Exhibit 99.1
Bryn Mawr Bank Corporation
| | |
FOR RELEASE: | | IMMEDIATELY |
FOR MORE INFORMATION CONTACT: | | Ted Peters, Chairman |
| | 610-581-4800 or |
| | 610-525-2531 (evening) |
| | tpeters@bmtc.com |
| | J. Duncan Smith, CFO |
| | 610-526-2466 or |
| | 610-306-8489 (evening) |
| | jdsmith@bmtc.com |
Bryn Mawr Bank Corporation Announces Second Quarter Earnings; Outlines Six Initiatives Which Are Expected to be Accretive to Earnings in 2008; Announces Increase in Quarterly Dividend
BRYN MAWR, Pa. July 26, 2007 - Bryn Mawr Bank Corporation, (NASDAQ: BMTC), (the “Corporation”), parent of The Bryn Mawr Trust Company (the “Bank”), today announced financial results for the quarter and six months ended June 30, 2007.
The Corporation reported second quarter 2007 diluted earnings per share of $0.36, unchanged from the same period of 2006. Net income for the second quarter of 2007 was $3.091 million, a decrease of 1.5% or $46,000 compared to $3.137 million in last year’s second quarter. Return on average equity (ROE) and return on average assets (ROA) for the quarter ended June 30, 2007, were 14.61% and 1.49% respectively. ROE was 15.70% and ROA was 1.74% for the same period last year. Additional costs associated with new business initiatives, along with continued pressure on the Corporation’s net interest margin, contributed to the year over year flat earnings. These initiatives, described later in this release, are expected to be accretive to earnings in 2008.
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In other business, the Corporation’s Board of Directors increased the quarterly dividend $0.01 per share or 8.33% from $0.12 to $0.13 per share, payable September 1,2007 to shareholders of record as of August 6, 2007.
Ted Peters, Chairman and Chief Executive Officer, said “Second quarter results are in line with our expectations given the continued pressure on interest margins coupled with the competitive environment for growing core deposits. Having anticipated a large one-time gain on the sale of real estate during the first quarter of 2007, we began investing in new business initiatives in the latter part of 2006 continuing through 2007. These initiatives are expected to be dilutive to earnings in 2007 and accretive in 2008.”
Peters continued, “These initiatives include the September 2006 formation of an equipment leasing company and the Fall 2006 start-up of a loan production office in West Chester. Our 2007 initiatives include the grand opening of the Corporation’s new Ardmore branch, the roll-out of the Private Banking Group and investments in additional personnel, product offerings and service enhancements in the Wealth Division with the goal of stronger future revenue growth. The Corporation is also evaluating opportunities to establish a Wealth Management presence in the State of Delaware which would expand our product and service offerings as allowed by Delaware law.”
Peters added, “Most recently, we augmented our mortgage operation with the formation of BMT Mortgage Group whose focus will be on residential mortgage originations in Chester County. BMT Mortgage Group was established with the hiring of five mortgage professionals from a regional mortgage operation. This team has deep connections in Chester County, and our entrepreneurial business model gives them a stake in their success under the Bryn Mawr Trust Company. “
The second quarter 2007 results reflect the continued unfavorable interest rate environment as tax equivalent net interest income grew a nominal $216,000 or 2.6% to $8.605 million from $8.389 million in the second quarter of 2006 and $130,000 or 1.5% from $8.475 million in the first quarter of 2007. The increase in net interest income (on a tax equivalent basis) in the
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second quarter of 2007 compared to the same period last year was the result of a $100.9 million increase or 15.1% increase in average interest earning assets, partially offset by a 55 basis point decrease in the Corporation’s tax equivalent net interest margin to 4.49% from 5.04%. The increase in tax equivalent net interest income in the second quarter of 2007 compared to the first quarter of 2007 was the result of a $29.5 million increase or 4.0% increase in average interest earning assets, partially offset by a 16 basis point decrease in the Corporation’s tax equivalent net interest margin to 4.49% from 4.65%.
The Corporation’s increase in average earning assets in the second quarter of 2007 compared with the second quarter of 2006 (almost 100% of which is attributed to loans and leases) includes leases with yields of approximately 11.0% and commercial and construction related loans with yields of approximately 7.0%. At the same time, core deposit growth over the past six months has been nominal with most of the incremental funding coming from higher cost wholesale sources. The Corporation expects the decline in the tax equivalent net interest margin to continue throughout 2007, although at a slower rate than experienced in this year’s second quarter.
The Corporation reported six month 2007 diluted earnings per share of $0.82, an increase of $0.10 or 13.9% compared to $0.72 in the same period of 2006. Net income for the six month period ended June 30, 2007 was $7.067 million, an increase of 12.7% or $794,000, compared to $6.273 million in last year’s first six months. The primary factor contributing to the increase in earnings for the six months of 2007 compared to the same period last year was a $0.10 per share or an $866,000 after tax gain on the sale of real estate that previously served as the Bank’s Wynnewood branch location. Excluding the real estate gain, year to date 2007 diluted earnings per share of $0.72 per share were unchanged from the same period last year and net income of $6.201 million was $72,000 or 1.1% less than the prior year amount of $6.273 million.
Return on average equity (ROE) and return on average assets (ROA) for the six months ended June 30, 2007 were 16.95% (14.87% excluding the real estate gain) and 1.76% (1.54% excluding the real estate gain), respectively. ROE was 15.98% and ROA was 1.79% for the same period last year. The tax equivalent net interest margin for the first six months of 2007 was 4.57% compared with 5.13% in the same period last year.
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Total portfolio loans and leases at June 30, 2007 were $739.7 million, an increase of $100.1 million or 15.6% from $639.6 million at June 30, 2006 and an increase of $58.4 million or 8.6% from year end balances of $681.3 million. Leases at June 30, 2007 of $28.9 million were 3.9% of total portfolio loans and leases and are presently growing by over $4 million per month. Credit quality on the entire loan and lease portfolio continues to be very strong as nonperforming loans and leases of $695,000 represents less than 0.1% of total loans and leases. The Corporation expects lease charge-offs to increase as the lease portfolio matures and grows over the next two years. However, lease charge-offs are expected to be below industry norms as the leasing unit has an experienced underwriting team, the lease portfolio is geographically diverse, and the average lease is less than $20,000. At June 30, 2007, the allowance for loan and lease losses of $8.605 million represents 1.16% of portfolio loans and leases compared with 1.19% at December 31, 2006.
