EXHIBIT 99
For Immediate Release
Thursday, April 14, 2005
| Contact: | David G. Ratz, Executive Vice President (740) 286-3283 |
Oak Hill Financial Announces 1st Quarter Earnings
Jackson, Ohio -- Oak Hill Financial, Inc. (Nasdaq NMS: OAKF) today reported net earnings from operations for the three months ended March 31, 2005 of $3,296,000, or $.58 per diluted share, an increase of 4.7% over the $3,147,000, or $.55 per diluted share, in net earnings that the company recorded for the quarter ended March 31, 2004.
The first quarter 2005 operating earnings exclude $317,000 of expenses related to Oak Hill Financial’s acquisition of Ripley National Bank in the fourth quarter of 2004 and its acquisition of Lawrence Financial Holdings, Inc. on April 1, 2005. In addition, the first quarter operating earnings exclude the effect of a $261,000 reduction in tax expense resulting from a tax savings of $1.0 million for the full year 2005. Including those items, the company’s net income for the first quarter of 2005 was $3,260,000 or $.57 per diluted share.
Oak Hill Financial’s total assets increased 15.7% over the prior year, ending the first quarter of 2005 at $1.11 billion as compared to $955.4 million at March 31, 2004. Net loans at March 31, 2005 were $926.6 million, up 11.8% from March 31, 2004. Asset and loan growth were bolstered by the fourth quarter 2004 Ripley National Bank acquisition, which added $58.6 million in assets and $39.1 million in loans to Oak Hill Financial’s totals.
The Lawrence Financial Holdings acquisition, the impact of which is not reflected in the March 31, 2005 totals, brought $116.9 million in assets, $76.5 million in net loans, $104.2 million in deposits, and $9.5 million in equity to Oak Hill Financial.
Reviewing the first quarter, Oak Hill Financial President and CEO R. E. Coffman, Jr. said, “Although we have reason to be optimistic about the remainder of the year, we are disappointed with our first quarter results. Basically, our revenues did not come in where we needed them to be. The flattening yield curve put pressure on the net interest margin which, combined with slow loan growth, resulted in a linked-quarter decline in net interest income. Also, gain on sale of loans and insurance commissions were off from the fourth quarter of 2004. On the other hand, operating expenses were lower in the first quarter, which somewhat mitigated the decline in revenues.”
Coffman added, “On the upside, our March earnings were significantly better than January or February, and loan demand is showing signs of improving. As we move through the year, most of the cost savings associated with our acquisition of Ripley National Bank will be fully realized, and we will begin to see the cost savings from Lawrence Financial Holdings as well. The keys for the year are going to be maintaining the net interest margin and growing the loan portfolio while maintaining credit quality.”
Key Issue Review and Outlook
Net Interest Margin – Net interest margin for the first quarter was 3.89%, as compared to the 3.96% recorded for the fourth quarter of 2004. Much of the decline was due to the company’s sale on December 31, 2004 of the higher-yielding consumer loan portfolio of its Action Finance Company subsidiary. Still, the first quarter margin was below management’s expectations and was the result of the flatter yield curve, a highly price-competitive marketplace for commercial and commercial real estate loans, and upward pressure on funding costs with respect to both retail deposits within the company’s market areas and wholesale funding sources. However, the margin was at its lowest point during January and subsequently rebounded in February and March. Management believes that the margin will benefit if interest rates in general continue to increase.
Operating Expenses & Efficiency – On an operating basis, non-interest expense was 2.57% of average assets for the first quarter of 2005, as compared to 2.69% for the first quarter of 2004 and 2.70% in the fourth quarter. The efficiency ratios for the same periods were relatively consistent at 55.0%, 54.4%, and 55.3%, respectively. On the expense side, the linked-quarter improvement was attributable to decreases in salary expense, depreciation and amortization, ATM expense, credit and collection expense and, in general, to the company’s cost control efforts, which had a positive impact on a broad range of operating expense categories. The overall decrease in expenses was mitigated somewhat by increased maintenance, utilities, and property tax expense.
