EXHIBIT 99.1
Capitol Bancorp Center 200 Washington Square North Lansing, MI 48933 2777 East Camelback Road Suite 375 Phoenix, AZ 85016 www.capitolbancorp.com |
Analyst Contact: Media Contact: | Michael M. Moran Chief of Capital Markets 877-884-5662 Stephanie Swan Director of Shareholder Services 517-372-7402 |
CAPITOL BANCORP REPORTS SECOND QUARTER RESULTS
2ND QUARTER 2008 HIGHLIGHTS
· | Assets Exceed $5.3 Billion |
· | Year-over-Year Growth in Loans (20%) |
· | Linked-Quarter Growth in Assets (22%) and Deposits (21%) |
· | Total Capital in Excess of 13% of Total Assets and Strong Support |
as Measured by Traditional Risk-Based and Tier 1 Ratios
· | Bank Openings in North Carolina and Arizona |
LANSING, Mich. and PHOENIX, Ariz.: July 17, 2008: Capitol Bancorp reported today earnings of $623,000 for the second quarter of 2008 and assets exceeding $5.3 billion.
Earnings per diluted share for the quarter were $0.04, a decrease from the $0.37 per diluted share reported in the second quarter of 2007. Net income for the quarter approximated $623,000, a decrease from approximately $6.3 million reported for the second quarter of 2007.
With year-over-year growth of 20 percent and linked-quarter growth approximating 22 percent, consolidated assets exceeded $5.3 billion, compared to the $4.4 billion at June 30, 2007. An increase of 20 percent brought total portfolio loans to approximately $4.6 billion from $3.8 billion at June 30, 2007. Total deposits increased by 18 percent to approximately $4.2 billion from the $3.5 billion reported at June 30, 2007, and reflect 21 percent growth on a linked-quarter basis as Capitol Bancorp continues to focus on building core funding sources within its franchise during these volatile times.
Capitol’s Chairman and CEO Joseph D. Reid said, “Although Capitol continues to confront a turbulent financial sector, we remain committed to our operating discipline that is designed to build long-term value for our shareholders through a strategy of geographic diversification and balance sheet strength. We continue to maintain solid double-digit core capital support levels as measured by the Corporation’s leverage, tier 1 and total risk-based capital ratios most recently reported at approximately 13 percent, 14 percent and 15 percent, respectively. These strong balance sheet measurements have been subsequently fortified with the successful consummation of our public trust preferred offering in early July.”
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Capitol Bancorp has continued its geographic diversification initiatives in 2008 through the addition of four de novo affiliate banks. In January, Adams Dairy Bank, located in Blue Springs, Missouri opened, followed by Mountain View Bank of Commerce, in Westminster, Colorado in February, Colonia Bank in Phoenix, Arizona in April, and Pisgah Community Bank, located in Asheville, North Carolina, in May. Capitol Bancorp’s national network of banks currently consists of 64 banks operating in 17 states.
Quarterly Performance
Consolidated net operating revenues decreased slightly to approximately $48.7 million for the second quarter of 2008, compared to approximately $51.4 million reported for the same period in 2007. The net interest margin, reflecting continued compression in this challenging environment, was 3.5 percent in the second quarter of 2008. The net interest margin was affected by many factors, including recent dramatic rate cuts over the past year by the Federal Reserve, competitive market pricing on both sides of the balance sheet, the impact of an elevated level of nonperforming loans, and modestly lower levels of noninterest-bearing demand deposit accounts year-over-year. Noninterest income expanded nearly 11 percent year-over-year, reflecting the continued positive results of Capitol’s expanding wealth management initiatives and modestly expanding core fee income sources at its affiliate banks, helping to mitigate further softening in its mortgage banking revenue.
Net income for the quarter approximated $623,000, a decrease from approximately $6.3 million reported for the second quarter of 2007. Challenges resulting from a weakening national economy, especially felt in the Great Lakes Region, were contributing factors to the decrease in earnings. As Capitol continues to leverage infrastructure investments made during 2006 and 2007, operating expenses increased 13 percent year-over-year, tied primarily to the launching of twelve de novo banks during that same period. Diluted earnings per share decreased from $0.37 reported in the second quarter of 2007 to $0.04 for the same period of 2008. The second quarter provision for loan losses increased to approximately $9.0 million over the nearly $4 million for the same period in 2007.