Funding from wholesale sources at June 30, 2007 included $121.8 million in wholesale certificates of deposit and approximately $35.1 million in Federal Home Loan Bank (“FHLB”) borrowings. This compares with $20.0 million and $15.0 million in wholesale certificates and FHLB borrowings, respectively at December 31, 2006.
Non-interest income for the second quarter of 2007 was $5.064 million, an increase of $489,000 or 10.7% over the $4.575 million in the second quarter of 2006, driven by a $375,000 or 12.3% increase in Wealth Management revenues to $3.423 million for the quarter ended June 30, 2007 compared with $3.048 million in the same period last year. Additionally, second quarter 2007 non-interest income includes a $110,000 gain on the sale of a foreclosed property. All other components of non-interest income increased $4,000. Non-interest income also includes $84,000 of income relating to a $15.0 million second-quarter 2007 bank-owned-life-insurance (“BOLI”) transaction.
For the six month period ended June 30, 2007, non-interest income excluding the $1.333 million (pre-tax) real estate gain, was $9.877 million, an increase of $703,000 or 7.7% over the $9.174 million in the same period last year. The primary factor for this increase was year-to-date
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Wealth Division revenue of $6.710 million which was $542,000 or 8.8% higher than the same period last year. Market returns and additional business from one institutional customer were the primary contributors to the increase in Wealth Division revenues as assets under management and administration increased to $2.632 billion at June 30, 2007 from $2.195 billion at June 30, 2006. The balance of the increase in non-interest income was due to the OREO gain and BOLI income, partially offset by lower loan servicing fees and lower deposit related fees.
Wealth Management revenues for the quarter ended June 30, 2007 and June 30, 2006 includes approximately$183,000 and $100,000, respectively, of fees relating to one institutional client that is being acquired by another financial institution in a business combination. This business combination is expected to close in the fourth quarter of 2007. On a year to date basis, the fees related to this institutional client were approximately $359,000 and $202,000 for 2007 and 2006, respectively. Wealth assets under Management and Administration at June 30 2007, December 31, 2006 and June 30, 2006 relating to this client were approximately $420 million, $412 million and $266 million, respectively.
Non-interest expense for the second quarter of 2007 was $8.753 million, an increase of $851,000 or 10.8% from $7.902 million in the second quarter of 2006. Staffing levels and related costs are higher due to the new initiatives mentioned above, partially offset by reductions in incentive compensation costs. Benefit costs are lower due to favorable pension fund returns in 2006 along with changes in the post retirement medical benefit plan. However, advertising costs are up due to the new Ardmore branch which opened in January 2007. Professional costs which include legal, audit and consulting expenses are also higher due to expenses resulting from the evaluation of a business opportunity and increased regulatory reporting costs such as new proxy disclosure rules and new financial reporting requirements relating to income taxes.
For the six month period ended June 30, 2007, non-interest expense was $17.188 million, an increase of $1.441 million or 9.2% over $15.747 million in the same period last year. Staffing levels and related costs are higher due to the new initiatives mentioned above, partially offset by significant reductions in incentive compensation costs. Benefit costs are lower due to favorable
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pension fund returns in 2006 along with changes in the post retirement medical benefit plan. Advertising costs and occupancy and bank premises expenses are up due to the new Ardmore branch which opened in January 2007. Professional fees include costs relating to a business evaluation and also include increased regulatory costs as mentioned earlier in this release.
On a sequential basis, diluted earnings per share for the second quarter of 2007 of $0.36 were unchanged from the first quarter of 2007 (excluding the real estate gain of $0.10 per share in the first quarter). Net income for the second quarter of 2007 of $3.091 million was $19,000 or 0.6% lower than first quarter 2007 net income of $3.110 million (excluding the after-tax real estate gain of $866,000). The small increases in net interest income and non-interest income were offset by an increase in non-interest expenses and a slightly higher effective tax rate.
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, non-interest income, diluted earnings per share, ROE, and the ROA determined in accordance with GAAP to exclude the effects of the real estate gain in the first quarter of 2007 (and year to date). Management believes that the presentation excluding the impact of the real estate gain in the first quarter of 2007 (and year to date) 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.
As previously announced, the Corporation will hold an earnings conference call at 9:00 a.m. EDT on Friday, July 27, 2007. Interested parties may participate by calling 973-582-2741 at 8:55 a.m. EDT and referencing conference PIN #9030862. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through Wednesday, August 8, 2007. The number to call for the taped replay is 973-341-3080 and the conference PIN is 9030862.
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The conference call will be simultaneously broadcast live over the Internet through a web cast on the investor relations portion of the Bryn Mawr Bank Corporation’s website. To access the call, please visit the website athttp://www.bmtc.com/investor_01.cfm. An online archive of the web cast will be available within two hours of the conclusion of the call. The Corporation has also recently expanded its Investor Relations section website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.
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, target, 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.
