Exhibit 99.1
Bryn Mawr Bank Corporation
| | | | |
| FOR RELEASE: | | | | IMMEDIATELY |
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| FOR MORE INFORMATION CONTACT: | | | | Ted Peters, Chairman |
| | | | | 610-581-4800 or |
| | | | | 610-525-2531 (evening) |
| | | | | J. Duncan Smith, CFO |
| | | | | 610-526-2466 or |
| | | | | 610-306-8489 (evening) |
Bryn Mawr Bank Corporation reports a 33.3% increase in second quarter earnings per share and a 10% dividend increase
BRYN MAWR, Pa. July 22, 2005- Bryn Mawr Bank Corporation, (NASDAQ): BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), announced second quarter 2005 diluted earnings per share of $0.32, an increase of 33.3% compared to $0.24 in the same period last year. Net income for the second quarter of 2005 was $2.788 million, an increase of 31.0% or $659 thousand, compared to $2.129 million in last year’s second quarter. The Corporation’s Board of Directors increased the quarterly dividend 10% from $0.10 to $0.11 per share, payable September 1, 2005, to shareholders of record as of August 1, 2005.
Return on average equity (ROE) and return on average assets (ROA) for the quarter ended June 30, 2005 were 15.47% and 1.65%, respectively. ROE was 12.64% and ROA was 1.35% for the same period last year.
Major factors contributing to the increase in earnings include quality asset growth, expense control and a 39-basis point increase in the Corporation’s net interest margin to 4.94% from 4.55% in the same period last year. Net interest income for the three months ended June 30, 2005, increased $1.093 million or 16.7% to $7.642 million from $6.549 million in the same period last year as the Corporation’s asset sensitive loan portfolio continues to benefit from a series of Federal Reserve interest rate increases.
On a year to date basis, diluted earnings per share were $0.64, an increase of 10.3%, compared with $0.58 in the same period last year. Net income for the six months ended June 30, 2005 was $5.590 million, an increase of 8.6% or $441 thousand, compared to $5.149 million in the same period last year. ROE and ROA for the first six months of 2005 were 15.70% and 1.67%, respectively. ROE was 15.40% and ROA was 1.66% for the same period last year.
In the first half of 2004, the Corporation sold mortgage-servicing rights (“MSRs”) that contributed $573 thousand to after tax income and increased diluted earnings per share $0.06. There were no sales of MSRs in the first six months of 2005.
Net income and diluted earnings per share for the first six months of 2004, excluding the after tax impact of the MSRs sale, would have been $4.576 million and $0.52 per share, respectively. Excluding the impact of the MSRs sale, 2005 first half net income increased $1.014 million or 22.2% and diluted earnings per share increased $0.12 or 23.1% over the same period last year. (See accompanying reconcilement of GAAP net income and diluted earnings per share to net income and diluted earnings per share that exclude the MSRs sale).
Factors contributing to the increase in earnings for the first six months of the year compared to the same period last year include quality asset growth, control over non-interest expenses and a 35 basis point increase in the Corporation’s net interest margin to 4.92% from 4.57%. Net interest income for the six months ended June 30, 2005 increased $2.092 million or 16.2% to $15.010 million from $12.918 million in the same period last year. Fees for wealth management services increased 6.1% or $322 thousand to $5.621 million versus $5.299 million, partially offsetting declines in residential mortgage related revenues.
Total loans increased $37.1 million or 6.7% to $594.0 million from $556.9 million over the past 12 months while the Corporation’s asset quality remains strong as non-performing loans as a percent of total loans was 0.10% at June 30, 2005. The Corporation continues to focus its new business development efforts on loans to small to mid-size companies.
Total deposits grew $17.4 million or 3.0% over the past 12 months to $605.4 million at June 30, 2005 from $588.0 million at June 30, 2004. Chairman Ted Peters stated, “Part of our lending strategy is to require borrowers to maintain their operating accounts with the Corporation, resulting in lower cost core deposits. In the Corporation’s efforts to grow consumer deposits, we are experiencing intense competition as to fees and rates, along with renewed consumer interest in the stock and real estate markets. However, we are pleased with the progress of our Newtown Square and Exton, PA branches and plan to invest additional business development efforts and marketing dollars in these markets.”
