| October 18, 2005 | FOR IMMEDIATE RELEASE
|
CONTACT: Kelly Polonus, Great Southern, 1.417.895.5242
kpolonus@greatsouthernbank.com |
Great Southern Bancorp, Inc. Reports Quarterly Earnings of $.51 Per Share
Third Quarter 2005 Financial Highlights:
- Earnings per diluted share equal to prior year quarter and 2% over quarter ended June 30, 2005
- Net interest income rose 2% over prior year quarter and 3% over quarter ended June 30, 2005
- Non-interest income increased 18% over prior year quarter and 7% over quarter ended June 30, 2005
- Loans increased 3% from June 30, 2005, and have increased 11% from December 31, 2004
Springfield, Mo. -- Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, today reported preliminary earnings for the quarter ended September 30, 2005, were $.51 per diluted share ($7,147,000). The earnings of $.51 per diluted share represent a 2% increase over the $.50 per diluted share ($6,940,000) the Company earned in the quarter ended June 30, 2005, and were equal to the $.51 per diluted share ($7,169,000) the Company earned during the same quarter in the prior year.
For the nine months ended September 30, 2005, preliminary earnings were $1.48 per diluted share ($20,564,000) up 3% from the $1.44 per diluted share ($20,052,000) the Company earned during the same period in the prior year.
Great Southern President and CEO Joseph W. Turner said, "Great Southern's third quarter 2005 reported earnings of $.51 per diluted share were equal to the earnings per diluted share reported in the prior year quarter. This $.51 equals the Company's historic high quarterly EPS mark set in the third quarter of 2004. We continue to experience strong loan growth (up $46 million during the third quarter of this year and up $156 million year to date), which came from our customer base in the southwest and central Missouri market region, as well as our loan production offices in the Kansas City, St. Louis and Northwest Arkansas regions. We experienced non-interest income growth in commissions from our travel, insurance and investment divisions (up 10% in the third quarter) and in service charges and ATM fees (up 4% in the third quarter) from the same quarter a year ago."
For the three months ended September 30, 2005, annualized return on average equity was 18.69% and annualized return on average assets was 1.41%. For the nine months ended September 30, 2005, annualized return on average equity was 18.54% and annualized return on average assets was 1.40%.
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Stockholders' equity at September 30, 2005, was $152.8 million (7.5% of total assets), equivalent to a book value of $11.13 per share.
NET INTEREST INCOME
Net interest income for the third quarter of 2005 increased 2% to $16,014,000 compared to $15,639,000 for the third quarter of 2004. Net interest income increased 3% in the third quarter of 2005 compared to the second quarter of 2005. Net interest margin was 3.33% in the quarter ended September 30, 2005, compared to 3.76% in the same period in 2004, a decrease of 43 basis points. The Company's net interest margin for the third quarter of 2005 decreased by 4 basis points from the Company's net interest margin of 3.37% in the quarter ended June 30, 2005.
Turner commented, "As we discussed in previous filings, the current interest rate environment continues to pose challenges as we experienced some net interest margin compression in the first half of 2005 with a smaller amount of compression in this latest quarter. While it appears that the Federal Reserve Board may end its string of interest rate increases sometime in the next six to nine months, it is still unknown exactly how much more short term interest rates will rise and the effects of this and other economic factors on intermediate and long term rates. To the extent that loan growth continues over the remainder of the year, we expect continued moderate growth in net interest income, which is what we experienced in this quarter."
NON-INTEREST INCOME
Non-interest income for the third quarter of 2005 was $6,861,000 compared with $5,807,000 for the third quarter 2004, an 18% increase. Third quarter 2005 income from commissions from the Company's travel, insurance and investment divisions increased $184,000, or 10%, compared to the same period in 2004. Service charges on deposit accounts and ATM fees increased $138,000, or 4%, compared to the same period in 2004. In addition, the sales of fixed rate mortgage loans and student loans produced gains of $319,000 in the quarter ended September 30, 2005, versus gains of $203,000 in the quarter ended September 30, 2004. Also in the quarter ended September 30, 2005, the Company experienced an increase in prepayment penalties on loans of $530,000 compared to the same period in 2004. This was primarily the result of the early repayment of two groups of loans with total penalties of $500,000.
