Bryn Mawr Bank Corporation
FOR RELEASE: | IMMEDIATELY | |
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 37.5% Increase in Third Quarter
Earnings Per Share
BRYN MAWR, Pa. October 20, 2005—Bryn Mawr Bank Corporation, (NASDAQ): BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), announced third quarter 2005 diluted earnings per share of $0.33, an increase of $0.09 or 37.5% compared to $0.24 in the same period last year. Net income for the third quarter of 2005 was $2.876 million, an increase of 36.4% or $767 thousand, compared to $2.109 million in last year’s third quarter. “The combination of rising short term interest rates and the strong growth of revenue in our Wealth Management group have resulted in an excellent quarter for the Corporation,” commented Chairman and CEO, Ted Peters.
Return on average equity (ROE) and return on average assets (ROA) for the quarter ended September 30, 2005, were 15.35% and 1.65%, respectively. ROE was 12.20% and ROA was 1.27% for the same period last year. The major factor contributing to the increase in earnings for the third quarter of 2005 compared to the same period last year was a 53 basis point or 11.8% increase in the Corporation’s net interest margin to 5.01% from 4.48% in the same period last year. Net interest income for the three months ended September 30, 2005, increased $1.232 million or 18.1% to $8.046 million from $6.814 million in the same period last year, as the Corporation’s asset sensitive loan portfolio continued to benefit from a series of Federal Reserve interest rate increases. Also contributing to the improvement in earnings was a $482 thousand or 19.4% increase in Wealth Management revenue.
On a year-to-date basis, diluted earnings per share were $0.97, an increase of $0.14 or 16.9%, compared with $0.83 in the same period last year. Net income for the nine months ended September 30, 2005, was $8.466 million, an increase of 16.6% or $1.208 million, compared to $7.258 million in the same period last year. ROE and ROA for the first nine months of 2005 were 15.58% and 1.66%, respectively. ROE was 14.31% and ROA was 1.52% for the same period last year.
The major factor contributing to the increase in earnings for the first nine months of the year compared to the same period last year was a 41 basis point or 9.0% increase in the Corporation’s net interest margin to 4.95% from 4.54%. Net interest income for the nine months ended September 30, 2005, increased $3.324 million or 16.8% to $23.056 million from $19.732 million in the same period last year. Additionally, fees for Wealth Management services increased 10.3% or $804 thousand to $8.593 million versus $7.789 million, partially offsetting declines in residential mortgage related revenues.
In the first nine months of 2004, the Corporation sold mortgage-servicing rights (“MSRs”) that contributed $572 thousand to after tax income and increased diluted earnings per share $0.06. There were no sales of MSRs in the first nine months of 2005. Net income and diluted earnings per share for the first nine months of 2004, excluding the after tax impact of the MSRs sale, would have been $6.686 million and $0.76 per share, respectively. Excluding the impact of the MSRs sale, 2005 nine month net income increased $1.780 million or 26.6% and diluted earnings per share increased $0.21 or 27.6% 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).
Total loans increased $40.7 million or 7.4% to $591.5 million from $550.8 million over the past 12 months and average loans for the third quarter of 2005 increased $10.5 million or 1.8% to $588.7 million compared to $578.2 million in the second quarter of 2005. However, loan totals at September 30, 2005 are $2.5 million or 0.4% lower than June 30, 2005, due to increased liquidity by various commercial loan clients resulting in pay-downs of commercial loan totals, partially offset by increases in adjustable rate residential mortgages. The Corporation’s asset quality remains strong as non-performing loans as a percent of total loans was 0.05% at September 30, 2005. The Corporation continues to focus its new business development efforts on loans to small to mid-size companies.
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Total deposits grew $22.7 million or 3.9% over the past 12 months to $604.7 million at September 30, 2005 from $582.0 million at September 30, 2004. Total deposits declined $713 thousand from June 30, 2005 due to seasonality and higher non-interest bearing balances at the end of the second quarter. Average deposits for the third quarter of 2005 increased $9.3 million or 1.6% to $603.3 million compared to $594.0 million in the second quarter of 2005. Chairman Ted Peters stated “Bryn Mawr Trust anticipates continued expansion of the retail banking footprint with controlledde novo expansion in the suburban Philadelphia market. Our two recently opened retail branch locations in Exton and Newtown Square are gaining market share and performing better than projected.”
