FOR IMMEDIATE RELEASE
Evans Bancorp Reports Third Quarter 2006 Financial Results
• | Earnings per share increased 2.2% over third quarter 2005 |
• | Net income increased 2.1% to $1.282 million over third quarter 2005 |
• | Net loans and leases increased 10.7% over third quarter 2005 |
ANGOLA, NY, October 30, 2006 – Evans Bancorp, Inc. (NASDAQ: EVBN), a financial services company serving Western New York, today reported a 2.1% increase in net income to $1.282 million for the third quarter which ended September 30, 2006. On a per share basis, earnings grew 2.2% to $0.47 per diluted share. The results for the quarter are compared with third quarter 2005 results of $1.256 million in net income or $0.46 per diluted share. On a year-to-date basis, net income grew 1.8% to $3.759 million in fiscal 2006 from $3.693 million in fiscal 2005. On a per diluted share basis, earnings grew 1.5% to $1.38 in fiscal 2006 from $1.36 in fiscal 2005.
James Tilley, President and CEO of Evans Bancorp, Inc., commented, “Despite the challenges presented by the current interest rate environment and soft insurance market, our strategy to increase our lines of business and sources of revenue combined with careful fiscal management have resulted in relatively steady performance with moderate earnings growth. We have focused on growing commercial leasing, maintaining good credit quality and managing our expenses.”
Revenue and Expenses
Total interest income for the third quarter of 2006 was $6.7 million, up $0.8 million, or 13.4%, from the same period last year. Interest income from loans and leases increased 21.7%, or $0.9 million, to $5.2 million on a larger loan and lease base. Approximately $0.5 million of the increase in loan and lease interest income was related to the Company’s national leasing subsidiary’s growth in revenue. Net loans and leases were $275.3 million at the end of the third quarter this year, up $26.6 million, or 10.7%, from $248.7 million a year ago. Higher interest income was offset by a $0.9 million, or 41.3%, increase in interest expense to $3.1 million from $2.2 million in the third quarter last year. Higher interest expense reflects elevated interest paid on deposits. Excluding $0.1 million in negotiated incremental interest income from a commercial loan paid off in last year’s third quarter, third quarter 2006 net interest income of $3.6 million was flat with the 2005 third quarter.
The Company’s net interest margin for the quarter was 3.50%, down slightly from last year’s third quarter net interest margin of 3.59%. Net interest income after the provision for loan losses was $3.3 million in the third quarter 2006, down from $3.5 million in the same period of 2005. A higher provision for loan and lease losses reflects the growth in the allowance for loan and lease losses primarily due to a larger loan and lease base over last year.
Total non-interest income for the third quarter of 2006, approximately 29% of total revenue, was $2.7 million, an increase of 8.9%, or $0.2 million, over the third quarter of 2005. Higher net gains on sales of securities of $0.1 million and growth in other miscellaneous non-interest income of $0.2 million in the 2006 third quarter more than offset slight declines in insurance services and fees. Higher other income was primarily from loan and lease-volume driven revenue which includes commercial prepayment penalties and lease fee income. Insurance service and fees have been impacted by the soft insurance market which has resulted in lower property and casualty premiums for both commercial and retail lines of business.
Non-interest expense for the third quarter of 2006 held relatively flat at $4.3 million compared with the third quarter of 2005. A $0.1 million, or 4.7%, increase in salaries and employee benefits due to annual merit pay increases and additional staffing was offset by lower spending on supplies, advertising, professional services, other insurance, and other miscellaneous expenses. The Company has implemented expense control to offset the impact of the challenging interest rate environment. The effective tax rate for the quarter was 26.9% compared with a rate of 28.4% from the same period last year, primarily due to a higher percentage of tax advantaged income in 2006.
Balance Sheet Trends and Asset Quality
At September 30, 2006, total assets were $465.5 million compared with $459.5 million at September 30, 2005 and $468.5 million at December 31, 2005. Net loans increased $26.6 million or 10.7% to $275.3 million from $248.7 million at September 30, 2005, and increased $18.5 million or 7.2% from $256.8 at December 31, 2005. The higher loan balances are attributed to a strong residential mortgage market, success with expanding the Company’s small-ticket equipment leasing and moderately strong commercial mortgage demand, despite an unusually high degree of prepayment activity.
Deposits increased $4.3 million, or 1.2%, compared with the third quarter last year, and increased $22.4 million, or 6.6%, compared with December 31, 2005 to $359.2 million. The growth in deposits during 2006 has mainly been due to large, higher cost, certificates of deposits. The Company redesigned its retail deposit product suite in the first half of the year to focus on growing its core deposit base.