Six Month Performance
Revenue slightly exceeded $97 million for the six months ended June 30, 2008, a slight decrease compared to the approximate $101 million for the year-ago period. Diluted earnings per share of $0.16 for the first half of 2008 decreased from the $0.73 reported last year. Solid noninterest income growth (14 percent year-over-year) was unable to offset the effects of a compressed margin, reserve building and infrastructure investment. Bank performance and related earnings contribution of the Corporation’s mature banks in its Great Lakes Region was a major reason for the earnings decrease.
Balance Sheet
With total capital resources in excess of $707 million at quarter-end, the total capital-to-asset ratio exceeded 13 percent, providing solid support for the Corporation’s more than $5.3 billion balance sheet. To augment Capitol’s already sound capital position, in early July 2008, the Corporation completed an offering of $33.5 million of trust preferred securities issued by Capitol Trust XII. Several of Capitol’s bank subsidiaries purchased securities in this offering. Joseph D. Reid stated, “We are pleased with this successful non-equity capital raise which serves to reinforce our strong capital position, and ensures that during these uncertain times Capitol is well-positioned to support our existing franchise as well as anticipated continued future growth. We seek to continue to ensure that during volatile times such as this, that historically result in
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significant turmoil and upheaval for the financial sector, well-positioned entities like Capitol Bancorp with available resources can opportunistically capitalize on opportunities within our existing footprint.”
Net charge-offs increased to 0.60 percent in the second quarter of 2008 from the 0.49 percent reported in the first quarter of 2008 and 0.18 percent reported for the corresponding period of 2007. The ratio of nonperforming assets to total assets was 2.6 percent at June 30, 2008 compared to 2.2 percent reported at March 31, 2008. The allowance coverage ratio of nonperforming loans decreased modestly from 69 percent at March 31, 2008 to approximately 67 percent at June 30, 2008, while the allowance for loan losses increased to 1.40 percent of portfolio loans at June 30, 2008 from 1.38 percent at March 31, 2008. The Corporation remains disciplined in its approach to portfolio review and analysis and, as a result, the second quarter provision for loan losses was roughly 1.3 times second quarter net charge-offs (approximately 1.5 times coverage for charge-offs through the first six months of 2008).
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a $5.3 billion national community bank development company, with a network of 64 separately chartered banks with operations in 17 states. It is the holder of the most individual bank charters in the country. Capitol Bancorp Limited identifies opportunities for the development of new community banks, raises capital for and mentors new community banks through their formative stages and provides efficient services to its growing network of community banks. Each community bank has full local decision-making authority and is managed by an on-site president under the direction of a local board of directors, composed of business leaders from the bank’s community. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Michigan, and Phoenix, Arizona.
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CAPITOL BANCORP LIMITED | ||||||||||||||||||||
SUMMARY OF SELECTED FINANCIAL DATA | ||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30 | June 30 | |||||||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||||||
Condensed statements of operations: | ||||||||||||||||||||