Non-interest income for the third quarter of 2005 was $4.725 million, an increase of $465 thousand or 10.9% compared with $4.260 million in the same period last year. Fees for Wealth Management services grew $482 thousand or 19.4% to $2.972 million in the third quarter of 2005 from $2.490 million in same period last year. New business development efforts and estate settlement fees, partially offset by soft market conditions contributed to these results. Wealth assets under management and administration increased $304 million or 16.0% to $2.205 billion at September 30, 2005, compared to $1.901 billion at June 30, 2005. The increase in assets under management and administration is partly a result of a business acquisition by a significant client. Partially offsetting this increase were reduced fees from residential mortgage related activities and lower service charges on deposit accounts.
Non-interest expense for the third quarter of 2005 increased $459 thousand or 5.9% to $8.187 million compared to $7.728 million for the same period last year. Increased incentive compensation and employee benefit costs were the primary contributors to this increase, along with additional operating expenses related to the opening of the Exton branch in March, 2005. Partially offsetting the increases were reductions in advertising, amortization of mortgage servicing rights and professional fees.
Non-interest income for the nine months ended September 30, 2005, excluding the $1.145 million gain on MSR sales in 2004, decreased $669 thousand or 4.6% to $13.859 million from $14.528 million in the same period last year.Non-interest income was negatively impacted by
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the slow down in residential mortgage activity, especially in the refinance market. Residential mortgage originations declined 10.3% or $17.9 million in the first nine months of 2005 to $156.5 million from $174.4 million in the same period last year, while residential mortgage loans sold declined $21.4 million or 17.2% to $102.8 million from $124.2 million over the same time period. Non-interest income was also impacted by a $197 thousand or 14.1% decrease in service charges on deposit accounts reflecting the impact of higher earnings credits on commercial checking accounts and the industry trend toward “free” checking. Partially offsetting this decrease was an increase of $804 thousand or 10.3% in fees for Wealth Management services over the same time period.
Non-interest expense for the nine months ended September 30, 2005, excluding $266 thousand of expenses related to the sale of the MSRs, decreased $109 thousand or 0.5% to $23.435 million when compared to $23.544 million in the same period last year. The decrease is a combination of many factors including reduced mortgage related salary and benefit costs, offset by increased medical benefit costs, staff merit raises and incentive compensation. Also contributing are reduced professional fees and amortization of mortgage servicing rights, partially offset by increases in occupancy and furniture and fixtures related to the new Exton branch and technology-related expenses.
In other business, the Corporation’s Board of Directors declared a regular quarterly dividend of $0.11 per share, payable December 1, 2005, to shareholders of record as of October 31, 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
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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 nine months of 2004. Management believes that the presentation excluding the impact of the sale of MSRs in the first nine 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.
# # # #
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Reconciliation of Non-GAAP Information
Nine Month Period Ended September 30,
(dollars in thousands except per share data)
Non-interest income | Change | Non-interest expense | Change | |||||||||||||||||||||||||
2005 | 2004 | $ | % | 2005 | 2004 | $ | % | |||||||||||||||||||||
As reported | $ | 13,859 | $ | 15,673 | ($ | 1,814 | ) | (11.6 | %) | $ | 23,435 | $ | 23,810 | $ | (375 | ) | (1.6 | %) | ||||||||||
MSRs sale income | — | 1,145 | (1,145 | ) | — | — | ||||||||||||||||||||||
MSRs sale expenses | — | — | — | — | — | 266 | (266 | ) | — | |||||||||||||||||||
Adjusted for sale | $ | 13,859 | $ | 14,528 | ($ | 669 | ) | (4.6 | %) | $ | 23,435 | $ | 23,544 | $ | (109 | ) | (0.5 | %) | ||||||||||
Net Income | Change | Diluted earnings per share | Change | |||||||||||||||||||||||||
2005 | 2004 | $ | % | 2005 | 2004 | $ | % | |||||||||||||||||||||
As reported | $ | 8,466 | $ | 7,258 | $ | 1,208 | 16.6 | % | $ | 0.97 | $ | 0.83 | $ | 0.14 | 16.9 | % | ||||||||||||
After tax effect of MSRs sale1 | — | ($ | 572 | ) | $ | 572 | — | — | (0.07 | ) | 0.07 | — | ||||||||||||||||
Adjusted for sale | $ | 8,466 | $ | 6,686 | $ | 1,780 | 26.6 | % | $ | 0.97 | $ | 0.76 | $ | 0.21 | 27.6 | % | ||||||||||||
1 MSRs gain was calculated as follows:
Revenues of $1,145,000, direct expenses of $266,000
and allocated income taxes of $307,000 netting to $572,000.