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Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
June 30, 2007
(unaudited)
| | | | | | | | | | | | | | | |
| | | For The Three Months Ended |
For the period: | | Jun 30, 2007 | | Mar 31,
2007 | | Dec 31, 2006 | | Sep 30, 2006 | | Jun 30, 2006 |
Interest income | | $ | 13,250 | | $ | 12,521 | | $ | 12,446 | | $ | 12,017 | | $ | 11,098 |
Interest expense | | | 4,736 | | | 4,145 | | | 4,021 | | | 3,627 | | | 2,795 |
| | | | | | | | | | | | | | | |
Net interest income | | | 8,514 | | | 8,376 | | | 8,425 | | | 8,390 | | | 8,303 |
Provision for loan and lease losses | | | 240 | | | 250 | | | 211 | | | 258 | | | 209 |
| | | | | | | | | | | | | | | |
Net interest income after provision for loan and lease losses | | | 8,274 | | | 8,126 | | | 8,214 | | | 8,132 | | | 8,094 |
| | | | | |
Fees for wealth management services | | | 3,423 | | | 3,287 | | | 3,241 | | | 3,013 | | | 3,048 |
Loan servicing and late fees | | | 277 | | | 280 | | | 283 | | | 271 | | | 282 |
Service charges on deposits | | | 356 | | | 360 | | | 376 | | | 388 | | | 397 |
Net gain on sale of real estate | | | — | | | 1,333 | | | — | | | — | | | — |
Net gain on sale of OREO | | | 110 | | | — | | | — | | | — | | | — |
Net gain on sale of loans | | | 259 | | | 280 | | | 182 | | | 268 | | | 254 |
BOLI income | | | 84 | | | — | | | — | | | — | | | — |
Other operating income | | | 555 | | | 606 | | | 542 | | | 623 | | | 594 |
| | | | | | | | | | | | | | | |
Noninterest income | | | 5,064 | | | 6,146 | | | 4,624 | | | 4,563 | | | 4,575 |
| | | | | |
Salaries and wages | | | 3,981 | | | 4,048 | | | 3,982 | | | 4,109 | | | 3,834 |
Employee benefits | | | 1,057 | | | 1,221 | | | 951 | | | 887 | | | 1,131 |
Occupancy and bank premises | | | 712 | | | 686 | | | 632 | | | 636 | | | 642 |
Furniture fixtures and equipment | | | 513 | | | 507 | | | 481 | | | 486 | | | 476 |
Advertising | | | 355 | | | 316 | | | 238 | | | 187 | | | 273 |
Amortization of mortgage servicing rights | | | 77 | | | 92 | | | 90 | | | 88 | | | 84 |
Professional fees | | | 470 | | | 401 | | | 225 | | | 285 | | | 209 |
Other expenses | | | 1,588 | | | 1,164 | | | 1,247 | | | 1,152 | | | 1,253 |
| | | | | | | | | | | | | | | |
Noninterest expense | | | 8,753 | | | 8,435 | | | 7,846 | | | 7,830 | | | 7,902 |
| | | | | |
Income before income taxes | | | 4,585 | | | 5,837 | | | 4,992 | | | 4,865 | | | 4,767 |
Income tax expense | | | 1,494 | | | 1,861 | | | 1,784 | | | 1,630 | | | 1,630 |
| | | | | | | | | | | | | | | |
Net income | | $ | 3,091 | | $ | 3,976 | | $ | 3,208 | | $ | 3,235 | | $ | 3,137 |
| | | | | | | | | | | | | | | |
Per share data: | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 8,542,066 | | | 8,575,172 | | | 8,588,820 | | | 8,575,170 | | | 8,577,365 |
Dilutive potential common shares | | | 112,040 | | | 121,519 | | | 120,792 | | | 109,995 | | | 113,690 |
| | | | | | | | | | | | | | | |
Adjusted weighted average dilutive shares | | | 8,654,106 | | | 8,696,691 | | | 8,709,612 | | | 8,685,165 | | | 8,691,055 |
| | | | | |
Basic earnings per common share | | $ | 0.36 | | $ | 0.46 | | $ | 0.37 | | $ | 0.38 | | $ | 0.37 |
| | | | | |
Diluted earnings per common share | | $ | 0.36 | | $ | 0.46 | | $ | 0.37 | | $ | 0.37 | | $ | 0.36 |
| | | | | |
Dividend declared per share | | $ | 0.12 | | $ | 0.12 | | $ | 0.12 | | $ | 0.12 | | $ | 0.11 |
Note: Certain prior period amounts have been reclassified to conform to current period presentation.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
June 30, 2007
(unaudited)
| | | | | | |
| | | For The Six Months Ended |
For the period: | | June 30,
2007 | | June 30,
2006 |
Interest income | | $ | 25,771 | | $ | 21,443 |
Interest expense | | | 8,881 | | | 4,959 |
| | | | | | |
Net interest income | | | 16,890 | | | 16,484 |
Provision for loan and lease losses | | | 490 | | | 363 |
| | | | | | |
Net interest income after provision for loan and lease losses | | | 16,400 | | | 16,121 |
| | |
Fees for wealth management services | | | 6,710 | | | 6,168 |
Loan servicing and late fees | | | 557 | | | 572 |
Service charges on deposits | | | 716 | | | 776 |
Net gain on sale of real estate | | | 1,333 | | | — |
Net gain on sale of OREO | | | 110 | | | — |
Net gain on sale of loans | | | 539 | | | 504 |
BOLI income | | | 84 | | | — |
Other operating income | | | 1,161 | | | 1,154 |
| | | | | | |
Noninterest income | | | 11,210 | | | 9,174 |
| | |
Salaries and wages | | | 8,029 | | | 7,663 |
Employee benefits | | | 2,278 | | | 2,449 |
Occupancy and bank premises | | | 1,398 | | | 1,266 |
Furniture fixtures and equipment | | | 1,020 | | | 958 |
Advertising | | | 671 | | | 473 |
Amortization of mortgage servicing rights | | | 169 | | | 170 |
Professional fees | | | 871 | | | 506 |
Other expenses | | | 2,752 | | | 2,262 |
| | | | | | |
Noninterest expense | | | 17,188 | | | 15,747 |
| | |
Income before income taxes | | | 10,422 | | | 9,548 |
Income tax expense | | | 3,355 | | | 3,275 |
| | | | | | |
Net income | | $ | 7,067 | | $ | 6,273 |
| | | | | | |
Per share data: | | | | | | |
Weighted average shares outstanding | | | 8,558,527 | | | 8,574,038 |
Dilutive potential common shares | | | 111,391 | | | 110,676 |
| | | | | | |
Adjusted weighted average shares | | | 8,669,918 | | | 8,684,714 |
| | |
Basic earnings per common share | | $ | 0.83 | | $ | 0.73 |
| | |
Diluted earnings per common share | | $ | 0.82 | | $ | 0.72 |
| | |
Dividend declared per share | | $ | 0.24 | | $ | 0.22 |
Note: Certain prior period amounts have been reclassified to conform to current period presentation.