Non-Interest Income – Non-interest income was $2,539,000 in the first quarter, an increase of 8.0% over the first quarter of 2004, but a decrease of 6.8% from the fourth quarter of 2004 (the fourth quarter comparison excludes losses related to the sale of the Action Finance portfolio). The decrease on a linked-quarter basis was primarily the result of decreases in deposit service charges, insurance commissions, and gain on sale of loans. The decrease was partially offset by recovery of impairment on mortgage servicing rights, gains on securities transactions, and ATM fee income.
Asset Quality – At the end of the first quarter, the nonperforming loans/total loans and nonperforming assets/total assets ratios were 0.82% and 0.78%, respectively, as compared to the 0.69% and 0.73%, respectively, posted at December 31, 2004. The largest of the non-performing loans represents 0.09% of the nonperforming loan ratio. Two other loans from a single borrower contributed 0.07% to the nonperforming loan ratio. The remaining nonperforming loans are a mix of commercial real estate, commercial, residential real estate, and consumer loans.
In addition, the company has a higher-than-average amount of commercial and commercial real estate loans that are currently past due but were less than 90 days delinquent and accruing at March 31. The company’s senior credit administration team is aggressively pursuing the resolution of this group of loans. While management is hopeful that these issues can be resolved successfully, there is a possibility that the non-performing loans and non-performing assets ratios and/or net charge-offs could increase in the coming quarters due to potential deterioration in these credits.
Net charge-offs (non-annualized) for the first quarter were 0.06% of loans, with an annualized rate of 0.23%, an improvement over the 0.33% annualized net charge-off rate for the fourth quarter of 2004. The first quarter net charge-offs are consistent with management’s objective of maintaining net charge-offs in the 0.20% range for the full year 2005.
Consistent with generally accepted accounting principles and regulatory guidelines, the company uses various formulas to determine its allowance for loan and lease losses (ALLL). The methodology takes into consideration not only charge-offs but also the rated quality of the company’s loans based on loan review grades and the types and amounts of loans comprising the portfolio, while allowing some discretion by management to make adjustments based on near-term economic conditions. This methodology resulted in an ALLL/total loans ratio of 1.29% at March 31, 2005, an increase from the 1.28% at the end the fourth quarter of 2004.
Overall Strategy – Oak Hill Financial will continue to pursue revenue growth through originating adjustable-rate commercial loans, commercial real estate loans, and residential mortgage loans; fixed-rate residential mortgage loans and SBA loans for sale in the secondary market; and consumer loans. Management continues to believe that commercial and commercial real estate loans hold the greatest potential for growth and margin improvement within its bank subsidiary. Non-interest income growth and continued diversification of non-interest revenues remain major elements in the company’s strategy, and the company is undertaking several major initiatives to facilitate growth in these areas, particularly with respect to insurance and investment services.
Asset/Loan Growth – The company’s total assets grew at an 8.4% annual rate during the first quarter, driven primarily by a managed increase in the investment portfolio. Loans increased at an annualized rate of 6.2%, with multi-family residential and commercial real estate loans being the primary contributors to the quarter’s growth. While growth is behind the pace relative to management’s objectives for 2005, the majority of the company’s growth traditionally comes in the second through fourth quarters. Moving into the second quarter, the company’s loan pipeline is steadily increasing. However, growth may be mitigated by the potential payoff of one or more large loans as borrowers seek rates below which the company believes it is prudent to offer.
Expansion & Branching – To focus on realizing the full potential of its Ripley National Bank and Lawrence Financial Holdings acquisitions, the company has revised its branch expansion plans for 2005. Two de novo branches are now planned. During the second quarter, the company expects to open its second branch in Circleville, Ohio. A branch in Mt. Orab, Ohio is planned for late 2005.
The Lawrence Financial Holdings acquisition left the company with overlapping bank branches in the Ohio communities of Proctorville and Wheelersburg. Management believes that consolidating the overlapping offices will result in considerable cost savings with no significant impact on customer service or retention. Therefore, at the end of April, the company will be combining its branches in these communities. Further, the company operated a loan production office in a separate facility on the site of its Wheelersburg branch. The LPO will be integrated into the consolidated Wheelersburg office, which will be located in a larger branch facility acquired in the Lawrence Financial Holdings transaction.
Estimate – The company has revised its estimated range for earnings per share from operations for the full year 2005 to $2.50 to $2.60 per share.
