PEOPLES BANCORP INC. - P.O. BOX 738 - MARIETTA, OHIO - 45750
www.peoplesbancorp.com
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact:John W. Conlon
- --------------------- Chief Financial Officer
July 26, 2005 (740) 373-3155
PEOPLES BANCORP INC. REPORTS INCREASED
SECOND QUARTER EARNINGS
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MARIETTA, Ohio - Peoples Bancorp Inc. ("Peoples")(NASDAQ: PEBO)
announced today second quarter 2005 net income of $5,299,000, up 5% compared to
$5,053,000 earned in the second quarter a year ago. Diluted earnings per share
were $0.50, up 6% from $0.47 in 2004's second quarter. Higher net interest
income and non-interest income and lower provision for loan losses were the
primary reasons for Peoples' improved second quarter earnings.
For the six months ended June 30, 2005, net income totaled $9,991,000,
or $0.95 per diluted share, versus $10,419,000, or $0.97 per diluted share, for
the same period in 2004. Peoples' lower earnings for the first six months
resulted from reduced levels of net interest income and higher non-interest
expense, which offset increases in net revenues generated by acquisitions
completed during 2004.
"We are pleased to report improved second quarter earnings
performance," commented Mark F. Bradley, President and CEO. "Net interest income
and margin are showing slow signs of improvement, although we are still
challenged by the flattening yield curve. Our new loan production was strong,
more than offsetting loan payoffs, and credit quality trends remain favorable at
this time."
For the quarter ended June 30, 2005, net interest income totaled
$12,916,000, up 2% from $12,697,000 a year ago. This improvement was largely
attributable to an increase in the volume of earning assets which exceeded the
volume increase in interest-bearing liabilities. The increase in earning assets
was driven by a $104 million increase in average loans over the same period last
year. However, increases in short-term interest rates without comparable
increases in long-term rates contributed to the compression of net interest
margin to 3.32% in the second quarter of 2005 from 3.39% a year ago. Compared to
the first quarter of 2005, both net interest income and margin improved in the
second quarter, primarily the result of improved asset yields and changes in the
mix of funding sources due to an increase in both lower-cost and
non-interest-bearing deposits. Through six months in 2005, net interest income
was $25,628,000 and net interest margin was 3.29%, compared to $26,245,000 and
3.48%, respectively, for the first six months of 2004.
"The flattening yield curve continues to challenge net interest income
and margin, especially since our funding sources have a different sensitivity to
the short end of the interest rate curve than our earning assets," said Jack
Conlon, Chief Financial Officer. "Traditionally, deposit rates tend to lag
increases in short-term rates resulting in some improvement in net interest
margin. Additionally, intense competition for loans and deposits in many of our
markets puts significant pressure on both sides of the balance sheet and has
tempered margin improvement. However, we are pleased with the 5 basis point
increase in the second quarter compared to the linked quarter. With the
possibility of additional rate increases in 2005, we are working to maintain a
slightly asset sensitive risk position, which should benefit future earnings in
an upward interest rate environment."
The provision for loan losses was $40,000 in the second quarter of
2005, compared to $616,000 a year ago, and $941,000 in the first quarter of
2005. The lower provision was based on management's quarterly evaluation of loss
factors and is reflective of Peoples' recent loss experience and recoveries of
previously charged-off loans during the second quarter. As previously reported,
the first quarter 2005 provision included $500,000 for a group of loans
comprising a $2.7 million commercial relationship that management determined was
impaired. This level of provision was based on management's initial evaluation
of the financial condition of the borrowers and value of the collateral when the
impairment was discovered in late April 2005. As part of management's ongoing
loan review process, the loans in this relationship were charged-down $518,000
in the second quarter.
Net chargeoffs were down 26% in the second quarter of 2005 compared to
a year ago, due to increased recoveries of previously charged-off loans.
Commercial loans comprised the largest portion of net charge-offs in both
periods, totaling $201,000 and $475,000 in the second quarters of 2005 and 2004,
respectively. At June 30, 2005, the allowance for loan losses was $14.7 million,
or 1.42% of loans, compared to $14.8 million, or 1.44% of loans, at year-end
2004.
