EXHIBIT 99.1
MOLINE, Ill., Oct. 24, 2011 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (Nasdaq:QCRH) today announced net income attributable to QCR Holdings, Inc. ("net income") of $2.2 million for the quarter ended September 30, 2011, or diluted loss per common share of ($0.01) after preferred stock dividends of $2.2 million. The dividends include $1.2 million of accelerated accretion of the discount on repurchased preferred shares from the U.S. Treasury ("Treasury"). This one-time deemed dividend was the result of the Company's repurchase of all of the preferred shares issued to Treasury under the Troubled Asset Relief Program ("TARP") in connection with its participation in the Small Business Lending Fund ("SBLF"). By comparison, for the quarter ended June 30, 2011, the Company reported net income of $2.7 million, or diluted earnings per common share of $0.34 after preferred stock dividends of $1.0 million. For the third quarter of 2010, the Company reported net income of $2.0 million, or diluted earnings per common share of $0.21 after preferred stock dividends of $1.0 million.
Year-To-Date Earnings Up 38% from Prior Year
For the nine months ended September 30, 2011, the Company reported net income of $7.0 million, or diluted earnings per common share of $0.56 after preferred stock dividends of $4.3 million. As mentioned above, these dividends include $1.2 million of accelerated accretion of the discount on the repurchased TARP preferred shares from Treasury. For the nine months ended September 30, 2010, the Company reported net income of $5.1 million, or diluted earnings per share of $0.42 after preferred stock dividends of $3.1 million.
"Although we are reporting strong earnings for the year thus far, we did experience a decline in net income from the prior quarter of $512 thousand, or 19%," stated Douglas M. Hultquist, President and Chief Executive Officer. "The decline was primarily the result of increased provision related to a specific commercial real estate credit. We continue to experience solid results in net interest income and noninterest income. Additionally, improving efficiency and cost containment will continue to be a key focus for our Company."
The Company's net interest income for the current quarter totaled $13.8 million, which is flat over the prior quarter, and an increase of 14% over the third quarter of 2010. For the nine months ended September 30, 2011, the Company's net interest income was $40.0 million, which is an increase of $2.5 million, or 7%, over the same period of 2010. Net interest margin was 3.05% for the nine months ended September 30, 2011 which compares favorably to net interest margin of 2.94% for the same period of 2010.
Nonperforming assets at September 30, 2011 were $40.5 million, up $2.6 million, or 7%, from $37.9 million at June 30, 2011, and down $9.6 million, or 19%, from December 31, 2010. Nonperforming assets at the end of the quarter increased to 2.13% of total assets from 2.02% of total assets at June 30, 2011, but were still down from 2.73% of total assets at December 31, 2010. The large majority of the Company's nonperforming assets consist of nonaccrual loans/leases and other real estate owned. Nonaccrual loans/leases increased $5.7 million, or 25%, with most of this increase consisting of a single commercial credit. Offsetting the increase, the Company charged off $3.1 million during the quarter. Lastly, other real estate owned declined $2.1 million, or 21%, as the Company successfully sold several properties at a small net gain.
Provision for loan/lease losses totaled $2.5 million for the third quarter of 2011, an increase of $785 thousand over the prior quarter, and an increase of $1.0 million from the third quarter of 2010. The increase was primarily the result of a specific provision related to one new nonperforming commercial real estate loan that deteriorated during the quarter. Net loan/lease growth of $13.7 million, or 1%, for the current quarter also attributed to the increased provision. With net charge-offs totaling $2.7 million mostly offset by provision for loan/lease losses of $2.5 million, the Company's allowance for loan/lease losses to total loans/leases declined to 1.63% at September 30, 2011 from 1.67% at June 30, 2011, and from 1.74% at December 31, 2010.
"Although our nonperforming assets increased during the quarter, the increase was primarily the result of a single credit," stated Mr. Hultquist. "In general, our loan quality continues to improve as evidenced by the trend in our classified loans which declined 6% during the current quarter and 11% over the year. Additionally, despite the 7% increase in nonperforming assets for the current quarter, our level of nonperforming assets was down $18.9 million, or 32%, from its peak at September 30, 2010. We continue to place a strong emphasis on improving the quality of our loans and all assets. Resuming the declining trend of our nonperforming assets is a top priority."
