2004. |
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| Ø | | Merger and acquisition expense of $684,000 related to the purchase of Falmouth Bancorp was recognized in the twelve months ended December 31, 2004. No merger and acquisition expense was recognized in 2005. |
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| Ø | | Other non-interest expenses decreased by $353,000, or (7.5%), and by $321,000, or (1.7%), for the three and twelve months ended December 31, 2005, respectively, as compared to the same periods in the prior year. The decrease in other non-interest expenses for the three month period is primarily attributable to decreases in consultant fees of $359,000, computer software depreciation of $146,000, business development fees of $62,000 and contract labor expense of $58,000. Those decreases |
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| | | were offset by a software maintenance increase of $260,000. The decrease in the twelve month period is due to lower consultant fees of $906,000, an advertising expense decrease of $488,000, a telephone expense decrease of $392,000, and a $325,000 decrease in business development fees. These charges were offset by increases in software maintenance fees of $564,000, ATM and debit card services of $316,000 related primarily to conversion charges, and internet banking expense of $215,000. |
Total assets increased by $97.8 million, or 3.3%, from December 31, 2004 to $3.0 billion at December 31, 2005. Management is focusing on earning asset growth in the high value segments of commercial lending and variable rate home equity lines of credit, while placing less emphasis on indirect auto and portfolio residential lending and the securities portfolio. While this strategy has slowed balance sheet growth, management believes it is prudent in the current interest rate environment.
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| Ø | | Securities decreased by $101.6 million, or (12.4%), during the twelve months ending December 31, 2005. This resulted mainly from the sale of $62.9 million in longer duration securities for the twelve months ended December 31, 2005, of which $53.3 million was sold in the second quarter of 2005 and $9.6 was sold in the first quarter of 2005, in addition to a decision not to purchase securities in the current rate environment. The ratio of securities to total assets as of December 31, 2005 was 23.6% as compared to 27.8% at December 31, 2004. |
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| Ø | | Total loans increased by $124.5 million, or 6.5%, during the twelve months ended December 31, 2005. Commercial loans increased by $82.8 million, or 9.2%. Consumer loans increased $38.1 million, or 7.2%, primarily due to growth in variable home equity lines of credit. The consumer — auto loan portfolio decreased by $20.8 million, or (7.3%), during the twelve months as production in this segment of the loan portfolio was de-emphasized due to narrowing spreads. Business banking loans totaled $51.4 million, representing growth of 17.6% and residential loans decreased $4.1 million, or (0.9%), during the twelve months of 2005. On a linked quarter basis the loan portfolio was essentially flat. Growth came from the commercial lending portfolio with modest growth in the variable rate residential real estate portfolio and in the home equity portfolio. |
Total deposits of $2.2 billion at December 31, 2005 increased $145.3 million, or 7.1%, compared to December 31, 2004. The Company experienced growth in core deposits of $65.4 million, or 4.1%. Time deposits increased by $79.9 million, or 17.8%, due to promotional certificate offerings. On a linked quarter basis deposits grew by 1.5%. While core consumer households have grown at an annualized rate of 8% during 2005, aggressive competition in the retail and municipal deposit businesses have offset core consumer household growth. Borrowings decreased by $67.4 million, or (10.3%), during the twelve months ended December 31, 2005.
Stockholders’ equity at December 31, 2005 totaled $228.2 million, as compared to $210.7 million at December 31, 2004. The Tier 1 leverage capital ratio at December 31, 2005 was 7.71%, maintaining the Company’s well-capitalized position.
Nonperforming assets totaled $3.3 million at December 31, 2005 (0.11% of total assets), as compared to $2.7 million (0.09% of total assets) reported at December 31,
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2004. The allowance for loan losses increased to $26.6 million at December 31, 2005 compared to $25.2 million at December 31, 2004. The Company’s allowance for loan losses covered nonperforming loans 8.0 times at December 31, 2005 compared to 9.3 times coverage at December 31, 2004. The provision for loan losses increased by $1.2 million, or 38.3%, for fiscal year 2005 as compared to 2004 commensurate with loan growth. The Company maintained an allowance to loan ratio of 1.31% at December 31, 2005. The Company’s net charge-offs increased in the second half of 2005 primarily due to the change in the bankruptcy law. Net charge-offs in the fourth quarter of 2005 and full year 2005 amounted to $886,000 and $2.7 million, respectively, equating to 0.18% and 0.14% of average loans respectively.
Today the Company’s Board of Directors approved a common stock repurchase program. Under the program, which is effective immediately, the Company is authorized to repurchase up to 800,000 shares, or approximately 5% of the Company’s outstanding common stock. The Company placed no deadline on the repurchase program, but expects to make open market or privately negotiated purchases from time to time. The timing and amount of stock repurchases will depend upon market conditions, securities law limitations, and other corporate considerations. The repurchase program may be modified, suspended, or terminated by the Board of Directors at any time.