Non-interest income for the second quarter of 2005 was $4.720 million, a decrease of $119 thousand or 2.5% compared with $4.839 million in the same period last year. Fees for wealth management services grew $258 thousand or 9.5% to $2.967 million in the second quarter of 2005 from $2.709 million in same period last year. This was the result of solid new business development efforts and a strong contribution from the Bank’s Estate Administration Department. Offsetting this increase were reduced fees from residential mortgage related activities and lower service charges on deposit accounts.
Total non-interest expenses for the second quarter of 2005 decreased $97 thousand or 1.2% to $7.864 million compared to $7.961 million for the same period last year. Lower than expected pension costs that were recorded in the second quarter contributed to the reduction in employee benefits. Reduced building maintenance expenses were partially offset by increased occupancy expenses resulting from the opening of the Exton, PA branch in 2005.
Non-interest income for the six months ended June 30, 2005, excluding the $1.146 million gain on MSR sales in 2004, decreased $1.133 million or 11.0% to $9.134 million from $10.267 million in the same period last year.Non-interest income was negatively impacted by the slow down in residential mortgage activity, especially in the refinance market. Residential mortgage originations declined 35.5% or $48.8 million in the first half of 2005 to $88.8 million from $137.6 million in the same period last year, while residential mortgage loans sold declined 35.5% over the same time period. Partially offsetting this decrease was an increase of $322 thousand or 6.1% in fees for wealth management services over the same time period.
Non-interest expenses for the six months ended June 30, 2005, excluding $266 thousand of expenses related to the sale of the MSRs, decreased $568 thousand or 3.6% to $15.248 million when compared to the same period last year. The balance of the decrease was due primarily to an overall reduction in mortgage related salary and benefit expenses and lower than expected pension expenses that were recorded in the second quarter. These declines were partially offset by increased occupancy expenses resulting from the opening of the Newtown Square, PA branch in 2004 and Exton, PA in 2005.
This release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words believe, expect, anticipate, intend, plan, estimate or words of similar meaning. Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Corporation’s control could cause actual conditions, events or results to differ significantly from those described in the forward looking statements. Forward-looking statements speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
This release contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). The Corporation’s Management uses these non-GAAP measures in its analysis of the Corporation’s performance. These non-GAAP measures consist of adjusting net income determined in accordance with GAAP to exclude the effects of the sale of MSRs in the first six months of 2004. Management believes that the presentation excluding the impact of the sale of MSRs in the first six months of 2004 provides useful supplementation information essential to the proper understanding of the operating results of the Corporation’s core business. These disclosures should not be viewed as a 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.
The accompanying financial statements are an integral part of this press release.
Reconcilation of Non-GAAP Information
Six Month Period Ended June 30,
(dollars in thousands except per share data)
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| | | Non-interest income
| | Change
| | | Non-interest expense
| | Change
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| | | 2005
| | 2004
| | $
| | | %
| | | 2005
| | 2004
| | $
| | | %
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As reported | | $ | 9,134 | | $ | 11,413 | | ($2,279 | ) | | (20.0 | %) | | $ | 15,248 | | $ | 16,082 | | $ | (834 | ) | | (5.2 | %) |
MSRs sale income | | | — | | | 1,146 | | (1,146 | ) | | — | | | | — | | | | | | | | | | |
