Exhibit 99.1
FOR IMMEDIATE RELEASE
July 28, 2011
Contacts: Melanie J. Dressel, President and
Chief Executive Officer
(253) 305-1911
Gary R. Schminkey, Executive Vice President
and Chief Financial Officer
(253) 305-1966
Columbia Banking System Announces Increased
Second Quarter 2011 Earnings and Declares Increased Cash Dividend
Highlights for the Quarter
| | • | | Net income increased to $8.6 million, more than double net income of $3.9 million for the 2nd quarter 2010 |
| | • | | Net income per diluted common share increased to $0.22, as compared to $0.11 per common share for the 2nd quarter 2010 |
| | • | | Declares cash dividend of $0.06 per common share, an increase of 20% from prior quarter |
| | • | | Noncovered commercial business and real estate loans increase over 6% from year-end 2010 |
| | • | | Strong core deposits at 91% of total deposits |
| | • | | Nonperforming noncovered assets decrease for third consecutive quarter |
| | • | | Very strong capital and liquidity measures |
| | • | | Assets and liabilities of Summit Bank, Burlington, Washington and First Heritage Bank, Snohomish, Washington, both acquired in May 2011 in FDIC-assisted transactions |
| | • | | Retail network expands by 8 locations to 93 branches in Washington and Oregon |
TACOMA, Washington—Columbia Banking System, Inc. (NASDAQ: COLB) today announced net income applicable to common shareholders increased to $8.6 million, or 119%, for the second quarter of 2011 compared to $3.9 million for the same quarter of 2010. On a diluted per common share basis, net income for the quarter rose to $0.22 compared with net income of $0.11 for the second quarter of 2010.
Net income applicable to common shareholders for the six months ended June 30, 2011 increased to $14.4 million compared to $10.8 million for the first six months of 2010. On a diluted per common share basis, net income for the first six months of 2011 was $0.36, compared to $0.34 a year earlier. The increase in net income did not result in a significant corresponding increase to diluted earnings per common share due to the additional shares issued in the Company’s stock offering of May, 2010.
Melanie Dressel, President & Chief Executive Officer commented,“We are continuing to implement one of our primary strategies, filling in our footprint between Seattle and Bellingham by acquiring Summit Bank and First Heritage Bank during the second quarter. We are pleased with solid loan growth during a weak economy; our commercial business portfolio is up about 5% from year-end 2010, and commercial real estate loans have increased approximately 6%. While loan generation continues to be challenging, our loan growth reflects our banking teams’ emphasis on existing client relationships as well as identifying and making loans to customers in our important new markets.”
Significant Influences on the Quarter Ended June 30, 2011
Acquisition of Summit Bank
On May 20, 2011, Columbia State Bank acquired all of the deposits and substantially all of the assets of Summit Bank from the Federal Deposit Insurance Corporation (“FDIC”) which had been appointed receiver of the institution, including three branches located in Burlington, Concrete and Mt. Vernon, Washington. Columbia acquired tangible assets with a fair value of approximately $127 million, including $74 million in loans and real estate owned, an FDIC indemnification asset of $27 million, $1 million in investment securities, $16 million of cash and cash equivalents, and $12 million of other assets. Substantially all of the loans and real estate owned are subject to a loss-sharing agreement with the FDIC. Columbia also assumed liabilities with a fair value of approximately $131 million, including $123 million of deposits and $8 million of Federal Home Loan Bank (“FHLB”) advances. The transaction resulted in goodwill of $3.8 million and a core deposit intangible of $509 thousand.
Acquisition of First Heritage Bank
On May 27, 2011, Columbia State Bank acquired all of the deposits and substantially all of the assets of First Heritage Bank from the FDIC, which was appointed receiver of the institution, including five branches in Snohomish, Everett, Monroe, Arlington and Woodinville, Washington. Columbia acquired
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tangible assets with a fair value of approximately $158 million, including $90 million in loans and real estate owned, an FDIC indemnification asset of $38 million, $6 million in investment securities, $11 million of cash and cash equivalents, and $21 million of other assets. Substantially all of the loans and real estate owned are subject to a loss-sharing agreement with the FDIC. Columbia also assumed liabilities with a fair value of approximately $165 million, including $160 million of deposits, and $5 million of FHLB advances. The transaction resulted in goodwill of $5.9 million and a core deposit intangible of $1.3 million.
Impact of Acquired Loan Accounting
The following table illustrates the significant accounting entries associated with Columbia’s acquired loan portfolios:
Acquired Loan Portfolio Activity
| | | | | | | | |
| (in thousands) | | Three Months Ended
June 30, 2011 | | | Six Months Ended
June 30, 2011 | |
Incremental accretion income over stated note rate | | $ | 8,883 | | | $ | 21,254 | |
Change in FDIC loss sharing asset | | | (6,419 | ) | | | (21,193 | ) |
Claw back liability | | | (448 | ) | | | (2,148 | ) |
| | | | | | | | |
Pre-tax earnings impact | | $ | 2,016 | | | $ | (2,087 | ) |
| | | | | | | | |
The incremental accretion income represents the amount of income recorded on the acquired loans above the contractual rate stated in the individual loan notes. The additional income stems from the discount established at the time these loan portfolios were acquired, and increases net interest income and the net interest margin. The change in the FDIC loss sharing asset recognizes the decreased amount that Columbia expects to collect from the FDIC under the terms of its loss sharing agreements due to lower expected losses on covered loans and other real estate owned. The change in FDIC loss sharing asset affects noninterest income, resulting in a reported noninterest loss for the current quarter.
The Columbia River Bank acquired loan portfolio continues to perform better than originally expected, requiring us to increase our clawback liability from $1.7 million to $2.1 million during the second quarter through a charge to noninterest expense of $448 thousand. The $2.1 million represents the net present value of management’s clawback liability estimate of $3.3 million. The claw back liability is evaluated at the individual portfolio level each quarter and adjusted upward or downward according to the total expected losses over the loss share period.
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Capital
The Company’s total risk-based capital ratio at June 30, 2011 exceeded 24%. At the end of the second quarter 2011, our tangible common equity to tangible assets ratio stood at 13.8% as compared to 13.7% at June 30, 2010, 14.25% at March 31, 2011, and 14.0% at both December 31, 2010 and September 30, 2010. Ms. Dressel noted, “We continue to actively consider strategies to effectively utilize our strong capital.”
