OLNEY, MARYLAND, January 19, 2006 – Sandy Spring Bancorp, Inc., (Nasdaq-SASR) the parent company of Sandy Spring Bank, today announced net income for the year ended December 31, 2005 of $33.1 million ($2.24 per diluted share) compared to $14.4 million ($.98 per diluted share) for the prior year. Net income for the fourth quarter of 2005 totaled $8.0 million ($.54 per diluted share) compared to a net loss of $5.7 million ($.39 per diluted share) for the prior year period. The results for the year include gains on the sale of investment securities which increased $2.8 million on a pre-tax basis over the prior year.
Sandy Spring Bancorp also announced that it has reached an agreement to acquire specific assets and liabilities of Neff & Associates, an independent insurance agency located in Ocean City, Maryland.
“It has been our goal to broaden our insurance agency business and this acquisition gives us the opportunity to further serve the small business community and complement the products and services we already offer through Chesapeake Insurance Group,” said Hollar, who further noted that Neff has an outstanding reputation for superior client service within the medical community which makes this an excellent fit for both firms.
Neff & Associates specializes in physician liability insurance with approximately $1.2 million in annual revenues. Principal Keith Neff will continue in a sales and servicing capacity. “We look forward to becoming a part of the continuing success of both Chesapeake Insurance Group and Sandy Spring Bank,” states Keith Neff.
The transaction is expected to close in the first quarter of 2006.
For the year ended December 31, 2005, return on average stockholders’ equity was 16.21% compared to 7.27% for the prior year. Return on average assets for the year ended December 31, 2005 was 1.41% compared to .60% for the year ended December 31, 2004.
Return on average stockholders’ equity was 14.76% for the fourth quarter of 2005, compared to a loss of 11.45% for the fourth quarter of 2004. Return on average assets for the fourth quarter of 2005 was 1.31%, compared to a loss of .94% for the fourth quarter of 2004.
Comparing December 31, 2005 balances to December 31, 2004, total assets increased 7% to $2.5 billion due mainly to strong loan growth. Total loans and leases increased 17% to $1.7 billion compared to the prior year. Customer funding sources, which include deposits plus other short-term borrowings from core customers, increased 6% to $2.0 billion at December 31, 2005. During the same period, stockholders’ equity increased 12% to $218 million or 9% of total assets.
Due to continued growth in the loan portfolio, the provision for loan and lease losses totaled $1.0 million for the fourth quarter of 2005 compared to no provision in the fourth quarter of 2004. The provision for loan and lease losses totaled $2.6 million for the year ended December 31, 2005 compared to no provision for the prior year. The allowance for loan and lease losses represented 1.00% of outstanding loans at December 31, 2005.
The Company’s management will host a conference call to discuss its fourth quarter and full year results today at 2:00 P.M. (ET). A live Web cast of the conference call is available through the Investor Relations’ section of the Sandy Spring Web site at www.sandyspringbank.com.
DETAILED REVIEW OF FINANCIAL RESULTS
Comparing the fourth quarter of 2005 and 2004, net interest income increased by $3.3 million, or 17%, due primarily to an improved net interest margin. The net interest margin increased to 4.38% in 2005 from 3.83% in 2004 due primarily to increased loan growth and active management of deposit rates together with the early payoff of FHLB advances in the fourth quarter of 2004.
Noninterest income increased $2.3 million or 30% in the fourth quarter of 2005 as compared to 2004. On a non-GAAP basis, noninterest income, excluding the effect of securities gains of $.7 million in 2005 and $.1 million in 2004, increased $1.7 million or 22%. This increase was due primarily to an increase of $1.3 million in trust and investment management fees reflecting an increase of $.9 million from the acquisition of West Financial Services early in the fourth quarter of 2005 and an increase of $.4 million in fees from trust services. In addition, insurance agency commissions increased 12% compared to 2004 due primarily to the acquisition of the Wolfe & Reichelt Insurance Agency in December 2004.
Noninterest expenses were $20.9 million in the fourth quarter of 2005 compared to $39.8 million in 2004, a decrease of $18.9 million or 48%. This decrease was due primarily to expenses of $18.4 million related to the prepayment of FHLB advances and the write down of $1.3 million of goodwill associated with the Company’s investment in its leasing subsidiary, both of which occurred in the fourth quarter of 2004. The remaining $.8 million change in noninterest expenses resulted mainly from a $1.8 million or 16% increase in salaries and benefits, due largely to higher incentive compensation and benefits expense, increased occupancy expenses, due mainly to the acquisition of West Financial Services early in the fourth quarter of 2005, new branches opened in 2005, and an increase in intangibles amortization due primarily to the above-mentioned acquisition. These increases were offset in part by a $1.2 million or 31% decrease in other expenses, due mainly to a write off of issuance costs in 2004 relating to a redemption of subordinated debentures, and a decrease in marketing costs due mainly to advertising initiatives conducted in 2004 that were not continued in 2005.
Comparing the year ended December 31, 2005 and 2004, net interest income increased by $14.0 million or 19%, due primarily to increased loan growth and the early payoff of FHLB advances in 2004 mentioned above. These factors resulted in an increase in the net interest margin to 4.39% for the year 2005 compared to 3.68% for the year 2004.
Noninterest income was $36.9 million for year ended December 31, 2005 versus $31.0 million for the year ended December 31, 2004, an increase of $5.9 million or 19%. On a non-GAAP basis, noninterest income, excluding the effect of net securities gains of $3.3 million in 2005 and $.5 million in 2004, increased $3.1 million or 10%. This increase was due primarily to an increase of $1.7 million in trust and investment management fees reflecting an increase of $.9 million from the acquisition of West Financial Services and an increase of $.8 million in fees from trust services. In addition, insurance agency commissions increased 28% due largely to the acquisition of the Wolfe & Reichelt Insurance Agency in December 2004 together with higher contingent commissions. Visa® check fees increased 11% due to higher volumes of electronic transactions while gains on sales of mortgage loans increased 14% due to higher loan volumes. These increases were somewhat offset by a decline of 15% in fees on sales of investment products.
Noninterest expenses were $77.2 million in 2005 compared to $92.5 million in 2004, a decrease of $15.3 million or 17%. This decrease was primarily due to expenses of $18.4 million related to the prepayment of FHLB advances and the write down of $1.3 million of goodwill associated with the Company’s investment in its leasing subsidiary, both of which occurred in 2004. The remaining change in noninterest expenses of $4.4 million was due mainly to increases in salaries and benefits resulting from higher incentive compensation and benefits expenses and a larger staff, and increases in occupancy expense and intangibles amortization, offset in part by declines in other expenses.