NON-INTEREST EXPENSE
Non-interest expense for the third quarter 2005 was $11,390,000 compared with $9,692,000 for the third quarter of 2004. Non-interest expense increased $620,000 when comparing third quarter 2005 to second quarter 2005 expenses of $10,770,000. The Company's efficiency ratio for the quarter ended September 30, 2005, was 49.41% compared to 44.53% in the same quarter in 2004. During the quarter ended September 30, 2005, Great Southern completed the acquisitions of three bank branches and a travel company. Expenses related to the acquisition of the bank branches and the travel company increased third quarter 2005 expenses by $235,000. In addition, third quarter 2005 expenses increased $170,000 related to the ongoing operations of these branches and travel office.
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In addition to the non-interest expense items previously discussed, the Company's increase in non-interest expense in the third quarter of 2005 compared to the same period in 2004 related to continued growth and expansion in personnel and facilities and increased benefit costs. From September 30, 2004, to September 30, 2005, Great Southern opened a new branch, replaced an existing branch, expanded the loan production offices in Overland Park, Kan., and Rogers, Ark., opened a new loan production office in St. Louis, and added lending and lending support personnel in the Springfield market. Like most other employers, the cost of health insurance premiums and retirement plans for the Company continues to rise and added $230,000 in expenses in the third quarter of 2005 compared to the same quarter in 2004.
ASSET QUALITY
As a result of continued growth in the loan portfolio, changes in economic and market conditions that occur from time to time, and other factors specific to a borrower's circumstances, the level of non-performing assets will fluctuate. Non-performing assets at September 30, 2005, were $15.7 million, up $9.2 million from December 31, 2004, and up $1.2 million from June 30, 2005. Non-performings as a percentage of total assets were .77% at September 30, 2005. Compared to December 31, 2004, non-performing loans increased $9.2 million to $13.7 million while foreclosed assets remained constant at $2.0 million. Commercial real estate and business loans comprised $12.1 million, or 88%, of the total $13.7 million of non-performing loans at September 30, 2005. The increase in non-performing loans during the quarter ended September 30, 2005, was primarily due to the addition of one $2.0 million loan relationship to the non-performing category and the removal of two loans totaling $621,000 from a previously identified non-performing relationship. The increases in non-performing loans in the first six months of fiscal 2005 were discussed in the March 31, 2005, and June 30, 2005, Quarterly Reports on Form 10-Q.
The $2.0 million loan relationship was placed in theNon-performing Loans category during the quarter ended September 30, 2005. This relationship is secured by commercial real estate of an automobile dealership and additional real estate collateral. During the quarter ended September 30, 2005, the loan relationship balance was reduced $675,000, to $2.0 million, through a charge-off against the allowance for loan losses.
Seven significant loan relationships were previously included inNon-performing Loansand remain there at September 30, 2005. These relationships were described more fully in previous Quarterly Reports on Form 10-Q and the December 31, 2004, Annual Report on Form 10-K. At September 30, 2005, these significant relationships accounted for $10.4 million of the non-performing total.
The common stock of Great Southern Bancorp, Inc., is quoted on the Nasdaq National Market System under the symbol "GSBC". The last sale price of GSBC stock in the quarter ended September 30, 2005, was $29.92.
Great Southern offers a broad range of banking, investment, insurance and travel services to customers and clients. Headquartered in Springfield, Mo., Great Southern operates 34 branches and more than 150 ATMs throughout southwest and central Missouri. The Company also serves lending needs through loan production offices in Overland Park, Kan., Rogers, Ark., and St. Louis, Mo.
www.greatsouthernbank.com
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When used in this press release the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including, among other things, changes in economic conditions in Great Southern Bancorp's ("Company") market area, changes in policies by regulatory agencies, fluctuations in interest rates, the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses, the Company's ability to access cost-effective funding, demand for loans and deposits in the Company's market area and competition, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Next PageThe following tables set forth certain selected consolidated financial information of the Company at and for the periods indicated. Financial data for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accruals, necessary for a fair presentation of the results for and at such unaudited periods have been included. The results of operations and other data for the three and nine months ended September 30, 2005 and 2004 are not necessarily indicative of the results of operations which may be expected for any future period.