Capital Position Strengthened with Investment from SBLF and Exit of TARP
On September 15, 2011, the Company successfully closed on Treasury's investment of $40.1 million in preferred stock from the SBLF. The SBLF is a Treasury lending program that encourages select community banks to partner with small businesses and entrepreneurs to create jobs and promote economic development in local communities. Simultaneously, as required by the SBLF program, the Company redeemed the $38.2 million of preferred stock issued to Treasury in the first quarter of 2009 as part of the TARP Capital Purchase Program. The Company paid $4.9 million in preferred stock dividends to Treasury during the period the TARP investment was outstanding.
The Company is currently in negotiations with Treasury on buying back the common stock warrant issued as part of the Company's participation in TARP.
"While allowing the Company to fully redeem the $38.2 million of TARP preferred stock, the SBLF investment will also provide a modest increase to our already strong capital levels," stated Todd A. Gipple, Executive Vice President, Chief Operating Officer, and Chief Financial Officer. "The SBLF investment is an important step in implementing our long-term capital plan as it provides us up to an additional 25 months of preferred capital at an attractive rate of between 1% and 5%. This will provide the Company with additional flexibility in our stated goal of increasing our tangible common equity through improved earnings and the future conversion of our Series E Preferred Stock to common equity, with the ultimate goal of self generating the excess capital required to redeem the SBLF capital in future years without the need for a dilutive common equity raise. Additionally, the SBLF program provides the Company with the opportunity to reduce the preferred dividend rate on the preferred shares during the first 10 quarters they are outstanding if we increase the level of our qualified small business lending." Mr. Gipple added, "We are very pleased that QCR Holdings, Inc. was selected to participate in the SBLF program, as only 43% of the 933 banks in the country that applied were approved for participation by the United States Treasury. We believe that this speaks directly to the strength of our company."
"As of September 30, 2011, the Company reported its qualified small business lending in accordance with SBLF guidelines and calculated a net decline from the baseline of $62.4 million, or 14%," Mr. Gipple continued. "SBLF defines the baseline as the average of our qualified small business loans for the last two quarters of 2009 and the first two quarters of 2010. As a result of the decline, the dividend rate on the SBLF preferred stock remains at 5%. The decline is primarily a function of the residual impact of the economic downturn on our communities over the recent years. Specifically, loan/lease demand weakened whereby originations were outpaced by payments and maturities. Despite the net decline thus far, we are well positioned to continue to support the small businesses in the communities we serve and intend to grow small business loans without sacrificing our high standards for quality."
Loans/Leases Continue to Grow
During the third quarter of 2011, the Company's total assets increased $20.5 million, or 1%. The Company grew loans/leases by $13.7 million, or 1%, which marked consecutive quarters of net loan/lease growth. Additionally, the Company continued to grow its securities portfolio with an increase of $12.0 million, or 2%. This growth was funded primarily by increases in federal funds purchased ($12.4 million) and customer repurchase agreements ($8.8 million).
Noninterest-Bearing Deposits Grew 10% during the Quarter
Mr. Gipple added, "We are very pleased with the continued shift in the mix of our deposit portfolio. We continue to grow our noninterest-bearing deposits with most of this growth in correspondent banking at our largest subsidiary bank, Quad City Bank & Trust. Specifically, our noninterest-bearing deposits have grown $49.9 million, or 18%, during 2011, and $29.5 million, or 10%, in the third quarter. Overall, we continue to focus on growing core deposits and reducing our reliance on brokered and other time deposits as well as wholesale funding. The latter tends to be higher cost of funds and our successful execution of this shift in mix thus far in 2011 has translated to a reduction in cost of funds and interest expense."
Financial highlights for the Company's primary subsidiaries were as follows:
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company, which serves the Quad City, Cedar Rapids, and Rockford communities through its wholly owned subsidiary banks. Quad City Bank & Trust Company, which is based in Bettendorf, Iowa, and commenced operations in 1994, Cedar Rapids Bank & Trust Company, which is based in Cedar Rapids, Iowa, and commenced operations in 2001, and Rockford Bank & Trust Company, which is based in Rockford, Illinois, and commenced operations in 2005, provide full-service commercial and consumer banking and trust and asset management services. Quad City Bank & Trust Company also engages in commercial leasing through its 80% owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee, Wisconsin.
Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "predict," "suggest," "appear," "plan," "intend," "estimate," "annualize," "may," "will," "would," "could," "should" or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats and attacks, and the response of the United States to any such threats and attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business, including the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations to be issued thereunder; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected outcomes of existing or new litigation involving the Company; and (x) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission.
| QCR HOLDINGS, INC. | ||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||
| (Unaudited) | ||||
| As of | ||||
| September 30, 2011 | June 30, 2011 | December 31, 2010 | September 30, 2010 | |
| (dollars in thousands, except share data) | ||||
| SELECTED BALANCE SHEET DATA | ||||
| Total assets | $ 1,898,960 | $ 1,878,488 | $ 1,836,635 | $ 1,806,925 |
| Securities | $ 525,912 | $ 513,905 | $ 424,847 | $ 424,768 |
| Total loans/leases | $ 1,197,582 | $ 1,183,894 | $ 1,172,539 | $ 1,189,978 |
| Allowance for estimated loan/lease losses | $ 19,578 | $ 19,803 | $ 20,365 | $ 19,883 |
| Total deposits | $ 1,207,469 | $ 1,214,314 | $ 1,114,816 | $ 1,086,733 |
| Total borrowings | $ 524,551 | $ 504,146 | $ 566,060 | $ 561,466 |
| Total stockholders' equity | $ 143,169 | $ 137,325 | $ 132,571 | $ 135,523 |
| Common stockholders' equity * | $ 77,529 | $ 73,025 | $ 70,357 | $ 73,422 |
| Common shares outstanding | 4,747,234 | 4,734,259 | 4,611,182 | 4,601,094 |
| Book value per common share | $ 16.33 | $ 15.42 | $ 15.26 | $ 15.96 |
| Closing stock price | $ 8.77 | $ 8.92 | $ 7.14 | $ 9.03 |
| Market capitalization | $ 41,633 | $ 42,230 | $ 32,924 | $ 41,548 |
| Market price/book value | 53.70% | 57.83% | 46.80% | 56.59% |
| Full time equivalent employees | 358 | 352 | 350 | 345 |
| Total risk-based capital ratio | 13.97%** | 13.87% | 13.70% | 13.61% |
| Tier 1 risk-based capital ratio | 12.39%** | 12.28% | 12.12% | 12.03% |
| Tier 1 leverage capital ratio | 8.88%** | 8.80% | 8.71% | 8.79% |
| * Includes noncontrolling interests and accumulated other comprehensive income (loss) | ||||
| **Subject to change upon final calculation for regulatory filings due after earnings release | ||||
| QCR HOLDINGS, INC. | ||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||
| (Unaudited) | ||||
| As of | ||||
| September 30, 2011 | June 30, 2011 | December 31, 2010 | September 30, 2010 | |
| (dollars in thousands) | ||||
| ANALYSIS OF LOAN DATA | ||||
| Nonaccrual loans/leases | $ 29,006 | $ 23,295 | $ 37,427 | $ 42,185 |
| Accruing loans/leases past due 90 days or more | 333 | 358 | 320 | 3,610 |
| Troubled debt restructures - accruing | 2,675 | 3,592 | 3,405 | 1,510 |
| Other real estate owned | 8,288 | 10,430 | 8,535 | 11,976 |
| Other repossessed assets | 160 | 194 | 366 | 89 |
| Total nonperforming assets | $ 40,462 | $ 37,869 | $ 50,053 | $ 59,370 |
| Net charge-offs (calendar year-to-date) | $ 5,983 | $ 3,302 | $ 9,604 | $ 7,036 |
| Loan/lease mix: | ||||
| Commercial and industrial loans | $ 363,998 | $ 368,565 | $ 365,625 | $ 364,489 |