About Sandy Spring Bancorp/Sandy Spring Bank
With $2.5 billion in assets, Sandy Spring Bancorp is the holding company for Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance Corporation, The Equipment Leasing Company and, effective October 3, 2005, West Financial Services, Inc. Sandy Spring Bancorp is the third largest publicly traded banking company headquartered in Maryland and the oldest independent banking institution in the state. Sandy Spring is a community banking organization that focuses its lending and other services on businesses and consumers in the local market area. Independent and community-oriented, Sandy Spring Bank was founded in 1868 and offers a broad range of commercial banking, retail banking and trust services through 31 community offices in Anne Arundel, Carroll, Frederick, Howard, Montgomery, and Prince George’s counties in Maryland and 67 ATMs located throughout Maryland. Through its subsidiaries, the Bank also offers a comprehensive menu of leasing, insurance and investment management services. Visit www.sandyspringbank.com for more information.
For additional information or questions, please contact:
Hunter R. Hollar, President & Chief Executive Officer, or
Philip J. Mantua, Executive V.P. & Chief Financial Officer
Sandy Spring Bancorp
17801 Georgia Avenue
Olney, Maryland 20832
1-800-399-5919
E-mail: HHollar@sandyspringbank.com
PMantua@sandyspringbank.com
Web site: www.sandyspringbank.com
Forward-Looking Statements: Sandy Spring Bancorp makes forward-looking statements in this News Release that are subject to risks and uncertainties. These forward-looking statements include: statements of goals, intentions, earnings expectations, and other expectations; estimates of risks and of future costs and benefits; assessments of probable loan and lease losses; assessments of market risk; and statements of the ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon or are affected by: management’s estimates and projections of future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters which, by their nature, are subject to significant uncertainties. Because of these uncertainties, Sandy Spring Bancorp’s actual future results may differ materially from those indicated. In addition, the Company’s past results of operations do not necessarily indicate its future results.
Sandy Spring Bancorp, Inc. and Subsidiaries FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data) |
| | | % Change | | | | | % Change | |
| Three Months Ended December 31, | | Twelve Months Ended December 31, |
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| | 2005 | | | 2004 | | | | 2005 | | | 2004 |
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Profitability for the period: | | | | | | | | | | | | | | | | | | |
Net interest income | $ | 22,925 | | $ | 19,627 | | | 17 | | $ | 88,178 | | $ | 74,213 | | | 19 | |
Provision for loan and lease losses | | 1,000 | | | — | | | N/A | | | 2,600 | | | — | | | N/A | |
Noninterest income | | 9,904 | | | 7,627 | | | 30 | | | 36,909 | | | 30,949 | | | 19 | |
Noninterest expenses | | 20,860 | | | 39,777 | | | (48 | ) | | 77,194 | | | 92,474 | | | (17 | ) |
Income before income taxes | | 10,969 | | | (12,523 | ) | | 188 | | | 45,293 | | | 12,688 | | | 257 | |
Net income | | 7,978 | | | (5,744 | ) | | 239 | | $ | 33,098 | | $ | 14,367 | | | 130 | |
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Return on average assets | | 1.31 | % | | (0.94 | ) | | | | | 1.41 | % | | 0.60 | % | | | |
Return on average equity | | 14.76 | % | | (11.45 | ) | | | | | 16.21 | % | | 7.27 | % | | | |
Net interest margin | | 4.38 | % | | 3.83 | % | | | | | 4.39 | % | | 3.68 | % | | | |
Efficiency ratio – GAAP based * | | 63.54 | % | | 145.95 | % | | | | | 61.71 | % | | 87.93 | % | | | |
Efficiency ratio – traditional * | | 59.36 | % | | 67.12 | % | | | | | 58.16 | % | | 62.86 | % | | | |
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Per share data: | | | | | | | | | | | | | | | | | | |
Basic net income | $ | 0.54 | | | ($0.40) | | | 235 | | $ | 2.26 | | $ | 0.99 | | | 128 | |
Diluted net income | | 0.54 | | | (0.39 | ) | | 239 | | | 2.24 | | | 0.98 | | | 129 | |
Dividends declared | | 0.22 | | | 0.20 | | | 10 | | | 0.84 | | | 0.78 | | | 8 | |
Book value | | 14.73 | | | 13.34 | | | 10 | | | 14.73 | | | 13.34 | | | 10 | |
Tangible book value | | 13.21 | | | 12.16 | | | 9 | | | 13.21 | | | 12.16 | | | 9 | |
Average fully diluted shares | | 14,886,046 | | | 14,720,013 | | | | | | 14,767,291 | | | 14,709,440 | | | | |
| | | | | | | | | | | | | | | | | | |
At period-end: | | | | | | | | | | | | | | | | | | |
Assets | $ | 2,459,616 | | $ | 2,309,343 | | | 7 | | $ | 2,459,616 | | $ | 2,309,343 | | | 7 | |
Deposits | | 1,803,210 | | | 1,732,501 | | | 4 | | | 1,803,210 | | | 1,732,501 | | | 4 | |
Loans and leases | | 1,684,379 | | | 1,445,525 | | | 17 | | | 1,684,379 | | | 1,445,525 | | | 17 | |
Securities | | 567,432 | | | 666,108 | | | (15 | ) | | 567,432 | | | 666,108 | | | (15 | ) |
Stockholders' equity | | 217,883 | | | 195,083 | | | 12 | | | 217,883 | | | 195,083 | | | 12 | |
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Capital and credit quality ratios: | | | | | | | | | | | | | | | | | | |
Average equity to average assets | | 8.86 | % | | 8.18 | % | | | | | 8.68 | % | | 8.21 | % | | | |
Allowance for loan and lease losses to loans | | | | | | | | | | | | | | | | | | |
and leases | | 1.00 | % | | 1.01 | % | | | | | 1.00 | % | | 1.01 | % | | | |