Oak Hill Financial is a financial holding company headquartered in Jackson, Ohio. Following the branch consolidation discussed in this release, its subsidiary, Oak Hill Banks, will operate 33 full-service banking offices and three bank loan production offices in 15 counties across southern and central Ohio. A second subsidiary, Oak Hill Financial Insurance Agency, provides group health plans and other insurance services to private and public-sector organizations throughout the same region. The company also holds 49% of Oak Hill Title Agency, LLC, which provides title services for commercial and residential real estate transactions.
Forward-Looking Statements Disclosure
This release contains certain forward-looking statements related to the future performance and condition of Oak Hill Financial, Inc. These statements, which are subject to numerous risks and uncertainties, are presented in good faith based on the company’s current condition and management’s understanding, expectations, and assumptions regarding its future prospects as of the date of this release. Actual results could differ materially from those projected or implied by the statements contained herein. The factors that could affect the company’s future results are set forth in the periodic reports and registration statements filed by the company with the Securities and Exchange Commission.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(unaudited)
April 14, 2005 Press Release
| At March 31, | |||||||
| (In thousands) | 2005 | 2004 | |||||
| SUMMARY OF FINANCIAL CONDITION | |||||||
| Total assets | $ | 1,105,676 | $ | 955,413 | |||
| Interest-bearing deposits and federal funds sold | 1,872 | 1,250 | |||||
| Investment securities | 107,719 | 81,416 | |||||
| Loans receivable - net | 926,578 | 829,089 | |||||
| Deposits | 858,156 | 772,498 | |||||
| Federal Home Loan Bank advances and other borrowings | 157,207 | 99,952 | |||||
| Stockholders' equity | 86,788 | 79,791 | |||||
The Company discloses net earnings, diluted earnings per share and certain performance ratios adjusted for non-recurring items. Management believes that presenting this information is an additional measure of performance that investors can use to compare operating results between reporting periods. These measures should not be considered an alternative to measurements required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). In accordance with Securities and Exchange Commission Regulation G, reconciliation of the Company’s U.S. GAAP information to its operating information is presented in the table below.
| For the Three Months Ended March 31, | ||||||||
| ((In thousands, except share data) | 2005 | 2004 | ||||||
| RECONCILIATION OF NON-GAAP NET EARNINGS, | ||||||||
| DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES | ||||||||
| Net earnings (U.S. GAAP) | $ | 3,260 | $ | 3,147 | ||||
| Non-recurring items, net of tax: | ||||||||
| Merger-related expenses | 206 | — | ||||||
| Reduction in tax expense | (170 | ) | — | |||||
| Net earnings from operations | $ | 3,296 | $ | 3,147 | ||||
| Diluted earnings per share (U.S. GAAP) | $ | 0.57 | $ | 0.55 | ||||
| Non-recurring items, net of tax: | ||||||||
| Merger-related expenses | 0.04 | — | ||||||
| Reduction in tax expense | (0.03 | ) | — | |||||
| Diluted earnings per share from operations | $ | 0.58 | $ | 0.55 | ||||
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(unaudited)
April 14, 2005 Press Release
| For the Three Months Ended March 31, | ||||||||
| (In thousands, except share data) | 2005 | 2004 | ||||||
| RECONCILIATION OF NON-GAAP NET EARNINGS, | ||||||||
| DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES(continued) | ||||||||
| Non-interest expense (U.S. GAAP) | $ | 6,895 | $ | 6,333 | ||||