Net Interest Margin
Columbia’s net interest margin increased to 5.49% in the second quarter of 2011, up from 4.66% for the same quarter last year and 4.35% in the fourth quarter of 2010, and a decrease from 5.80% for the first quarter of 2011.
The table below shows the effect on the net interest margin of the increased yield from the additional accretion of income over the stated contractual loan rate on the acquired loan portfolios for the second quarter and the first six months of 2011.
| | | | | | | | |
| (in thousands) | | Three Months Ended
June 30, 2011 | | | Six Months Ended
June 30, 2011 | |
Acquired Loan Effective Yield Income | | $ | 16,782 | | | $ | 38,084 | |
Less: | | | | | | | | |
Additional Accretion of Income | | | (8,883 | ) | | | (21,254 | ) |
| | | | | | | | |
Stated Interest Income at Loan Note Rate | | $ | 7,899 | | | $ | 16,830 | |
| | | | | | | | |
Net Interest Margin Excluding Additional Accretion Income | | | 4.53 | % | | | 4.48 | % |
| | |
Reported Net Interest Margin | | | 5.49 | % | | | 5.64 | % |
Balance Sheet
At June 30, 2011, the Company’s total assets were $4.43 billion, an increase of 4% from $4.26 billion at December 31, 2010. Total shareholders’ equity at June 30, 2011 was $727.7 million, a decrease of 6% from $775.3 million at June 30, 2010, and an increase of 3% from $706.9 million at December 31, 2010.
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Loans not covered under the FDIC loss-sharing agreements (“non-covered loans”) were $1.99 billion at June 30, 2011, up 2% from $1.95 billion at June 30, 2010, and up 4% from $1.92 billion at December 31, 2010. The average yield on non-covered loans for the quarter ended June 30, 2011 was 7.32%.
The non-covered loan portfolio continues to be diversified, mitigating risk by avoiding concentration in any one segment. The portfolio includes 42% commercial business loans, 4% total construction including commercial and residential, 3% one-to-four family residential real estate, and 9% consumer. The remaining 42% of the portfolio is commercial real estate, which consists of 60% income property and 40% owner occupied. Net loans covered under the FDIC-loss sharing agreements (“covered loans”), which provide protection against credit risk on those covered loans, totaled $607.3 million at June 30, 2011.
Total deposits at June 30, 2011 increased 6% to $3.48 billion from $3.28 billion at June 30, 2010, and 4% from $3.33 billion at December 31, 2010. Core deposits (defined as demand, savings, money market accounts and certificates of deposit under $100,000) comprised 91% of total deposits, and were $3.14 billion at June 30, 2011, an increase of 11% from $2.83 billion at June 30, 2010 and 5% from $3.0 billion at December 31, 2010. The average cost of deposits for the quarter ended June 30, 2011 was 0.46%.
Asset Quality
At June 30, 2011, nonperforming assets were $103.2 million, compared to $114.7 million at March 31, 2011 and $131.9 million at June 30, 2010. The $11.5 million decrease in nonperforming assets for the quarter was primarily centered in the 1-4 family residential construction portfolios and our term commercial real estate portfolio. Nonperforming assets declined in our commercial construction and commercial business portfolios as well. For the quarter, the Company added $7.8 million in new nonperforming assets, experienced charge-offs associated with nonperforming assets of $4.2 million, and received payments of $8.1 million. We also reduced other real estate owned (OREO) by $4.7 million and placed $2.3 million of previously nonperforming loans back on accrual status.
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The table below sets forth information with respect to nonaccrual loans, restructured loans, total nonperforming loans and total nonperforming assets.
| | | | | | | | | | | | |
| (in thousands) | | June 30,
2011 | | | December 31,
2010 | | | June 30,
2010 | |
Nonaccrual noncovered loans: | | | | | | | | | | | | |
Commercial business | | $ | 11,690 | | | $ | 32,367 | | | $ | 17,309 | |
Real estate: | | | | | | | | | | | | |
One-to-four family residential | | | 2,746 | | | | 2,996 | | | | 3,113 | |
Commercial and five or more family residential real estate | | | 22,810 | | | | 23,192 | | | | 36,097 | |
| | | | | | | | | | | | |
Total real estate | | | 25,556 | | | | 26,188 | | | | 39,210 | |
Real estate construction: | | | | | | | | | | | | |
One-to-four family residential | | | 10,108 | | | | 18,004 | | | | 32,653 | |
Commercial and five or more family residential real estate | | | 5,976 | | | | 7,584 | | | | 14,282 | |
| | | | | | | | | | | | |
Total real estate construction | | | 16,084 | | | | 25,588 | | | | 46,935 | |
Consumer | | | 6,074 | | | | 5,021 | | | | 4,955 | |
| | | | | | | | | | | | |
Total nonaccrual loans | | | 59,404 | | | | 89,164 | | | | 108,409 | |
Restructured noncovered loans: | | | | | | | | | | | | |
Commercial business | | | 109 | | | | — | | | | — | |
Commercial and five or more family residential real estate | | | 5,871 | | | | 5,747 | | | | — | |
One-to-four family residential construction | | | 701 | | | | 758 | | | | 687 | |
| | | | | | | | | | | | |
Total restructured noncovered loans | | | 6,681 | | | | 6,505 | | | | 687 | |
| | | | | | | | | | | | |
Total nonperforming noncovered loans | | | 66,085 | | | | 95,669 | | | | 109,096 | |
Noncovered real estate owned and other personal property owned | | | 37,116 | | | | 30,991 | | | | 22,814 | |
| | | | | | | | | | | | |
Total nonperforming noncovered assets | | $ | 103,201 | | | $ | 126,660 | | | $ | 131,910 | |
| | | | | | | | | | | | |
Allowance for loan losses to period-end nonperforming noncovered loans | | | 82 | % | | | 64 | % | | | 55 | % |
Allowance for loan losses to period-end nonperforming noncovered assets | | | 52 | % | | | 48 | % | | | 45 | % |
For the quarter ended June 30, 2011, net loan charge-offs were approximately $3.4 million, compared to $10.7 million for the same period a year ago, and $5.7 million during the first quarter of 2011. Net charge-offs were primarily centered in term commercial real estate loans and commercial real estate construction loans.
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The following table provides an analysis of the Company’s allowance for noncovered loan and lease losses at the dates and the periods indicated.