Nonperforming assets to total assets | | 0.06 | % | | 0.08 | % | | | | | 0.06 | % | | 0.08 | % | | | |
Annualized net (charge-offs) recoveries | | | | | | | | | | | | | | | | | | |
to average loans and leases | | (0.09 | )% | | 0.04 | % | | | | | (0.02 | )% | | 0.02 | % | | | |
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* | The GAAP based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the Consolidated Statements of Income. The traditional, non-GAAP efficiency ratio excludes intangible asset amortization from noninterest expenses; excludes securities gains from noninterest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Financial Highlights. |
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| Certain reclassifications of information previously reported have been made to conform with current presentation. |
Sandy Spring Bancorp, Inc. and Subsidiaries Reconciliation of GAAP-based and Traditional Efficiency Ratios (In thousands, except per share data) |
| Three Months Ended December 31, | | Twelve Months Ended December 31, | |
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| | 2005 | | | 2004 | | | 2005 | | | 2004 | |
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Noninterest expenses–GAAP based | $ | 20,860 | | $ | 39,777 | | $ | 77,194 | | $ | 92,474 | |
Net interest income plus noninterest income– | | | | | | | | | | | | |
GAAP based | | 32,829 | | | 27,254 | | | 125,087 | | | 105,162 | |
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Efficiency ratio–GAAP based | | 63.54 | % | | 145.95 | % | | 61.71 | % | | 87.93 | % |
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Noninterest expenses–GAAP based | $ | 20,860 | | $ | 39,777 | | $ | 77,194 | | $ | 92,474 | |
Less non-GAAP adjustment: | | | | | | | | | | | | |
FHLB prepayment penalties | | 0 | | | 18,363 | | | 0 | | | 18,363 | |
Goodwill impairment loss | | 0 | | | 1,265 | | | 0 | | | 1,265 | |
Amortization of intangible assets | | 696 | | | 491 | | | 2,198 | | | 1,950 | |
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Noninterest expenses–traditional ratio | | 20,164 | | | 19,658 | | | 74,996 | | | 70,896 | |
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Net interest income plus noninterest income– | | | | | | | | | | | | |
GAAP based | | 32,829 | | | 27,254 | | | 125,087 | | | 105,162 | |
Plus non-GAAP adjustment: | | | | | | | | | | | | |
Tax-equivalency | | 1,800 | | | 2,097 | | | 7,128 | | | 8,156 | |
Less non-GAAP adjustments: | | | | | | | | | | | | |
Securities gains | | 661 | | | 65 | | | 3,262 | | | 540 | |
Net interest income plus noninterest | | | | | | | | | | | | |
income – traditional ratio | | 33,968 | | | 29,286 | | | 128,953 | | | 112,778 | |
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Efficiency ratio – traditional | | 59.36 | % | | 67.12 | % | | 58.16 | % | | 62.86 | % |
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Sandy Spring Bancorp, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) |
| December 31, | |
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| 2005 | | 2004 | |
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Assets | | | | | | |
Cash and due from banks | $ | 47,294 | | $ | 43,728 | |
Federal funds sold | | 6,149 | | | 5,467 | |
Interest-bearing deposits with banks | | 751 | | | 610 | |
Residential mortgage loans held for sale (at fair value) | | 10,439 | | | 16,211 | |
Investments available-for-sale (at fair value) | | 256,571 | | | 346,903 | |
Investments held-to-maturity – fair value of $302,966 | | | | | | |
and $312,661, respectively | | 295,648 | | | 305,293 | |
Other equity securities | | 15,213 | | | 13,912 | |
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Total loans and leases | | 1,684,379 | | | 1,445,525 | |
Less: allowance for loan and lease losses | | (16,886 | ) | | (14,654 | ) |
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Net loans and leases | | 1,667,493 | | | 1,430,871 | |
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Premises and equipment, net | | 45,385 | | | 42,054 | |
Accrued interest receivable | | 13,144 | | | 11,674 | |
Goodwill | | 10,272 | | | 7,335 | |
Other intangible assets, net | | 12,218 | | | 9,866 | |
Other assets | | 79,039 | | | 75,419 | |
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Total assets | $ | 2,459,616 | | $ | 2,309,343 | |
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Liabilities | | | | | | |
Noninterest-bearing deposits | $ | 439,277 | | $ | 423,868 | |
Interest-bearing deposits | | 1,363,933 | | | 1,308,633 | |
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Total deposits | | 1,803,210 | | | 1,732,501 | |
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Short-term borrowings | | 380,220 | | | 231,927 | |
Subordinated debentures | | 35,000 | | | 35,000 | |
Other long-term borrowings | | 2,158 | | | 94,608 | |
Accrued interest payable and other liabilities | | 21,145 | | | 20,224 | |
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Total liabilities | | 2,241,733 | | | 2,114,260 | |
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Stockholders' Equity | | | | | | |
Common stock – par value $1.00; shares authorized | | | | | | |
50,000,000; shares issued and outstanding 14,793,987 | | | | | | |
and 14,628,511, respectively | | 14,794 | | | 14,629 | |
Additional paid in capital | | 26,599 | | | 21,522 | |
Retained earnings | | 177,084 | | | 156,315 | |
Accumulated other comprehensive income | | (594 | ) | | 2,617 | |