The allowance for loan and lease losses to total loans and leases was 1.32% compared with 1.32% at September 30, 2005, while nonperforming loans and leases to total loans and leases decreased to 0.24%, a 60 basis point improvement over September 30, 2005.
Stockholders’ equity was $38.7 million as of September 30, 2006, up from $36.0 million at the end of the third quarter last year.
Outlook
Mr. Tilley concluded, “We are developing processes and training to improve the cross-selling capabilities of our associates to promote the full breadth of the Company’s products and services. We believe that successful cross-selling will result in stronger customer relationships. These relationships, our business mix, and success in managing operating expense levels, we think, will make us highly competitive in our market, improve our earnings power and help to overcome the challenging interest rate environment and soft insurance market that we believe will continue at least through the remainder of the year.”
Investor Webcast
James Tilley, President and Chief Executive Officer, will present the Company’s financial results, strategy and outlook at the Western New York Investors Conference on Tuesday, October 31, 2006 at the Buffalo-Niagara Marriott in Amherst, New York.
Evans Bancorp’s presentation is scheduled to begin at 9:15 a.m. A live webcast of the presentation, along with presentation materials, will be available at the Company’s website atwww.evansbancorp.com. The webcast link will also be available on the conference website atwww.wnyinvest.org.
If you are unable to listen to the live presentation, an archive will be made available on the Company’s website for 60 days.
About Evans Bancorp, Inc.
Evans Bancorp, Inc., a financial holding company, is the parent company of Evans National Bank, a commercial bank with approximately $465 million in assets and $359 million in deposits at September 30, 2006. The Bank has 10 branches located in Western New York. Evans National Leasing, Inc., a wholly-owned subsidiary of Evans National Bank is a general business equipment leasing company with customers throughout the U.S. ENB Insurance Agency, Inc. is an indirect, wholly-owned subsidiary of Evans Bancorp and provides retail and commercial property and casualty insurance through 12 agencies in the Western New York region. ENB Associates, a wholly-owned subsidiary of ENB Insurance Agency, provides non-deposit investment products such as annuities and mutual funds. More information on Evans Bancorp, Inc and Evans National Bank can be found at its websites:www.evansbancorp.com andwww.evansnationalonline.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenues and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements, include competitive pressures among financial services companies, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, difficulties in achieving operating efficiencies and difficulties in integrating acquired companies’ businesses. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information future events or otherwise.
For more information contact: | -OR- | |
James Tilley, President & CEO | Deborah K. Pawlowski, Kei Advisors LLC | |
Phone: (716) 926-2000 Email: jtilley@evansnational.com | Phone: (716) 843-3908 Email: dpawlowski@keiadvisors.com | |
TABLES FOLLOW
1
EVANS BANCORP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands except share and per share data)
Three Months Ended | ||||||||||||
September 30, | ||||||||||||
2006 | 2005 | |||||||||||
Performance ratios, annualized | ||||||||||||
Return on average total assets | 1.10 | % | 1.08 | % | ||||||||
Return on average stockholders’ equity | 13.55 | % | 13.61 | % | ||||||||
Common dividend payout ratio (TTM) | 37.97 | % | 36.10 | % | ||||||||
Efficiency ratio | 65.50 | % | 66.45 | % | ||||||||
Yield on average earning assets | 6.47 | % | 5.68 | % | ||||||||
Cost of interest-bearing liabilities | 3.50 | % | 2.48 | % | ||||||||
Net interest rate spread | 2.97 | % | 3.20 | % | ||||||||
Contribution of interest-free funds | 0.53 | % | 0.39 | % | ||||||||
Net interest margin | 3.50 | % | 3.59 | % | ||||||||
Asset quality data | ||||||||||||
Past due over 90 days and accruing loans and leases | $ | 81 | $ | 413 | ||||||||
Non-accrual loans and leases | $ | 596 | $ | 1,693 | ||||||||
Total non-performing loans and leases | $ | 677 | $ | 2,106 | ||||||||
Other real estate owned (ORE) | $ | 40 | — | |||||||||
Total non-performing assets | $ | 717 | $ | 2,106 | ||||||||
Net loan and lease charge-offs (recoveries) | $ | 229 | $ | 55 | ||||||||
Net charge-offs to average total loans and leases | 0.33 | % | 0.09 | % | ||||||||
Asset quality ratios | ||||||||||||
Non-performing loans and leases to total loans and leases | 0.24 | % | 0.84 | % | ||||||||
Non-performing assets to total assets | 0.15 | % | 0.46 | % | ||||||||
Allowance for loan and lease losses to total loans and leases | 1.32 | % | 1.32 | % | ||||||||
Allowance for loan and lease losses to non- performing loans and leases | 543.57 | % | 157.93 | % | ||||||||
Capital ratios | ||||||||||||
Average common equity to average total assets | 8.10 | % | 7.96 | % | ||||||||
Leverage ratio | 8.52 | % | 7.91 | % | ||||||||
Tier 1 risk-based capital ratio | 12.90 | % | 12.39 | % | ||||||||
Risk-based capital ratio | 14.10 | % | 13.54 | % | ||||||||
Book value per share* | $ | 14.23 | $ | 13.25 | ||||||||
Common shares outstanding | ||||||||||||
Average-diluted* | 2,727,307 | 2,724,272 | ||||||||||
Period-end basic* | 2,722,401 | 2,718,567 |
*All September 30, 2005 share and per share data have been adjusted to reflect the five percent stock dividend paid on
December 7, 2005.