| Selected Financial Condition Data: | September 30,
2005
| December 31,
2004
|
| (Dollars in thousands)
|
| Total assets | $2,028,446 | $1,845,679 |
| Loans receivable, gross | 1,514,054 | 1,357,997 |
| Allowance for loan losses | 24,045 | 23,489 |
| Foreclosed assets, net | 1,970 | 2,035 |
| Available-for-sale securities, at fair value | 372,087 | 355,104 |
| Held-to-maturity securities, at amortized cost | 1,510 | 1,545 |
| Deposits | 1,511,712 | 1,294,838 |
| Total borrowings | 344,637 | 401,625 |
| Stockholders' equity | 152,780 | 139,187 |
| Non-performing assets | 15,693 | 6,514 |
| |
| Three Months Ended
September 30, | Nine Months Ended
September 30, | Three
Months
Ended
June 30, |
| 2005
| 2004
| 2005
| 2004
| 2005
|
| Selected Operating Data: | (Dollars in thousands) |
| Interest income | $29,924 | $22,496 | $82,463 | $62,869 | $27,538 |
| Interest expense | 13,910
| 6,857
| 35,794
| 18,258
| 12,014
|
| Net interest income | 16,014 | 15,639 | 46,669 | 44,611 | 15,524 |
| Provision for loan losses | 975 | 1,200 | 2,850 | 3,600 | 975 |
| Non-interest income | 6,861 | 5,807 | 19,145 | 17,371 | 6,426 |
| Non-interest expense | 11,390 | 9,692 | 32,723 | 28,600 | 10,770 |
| Provision for income taxes | 3,363
| 3,385
| 9,677
| 9,730
| 3,265
|
| Net income | $7,147
| $7,169
| $20,564
| $20,052
| $6,940
|
|
| Per Common Share: |
| Net income (fully diluted) | $.51 | $.51 | $1.48 | $1.44 | $.50 |
| Book value | $11.13 | $9.87 | $11.13 | $9.87 | $10.85 |
| Earnings Performance Ratios: |
| Annualized return on average assets | 1.41% | 1.63% | 1.40% | 1.61% | 1.41% |
Annualized return on average
stockholders' equity |
18.69% |
21.72% |
18.54% |
20.94% |
18.84% |
| Net interest margin | 3.33% | 3.76% | 3.38% | 3.81% | 3.37% |
| Average interest rate spread | 2.95% | 3.55% | 3.05% | 3.61% | 3.05% |
| Adjusted efficiency ratio (excl. foreclosed assets) | 49.41% | 44.53% | 49.21% | 45.50% | 48.62% |
| Non-interest expense to average total assets | 2.23% | 2.17% | 2.20% | 2.26% | 2.17% |
| Asset Quality Ratios: |
| Allowance for loan losses to period-end loans | 1.59% | 1.71% | 1.59% | 1.71% | 1.66% |
| Non-performing assets to period-end assets | .77% | .46% | .77% | .46% | .72% |
| Non-performing loans to period-end loans | .91% | .45% | .91% | .45% | .83% |
| Annualized net charge-offs to average loans | .34% | .18% | .21% | .20% | .19% |
Next PageGREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands, except number of shares) | September 30, | December 31, | June 30, |
| 2005
| 2004
| 2005
|
| (Unaudited) | | (Unaudited) |
| ASSETS |
| Cash | $ 96,306 | $ 91,847 | $ 97,509 |
| Interest-bearing deposits in other financial institutions | 1,054
| 1,364
| 1,070
|
| Cash and cash equivalents | 97,360 | 93,211 | 98,579 |
| Available-for-sale securities | 372,087 | 355,104 | 392,976 |
| Held-to-maturity securities | 1,510 | 1,545 | 1,510 |
| Mortgage loans held for sale | 1,918 | 671 | 2,000 |
Loans receivable, net of allowance for loan losses of
$24,045 - September 2005; $23,489 - December 2004 | 1,488,091 | 1,333,837 | 1,442,140 |
| Interest receivable | 10,176 | 8,056 | 9,344 |
| Prepaid expenses and other assets | 8,787 | 7,889 | 7,587 |
| Foreclosed assets held for sale, net | 1,970 | 2,035 | 2,263 |
| Premises and equipment, net | 27,187 | 23,353 | 24,055 |
| Investment in Federal Home Loan Bank stock | 11,228 | 14,438 | 12,516 |
| Refundable income tax | 7 | 504 | 3,709 |
| Deferred income taxes | 8,125
| 5,036
| 6,818
|
| Total Assets | $ 2,028,446
| $ 1,845,679
| $ 2,003,497