Bryn Mawr Bank Corporation
Reconciliation of Non-GAAP Information
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three month period ended | |
| March 31, | | Net Income | | Change | | | Non-interest income | | | Change | |
| | | 2007 | | | 2006 | | $ | | | % | | | 2007 | | | 2006 | | | $ | | | % | |
As reported (GAAP) | | $ | 3,976 | | | $ | 3,136 | | $ | 840 | | | 26.8 | % | | $ | 6,146 | | | $ | 4,599 | | | $ | 1,547 | | | 33.6 | % |
Non-GAAP adjustment1 | | | (866 | ) | | | — | | | (866 | ) | | (27.6 | )% | | $ | (1,333 | ) | | $ | — | | | $ | (1,333 | ) | | (29.0 | )% |
Adjusted (Non-GAAP) | | $ | 3,110 | | | $ | 3,136 | | ($ | 26 | ) | | (0.8 | )% | | $ | 4,813 | | | $ | 4,599 | | | $ | 214 | | | 4.7 | % |
| | | | |
| | | Diluted earnings
per share | | Change | | | ROE | | | ROA | |
| | | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
| | | 2007 | | | 2006 | | $ | | | % | | | | | | | | | | | | | |
As reported (GAAP) | | $ | 0.46 | | | $ | 0.36 | | $ | 0.10 | | | 27.8 | % | | | 19.36 | % | | | 16.27 | % | | | 2.03 | % | | 1.83 | % |
Non-GAAP adjustment1 | | $ | (0.10 | ) | | | — | | $ | (0.10 | ) | | (27.8 | )% | | | (4.21 | )% | | | 0.00 | % | | | (0.44 | )% | | 0.00 | % |
Adjusted (Non-GAAP) | | $ | 0.36 | | | $ | 0.36 | | $ | 0.00 | | | 0.0 | % | | | 15.15 | % | | | 16.27 | % | | | 1.59 | % | | 1.83 | % |
| |
| | | Six month period ended | |
| June 30, | | Net Income | | Change | | | Non-interest income | | | Change | |
| | | 2007 | | | 2006 | | $ | | | % | | | 2007 | | | 2006 | | | $ | | | % | |
As reported (GAAP) | | $ | 7,067 | | | $ | 6,273 | | $ | 794 | | | 12.7 | % | | $ | 11,210 | | | $ | 9,174 | | | $ | 2,036 | | | 22.2 | % |
Non-GAAP adjustment1 | | | (866 | ) | | | — | | | (866 | ) | | (13.8 | )% | | $ | (1,333 | ) | | $ | — | | | $ | (1,333 | ) | | (14.5 | )% |
Adjusted (Non-GAAP) | | $ | 6,201 | | | $ | 6,273 | | $ | (72 | ) | | (1.1 | )% | | $ | 9,877 | | | $ | 9,174 | | | $ | 703 | | | 7.7 | % |
| | | | |
| | | Diluted earnings
per share | | Change | | | ROE | | | ROA | |
| | | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
| | | 2007 | | | 2006 | | $ | | | % | | | | | | | | | | | | | |
As reported (GAAP) | | $ | 0.82 | | | $ | 0.72 | | $ | 0.10 | | | 13.9 | % | | | 16.95 | % | | | 15.98 | % | | | 1.76 | % | | 1.79 | % |
Non-GAAP adjustment1 | | $ | (0.10 | ) | | | — | | $ | (0.10 | ) | | (13.9 | )% | | | (2.08 | )% | | | 0.00 | % | | | (0.22 | )% | | 0.00 | % |
Adjusted (Non-GAAP) | | $ | 0.72 | | | $ | 0.72 | | $ | 0.00 | | | 0.0 | % | | | 14.87 | % | | | 15.98 | % | | | 1.54 | % | | 1.79 | % |
1 | The non-GAAP adjustment in the first quarter of 2007 represents the reduction of the effect of the after tax gain on sale of real estate of $866,000. The gain was calculated as the excess of the net sale proceeds over net book value, less income taxes. |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data )
June 30, 2007
(unaudited)
| | | | | | | | | | | | | | | | | | | |
For the period: | | 2007 2Q | | | 2007 1Q | | | 2006 4Q | | | 2006 3Q | | | 2006 2Q | |
Asset Quality Data | | | | | | | | | | | | | | | | | | | |
| | | | | |
Nonaccrual loans and leases | | $ | 570 | | | $ | 371 | | | $ | 704 | | | $ | 794 | | | 866 | |
90 + days past due loans and leases | | | 125 | | | | 46 | | | | 119 | | | | 835 | | | 794 | |
| | | | | | | | | | | | | | | | | | | |
Nonperforming loans and leases | | $ | 695 | | | $ | 417 | | | $ | 823 | | | $ | 1,629 | | | 1,660 | |
OREO | | | — | | | | 561 | | | | — | | | | — | | | — | |
| | | | | | | | | | | | | | | | | | | |
Nonperforming assets | | $ | 695 | | | $ | 978 | | | $ | 823 | | | $ | 1,629 | | | 1,660 | |
| | | | | | | | | | | | | | | | | | | |
Allowance for loan and lease losses | | $ | 8,605 | | | $ | 8,366 | | | $ | 8,122 | | | $ | 8,025 | | | 7,779 | |
Allowance for loan and lease losses / loans | | | 1.16 | % | | | 1.21 | % | | | 1.19 | % | | | 1.20 | % | | 1.22 | % |
Allowance for loan and lease losses / nonperforming loans and leases | | | 1,238 | % | | | 2,006 | % | | | 987 | % | | | 493 | % | | 469 | % |
Nonperforming loans and leases / portfolio loans | | | 0.09 | % | | | 0.06 | % | | | 0.12 | % | | | 0.24 | % | | 0.26 | % |
Nonperforming assets / assets | | | 0.08 | % | | | 0.12 | % | | | 0.10 | % | | | 0.21 | % | | 0.22 | % |
Net loan and lease charge-offs (recoveries) | | | 1 | | | | 6 | | | | 114 | | | | 12 | | | 1 | |
Net loan and lease charge-offs (annualized)/ average loans | | | 0.001 | % | | | 0.004 | % | | | 0.07 | % | | | 0.01 | % | | NC | * |
(NC*- Not calculated as there were no significant charge-offs) | |
| | | | | |
| | | 2007 2Q | | | 2007 1Q | | | 2006 4Q | | | 2006 3Q | | | 2006 2Q | |
Selected ratios (annualized): | | | | | | | | | | | | | | | | | | | |
| | | | | |
Return on average assets | | | 1.49 | % | | | 2.03 | % | | | 1.62 | % | | | 1.69 | % | | 1.74 | % |
Return on average shareholders’ equity | | | 14.61 | % | | | 19.36 | % | | | 15.01 | % | | | 15.58 | % | | 15.70 | % |