| Non-recurring items: | ||||||||
| Merger-related expenses | (317 | ) | — | |||||
| Reduction in tax expense | 261 | — | ||||||
| Non-interest expense from operations | $ | 6,839 | $ | 6,333 | ||||
| SUMMARY OF OPERATIONS(1)(2) | ||||||||
| Interest income | $ | 15,777 | $ | 14,188 | ||||
| Interest expense | 6,091 | 4,910 | ||||||
| Net interest income | 9,686 | 9,278 | ||||||
| Provision for losses on loans | 750 | 575 | ||||||
| Net interest income after provision for losses on loans | 8,936 | 8,703 | ||||||
| Gain on sale of loans | 318 | 295 | ||||||
| Insurance commissions | 671 | 737 | ||||||
| Other non-interest income | 1,550 | 1,320 | ||||||
| General, administrative and other expense | 6,839 | 6,333 | ||||||
| Earnings before federal income taxes | 4,636 | 4,722 | ||||||
| Federal income taxes | 1,465 | 1,575 | ||||||
| Federal new markets tax credit | (125 | ) | — | |||||
| Net earnings from operations | $ | 3,296 | $ | 3,147 | ||||
| SELECTED PERFORMANCE RATIOS FROM OPERATIONS(1)(2)(4)(5) | ||||||||
| Diluted earnings per share | $ | 0.58 | $ | 0.55 | ||||
| Return on average assets | 1.24 | % | 1.34 | % | ||||
| Return on average equity | 15.49 | % | 15.62 | % | ||||
| Non-interest expense to average assets | 2.57 | % | 2.69 | % | ||||
| Efficiency ratio | 54.95 | % | 54.44 | % | ||||
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(unaudited)
April 14, 2005 Press Release
| At or For the Three Months Ended March 31, | ||||||||
| (In thousands, except share data) | 2005 | 2004 | ||||||
| PER SHARE INFORMATION (U.S. GAAP) | ||||||||
| Basic earnings per share(3) | $ | 0 | .59 | $ | 0 | .56 | ||
| Diluted earnings per share(4) | $ | 0 | .57 | $ | 0 | .55 | ||
| Dividends per share | $ | 0 | .17 | $ | 0 | .15 | ||
| Book value per share | $ | 15 | .56 | $ | 14 | .46 | ||
| OTHER STATISTICAL AND OPERATING DATA (U.S. GAAP)(5) | ||||||||
| Return on average assets | 1 | .23% | 1 | .34% | ||||
| Return on average equity | 15 | .32% | 15 | .62% | ||||
| Non-interest expense to average assets | 2 | .59% | 2 | .69% | ||||
| Net interest margin (fully-taxable equivalent) | 3 | .89% | 4 | .11% | ||||
| Total allowance for losses on loans to non-performing loans | 156 | .42% | 146 | .36% | ||||
| Total allowance for losses on loans to total loans | 1 | .29% | 1 | .32% | ||||
| Non-performing loans to total loans | 0 | .82% | 0 | .90% | ||||
| Non-performing assets to total assets | 0 | .78% | 0 | .88% | ||||
| Net charge-offs to average loans (actual for the period) | 0 | .06% | 0 | .04% | ||||
| Net charge-offs to average loans (annualized) | 0 | .23% | 0 | .17% | ||||
| Equity to assets at period end | 7 | .85% | 8 | .35% | ||||
| Efficiency ratio | 55 | .40% | 54 | .44% | ||||
| (1) | Excludes $261,000 reduction in tax expense for the three months ended March 31, 2005 resulting from a tax savings of $1.0 million for 2005. |
| (2) | Does not include $317,000 of merger-related charges for the three months ended March 31, 2005. |
| (3) | Based on 5,566,360 and 5,582,171 weighted-average shares outstanding for the three months ended March 31,2005 and 2004, respectively. |
| (4) | Based on 5,718,181 and 5,737,110 weighted-average shares outstanding for the three months ended March 31, 2005 and 2004, respectively. |
| (5) | Annualized where appropriate. |
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(unaudited)
April 14, 2005 Press Release
| At March 31, | |||||||
| (In thousands, except per share data) | 2005 | 2004 | |||||
| SUPPLEMENTAL DETAIL | |||||||
| BALANCE SHEET - ASSETS | |||||||
| Cash and cash equivalents | 24,990 | 18,006 | |||||
| Trading account securities | — | — | |||||
| Securities available for sale | 104,084 | 77,762 | |||||