MSRs sale expenses | | | — | | | — | | — | | | — | | | | — | | | 266 | | | (266 | ) | | — | |
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Adjusted for sale | | $ | 9,134 | | $ | 10,267 | | ($1,133 | ) | | (11.0 | %) | | $ | 15,248 | | $ | 15,816 | | $ | (568 | ) | | (3.6 | %) |
Reconcilation of Non-GAAP Information
Six Month Period Ended June 30,
(dollars in thousands except per share data)
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| | | Net Income
| | | Change
| | | Diluted
earnings per share
| | | Change
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| | | 2005
| | 2004
| | | $
| | %
| | | 2005
| | 2004
| | | $
| | %
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As reported | | $ | 5,590 | | $ | 5,149 | | | $ | 441 | | 8.6 | % | | $ | 0.64 | | $ | 0.58 | | | $ | 0.06 | | 10.3 | % |
After tax effect of MSRs sale1 | | | — | | | ($573 | ) | | $ | 573 | | — | | | | — | | | (0.06 | ) | | | 0.06 | | — | |
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Adjusted for sale | | $ | 5,590 | | $ | 4,576 | | | $ | 1,014 | | 22.2 | % | | $ | 0.64 | | $ | 0.52 | | | $ | 0.12 | | 23.1 | % |
| 1 | MSRs gain was calculated as follows: |
Revenues of $1,146,000, direct expenses of $266,000 and allocated income taxes of $307,000 netting to $573,000.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
June 30, 2005
(unaudited)
| | | | | | | | | | | | | | | |
| | | For The Three Months Ended
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| For the period: | | June 30,
2005
| | Mar 31,
2005
| | Dec 31, 2004
| | Sept 30,
2004
| | June 30,
2004
|
Interest income | | $ | 9,186 | | $ | 8,671 | | $ | 8,328 | | $ | 7,969 | | $ | 7,632 |
Interest expense | | | 1,544 | | | 1,303 | | | 1,232 | | | 1,155 | | | 1,083 |
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Net interest income | | | 7,642 | | | 7,368 | | | 7,096 | | | 6,814 | | | 6,549 |
Provision for loan losses | | | 193 | | | 187 | | | 338 | | | 187 | | | 188 |
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Net interest income after provision for loan losses | | | 7,449 | | | 7,181 | | | 6,758 | | | 6,627 | | | 6,361 |
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Fees for wealth management services | | | 2,967 | | | 2,654 | | | 2,513 | | | 2,490 | | | 2,709 |
Loan servicing and late fees | | | 339 | | | 339 | | | 360 | | | 361 | | | 397 |
Service charges on deposits | | | 398 | | | 395 | | | 429 | | | 444 | | | 478 |
Net gain on sale of loans | | | 464 | | | 458 | | | 352 | | | 494 | | | 701 |
Net gain on sale of mortgage servicing rights | | | — | | | — | | | — | | | — | | | 73 |
Other operating income | | | 552 | | | 568 | | | 467 | | | 471 | | | 481 |
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Total Noninterest income | | | 4,720 | | | 4,414 | | | 4,121 | | | 4,260 | | | 4,839 |
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Salaries and wages | | | 3,758 | | | 3,507 | | | 3,702 | | | 3,635 | | | 3,726 |
Employee benefits | | | 936 | | | 1,141 | | | 1,022 | | | 1,069 | | | 1,033 |
Occupancy and bank premises | | | 581 | | | 556 | | | 539 | | | 531 | | | 584 |
Furniture fixtures and equipment | | | 498 | | | 460 | | | 475 | | | 427 | | | 449 |
Advertising | | | 312 | | | 176 | | | 173 | | | 264 | | | 274 |
Amortization of mortgage servicing rights | | | 210 | | | 189 | | | 193 | | | 152 | | | 301 |
Professional fees | | | 295 | | | 303 | | | 614 | | | 477 | | | 336 |
Other expenses | | | 1,274 | | | 1,052 | | | 1,097 | | | 1,173 | | | 1,258 |
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Total Noninterest expense | | | 7,864 | | | 7,384 | | | 7,815 | | | 7,728 | | | 7,961 |
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Income before income taxes | | | 4,305 | | | 4,211 | | | 3,064 | | | 3,159 | | | 3,239 |
Income tax expense | | | 1,517 | | | 1,409 | | | 977 | | | 1,050 | | | 1,110 |
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Net income | | $ | 2,788 | | $ | 2,802 | | $ | 2,087 | | $ | 2,109 | | $ | 2,129 |
Per share data: | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,549,675 | | | 8,591,622 | | | 8,596,888 | | | 8,595,229 | | | 8,605,673 |
Dilutive potential common shares | | | 124,265 | | | 162,643 | | | 153,372 | | | 161,383 | | | 172,397 |