Interest income | $ | 76,137 | $ | 81,254 | $ | 155,640 | $ | 159,093 | ||||||||||||
Interest expense | 33,945 | 35,712 | 71,513 | 68,870 | ||||||||||||||||
Net interest income | 42,192 | 45,542 | 84,127 | 90,223 | ||||||||||||||||
Provision for loan losses | 9,019 | 3,990 | 17,977 | 7,922 | ||||||||||||||||
Noninterest income | 6,477 | 5,843 | 13,042 | 11,428 | ||||||||||||||||
Noninterest expense | 47,788 | 42,214 | 92,593 | 84,037 | ||||||||||||||||
Income (loss) before income taxes | (2,078 | ) | 8,644 | (1,882 | ) | 16,679 | ||||||||||||||
Net income | $ | 623 | $ | 6,298 | $ | 2,814 | $ | 12,569 | ||||||||||||
Per share data: | ||||||||||||||||||||
Net income - basic | $ | 0.04 | $ | 0.37 | $ | 0.16 | $ | 0.75 | ||||||||||||
Net income - diluted | 0.04 | 0.37 | 0.16 | 0.73 | ||||||||||||||||
Book value at end of period | 22.29 | 22.48 | 22.29 | 22.48 | ||||||||||||||||
Common stock closing price at end of period | $ | 8.97 | $ | 27.33 | $ | 8.97 | $ | 27.33 | ||||||||||||
Common shares outstanding at end of period | 17,317,000 | 17,256,000 | 17,317,000 | 17,256,000 | ||||||||||||||||
Number of shares used to compute: | ||||||||||||||||||||
Basic earnings per share | 17,144,000 | 16,961,000 | 17,143,000 | 16,829,000 | ||||||||||||||||
Diluted earnings per share | 17,177,000 | 17,184,000 | 17,179,000 | 17,222,000 | ||||||||||||||||
2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | ||||||||||||||||
2008 | 2008 | 2007 | 2007 | 2007 | ||||||||||||||||
Condensed statements of financial position: | ||||||||||||||||||||
Total assets | $ | 5,340,400 | $ | 5,066,683 | $ | 4,901,763 | $ | 4,654,012 | $ | 4,439,279 | ||||||||||
Portfolio loans | 4,564,522 | 4,467,628 | 4,314,701 | 4,030,384 | 3,801,773 | |||||||||||||||
Deposits | 4,157,634 | 3,945,754 | 3,844,745 | 3,673,950 | 3,523,346 | |||||||||||||||
Stockholders' equity | 385,965 | 387,433 | 389,145 | 390,466 | 387,917 | |||||||||||||||
Total capital | $ | 707,232 | $ | 708,111 | $ | 701,473 | $ | 689,643 | $ | 668,067 | ||||||||||
Key performance ratios: | ||||||||||||||||||||
Return on average assets | 0.05 | % | 0.18 | % | 0.28 | % | 0.53 | % | 0.58 | % | ||||||||||
Return on average equity | 0.64 | % | 2.25 | % | 3.48 | % | 6.15 | % | 6.54 | % | ||||||||||
Net interest margin | 3.50 | % | 3.62 | % | 4.17 | % | 4.42 | % | 4.53 | % | ||||||||||
Efficiency ratio | 98.19 | % | 92.38 | % | 91.23 | % | 82.70 | % | 82.15 | % | ||||||||||
Asset quality ratios: | ||||||||||||||||||||
Allowance for loan losses / portfolio loans | 1.40 | % | 1.38 | % | 1.35 | % | 1.31 | % | 1.30 | % | ||||||||||
Total nonperforming loans / portfolio loans | 2.10 | % | 1.99 | % | 1.68 | % | 1.31 | % | 1.10 | % | ||||||||||
Total nonperforming assets / total assets | 2.63 | % | 2.20 | % | 1.82 | % | 1.42 | % | 1.17 | % | ||||||||||
Net charge-offs (annualized) / average portfolio loans | 0.60 | % | 0.49 | % | 0.41 | % | 0.45 | % | 0.18 | % | ||||||||||
Allowance for loan losses / nonperforming loans | 66.77 | % | 69.41 | % | 80.03 | % | 100.21 | % | 118.28 | % | ||||||||||
Capital ratios: | ||||||||||||||||||||
Stockholders' equity / total assets | 7.23 | % | 7.65 | % | 7.94 | % | 8.39 | % | 8.74 | % | ||||||||||
Total capital / total assets | 13.24 | % | 13.98 | % | 14.31 | % | 14.82 | % | 15.05 | % |
Forward-Looking Statements |
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act |
of 1995. Forward-looking statements include expressions such as "expects", "intends", "believes" and "should" which are not |
necessarily statements of belief as to the expected outcomes of future events. Actual results could materially differ from those |
presented due to a variety of internal and external factors. Actual results could materially differ from those contained in, or implied |