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Total stockholders' equity | | 217,883 | | | 195,083 | |
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Total liabilities and stockholders' equity | $ | 2,459,616 | | $ | 2,309,343 | |
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Certain reclassifications of information previously reported have been made to conform with current presentation. |
Sandy Spring Bancorp, Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) |
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| Three Months Ended December 31, | | | Twelve Months Ended December 31, | |
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| 2005 | | 2004 | | 2005 | | 2004 | |
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Interest income: | | | | | | | | | | | | |
Interest and fees on loans and leases | $ | 26,687 | | $ | 19,999 | | $ | 94,562 | | $ | 71,336 | |
Interest on loans held for sale | | 261 | | | 183 | | | 1,073 | | | 705 | |
Interest on deposits with banks | | 5 | | | 23 | | | 63 | | | 31 | |
Interest and dividends on securities: | | | | | | | | | | | | |
Taxable | | 3,117 | | | 4,390 | | | 12,327 | | | 21,927 | |
Exempt from federal income taxes | | 3,132 | | | 3,653 | | | 13,416 | | | 14,433 | |
Interest on federal funds sold | | 148 | | | 269 | | | 719 | | | 549 | |
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Total interest income | | 33,350 | | | 28,517 | | | 122,160 | | | 108,981 | |
Interest expense: | | | | | | | | | | | | |
Interest on deposits | | 6,739 | | | 3,923 | | | 21,482 | | | 13,059 | |
Interest on short-term borrowings | | 3,108 | | | 3,642 | | | 9,638 | | | 15,809 | |
Interest on long-term borrowings | | 578 | | | 1,325 | | | 2,862 | | | 5,900 | |
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Total interest expense | | 10,425 | | | 8,890 | | | 33,982 | | | 34,768 | |
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Net interest income | | 22,925 | | | 19,627 | | | 88,178 | | | 74,213 | |
Provision for loan and lease losses | | 1,000 | | | 0 | | | 2,600 | | | 0 | |
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Net interest income after provision for loan | | | | | | | | | | | | |
and lease losses | | 21,925 | | | 19,627 | | | 85,578 | | | 74,213 | |
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Noninterest income: | | | | | | | | | | | | |
Securities gains (losses) | | 661 | | | 65 | | | 3,262 | | | 540 | |
Service charges on deposit accounts | | 1,983 | | | 1,846 | | | 7,688 | | | 7,481 | |
Gains on sales of mortgage loans | | 932 | | | 772 | | | 3,757 | | | 3,283 | |
Fees on sales of investment products | | 551 | | | 702 | | | 2,109 | | | 2,472 | |
Trust and investment management fees | | 2,074 | | | 801 | | | 5,006 | | | 3,352 | |
Insurance agency commissions | | 1,160 | | | 1,040 | | | 5,309 | | | 4,135 | |
Income from bank owned life insurance | | 575 | | | 559 | | | 2,259 | | | 2,247 | |
Visa Check Fees | | 570 | | | 537 | | | 2,167 | | | 1,956 | |
Other income | | 1,398 | | | 1,305 | | | 5,352 | | | 5,483 | |
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Total noninterest income | | 9,904 | | | 7,627 | | | 36,909 | | | 30,949 | |
Noninterest expenses: | | | | | | | | | | | | |
Salaries and employee benefits | | 12,897 | | | 11,132 | | | 47,013 | | | 41,534 | |
Occupancy expense of premises | | 2,066 | | | 1,925 | | | 8,053 | | | 7,229 | |
Equipment expenses | | 1,379 | | | 1,534 | | | 5,410 | | | 5,428 | |
Marketing | | 278 | | | 337 | | | 1,225 | | | 1,717 | |
Outside data services | | 781 | | | 722 | | | 2,940 | | | 2,906 | |
Amortization of intangible assets | | 696 | | | 491 | | | 2,198 | | | 1,950 | |
Goodwill impairment loss | | 0 | | | 1,265 | | | 0 | | | 1,265 | |
Debt retirement expense | | 0 | | | 18,363 | | | 0 | | | 18,363 | |
Other expenses | | 2,763 | | | 4,008 | | | 10,355 | | | 12,082 | |
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Total noninterest expenses | | 20,860 | | | 39,777 | | | 77,194 | | | 92,474 | |
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Income before income taxes | | 10,969 | | | (12,523 | ) | | 45,293 | | | 12,688 | |
Income tax expense | | 2,991 | | | (6,779 | ) | | 12,195 | | | (1,679 | ) |
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Net income | $ | 7,978 | | | ($5,744) | | $ | 33,098 | | $ | 14,367 | |
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Basic net income per share | $ | 0.54 | | | ($0.40) | | $ | 2.26 | | $ | 0.99 | |
Diluted net income per share | $ | 0.54 | | | ($0.39) | | $ | 2.24 | | | 0.98 | |
Dividends declared per share | $ | 0.22 | | $ | 0.20 | | | 0.84 | | | 0.78 | |
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Certain reclassifications of information previously reported have been made to conform with current presentation. |
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Sandy Spring Bancorp, Inc. and Subsidiaries | 2005 | | 2004 | |
Historical Trends in Quarterly Financial Data |
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(Dollars in thousands, except per share data) | | Q4 | | | Q3 | | | Q2 | | | Q1 | | | Q4 | | | Q3 | | | Q2 | | | Q1 | |
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Profitability for the quarter: | | | | | | | | | | | | | | | | | | | | | | | | |
Tax-equivalent interest income | $ | 35,150 | | $ | 33,244 | | $ | 30,998 | | $ | 29,896 | | $ | 30,614 | | $ | 29,776 | | $ | 28,070 | | $ | 28,677 | |
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Interest expense | | 10,425 | | | 8,865 | | | 7,705 | | | 6,987 | | | 8,890 | | | 9,322 | | | 8,383 | | | 8,173 | |