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Adjusted weighted average shares | | | 8,673,940 | | | 8,754,265 | | | 8,750,260 | | | 8,756,612 | | | 8,778,070 |
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Earnings per common share | | $ | 0.33 | | $ | 0.33 | | $ | 0.24 | | $ | 0.25 | | $ | 0.25 |
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Diluted earnings per common share | | $ | 0.32 | | $ | 0.32 | | $ | 0.24 | | $ | 0.24 | | $ | 0.24 |
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Dividend declared per share | | $ | 0.10 | | $ | 0.10 | | $ | 0.10 | | $ | 0.10 | | $ | 0.10 |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
June 30, 2005
(unaudited)
| | | | | | | | | | | | |
| | | | | Reconcilation of Non-GAAP
Information
|
| | | For The Six Months Ended
| | Sale of MSRs
and Related
Expenses
| | Without
Sale of MSRs
|
| For the period: | | June 30,
2005
| | June 30,
2004
| | June 30,
2004
| | June 30,
2004
|
Interest income | | $ | 17,857 | | $ | 15,084 | | | — | | $ | 15,084 |
Interest expense | | | 2,847 | | | 2,166 | | | — | | | 2,166 |
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Net interest income | | | 15,010 | | | 12,918 | | | — | | | 12,918 |
Provision for loan losses | | | 380 | | | 375 | | | — | | | 375 |
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Net interest income after provision for loan losses | | | 14,630 | | | 12,543 | | | — | | | 12,543 |
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Fees for wealth management services | | | 5,621 | | | 5,299 | | | — | | | 5,299 |
Loan servicing and late fees | | | 678 | | | 911 | | | — | | | 911 |
Service charges on deposits | | | 793 | | | 954 | | | — | | | 954 |
Net gain on sale of loans | | | 922 | | | 2,073 | | | — | | | 2,073 |
Net gain on sale of mortgage servicing rights | | | — | | | 1,146 | | | 1,146 | | | — |
Other operating income | | | 1,120 | | | 1,030 | | | — | | | 1,030 |
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Total Noninterest income | | | 9,134 | | | 11,413 | | | 1,146 | | | 10,267 |
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Salaries and wages | | | 7,265 | | | 7,675 | | | 76 | | | 7,599 |
Employee benefits | | | 2,077 | | | 2,207 | | | — | | | 2,207 |
Occupancy and bank premises | | | 1,137 | | | 1,091 | | | — | | | 1,091 |
Furniture fixtures and equipment | | | 958 | | | 883 | | | — | | | 883 |
Advertising | | | 488 | | | 441 | | | — | | | 441 |
Amortization of mortgage servicing rights | | | 399 | | | 494 | | | — | | | 494 |
Professional fees | | | 598 | | | 709 | | | 89 | | | 620 |
Other expenses | | | 2,326 | | | 2,582 | | | 101 | | | 2,481 |
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Total Noninterest expense | | | 15,248 | | | 16,082 | | | 266 | | | 15,816 |
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Income before income taxes | | | 8,516 | | | 7,874 | | | 880 | | | 6,994 |
Income tax expense | | | 2,926 | | | 2,725 | | | 307 | | | 2,418 |
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Net income | | $ | 5,590 | | $ | 5,149 | | $ | 573 | | $ | 4,576 |
Per share data: | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,570,533 | | | 8,624,439 | | | 8,624,439 | | | 8,624,439 |
Dilutive potential common shares | | | 150,373 | | | 186,593 | | | 186,593 | | | 186,593 |
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Adjusted weighted average shares | | | 8,720,906 | | | 8,811,032 | | | 8,811,032 | | | 8,811,032 |
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Earnings per common share | | $ | 0.65 | | $ | 0.60 | | $ | 0.07 | | $ | 0.53 |
Diluted earnings per common share | | $ | 0.64 | | $ | 0.58 | | $ | 0.06 | | $ | 0.52 |
Dividend declared per share | | $ | 0.20 | | $ | 0.20 | | | | | | |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except mortgage data,
assets under management /administration and ratios)
June 30, 2005
(unaudited)
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| For the period: | | 2005 2Q
| | | 2005 1Q
| | | 2004 4Q
| | | 2004 3Q
| | | 2004
2Q
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Asset Quality Data | | | | | | | | | | | | | | | | |
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Nonaccrual loans | | $ | 678 | | | 1,432 | | | 1,353 | | | 1,373 | | | 557 | |