Chris Oddleifson, President and Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company, stated that; “I am pleased with our 2005 results. Our focus on the creation of long-term shareholder value through the origination of high value earning assets and the execution of our strategic initiatives have resulted in the solid earnings results experienced in 2005 and will contribute to quality earnings growth in future periods.”
Christopher Oddleifson, President and Chief Executive Officer, and Denis K. Sheahan, Chief Financial Officer, of Independent Bank Corp., will host a conference call to discuss fourth quarter earnings at 10:00 a.m. Eastern Time on Friday, January 20, 2006. Internet access to the call is available on the Company’s website at http://www.RocklandTrust.com or by telephonic access by dial-in at 1-877-407-9205 reference: INDB. A replay of the call will be available until 11:59 p.m. on January 25, 2006 by calling 1-877-660-6853 Account Number: 286, Conference ID: 184030. The webcast replay will be available until April 20, 2006.
Independent Bank Corp.’s sole bank subsidiary, Rockland Trust Company, currently has $3.0 billion in assets. Rockland Trust Company is a full-service community bank serving southeastern Massachusetts and Cape Cod. To find out more about the products and services available at Rockland Trust Company, please visit our website atwww.RocklandTrust.com.
This press release contains certain “forward-looking statements” with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.
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This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s management uses these non-GAAP measures in its analysis of the Company’s performance. These non-GAAP measures may exclude significant gains or losses that are unusual in nature, such as securities gains. These disclosures should not be viewed as substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Footnote:
1. A contributing factor for the variance in the net interest margin between the twelve months ended December 31, 2005 and December 31, 2004 was the implementation, during the first quarter of 2004, of FIN 46R: Financial Accounting Standards Board (“FASB”) Interpretation (“FIN”) No. 46 Revised, “Consolidation of Variable Interest Entities — an Interpretation of Accounting Research Bulletin No. 51”. FIN 46R addresses limited purpose trusts formed to issue trust preferred securities. FIN 46R required the Company to deconsolidate its two subsidiary trusts (Independent Capital Trust III and Independent Capital Trust IV) on March 31, 2004. The result of deconsolidating these subsidiary trusts is that trust preferred securities of the trusts, which were classified between liabilities and equity on the balance sheet (mezzanine section), no longer appear on the consolidated balance sheet of the Company. The related minority interest expense also is no longer included in the consolidated statement of income. Due to FIN 46R, the junior subordinated debentures of the parent company that were previously eliminated in consolidation are now included on the consolidated balance sheet within total borrowings. The interest expense on the junior subordinated debentures is included in the calculation of net interest margin of the consolidated company, negatively impacting the net interest margin by approximately 0.16% and 0.13% for the twelve months ending December 31, 2005 and 2004, respectively, on an annualized basis. There is no impact on net income as the amount of interest previously recognized as minority interest is equal to the amount of interest expense that is recognized currently in the net interest margin offset by the dividend income on the subsidiary trusts common stock recognized in other non-interest income.
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INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited — Dollars in Thousands)
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| CONSOLIDATED BALANCE SHEETS | | December 31, | | | December 31, | | | $ | | | % | | | September 30, | | | QTD $ | | | % | |
| | | 2005 | | | 2004 | | | Variance | | | Change | | | 2005 | | | Variance | | | Change | |
| Assets | | |
| Cash and Due From Banks | | $ | 66,289 | | | $ | 62,961 | | | | 3,328 | | | | 5.29 | % | | $ | 71,487 | | | | (5,198 | ) | | | -7.27 | % |
| Fed Funds Sold and Short Term Investments | | | 63,662 | | | | 2,735 | | | | 60,927 | | | | 2227.68 | % | | | 1,203 | | | | 62,459 | | | | 5191.94 | % |
| Securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Trading Assets | | | 1,557 | | | | 1,572 | | | | (15 | ) | | | -0.95 | % | | | 1,556 | | | | 1 | | | | 0.06 | % |
| Securities Available for Sale | | | 581,516 | | | | 680,286 | | | | (98,770 | ) | | | -14.52 | % | | | 604,878 | | | | (23,362 | ) | | | -3.86 | % |
| Securities Held to Maturity | | | 104,268 | | | | 107,967 | | | | (3,699 | ) | | | -3.43 | % | | | 104,831 | | | | (563 | ) | | | -0.54 | % |
| Federal Home Loan Bank Stock | | | 29,287 | | | | 28,413 | | | | 874 | | | | 3.08 | % | | | 29,287 | | | | 0 | | | | 0.00 | % |
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| Total Securities | | | 716,628 | | | | 818,238 | | | | (101,610 | ) | | | -12.42 | % | | | 740,552 | | | | (23,924 | ) | | | -3.23 | % |
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| Loans | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Commercial and Industrial | | | 155,081 | | | | 156,260 | | | | (1,179 | ) | | | -0.75 | % | | | 163,276 | | | | (8,195 | ) | | | -5.02 | % |
| Commercial Real Estate | | | 683,240 | | | | 613,300 | | | | 69,940 | | | | 11.40 | % | | | 662,383 | | | | 20,857 | | | | 3.15 | % |
| Commercial Construction | | | 140,643 | | | | 126,632 | | | | 14,011 | | | | 11.06 | % | | | 127,936 | | | | 12,707 | | | | 9.93 | % |
| Business Banking | | | 51,373 | | | | 43,673 | | | | 7,700 | | | | 17.63 | % | | | 50,080 | | | | 1,293 | | | | 2.58 | % |
| Residential Real Estate | | | 428,343 | | | | 427,556 | | | | 787 | | | | 0.18 | % | | | 419,713 | | | | 8,630 | | | | 2.06 | % |
| Residential Construction | | | 8,316 | | | | 7,316 | | | | 1,000 | | | | 13.67 | % | | | 11,392 | | | | (3,076 | ) | | | -27.00 | % |
| Residential Loans Held for Sale | | | 5,021 | | | | 10,933 | | | | (5,912 | ) | | | -54.07 | % | | | 7,216 | | | | (2,195 | ) | | | -30.42 | % |
| Consumer — Home Equity | | | 251,852 | | | | 194,647 | | | | 57,205 | | | | 29.39 | % | | | 245,293 | | | | 6,559 | | | | 2.67 | % |
| Consumer — Auto | | | 263,179 | | | | 283,964 | | | | (20,785 | ) | | | -7.32 | % | | | 275,776 | | | | (12,597 | ) | | | -4.57 | % |
| Consumer — Other | | | 53,760 | | | | 52,077 | | | | 1,683 | | | | 3.23 | % | | | 56,055 | | | | (2,295 | ) | | | -4.09 | % |
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| Total Loans | | | 2,040,808 | | | | 1,916,358 | | | | 124,450 | | | | 6.49 | % | | | 2,019,120 | | | | 21,688 | | | | 1.07 | % |
| Less — Allowance for Loan Losses | | | (26,639 | ) | | | (25,197 | ) | | | (1,442 | ) | | | 5.72 | % | | | (26,455 | ) | | | (184 | ) | | | 0.70 | % |
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| Net Loans | | | 2,014,169 | | | | 1,891,161 | | | | 123,008 | | | | 6.50 | % | | | 1,992,665 | | | | 21,504 | | | | 1.08 | % |
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| Bank Premises and Equipment | | | 37,431 | | | | 36,449 | | | | 982 | | | | 2.69 | % | | | 36,670 | | | | 761 | | | | 2.08 | % |
| Goodwill and Core Deposit Intangible | | | 56,858 | | | | 57,288 | | | | (430 | ) | | | -0.75 | % | | | 56,939 | | | | (81 | ) | | | -0.14 | % |
| Other Assets | | | 86,648 | | | | 75,094 | | | | 11,554 | | | | 15.39 | % | | | 84,107 | | | | 2,541 | | | | 3.02 | % |
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| Total Assets | | $ | 3,041,685 | | | $ | 2,943,926 | | | | 97,759 | | | | 3.32 | % | | $ | 2,983,623 | | | | 58,062 | | | | 1.95 | % |
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Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Demand Deposits | | $ | 511,920 | | | $ | 495,500 | | | | 16,420 | | | | 3.31 | % | | $ | 529,820 | | | | (17,900 | ) | | | -3.38 | % |
| Savings and Interest Checking Accounts | | | 613,840 | | | | 614,481 | | | | (641 | ) | | | -0.10 | % | | | 617,437 | | | | (3,597 | ) | | | -0.58 | % |
| Money Market | | | 550,677 | | | | 501,065 | | | | 49,612 | | | | 9.90 | % | | | 504,038 | | | | 46,639 | | | | 9.25 | % |
| Time Certificates of Deposit | | | 529,057 | | | | 449,189 | | | | 79,868 | | | | 17.78 | % | | | 521,195 | | | | 7,862 | | | | 1.51 | % |
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| Total Deposits | | | 2,205,494 | | | | 2,060,235 | | | | 145,259 | | | | 7.05 | % | | | 2,172,490 | | | | 33,004 | | | | 1.52 | % |
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| Federal Home Loan Bank Borrowings | | | 417,477 | | | | 537,919 | | | | (120,442 | ) | | | -22.39 | % | | | 423,505 | | | | (6,028 | ) | | | -1.42 | % |