Yield on interest earning assets* | | | 6.97 | % | | | 6.93 | % | | | 6.85 | % | | | 6.82 | % | | 6.72 | % |
Cost of interest bearing funds | | | 3.27 | % | | | 3.08 | % | | | 2.99 | % | | | 2.80 | % | | 2.35 | % |
Net interest margin* | | | 4.49 | % | | | 4.65 | % | | | 4.65 | % | | | 4.78 | % | | 5.04 | % |
Tier 1 leverage ratio | | | 10.95 | % | | | 11.34 | % | | | 11.04 | % | | | 11.12 | % | | 11.39 | % |
Book value per share | | $ | 10.11 | | | $ | 9.97 | | | $ | 9.62 | | | $ | 9.83 | | | 9.52 | |
Tangible book value per share | | $ | 10.11 | | | $ | 9.97 | | | $ | 9.62 | | | $ | 9.83 | | | 9.52 | |
Period end shares outstanding | | | 8,532,580 | | | | 8,582,172 | | | | 8,562,209 | | | | 8,575,253 | | | 8,575,398 | |
| | | | | |
Selected data: | | | | | | | | | | | | | | | | | | | |
| | | | | |
Mortgage loans originated | | $ | 27,490 | | | $ | 28,271 | | | $ | 23,030 | | | $ | 37,860 | | | 31,966 | |
Mortgage loans sold - servicing retained | | $ | 3,298 | | | $ | 4,831 | | | $ | 4,242 | | | $ | 6,043 | | | 3,615 | |
Mortgage loans sold - servicing released | | $ | 19,521 | | | $ | 14,844 | | | $ | 15,320 | | | $ | 10,867 | | | 13,127 | |
Mortgage loans serviced for others | | $ | 367,087 | | | $ | 377,512 | | | $ | 382,141 | | | $ | 385,861 | | | 395,091 | |
Wealth assets under management / administration | | $ | 2,632,333 | | | $ | 2,522,371 | | | $ | 2,514,824 | | | $ | 2,243,595 | | | 2,195,258 | |
* Yield on interest earning assets and net interest margin are calculated on a tax equivalent basis. | |
| | | | | | | |
| | | 2007
Year-to-date | | | 2006
Year-to-date | |
Selected ratios (annualized): | | | | | | | |
| | |
Return on average assets | | | 1.76 | % | | 1.79 | % |
Return on average shareholders’ equity | | | 16.95 | % | | 15.98 | % |
Yield on interest earning assets* | | | 6.95 | % | | 6.65 | % |
Cost of interest bearing funds | | | 3.18 | % | | 2.14 | % |
Net interest margin* | | | 4.57 | % | | 5.13 | % |
| | |
Mortgage loans originated | | $ | 55,761 | | | 66,417 | |
Mortgage loans sold - servicing retained | | $ | 8,129 | | | 10,625 | |
Mortgage loans sold - servicing released | | $ | 34,365 | | | 20,563 | |
* Yield on interest earning assets and net interest margin are calculated on a tax equivalent basis. | |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
June 30, 2007
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | As of | |
Balance Sheet For the period ended: | | Jun 30,
2007 | | | Mar 31,
2007 | | | Dec 31,
2006 | | | Sept 30,
2006 | | | Jun 30,
2006 | |
Assets | | | | | | | | | | | | | | | | | | | | |
Interest bearing deposits with banks | | $ | 520 | | | $ | 407 | | | $ | 532 | | | $ | 544 | | | $ | 642 | |
Fed funds sold | | | 2,500 | | | | 7,885 | | | | — | | | | — | | | | — | |
Investment securities | | | 44,817 | | | | 45,772 | | | | 48,232 | | | | 51,399 | | | | 45,697 | |
| | | | | |
Loans held for sale | | | 6,535 | | | | 7,448 | | | | 3,726 | | | | 7,621 | | | | 6,369 | |
| | | | | |
Portfolio loans: | | | | | | | | | | | | | | | | | | | | |
Consumer | | | 7,827 | | | | 8,073 | | | | 9,156 | | | | 8,848 | | | | 8,863 | |
Commercial & industrial | | | 191,484 | | | | 179,483 | | | | 175,278 | | | | 177,797 | | | | 166,442 | |
Commercial mortgages | | | 224,696 | | | | 200,121 | | | | 198,407 | | | | 185,234 | | | | 178,253 | |
Construction | | | 70,209 | | | | 74,355 | | | | 74,798 | | | | 74,949 | | | | 65,097 | |
Residential mortgages | | | 105,441 | | | | 105,065 | | | | 103,572 | | | | 107,021 | | | | 108,820 | |
Home equity lines & loans | | | 111,079 | | | | 107,554 | | | | 113,068 | | | | 112,940 | | | | 112,157 | |
Leases | | | 28,924 | | | | 16,898 | | | | 7,012 | | | | 316 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total portfolio loans | | | 739,660 | | | | 691,549 | | | | 681,291 | | | | 667,105 | | | | 639,632 | |
| | | | | |
Earning assets | | | 794,032 | | | | 753,061 | | | | 733,781 | | | | 726,669 | | | | 692,340 | |
Cash and due from | | | 22,533 | | | | 25,114 | | | | 61,473 | | | | 23,921 | | | | 27,529 | |
Allowance for loan and lease losses | | | (8,605 | ) | | | (8,366 | ) | | | (8,122 | ) | | | (8,025 | ) | | | (7,779 | ) |
Other assets | | | 56,610 | | | | 41,113 | | | | 39,528 | | | | 40,678 | | | | 39,392 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 864,570 | | | $ | 810,922 | | | $ | 826,660 | | | $ | 783,243 | | | $ | 751,482 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 126,988 | | | $ | 130,447 | | | $ | 143,742 | | | $ | 128,707 | | | $ | 134,754 | |
Money market | | | 101,613 | | | | 107,919 | | | | 111,338 | | | | 112,360 | | | | 106,401 | |
Savings | | | 38,009 | | | | 40,751 | | | | 40,441 | | | | 41,640 | | | | 43,303 | |
Wholesale deposits | | | 121,750 | | | | 65,270 | | | | 19,976 | | | | 29,963 | | | | 34,951 | |
Time deposits | | | 186,045 | | | | 166,967 | | | | 200,446 | | | | 179,712 | | | | 163,029 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 574,405 | | | | 511,354 | | | | 515,943 | | | | 492,382 | | | | 482,438 | |
| | | | | |