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Liabilities: |
| Deposits | $ 1,511,712 | $ 1,294,838 | $ 1,445,194 |
| Federal Home Loan Bank advances | 168,765 | 231,486 | 203,836 |
| Short-term borrowings | 157,800 | 151,591 | 175,154 |
| Subordinated debentures issued to capital trust | 18,072 | 18,548 | 18,281 |
| Accrued interest payable | 3,683 | 2,195 | 3,147 |
| Advances from borrowers for taxes and insurance | 1,100 | 272 | 842 |
| Accounts payable and accrued expenses | 14,534
| 7,562
| 8,443
|
| Total Liabilities | 1,875,666
| 1,706,492
| 1,854,897
|
| Stockholders' Equity: |
Capital stock
Serial preferred stock, $.01 par value;
authorized 1,000,000 shares; none issued
| -- | -- | -- |
Common stock, $.01 par value; authorized 20,000,000 shares; issued and
outstanding September 2005 - 13,725,839 shares; December 2004 -
13,698,508 shares | 137 | 137 | 137 |
| Additional paid-in capital | 17,741 | 17,816 | 17,778 |
| Retained earnings | 137,380 | 122,120 | 131,733 |
| Accumulated other comprehensive income: |
Unrealized loss on available-for-sale securities,
net of income taxes | (2,478)
| (886)
| (1,048)
|
| Total Stockholders' Equity | 152,780
| 139,187
| 148,600
|
| Total Liabilities and Stockholders' Equity | $ 2,028,446
| $ 1,845,679
| $ 2,003,497
|
Next PageGREAT SOUTHERN BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
| THREE MONTHS ENDED | NINE MONTHS ENDED | THREE
MONTHS
ENDED |
| September 30, | September 30, | June 30, |
| 2005
| 2004
| 2005
| 2004
| 2005
|
| (Unaudited) | (Unaudited) | (Unaudited) |
| INTEREST INCOME |
| Loans | $ 25,944 | $ 18,962 | $ 70,125 | $ 53,691 | $ 23,236 |
| Investment securities and other | 3,980
| 3,534
| 12,338
| 9,178
| 4,302
|
| TOTAL INTEREST INCOME | 29,924
| 22,496
| 82,463
| 62,869
| 27,538
|
| INTEREST EXPENSE |
| Deposits | 10,350 | 4,601 | 25,674 | 12,740 | 8,500 |
| Federal Home Loan Bank advances | 1,957 | 1,659 | 5,812 | 4,157 | 2,100 |
| Short-term borrowings | 1,348 | 426 | 3,609 | 891 | 1,179 |
| Subordinated debentures issued to capital trust | 255
| 171
| 699
| 470
| 235
|
| TOTAL INTEREST EXPENSE | 13,910
| 6,857
| 35,794
| 18,258
| 12,014
|
| NET INTEREST INCOME | 16,014 | 15,639 | 46,669 | 44,611 | 15,524 |
| PROVISION FOR LOAN LOSSES | 975
| 1,200
| 2,850
| 3,600
| 975
|
NET INTEREST INCOME AFTER PROVISION FOR LOAN
LOSSES |
15,039
|
14,439
|
43,819
|
41,011
|
14,549
|
| NON-INTEREST INCOME |
| Commissions | 2,050 | 1,866 | 6,610 | 5,853 | 2,315 |
| Service charges and ATM fees | 3,485 | 3,347 | 9,900 | 9,521 | 3,424 |
| Net realized gains on sales of loans | 319 | 203 | 758 | 788 | 263 |
Net realized gains (losses) on sales of
available-for-sale securities | 89 | (363) | 66 | (371) | (3) |
| Net gain (loss) on sales of fixed assets | (16) | 408 | (25) | 425 | 2 |
| Other income | 934
| 346
| 1,836
| 1,155
| 425
|
| TOTAL NON-INTEREST INCOME | 6,861
| 5,807
| 19,145
| 17,371
| 6,426
|
| NON-INTEREST EXPENSE |
| Salaries and employee benefits | 6,517 | 5,398 | 18,872 | 15,843 | 6,206 |
| Net occupancy and equipment expense | 1,911 | 1,777 | 5,377 | 5,198 | 1,823 |
| Postage | 504 | 451 | 1,447 | 1,326 | 485 |
| Insurance | 220 | 192 | 663 | 551 | 219 |
| Advertising | 232 | 166 | 782 | 574 | 293 |
| Office supplies and printing | 240 | 218 | 675 | 617 | 225 |
| Telephone | 260 | 234 | 783 | 674 | 259 |
| Legal, audit and other professional fees | 348 | 343 | 1,026 | 1,099 | 344 |
| Expense on foreclosed assets | 88 | 143 | 336 | 401 | 99 |
| Other operating expenses | 1,070
| 770
| 2,762
| 2,317