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Tax-equivalent net interest income | | 24,725 | | | 24,379 | | | 23,293 | | | 22,909 | | | 21,724 | | | 20,454 | | | 19,687 | | | 20,504 | |
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Tax-equivalent adjustment | | 1,800 | | | 1,853 | | | 1,766 | | | 1,709 | | | 2,097 | | | 2,175 | | | 1,919 | | | 1,965 | |
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Provision for credit losses | | 1,000 | | | 600 | | | 900 | | | 100 | | | 0 | | | 0 | | | 0 | | | 0 | |
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Noninterest income | | 9,904 | | | 10,112 | | | 9,053 | | | 7,840 | | | 7,628 | | | 7,452 | | | 8,279 | | | 7,590 | |
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Noninterest expenses | | 20,860 | | | 18,744 | | | 19,153 | | | 18,437 | | | 39,778 | | | 17,883 | | | 18,099 | | | 16,714 | |
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Income before income taxes | | 10,969 | | | 13,294 | | | 10,527 | | | 10,503 | | | (12,523 | ) | | 7,848 | | | 7,948 | | | 9,415 | |
|
| |
| |
Income tax expense | | 2,991 | | | 3,827 | | | 2,730 | | | 2,647 | | | (6,779 | ) | | 1,431 | | | 1,555 | | | 2,114 | |
|
| |
| |
Net Income | | 7,978 | | | 9,467 | | | 7,797 | | | 7,856 | | | (5,744 | ) | | 6,417 | | | 6,393 | | | 7,301 | |
|
| |
| |
Financial ratios: | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | 1.31 | % | | 1.58 | % | | 1.36 | % | | 1.39 | % | | -0.94 | % | | 1.03 | % | | 1.08 | % | | 1.26 | % |
|
| |
| |
Return on average equity | | 14.76 | % | | 18.31 | % | | 15.63 | % | | 16.20 | % | | -11.45 | % | | 12.89 | % | | 13.07 | % | | 15.00 | % |
|
| |
| |
Net interest margin | | 4.38 | % | | 4.39 | % | | 4.39 | % | | 4.39 | % | | 3.80 | % | | 3.54 | % | | 3.56 | % | | 3.81 | % |
|
| |
| |
Efficiency ratio – GAAP based * | | 63.54 | % | | 57.43 | % | | 62.63 | % | | 63.49 | % | | 145.95 | % | | 69.50 | % | | 69.49 | % | | 63.97 | % |
|
| |
| |
Efficiency ratio – traditional * | | 59.36 | % | | 55.74 | % | | 59.16 | % | | 58.38 | % | | 67.12 | % | | 62.65 | % | | 63.22 | % | | 58.24 | % |
|
| |
| |
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | |
Basic net income | $ | 0.54 | | $ | 0.65 | | $ | 0.53 | | $ | 0.54 | | | ($0.40) | | $ | 0.44 | | $ | 0.44 | | $ | 0.51 | |
|
| |
| |
Diluted net income | $ | 0.54 | | $ | 0.64 | | $ | 0.53 | | $ | 0.53 | | | ($0.39) | | $ | 0.44 | | $ | 0.43 | | $ | 0.50 | |
|
| |
| |
Dividends declared | $ | 0.22 | | $ | 0.21 | | $ | 0.21 | | $ | 0.20 | | $ | 0.20 | | $ | 0.20 | | $ | 0.19 | | $ | 0.19 | |
|
| |
| |
Book value | $ | 14.73 | | $ | 14.23 | | $ | 13.91 | | $ | 13.57 | | $ | 13.34 | | $ | 13.92 | | $ | 13.51 | | $ | 13.76 | |
|
| |
| |
Tangible book value | $ | 13.21 | | $ | 13.07 | | $ | 12.72 | | $ | 12.35 | | $ | 12.16 | | $ | 12.70 | | $ | 12.26 | | $ | 12.48 | |
|
| |
| |
Average fully diluted shares | | 14,886,046 | | | 14,735,318 | | | 14,719,742 | | | 14,760,551 | | | 14,720,013 | | | 14,673,756 | | | 14,726,117 | | | 14,725,261 | |
|
| |
| |
Noninterest income breakdown: | | | | | | | | | | | | | | | | | | | | | | | | |
Securities gains (losses) | $ | 661 | | $ | 1,761 | | $ | 825 | | $ | 15 | | $ | 65 | | $ | 138 | | $ | 109 | | $ | 228 | |
|
| |
| |
Service charges on deposit accounts | | 1,983 | | | 2,050 | | | 1,984 | | | 1,671 | | | 1,846 | | | 1,886 | | | 1,881 | | | 1,868 | |
|
| |
| |
Gains on sales of mortgage loans | | 932 | | | 1,205 | | | 889 | | | 731 | | | 772 | | | 714 | | | 1,028 | | | 769 | |
|
| |
| |
Fees on sales of investment products | | 551 | | | 473 | | | 640 | | | 445 | | | 702 | | | 475 | | | 666 | | | 629 | |
|
| |
| |
Trust department income | | 2,074 | | | 1,116 | | | 944 | | | 872 | | | 801 | | | 813 | | | 984 | | | 754 | |
|
| |
| |
Insurance agency commissions | | 1,160 | | | 1,114 | | | 1,224 | | | 1,811 | | | 1,040 | | | 944 | | | 1,030 | | | 1,121 | |
|
| |
| |
Income from bank owned life insurance | | 575 | | | 570 | | | 559 | | | 555 | | | 560 | | | 556 | | | 557 | | | 574 | |
|
| |
| |
Visa Check Fees | | 570 | | | 556 | | | 550 | | | 491 | | | 537 | | | 498 | | | 497 | | | 424 | |
|
| |
| |
Other income | | 1,398 | | | 1,267 | | | 1,438 | | | 1,249 | | | 1,305 | | | 1,428 | | | 1,527 | | | 1,223 | |
|
| |
| |
Total | | 9,904 | | | 10,112 | | | 9,053 | | | 7,840 | | | 7,628 | | | 7,452 | | | 8,279 | | | 7,590 | |
|
| |
| |
Noninterest expense breakdown: | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | $ | 12,897 | | $ | 11,373 | | $ | 11,454 | | $ | 11,289 | | $ | 11,133 | | $ | 10,295 | | $ | 10,229 | | $ | 9,877 | |
|
| |
| |
Occupancy expense of premises | | 2,066 | | | 2,099 | | | 1,964 | | | 1,924 | | | 1,925 | | | 1,861 | | | 1,815 | | | 1,628 | |
|
| |
| |
Equipment expenses | | 1,379 | | | 1,415 | | | 1,294 | | | 1,322 | | | 1,534 | | | 1,380 | | | 1,324 | | | 1,190 | |
|
| |
| |
Marketing | | 278 | | | 253 | | | 406 | | | 288 | | | 337 | | | 385 | | | 482 | | | 513 | |
|
| |
| |
Outside data services | | 781 | | | 718 | | | 701 | | | 740 | | | 722 | | | 697 | | | 766 | | | 721 | |
|
| |
| |
| |
* | The GAAP based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the Consolidated Statements of Income. The traditional, non-GAAP efficiency ratio excludes intangible asset amortization from noninterest expenses; securities gains from noninterest income; and adds the tax-equivalent adjustment to net interest income. See the Reconciliation Table included with these Historical Trends in Quarterly Financial Data. |