| Commercial real estate loans | 568,487 | 559,777 | 553,717 | 577,733 |
| Direct financing leases | 88,893 | 85,564 | 83,010 | 84,032 |
| Residential real estate loans | 94,073 | 86,059 | 82,197 | 79,763 |
| Installment and other consumer loans | 79,893 | 81,858 | 86,240 | 82,269 |
| Deferred loan/lease origination costs, net of fees | 2,238 | 2,071 | 1,750 | 1,692 |
| Total loans/leases | $ 1,197,582 | $ 1,183,894 | $ 1,172,539 | $ 1,189,978 |
| ANALYSIS OF SECURITIES DATA | ||||
| Securities mix: | ||||
| U.S. government sponsored agency securities | $ 414,784 | $ 403,766 | $ 402,225 | $ 400,621 |
| U.S. government sponsored residential mortgage-backed securities | 83,452 | 82,038 | 70 | 80 |
| Municipal securities | 25,991 | 26,200 | 20,603 | 22,400 |
| Other securities, including held-to-maturity | 1,685 | 1,901 | 1,949 | 1,667 |
| Total securities | $ 525,912 | $ 513,905 | $ 424,847 | $ 424,768 |
| ANALYSIS OF DEPOSIT DATA | ||||
| Deposit mix: | ||||
| Noninterest-bearing | $ 326,710 | $ 297,197 | $ 276,827 | $ 237,965 |
| Interest-bearing | 880,759 | 917,117 | 837,989 | 848,768 |
| Total deposits | $ 1,207,469 | $ 1,214,314 | $ 1,114,816 | $ 1,086,733 |
| Interest-bearing deposit mix: | ||||
| Nonmaturity deposits | $ 528,552 | $ 538,869 | $ 459,978 | $ 413,214 |
| Certificates of deposit | 304,674 | 322,466 | 312,656 | 354,104 |
| Brokered certificates of deposit | 47,533 | 55,782 | 65,355 | 81,450 |
| Total interest-bearing deposits | $ 880,759 | $ 917,117 | $ 837,989 | $ 848,768 |
| ANALYSIS OF BORROWINGS DATA | ||||
| Borrowings mix: | ||||
| FHLB advances | $ 204,750 | $ 204,750 | $ 238,750 | $ 238,750 |
| Wholesale structured repurchase agreements | 135,000 | 135,000 | 135,000 | 135,000 |
| Customer repurchase agreements | 101,886 | 93,065 | 118,905 | 113,099 |
| Federal funds purchased | 41,700 | 29,330 | 22,250 | 23,320 |
| Junior subordinated debentures | 36,085 | 36,085 | 36,085 | 36,085 |
| Other | 5,130 | 5,916 | 15,070 | 15,212 |
| Total borrowings | $ 524,551 | $ 504,146 | $ 566,060 | $ 561,466 |
| QCR HOLDINGS, INC. | |||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||
| (Unaudited) | |||||
| For the Quarter Ended | For the Nine Months Ended | ||||
| September 30, 2011 | June 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |
| (dollars in thousands, except per share data) | |||||
| SELECTED INCOME STATEMENT DATA | |||||
| Interest income | $ 19,570 | $ 19,862 | $ 19,740 | $ 58,083 | $ 60,576 |
| Interest expense | 5,741 | 5,911 | 7,576 | 18,094 | 23,061 |
| Net interest income | 13,829 | 13,951 | 12,164 | 39,989 | 37,515 |
| Provision for loan/lease losses | 2,457 | 1,672 | 1,434 | 5,197 | 4,414 |
| Net interest income after provision for loan/lease losses | 11,372 | 12,279 | 10,730 | 34,792 | 33,101 |
| Noninterest income | 4,335 | 4,173 | 4,358 | 13,566 | 10,728 |
| Noninterest expense | 12,773 | 12,556 | 12,134 | 38,341 | 36,790 |
| Net income before taxes | 2,934 | 3,896 | 2,954 | 10,017 | 7,039 |
| Income tax expense | 667 | 1,123 | 830 | 2,746 | 1,900 |
| Net income | $ 2,267 | $ 2,773 | $ 2,124 | $ 7,271 | $ 5,139 |
| Less: Net income attributable to noncontrolling interests | 104 | 98 | 110 | 308 | 95 |