by, such statements. Capitol Bancorp Limited undertakes no obligation to release revisions to these forward-looking statements or |
reflect events or circumstances after the date of this release. |
Supplemental analyses follow providing additional detail regarding Capitol's results of operations, financial position, asset quality | |
and other supplemental data. |
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CAPITOL BANCORP LIMITED | |||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||
(in thousands, except per share data) | |||||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||||
INTEREST INCOME: | |||||||||||||||
Portfolio loans (including fees) | $ | 74,238 | $ | 77,178 | $ | 151,569 | $ | 150,702 | |||||||
Loans held for sale | 236 | 390 | 536 | 1,336 | |||||||||||
Taxable investment securities | 102 | 193 | 235 | 401 | |||||||||||
Federal funds sold | 1,008 | 3,109 | 2,221 | 5,653 | |||||||||||
Other | 553 | 384 | 1,079 | 1,001 | |||||||||||
Total interest income | 76,137 | 81,254 | 155,640 | 159,093 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Deposits | 26,989 | 30,267 | 57,677 | 58,596 | |||||||||||
Debt obligations and other | 6,956 | 5,445 | 13,836 | 10,274 | |||||||||||
Total interest expense | 33,945 | 35,712 | 71,513 | 68,870 | |||||||||||
Net interest income | 42,192 | 45,542 | 84,127 | 90,223 | |||||||||||
PROVISION FOR LOAN LOSSES | 9,019 | 3,990 | 17,977 | 7,922 | |||||||||||
Net interest income after provision | |||||||||||||||
for loan losses | 33,173 | 41,552 | 66,150 | 82,301 | |||||||||||
NONINTEREST INCOME: | |||||||||||||||
Service charges on deposit accounts | 1,457 | 1,187 | 2,790 | 2,292 | |||||||||||
Trust and wealth-management revenue | 1,563 | 1,117 | 3,208 | 2,154 | |||||||||||
Fees from origination of non-portfolio residential | |||||||||||||||
mortgage loans | 1,063 | 1,305 | 1,984 | 2,612 | |||||||||||
Gain on sales of government-guaranteed loans | 643 | 550 | 1,223 | 1,350 | |||||||||||
Gain on sales of other non-portfolio commercial loans | 343 | 309 | 660 | 629 | |||||||||||
Realized gains on sale of investment securities | |||||||||||||||
available for sale | 2 | - | 45 | - | |||||||||||
Other | 1,406 | 1,375 | 3,132 | 2,391 | |||||||||||
Total noninterest income | 6,477 | 5,843 | 13,042 | 11,428 | |||||||||||
NONINTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 27,730 | 26,437 | 53,278 | 52,509 | |||||||||||
Occupancy | 4,500 | 3,552 | 8,904 | 7,049 | |||||||||||
Equipment rent, depreciation and maintenance | 3,008 | 2,590 | 5,874 | 5,232 | |||||||||||
Other | 12,550 | 9,635 | 24,537 | 19,247 | |||||||||||
Total noninterest expense | 47,788 | 42,214 | 92,593 | 84,037 | |||||||||||
Income (loss) before income taxes (benefit) and | |||||||||||||||
minority interest | (8,138 | ) | 5,181 | (13,401 | ) | 9,692 | |||||||||
Income taxes (benefit) | (2,701 | ) | 2,346 | (4,696 | ) | 4,110 | |||||||||
Income (loss) before minority interest | (5,437 | ) | 2,835 | (8,705 | ) | 5,582 | |||||||||
Minority interest in net losses of consolidated | |||||||||||||||
subsidiaries | 6,060 | 3,463 | 11,519 | 6,987 | |||||||||||
NET INCOME | $ | 623 | $ | 6,298 | $ | 2,814 | $ | 12,569 | |||||||
NET INCOME PER SHARE: | |||||||||||||||
Basic | $ | 0.04 | $ | 0.37 | $ | 0.16 | $ | 0.75 | |||||||
Diluted | $ | 0.04 | $ | 0.37 | $ | 0.16 | $ | 0.73 | |||||||
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CAPITOL BANCORP LIMITED | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
(in thousands, except share data) | |||||||||
(Unaudited) | |||||||||
June 30 | December 31 | ||||||||
2008 | 2007 | ||||||||
ASSETS | |||||||||
Cash and due from banks | $ | 215,686 | $ | 196,083 | |||||
Money market and interest-bearing deposits | 26,414 | 26,924 | |||||||
Federal funds sold | 258,179 | 129,365 | |||||||
Cash and cash equivalents | 500,279 | 352,372 | |||||||