EVANS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands except share and per share data)
September 30, | December 31, | |||||||||||||
2006 | 2005 | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash and due from banks | $ | 11,740 | $ | 15,635 | ||||||||||
Securities: | ||||||||||||||
Available for sale, at fair value | 136,533 | 155,610 | ||||||||||||
Held to maturity, at amortized cost | 4,294 | 4,342 | ||||||||||||
Loans and leases, net of allowance for loan and lease losses of $3,680 | ||||||||||||||
in 2006 and $3,211 in 2005 | 275,271 | 256,810 | ||||||||||||
Properties and equipment, net | 8,119 | 8,151 | ||||||||||||
Goodwill | 9,639 | 9,639 | ||||||||||||
Intangible assets | 2,566 | 2,728 | ||||||||||||
Bank-owned life insurance | 9,952 | 9,586 | ||||||||||||
Other assets | 7,340 | 6,045 | ||||||||||||
| ||||||||||||||
TOTAL ASSETS | $ | 465,454 | $ | 468,546 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
LIABILITIES | ||||||||||||||
Deposits: | ||||||||||||||
Demand | $ | 70,073 | $ | 71,183 | ||||||||||
NOW | 11,542 | 12,401 | ||||||||||||
Regular savings | 90,085 | 86,558 | ||||||||||||
Muni-vest | 35,362 | 27,521 | ||||||||||||
Time | 152,105 | 139,145 | ||||||||||||
Total deposits | 359,167 | 336,808 | ||||||||||||
Federal funds purchased and agreements to repurchase securities | 9,352 | 8,985 | ||||||||||||
Other short-term borrowings | 14,207 | 34,585 | ||||||||||||
Other liabilities | 7,997 | 6,629 | ||||||||||||
Junior subordinated debentures | 11,330 | 11,330 | ||||||||||||
Long-term borrowings | 24,674 | 33,333 | ||||||||||||
| ||||||||||||||
Total liabilities | 426,727 | 431,670 | ||||||||||||
CONTINGENT LIABILITIES AND COMMMITMENTS | ||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||
Common stock, $.50 par value; 10,000,000 shares authorized; | ||||||||||||||
2,745,338 and 2,745,338 shares issued, respectively, and | ||||||||||||||
2,722,401 and 2,729,779 shares outstanding, respectively | 1,373 | 1,373 | ||||||||||||
Capital surplus | 26,179 | 26,155 | ||||||||||||
Retained earnings | 12,991 | 11,087 | ||||||||||||
Accumulated other comprehensive loss, net of tax | (1,323 | ) | (1,387 | ) | ||||||||||
Less: Treasury stock, at cost (22,937 and 15,559 shares, respectively) | (493 | ) | (352 | ) | ||||||||||
| ||||||||||||||
Total stockholders’ equity | 38,727 | 36,876 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 465,454 | $ | 468,546 | ||||||||||
| ||||||||||||||
*All September 30, 2005 share and per share data have been adjusted to reflect the five percent stock dividend paid on
December 7, 2005.