| | | | | | | | | | | | | | | | | | | | | | | | |
Sandy Spring Bancorp, Inc. and Subsidiaries | 2005 | | 2004 | |
Historical Trends in Quarterly Financial Data |
| |
| |
(Dollars in thousands, except per share data) | | Q4 | | | Q3 | | | Q2 | | | Q1 | | | Q4 | | | Q3 | | | Q2 | | | Q1 | |
|
| |
| |
Noninterest expense breakdown (continued): | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of intangible assets | $ | 696 | | $ | 501 | | $ | 505 | | $ | 496 | | | 491 | | | 486 | | | 487 | | $ | 486 | |
|
| |
| |
Goodwill impairment loss | $ | 0 | | | 0 | | | 0 | | | 0 | | | 1,265 | | | 0 | | | 0 | | $ | 0 | |
|
| |
| |
Other expenses | | 2,763 | | | 2,385 | | | 2,829 | | | 2,378 | | | 22,371 | | | 2,779 | | | 2,996 | | | 2,299 | |
|
| |
| |
Total | | 20,860 | | | 18,744 | | | 19,153 | | | 18,437 | | | 39,778 | | | 17,883 | | | 18,099 | | | 16,714 | |
|
| |
| |
Balance sheets at quarter end: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | $ | 413,324 | | $ | 400,657 | | $ | 393,961 | | $ | 375,746 | | $ | 371,924 | | $ | 365,352 | | $ | 343,176 | | $ | 337,850 | |
|
| |
| |
Residential construction loans | | 155,379 | | | 143,691 | | | 136,733 | | | 139,964 | | | 137,880 | | | 126,338 | | | 113,382 | | | 103,292 | |
|
| |
| |
Commercial mortgage loans | | 415,983 | | | 410,409 | | | 390,306 | | | 395,528 | | | 386,911 | | | 372,790 | | | 329,894 | | | 322,754 | |
|
| |
| |
Commercial construction loans | | 178,764 | | | 136,606 | | | 119,006 | | | 94,708 | | | 88,974 | | | 62,436 | | | 55,563 | | | 52,162 | |
|
| |
| |
Commercial loans and leases | | 185,680 | | | 160,379 | | | 154,237 | | | 150,143 | | | 150,734 | | | 138,741 | | | 140,560 | | | 125,527 | |
|
| |
| |
Consumer loans | | 335,249 | | | 327,393 | | | 323,537 | | | 312,725 | | | 309,102 | | | 299,826 | | | 284,771 | | | 260,644 | |
|
| |
| |
Total loans and leases | | 1,684,379 | | | 1,579,135 | | | 1,517,780 | | | 1,468,814 | | | 1,445,525 | | | 1,365,483 | | | 1,267,346 | | | 1,202,229 | |
|
| |
| |
Less: allowance for credit losses | | (16,886 | ) | | (16,268 | ) | | (15,673 | ) | | (14,738 | ) | | (14,654 | ) | | (14,792 | ) | | (14,743 | ) | | (14,875 | ) |
|
| |
| |
Net loans and leases | | 1,667,493 | | | 1,562,867 | | | 1,502,107 | | | 1,454,076 | | | 1,430,871 | | | 1,350,691 | | | 1,252,603 | | | 1,187,354 | |
|
| |
| |
Goodwill | | 10,272 | | | 8,554 | | | 8,554 | | | 8,554 | | | 7,335 | | | 7,642 | | | 7,642 | | | 7,642 | |
|
| |
| |
Other intangible assets, net | | 12,218 | | | 8,364 | | | 8,865 | | | 9,370 | | | 9,866 | | | 9,987 | | | 10,473 | | | 10,959 | |
|
| |
| |
Total assets | | 2,459,616 | | | 2,383,360 | | | 2,348,305 | | | 2,284,198 | | | 2,309,343 | | | 2,506,302 | | | 2,424,199 | | | 2,371,572 | |
|
| |
| |
Total deposits | | 1,803,210 | | | 1,804,888 | | | 1,781,622 | | | 1,745,675 | | | 1,732,501 | | | 1,709,642 | | | 1,681,552 | | | 1,618,591 | |
|
| |
| |
Total stockholders' equity | | 217,883 | | | 208,090 | | | 203,294 | | | 198,709 | | | 195,083 | | | 201,737 | | | 196,090 | | | 199,615 | |
|
| |
| |
Quarterly average balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | $ | 423,805 | | $ | 423,420 | | $ | 401,148 | | $ | 384,504 | | $ | 378,347 | | $ | 362,170 | | $ | 355,676 | | $ | 346,545 | |
|
| |
| |
Residential construction loans | | 150,099 | | | 141,197 | | | 137,720 | | | 137,897 | | | 135,322 | | | 119,989 | | | 108,118 | | | 93,722 | |
|
| |
| |
Commercial mortgage loans | | 407,459 | | | 394,862 | | | 393,291 | | | 389,215 | | | 379,857 | | | 347,451 | | | 327,441 | | | 316,768 | |
|
| |
| |
Commercial construction loans | | 158,076 | | | 128,010 | | | 103,584 | | | 91,733 | | | 71,930 | | | 61,771 | | | 55,234 | | | 51,519 | |
|
| |
| |
Commercial loans and leases | | 161,478 | | | 154,920 | | | 151,766 | | | 149,783 | | | 139,165 | | | 137,321 | | | 134,627 | | | 127,327 | |
|
| |
| |
Consumer loans | | 333,671 | | | 327,495 | | | 320,276 | | | 310,421 | | | 303,639 | | | 293,025 | | | 268,861 | | | 251,411 | |
|
| |
| |
Total loans and leases | | 1,634,588 | | | 1,569,904 | | | 1,507,785 | | | 1,463,553 | | | 1,408,260 | | | 1,321,727 | | | 1,249,957 | | | 1,187,292 | |
|
| |
| |
Securities | | 589,552 | | | 593,102 | | | 591,610 | | | 641,960 | | | 801,871 | | | 938,448 | | | 933,253 | | | 954,822 | |
|
| |
| |
Total earning assets | | 2,239,438 | | | 2,203,251 | | | 2,130,469 | | | 2,115,369 | | | 2,272,437 | | | 2,299,895 | | | 2,220,656 | | | 2,167,641 | |
|
| |
| |
Total assets | | 2,421,725 | | | 2,384,327 | | | 2,307,888 | | | 2,286,209 | | | 2,441,129 | | | 2,466,535 | | | 2,384,929 | | | 2,329,107 | |
|
| |
| |
Total interest-bearing liabilities | | 1,733,626 | | | 1,696,691 | | | 1,647,365 | | | 1,660,839 | | | 1,805,091 | | | 1,844,996 | | | 1,775,867 | | | 1,751,225 | |
|
| |
| |
Noninterest-bearing demand deposits | | 452,738 | | | 458,131 | | | 440,945 | | | 415,824 | | | 419,723 | | | 405,647 | | | 392,387 | | | 360,341 | |
|
| |
| |
Total deposits | | 1,809,237 | | | 1,800,171 | | | 1,751,192 | | | 1,723,667 | | | 1,727,800 | | | 1,684,328 | | | 1,634,340 | | | 1,561,666 | |
|
| |
| |
Stockholders' equity | | 214,489 | | | 205,138 | | | 200,047 | | | 196,659 | | | 199,626 | | | 198,030 | | | 196,719 | | | 195,730 | |
|
| |
| |
Capital and credit quality measures: | | | | | | | | | | | | | | | | | | | | | | | | |
Average equity to average assets | | 8.86 | % | | 8.60 | % | | 8.67 | % | | 8.60 | % | | 8.18 | % | | 8.03 | % | | 8.25 | % | | 8.40 | % |