Non-interest bearing deposits | | | 154,238 | | | | 152,926 | | | | 198,546 | | | | 145,872 | | | | 152,092 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 728,643 | | | | 664,280 | | | | 714,489 | | | | 638,254 | | | | 634,530 | |
| | | | | |
Borrowed funds | | | 35,100 | | | | 45,000 | | | | 15,000 | | | | 46,300 | | | | 22,700 | |
Other liabilities | | | 14,570 | | | | 16,061 | | | | 14,788 | | | | 14,395 | | | | 12,597 | |
Shareholders’ equity | | | 86,257 | | | | 85,581 | | | | 82,383 | | | | 84,294 | | | | 81,655 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 864,570 | | | $ | 810,922 | | | $ | 826,660 | | | $ | 783,243 | | | $ | 751,482 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Balance Sheet (average) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2007 2Q | | | 2007 1Q | | | 2006 4Q | | | 2006 3Q | | | 2006 2Q | |
Assets | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Interest bearing deposits with banks | | $ | 568 | | | $ | 486 | | | $ | 500 | | | $ | 807 | | | $ | 687 | |
Fed funds sold | | | 1,019 | | | | 2,597 | | | | 1,291 | | | | 3,345 | | | | 1,467 | |
Investment securities | | | 45,394 | | | | 47,029 | | | | 51,658 | | | | 49,103 | | | | 44,197 | |
Loans held for sale | | | 4,489 | | | | 3,746 | | | | 4,312 | | | | 5,910 | | | | 3,304 | |
Portfolio loans and leases | | | 716,734 | | | | 684,870 | | | | 669,036 | | | | 645,284 | | | | 617,627 | |
| | | | | | | | | | | | | | | | | | | | |
Earning assets | | | 768,204 | | | | 738,728 | | | | 726,797 | | | | 704,449 | | | | 667,282 | |
| | | | | |
Cash and due from | | | 22,299 | | | | 24,766 | | | | 27,030 | | | | 25,373 | | | | 24,666 | |
Allowance for loan an lease losses | | | (8,537 | ) | | | (8,254 | ) | | | (8,189 | ) | | | (7,904 | ) | | | (7,686 | ) |
Other assets | | | 47,460 | | | | 38,297 | | | | 40,374 | | | | 37,267 | | | | 37,803 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 829,426 | | | $ | 793,537 | | | $ | 786,012 | | | $ | 759,185 | | | $ | 722,065 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing checking | | $ | 131,893 | | | $ | 133,252 | | | $ | 129,400 | | | $ | 132,826 | | | $ | 140,400 | |
Money market | | | 104,812 | | | | 107,978 | | | | 113,608 | | | | 109,595 | | | | 110,710 | |
Savings | | | 39,072 | | | | 40,143 | | | | 40,856 | | | | 42,533 | | | | 43,738 | |
Wholesale deposits | | | 83,664 | | | | 31,573 | | | | 19,957 | | | | 19,956 | | | | 1,425 | |
Time deposits | | | 173,279 | | | | 191,838 | | | | 193,166 | | | | 187,083 | | | | 164,803 | |
| | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits | | | 532,720 | | | | 504,784 | | | | 496,987 | | | | 491,993 | | | | 461,076 | |
| | | | | |
Non-interest bearing deposits | | | 148,105 | | | | 149,420 | | | | 152,822 | | | | 149,465 | | | | 150,586 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 680,825 | | | | 654,204 | | | | 649,809 | | | | 641,458 | | | | 611,662 | |
Borrowed funds | | | 47,720 | | | | 40,363 | | | | 35,731 | | | | 21,380 | | | | 16,738 | |
Other liabilities | | | 16,041 | | | | 15,704 | | | | 15,702 | | | | 13,966 | | | | 13,487 | |
Shareholders’ equity | | | 84,840 | | | | 83,266 | | | | 84,770 | | | | 82,381 | | | | 80,178 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 829,426 | | | $ | 793,537 | | | $ | 786,012 | | | $ | 759,185 | | | $ | 722,065 | |
| | | | | | | | | | | | | | | | | | | | |
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
June 30, 2007
(unaudited)
Balance Sheet (average)
| | | | | | | | |
| | | 2007
Year-to-date | | | 2006
Year-to-date | |
Assets | | | | | | | | |
| | |
Interest bearing deposits with banks | | $ | 528 | | | $ | 564 | |
Fed funds sold | | | 1,804 | | | | 3,801 | |
Investment securities | | | 46,205 | | | | 40,653 | |
Loans held for sale | | | 4,675 | | | | 3,261 | |
Portfolio loans and leases | | | 700,335 | | | | 606,599 | |
| | | | | | | | |
Earning assets | | | 753,547 | | | | 654,878 | |
| | |
Cash and due from | | | 23,527 | | | | 24,500 | |
Allowance for loan and lease losses | | | (8,396 | ) | | | (7,606 | ) |
Other assets | | | 42,855 | | | | 36,809 | |
| | | | | | | | |
Total assets | | $ | 811,533 | | | $ | 708,581 | |
| | | | | | | | |
Interest-bearing checking | | $ | 132,569 | | | $ | 140,949 | |
Money market | | | 106,386 | | | | 114,517 | |
Savings | | | 39,604 | | | | 44,401 | |
Wholesale deposits | | | 57,763 | | | | — | |
Time deposits | | | 182,507 | | | | 156,970 | |
| | | | | | | | |
Interest-bearing deposits | | | 518,829 | | | | 456,837 | |
| | |
Non-interest bearing deposits | | | 148,759 | | | | 148,941 | |
| | | | | | | | |
Total deposits | | | 667,588 | | | | 605,778 | |
| | |
Borrowed funds | | | 44,062 | | | | 10,177 | |
Other liabilities | | | 15,826 | | | | 13,451 | |
Shareholders’ equity | | | 84,057 | | | | 79,175 | |
| | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 811,533 | | | $ | 708,581 | |
| | | | | | | | |
Quarterly Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2nd Quarter 2007 | | | 1st Quarter 2007 | | | 4rd Quarter 2006 | | | 3rd Quarter 2006 | | | 2nd Quarter 2006 | |