Allowance for Possible Loan Loss
2011 Quarterly Recap by SEC Group
| | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, | | | Six Months Ended June 30, | |
(in thousands) | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Beginning balance | | $ | 55,315 | | | $ | 56,981 | | | $ | 60,993 | | | $ | 53,478 | |
Charge-offs: | | | | | | | | | | | | | | | | |
Commercial Business | | | (834 | ) | | | (5,428 | ) | | | (4,205 | ) | | | (7,644 | ) |
One-to-four family residential perm | | | (216 | ) | | | (104 | ) | | | (664 | ) | | | (104 | ) |
Commercial and five or more family residential real estate perm | | | (1,554 | ) | | | (499 | ) | | | (1,919 | ) | | | (2,982 | ) |
One-to-four family residential construction | | | (805 | ) | | | (3,002 | ) | | | (2,232 | ) | | | (7,664 | ) |
Commercial and five or more family residential real estate construction | | | (1,078 | ) | | | (726 | ) | | | (1,565 | ) | | | (3,079 | ) |
Consumer | | | (271 | ) | | | (1,314 | ) | | | (1,196 | ) | | | (2,453 | ) |
| | | | | | | | | | | | | | | | |
Total charge-offs | | | (4,758 | ) | | | (11,073 | ) | | | (11,781 | ) | | | (23,926 | ) |
Recoveries: | | | | | | | | | | | | | | | | |
Commercial Business | | | 592 | | | | 132 | | | | 697 | | | | 656 | |
One-to-four family residential perm | | | — | | | | 15 | | | | — | | | | 15 | |
Commercial and five or more family residential real estate perm | | | 13 | | | | 3 | | | | 86 | | | | 41 | |
One-to-four family residential construction | | | 700 | | | | 141 | | | | 1,804 | | | | 908 | |
Commercial and five or more family residential real estate construction | | | — | | | | — | | | | — | | | | — | |
Consumer | | | 45 | | | | 49 | | | | 108 | | | | 76 | |
| | | | | | | | | | | | | | | | |
Total recoveries | | | 1,350 | | | | 340 | | | | 2,695 | | | | 1,696 | |
| | | | | | | | | | | | | | | | |
Net (charge-offs)/recoveries | | | (3,408 | ) | | | (10,733 | ) | | | (9,086 | ) | | | (22,230 | ) |
Provision charged to expense | | | 2,150 | | | | 13,500 | | | | 2,150 | | | | 28,500 | |
| | | | | | | | | | | | | | | | |
For the second quarter of 2011, the company made a provision of $2.2 million for noncovered loan losses. For the comparable quarter last year the company made a provision of $13.5 million. The provision for noncovered loan losses was the result of the company’s growth in noncovered loans for the quarter of approximately $103 million. The growth in noncovered loans was centered in term commercial real estate loans and commercial business loans.
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The allowance for noncovered loan losses to noncovered period-end loans was 2.72% at June 30, 2011 compared to 3.07% at June 30, 2010 and 3.18% at December 31, 2010. For the quarter, the Company made a provision of $2.2 million for noncovered loans. The need for the provision was primarily driven by loan growth experienced throughout the second quarter of 2011. The allowance for noncovered loan losses to noncovered period end loans was 2.72% at June 30, 2011, compared to 3.07% at June 30, 2010 and 3.18% at December 31, 2010. The decrease is due primarily to the previously mentioned loan growth and improved asset quality. Noncovered past due loans were $7.6 million at June 30, 2011, or 0.38% of total noncovered loans compared to $9.9 million at March 31, 2011, or 0.53% of total noncovered loans and $10.6 million, or 0.55% of total noncovered loans, as of December 31, 2010. As of June 30, 2010 noncovered past due loans were $12.0 million or 0.62% of total noncovered loans.
Operating Results
Quarter ended June 30, 2011
Net Interest Income
Net interest income for the second quarter of 2011 was $49.4 million, an increase of 21% from $40.7 million for the same quarter in 2010, primarily due to the impact of our FDIC-assisted transactions. The Company’s net interest margin increased to 5.49% in the second quarter of 2011, from 4.66% for the same quarter last year. The net interest margin in the second quarter was positively impacted by approximately 95 basis points (a basis point equals 1/100 of 1%) due to the $8.9 million accretion of the discount on the loan portfolios acquired in the four FDIC-assisted transactions. The net interest margin was negatively impacted during the quarter by interest reversals relating to nonaccrual loans totaling $139,000, reducing the net interest margin by an estimated 1 basis point. Interest reversals relating to nonaccrual loans for the six months ended June 30, 2011 were approximately $415,000, reducing the net interest margin by an estimated 2 basis points.
Average interest-earning assets were $3.72 billion during the second quarter, an increase of 3% compared with $3.62 billion during the same quarter of 2010. The yield on average interest-earning assets increased 83 basis points to 5.91% during the second quarter compared with 5.26% during the same quarter of 2010. During the same period, average interest-bearing liabilities decreased slightly to $2.65 billion from $2.66 billion in the second quarter of 2010. The cost of average interest-bearing liabilities decreased 20 basis points to 0.60% during the quarter, from 0.82% in the same quarter of 2010.
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Noninterest Income
After removing the change in the FDIC loss sharing asset, noninterest income for the second quarter and year-to-date 2011 was virtually unchanged from the same periods in the prior year.
Noninterest Expense
Total noninterest expense for the second quarter of 2011 was $37.2 million, an increase of 7% from $34.7 million for the same quarter in 2010. The increase is attributable to the operating expenses of the two banks acquired in May, 2011 and an increase in OREO expense. These increases were partially mitigated by decreased data processing expense.
Organizational Update
Ms. Dressel commented, “We have received a positive response from customers in the new communities we serve in Skagit, Snohomish and King Counties of Washington resulting from the acquisitions of Summit Bank and First Heritage Bank. The transitions continue to go smoothly, and I would like to gratefully acknowledge the teamwork and dedication of all our team members as we move toward our conversions, which should be completed toward the end of the year.”
Cash Dividend Announcement
The Board of Directors announced that a quarterly cash dividend of $0.06 per common share will be paid on August 24, 2011 to shareholders of record as of the close of business on August 10, 2011. This is an increase of 20% from $0.05 paid the prior quarter.