|
| |
| |
Credit loss allowance to loans and leases | | 1.00 | % | | 1.03 | % | | 1.03 | % | | 1.00 | % | | 1.01 | % | | 1.08 | % | | 1.16 | % | | 1.24 | % |
|
| |
| |
Nonperforming assets to total assets | | 0.06 | % | | 0.14 | % | | 0.15 | % | | 0.10 | % | | 0.08 | % | | 0.09 | % | | 0.12 | % | | 0.14 | % |
|
| |
| |
Annualized net (charge-offs) recoveries to | | | | | | | | | | | | | | | | | | | | | | | | |
average loans and leases | | -0.09 | % | | 0.00 | % | | 0.01 | % | | 0.00 | % | | 0.04 | % | | (0.01 | )% | | 0.04 | % | | 0.00 | % |
|
| |
| |
Miscellaneous data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net recoveries (charge-offs) | | ($382) | | | ($5) | | $ | 35 | | | ($16) | | $ | 138 | | | ($48) | | $ | 131 | | $ | 5 | |
|
| |
| |
Nonperforming assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Non-accrual loans and leases | | 437 | | | 1,032 | | | 661 | | | 672 | | | 746 | | | 848 | | | 674 | | | 802 | |
|
| |
| |
Loans and leases 90 days past due | | 958 | | | 2,289 | | | 2,757 | | | 1,531 | | | 1,043 | | | 1,340 | | | 2,316 | | | 2,492 | |
|
| |
| |
Restructured loans and leases | | 0 | | | 0 | | | 0 | | | 0 | | | 0 | | | 0 | | | 0 | | | 0 | |
|
| |
| |
Other real estate owned, net | | 0 | | | 0 | | | 73 | | | 0 | | | 0 | | | 77 | | | | | | | |
|
| |
| |
Total nonperforming assets | | 1,395 | | | 3,321 | | | 3,418 | | | 2,276 | | | 1,789 | | | 2,188 | | | 2,990 | | | 3,371 | |
|
| |
| |
|
Certain reclassifications of information currently reported have been made to conform to current presentation. |
Sandy Spring Bancorp, Inc. and Subsidiaries CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (Dollars in thousands and tax-equivalent) |
| | | |
| Three Months Ended December 31, | |
|
| |
| 2005 | | 2004 | |
|
| |
| |
| Average Balances | | Annualized Interest | | Yield/ Rate | | Average Balance | | Annualized Interest | | Yield/ Rate | |
| | | | | | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Assets | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | $ | 423,805 | | $ | 23,668 | | | 5.58 | % | $ | 378,347 | | $ | 20,670 | | | 5.46 | % |
| | | | | | | | | | | | | | | | | | |
Residential construction loans | | 150,099 | | | 10,312 | | | 6.87 | | | 135,322 | | | 7,373 | | | 5.45 | |
Commercial mortgage loans | | 407,459 | | | 28,366 | | | 6.96 | | | 379,857 | | | 24,530 | | | 6.46 | |
Commercial construction loans | | 158,076 | | | 12,531 | | | 7.93 | | | 71,930 | | | 4,416 | | | 6.14 | |
Commercial loans and leases | | 161,478 | | | 12,215 | | | 7.56 | | | 139,165 | | | 9,143 | | | 6.57 | |
Consumer loans | | 333,671 | | | 20,034 | | | 6.00 | | | 303,639 | | | 14,727 | | | 4.85 | |
|
|
| |
|
| | | | |
|
| |
|
| | | | |
Total loans and leases | | 1,634,588 | | | 107,126 | | | 6.55 | | | 1,408,260 | | | 80,859 | | | 5.74 | |
Securities | | 589,552 | | | 31,644 | | | 5.37 | | | 801,871 | | | 39,989 | | | 4.99 | |
Interest-bearing deposits with banks | | 588 | | | 18 | | | 3.06 | | | 4,664 | | | 90 | | | 1.93 | |
Federal funds sold | | 14,710 | | | 591 | | | 4.02 | | | 57,642 | | | 1,073 | | | 1.86 | |
|
|
| |
|
| | | | |
|
| |
|
| | | | |
TOTAL EARNING ASSETS | | 2,239,438 | | | 139,379 | | | 6.22 | % | | 2,272,437 | | | 122,011 | | | 5.38 | % |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Less: allowance for credit losses | | (16,470 | ) | | | | | | | | (14,812 | ) | | | | | | |
Cash and due from banks | | 48,396 | | | | | | | | | 44,235 | | | | | | | |
Premises and equipment, net | | 45,708 | | | | | | | | | 41,544 | | | | | | | |
Other assets | | 104,653 | | | | | | | | | 97,725 | | | | | | | |
|
|
| | | | | | | |
|
| | | | | | | |
Total assets | $ | 2,421,725 | | | | | | | | $ | 2,441,129 | | | | | | | |
|
|
| | | | | | | |
|
| | | | | | | |
| | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | $ | 235,711 | | $ | 667 | | | 0.28 | % | $ | 238,771 | | $ | 614 | | | 0.26 | % |
| | | | | | | | | | | | | | | | | | |
Regular savings deposits | | 207,740 | | | 909 | | | 0.44 | | | 231,196 | | | 764 | | | 0.33 | |
Money market savings deposits | | 373,535 | | | 8,226 | | | 2.20 | | | 371,382 | | | 3,439 | | | 0.93 | |
Time deposits | | 539,513 | | | 16,930 | | | 3.14 | | | 466,728 | | | 10,790 | | | 2.31 | |
|
|
| |
|
| | | | |
|
| |
|
| | | | |
Total interest-bearing deposits | | 1,356,499 | | | 26,732 | | | 1.97 | | | 1,308,077 | | | 15,607 | | | 1.19 | |
Borrowings | | 377,127 | | | 14,554 | | | 3.86 | | | 497,014 | | | 19,576 | | | 3.94 | |
|
|
| |
|
| | | | |
|
| |
|
| | | | |
TOTAL INTEREST-BEARING LIABILITIES | | 1,733,626 | | | 41,286 | | | 2.38 | | | 1,805,091 | | | 35,183 | | | 1.95 | |
| | | |
|
| | | | | | | |
|
| |
|
| |
Net interest income and spread* | | | | $ | 98,093 | | | 3.84 | % | | | | $ | 86,828 | | | 3.43 | % |
| | | |
|
| |
|
| | | | |
|
| |
|
| |
| | | | | | | | | | | | | | | | | | |
Noninterest-bearing demand deposits | | 452,738 | | | | | | | | | 419,723 | | | | | | | |
Other liabilities | | 20,872 | | | | | | | | | 16,689 | | | | | | | |
Stockholder's equity | | 214,489 | | | | | | | | | 199,626 | | | | | | | |
|
|
| | | | | | | |
|
| | | | | | | |
Total liabilities and stockholders' equity | $ | 2,421,725 | | | | | | | | $ | 2,441,129 | | | | | | | |
|
|
| | | | | | | |
|
| | | | | | | |
Interest income/earning assets | | | | | | | | 6.22 | % | | | | | | | | 5.38 | % |
| | | | | | | | | | | | | | | | | | |
Interest expense/earning assets | | | | | | | | 1.84 | | | | | | | | | 1.55 | |