(dollars in thousands) | | Average
Balance | | | Interest
Income/
Expense | | Average Rates
Earned/ Paid | | | Average
Balance | | | Interest
Income/
Expense | | Average Rates
Earned/ Paid | | | Average
Balance | | | Interest
Income/
Expense | | Average Rates
Earned/ Paid | | | Average
Balance | | | Interest
Income/
Expense | | Average Rates
Earned/ Paid | | | Average
Balance | | | Interest
Income/
Expense | | Average Rates
Earned/ Paid | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits with other banks | | $ | 568 | | | $ | 7 | | 4.94 | % | | $ | 486 | | | $ | 6 | | 5.01 | % | | $ | 500 | | | $ | 7 | | 5.55 | % | | $ | 807 | | | $ | 11 | | 5.41 | % | | $ | 687 | | | $ | 8 | | 4.67 | % |
Federal funds sold | | | 1,019 | | | | 14 | | 5.51 | % | | | 2,597 | | | | 34 | | 5.31 | % | | | 1,291 | | | | 17 | | 5.22 | % | | | 3,345 | | | | 45 | | 5.34 | % | | | 1,467 | | | | 18 | | 4.92 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 40,393 | | | | 514 | | 5.10 | % | | | 42,023 | | | | 529 | | 5.11 | % | | | 46,618 | | | | 567 | | 4.83 | % | | | 44,132 | | | | 503 | | 4.52 | % | | | 39,249 | | | | 416 | | 4.25 | % |
Tax-exempt | | | 5,001 | | | | 59 | | 4.73 | % | | | 5,006 | | | | 58 | | 4.70 | % | | | 5,040 | | | | 58 | | 4.57 | % | | | 4,971 | | | | 58 | | 4.63 | % | | | 4,948 | | | | 59 | | 4.78 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 45,394 | | | | 573 | | 5.06 | % | | | 47,029 | | | | 587 | | 5.06 | % | | | 51,658 | | | | 625 | | 4.80 | % | | | 49,103 | | | | 561 | | 4.53 | % | | | 44,197 | | | | 475 | | 4.31 | % |
| | | | | | | | | | | | | | | |
Loans and leases | | | 721,223 | | | | 12,747 | | 7.09 | % | | | 688,616 | | | | 11,993 | | 7.06 | % | | | 673,348 | | | | 11,892 | | 7.01 | % | | | 651,194 | | | | 11,494 | | 7.00 | % | | | 620,931 | | | | 10,683 | | 6.90 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 768,204 | | | | 13,341 | | 6.97 | % | | | 738,728 | | | | 12,620 | | 6.93 | % | | | 726,797 | | | | 12,541 | | 6.85 | % | | | 704,449 | | | | 12,111 | | 6.82 | % | | | 667,282 | | | | 11,184 | | 6.72 | % |
| | | | | | | | | | | | | | | |
Cash and due from banks | | | 22,299 | | | | | | | | | | 24,766 | | | | | | | | | | 27,030 | | | | | | | | | | 25,373 | | | | | | | | | | 24,666 | | | | | | | |
Less allowance for loan and lease losses | | | (8,537 | ) | | | | | | | | | (8,254 | ) | | | | | | | | | (8,189 | ) | | | | | | | | | (7,904 | ) | | | | | | | | | (7,686 | ) | | | | | | |
Other assets | | | 47,460 | | | | | | | | | | 38,297 | | | | | | | | | | 40,374 | | | | | | | | | | 37,267 | | | | | | | | | | 37,803 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 829,426 | | | | | | | | | $ | 793,537 | | | | | | | | | $ | 786,012 | | | | | | | | | $ | 759,185 | | | | | | | | | $ | 722,065 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Savings, NOW and market rate deposits | | $ | 275,777 | | | $ | 977 | | 1.42 | % | | $ | 281,373 | | | $ | 998 | | 1.44 | % | | $ | 283,864 | | | $ | 1,066 | | 1.49 | % | | $ | 284,954 | | | $ | 1,029 | | 1.43 | % | | $ | 294,848 | | | $ | 914 | | 1.24 | % |
Wholesale deposits | | | 83,664 | | | | 1,132 | | 5.43 | % | | | 31,573 | | | | 422 | | 5.42 | % | | | 19,957 | | | | 281 | | 5.59 | % | | | 19,956 | | | | 278 | | 5.53 | % | | | 1,425 | | | | 20 | | 5.63 | % |
Time deposits | | | 173,279 | | | | 1,982 | | 4.59 | % | | | 191,838 | | | | 2,184 | | 4.62 | % | | | 193,166 | | | | 2,184 | | 4.49 | % | | | 187,083 | | | | 2,026 | | 4.30 | % | | | 164,803 | | | | 1,645 | | 4.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 532,720 | | | | 4,091 | | 3.08 | % | | | 504,784 | | | | 3,604 | | 2.90 | % | | | 496,987 | | | | 3,531 | | 2.82 | % | | | 491,993 | | | | 3,333 | | 2.69 | % | | | 461,076 | | | | 2,579 | | 2.24 | % |
| | | | | | | | | | | | | | | |
Short term borrowings | | | 47,720 | | | | 645 | | 5.42 | % | | | 40,363 | | | | 541 | | 5.44 | % | | | 35,731 | | | | 490 | | 5.44 | % | | | 21,380 | | | | 294 | | 5.46 | % | | | 16,738 | | | | 216 | | 5.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 580,440 | | | | 4,736 | | 3.27 | % | | | 545,147 | | | | 4,145 | | 3.08 | % | | | 532,718 | | | | 4,021 | | 2.99 | % | | | 513,373 | | | | 3,627 | | 2.80 | % | | | 477,814 | | | | 2,795 | | 2.35 | % |
| | | | | | | | | | | | | | | |
Noninterest-bearing deposits | | | 148,105 | | | | | | | | | | 149,420 | | | | | | | | | | 152,822 | | | | | | | | | | 149,465 | | | | | | | | | | 150,586 | | | | | | | |
Other liabilities | | | 16,041 | | | | | | | | | | 15,704 | | | | | | | | | | 15,702 | | | | | | | | | | 13,966 | | | | | | | | | | 13,487 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 164,146 | | | | | | | | | | 165,124 | | | | | | | | | | 168,524 | | | | | | | | | | 163,431 | | | | | | | | | | 164,073 | | | | | | | |
| | | | | | | | | | | | | | | |
Total liabilities | | | 744,586 | | | | | | | | | | 710,271 | | | | | | | | | | 701,242 | | | | | | | | | | 676,804 | | | | | | | | | | 641,887 | | | | | | | |