Loans held for sale | 11,314 | 16,419 | |||||||
Investment securities: | |||||||||
Available for sale, carried at market value | 13,219 | 14,119 | |||||||
Held for long-term investment, carried at | |||||||||
amortized cost which approximates market value | 30,165 | 25,478 | |||||||
Total investment securities | 43,384 | 39,597 | |||||||
Portfolio loans: | |||||||||
Loans secured by real estate: | |||||||||
Commercial | 2,022,820 | 1,917,113 | |||||||
Residential (including multi-family) | 805,924 | 698,960 | |||||||
Construction, land development and other land | 840,820 | 852,595 | |||||||
Total loans secured by real estate | 3,669,564 | 3,468,668 | |||||||
Commercial and other business-purpose loans | 811,290 | 768,473 | |||||||
Consumer | 53,775 | 48,041 | |||||||
Other | 29,893 | 29,519 | |||||||
Total portfolio loans | 4,564,522 | 4,314,701 | |||||||
Less allowance for loan losses | (63,904 | ) | (58,124 | ) | |||||
Net portfolio loans | 4,500,618 | 4,256,577 | |||||||
Premises and equipment | 61,393 | 60,031 | |||||||
Accrued interest income | 18,621 | 19,417 | |||||||
Goodwill and other intangibles | 73,496 | 72,722 | |||||||
Other assets | 131,295 | 84,628 | |||||||
TOTAL ASSETS | $ | 5,340,400 | $ | 4,901,763 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
LIABILITIES: | |||||||||
Deposits: | |||||||||
Noninterest-bearing | $ | 669,516 | $ | 671,688 | |||||
Interest-bearing | 3,488,118 | 3,173,057 | |||||||
Total deposits | 4,157,634 | 3,844,745 | |||||||
Debt obligations: | |||||||||
Notes payable and short-term borrowings | 440,485 | 320,384 | |||||||
Subordinated debentures | 154,177 | 156,130 | |||||||
Total debt obligations | 594,662 | 476,514 | |||||||
Accrued interest on deposits and other liabilities | 35,049 | 35,161 | |||||||
Total liabilities | 4,787,345 | 4,356,420 | |||||||
MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES | 167,090 | 156,198 | |||||||
STOCKHOLDERS' EQUITY: | |||||||||
Common stock, no par value, 50,000,000 shares authorized; | |||||||||
issued and outstanding: 2008 - 17,317,094 shares | |||||||||
2007 - 17,316,568 shares | 273,149 | 272,208 | |||||||
Retained earnings | 113,407 | 117,520 | |||||||
Undistributed common stock held by employee- | |||||||||
benefit trust | (580 | ) | (586 | ) | |||||
Market value adjustment (net of tax effect) for | |||||||||
investment securities available for sale (accumulated | |||||||||
other comprehensive income/loss) | (11 | ) | 3 | ||||||
Total stockholders' equity | 385,965 | 389,145 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 5,340,400 | $ | 4,901,763 |
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CAPITOL BANCORP LIMITED
Allowance for Loan Losses and Asset Quality Data
ALLOWANCE FOR LOAN LOSSES ACTIVITY (in thousands):
Periods Ended June 30 | ||||||||||||||||
Three Month Period | Six Month Period | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Allowance for loan losses at January 1 | $ | 61,666 | $ | 47,052 | $ | 58,124 | $ | 45,414 | ||||||||
Loans charged-off: | ||||||||||||||||
Loans secured by real estate: | ||||||||||||||||
Commercial | (2,772 | ) | (137 | ) | (3,444 | ) | (296 | ) | ||||||||
Residential (including multi-family) | (1,013 | ) | (338 | ) | (3,163 | ) | (693 | ) | ||||||||
Construction, land development and other land | (1,761 | ) | (114 | ) | (3,120 | ) | (316 | ) | ||||||||
Total loans secured by real estate | (5,546 | ) | (589 | ) | (9,727 | ) | (1,305 | ) | ||||||||
Commercial and other business-purpose loans | (2,496 | ) | (1,382 | ) | (4,297 | ) | (3,189 | ) | ||||||||
Consumer | (55 | ) | (97 | ) | (189 | ) | (211 | ) | ||||||||
Other | (34 | ) | -- | (34 | ) | -- | ||||||||||
Total charge-offs | (8,131 | ) | (2,068 | ) | (14,247 | ) | (4,705 | ) | ||||||||
Recoveries: | ||||||||||||||||
Loans secured by real estate: | ||||||||||||||||