| | | | | | |
|
| | | | | | | |
|
| |
Net interest margin | | | | | | | | 4.38 | % | | | | | | | | 3.83 | % |
| | | | | | |
|
| | | | | | | |
|
| |
| |
* | Interest income includes the effects of annualized taxable-equivalent adjustments (reduced by the nondeductible portion of interest expense) using the appropriate marginal federal income tax rate of 35.00% and, where applicable, the marginal state income tax rate of 7.00% (or a combined marginal federal and state rate of 39.55%), to increase tax-exempt interest income to a taxable-equivalent basis. The annualized taxable-equivalent adjustment amounts utilized in the above table to compute yields aggregated to $7.1 million for the three months ended December 31, 2005 and $8.3 million for the three months ended December 31, 2004. |
Sandy Spring Bancorp, Inc. and Subsidiaries CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES (Dollars in thousands and tax-equivalent) |
| | |
| Twelve Months Ended December 31, | |
|
| |
| 2005 | | 2004 | |
|
| |
| |
| Average Balances | | Annualized Interest | | Yield/ Rate | | Average Balance | | Annualized Interest | | Yield/ Rate | |
| | | | | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Assets | | | | | | | | | | | | | | | | | | |
Residential mortgage loans | $ | 408,369 | | $ | 22,563 | | | 5.53 | % | $ | 360,737 | | $ | 19,503 | | | 5.41 | % |
Residential construction loans | | 141,760 | | | 9,065 | | | 6.39 | | | 114,361 | | | 5,603 | | | 4.90 | |
Commercial mortgage loans | | 396,253 | | | 26,413 | | | 6.67 | | | 342,992 | | | 21,971 | | | 6.41 | |
Commercial construction loans | | 120,554 | | | 8,757 | | | 7.26 | | | 60,151 | | | 3,533 | | | 5.87 | |
Commercial loans and leases | | 154,520 | | | 10,981 | | | 7.11 | | | 134,630 | | | 8,584 | | | 6.38 | |
Consumer loans | | 323,534 | | | 17,856 | | | 5.52 | | | 279,338 | | | 12,847 | | | 4.60 | |
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Total loans and leases | | 1,544,990 | | | 95,635 | | | 6.19 | | | 1,292,209 | | | 72,041 | | | 5.58 | |
Securities | | 603,882 | | | 32,783 | | | 5.43 | | | 906,901 | | | 44,516 | | | 4.91 | |
Interest-bearing deposits with banks | | 2,095 | | | 62 | | | 2.96 | | | 1,817 | | | 31 | | | 1.71 | |
Federal funds sold | | 22,082 | | | 719 | | | 3.26 | | | 39,456 | | | 549 | | | 1.39 | |
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TOTAL EARNING ASSETS | | 2,173,049 | | | 129,199 | | | 5.95 | % | | 2,240,383 | | | 117,137 | | | 5.23 | % |
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Less: allowance for credit losses | | (15,492 | ) | | | | | | | | (14,823 | ) | | | | | | |
Cash and due from banks | | 46,682 | | | | | | | | | 42,133 | | | | | | | |
Premises and equipment, net | | 44,945 | | | | | | | | | 40,407 | | | | | | | |
Other assets | | 102,877 | | | | | | | | | 98,218 | | | | | | | |
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Total assets | $ | 2,352,061 | | | | | | | | $ | 2,406,318 | | | | | | | |
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Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | |
Interest-bearing demand deposits | $ | 237,511 | | $ | 639 | | | 0.27 | % | $ | 232,652 | | $ | 657 | | | 0.28 | % |
Regular savings deposits | | 216,951 | | | 801 | | | 0.37 | | | 216,257 | | | 762 | | | 0.35 | |
Money market savings deposits | | 376,090 | | | 6,268 | | | 1.67 | | | 369,046 | | | 2,469 | | | 0.67 | |
Time deposits | | 498,774 | | | 13,773 | | | 2.76 | | | 439,729 | | | 9,171 | | | 2.09 | |
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Total interest-bearing deposits | | 1,329,326 | | | 21,481 | | | 1.62 | | | 1,257,684 | | | 13,059 | | | 1.04 | |
Borrowings | | 355,537 | | | 12,412 | | | 3.49 | | | 536,758 | | | 21,709 | | | 4.04 | |
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TOTAL INTEREST-BEARING LIABILITIES | | 1,684,863 | | | 33,893 | | | 2.01 | | | 1,794,442 | | | 34,768 | | | 1.94 | |
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Net interest income and spread* | | | | $ | 95,306 | | | 3.94 | % | | | | $ | 82,369 | | | 3.29 | % |
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Noninterest-bearing demand deposits | | 442,055 | | | | | | | | | 394,622 | | | | | | | |
Other liabilities | | 21,001 | | | | | | | | | 19,698 | | | | | | | |
Stockholder's equity | | 204,142 | | | | | | | | | 197,556 | | | | | | | |
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Total liabilities and stockholders' equity | $ | 2,352,061 | | | | | | | | $ | 2,406,318 | | | | | | | |
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Interest income/earning assets | | | | | | | | 5.95 | % | | | | | | | | 5.23 | % |
Interest expense/earning assets | | | | | | | | 1.56 | | | | | | | | | 1.55 | |
Net interest margin | | | | | | | | 4.39 | % | | | | | | | | 3.68 | % |
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* | Interest income includes the effects of annualized taxable-equivalent adjustments (reduced by the nondeductible portion of interest expense) using the appropriate marginal federal income tax rate of 35.00% and, where applicable, the marginal state income tax rate of 7.00% (or a combined marginal federal and state rate of 39.55%), to increase tax-exempt interest income to a taxable-equivalent basis. The annualized taxable-equivalent adjustment amounts utilized in the above table to compute yields aggregated to $7.1 million for the twelve months ended December 31, 2005 and $8.2 million for the twelve months ended December 31, 2004. |