For More Information: Ronald A. Miller Executive Vice President and Chief Financial Officer Phone: 585-786-1102
FOR IMMEDIATE RELEASEFinancial Institutions, Inc. Announces Fourth Quarter and Fiscal Year 2006 Results
Improved asset quality and reduced expenses drive stronger 2006 performance
WARSAW, N.Y., January 24, 2007 — Financial Institutions, Inc. (NASDAQ: FISI) (“FI”), the parent company of Five Star Bank, today announced its financial results for the fourth quarter and year ended December 31, 2006. Net income for the fourth quarter of 2006 was $3.0 million, or $0.23 per diluted share, compared with $2.9 million, or $0.22 per diluted share, for the fourth quarter of 2005.
For the year ended December 31, 2006, income from continuing operations and net income was $17.4 million, or $1.40 per diluted share. For the year ended December 31, 2005, income from continuing operations was $4.6 million, or $0.28 per diluted share, and net income was $2.2 million, or $0.06 per diluted share.
The primary factors for the improved 2006 results were a $1.8 million credit for loan losses in 2006 compared with a $28.5 million provision for loan losses in the prior year and a $5.9 million reduction in noninterest expense in 2006 compared with 2005. The improved risk profile of the Company’s loan portfolio contributed to the credit for loan losses, while lower noninterest expenses were the result of improved operating efficiencies and the reduction of costs associated with asset quality issues, regulatory matters and the consolidation of the Company’s subsidiary banks in December 2005.
Mr. Peter G. Humphrey, President and CEO of Financial Institutions, Inc., stated, “2006 was a year of change for us. We melded the cultures of four banks and fifty branches under one name and philosophy. We implemented several new programs to better serve our small and middle market customers, and we continued to streamline many of our operations. We instituted a compensation structure that drives each associate to focus on the customer and provide the highest caliber of service. We believe our current operating structure will provide us the engine necessary to grow our loan base. We have over 100 pairs of “feet on the street” addressing business development. In addition, we continue to shift administrative and operating functions from the business development group to our centralized operation in order that they may concentrate on building our loan portfolio and customer base. Revenue growth through disciplined lending is our challenge and key focus for 2007. ”
Credit for Loan Losses, Allowance for Loan Losses and Asset Quality
The Company recorded no provision for loan losses in the fourth quarter of 2006 and a credit for loan losses of $1.8 million for the year ended December 31, 2006. In 2005, the Company recorded a $1.4 million and $28.5 million provision for loan loss for the quarter and year, respectively. The overall improved risk profile of the loan portfolio, the low level of net loan charge-offs, and a smaller loan portfolio all contributed to the $1.8 million credit for loan losses for 2006. The 2005 provision primarily reflects write-downs associated with the commercial-related loan sale during 2005. The allowance for loan losses was $17.0 million and $20.2 million at December 31, 2006 and 2005, respectively.
Total nonperforming loans at December 31, 2006 were $15.8 million, representing a reduction of $2.2 million from December 31, 2005. On a sequential basis, nonperforming loans increased $3.0 million in the fourth quarter of 2006 from the third quarter of 2006, principally due to one credit in the dairy industry. Net loan charge-offs were $0.6 million for the fourth quarter and $1.3 million for the twelve months of 2006 compared with $2.0 million and $47.5 million for the same periods last year.
Net loan charge-offs to average loans (annualized) for the fourth quarter 2006 were 0.27% and for the year were 0.14%. At December 31, 2006, the allowance for loan losses as a percentage of total loans was 1.84% compared with 2.04% at December 31, 2005. The ratio of allowance for loan losses to nonperforming loans was 108% at December 31, 2006 compared with 112% at December 31, 2005.
The ratio of nonperforming loans to total loans was 1.71% at December 31, 2006 compared with 1.82% at December 31, 2005.
Net Interest Income
For the fourth quarter of 2006 net interest income was $14.3 million compared with $16.0 million for the fourth quarter of 2005. For the 2006 and 2005 full-year periods, net interest income was $59.5 million and $67.5 million, respectively. The decline in net interest income was principally due to a decline in the amount of earning assets along with narrowing in net interest margin. For the fourth quarter of 2006, average earning assets were $1.796 billion compared with $1.934 billion for the fourth quarter of 2005. For the year ended December 31, 2006, average earning assets were $1.809 billion compared with $1.976 billion for the prior year. Net interest margin was 3.44% for the fourth quarter of 2006, down 11 basis points from the same period in 2005. Net interest margin for full-year 2006 was 3.55%, down 10 basis points from 2005. The inverted to flat yield curve that was prevalent for most of 2006 had a negative effect on net interest margin. The interest rate environment is likely to continue to be a challenge in 2007.