Conference Call
Columbia’s management will discuss the second quarter results on a conference call scheduled for Thursday, July 28, 2011 at 1:00 p.m. PDT (4:00 p.m. EDT). Interested parties may listen to this discussion by calling 1-866-378-3802; Conference ID code #84977764.
A conference call replay will be available from approximately 2:00 p.m. PDT on July 28, 2011, through midnight PDT on August 4, 2011. The conference call replay can be accessed by dialing 1-855-859-2056 and entering Conference ID code #84977764.
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About Columbia
Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the holding Company of Columbia State Bank, a Washington state-chartered full-service commercial bank which was awarded third place in the large employer category bySeattle Business Magazine’s 100 Best Companies to Work For 2010 and was designated one of Puget Sound Business Journal’s “Washington’s Best Workplaces 2010”.
Including the acquisitions of Summit Bank and First Heritage Bank, Columbia Banking System has 93 banking offices, including 68 branches in Washington State and 25 branches in Oregon. Columbia Bank does business under the Bank of Astoria name in Astoria, Warrenton, Seaside, Cannon Beach, Manzanita and Tillamook in Oregon. More information about Columbia can be found on its website atwww.columbiabank.com.
# # #
Note Regarding Forward-Looking Statements
This news release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These forward looking statements describe Columbia’s management’s expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of Columbia’s style of banking and the strength of the local economy. The words “will,” “believe,” “expect,” “intend,” “should,” and “anticipate” and words of similar construction are intended in part to help identify forward looking statements. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in Columbia’s filings with the Securities and Exchange Commission, available at the SEC’s website atwww.sec.gov and the Company’s website at www.columbiabank.com, including the “Risk Factors,” “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual reports on Form 10-K and quarterly reports on Form 10-Q, factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following: (1) local, national and international economic conditions may be less favorable than expected or have a more direct and pronounced effect on Columbia than expected and adversely affect Columbia’s ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates may reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new branches may be lower than expected; (4) costs or difficulties related to the integration of acquisitions may be greater than expected; (5) competitive pressure among financial institutions may increase significantly; and (6)
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legislation or regulatory requirements or changes may adversely affect the businesses in which Columbia is engaged. We believe the expectations reflected in our forward-looking statements are reasonable, based on information available to us on the date hereof. However, given the described uncertainties and risks, we cannot guarantee our future performance or results of operations and you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The factors noted above and the risks and uncertainties described in our SEC filings should be considered when reading any forward-looking statements in this release.
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FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
June 30, | | | Six Months Ended
June 30, | |
| (in thousands except per share) | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Earnings | | | | | | | | | | | | | | | | |
Net interest income | | $ | 49,375 | | | $ | 40,732 | | | $ | 99,824 | | | $ | 79,006 | |
Provision for loan and lease losses, noncovered loans | | $ | 2,150 | | | $ | 13,500 | | | $ | 2,150 | | | $ | 28,500 | |
Noninterest income (loss) | | $ | 3,542 | | | $ | 13,237 | | | $ | (1,877 | ) | | $ | 31,710 | |
Noninterest expense | | $ | 37,164 | | | $ | 34,745 | | | $ | 74,510 | | | $ | 68,642 | |
Net income | | $ | 8,632 | | | $ | 5,056 | | | $ | 14,411 | | | $ | 12,972 | |
Net income applicable to common shareholders | | $ | 8,632 | | | $ | 3,946 | | | $ | 14,411 | | | $ | 10,755 | |
| | | | |
Per Common Share | | | | | | | | | | | | | | | | |
Net income (basic) | | $ | 0.22 | | | $ | 0.11 | | | $ | 0.37 | | | $ | 0.34 | |
Net income (diluted) | | $ | 0.22 | | | $ | 0.11 | | | $ | 0.36 | | | $ | 0.34 | |
| | | | |
Averages | | | | | | | | | | | | | | | | |
Total assets | | $ | 4,324,390 | | | $ | 4,327,894 | | | $ | 4,296,494 | | | $ | 4,137,525 | |
Interest-earning assets | | $ | 3,719,558 | | | $ | 3,624,548 | | | $ | 3,676,351 | | | $ | 3,497,103 | |
Loans, including covered loans | | $ | 2,439,439 | | | $ | 2,550,813 | | | $ | 2,413,899 | | | $ | 2,495,919 | |
Securities | | $ | 988,839 | | | $ | 728,169 | | | $ | 878,712 | | | $ | 719,457 | |
Deposits | | $ | 3,382,486 | | | $ | 3,303,661 | | | $ | 3,344,538 | | | $ | 3,220,268 | |
Core deposits | | $ | 3,073,068 | | | $ | 2,820,378 | | | $ | 3,031,677 | | | $ | 2,714,914 | |
Interest-bearing deposits | | $ | 2,479,485 | | | $ | 2,487,757 | | | $ | 2,454,790 | | | $ | 2,441,914 | |
Interest-bearing liabilities | | $ | 2,647,990 | | | $ | 2,663,584 | | | $ | 2,621,987 | | | $ | 2,617,840 | |
Noninterest-bearing deposits | | $ | 903,001 | | | $ | 815,904 | | | $ | 889,748 | | | $ | 778,354 | |
Shareholders’ equity | | $ | 719,165 | | | $ | 684,929 | | | $ | 714,748 | | | $ | 612,793 | |
| | | | |
Financial Ratios | | | | | | | | | | | | | | | | |
Return on average assets | | | 0.80 | % | | | 0.47 | % | | | 0.68 | % | | | 0.63 | % |
Return on average common equity | | | 4.81 | % | | | 2.59 | % | | | 4.07 | % | | | 4.03 | % |
Average equity to average assets | | | 16.63 | % | | | 15.83 | % | | | 16.64 | % | | | 14.81 | % |
Net interest margin | | | 5.49 | % | | | 4.66 | % | | | 5.64 | % | | | 4.72 | % |
Efficiency ratio (tax equivalent)(1) | | | 69.49 | % | | | 68.15 | % | | | 71.35 | % | | | 67.61 | % |
| | | |
| | | June 30, | | | December 31, | | | | |
| | | 2011 | | | 2010 | | | 2010 | | | | |