| Fed Funds Purchased and Assets Sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Under Repurchase Agreements | | | 113,335 | | | | 61,533 | | | | 51,802 | | | | 84.19 | % | | | 90,349 | | | | 22,986 | | | | 25.44 | % |
| Junior Subordinated Debentures | | | 51,546 | | | | 51,546 | | | | 0 | | | | 0.00 | % | | | 51,546 | | | | — | | | | 0.00 | % |
| Treasury Tax and Loan Notes | | | 5,452 | | | | 4,163 | | | | 1,289 | | | | 30.96 | % | | | 1,443 | | | | 4,009 | | | | 277.82 | % |
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| Total Borrowings | | | 587,810 | | | | 655,161 | | | | (67,351 | ) | | | -10.28 | % | | | 566,843 | | | | 20,967 | | | | 3.70 | % |
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| Total Deposits and Borrowings | | | 2,793,304 | | | | 2,715,396 | | | | 77,908 | | | | 2.87 | % | | | 2,739,333 | | | | 53,971 | | | | 1.97 | % |
| Other Liabilities | | | 20,229 | | | | 17,787 | | | | 2,442 | | | | 13.73 | % | | | 20,985 | | | | (756 | ) | | | -3.60 | % |
| Stockholders’ Equity | | | 228,152 | | | | 210,743 | | | | 17,409 | | | | 8.26 | % | | | 223,305 | | | | 4,847 | | | | 2.17 | % |
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| Total Liabilities and Stockholders’ Equity | | $ | 3,041,685 | | | $ | 2,943,926 | | | | 97,759 | | | | 3.32 | % | | $ | 2,983,623 | | | | 58,062 | | | | 1.95 | % |
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INDEPENDENT BANK CORP. FINANCIAL SUMMARY
(Unaudited - Dollars in Thousands)
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| CONSOLIDATED STATEMENTS OF INCOME | | Three Months Ended | | | | | | | Twelve Months Ended | | | | |
| | | December 31, | | | Percent | | | December 31, | | | Percent | |
| | | 2005 | | | 2004 | | | Variance | | | Change | | | 2005 | | | 2004 | | | Variance | | | Change | |
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INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest on Fed Funds Sold and Short Term Investments | | $ | 378 | | | $ | 8 | | | | 370 | | | | 4625.00 | % | | $ | 515 | | | $ | 17 | | | | 498 | | | | 2929.41 | % |
| Interest and Dividends on Securities | | | 8,106 | | | | 8,968 | | | | (862 | ) | | | -9.61 | % | | | 33,905 | | | | 34,366 | | | | (461 | ) | | | -1.34 | % |
| Interest on Loans | | | 32,350 | | | | 27,480 | | | | 4,870 | | | | 17.72 | % | | | 121,241 | | | | 100,230 | | | | 21,011 | | | | 20.96 | % |
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| Total Interest Income | | | 40,834 | | | | 36,456 | | | | 4,378 | | | | 12.01 | % | | | 155,661 | | | | 134,613 | | | | 21,048 | | | | 15.64 | % |
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INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest on Deposits | | | 7,809 | | | | 4,833 | | | | 2,976 | | | | 61.58 | % | | | 25,758 | | | | 18,925 | | | | 6,833 | | | | 36.11 | % |
| Interest on Borrowed Funds | | | 6,114 | | | | 5,241 | | | | 873 | | | | 16.66 | % | | | 24,060 | | | | 17,872 | | | | 6,188 | | | | 34.62 | % |
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| Total Interest Expense | | | 13,923 | | | | 10,074 | | | | 3,849 | | | | 38.21 | % | | | 49,818 | | | | 36,797 | | | | 13,021 | | | | 35.39 | % |
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| Net Interest Income | | | 26,911 | | | | 26,382 | | | | 529 | | | | 2.01 | % | | | 105,843 | | | | 97,816 | | | | 8,027 | | | | 8.21 | % |
| Less — Provision for Loan Losses | | | 1,070 | | | | 769 | | | | 301 | | | | 39.14 | % | | | 4,175 | | | | 3,018 | | | | 1,157 | | | | 38.34 | % |
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| Net Interest Income after Provision for Loan Losses | | | 25,841 | | | | 25,613 | | | | 228 | | | | 0.89 | % | | | 101,668 | | | | 94,798 | | | | 6,870 | | | | 7.25 | % |
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NON-INTEREST INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Service Charges on Deposit Accounts | | | 3,492 | | | | 3,204 | | | | 288 | | | | 8.99 | % | | | 13,103 | | | | 12,345 | | | | 758 | | | | 6.14 | % |
| Investment Management Services Income | | | 1,288 | | | | 1,148 | | | | 140 | | | | 12.20 | % | | | 5,287 | | | | 4,683 | | | | 604 | | | | 12.90 | % |
| Mortgage Banking Income | | | 575 | | | | 463 | | | | 112 | | | | 24.19 | % | | | 3,155 | | | | 2,763 | | | | 392 | | | | 14.19 | % |
| BOLI Income | | | 472 | | | | 514 | | | | (42 | ) | | | -8.17 | % | | | 1,831 | | | | 1,902 | | | | (71 | ) | | | -3.73 | % |