EVANS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except share and per share data)
Three Months Ended | ||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2006 | 2005 | |||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||
Loans and leases | $ | 5,242 | $ | 4,307 | ||||||||||||||||||||
Federal funds sold/Interest bearing deposits at other banks | 5 | 13 | ||||||||||||||||||||||
Securities: | ||||||||||||||||||||||||
Taxable | 1,030 | 1,154 | ||||||||||||||||||||||
Non-taxable | 470 | 478 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total interest income | 6,747 | 5,952 | ||||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||
Deposits | 2,408 | 1,653 | ||||||||||||||||||||||
Other borrowings | 469 | 368 | ||||||||||||||||||||||
Junior subordinated debentures | 223 | 173 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total interest expense | 3,100 | 2,194 | ||||||||||||||||||||||
NET INTEREST INCOME | 3,647 | 3,758 | ||||||||||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 305 | 215 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
NET INTEREST INCOME AFTER | ||||||||||||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 3,342 | 3,543 | ||||||||||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||||||||||
Bank charges | 533 | 558 | ||||||||||||||||||||||
Insurance service and fees | 1,460 | 1,508 | ||||||||||||||||||||||
Net gain on sales of securities | 114 | 2 | ||||||||||||||||||||||
Premium on loans sold | 2 | 4 | ||||||||||||||||||||||
Bank-owned life insurance | 132 | 96 | ||||||||||||||||||||||
Life insurance proceeds | - | 15 | ||||||||||||||||||||||
Other | 486 | 322 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total non-interest income | 2,727 | 2,505 | ||||||||||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||||||||||
Salaries and employee benefits | 2,403 | 2,296 | ||||||||||||||||||||||
Occupancy | 496 | 497 | ||||||||||||||||||||||
Supplies | 48 | 73 | ||||||||||||||||||||||
Repairs and maintenance | 140 | 136 | ||||||||||||||||||||||
Advertising and public relations | 82 | 105 | ||||||||||||||||||||||
Professional services | 207 | 237 | ||||||||||||||||||||||
Amortization of intangibles | 141 | 132 | ||||||||||||||||||||||
Other Insurance | 79 | 86 | ||||||||||||||||||||||
Other | 720 | 732 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Total non-interest expense | 4,316 | 4,294 | ||||||||||||||||||||||
INCOME BEFORE INCOME TAXES | 1,753 | 1,754 | ||||||||||||||||||||||
INCOME TAXES | 471 | 498 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
NET INCOME | $ | 1,282 | $ | 1,256 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Net income per common share-basic | $ | 0.47 | $ | 0.46 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Net income per common share-diluted | $ | 0.47 | $ | 0.46 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Cash dividends per common share | $ | 0.34 | $ | 0.33 | ||||||||||||||||||||
| ||||||||||||||||||||||||
Weighted average number of common shares | 2,724,940 | 2,721,633 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
Weighted average number of diluted shares | 2,727,307 | 2,724,272 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
*All September 30, 2005 share and per share data have been adjusted to reflect the five percent stock dividend paid on
December 7, 2005
EVANS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except share and per share data)
Nine Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2006 | 2005 | |||||||||||||||
INTEREST INCOME | ||||||||||||||||
Loans and leases | $ | 14,749 | $ | 11,721 | ||||||||||||
Federal funds sold/Interest bearing deposits at other banks | 35 | 112 | ||||||||||||||
Securities: | ||||||||||||||||
Taxable | 3,209 | 3,556 | ||||||||||||||
Non-taxable | 1,427 | 1,456 | ||||||||||||||
| ||||||||||||||||
Total interest income | 19,420 | 16,845 | ||||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Deposits | 6,429 | 4,502 | ||||||||||||||
Other borrowings | 1,509 | 1,154 | ||||||||||||||
Junior subordinated debentures | 621 | 474 | ||||||||||||||
| ||||||||||||||||
Total interest expense | 8,559 | 6,130 | ||||||||||||||
NET INTEREST INCOME | 10,861 | 10,715 | ||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 815 | 554 | ||||||||||||||
| ||||||||||||||||
NET INTEREST INCOME AFTER | ||||||||||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 10,046 | 10,161 | ||||||||||||||
NON-INTEREST INCOME: | ||||||||||||||||
Bank charges | 1,508 | 1,546 | ||||||||||||||
Insurance service and fees | 5,147 | 5,084 | ||||||||||||||
Net gain on sales of securities | 114 | 107 | ||||||||||||||
Premium on loans sold | 6 | 16 | ||||||||||||||
Bank-owned life insurance | 365 | 302 | ||||||||||||||
Life insurance proceeds | - | 95 | ||||||||||||||
Other | 1,282 | 890 | ||||||||||||||
| ||||||||||||||||
Total non-interest income | 8,422 | 8,040 | ||||||||||||||
NON-INTEREST EXPENSE: | ||||||||||||||||
Salaries and employee benefits | 7,344 | 6,943 | ||||||||||||||
Occupancy | 1,529 | 1,485 | ||||||||||||||
Supplies | 216 | 270 | ||||||||||||||
Repairs and maintenance | 411 | 430 | ||||||||||||||
Advertising and public relations | 343 | 378 | ||||||||||||||
Professional services | 602 | 785 | ||||||||||||||
�� | ||||||||||||||||
Amortization of intangibles | 406 | 386 | ||||||||||||||
Other Insurance | 256 | 282 | ||||||||||||||
Other | 2,179 | 2,122 | ||||||||||||||
| ||||||||||||||||
Total non-interest expense | 13,286 | 13,081 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 5,182 | 5,120 | ||||||||||||||
INCOME TAXES | 1,423 | 1,427 | ||||||||||||||
| ||||||||||||||||
NET INCOME | $ | 3,759 | $ | 3,693 | ||||||||||||
| ||||||||||||||||
Net income per common share-basic | $ | 1.38 | $ | 1.36 | ||||||||||||
| ||||||||||||||||
Net income per common share-diluted | $ | 1.38 | $ | 1.36 | ||||||||||||
| ||||||||||||||||
Cash dividends per common share | $ | 0.68 | $ | 0.65 | ||||||||||||
| ||||||||||||||||
Weighted average number of common shares | 2,724,207 | 2,721,955 | ||||||||||||||
| ||||||||||||||||
Weighted average number of diluted shares | 2,726,486 | 2,725,745 | ||||||||||||||
|
*All September 30, 2005 share and per share data have been adjusted to reflect the five percent stock dividend paid on
December 7, 2005.