Loans at December 31, 2006 were $926 million, down $66 million, or 7%, when compared with $992 million at the same time last year and down 1.5%, or $15 million, from September 30, 2006. Commercial-related loans represent $50 million of the decline from last year and $6 million from the third quarter of 2006.
Mr. Humphrey added, “Our loan base has continued its slow decline. New loan generation has not yet offset the pace of loan payoffs. We are encouraged, however, by the improvement in business activity we are seeing and remain focused on growing the loan portfolio in a disciplined manner.”
Total average deposits were $1.631 billion for the fourth quarter of 2006 compared with $1.766 billion for the fourth quarter of 2005 and for the year ended December 31, 2006 averaged $1.635 billion compared with $1.796 billion for 2005. Contributing to the decline in deposits were fewer certificates of deposit, including brokered certificates of deposit, as the Company actively managed to lower the level of these higher cost deposits. Other deposit categories have declined from deposit outflows associated with the effects of the 2005 loan sale and from higher-rate competitor products.
In addition to the decline in loans and deposits, the overall mix of the Company’s earning assets has changed from 2005 to 2006. Loans, which generally have a higher interest yield than investments, represent a lower percentage of earning assets. For the twelve months of 2006, average loans represented 53% of earning assets compared with 57% for the prior year. The decline in the volume of total earning assets, the change in the mix of earning assets and the drop in net interest margin collectively resulted in the decline in net interest income.
Noninterest Income
Noninterest income for the fourth quarter and year ended December 31, 2006 was $4.8 million and $21.9 million, respectively. This compared with noninterest income in the fourth quarter and year ended December 31, 2005 of $4.9 million and $29.4 million, respectively. Service charges on deposits, the largest contributor to noninterest income, at $2.9 million and $11.5 million for the 2006 fourth quarter and twelve month periods, respectively, was relatively unchanged from the comparable periods in 2005. ATM and debit card income grew $0.1 million, or 32%, and $0.6 million, or 33%, for the 2006 quarter and twelve month periods when compared with the same 2005 periods. Mortgage banking activities for the fourth quarter of 2006 were down $0.1 million, or 15%, when compared with the fourth quarter of 2005 and for the year are down $0.4 million, or 25% from 2005.
The third quarter of 2006 included a $1.4 million gain on the sale of the Company’s trust relationships, while the third quarter of 2005 included a $9.2 million net gain on the sale or settlement of commercial-related loans. Also included in noninterest income for the full-year 2006 was $0.5 million in income associated with corporate owned life insurance.
Noninterest Expense
Noninterest expense for the fourth quarter of 2006 decreased $1.0 million, or 6%, to $15.2 million from
$16.2 million for the fourth quarter of 2005. Included in the 2006 fourth quarter expenses were approximately $250 thousand associated with advertising, brand development and market-based programs which are not expected to recur to that degree in future quarters. In addition, in the fourth quarter of 2006 there was approximately $168 thousand in costs associated with write-downs of certain other real estate owned properties. For 2006, noninterest expense declined $5.9 million, or 9%, to $59.6 million compared with noninterest expense of $65.5 million in 2005. These declines were related to operational efficiencies gained from the consolidation of the Company’s subsidiary banks at the end of 2005, the reduction of professional service fees related to 2005’s asset quality and regulatory issues, as well as lower FDIC insurance costs.
The Company’s efficiency ratio for 2006 was 69.45% compared with 70.18% in 2005. The slightly improved efficiency ratio reflected a proportionately greater reduction in noninterest expense than in revenue.
Capital Management and Outlook
Shareholders’ equity at December 31, 2006 was $182.4 million, an increase of $10.6 million, or 6%, compared with $171.8 million at December 31, 2005. The Company repurchased 4,351 shares for $98 thousand in the fourth quarter under its $5.0 million common stock repurchase program.
During the fourth quarter, FI repaid a $25 million term loan with another financial institution. The debt was scheduled to be repaid in equal annual installments beginning in December 2007 and ending in December 2010. It is expected that this action will result in an annual increase in net interest income of approximately $0.5 million.