Period end | | | | | | | | | | | | | | | | |
Total assets | | $ | 4,429,143 | | | $ | 4,289,115 | | | $ | 4,256,363 | | | | | |
Covered assets | | $ | 631,549 | | | $ | 599,305 | | | $ | 531,504 | | | | | |
Loans, excluding covered loans | | $ | 1,987,474 | | | $ | 1,945,972 | | | $ | 1,915,754 | | | | | |
Allowance for loan and lease losses | | $ | 54,057 | | | $ | 59,748 | | | $ | 60,993 | | | | | |
Securities | | $ | 1,008,559 | | | $ | 727,825 | | | $ | 781,774 | | | | | |
Deposits | | $ | 3,475,167 | | | $ | 3,284,947 | | | $ | 3,327,269 | | | | | |
Core deposits | | $ | 3,142,975 | | | $ | 2,831,319 | | | $ | 2,998,482 | | | | | |
Shareholders’ equity | | $ | 727,680 | | | $ | 775,295 | | | $ | 706,878 | | | | | |
| | | | |
Book value per common share | | $ | 18.43 | | | $ | 17.83 | | | $ | 17.97 | | | | | |
| | | | |
Nonperforming, noncovered assets | | | | | | | | | | | | | | | | |
Nonaccrual loans | | $ | 59,404 | | | $ | 108,409 | | | $ | 89,163 | | | | | |
Restructured loans accruing interest | | | 6,681 | | | | 687 | | | | 6,505 | | | | | |
Other real estate owned and other personal property owned | | | 37,116 | | | | 22,814 | | | | 30,991 | | | | | |
| | | | | | | | | | | | | | | | |
Total nonperforming, noncovered assets | | $ | 103,201 | | | $ | 131,910 | | | $ | 126,659 | | | | | |
| | | | | | | | | | | | | | | | |
Nonperforming loans to period-end noncovered loans | | | 3.33 | % | | | 5.61 | % | | | 4.99 | % | | | | |
Nonperforming assets to period-end noncovered assets | | | 2.72 | % | | | 3.57 | % | | | 3.40 | % | | | | |
Allowance for loan and lease losses to period-end noncovered loans | | | 2.72 | % | | | 3.07 | % | | | 3.18 | % | | | | |
Allowance for loan and lease losses to nonperforming noncovered loans | | | 81.80 | % | | | 54.77 | % | | | 63.75 | % | | | | |
Allowance for loan and lease losses to nonperforming noncovered assets | | | 52.38 | % | | | 45.29 | % | | | 48.16 | % | | | | |
Net noncovered loan charge-offs | | $ | 9,086 | (2) | | $ | 22,230 | (3) | | $ | 33,776 | (4) | | | | |
| (1) | Noninterest expense, excluding net cost of operation of other real estate and FDIC clawback liability expense, divided by the sum of net interest income and noninterest income on a tax equivalent basis, excluding gain/loss on sale of investment securities, gain on bank acquisition, incremental accretion income on the acquired loan portfolio and the change in FDIC indemnification asset. |
| (2) | For the six months ended June 30, 2011. |
| (3) | For the six months ended June 30, 2010. |
| (4) | For the twelve months ended December 31, 2010. |
FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
| | | | | | | | | | | | | | | | |
| | | June 30, | | | December 31 | |
| (in thousands) | | 2011 | | | 2010 | |
Loan Portfolio Composition | | | | | | | | | | | | | | | | |
| | | | |
Noncovered loans: | | | | | | | | | | | | | | | | |
Commercial business | | $ | 836,745 | | | | 42.1 | % | | $ | 795,369 | | | | 41.5 | % |
| | | | |
Real Estate: | | | | | | | | | | | | | | | | |
One-to-four family residential | | | 51,077 | | | | 2.6 | % | | | 49,383 | | | | 2.6 | % |
Five or more family residential and commercial | | | 843,288 | | | | 42.4 | % | | | 794,329 | | | | 41.5 | % |
| | | | | | | | | | | | | | | | |
Total Real Estate | | | 894,365 | | | | 45.0 | % | | | 843,712 | | | | 44.1 | % |
| | | | |
Real Estate Construction: | | | | | | | | | | | | | | | | |
One-to-four family residential | | | 52,368 | | | | 2.7 | % | | | 67,961 | | | | 3.5 | % |
Five or more family residential and commercial | | | 29,886 | | | | 1.5 | % | | | 30,185 | | | | 1.6 | % |
| | | | | | | | | | | | | | | | |
Total Real Estate Construction | | | 82,254 | | | | 4.2 | % | | | 98,146 | | | | 5.1 | % |
| | | | |
Consumer | | | 177,564 | | | | 8.9 | % | | | 182,017 | | | | 9.5 | % |
| | | | | | | | | | | | | | | | |
Subtotal loans | | | 1,990,928 | | | | 100.2 | % | | | 1,919,244 | | | | 100.2 | % |
Less: Deferred loan fees | | | (3,454 | ) | | | -0.2 | % | | | (3,490 | ) | | | -0.2 | % |
| | | | | | | | | | | | | | | | |
Total noncovered loans, net of deferred fees | | | 1,987,474 | | | | 100.0 | % | | | 1,915,754 | | | | 100.0 | % |
| | | | | | | | | | | | | | | | |
Less: Allowance for loan and lease losses | | | (54,057 | ) | | | | | | | (60,993 | ) | | | | |
| | | | | | | | | | | | | | | | |
Noncovered loans, net | | | 1,933,417 | | | | | | | | 1,854,761 | | | | | |
| | | | |
Covered loans, net of allowance for loan losses of ($7,948) and ($6,055), respectively | | | 607,310 | | | | | | | | 517,061 | | | | | |
| | | | | | | | | | | | | | | | |
Total loans, net | | $ | 2,540,727 | | | | | | | $ | 2,371,822 | | | | | |
| | | | | | | | | | | | | | | | |
Loans held for sale | | $ | 655 | | | | | | | $ | 754 | | | | | |
| | | | | | | | | | | | | | | | |
| | |
| | | June 30, | | | December 31 | |
| | | 2011 | | | 2010 | |
Deposit Composition | | | | | | | | | | | | | | | | |
Core deposits: | | | | | | | | | | | | | | | | |
Demand and other non-interest bearing | | $ | 923,031 | | | | 26.6 | % | | $ | 895,671 | | | | 26.9 | % |
Interest bearing demand | | | 707,554 | | | | 20.3 | % | | | 672,307 | | | | 20.2 | % |
Money market | | | 933,412 | | | | 26.9 | % | | | 920,831 | | | | 27.7 | % |
Savings | | | 232,633 | | | | 6.7 | % | | | 210,995 | | | | 6.3 | % |
Certificates of deposit less than $100,000 | | | 346,345 | | | | 10.0 | % | | | 298,678 | | | | 9.0 | % |
| | | | | | | | | | | | | | | | |
Total core deposits | | | 3,142,975 | | | | 90.5 | % | | | 2,998,482 | | | | 90.0 | % |
| | | | |
Certificates of deposit greater than $100,000 | | | 282,766 | | | | 8.1 | % | | | 266,708 | | | | 8.0 | % |
Certificates of deposit insured by CDARS® | | | 48,524 | | | | 1.4 | % | | | 38,312 | | | | 1.2 | % |
Wholesale certificates of deposit | | | 396 | | | | 0.0 | % | | | 23,155 | | | | 0.7 | % |
| | | | | | | | | | | | | | | | |
Subtotal | | | 3,474,661 | | | | 100.0 | % | | | 3,326,657 | | | | 100.0 | % |
Premium resulting from acquisition date fair value adjustment | | | 506 | | | | | | | | 612 | | | | | |
| | | | | | | | | | | | | | | | |
Total Deposits | | $ | 3,475,167 | | | | | | | $ | 3,327,269 | | | | | |
| | | | | | | | | | | | | | | | |
QUARTERLY FINANCIAL STATISTICS
Columbia Banking System, Inc.