| Net Gain on Sale of Securities | | | — | | | | — | | | | — | | | | 0.00 | % | | | 616 | | | | 1,458 | | | | (842 | ) | | | -57.75 | % |
| Gain on Branch Sale | | | — | | | | 1,756 | | | | (1,756 | ) | | | -100.00 | % | | | — | | | | 1,756 | | | | (1,756 | ) | | | -100.00 | % |
| Other Non-Interest Income | | | 924 | | | | 864 | | | | 60 | | | | 6.94 | % | | | 3,158 | | | | 3,448 | | | | (290 | ) | | | -8.41 | % |
| | | | | |
| Total Non-Interest Income | | | 6,751 | | | | 7,949 | | | | (1,198 | ) | | | -15.07 | % | | | 27,150 | | | | 28,355 | | | | (1,205 | ) | | | -4.25 | % |
| | | | | |
NON-INTEREST EXPENSE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Salaries and Employee Benefits | | | 12,154 | | | | 12,743 | | | | (589 | ) | | | -4.62 | % | | | 47,912 | | | | 44,899 | | | | 3,013 | | | | 6.71 | % |
| Occupancy and Equipment Expenses | | | 2,604 | | | | 2,303 | | | | 301 | | | | 13.07 | % | | | 10,070 | | | | 8,894 | | | | 1,176 | | | | 13.22 | % |
| Data Processing and Facilities Management | | | 1,068 | | | | 1,085 | | | | (17 | ) | | | -1.57 | % | | | 4,091 | | | | 4,474 | | | | (383 | ) | | | -8.56 | % |
| Merger and Acquisition Expense | | | — | | | | — | | | | — | | | | 0.00 | % | | | — | | | | 684 | | | | (684 | ) | | | -100.00 | % |
| Other Non-Interest Expense | | | 4,330 | | | | 4,683 | | | | (353 | ) | | | -7.54 | % | | | 18,419 | | | | 18,740 | | | | (321 | ) | | | -1.71 | % |
| | | | | |
| Total Non-Interest Expense | | | 20,156 | | | | 20,814 | | | | (658 | ) | | | -3.16 | % | | | 80,492 | | | | 77,691 | | | | 2,801 | | | | 3.61 | % |
| | | | | |
| Minority Interest | | | — | | | | — | | | | 0 | | | | 0.00 | % | | | — | | | | 1,072 | | | | (1,072 | ) | | | -100.00 | % |
| | | | | |
| INCOME BEFORE INCOME TAXES | | | 12,436 | | | | 12,748 | | | | (312 | ) | | | -2.45 | % | | | 48,326 | | | | 44,390 | | | | 3,936 | | | | 8.87 | % |
| | | | | |
| PROVISION FOR INCOME TAXES | | | 3,872 | | | | 3,565 | | | | 307 | | | | 8.61 | % | | | 15,121 | | | | 13,623 | | | | 1,498 | | | | 11.00 | % |
| | | | | |
| NET INCOME | | $ | 8,564 | | | $ | 9,183 | | | | (619 | ) | | | -6.74 | % | | $ | 33,205 | | | $ | 30,767 | | | | 2,438 | | | | 7.92 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BASIC EARNINGS PER SHARE | | $ | 0.56 | | | $ | 0.60 | | | | | | | | -6.67 | % | | $ | 2.16 | | | $ | 2.06 | | | | | | | | 4.85 | % |
| DILUTED EARNINGS PER SHARE | | $ | 0.55 | | | $ | 0.59 | | | | | | | | -6.78 | % | | $ | 2.14 | | | $ | 2.03 | | | | | | | | 5.42 | % |
| BASIC AVERAGE SHARES | | | 15,402,690 | | | | 15,311,051 | | | | | | | | 0.60 | % | | | 15,378,187 | | | | 14,963,155 | | | | | | | | 2.77 | % |
| DILUTED AVERAGE SHARES | | | 15,534,090 | | | | 15,531,126 | | | | | | | | 0.02 | % | | | 15,521,915 | | | | 15,154,428 | | | | | | | | 2.42 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
PERFORMANCE RATIOS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Interest Margin (FTE) | | | 3.92 | % | | | 3.96 | % | | | | | | | -1.01 | % | | | 3.88 | % | | | 3.95 | % | | | | | | | -1.77 | % |
| Return on Average Assets | | | 1.14 | % | | | 1.26 | % | | | | | | | -9.52 | % | | | 1.11 | % | | | 1.13 | % | | | | | | | -1.77 | % |
| Return on Average Equity | | | 15.17 | % | | | 17.69 | % | | | | | | | -14.25 | % | | | 15.10 | % | | | 16.27 | % | | | | | | | -7.19 | % |
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Three Months Ended December 31, |
| | | | | | | 2005 | 2004 |
| | | | | | | | | | | Interest | | | | | | | | | | | Interest | | | | |
| | | Ending | | | Average | | | Earned/ | | | Yield/ | | | Average | | | Earned/ | | | Yield/ | |
| | | Balance | | | Balance | | | Paid | | | Rate | | | Balance | | | Paid | | | Rate | |
| |
Interest-Earning Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Federal Funds Sold and Short Term | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | $ | 63,662 | | | $ | 37,445 | | | $ | 378 | | | | 4.04 | % | | $ | 1,630 | | | $ | 8 | | | | 1.96 | % |
| Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Trading Assets | | | 1,557 | | | | 1,556 | | | | 8 | | | | 2.06 | % | | | 1,494 | | | | 16 | | | | 4.28 | % |
| Taxable Investment Securities | | | 651,034 | | | | 663,568 | | | | 7,423 | | | | 4.47 | % | | | 748,175 | | | | 8,289 | | | | 4.43 | % |
| Non-taxable Investment Securities (1) | | | 64,037 | | | | 64,053 | | | | 1,038 | | | | 6.48 | % | | | 62,788 | | | | 1,020 | | | | 6.50 | % |
| | | | | | | | | | | |