| | | | | | | | | | | | | | | |
Shareholders’ equity | | | 84,840 | | | | | | | | | | 83,266 | | | | | | | | | | 84,770 | | | | | | | | | | 82,381 | | | | | | | | | | 80,178 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 829,426 | | | | | | | | | $ | 793,537 | | | | | | | | | $ | 786,012 | | | | | | | | | $ | 759,185 | | | | | | | | | $ | 722,065 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | 6.97 | % | | | | | | | | | 6.93 | % | | | | | | | | | 6.85 | % | | | | | | | | | 6.82 | % | | | | | | | | | 6.72 | % |
| | | | | | | | | | | | | | | |
Net interest spread | | | | | | | | | 3.70 | | | | | | | | | | 3.85 | | | | | | | | | | 3.86 | | | | | | | | | | 4.02 | | | | | | | | | | 4.37 | |
Effect of noninterest-bearing sources | | | | | | | | | 0.79 | | | | | | | | | | 0.80 | | | | | | | | | | 0.79 | | | | | | | | | | 0.76 | | | | | | | | | | 0.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | | | | $ | 8,605 | | 4.49 | % | | | | | | $ | 8,475 | | 4.65 | % | | | | | | $ | 8,520 | | 4.65 | % | | | | | | $ | 8,484 | | 4.78 | % | | | | | | $ | 8,389 | | 5.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 91 | | 0.05 | % | | | | | | $ | 99 | | 0.05 | % | | | | | | $ | 95 | | 0.05 | % | | | | | | $ | 94 | | 0.05 | % | | | | | | $ | 86 | | 0.05 | % |
Average Balances and Tax Equivalent Income and Expense and Tax Equivalent Yields
For the Six months ended June 30,
| | | | | | | | | | | | | | | | | | | | |
| | | 2007 | | | 2006 | |
(dollars in thousands) | | Average
Balance | | | Interest
Income/
Expense | | Average
Rates
Earned/
Paid | | | Average
Balance | | | Interest
Income/
Expense | | Average
Rates
Earned/
Paid | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits with other banks | | | 528 | | | | 14 | | 5.35 | % | | | 564 | | | | 13 | | 4.65 | % |
Federal funds sold | | | 1,804 | | | | 48 | | 5.37 | % | | | 3,801 | | | | 84 | | 4.46 | % |
Investment securities available for sale: | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 41,202 | | | | 1,043 | | 5.10 | % | | | 35,672 | | | | 723 | | 4.09 | % |
Tax-exempt | | | 5,003 | | | | 117 | | 4.72 | % | | | 4,981 | | | | 118 | | 4.78 | % |
| | | | | | | | | | | | | | | | | | | | |
Investment securities available for sale | | | 46,205 | | | | 1,160 | | 5.06 | % | | | 40,653 | | | | 841 | | 4.17 | % |
| | | | | | |
Loans and leases | | | 705,010 | | | | 24,740 | | 7.08 | % | | | 609,860 | | | | 20,670 | | 6.83 | % |
| | | | | | | | | | | | | | | | | | | | |
Total interest earning assets | | | 753,547 | | | | 25,962 | | 6.95 | % | | | 654,878 | | | | 21,608 | | 6.65 | % |
| | | | | | |
Cash and due from banks | | | 23,527 | | | | | | | | | $ | 24,500 | | | | | | | |
Less allowance for loan and lease losses | | | (8,396 | ) | | | | | | | | | (7,606 | ) | | | | | | |
Other assets | | | 42,855 | | | | | | | | | | 36,809 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 811,533 | | | | | | | | | $ | 708,581 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Savings, NOW and market rate deposits | | $ | 278,559 | | | $ | 1,974 | | 1.43 | % | | $ | 299,151 | | | $ | 1,735 | | 1.17 | % |
Wholesale deposits | | | 57,763 | | | | 1,554 | | 5.43 | % | | | 716 | | | | 20 | | 5.63 | % |
Time deposits | | | 182,507 | | | | 4,166 | | 4.60 | % | | | 156,970 | | | | 2,947 | | 3.79 | % |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | | | 518,829 | | | | 7,694 | | 2.99 | % | | | 456,837 | | | | 4,702 | | 2.08 | % |
| | | | | | |
Short term borrowings** | | | 44,062 | | | | 1,187 | | 5.43 | % | | | 10,177 | | | | 257 | | 5.09 | |
| | | | | | | | | | | | | | | | | | | | |
Total interest-bearing liabilities | | | 562,891 | | | | 8,881 | | 3.18 | % | | | 467,014 | | | | 4,959 | | 2.14 | % |
Noninterest-bearing deposits | | | 148,759 | | | | | | | | | | 148,941 | | | | | | | |
Other liabilities | | | 15,826 | | | | | | | | | | 13,451 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total noninterest-bearing liabilities | | | 164,585 | | | | | | | | | | 162,392 | | | | | | | |
| | | | | | |
Total liabilities | | | 727,476 | | | | | | | | | | 629,406 | | | | | | | |
Shareholders’ equity | | | 84,057 | | | | | | | | | | 79,175 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and shareholders’ equity | | $ | 811,533 | | | | | | | | | $ | 708,581 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Interest income to earning assets | | | | | | | | | 6.95 | % | | | | | | | | | 6.65 | % |
| | | | | | |
Net interest spread | | | | | | | | | 3.77 | | | | | | | | | | 4.51 | |
Effect of noninterest-bearing sources | | | | | | | | | 0.80 | | | | | | | | | | 0.62 | |
| | | | | | | | | | | | | | | | | | | | |
Net interest income/ margin on earning assets | | | | | | $ | 17,081 | | 4.57 | % | | | | | | $ | 16,649 | | 5.13 | % |
| | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment | | | | | | $ | 191 | | 0.05 | % | | | | | | $ | 165 | | 0.05 | % |
Non-accrual loans are included in the average loan balances.