Unaudited
| | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | |
| (in thousands except per share) | | Jun 30
2011 | | | Mar 31
2011 | | | Dec 31
2010 | | | Sep 30
2010 | | | Jun 30
2010 | |
Earnings | | | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 49,375 | | | $ | 50,449 | | | $ | 38,816 | | | $ | 46,965 | | | $ | 40,732 | |
Provision for loan and lease losses, noncovered loans | | $ | 2,150 | | | $ | — | | | $ | 3,791 | | | $ | 9,000 | | | $ | 13,500 | |
Noninterest income (loss) | | $ | 3,542 | | | $ | (5,419 | ) | | $ | 15,888 | | | $ | 5,183 | | | $ | 13,237 | |
Noninterest expense | | $ | 37,164 | | | $ | 37,346 | | | $ | 34,985 | | | $ | 33,520 | | | $ | 34,745 | |
Net income | | $ | 8,632 | | | $ | 5,779 | | | $ | 12,608 | | | $ | 5,204 | | | $ | 5,056 | |
Net income applicable to common shareholders | | $ | 8,632 | | | $ | 5,779 | | | $ | 12,608 | | | $ | 2,474 | | | $ | 3,946 | |
| | | | | |
Per Common Share | | | | | | | | | | | | | | | | | | | | |
Earnings (basic) | | $ | 0.22 | | | $ | 0.15 | | | $ | 0.32 | | | $ | 0.06 | | | $ | 0.11 | |
Earnings (diluted) | | $ | 0.22 | | | $ | 0.15 | | | $ | 0.32 | | | $ | 0.06 | | | $ | 0.11 | |
Book value | | $ | 18.43 | | | $ | 18.09 | | | $ | 17.97 | | | $ | 17.92 | | | $ | 17.83 | |
| | | | | |
Averages | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 4,324,390 | | | $ | 4,268,348 | | | $ | 4,354,890 | | | $ | 4,360,913 | | | $ | 4,327,894 | |
Interest-earning assets | | $ | 3,719,558 | | | $ | 3,632,663 | | | $ | 3,682,951 | | | $ | 3,654,932 | | | $ | 3,624,548 | |
Loans, including covered loans | | $ | 2,439,439 | | | $ | 2,388,076 | | | $ | 2,450,793 | | | $ | 2,500,302 | | | $ | 2,550,813 | |
Securities | | $ | 988,839 | | | $ | 767,360 | | | $ | 726,470 | | | $ | 715,201 | | | $ | 728,169 | |
Deposits | | $ | 3,382,486 | | | $ | 3,306,168 | | | $ | 3,343,920 | | | $ | 3,297,583 | | | $ | 3,303,661 | |
Core deposits | | $ | 3,073,068 | | | $ | 2,989,825 | | | $ | 2,992,417 | | | $ | 2,887,044 | | | $ | 2,820,378 | |
Interest-bearing deposits | | $ | 2,479,485 | | | $ | 2,429,821 | | | $ | 2,458,466 | | | $ | 2,467,763 | | | $ | 2,487,757 | |
Interest-bearing liabilities | | $ | 2,647,990 | | | $ | 2,596,833 | | | $ | 2,627,804 | | | $ | 2,640,738 | | | $ | 2,663,584 | |
Noninterest-bearing deposits | | $ | 903,001 | | | $ | 876,347 | | | $ | 885,454 | | | $ | 829,820 | | | $ | 815,904 | |
Shareholders’ equity | | $ | 719,165 | | | $ | 710,282 | | | $ | 707,319 | | | $ | 739,155 | | | $ | 684,929 | |
| | | | | |
Financial Ratios | | | | | | | | | | | | | | | | | | | | |
Return on average assets | | | 0.80 | % | | | 0.55 | % | | | 1.15 | % | | | 0.47 | % | | | 0.47 | % |
Return on average common equity | | | 4.81 | % | | | 3.30 | % | | | 7.07 | % | | | 1.39 | % | | | 2.59 | % |
Average equity to average assets | | | 16.63 | % | | | 16.64 | % | | | 16.24 | % | | | 16.95 | % | | | 15.83 | % |
Net interest margin | | | 5.49 | % | | | 5.80 | % | | | 4.35 | % | | | 5.24 | % | | | 4.66 | % |
Efficiency ratio (tax equivalent) | | | 69.49 | % | | | 73.33 | % | | | 65.33 | % | | | 68.33 | % | | | 68.15 | % |
| | | | | |
Period end | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 4,429,143 | | | $ | 4,264,319 | | | $ | 4,256,363 | | | $ | 4,245,260 | | | $ | 4,289,115 | |
Covered assets, net | | $ | 631,549 | | | $ | 499,872 | | | $ | 531,504 | | | $ | 577,817 | | | $ | 599,306 | |
Noncovered loans | | $ | 1,987,474 | | | $ | 1,884,206 | | | $ | 1,915,754 | | | $ | 1,934,162 | | | $ | 1,945,972 | |
Allowance for loan and lease losses | | $ | 54,057 | | | $ | 55,315 | | | $ | 60,993 | | | $ | 62,334 | | | $ | 59,748 | |
Securities | | $ | 1,008,559 | | | $ | 906,096 | | | $ | 781,774 | | | $ | 710,649 | | | $ | 727,825 | |
Deposits | | $ | 3,475,167 | | | $ | 3,336,213 | | | $ | 3,327,269 | | | $ | 3,306,886 | | | $ | 3,284,947 | |
Core deposits | | $ | 3,142,975 | | | $ | 3,027,898 | | | $ | 2,998,482 | | | $ | 2,934,451 | | | $ | 2,831,319 | |
Shareholders’ equity | | $ | 727,680 | | | $ | 714,083 | | | $ | 706,878 | | | $ | 704,692 | | | $ | 775,295 | |
| | | | | |
Nonperforming, noncovered assets | | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans | | $ | 59,404 | | | $ | 78,692 | | | $ | 89,163 | | | $ | 91,406 | | | $ | 108,409 | |
Restructured loans accruing interest | | | 6,681 | | | | 6,739 | | | | 6,505 | | | | 6,482 | | | | 687 | |
| | | | | |