| Securities held to maturity | 3,635 | 3,654 | |||||
| Other securities | 6,663 | 6,058 | |||||
| Total securities | 114,382 | 87,474 | |||||
| Total cash and securities | 139,372 | 105,480 | |||||
| Loans and leases held for investment(1) | 935,434 | 836,009 | |||||
| Loans and leases held for sale(1) | — | 1,140 | |||||
| Total loans and leases(1) | 935,434 | 837,149 | |||||
| Allowance for losses on loans | 12,062 | 11,061 | |||||
| Goodwill | 1,686 | 413 | |||||
| Other intangible assets | 1,198 | — | |||||
| Total intangible assets | 2,884 | 413 | |||||
| Mortgage servicing rights | 3,206 | 3,001 | |||||
| Purchased credit card relationships | — | — | |||||
| Other real estate owned | 943 | 885 | |||||
| Bank owned life insurance | 10,197 | — | |||||
| Other assets | 25,702 | 19,546 | |||||
| Total assets | 1,105,676 | 955,413 | |||||
| BALANCE SHEET - LIABILITIES | |||||||
| Deposits | 858,156 | 772,498 | |||||
| Borrowings | 139,207 | 94,952 | |||||
| Other liabilities | 3,517 | 3,164 | |||||
| Total liabilities | 1,000,880 | 870,614 | |||||
| Redeemable preferred stock | — | — | |||||
| Trust preferred securities | 18,000 | 5,000 | |||||
| Minority interests | 8 | 8 | |||||
| Other mezzanine level items | — | — | |||||
| Total mezzanine level items | 18,008 | 5,008 | |||||
| Total liabilities and mezzanine level items | 1,018,888 | 875,622 | |||||
| BALANCE SHEET - EQUITY | |||||||
| Preferred equity | — | — | |||||
| Common equity | 86,788 | 79,791 | |||||
| MEMO ITEM: Net unrealized gain (loss) on securities | |||||||
| available for sale, net of tax | (444 | ) | 1,133 | ||||
| End of period shares outstanding(2) | 5,577,903 | 5,519,147 | |||||
| Options outstanding | 556,961 | 490,700 | |||||
| Treasury shares held by the Company | 75,680 | 134,936 | |||||
(1) Data is net of unearned interest, gross of allowance for losses on loans
(2) Excludes treasury shares
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(unaudited)
April 14, 2005 Press Release
| At or For the Three Months Ended March 31, | |||||||
| (In thousands, except share data) | 2005 | 2004 | |||||
| SUPPLEMENTAL DETAIL(continued) | |||||||
| Repurchase plan announced? | No | Yes | |||||
| Number of shares to be repurchased in plan | N/A | 300,000 | |||||
| Number of shares repurchased during the period | N/A | 134,936 | |||||
| Average price of repurchased shares | N/A | $32.38 | |||||
| INCOME STATEMENT | |||||||
| Interest income | 15,777 | 14,188 | |||||
| Interest expense | 6,091 | 4,910 | |||||
| Net interest income | 9,686 | 9,278 | |||||
| Net interest income (fully-taxable equivalent) | 9,904 | 9,404 | |||||
| Provision for losses on loans | 750 | 575 | |||||
| Non-recurring expense: | |||||||
| Merger-related expenses | 317 | — | |||||
| Trading account income | — | — | |||||
| Foreign exchange income | — | — | |||||
| Trust income | — | — | |||||
| Insurance commissions | 671 | 737 | |||||
| Service charges on deposits | 842 | 818 | |||||
| Gain on sale of loans | 318 | 295 | |||||
| Gain on investment securities transactions | 143 | 134 | |||||
| Other non-interest income | 565 | 368 | |||||
| Total non-interest income | 2,539 | 2,352 | |||||
| Employee compensation and benefits | 3,582 | 3,440 | |||||
| Occupancy and equipment expense | 1,002 | 833 | |||||
| Foreclosed property expense | — | — | |||||
| Amortization of intangibles | 72 | — | |||||
| Other general, administrative and other expense | 1,992 | 2,060 | |||||
| Total non-interest expenses | 6,578 | 6,333 | |||||
| Net income before taxes | 4,580 | 4,722 | |||||
| Federal income taxes | 1,445 | 1,575 | |||||
| Federal new markets tax credit | (125 | ) | — | ||||
| Net income before extraordinary items | 3,260 | 3,147 | |||||
| Extraordinary items | — | — | |||||