Mr. Humphrey concluded, “Our focus in 2007 will be revenue growth through the redeployment of our earning assets and expanding our customer base. Our plan is to grow consumer lending, small business loans and commercial loans throughout the year. We believe we can accomplish this by developing new, and expanding existing, relationships by consistent and effective one-on-one customer calls. In addition, we are emphasizing our indirect consumer lending program. Because of the geographic region in which we operate, we have to win new business and capture more business from each customer in order to succeed.”
Webcast and Conference Call
A Company-hosted teleconference will be held at 10:30 a.m. eastern time on January 25, 2007. During the teleconference, Peter G. Humphrey, President and CEO, and Ronald A. Miller, Executive Vice President and CFO, will review the financial and operating results for the period and discuss Financial Institutions’ corporate strategy and outlook. A question-and-answer session will follow.
The Financial Institutions conference call can be accessed the following ways:
•
The live webcast can be found athttp://www.fiiwarsaw.com. Participants should go to the website 10-15 minutes prior to the scheduled conference in order to download any necessary audio software.
•
The teleconference can be accessed by dialing 1-973-935-2970 approximately 5-10 minutes prior to the call.
To listen to the archived call:
•
The archived webcast will be athttp://www.fiiwarsaw.com. A replay can also be heard by calling 1-973-341-3080, and entering passcode 8315549. The telephonic replay will be available until February 1, 2007 at 11:59 p.m. ET.
About Financial Institutions, Inc. With total assets of $1.9 billion, Financial Institutions, Inc. is the parent company of Five Star Bank, which provides a wide range of consumer and commercial banking services to individuals, municipalities and businesses through a network of 50 offices and 70 ATM’s in Western and Central New York State. Through its Investment Services affiliate, Five Star Investment Services, Inc., FI also provides diversified financial services to its customers and clients, including brokerage and insurance. More information on FI and its subsidiaries is available through the Company web site atwww.fiiwarsaw.com.
Safe Harbor Statement This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current beliefs or projections. There are a number of important factors that could affect the Company’s forward-looking statements, which include its ability to implement its strategic plan, its ability to reduce operating expenses, the attitudes and preferences of customers, the competitive environment and other factors discussed in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise these statements following the date of this press release.
TABLES FOLLOW.
1
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES Consolidated Statements of Income and Other Data (Dollars in thousands, except per share amounts) (Unaudited)
Three months ended
December 31,
2006
2005
$ Change
% Change
Interest and dividend income
$
26,222
$
26,154
$
68
-
%
Interest expense
11,929
10,146
1,783
18
%
Net interest income
14,293
16,008
(1,715
)
(11
)%
Provision for loan losses
-
1,422
(1,422
)
(100
)%
Net interest income after provision for loan losses
14,293
14,586
(293
)
(2
)%
Noninterest income:
Service charges on deposits
2,945
2,981
(36
)
(1
)%
ATM and debit card income
588
447
141
32
%
Financial services group fees and commissions
331
628
(297
)
(47
)%
Mortgage banking revenues
296 14
349
(53
)
(15
)%
Income from corporate owned life insurance
55
38
17
45
%
Net gain on sale and call of securities
30
- 157
30
-
%
Net gain on sale of student loans held for sale
66
36 157
30
83
%
Net gain on sale of commercial-related loans held for sale
-
157
(157
)
(100