| Net income attributable to QCR Holdings, Inc. | $ 2,163 | $ 2,675 | $ 2,014 | $ 6,963 | $ 5,044 |
| Less: Preferred stock dividends | 936 | 1,036 | 1,029 | 3,004 | 3,100 |
| Preferred stock dividends **** | 1,252 | 1,252 | |||
| Net income (loss) attributable to QCR Holdings, Inc. common stockholders | $ (25) | $ 1,639 | $ 985 | $ 2,707 | $ 1,944 |
| Earnings (loss) per share attributable to QCR Holdings, Inc.: | |||||
| Basic | $ (0.01) | $ 0.34 | $ 0.21 | $ 0.56 | $ 0.42 |
| Diluted *** | $ (0.01) | $ 0.34 | $ 0.21 | $ 0.56 | $ 0.42 |
| Earnings per common share (basic) attributable to QCR Holdings, Inc. LTM * | $ 0.68 | $ 0.90 | $ 0.40 | ||
| AVERAGE BALANCES | |||||
| Assets | $ 1,904,348 | $ 1,882,252 | $ 1,840,184 | $ 1,892,820 | $ 1,831,813 |
| Loans/leases | $ 1,190,313 | $ 1,170,682 | $ 1,195,525 | $ 1,171,331 | $ 1,217,808 |
| Deposits | $ 1,212,112 | $ 1,204,865 | $ 1,116,542 | $ 1,196,965 | $ 1,123,374 |
| Total stockholders' equity | $ 139,004 | $ 134,543 | $ 133,875 | $ 134,948 | $ 130,231 |
| Common stockholders' equity | $ 75,277 | $ 71,827 | $ 72,710 | $ 73,943 | $ 70,220 |
| KEY RATIOS | |||||
| Return on average assets (annualized) | 0.45% | 0.57% | 0.44% | 0.49% | 0.37% |
| Return on average common equity (annualized) ** | -0.13% | 9.13% | 5.42% | 4.88% | 3.69% |
| Price earnings ratio LTM * | 12.90 x | 9.91 x | 22.34 x | 12.90 x | 22.34 x |
| Net interest margin (TEY) | 3.16% | 3.21% | 2.85% | 3.05% | 2.94% |
| Nonperforming assets / total assets | 2.13% | 2.02% | 3.29% | 2.13% | 3.29% |
| Net charge-offs / average loans/leases | 0.23% | 0.22% | 0.26% | 0.51% | 0.58% |
| Allowance / total loans/leases | 1.63% | 1.67% | 1.67% | 1.63% | 1.67% |
| Efficiency ratio | 70.32% | 69.28% | 73.44% | 71.59% | 76.26% |
| * LTM: Last twelve months | |||||
| ** The numerator for this ratio is "Net income attributable to QCR Holdings, Inc. common stockholders" | |||||
| *** In accordance with U.S. GAAP, the common equivalent shares are not considered in the calculation of diluted earnings per share if the numerator is a net loss. | |||||
| **** Represents the one-time deemed dividend resulting from the company's repurchase of preferred shares from the U.S. Treasury | |||||
| QCR HOLDINGS, INC. | |||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | |||||
| (Unaudited) | |||||
| For the Quarter Ended | For the Nine Months Ended | ||||
| September 30, 2011 | June 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |
| (dollars in thousands, except share data) | |||||
| ANALYSIS OF NONINTEREST INCOME | |||||
| Trust department fees | $ 762 | $ 895 | $ 803 | $ 2,608 | $ 2,438 |
| Investment advisory and management fees | 549 | 550 | 419 | 1,631 | 1,326 |
| Deposit service fees | 894 | 857 | 903 | 2,623 | 2,586 |
| Gain on sales of loans, net | 408 | 755 | 1,110 | 1,923 | 1,832 |
| Securities gains | 444 | 149 | -- | 1,473 | -- |
| Gains (losses) on sales of foreclosed assets, net | 42 | (108) | (188) | (90) | (633) |
| Earnings on cash surrender value of life insurance | 331 | 357 | 353 | 1,032 | 974 |
| Credit card fees, net of processing costs | 179 | 77 | 35 | 397 | 231 |
| Other | 726 | 641 | 923 | 1,969 | 1,974 |