2
EVANS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS AND ANNUALIZED RATES
(Unaudited)
(In thousands except share and per share data)
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
September 30, 2006 | September 30, 2005 | |||||||||||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||||||||||
Outstanding | Earned/ | Yield/ | Outstanding | Earned/ | Yield/ | |||||||||||||||||||||||||||||||
Balance | Paid | Rate | Balance | Paid | Rate | |||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Loans and leases, net | $ | 272,492 | $ | 5,242 | 7.69 | % | $ | 245,346 | $ | 4,307 | 7.02 | % | ||||||||||||||||||||||||
Taxable securities | 100,440 | 1,030 | 4.10 | % | 124,928 | 1,154 | 3.69 | % | ||||||||||||||||||||||||||||
Tax-exempt securities | 43,570 | 470 | 4.31 | % | 45,917 | 478 | 4.16 | % | ||||||||||||||||||||||||||||
Federal funds sold | 514 | 5 | 3.89 | % | 2,770 | 13 | 1.88 | % | ||||||||||||||||||||||||||||
Total interest-earning assets | 417,016 | 6,747 | 6.47 | % | 418,961 | 5,952 | 5.68 | % | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Non interest-earning assets: | ||||||||||||||||||||||||||||||||||||
Cash and due from banks | 12,584 | 10,207 | ||||||||||||||||||||||||||||||||||
Premises and equipment, net | 8,172 | 8,284 | ||||||||||||||||||||||||||||||||||
Other assets | 29,645 | 26,083 | ||||||||||||||||||||||||||||||||||
Total Assets | $ | 467,417 | $ | 463,535 | ||||||||||||||||||||||||||||||||
LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
NOW | $ | 11,952 | $ | 6 | 0.20 | % | $ | 12,443 | $ | 5 | 0.16 | % | ||||||||||||||||||||||||
Regular savings | 89,868 | 272 | 1.21 | % | 93,774 | 200 | 0.85 | % | ||||||||||||||||||||||||||||
Muni-Vest savings | 34,293 | 385 | 4.49 | % | 50,318 | 380 | 3.02 | % | ||||||||||||||||||||||||||||
Time deposits | 152,207 | 1,745 | 4.59 | % | 135,560 | 1,068 | 3.15 | % | ||||||||||||||||||||||||||||
Other borrowed funds | 45,680 | 452 | 3.96 | % | 44,873 | 356 | 3.17 | % | ||||||||||||||||||||||||||||
Junior subordinated debentures | 11,330 | 223 | 7.87 | % | 11,330 | 173 | 6.11 | % | ||||||||||||||||||||||||||||
Securities sold U/A to repurchase | 8,564 | 17 | 0.79 | % | 6,070 | 12 | 0.79 | % | ||||||||||||||||||||||||||||
Total interest-bearing liabilities | 353,894 | $ | 3,100 | 3.50 | % | 354,368 | $ | 2,194 | 2.48 | % | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||
Demand deposits | 66,430 | 64,900 | ||||||||||||||||||||||||||||||||||
Other | 9,255 | 7,362 | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | 429,579 | $ | 426,630 | ||||||||||||||||||||||||||||||||
Stockholders’ equity | 37,838 | 36,905 | ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 467,417 | $ | 463,535 | ||||||||||||||||||||||||||||||||
Net interest earnings | $ | 3,647 | $ | 3,758 | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets | 3.50 | % | 3.59 | % | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Interest rate spread | 2.97 | % | 3.20 | % | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
3