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Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
September 30, 2005
(unaudited)
For The Three Months Ended | ||||||||||||||||
For the period: | Sept 30, 2005 | June 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sept 30, 2004 | |||||||||||
Interest income | $ | 9,834 | $ | 9,186 | $ | 8,671 | $ | 8,328 | $ | 7,969 | ||||||
Interest expense | 1,788 | 1,544 | 1,303 | 1,232 | 1,155 | |||||||||||
Net interest income | 8,046 | 7,642 | 7,368 | 7,096 | 6,814 | |||||||||||
Provision for loan losses | 209 | 193 | 187 | 338 | 187 | |||||||||||
Net interest income after | 7,837 | 7,449 | 7,181 | 6,758 | 6,627 | |||||||||||
Fees for wealth management services | 2,972 | 2,967 | 2,654 | 2,513 | 2,490 | |||||||||||
Loan servicing and late fees | 321 | 339 | 339 | 360 | 361 | |||||||||||
Service charges on deposits | 408 | 398 | 395 | 429 | 444 | |||||||||||
Net gain on sale of loans | 456 | 464 | 458 | 352 | 495 | |||||||||||
Net gain on sale of mortgage servicing rights | — | — | — | — | (1 | ) | ||||||||||
Other operating income | 568 | 552 | 568 | 467 | 471 | |||||||||||
Noninterest income | 4,725 | 4,720 | 4,414 | 4,121 | 4,260 | |||||||||||
Salaries and wages | 4,414 | 3,758 | 3,507 | 3,702 | 3,635 | |||||||||||
Employee benefits | 998 | 936 | 1,141 | 1,022 | 1,069 | |||||||||||
Occupancy and bank premises | 564 | 581 | 556 | 539 | 531 | |||||||||||
Furniture fixtures and equipment | 488 | 498 | 460 | 475 | 427 | |||||||||||
Advertising | 195 | 312 | 176 | 173 | 264 | |||||||||||
Amortization of mortgage servicing rights | 115 | 210 | 189 | 193 | 152 | |||||||||||
Professional fees | 318 | 295 | 303 | 614 | 477 | |||||||||||
Other expenses | 1,095 | 1,274 | 1,052 | 1,097 | 1,173 | |||||||||||
Noninterest expense | 8,187 | 7,864 | 7,384 | 7,815 | 7,728 | |||||||||||
Income before income taxes | 4,375 | 4,305 | 4,211 | 3,064 | 3,159 | |||||||||||
Income tax expense | 1,499 | 1,517 | 1,409 | 977 | 1,050 | |||||||||||
Net income | $ | 2,876 | $ | 2,788 | $ | 2,802 | $ | 2,087 | $ | 2,109 | ||||||
Per share data: | ||||||||||||||||
Weighted average shares outstanding | 8,555,037 | 8,549,675 | 8,591,622 | 8,596,888 | 8,595,229 | |||||||||||
Dilutive potential common shares | 165,691 | 124,265 | 162,643 | 153,372 | 161,383 | |||||||||||
Adjusted weighted average shares | 8,720,728 | 8,673,940 | 8,754,265 | 8,750,260 | 8,756,612 | |||||||||||
Earnings per common share | $ | 0.34 | $ | 0.33 | $ | 0.33 | $ | 0.24 | $ | 0.25 | ||||||
Diluted earnings per common share | $ | 0.33 | $ | 0.32 | $ | 0.32 | $ | 0.24 | $ | 0.24 | ||||||
Dividend declared per share | $ | 0.11 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 |
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Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
September 30, 2005
(unaudited)
Reconcilation of Non-GAAP Information | ||||||||||||
For The Nine Months Ended | Sale of MSRs and Related Expenses | Without Sale of MSRs | ||||||||||
For the period: | Sept 30, 2005 | Sept 30, 2004 | Sept 30, 2004 | Sept 30, 2004 | ||||||||
Interest income | $ | 27,691 | $ | 23,053 | — | $ | 23,053 | |||||
Interest expense | 4,635 | 3,321 | — | 3,321 | ||||||||