Other real estate owned and other personal property owned | | | 37,116 | | | | 29,315 | | | | 30,991 | | | | 23,259 | | | | 22,814 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonperforming, noncovered assets | | $ | 103,201 | | | $ | 114,746 | | | $ | 126,659 | | | $ | 121,147 | | | $ | 131,910 | |
| | | | | | | | | | | | | | | | | | | | |
Nonperforming loans to period-end noncovered loans | | | 3.33 | % | | | 4.53 | % | | | 4.99 | % | | | 5.06 | % | | | 5.61 | % |
Nonperforming assets to period-end noncovered assets | | | 2.72 | % | | | 3.05 | % | | | 3.40 | % | | | 3.30 | % | | | 3.57 | % |
| | | | | |
Allowance for loan and lease losses to period-end noncovered loans | | | 2.72 | % | | | 2.94 | % | | | 3.18 | % | | | 3.22 | % | | | 3.07 | % |
Allowance for loan and lease losses to nonperforming noncovered loans | | | 81.80 | % | | | 64.75 | % | | | 63.75 | % | | | 63.68 | % | | | 54.77 | % |
Allowance for loan and lease losses to nonperforming noncovered assets | | | 52.38 | % | | | 48.21 | % | | | 48.16 | % | | | 51.45 | % | | | 45.29 | % |
Net noncovered loan charge-offs | | $ | 3,408 | | | $ | 5,678 | | | $ | 5,132 | | | $ | 6,414 | | | $ | 10,733 | |
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
Columbia Banking System, Inc.
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
June 30, | | | Six Months Ended
June 30, | |
| (in thousands except per share) | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Interest Income | | | | | | | | | | | | | | | | |
Loans | | $ | 44,362 | | | $ | 38,940 | | | $ | 91,791 | | | $ | 75,887 | |
Taxable securities | | | 6,247 | | | | 4,708 | | | | 10,664 | | | | 9,453 | |
Tax-exempt securities | | | 2,516 | | | | 2,290 | | | | 4,983 | | | | 4,736 | |
Federal funds sold and deposits in banks | | | 184 | | | | 210 | | | | 482 | | | | 359 | |
| | | | | | | | | | | | | | | | |
Total interest income | | | 53,309 | | | | 46,148 | | | | 107,920 | | | | 90,435 | |
| | | | |
Interest Expense | | | | | | | | | | | | | | | | |
Deposits | | | 2,848 | | | | 4,334 | | | | 5,927 | | | | 9,275 | |
Federal Home Loan Bank advances | | | 714 | | | | 710 | | | | 1,408 | | | | 1,415 | |
Long-term obligations | | | 253 | | | | 254 | | | | 504 | | | | 503 | |
Other borrowings | | | 119 | | | | 118 | | | | 257 | | | | 236 | |
| | | | | | | | | | | | | | | | |
Total interest expense | | | 3,934 | | | | 5,416 | | | | 8,096 | | | | 11,429 | |
| | | | | | | | | | | | | | | | |
Net Interest Income | | | 49,375 | | | | 40,732 | | | | 99,824 | | | | 79,006 | |
Provision for loan and lease losses | | | 2,150 | | | | 13,500 | | | | 2,150 | | | | 28,500 | |
Provision for losses on covered loans | | | 2,301 | | | | — | | | | 1,879 | | | | — | |
| | | | | | | | | | | | | | | | |
Net interest income after provision | | | 44,924 | | | | 27,232 | | | | 95,795 | | | | 50,506 | |
| | | | |
Noninterest Income (Loss) | | | | | | | | | | | | | | | | |
Service charges and other fees | | | 6,467 | | | | 6,442 | | | | 12,755 | | | | 11,866 | |
Gain on bank acquisition | | | — | | | | — | | | | — | | | | 9,818 | |
Merchant services fees | | | 1,808 | | | | 1,913 | | | | 3,441 | | | | 3,652 | |
Gain on sale of investment securities, net | | | — | | | | — | | | | — | | | | 58 | |
Bank owned life insurance | | | 528 | | | | 516 | | | | 1,033 | | | | 1,020 | |
Change in FDIC loss sharing asset | | | (6,419 | ) | | | 3,399 | | | | (21,193 | ) | | | 3,399 | |
Other | | | 1,158 | | | | 967 | | | | 2,087 | | | | 1,897 | |
| | | | | | | | | | | | | | | | |
Total noninterest income (loss) | | | 3,542 | | | | 13,237 | | | | (1,877 | ) | | | 31,710 | |
| | | | |
Noninterest Expense | | | | | | | | | | | | | | | | |
Compensation and employee benefits | | | 19,459 | | | | 17,497 | | | | 38,380 | | | | 34,483 | |
Occupancy | | | 4,388 | | | | 4,307 | | | | 8,785 | | | | 8,276 | |
Merchant processing | | | 905 | | | | 1,227 | | | | 1,788 | | | | 2,327 | |
Advertising and promotion | | | 1,012 | | | | 785 | | | | 1,913 | | | | 1,623 | |
Data processing and communications | | | 1,913 | | | | 2,567 | | | | 3,837 | | | | 4,446 | |
Legal and professional fees | | | 1,498 | | | | 1,477 | | | | 2,911 | | | | 2,975 | |
Taxes, licenses and fees | | | 907 | | | | 688 | | | | 1,772 | | | | 1,252 | |
Regulatory premiums | | | 1,279 | | | | 1,462 | | | | 2,979 | | | | 2,918 | |
Net cost of operation of other real estate | | | 214 | | | | (672 | ) | | | (228 | ) | | | 640 | |
Amortization of intangibles | | | 955 | | | | 1,055 | | | | 1,939 | | | | 1,842 | |
FDIC clawback liability | | | 448 | | | | — | | | | 2,148 | | | | — | |