| Total Securities: | | | 716,628 | | | | 729,177 | | | | 8,469 | | | | 4.65 | % | | | 812,457 | | | | 9,325 | | | | 4.59 | % |
| Loans (1) | | | 2,040,808 | | | | 2,028,820 | | | | 32,450 | | | | 6.40 | % | | | 1,898,874 | | | | 27,567 | | | | 5.81 | % |
| | | | | | | | | | | |
Total Interest-Earning Assets | | $ | 2,821,098 | | | $ | 2,795,442 | | | $ | 41,297 | | | | 5.91 | % | | $ | 2,712,961 | | | $ | 36,900 | | | | 5.44 | % |
| | | | | | | | | | | |
| Cash and Due from Banks | | | 66,289 | | | | 67,357 | | | | | | | | | | | | 70,701 | | | | | | | | | |
| Other Assets | | | 154,298 | | | | 149,964 | | | | | | | | | | | | 137,050 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 3,041,685 | | | $ | 3,012,763 | | | | | | | | | | | $ | 2,920,712 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Savings and Interest Checking Accounts | | $ | 613,840 | | | $ | 609,707 | | | $ | 1,005 | | | | 0.66 | % | | $ | 611,090 | | | $ | 691 | | | | 0.45 | % |
| Money Market | | | 550,677 | | | | 530,849 | | | | 2,953 | | | | 2.23 | % | | | 522,479 | | | | 1,761 | | | | 1.35 | % |
| Time Deposits | | | 529,057 | | | | 529,907 | | | | 3,851 | | | | 2.91 | % | | | 465,799 | | | | 2,381 | | | | 2.04 | % |
| | | | | | | | | | | |
| Total interest-bearing deposits: | | | 1,693,574 | | | | 1,670,463 | | | | 7,809 | | | | 1.87 | % | | | 1,599,368 | | | | 4,833 | | | | 1.21 | % |
| Borrowings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Federal Home Loan Bank Borrowings | | $ | 417,477 | | | $ | 419,572 | | | $ | 4,458 | | | | 4.25 | % | | $ | 458,475 | | | $ | 3,930 | | | | 3.43 | % |
| Federal Funds Purchased and Assets Sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Under Repurchase Agreement | | | 113,335 | | | | 98,388 | | | | 527 | | | | 2.14 | % | | | 69,150 | | | | 186 | | | | 1.08 | % |
| Junior Subordinated Debentures | | | 51,546 | | | | 51,546 | | | | 1,117 | | | | 8.67 | % | | | 51,546 | | | | 1,117 | | | | 8.67 | % |
| Treasury Tax and Loan Notes | | | 5,452 | | | | 1,471 | | | | 12 | | | | 3.26 | % | | | 3,230 | | | | 8 | | | | 0.99 | % |
| | | | | | | | |
| Total Borrowings: | | | 587,810 | | | | 570,977 | | | | 6,114 | | | | 4.28 | % | | | 582,401 | | | | 5,241 | | | | 3.60 | % |
| | | | | | | | | | | |
Total Interest-Bearing Liabilities | | $ | 2,281,384 | | | $ | 2,241,440 | | | $ | 13,923 | | | | 2.48 | % | | $ | 2,181,769 | | | $ | 10,074 | | | | 1.85 | % |
| | | | | | | | | | | |
| Demand Deposits | | | 511,920 | | | | 525,807 | | | | | | | | | | | | 514,194 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Liabilities | | | 20,229 | | | | 19,766 | | | | | | | | | | | | 17,144 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Liabilities | | $ | 2,813,533 | | | $ | 2,787,013 | | | | | | | | | | | $ | 2,713,107 | | | | | | | | | |
| Stockholders’ Equity | | | 228,152 | | | | 225,750 | | | | | | | | | | | | 207,605 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Stockholders’ Equity | | $ | 3,041,685 | | | $ | 3,012,763 | | | | | | | | | | | $ | 2,920,712 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Interest Income | | | | | | | | | | $ | 27,374 | | | | | | | | | | | $ | 26,826 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Rate Spread (2) | | | | | | | | | | | | | | | 3.43 | % | | | | | | | | | | | 3.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Interest Margin (2) | | | | | | | | | | | | | | | 3.92 | % | | | | | | | | | | | 3.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Deposits, including Demand Deposits | | $ | 2,205,494 | | | $ | 2,196,270 | | | $ | 7,809 | | | | | | | $ | 2,113,562 | | | $ | 4,833 | | | | | |
| Cost of Total Deposits | | | | | | | | | | | | | | | 1.42 | % | | | | | | | | | | | 0.91 | % |
| Total Funding Liabilities, including Demand Deposits | | $ | 2,793,304 | | | $ | 2,767,247 | | | $ | 13,923 | | | | | | | $ | 2,695,963 | | | $ | 10,074 | | | | | |
| Cost of Total Funding Liabilities | | | | | | | | | | | | | | | 2.01 | % | | | | | | | | | | | 1.49 | % |
| | |
| (1) | | The total amount of adjustment to present interest income and yield on a fully tax-equivalent
basis is $463 for the three months ended December 31, 2005 and $444 for the three months ended December 31, 2004. |
| |
| (2) | | Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the
weighted average cost of interest-bearing liabilities. Net interest margin represents annualized net interest income as a percentage of
average interest-earning assets. |
INDEPENDENT BANK CORP.