90 + days past due loans | | | — | | | 92 | | | 22 | | | 13 | | | 65 | |
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Nonperforming loans | | | 622 | | | 1,393 | | | 1,109 | | | 1,296 | | | 375 | |
OREO | | | 210 | | | 591 | | | 357 | | | 475 | | | — | |
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Nonperforming assets | | | 832 | | | 1,984 | | | 1,466 | | | 1,771 | | | 375 | |
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Allowance for loan loss | | | 7,252 | | | 7,125 | | | 6,927 | | | 6,860 | | | 6,965 | |
Allowance for loan loss / loans | | | 1.22 | % | | 1.27 | % | | 1.23 | % | | 1.25 | % | | 1.25 | % |
Allowance for loan loss / nonperforming loans | | | 1,166 | % | | 511 | % | | 625 | % | | 529 | % | | 1,857 | % |
Nonperforming loans / loans | | | 0.10 | % | | 0.25 | % | | 0.20 | % | | 0.24 | % | | 0.07 | % |
Nonperforming assets / assets | | | 0.12 | % | | 0.30 | % | | 0.21 | % | | 0.27 | % | | 0.06 | % |
Net loan charge-offs | | | 66 | | | (11 | ) | | 271 | | | 292 | | | 74 | |
Net loan charge-offs (annualized)/ average loans | | | 0.05 | % | | (0.01 | %) | | 0.20 | % | | 0.22 | % | | 0.06 | % |
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| | | 2005 2Q
| | | 2005 1Q
| | | 2004 4Q
| | | 2004 3Q
| | | 2004 2Q
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Selected ratios (annualized): | | | | | | | | | | | | | | | | |
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Return on average assets | | | 1.65 | % | | 1.70 | % | | 1.25 | % | | 1.27 | % | | 1.35 | % |
Return on average shareholders’ equity | | | 15.47 | % | | 15.94 | % | | 11.83 | % | | 12.20 | % | | 12.64 | % |
Yield on earning assets | | | 5.94 | % | | 5.76 | % | | 5.45 | % | | 5.24 | % | | 5.30 | % |
Cost of interest bearing funds | | | 1.37 | % | | 1.19 | % | | 1.10 | % | | 1.04 | % | | 1.03 | % |
Net interest margin | | | 4.94 | % | | 4.89 | % | | 4.64 | % | | 4.48 | % | | 4.55 | % |
Leverage ratio | | | 10.63 | % | | 10.65 | % | | 10.59 | % | | 10.42 | % | | 10.67 | % |
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Selected data: | | | | | | | | | | | | | | | | |
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Mortgage loans originated | | $ | 49,830,000 | | | 38,978,000 | | | 33,818,000 | | | 36,793,000 | | | 60,207,000 | |
Mortgage loans sold - servicing retained | | | 9,971,650 | | | 13,787,000 | | | 8,345,000 | | | 18,631,000 | | | 36,776,000 | |
Mortgage loans sold - servicing released | | | 16,817,000 | | | 20,209,000 | | | 12,338,000 | | | 11,374,000 | | | 5,850,000 | |
Mortgage loans serviced | | | 465,779,912 | | | 489,882,107 | | | 507,420,653 | | | 528,532,630 | | | 540,706,046 | |
Assets under management / administration | | $ | 1,900,928,000 | | | 1,919,493,000 | | | 1,938,195,000 | | | 1,829,167,000 | | | 1,856,037,000 | |
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| | | 2005 Year-to-date
| | | 2004 Year-to-date
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Selected ratios (annualized): | | | | | | |
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Return on average assets | | 1.67 | % | | 1.66 | % |
Return on average shareholders’ equity | | 15.70 | % | | 15.40 | % |
Yield on earning assets | | 5.85 | % | | 5.34 | % |
Cost of interest bearing funds | | 1.28 | % | | 1.06 | % |
Net interest margin | | 4.92 | % | | 4.57 | % |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
June 30, 2005
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | As of
| |
Balance Sheet For the period ended: | | June 30,
2005
| | | Mar 31,
2005
| | | Dec 31,
2004
| | | Sept 30,
2004
| | | June 30,
2004
| |
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Assets | | | | | | | | | | | | | | | | | | | | |
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Interest bearing deposits with banks | | $ | 314 | | | $ | 598 | | | $ | 15,293 | | | $ | 393 | | | $ | 7,786 | |
Fed Funds Sold | | | — | | | | 7,041 | | | | 13,423 | | | | 14,820 | | | | 10,000 | |
Investment securities | | | 35,681 | | | | 35,156 | | | | 35,441 | | | | 33,562 | | | | 31,652 | |
Loans | | | 593,980 | | | | 562,821 | | | | 564,597 | | | | 550,839 | | | | 556,887 | |
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Earning assets | | | 629,975 | | | | 605,616 | | | | 628,754 | | | | 599,614 | | | | 606,325 | |