)%
Net loss on sale of premises and equipment
(5
)
(218
)
213
98
%
Net gain on sale of other real estate and repossessed assets
27
15
12
80
%
Net gain on sale of trust relationships
21
-
21
-
%
Other
441
504
(63
)
(13
)%
Total noninterest income
4,795
4,937
(142
)
(3
)%
Noninterest expense:
Salaries and employee benefits
8,269
7,882
387
5
%
Occupancy and equipment
2,382
2,268
114
5
%
Supplies and postage
493
510
(17
)
(3
)%
Amortization of intangibles
97
107
(10
)
(9
)%
Computer and data processing
591
571
20
4
%
Professional fees and services
747
1,370
(623
)
(45
)%
Other
2,584
3,462
(878
)
(25
)%
Total noninterest expense
15,163
16,170
(1,007
)
(6
)%
Income from continuing operations before income taxes
3,925
3,353
572
17
%
Income tax provision from continuing operations
921
512
409
80
%
Income from continuing operations
3,004
2,841
163
6
%
Discontinued operation:
Gain on sale of discontinued subsidiary
-
41
(41
)
(100
)%
Income tax expense
-
11
(11
)
(100
)%
Income from discontinued operation
-
30
(30
)
(100
)%
Net income
$
3,004
$
2,871
$
133
5
%
Preferred stock dividends
$
371
$
372
$
(1
)
-
%
Taxable-equivalent net interest income
$
15,458
$
17,187
$
(1,729
)
(10
)%
Per common share data:
Basic:
Income from continuing operations
$
0.23
$
0.22
$
0.01
5
%
Net income
$
0.23
$
0.22
$
0.01
5
%
Diluted:
Income from continuing operations
$
0.23
$
0.22
$
0.01
5
%
Net income
$
0.23
$
0.22
$
0.01
5
%
Cash dividends declared
$
0.09
$
0.08
$
0.01
13
%
Common shares outstanding:
Weighted average shares – basic
11,332,634
11,334,091
Weighted average shares – diluted
11,384,326
11,360,046
2
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES Additional Data (Dollars in thousands, except per share amounts) (Unaudited)
Three months ended
December 31,
2006
2005
Performance ratios, annualized
Return on average assets
0.62
%
0.55
%
Return on average common equity
6.29
%
6.39
%
Common dividend payout ratio
39.13
%
36.36
%
Net interest margin (tax-equivalent)
3.44
%
3.55
%
Efficiency ratio (1)
73.53
%
72.48
%
Asset quality data:
Past due over 90 days and accruing
$
3
$
276
Nonaccrual loans
15,837
17,761
Total nonperforming loans
15,840
18,037
Other real estate owned (ORE)
1,203
1,099
Total nonperforming loans and ORE
17,043
19,136
Nonaccrual loans held for sale
—
577
Total nonperforming assets
$
17,043
$
19,713
Net loan charge-offs
$
633
$
1,975
Asset quality ratios:
Nonperforming loans to total loans (2)
1.71
%
1.82
%
Nonperforming loans and ORE to total loans and ORE (2)
1.84
%
1.93
%
Nonperforming assets to total assets
0.89
%
0.97
%
Allowance for loan losses to total loans (2)
1.84
%
2.04
%
Allowance for loan losses to nonperforming loans (2)
108
%
112
%
Net loan charge-offs to average loans (annualized)
0.27
%
0.79
%
Capital ratios:
Average common equity to average total assets
8.62
%
7.47
%
Leverage ratio
8.91
%
7.60
%
Tier 1 risk-based capital ratio
15.85
%
13.75
%
Risk-based capital ratio
17.10
%
15.01
%
(1)
Ratio excludes the operations of discontinued subsidiary.
(2)
Ratios exclude nonaccruing loans held for sale from nonperforming loans and exclude loans held for sale from total loans.
3
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES Consolidated Statements of Income and Other Data (Dollars in thousands, except per share amounts) (Unaudited)
Years ended
December 31,
2006
2005
$ Change
% Change
Interest and dividend income
$
103,070
$
103,887
$
(817
)
(1
)%
Interest expense
43,604
36,395
7,209
20
%
Net interest income
59,466
67,492
(8,026
)
(12
)%
(Credit) provision for loan losses
(1,842
)
28,532
(30,374
)
(106
)%
Net interest income after (credit) provision for loan losses
61,308
38,960
22,348
57
%
Noninterest income:
Service charges on deposits
11,504
11,586
(82
)
(1
)%
ATM and debit card income
2,233
1,680
553
33
%
Financial services group fees and commissions
1,890
2,687