SUPPLEMENTAL FINANCIAL INFORMATION
CONSOLIDATED AVERAGE BALANCE SHEETS AND AVERAGE RATE DATA
(Unaudited — Dollars in Thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Twelve Months Ended December 31, |
| | | | | | | 2005 | 2004 |
| | | | | | | | | | | Interest | | | | | | | | | | | Interest | | | | |
| | | Ending | | | Average | | | Earned/ | | | Yield/ | | | Average | | | Earned/ | | | Yield/ | |
| | | Balance | | | Balance | | | Paid | | | Rate | | | Balance | | | Paid | | | Rate | |
| |
Interest-earning Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Federal Funds Sold and Short Term | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investments | | $ | 63,662 | | | $ | 14,023 | | | $ | 515 | | | | 3.67 | % | | $ | 750 | | | $ | 17 | | | | 2.27 | % |
| Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Trading Assets | | | 1,557 | | | | 1,548 | | | | 36 | | | | 2.33 | % | | | 1,507 | | | | 48 | | | | 3.19 | % |
| Taxable Investment Securities | | | 651,034 | | | | 708,043 | | | | 31,188 | | | | 4.40 | % | | | 712,663 | | | | 31,549 | | | | 4.43 | % |
| Non-taxable Investment Securities (1) | | | 64,037 | | | | 62,771 | | | | 4,126 | | | | 6.57 | % | | | 64,215 | | | | 4,261 | | | | 6.64 | % |
| | | | | | | | | | | |
| Total Securities: | | | 716,628 | | | | 772,362 | | | | 35,350 | | | | 4.58 | % | | | 778,385 | | | | 35,858 | | | | 4.61 | % |
| Loans (1) | | | 2,040,808 | | | | 1,987,591 | | | | 121,605 | | | | 6.12 | % | | | 1,743,844 | | | | 100,560 | | | | 5.77 | % |
| | | | | | | | | | | |
Total Interest-Earning Assets | | $ | 2,821,098 | | | $ | 2,773,976 | | | $ | 157,470 | | | | 5.68 | % | | $ | 2,522,979 | | | $ | 136,435 | | | | 5.41 | % |
| | | | | | | | | | | |
| Cash and Due from Banks | | | 66,289 | | | | 65,703 | | | | | | | | | | | | 68,024 | | | | | | | | | |
| Other Assets | | | 154,298 | | | | 144,747 | | | | | | | | | | | | 120,550 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 3,041,685 | | | $ | 2,984,426 | | | | | | | | | | | $ | 2,711,553 | | | $ | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Savings and Interest Checking Accounts | | $ | 613,840 | | | $ | 599,797 | | | | 3,037 | | | | 0.51 | % | | $ | 570,661 | | | $ | 2,800 | | | | 0.49 | % |
| Money Market | | | 550,677 | | | | 519,461 | | | | 9,549 | | | | 1.84 | % | | | 456,970 | | | | 5,871 | | | | 1.28 | % |
| Time Deposits | | | 529,057 | | | | 510,611 | | | | 13,172 | | | | 2.58 | % | | | 478,037 | | | | 10,254 | | | | 2.15 | % |
| | | | | | | | | | | |
| Total interest-bearing deposits: | | | 1,693,574 | | | | 1,629,869 | | | | 25,758 | | | | 1.58 | % | | | 1,505,668 | | | | 18,925 | | | | 1.26 | % |
| Borrowings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Federal Home Loan Bank borrowings | | $ | 417,477 | | | $ | 468,821 | | | $ | 18,162 | | | | 3.87 | % | | $ | 407,836 | | | $ | 13,900 | | | | 3.41 | % |
| Federal Funds Purchased and Assets Sold | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Under Repurchase Agreement | | | 113,335 | | | | 80,074 | | | | 1,389 | | | | 1.73 | % | | | 61,199 | | | | 589 | | | | 0.96 | % |
| Junior Subordinated Debentures | | | 51,546 | | | | 51,546 | | | | 4,469 | | | | 8.67 | % | | | 38,871 | | | | 3,364 | | | | 8.65 | % |
| Treasury Tax and Loan Notes | | | 5,452 | | | | 1,653 | | | | 40 | | | | 2.42 | % | | | 3,154 | | | | 19 | | | | 0.60 | % |
| | | | | | | | |
| Total borrowings: | | | 587,810 | | | | 602,094 | | | | 24,060 | | | | 4.00 | % | | | 511,060 | | | | 17,872 | | | | 3.50 | % |
| | | | | | | | | | | |
Total Interest-Bearing Liabilities | | $ | 2,281,384 | | | $ | 2,231,963 | | | $ | 49,818 | | | | 2.23 | % | | $ | 2,016,728 | | | $ | 36,797 | | | | 1.82 | % |