Commercial | 600 | 7 | 718 | 66 | ||||||||||||
Residential (including multi-family) | 376 | 64 | 460 | 128 | ||||||||||||
Construction, land development and other land | 197 | 13 | 223 | 14 | ||||||||||||
Total loans secured by real estate | 1,173 | 84 | 1,401 | 208 | ||||||||||||
Commercial and other business-purpose loans | 153 | 257 | 583 | 431 | ||||||||||||
Consumer | 24 | 27 | 65 | 72 | ||||||||||||
Other | -- | 7 | 1 | 7 | ||||||||||||
Total recoveries | 1,350 | 375 | 2,050 | 718 | ||||||||||||
Net charge-offs | (6,781 | ) | (1,693 | ) | (12,197 | ) | (3,987 | ) | ||||||||
Additions to allowance charged to expense | 9,019 | 3,990 | 17,977 | 7,922 | ||||||||||||
Allowance for loan losses at June 30 | $ | 63,904 | $ | 49,349 | $ | 63,904 | $ | 49,349 | ||||||||
Average total portfolio loans for period ended June 30 | $ | 4,541,327 | $ | 3,708,267 | $ | 4,472,508 | $ | 3,633,402 | ||||||||
Ratio of net charge-offs (annualized) to average portfolio loans outstanding | 0.60 | % | 0.18 | % | 0.55 | % | 0.22 | % |
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CAPITOL BANCORP LIMITED
Selected Supplemental Data
ASSET QUALITY (in thousands):
June 30 2008 | March 31 2008 | December 31 2007 | |||||||||
Nonaccrual loans: | |||||||||||
Loans secured by real estate: | |||||||||||
Commercial | $ | 23,379 | $ | 21,497 | $ | 19,016 | |||||
Residential (including multi-family) | 17,293 | 17,094 | 13,381 | ||||||||
Construction, land development and other land | 40,790 | 36,704 | 29,756 | ||||||||
Total loans secured by real estate | 81,462 | 75,295 | 62,153 | ||||||||
Commercial and other business-purpose loans | 8,716 | 7,833 | 5,782 | ||||||||
Consumer | 137 | 86 | 66 | ||||||||
Other | 18 | -- | 84 | ||||||||
Total nonaccrual loans | 90,333 | 83,214 | 68,085 | ||||||||
Past due (>90 days) loans: | |||||||||||
Loans secured by real estate: | |||||||||||
Commercial | -- | 503 | 113 | ||||||||
Residential (including multi-family) | 1,409 | 3,407 | 1,116 | ||||||||
Construction, land development and other land | 3,613 | 214 | 2,531 | ||||||||
Total loans secured by real estate | 5,022 | 4,124 | 3,760 | ||||||||
Commercial and other business-purpose loans | 346 | 1,477 | 714 | ||||||||
Consumer | 10 | 23 | 66 | ||||||||
Other | -- | -- | 5 | ||||||||
Total past due loans | 5,378 | 5,624 | 4,545 | ||||||||
Total nonperforming loans | $ | 95,711 | $ | 88,838 | $ | 72,630 | |||||
Real estate owned and other repossessed assets | 44,991 | 22,601 | 16,680 | ||||||||
Total nonperforming assets | $ | 140,702 | $ | 111,439 | $ | 89,310 |
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CAPITOL BANCORP LIMITED
Selected Supplemental Data
EPS COMPUTATION COMPONENTS (in thousands):
Periods Ended June 30 | |||||||||||||||
Three Month Period | Six Month Period | ||||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||||
Numerator—net income for the period | $ | 623 | $ | 6,298 | $ | 2,814 | $ | 12,569 | |||||||
Denominator: | |||||||||||||||
Weighted average number of shares outstanding, excluding unvested restricted shares (denominator for basic earnings per share) | 17,144 | 16,961 | 17,143 | 16,829 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Unvested restricted shares | 33 | 15 | 27 | 42 | |||||||||||
Stock options | -- | 208 | 9 | 351 | |||||||||||
Total effect of dilutive securities | 33 | 223 | 36 | 393 | |||||||||||
Denominator for diluted earnings per share— | |||||||||||||||
Weighted average number of shares and potential dilution | 17,177 | 17,184 | 17,179 | 17,222 | |||||||||||
Number of antidilutive stock options excluded from diluted earnings per share computation | 2,494 | 1,063 | 2,269 | 368 |
AVERAGE BALANCES (in thousands):
Periods Ended June 30 | |||||||||||||||
Three Month Period | Six Month Period | ||||||||||||||