(797
)
(30
)%
Mortgage banking revenues
1,194
1,597
(403
)
(25
)%
Income from corporate owned life insurance
521
90
431
479
%
Net gain on sale and call of securities
30 604
14
16
114
%
Net gain on sale of student loans held for sale
670 82
245
425
173
%
Net gain on sale of commercial-related loans held for sale
82
9,369
(9,287
)
(99
)%
Net loss on sale of premises and equipment
(3
)
(321
)
318
99
%
Net gain (loss) on sale of other real estate and repossessed assets
90
(9
)
99
1,100
%
Net gain on sale of trust relationships
1,386
-
1,386
-
%
Other
2,314
2,446
(132
)
(5
)%
Total noninterest income
21,911
29,384
(7,473
)
(25
)%
Noninterest expense:
Salaries and employee benefits
33,563
34,763
(1,200
)
(3
)%
Occupancy and equipment
9,465
9,022
443
5
%
Supplies and postage
1,945
2,173
(228
)
(10
)%
Amortization of intangibles
420
430
(10
)
(2
)%
Computer and data processing
1,903
1,930
(27
)
(1
)%
Professional fees and services
2,837
5,074
(2,237
)
(44
)%
Other
9,479
12,100
(2,621
)
(22
)%
Total noninterest expense
59,612
65,492
(5,880
)
(9
)%
Income from continuing operations before income taxes
23,607
2,852
20,755
728
%
Income tax provision (benefit) from continuing operations
6,245
(1,766
)
8,011
454
%
Income from continuing operations
17,362
4,618
12,744
276
%
Discontinued operation:
Loss from operation of discontinued subsidiary
-
(340
)
340
100
%
Loss on sale of discontinued subsidiary
-
(1,071
)
1,071
100
%
Income tax expense
-
1,041
(1,041
)
(100
)%
Loss from discontinued operation
-
(2,452
)
2,452
100
%
Net income
$
17,362
$
2,166
$
15,196
702
%
Preferred stock dividends
$
1,486
$
1,488
$
(2
)
-
%
Taxable-equivalent net interest income
$
64,248
$
72,102
$
(7,854
)
(11
)%
Per common share data:
Basic:
Income from continuing operations
$
1.40
$
0.28
$
1.12
400
%
Net income
$
1.40
$
0.06
$
1.34
2,233
%
Diluted:
Income from continuing operations
$
1.40
$
0.28
$
1.12
400
%
Net income
$
1.40
$
0.06
$
1.34
2,233
%
Cash dividends declared
$
0.34
$
0.40
$
(0.06
)
(15
)%
Book value
$
14.52
$
13.60
$
0.92
7
%
Common shares outstanding:
Weighted average shares – basic
11,328,033
11,303,226
Weighted average shares – diluted
11,363,865
11,333,920
Period end actual
11,348,122
11,333,874
4
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES Additional Data (Dollars in thousands, except per share amounts) (Unaudited)
Years ended
December 31,
2006
2005
Performance ratios, annualized
Return on average assets
0.90
%
0.10
%
Return on average common equity
10.02
%
0.43
%
Common dividend payout ratio
24.29
%
666.67
%
Net interest margin (tax-equivalent)
3.55
%
3.65
%
Efficiency ratio (1)
69.45
%
70.18
%
Asset quality data:
Net loan charge-offs
$
1,341
$
47,487
Net loan charge-offs to average loans (annualized)
0.14
%
4.27
%
(1)
Ratio excludes the operations of discontinued subsidiary.
5
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (Dollars in thousands) (Unaudited)
December 31,
December 31,
2006
2005
$ Change
% Change
ASSETS
Cash and due from banks
$
47,166
$
46,987
$
179
—
%
Federal funds sold and interest-bearing deposits
62,606
44,953
17,653
39
%
Investment securities (HTM and AFS)
775,536
833,448
(57,912
)
(7
)%
Loans held for sale
992
1,253
(261
)
(21
)%
Loans
926,482
992,321
(65,839
)
(7
)%
Less: Allowance for loan losses
17,048
20,231
(3,183
)
(16
)%
Loans, net
909,434
972,090
(62,656
)
(6
)%
Goodwill
37,369
37,369
—
—
%
Other assets
74,449
86,292
(11,843
)
(14
)%
Total assets
$
1,907,552
$
2,022,392
$
(114,840
)
(6
)%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand
$
273,783
$
284,958
$
(11,175
)
(4
)%
Savings, money market, and interest-bearing checking
674,224
755,229
(81,005
)
(11
)%
Certificates of deposit
669,688
677,074
(7,386
)
(1
)%
Total deposits
1,617,695
1,717,261
(99,566
)
(6
)%
Short-term borrowings
32,310
20,106
12,204
61
%
Long-term borrowings
38,187
78,391