Net interest income | 23,056 | 19,732 | — | 19,732 | ||||||||
Provision for loan losses | 589 | 562 | — | 562 | ||||||||
Net interest income after | 22,467 | 19,170 | — | 19,170 | ||||||||
Fees for wealth management services | 8,593 | 7,789 | — | 7,789 | ||||||||
Loan servicing and late fees | 999 | 1,272 | — | 1,272 | ||||||||
Service charges on deposits | 1,201 | 1,398 | — | 1,398 | ||||||||
Net gain on sale of loans | 1,378 | 2,568 | — | 2,568 | ||||||||
Net gain on sale of mortgage servicing rights | — | 1,145 | 1,145 | — | ||||||||
Other operating income | 1,688 | 1,501 | — | 1,501 | ||||||||
Noninterest income | 13,859 | 15,673 | 1,145 | 14,528 | ||||||||
Salaries and wages | 11,678 | 11,310 | 76 | 11,234 | ||||||||
Employee benefits | 3,076 | 3,276 | — | 3,276 | ||||||||
Occupancy and bank premises | 1,701 | 1,622 | — | 1,622 | ||||||||
Furniture fixtures and equipment | 1,446 | 1,310 | — | 1,310 | ||||||||
Advertising | 683 | 705 | — | 705 | ||||||||
Amortization of mortgage servicing rights | 513 | 646 | — | 646 | ||||||||
Professional fees | 917 | 1,185 | 89 | 1,096 | ||||||||
Other expenses | 3,421 | 3,756 | 101 | 3,655 | ||||||||
Noninterest expense | 23,435 | 23,810 | 266 | 23,544 | ||||||||
Income before income taxes | 12,891 | 11,033 | 879 | 10,154 | ||||||||
Income tax expense | 4,425 | 3,775 | 307 | 3,468 | ||||||||
Net income | $ | 8,466 | $ | 7,258 | $ | 572 | $ | 6,686 | ||||
Per share data: | ||||||||||||
Weighted average shares outstanding | 8,565,311 | 8,614,631 | 8,614,631 | 8,614,631 | ||||||||
Dilutive potential common shares | 153,224 | 176,834 | 176,834 | 176,834 | ||||||||
Adjusted weighted average shares | 8,718,535 | 8,791,465 | 8,791,465 | 8,791,465 | ||||||||
Earnings per common share | $ | 0.99 | $ | 0.84 | $ | 0.07 | $ | 0.78 | ||||
Diluted earnings per common share | $ | 0.97 | $ | 0.83 | $ | 0.07 | $ | 0.76 | ||||
Dividend declared per share | $ | 0.31 | $ | 0.30 |
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Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except
per share data and ratios)
September 30, 2005
(unaudited)
For the period: | 2005 3Q | 2005 2Q | 2005 1Q | 2004 4Q | 2004 3Q | ||||||||||||
Asset Quality Data | |||||||||||||||||
Nonaccrual loans | $ | 273 | 678 | 1,432 | 1,353 | 1,373 | |||||||||||
90 + days past due loans | — | — | 92 | 22 | 13 | ||||||||||||
Nonperforming loans | 273 | 678 | 1,524 | 1,375 | 1,386 | ||||||||||||
OREO | — | 210 | 591 | 357 | 475 | ||||||||||||
Nonperforming assets | $ | 273 | 888 | 2,115 | 1,732 | 1,861 | |||||||||||
Allowance for loan losses | $ | 7,392 | 7,252 | 7,125 | 6,927 | 6,860 | |||||||||||
Allowance for loan losses / loans | 1.25 | % | 1.22 | % | 1.27 | % | 1.23 | % | 1.25 | % | |||||||
Allowance for loan losses / nonperforming loans | 2,708 | % | 817 | % | 337 | % | 400 | % | 369 | % | |||||||
Nonperforming loans / loans | 0.05 | % | 0.15 | % | 0.38 | % | 0.31 | % | 0.34 | % | |||||||
Nonperforming assets / assets | 0.04 | % | 0.13 | % | 0.32 | % | 0.25 | % | 0.28 | % | |||||||
Net loan charge-offs | 69 | 66 | (11 | ) | 271 | 292 | |||||||||||
Net loan charge-offs (annualized)/ average loans | 0.05 | % | 0.05 | % | (0.01 | %) | 0.20 | % | 0.22 | % | |||||||