2008 | 2007 | 2008 | 2007 | ||||||||||||
Portfolio loans | $ | 4,541,327 | $ | 3,708,267 | $ | 4,472,508 | $ | 3,633,402 | |||||||
Earning assets | 4,817,307 | 4,017,948 | 4,729,691 | 3,926,022 | |||||||||||
Total assets | 5,191,195 | 4,328,592 | 5,092,365 | 4,233,762 | |||||||||||
Deposits | 4,026,851 | 3,433,081 | 3,965,178 | 3,378,825 | |||||||||||
Stockholders’ equity | 386,688 | 385,129 | 387,831 | 378,217 |
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Capitol Bancorp’s National Network of Community Banks
Arizona Region: | |
Arrowhead Community Bank | Glendale, Arizona |
Asian Bank of Arizona | Phoenix, Arizona |
Bank of Tucson | Tucson, Arizona |
Camelback Community Bank | Phoenix, Arizona |
Colonia Bank | Phoenix, Arizona |
Mesa Bank | Mesa, Arizona |
Southern Arizona Community Bank | Tucson, Arizona |
Sunrise Bank of Albuquerque | Albuquerque, New Mexico |
Sunrise Bank of Arizona | Phoenix, Arizona |
Valley First Community Bank | Scottsdale, Arizona |
Yuma Community Bank | Yuma, Arizona |
California Region: | |
Bank of Escondido | Escondido, California |
Bank of Feather River | Yuba City, California |
Bank of San Francisco | San Francisco, California |
Bank of Santa Barbara | Santa Barbara, California |
Napa Community Bank | Napa, California |
Point Loma Community Bank | San Diego, California |
Sunrise Bank of San Diego | San Diego, California |
Sunrise Community Bank | Palm Desert, California |
Colorado Region: | |
Fort Collins Commerce Bank | Fort Collins, Colorado |
Larimer Bank of Commerce | Fort Collins, Colorado |
Loveland Bank of Commerce | Loveland, Colorado |
Mountain View Bank of Commerce | Westminster, Colorado |
Great Lakes Region: | |
Ann Arbor Commerce Bank | Ann Arbor, Michigan |
Bank of Auburn Hills | Auburn Hills, Michigan |
Bank of Maumee | Maumee, Ohio |
Bank of Michigan | Farmington Hills, Michigan |
Brighton Commerce Bank | Brighton, Michigan |
Capitol National Bank | Lansing, Michigan |
Detroit Commerce Bank | Detroit, Michigan |
Elkhart Community Bank | Elkhart, Indiana |
Evansville Commerce Bank | Evansville, Indiana |
Goshen Community Bank | Goshen, Indiana |
Grand Haven Bank | Grand Haven, Michigan |
Kent Commerce Bank | Grand Rapids, Michigan |
Macomb Community Bank | Clinton Township, Michigan |
Muskegon Commerce Bank | Muskegon, Michigan |
Oakland Commerce Bank | Farmington Hills, Michigan |
Ohio Commerce Bank | Beachwood, Ohio |
Paragon Bank & Trust | Holland, Michigan |
Portage Commerce Bank | Portage, Michigan |
Midwest Region: | |
Adams Dairy Bank | Blue Springs, Missouri |
Bank of Belleville | Belleville, Illinois |
Community Bank of Lincoln | Lincoln, Nebraska |
Summit Bank of Kansas City | Lee’s Summit, Missouri |
Nevada Region: | |
1st Commerce Bank | North Las Vegas, Nevada |
Bank of Las Vegas | Las Vegas, Nevada |
Black Mountain Community Bank | Henderson, Nevada |
Desert Community Bank | Las Vegas, Nevada |
Red Rock Community Bank | Las Vegas, Nevada |
Northeast Region: | |
USNY Bank | Geneva, New York |
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Capitol’s National Network of Community Banks – Continued | |
Northwest Region: | |
Bank of Bellevue | Bellevue, Washington |
Bank of Everett | Everett, Washington |
Bank of Tacoma | Tacoma, Washington |
High Desert Bank | Bend, Oregon |
Issaquah Community Bank | Issaquah, Washington |
Southeast Region: | |
Bank of Valdosta | Valdosta, Georgia |
Community Bank of Rowan | Salisbury, North Carolina |
First Carolina State Bank | Rocky Mount, North Carolina |
Peoples State Bank | Jeffersonville, Georgia |
Pisgah Community Bank | Asheville, North Carolina |
Sunrise Bank of Atlanta | Atlanta, Georgia |
Texas Region: | |
Bank of Fort Bend | Sugar Land, Texas |
Bank of Las Colinas | Irving, Texas |
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