| | | | | | | | | | | |
| Demand Deposits | | | 511,920 | | | | 514,611 | | | | | | | | | | | | 478,073 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Company-Obligated Mandatorily Redeemable | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Securities of Subsidiary Holding Solely Parent | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Company Debentures of the Corporation | | | — | | | | — | | | | | | | | | | | | 11,769 | | | | | | | | | |
| Other Liabilities | | | 20,229 | | | | 17,897 | | | | | | | | | | | | 15,849 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Liabilities | | $ | 2,813,533 | | | $ | 2,764,471 | | | | | | | | | | | $ | 2,522,419 | | | | | | | | | |
| Stockholders’ Equity | | | 228,152 | | | | 219,955 | | | | | | | | | | | | 189,134 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Stockholders’ Equity | | $ | 3,041,685 | | | $ | 2,984,426 | | | | | | | | | | | $ | 2,711,553 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Interest Income | | | | | | | | | | $ | 107,652 | | | | | | | | | | | $ | 99,638 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Rate Spread (2) | | | | | | | | | | | | | | | 3.45 | % | | | | | | | | | | | 3.59 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Interest Margin (2) | | | | | | | | | | | | | | | 3.88 | % | | | | | | | | | | | 3.95 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Supplemental Information: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Deposits, including Demand Deposits | | $ | 2,205,494 | | | $ | 2,144,480 | | | $ | 25,758 | | | | | | | $ | 1,983,741 | | | $ | 18,925 | | | | | |
| Cost of Total Deposits | | | | | | | | | | | | | | | 1.20 | % | | | | | | | | | | | 0.95 | % |
| Total Funding Liabilities, including Demand Deposits | | $ | 2,793,304 | | | $ | 2,746,574 | | | $ | 49,818 | | | | | | | $ | 2,494,801 | | | $ | 36,797 | | | | | |
| Cost of Total Funding Liabilities | | | | | | | | | | | | | | | 1.81 | % | | | | | | | | | | | 1.47 | % |
| | |
| (1) | | The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis is $1,809 for the twelve months ended December 31, 2005 and $1,822 for the twelve months ended December 31, 2004. |
| |
| (2) | | Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. |
| | | | | | | | | |
| | | As Of | |
| | | December 31, | | | December 31, | |
| Asset Quality | | 2005 | | 2004 |
| |
| Nonperforming Loans | | | 3,339 | | | | 2,702 | |
| Nonperforming Assets | | | 3,339 | | | | 2,702 | |
| Net charge-offs (year to date) | | | 2,733 | | | | 1,853 | |
| Net charge-offs to average loans (annualized) | | | 0.14 | % | | | 0.11 | % |
| Loans 90 days past due & still accruing | | | 227 | | | | 245 | |
| Nonperforming Loans/Gross Loans | | | 0.16 | % | | | 0.14 | % |
| Allowance for Loan Losses/Nonperforming Loans | | | 797.81 | % | | | 932.53 | % |
| Loans/Total Deposits | | | 92.53 | % | | | 93.02 | % |
| Allowance for Loan Losses/Total Loans | | | 1.31 | % | | | 1.31 | % |
| |
Financial Ratios | | | | | | | | |
| Book Value per Share | | $ | 14.80 | | | $ | 13.75 | |
| Tangible Capital/Tangible Asset | | | 5.74 | % | | | 5.32 | % |
| Tangible Capital/Tangible Asset (proforma to include the deductibility of goodwill) | | | 6.23 | % | | | 5.82 | % |
| Tangible Book Value per Share | | $ | 11.11 | | | $ | 10.01 | |
| Tangible Book Value per Share (proforma to include the deductibility of goodwill) | | $ | 12.05 | | | $ | 10.96 | |
| |
Capital Adequacy | | | | | | | | |
| Tier one leverage capital ratio (1) | | | 7.71 | % | | | 7.06 | % |
(1) Estimated number for December 31, 2005 | | | | | | | | |