2005 3Q | 2005 2Q | 2005 1Q | 2004 4Q | 2004 3Q | |||||||||||||
Selected ratios (annualized): | |||||||||||||||||
Return on average assets | 1.65 | % | 1.65 | % | 1.70 | % | 1.25 | % | 1.27 | % | |||||||
Return on average shareholders’ equity | 15.35 | % | 15.47 | % | 15.94 | % | 11.83 | % | 12.20 | % | |||||||
Yield on earning assets | 6.13 | % | 5.94 | % | 5.76 | % | 5.45 | % | 5.24 | % | |||||||
Cost of interest bearing funds | 1.57 | % | 1.37 | % | 1.19 | % | 1.10 | % | 1.04 | % | |||||||
Net interest margin | 5.01 | % | 4.94 | % | 4.89 | % | 4.64 | % | 4.48 | % | |||||||
Leverage ratio | 10.76 | % | 10.63 | % | 10.65 | % | 10.59 | % | 10.42 | % | |||||||
Book value per share | $ | 8.86 | 8.63 | 8.40 | 8.29 | 8.15 | |||||||||||
Tangible book value per share | $ | 8.86 | 8.63 | 8.40 | 8.29 | 8.15 | |||||||||||
Selected data: | |||||||||||||||||
Mortgage loans originated | $ | 67,701 | 49,830 | 38,978 | 33,818 | 36,793 | |||||||||||
Mortgage loans sold—servicing retained | $ | 11,016 | 9,972 | 13,787 | 8,345 | 18,631 | |||||||||||
Mortgage loans sold—servicing released | $ | 27,598 | 16,817 | 20,209 | 12,338 | 11,374 | |||||||||||
Mortgage loans serviced for others | $ | 438,183 | 465,780 | 489,882 | 507,421 | 528,533 | |||||||||||
Assets under management / administration | $ | 2,205,380 | 1,900,928 | 1,919,493 | 1,938,195 | 1,829,167 | |||||||||||
2005 Year- to-date | 2004 Year-to-date | ||||||||||||||||
Selected ratios (annualized): | |||||||||||||||||
Return on average assets | 1.66 | % | 1.52 | % | |||||||||||||
Return on average shareholders’ equity | 15.58 | % | 14.31 | % | |||||||||||||
Yield on earning assets | 5.95 | % | 5.31 | % | |||||||||||||
Cost of interest bearing funds | 1.38 | % | 1.08 | % | |||||||||||||
Net interest margin | 4.95 | % | 4.54 | % | |||||||||||||
Mortgage loans originated | $ | 156,510 | 174,435 | ||||||||||||||
Mortgage loans sold—servicing retained | $ | 34,775 | 102,828 | ||||||||||||||
Mortgage loans sold—servicing released | $ | 68,009 | 21,405 |
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Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
September 30, 2005
(unaudited)
Balance Sheet: As of | ||||||||||||||||||||
For the period ended: | Sept 30, 2005 | June 30, 2005 | Mar 31, 2005 | Dec 31, 2004 | Sept 30, 2004 | |||||||||||||||
Assets | ||||||||||||||||||||
Interest bearing deposits with banks | $ | 8,075 | $ | 314 | $ | 598 | $ | 15,293 | $ | 393 | ||||||||||
Fed funds sold | — | — | 7,041 | 13,423 | 14,820 | |||||||||||||||
Investment securities | 35,442 | 35,681 | 35,156 | 35,441 | 33,562 | |||||||||||||||
Loans: | ||||||||||||||||||||
Consumer | 8,791 | 9,482 | 9,407 | 10,291 | 10,145 | |||||||||||||||
Commercial | 172,115 | 193,402 | 183,862 | 186,923 | 185,200 | |||||||||||||||
Real estate | 401,487 | 382,949 | 365,265 | 358,675 | 349,107 | |||||||||||||||
Loans held for sale, at fair market value | 9,072 | 8,147 | 4,287 | 8,708 | 6,387 | |||||||||||||||
Total Loans | 591,465 | 593,980 | 562,821 | 564,597 | 550,839 | |||||||||||||||
Earning assets | 634,982 | 629,975 | 605,616 | 628,754 | 599,614 | |||||||||||||||
Cash and due from banks | 30,976 | 33,979 | 31,536 | 26,526 | 38,400 | |||||||||||||||