Other | | | 4,186 | | | | 4,352 | | | | 8,286 | | | | 7,860 | |
| | | | | | | | | | | | | | | | |
Total noninterest expense | | | 37,164 | | | | 34,745 | | | | 74,510 | | | | 68,642 | |
| | | | | | | | | | | | | | | | |
Income before income taxes | | | 11,302 | | | | 5,724 | | | | 19,408 | | | | 13,574 | |
Income tax expense | | | 2,670 | | | | 668 | | | | 4,997 | | | | 602 | |
| | | | | | | | | | | | | | | | |
Net Income | | $ | 8,632 | | | $ | 5,056 | | | $ | 14,411 | | | $ | 12,972 | |
| | | | | | | | | | | | | | | | |
Net Income Applicable to Common Shareholders | | $ | 8,632 | | | $ | 3,946 | | | $ | 14,411 | | | $ | 10,755 | |
| | | | | | | | | | | | | | | | |
| | | | |
Earnings per common share | | | | | | | | | | | | | | | | |
Basic | | $ | 0.22 | | | $ | 0.11 | | | $ | 0.37 | | | $ | 0.34 | |
Diluted | | $ | 0.22 | | | $ | 0.11 | | | $ | 0.36 | | | $ | 0.34 | |
Dividends paid per common share | | $ | 0.05 | | | $ | 0.01 | | | $ | 0.08 | | | $ | 0.02 | |
Weighted average number of common shares outstanding | | | 39,107 | | | | 34,829 | | | | 39,073 | | | | 31,376 | |
Weighted average number of diluted common shares outstanding | | | 39,166 | | | | 35,077 | | | | 39,159 | | | | 31,607 | |
CONSOLIDATED CONDENSED BALANCE SHEETS
Columbia Banking System, Inc.
(Unaudited)
| | | | | | | | |
| (in thousands) | | June 30,
2011 | | | December 31,
2010 | |
ASSETS | | | | | | | | |
Cash and due from banks | | $ | 89,926 | | | $ | 55,492 | |
Interest-earning deposits with banks and federal funds sold | | | 179,573 | | | | 458,638 | |
| | | | | | | | |
Total cash and cash equivalents | | | 269,499 | | | | 514,130 | |
Securities available for sale at fair value (amortized cost of $956,125 and $743,928, respectively) | | | 989,768 | | | | 763,866 | |
Federal Home Loan Bank stock at cost | | | 18,791 | | | | 17,908 | |
Loans held for sale | | | 655 | | | | 754 | |
Noncovered loans, net of deferred loan fees of ($3,454) and ($3,490), respectively | | | 1,987,474 | | | | 1,915,754 | |
Less: allowance for loan and lease losses | | | 54,057 | | | | 60,993 | |
| | | | | | | | |
Noncovered loans, net | | | 1,933,417 | | | | 1,854,761 | |
Covered loans, net of allowance for loan losses of ($7,948) and ($6, 055), respectively | | | 607,310 | | | | 517,061 | |
| | | | | | | | |
Total loans, net | | | 2,540,727 | | | | 2,371,822 | |
FDIC loss sharing asset | | | 206,238 | | | | 205,991 | |
Interest receivable | | | 14,010 | | | | 11,164 | |
Premises and equipment, net | | | 99,439 | | | | 93,108 | |
Other real estate owned ($24,239 and $14,443 covered by Federal Deposit Insurance Corporation loss share, respectively) | | | 46,979 | | | | 45,434 | |
Goodwill | | | 119,343 | | | | 109,639 | |
Core deposit intangible, net | | | 18,602 | | | | 18,696 | |
Other assets | | | 105,092 | | | | 103,851 | |
| | | | | | | | |
Total Assets | | $ | 4,429,143 | | | $ | 4,256,363 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | |
Noninterest-bearing | | | | | | | | | | $ | 923,031 | | | $ | 895,671 | |
Interest-bearing | | | | | | | | | | | 2,552,136 | | | | 2,431,598 | |
| | | | | | | | | | | | | | | | |
Total deposits | | | | | | | | | | | 3,475,167 | | | | 3,327,269 | |
Federal Home Loan Bank advances | | | | | | | | | | | 120,681 | | | | 119,405 | |
Securities sold under agreements to repurchase | | | | | | | | | | | 25,000 | | | | 25,000 | |
Other borrowings | | | | | | | | | | | — | | | | 642 | |
Long-term subordinated debt | | | | | | | | | | | 25,768 | | | | 25,735 | |
Other liabilities | | | | | | | | | | | 54,847 | | | | 51,434 | |
| | | | | | | | | | | | | | | | |
Total liabilities | | | | | | | | | | | 3,701,463 | | | | 3,549,485 | |
Commitments and contingent liabilities | | | | | | | | | | | | | | | | |
| | | June 30,
2011 | | | December 31,
2010 | | | | | | | |
Common Stock (no par value) | | | | | | | | | | | | | | | | |
Authorized shares | | | 63,033 | | | | 63,033 | | | | | | | | | |
Issued and outstanding | | | 39,475 | | | | 39,338 | | | | 578,046 | | | | 576,905 | |
Retained earnings | | | | | | | | | | | 128,949 | | | | 117,692 | |
Accumulated other comprehensive income | | | | | | | | | | | 20,685 | | | | 12,281 | |
| | | | | | | | | | | | | | | | |
Total shareholders’ equity | | | | | | | | | | | 727,680 | | | | 706,878 | |
| | | | | | | | | | | | | | | | |
Total Liabilities and Shareholders’ Equity | | | | | | | | | | $ | 4,429,143 | | | $ | 4,256,363 | |
| | | | | | | | | | | | | | | | |