| Total noninterest income | $ 4,335 | $ 4,173 | $ 4,358 | $ 13,566 | $ 10,728 |
| ANALYSIS OF NONINTEREST EXPENSE | |||||
| Salaries and employee benefits | $ 7,652 | $ 7,356 | $ 6,910 | $ 22,481 | $ 20,869 |
| Occupancy and equipment expense | 1,360 | 1,368 | 1,410 | 4,018 | 4,147 |
| Professional and data processing fees | 1,077 | 1,137 | 1,096 | 3,339 | 3,379 |
| FDIC and other insurance | 579 | 688 | 887 | 2,149 | 2,575 |
| Loan/lease expense | 840 | 656 | 679 | 1,772 | 1,659 |
| Advertising and marketing | 277 | 334 | 292 | 836 | 702 |
| Postage and telephone | 242 | 232 | 253 | 704 | 751 |
| Stationery and supplies | 123 | 124 | 135 | 381 | 379 |
| Bank service charges | 186 | 177 | 113 | 525 | 284 |
| Prepayment fees on Federal Home Loan Bank advances | -- | -- | -- | 832 | -- |
| Other-than-temporary impairment losses on securities | -- | 119 | 114 | 119 | 114 |
| Losses on lease residual values | -- | -- | -- | -- | 617 |
| Other | 437 | 365 | 245 | 1,185 | 1,314 |
| Total noninterest expense | $ 12,773 | $ 12,556 | $ 12,134 | $ 38,341 | $ 36,790 |
| WEIGHTED AVERAGE SHARES | |||||
| Common shares outstanding (a) | 4,866,692 | 4,847,740 | 4,598,566 | 4,795,382 | 4,587,883 |
| Incremental shares from assumed conversion: | |||||
| Options and Employee Stock Purchase Plan | 117,914 | 26,238 | 21,008 | 52,051 | 29,219 |
| Adjusted weighted average shares (b) | 4,984,606 | 4,873,978 | 4,619,574 | 4,847,433 | 4,617,102 |
| (a) Denominator for Basic Earnings Per Share | |||||
| (b) Denominator for Diluted Earnings Per Share. | |||||
| ROLLFORWARD OF LENDING/LEASING ACTIVITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 | |
| (dollars in thousands) | |
| BALANCE AS OF DECEMBER 31, 2010: | CONSOLIDATED |
| Commercial and industrial loans | $ 365,625 |
| Commercial real estate loans | 553,717 |
| Direct financing leases | 83,010 |
| Real estate loans - residential mortgage | 82,197 |
| Installment and other consumer loans | 86,240 |
| 1,170,789 | |
| Plus deferred loan/lease origination costs, net of fees | 1,750 |
| Total gross loans/leases | $ 1,172,539 |
| ORIGINATION OF NEW LOANS/LEASES: | |
| Commercial and industrial loans | 107,272 |
| Commercial real estate loans | 84,775 |
| Direct financing leases | 34,031 |
| Real estate loans - residential mortgage | 73,389 |
| Installment and other consumer loans | 10,486 |
| $ 309,953 | |
| PAYMENTS/MATURITIES/SALES, NET OF ADVANCES OR RENEWALS ON EXISTING LOANS/LEASES | |
| Commercial and industrial loans | (108,899) |
| Commercial real estate loans | (70,005) |
| Direct financing leases | (28,148) |
| Real estate loans - residential mortgage | (61,513) |
| Installment and other consumer loans | (16,833) |
| $ (285,398) | |
| BALANCE AS OF SEPTEMBER 30, 2011: | |
| Commercial and industrial loans | 363,998 |
| Commercial real estate loans | 568,487 |
| Direct financing leases | 88,893 |
| Real estate loans - residential mortgage | 94,073 |
| Installment and other consumer loans | 79,893 |
| 1,195,344 | |
| Plus deferred loan/lease origination costs, net of fees | 2,238 |
| Total gross loans/leases | $ 1,197,582 |
CONTACT: Todd A. Gipple
Executive Vice President
Chief Operating Officer
Chief Financial Officer
(309) 743-7745