(40,204
)
(51
)%
Junior subordinated debentures issued to unconsolidated
subsidiary trust
16,702
16,702
—
—
%
Other liabilities
20,270
18,175
2,095
12
%
Total liabilities
1,725,164
1,850,635
(125,471
)
(7
)%
Shareholders’ equity:
Preferred equity
17,623
17,634
(11
)
—
%
Common equity and accumulated other
comprehensive loss
164,765
154,123
10,642
7
%
Total shareholders’ equity
182,388
171,757
10,631
6
%
Total liabilities and shareholders’ equity
$
1,907,552
$
2,022,392
$
(114,840
)
(6
)%
6
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES Consolidated Average Statements of Financial Condition (Dollars in thousands) (Unaudited)
Three months ended
December 31,
2006
2005
$ Change
% Change
ASSETS
Cash and due from banks
$
44,913
$
43,370
$
1,543
4
%
Federal funds sold and interest-bearing deposits
65,338
69,072
(3,734
)
(5
)%
Commercial paper due in less than 90 days
8,005
—
8,005
—
%
Investment securities (HTM and AFS)
778,546
853,287
(74,741
)
(9
)%
Loans held for sale
457
2,038
(1,581
)
(78
)%
Loans
932,963
1,001,627
(68,664
)
(7
)%
Less: Allowance for loan losses
17,675
20,738
(3,063
)
(15
)%
Loans, net
915,288
980,889
(65,601
)
(7
)%
Goodwill
37,369
37,369
—
—
%
Other assets
76,554
90,518
(13,964
)
(15
)%
Total assets
$
1,926,470
$
2,076,543
$
(150,073
)
(7
)%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand
$
259,214
$
276,472
$
(17,258
)
(6
)%
Savings, money market, and interest-bearing checking
702,411
771,566
(69,155
)
(9
)%
Certificates of deposit
669,395
718,283
(48,888
)
(7
)%
Total deposits
1,631,020
1,766,321
(135,301
)
(8
)%
Short-term borrowings
30,131
23,697
6,434
27
%
Long-term borrowings
46,496
78,810
(32,314
)
(41
)%
Junior subordinated debentures issued to unconsolidated
subsidiary trust
16,702
16,702
—
—
%
Other liabilities
18,446
18,314
132
1
%
Total liabilities
1,742,795
1,903,844
(161,049
)
(8
)%
Shareholders’ equity:
Preferred equity
17,623
17,635
(12
)
—
%
Common equity and accumulated other
comprehensive loss
166,052
155,064
10,988
7
%
Total shareholders’ equity
183,675
172,699
10,976
6
%
Total liabilities and shareholders’ equity
$
1,926,470
$
2,076,543
$
(150,073
)
(7
)%
7
FINANCIAL INSTITUTIONS, INC. AND SUBSIDIARIES Consolidated Average Statements of Financial Condition (Dollars in thousands) (Unaudited)
Years ended
December 31,
2006
2005
$ Change
% Change
ASSETS
Cash and due from banks
$
42,447
$
43,067
$
(620
)
(1
)%
Federal funds sold and interest-bearing deposits
36,572
42,976
(6,404
)
(15
)%
Commercial paper due in less than 90 days
8,285
—
8,285
—
%
Investment securities (HTM and AFS)
797,320
795,473
1,847
—
%
Loans held for sale
496
24,312
(23,816
)
(98
)%
Loans
952,684
1,111,640
(158,956
)
(14
)%
Less: Allowance for loan losses
19,338
29,152
(9,814
)
(34
)%
Loans, net
933,346
1,082,488
(149,142
)
(14
)%
Goodwill
37,369
37,369
—
—
%
Other assets
83,185
90,721
(7,536
)
(8
)%
Total assets
$
1,939,020
$
2,116,406
$
(177,386
)
(8
)%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand
$
258,416
$
275,069
$
(16,653
)
(6
)%
Savings, money market, and interest-bearing checking
712,589
784,049
(71,460
)
(9
)%
Certificates of deposit
664,358
737,285
(72,927
)
(10
)%
Total deposits
1,635,363
1,796,403
(161,040
)
(9
)%
Short-term borrowings
26,157
24,998
1,159
5
%
Long-term borrowings
67,023
82,142
(15,119
)
(18
)%
Junior subordinated debentures issued to unconsolidated
subsidiary trust
16,702
16,702
—
—
%
Other liabilities
17,638
19,023
(1,385
)
(7
)%
Total liabilities
1,762,883
1,939,268
(176,385
)
(9
)%
Shareholders’ equity:
Preferred equity
17,625
17,658
(33
)
—
%
Common equity and accumulated other
comprehensive loss
158,512
159,480
(968
)
(1
)%
Total shareholders’ equity
176,137
177,138
(1,001
)
(1
)%
Total liabilities and shareholders’ equity
$
1,939,020
$
2,116,406
$
(177,386
)
(8
)%
8
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