| Net income | 3,260 | 3,147 | |||||
| CHARGE-OFFS | |||||||
| Loan charge-offs | 717 | 495 | |||||
| Recoveries on loans | 182 | 145 | |||||
| Net loan charge-offs | 535 | 350 | |||||
| AVERAGE BALANCE SHEET | |||||||
| Average loans and leases | 928,998 | 829,242 | |||||
| Average other earning assets | 103,846 | 90,571 | |||||
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(unaudited)
April 14, 2005 Press Release
| At or For the Three Months Ended March 31, | ||||||||
| (In thousands, except share data) | 2005 | 2004 | ||||||
| SUPPLEMENTAL DETAIL(continued) | ||||||||
| AVERAGE BALANCE SHEET(continued) | ||||||||
| Average total earning assets | 1,032,844 | 919,813 | ||||||
| Average total assets | 1,079,090 | 947,964 | ||||||
| Average non-interest bearing deposits | 81,326 | 65,207 | ||||||
| Average total time deposits | 557,661 | 481,437 | ||||||
| Average other interest-bearing deposits | 214,426 | 192,883 | ||||||
| Average total interest-bearing deposits | 772,087 | 674,320 | ||||||
| Average borrowings | 137,305 | 124,295 | ||||||
| Average interest-bearing liabilities | 909,392 | 798,615 | ||||||
| Average preferred equity | — | — | ||||||
| Average common equity | 86,286 | 81,023 | ||||||
| ASSET QUALITY AND OTHER DATA | ||||||||
| Non-accrual loans | 7,138 | 6,930 | ||||||
| Renegotiated loans | — | — | ||||||
| Loans 90+ days past due and still accruing | 573 | 628 | ||||||
| Total non-performing loans | 7,711 | 7,558 | ||||||
| Other real estate owned | 943 | 885 | ||||||
| Total non-performing assets | 8,654 | 8,443 | ||||||
| ADDITIONAL DATA | ||||||||
| 1 - 4 family mortgage loans serviced for others | 250,051 | 254,791 | ||||||
| Proprietary mutual fund balances | — | — | ||||||
| Fair value of securities held to maturity | 3,847 | 3,655 | ||||||
| Full-time equivalent employees | 371 | 355 | ||||||
| Total number of full-service banking offices | 29 | 26 | ||||||
| Total number of bank and thrift subsidiaries | 1 | 1 | ||||||
| Total number of ATMs | 35 | 30 | ||||||
| LOANS RECEIVABLE | ||||||||
| 1 - 4 family residential | 200,938 | 175,283 | ||||||
| Home equity | 42,432 | 35,956 | ||||||
| Multi-family residential | 30,245 | 23,773 | ||||||
| Commercial real estate | 356,885 | 318,601 | ||||||
| Construction and land development | 64,010 | 60,232 | ||||||
| Commercial and other | 171,931 | 147,994 | ||||||
| Consumer | 67,126 | 75,167 | ||||||
| Credit cards | 1,868 | 1,582 | ||||||
| Loans receivable - gross | 935,435 | 838,588 | ||||||
| Unearned interest | (1 | ) | (1,439 | ) | ||||
| Loans receivable - net of unearned interest | 935,434 | 837,149 | ||||||
| Allowance for losses on loans | (12,062 | ) | (11,061 | ) | ||||
| Loans receivable - net(1) | 923,372 | 826,088 | ||||||
(1) Does not include mortgage servicing rights.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION(unaudited)
April 14, 2005 Press Release
| At or For the Three Months Ended March 31, | ||||||||
| (In thousands, except share data) | 2005 | 2004 | ||||||
| SUPPLEMENTAL DETAIL(continued) | ||||||||
| DEPOSITS | ||||||||
| Transaction accounts | ||||||||
| Non-interest bearing | 81,125 | 70,221 | ||||||
| Interest-bearing | 67,015 | 78,560 | ||||||
| Savings accounts | 57,758 | 49,632 | ||||||
| Money market deposit accounts | 96,190 | 77,610 | ||||||
| Other core interest-bearing | 368,450 | 333,412 | ||||||
| Total core deposit accounts | 670,538 | 609,435 | ||||||
| Non-core interest-bearing | 187,618 | 163,063 | ||||||
| Total deposits | 858,156 | 772,498 | ||||||
| Yield/average earning assets (fully-taxable equivalent) | 6.28 | % | 6.26 | % | ||||
| Cost/average earning assets | 2.39 | % | 2.15 | % | ||||
| Net interest income (fully-taxable equivalent) | 3.89 | % | 4.11 | % | ||||