| 817
|
| TOTAL NONINTEREST EXPENSE | 11,390
| 9,692
| 32,723
| 28,600
| 10,770
|
| INCOME BEFORE INCOME TAXES | 10,510 | 10,554 | 30,241 | 29,782 | 10,205 |
| PROVISION FOR INCOME TAXES | 3,363
| 3,385
| 9,677
| 9,730
| 3,265
|
| NET INCOME | $ 7,147
| $ 7,169
| $ 20,564
| $ 20,052
| $ 6,940
|
| BASIC EARNINGS PER COMMON SHARE | $.52
| $.52
| $1.50
| $1.46
| $.51
|
| DILUTED EARNINGS PER COMMON SHARE | $.51
| $.51
| $1.48
| $1.44
| $.50
|
| DIVIDENDS DECLARED PER COMMON SHARE | $.13
| $.11
| $.38
| $.32
| $.13
|
Next PageAverage Balances, Interest Rates and Yields
The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of non-accrual loans for each period. Interest income on loans includes interest received on non-accrual loans on a cash basis. Interest income on loans includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Fees included in interest income were $582,000 and $342,000 for the three months ended September 30, 2005 and 2004, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.
| Three Months Ended
September 30, 2005 | Three Months Ended
September 30, 2004 |
|
|
| Average
Balance | Interest | Yield/
Rate | Average
Balance | Interest | Yield/
Rate |
|
|
| (Dollars in thousands) |
| Interest-earning assets: |
| Loans receivable: |
One- to four-family
residential |
$177,936 |
$2,708 |
6.04% |
$162,735 |
$2,104 |
5.14% |
| Other residential | 124,657 | 2,330 | 7.41 | 113,519 | 1,877 | 6.58 |
| Commercial real estate | 489,145 | 8,545 | 6.93 | 474,752 | 6,632 | 5.56 |
| Construction | 404,133 | 7,232 | 6.96 | 263,218 | 3,988 | 5.68 |
| Commercial business | 108,886 | 1,911 | 7.10 | 103,194 | 1,475 | 6.03 |
| Other loans | 141,802 | 2,382 | 6.66 | 127,699 | 2,152 | 6.70 |
| Industrial revenue bonds | 54,880
| 836
| 6.05
| 47,784
| 734
| 6.11
|
| Total loans receivable | 1,501,439 | 25,944 | 6.86 | 1,292,901 | 18,962 | 5.83 |
Investment securities and other
interest-earning assets |
405,547
|
3,980
|
3.89
|
362,975
|
3,534
|
3.87
|
| Total interest-earning assets | 1,906,986 | 29,924
| 6.23
| 1,655,876 | 22,496
| 5.40
|
| Non-interest-earning assets: |
| Cash and cash equivalents | 93,629 | | | 81,964 | | |
| Other non-earning assets | 28,510
| | | 22,799
| | |
| Total assets | $2,029,125
| | | $1,760,639
| | |
| Interest-bearing liabilities: |
Interest-bearing demand and
savings |
$377,261 |
2,136 |
2.25 |
$385,483 |
1,191 |
1.23 |
| Time deposits | 940,597
| 8,214
| 3.46
| 705,643
| 3,410
| 1.92
|
| Total deposits | 1,317,858 | 10,350 | 3.12 | 1,091,126 | 4,601 | 1.68 |
| Short-term borrowings | 156,883 | 1,348 | 3.41 | 107,675 | 426 | 1.57 |
Subordinated debentures issued
to capital trust |
18,256 |
255 |
5.54 |
18,773 |
171 |
3.62 |
| FHLB advances | 188,883
| 1,957
| 4.11
| 256,235
| 1,659
| 2.58
|
Total interest-bearing
liabilities |
1,681,880 |
13,910
|
3.28
|
1,473,809 |
6,857
|
1.85
|
| Non-interest-bearing liabilities: | | | | | | |
| Demand deposits | 182,005 | | | 145,317 | | |
| Other liabilities | 12,321
| | | 9,467
| | |
| Total liabilities | 1,876,206 | | | 1,628,593 | | |
| Stockholders' equity | 152,919
| | | 132,046
| | |
Total liabilities and
stockholders' equity |
$2,029,125
| | |
$1,760,639
| | |
| Net interest income: | | | | | | |
| Interest rate spread | | $16,014
| 2.95%
| | $15,639
| 3.55%
|
| Net interest margin* | | | 3.33%
| | | 3.76%
|
Average interest-earning assets
to average interest-bearing
liabilities |
113.4%
| | |
112.4%
| | |
_______________
*Defined as the Company's net interest income divided by total interest-earning assets.