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Cash | | | 33,979 | | | | 31,536 | | | | 26,526 | | | | 38,400 | | | | 36,254 | |
Reserve for loan loss | | | (7,252 | ) | | | (7,125 | ) | | | (6,927 | ) | | | (6,860 | ) | | | (6,965 | ) |
Other assets | | | 34,050 | | | | 33,524 | | | | 34,593 | | | | 29,582 | | | | 29,622 | |
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Total assets | | $ | 690,752 | | | $ | 663,551 | | | $ | 682,946 | | | $ | 660,736 | | | $ | 665,236 | |
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Interest-bearing checking | | $ | 140,271 | | | $ | 145,680 | | | $ | 166,901 | | | $ | 146,577 | | | $ | 163,603 | |
Money market | | | 125,972 | | | | 118,915 | | | | 126,058 | | | | 131,589 | | | | 131,087 | |
Savings | | | 51,141 | | | | 50,878 | | | | 50,300 | | | | 50,023 | | | | 52,069 | |
Time deposits | | | 126,538 | | | | 131,435 | | | | 110,470 | | | | 109,137 | | | | 95,432 | |
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Interest-bearing liabilities | | | 443,922 | | | | 446,908 | | | | 453,729 | | | | 437,326 | | | | 442,191 | |
| | | | | |
Non-interest bearing deposits | | | 161,448 | | | | 136,276 | | | | 147,236 | | | | 144,659 | | | | 145,830 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total deposits | | | 605,370 | | | | 583,184 | | | | 600,965 | | | | 581,985 | | | | 588,021 | |
| | | | | |
Borrowed funds | | | — | | | | — | | | | — | | | | — | | | | — | |
Other Liabilities | | | 11,617 | | | | 8,457 | | | | 10,743 | | | | 8,679 | | | | 8,644 | |
Shareholders’ equity | | | 73,765 | | | | 71,910 | | | | 71,238 | | | | 70,072 | | | | 68,571 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total liabilities and shareholders’ equity | | $ | 690,752 | | | $ | 663,551 | | | $ | 682,946 | | | $ | 660,736 | | | $ | 665,236 | |
| | | | | |
| Balance Sheet (average) | | 2005 2Q
| | | 2005 1Q
| | | 2004 4Q
| | | 2004 3Q
| | | 2004 2Q
| |
| | | | | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 536 | | | $ | 3,147 | | | $ | 6,438 | | | $ | 2,328 | | | $ | 640 | |
Fed Funds Sold | | | 5,119 | | | | 4,415 | | | | 17,214 | | | | 20,689 | | | | 6,211 | |
Investment securities | | | 36,303 | | | | 35,291 | | | | 34,934 | | | | 32,412 | | | | 30,881 | |
Loans | | | 578,173 | | | | 567,842 | | | | 549,220 | | | | 549,120 | | | | 541,696 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Earning assets | | | 620,131 | | | | 610,695 | | | | 607,806 | | | | 604,549 | | | | 579,428 | |
| | | | | |
Cash | | | 33,259 | | | | 33,357 | | | | 32,623 | | | | 33,446 | | | | 31,688 | |
Reserve for loan loss | | | (7,251 | ) | | | (7,058 | ) | | | (6,981 | ) | | | (7,076 | ) | | | (6,975 | ) |
Other assets | | | 33,500 | | | | 32,697 | | | | 29,508 | | | | 29,000 | | | | 30,387 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total assets | | $ | 679,639 | | | $ | 669,691 | | | $ | 662,956 | | | $ | 659,919 | | | $ | 634,528 | |
| | | | | |
Interest-bearing checking | | $ | 148,943 | | | $ | 152,343 | | | $ | 153,362 | | | $ | 157,278 | | | $ | 148,492 | |
Money market | | | 119,261 | | | | 123,441 | | | | 132,692 | | | | 134,727 | | | | 119,644 | |
Savings | | | 50,897 | | | | 50,763 | | | | 49,881 | | | | 51,322 | | | | 51,730 | |
Time deposits | | | 128,777 | | | | 117,375 | | | | 108,890 | | | | 100,365 | | | | 98,948 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Interest-bearing liabilities | | | 447,878 | | | | 443,922 | | | | 444,825 | | | | 443,692 | | | | 418,814 | |
| | | | | |
Non-interest bearing deposits | | | 146,140 | | | | 143,434 | | | | 138,367 | | | | 138,609 | | | | 134,491 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total deposits | | | 594,018 | | | | 587,356 | | | | 583,192 | | | | 582,301 | | | | 553,305 | |
| | | | | |
Borrowed funds | | | 3,540 | | | | 1,250 | | | | — | | | | — | | | | 2,881 | |
Other Liabilities | | | 9,803 | | | | 9,791 | | | | 9,572 | | | | 8,843 | | | | 10,623 | |
Shareholders’ equity | | | 72,278 | | | | 71,294 | | | | 70,192 | | | | 68,775 | | | | 67,719 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Total liabilities and shareholders’ equity | | $ | 679,639 | | | $ | 669,691 | | | $ | 662,956 | | | $ | 659,919 | | | $ | 634,528 | |