Allowance for loan losses | (7,392 | ) | (7,252 | ) | (7,125 | ) | (6,927 | ) | (6,860 | ) | ||||||||||
Other assets | 34,401 | 34,050 | 33,524 | 34,593 | 29,582 | |||||||||||||||
Total assets | $ | 692,967 | $ | 690,752 | $ | 663,551 | $ | 682,946 | $ | 660,736 | ||||||||||
Interest-bearing checking | $ | 148,042 | $ | 140,271 | $ | 145,680 | $ | 166,901 | $ | 146,577 | ||||||||||
Money market | 118,548 | 125,972 | 118,915 | 126,058 | 131,589 | |||||||||||||||
Savings | 47,721 | 51,141 | 50,878 | 50,300 | 50,023 | |||||||||||||||
Time deposits | 137,262 | 126,538 | 131,435 | 110,470 | 109,137 | |||||||||||||||
Interest-bearing deposits | 451,573 | 443,922 | 446,908 | 453,729 | 437,326 | |||||||||||||||
Non-interest bearing deposits | 153,084 | 161,448 | 136,276 | 147,236 | 144,659 | |||||||||||||||
Total deposits | 604,657 | 605,370 | 583,184 | 600,965 | 581,985 | |||||||||||||||
Borrowed funds | — | — | — | — | — | |||||||||||||||
Other liabilities | 12,491 | 11,617 | 8,457 | 10,743 | 8,679 | |||||||||||||||
Shareholders’ equity | 75,819 | 73,765 | 71,910 | 71,238 | 70,072 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 692,967 | $ | 690,752 | $ | 663,551 | $ | 682,946 | $ | 660,736 | ||||||||||
Balance Sheet (average) | ||||||||||||||||||||
2005 3Q | 2005 2Q | 2005 1Q | 2004 4Q | 2004 3Q | ||||||||||||||||
Assets | ||||||||||||||||||||
Interest bearing deposits with banks | $ | 4,729 | $ | 536 | $ | 3,147 | $ | 6,438 | $ | 2,328 | ||||||||||
Fed funds sold | 7,420 | 5,119 | 4,415 | 17,214 | 20,689 | |||||||||||||||
Investment securities | 35,955 | 36,303 | 35,291 | 34,934 | 32,412 | |||||||||||||||
Loans | 588,726 | 578,173 | 567,842 | 549,220 | 549,120 | |||||||||||||||
Earning assets | 636,830 | 620,131 | 610,695 | 607,806 | 604,549 | |||||||||||||||
Cash and due from banks | 27,413 | 33,259 | 33,357 | 32,623 | 33,446 | |||||||||||||||
Allowance for loan losses | (7,359 | ) | (7,251 | ) | (7,058 | ) | (6,981 | ) | (7,076 | ) | ||||||||||
Other assets | 33,559 | 33,500 | 32,697 | 29,508 | 29,000 | |||||||||||||||
Total assets | $ | 690,443 | $ | 679,639 | $ | 669,691 | $ | 662,956 | $ | 659,919 | ||||||||||
Interest-bearing checking | $ | 142,400 | $ | 148,943 | $ | 152,343 | $ | 153,362 | $ | 157,278 | ||||||||||
Money market | 126,127 | 119,261 | 123,441 | 132,692 | 134,727 | |||||||||||||||
Savings | 49,695 | 50,897 | 50,763 | 49,881 | 51,322 | |||||||||||||||
Time deposits | 133,052 | 128,777 | 117,375 | 108,890 | 100,365 | |||||||||||||||
Interest-bearing deposits | 451,274 | 447,878 | 443,922 | 444,825 | 443,692 | |||||||||||||||
Non-interest bearing deposits | 152,048 | 146,140 | 143,434 | 138,367 | 138,609 | |||||||||||||||
Total deposits | 603,322 | 594,018 | 587,356 | 583,192 | 582,301 | |||||||||||||||
Borrowed funds | 516 | 3,540 | 1,250 | — | — | |||||||||||||||
Other liabilities | 12,303 | 9,803 | 9,791 | 9,572 | 8,843 | |||||||||||||||
Shareholders’ equity | 74,302 | 72,278 | 71,294 | 70,192 | 68,775 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 690,443 | $ | 679,639 | $ | 669,691 | $ | 662,956 | $ | 659,919 | ||||||||||
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