Next PageAverage Balances, Interest Rates and Yields
The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of non-accrual loans for each period. Interest income on loans includes interest received on non-accrual loans on a cash basis. Interest income on loans includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Fees included in interest income were $1.5 million and $1.0 million for the nine months ended September 30, 2005 and 2004, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.
| Nine Months Ended
September 30, 2005 | Nine Months Ended
September 30, 2004 |
|
|
| Average
Balance | Interest | Yield/
Rate | Average
Balance | Interest | Yield/
Rate |
|
|
| (Dollars in thousands) |
| Interest-earning assets: |
| Loans receivable: |
One- to four-family
residential |
$178,234 |
$7,571 |
5.68% |
$159,302 |
$6,106 |
5.12% |
| Other residential | 120,754 | 6,395 | 7.08 | 112,613 | 5,476 | 6.50 |
| Commercial real estate | 472,107 | 23,347 | 6.61 | 460,713 | 18,958 | 5.50 |
| Construction | 368,540 | 18,378 | 6.67 | 232,742 | 10,468 | 5.60 |
| Commercial business | 104,469 | 5,215 | 6.67 | 95,529 | 4,002 | 6.01 |
| Other loans | 136,117 | 6,830 | 6.71 | 124,637 | 6,366 | 6.82 |
| Industrial revenue bonds | 51,561
| 2,389
| 6.19
| 48,087
| 2,315
| 6.43
|
| Total loans receivable | 1,431,782 | 70,125 | 6.55 | 1,233,623 | 53,691 | 5.81 |
Investment securities and other
interest-earning assets |
412,775
|
12,338
|
4.00
|
331,559
|
9,178
|
3.70
|
| Total interest-earning assets | 1,844,557 | 82,463
| 5.98
| 1,565,182 | 62,869
| 5.36
|
| Non-interest-earning assets: |
| Cash and cash equivalents | 91,454 | | | 74,115 | | |
| Other non-earning assets | 25,474
| | | 22,507
| | |
| Total assets | $1,961,485
| | | $1,661,804
| | |
| Interest-bearing liabilities: |
Interest-bearing demand and
savings |
$379,159 |
5,639 |
1.99 |
$387,770 |
3,450 |
1.19 |
| Time deposits | 866,889
| 20,035
| 3.09
| 687,933
| 9,290
| 1.80
|
| Total deposits | 1,246,048 | 25,674 | 2.75 | 1,075,703 | 12,740 | 1.58 |
| Short-term borrowings | 163,547 | 3,609 | 2.95 | 93,882 | 891 | 1.27 |
Subordinated debentures issued
to capital trust |
18,397 |
699 |
5.08 |
18,892 |
470 |
3.32 |
| FHLB advances | 206,673
| 5,812
| 3.76
| 203,784
| 4,157
| 2.72
|
Total interest-bearing
liabilities |
1,634,665 |
35,794
|
2.93
|
1,392,261 |
18,258
|
1.75
|
| Non-interest-bearing liabilities: |
| Demand deposits | 167,342 | | | 133,876 | | |
| Other liabilities | 11,600
| | | 8,009
| | |
| Total liabilities | 1,813,607 | | | 1,534,146 | | |
| Stockholders' equity | 147,878
| | | 127,658
| | |
Total liabilities and
stockholders' equity |
$1,961,485
| | |
$1,661,804
| | |
| Net interest income: |
| Interest rate spread | | $46,669
| 3.05%
| | $44,611
| 3.61%
|
| Net interest margin* | | | 3.38%
| | | 3.81%
|
Average interest-earning assets
to average interest-bearing
liabilities |
112.8%
| | |
112.4%
| | |
_______________
*Defined as the Company's net interest income divided by total interest-earning assets.
End