"We continue to experience higher recoveries of previously charged-off
loans during the second quarter as compared to average recovery levels in 2004,
resulting in a significantly lower provision," commented Bradley. "Excluding net
charge-offs relating to the Overdraft Privilege program and the impaired
commercial loan relationship that was provided for in the first quarter, second
quarter recoveries exceeded charge-offs by $159,000. Loan delinquencies are
lower and we continue our collection efforts to minimize losses, although we
could experience a slightly higher loan loss provision in the third quarter
compared to the second quarter if net charge-offs return to more historic
levels."
Non-interest income, excluding net gains on securities and other
assets, grew 15% to $7,202,000 for the quarter ended June 30, 2005, and 29% to
$14,329,000 for the first six months of 2005 compared to the same periods year
ago. Enhanced insurance commissions from last year's two insurance agency
acquisitions accounted for nearly all of these increases. Non-interest income
was up slightly compared to the first quarter of 2005, as increases from several
of Peoples' major revenue sources were offset by lower insurance commissions
attributable to contingency income from insurance operations of $481,000
recognized in the first quarter.
Deposit account service charges were the largest source of Peoples'
non-interest revenue, totaling $2,472,000 and $2,459,000 for the three months
ended June 30, 2005 and 2004, respectively. Insurance and investment commissions
were $2,266,000 in the second quarter of 2005 versus $1,428,000 a year ago. On a
year-to-date basis, insurance and investment commissions totaled $4,920,000
through June 30, 2005, compared to $1,727,000 for the same period in 2004.
Acquisitions were key drivers of these improvements in insurance and investment
commissions. In the second quarter of 2005, Peoples continued to experience
strong e-banking revenues, primarily ATM and debit card fees, resulting from
higher debit card activity and additional cards issued, with revenues increasing
18% from last year's second quarter and 21% on a year-to-date basis through June
30.
In the second quarter of 2005, non-interest expense was $12.9 million
versus $11.5 million in 2004's second quarter. Operating costs attributable to
the insurance agencies acquired in 2004 comprised 73% of this increase. Higher
salaries and benefits and professional fees also contributed to the increase.
Second quarter 2005 non-interest expense was up only 1% compared to the first
quarter of 2005.
Salaries and benefits remain Peoples' largest operating expense,
totaling $6.7 million and $5.8 million for the second quarters of 2005 and 2004,
respectively. The timing of the insurance agency acquisitions during the second
quarter of 2004 accounted for 58% of the $839,000 increase in salaries and
benefits, while higher performance based incentive compensation costs were also
a substantial factor. Compared to the first quarter of 2005, total salaries and
benefits were essentially unchanged. Professional fees were up 34% in the second
quarter of 2005 compared to a year ago, but down 17% from the prior quarter. The
increase in professional fees from a year ago reflects higher exam and audit
fees associated with the new regulatory reporting environment under
Sarbanes-Oxley. Other non-interest expenses in the second quarter of 2005
included $176,000 for the Director Retirement Plan for the benefit of former
Chairman Robert E. Evans' spouse as beneficiary (included in salaries and
benefits) and a $100,000 donation to establish the Robert E. Evans Education
Fund (included in marketing expense).
During the second quarter, portfolio loans increased $21.1 million to
$1.03 billion at June 30, 2005, due primarily to a $16.7 million growth in
commercial real estate loans. Peoples' consumer lending efforts in the second
quarter resulted in a $1.9 million increase in consumer loan balances, excluding
overdrafts, compared to March 31, 2005, due mostly to increased activity in
Peoples' indirect lending business. As part of Peoples' mortgage banking
activities, $132.0 million of fixed-rate real estate loans previously sold into
the secondary market were being serviced at June 30, 2005 compared to $106.4
million at December 31, 2004. Peoples also had $1.6 million of fixed-rate
mortgage loans held for sale at June 30, 2005, compared to $0.6 million at
year-end 2004.
Nonperforming loans were $7.6 million, or 0.74% of loans, at June 30,
2005, up from $7.3 million, or 0.72%, at March 31, 2005. This increase was due
largely to the net impact of Peoples placing the remaining $2 million of
commercial loans in the previously mentioned impaired loan relationship on
nonaccrual status, as expected, and the commercial loan comprising the entire
$1.1 million of renegotiated loans at March 31, 2005, moving to performing
status. Despite the higher level of nonperforming loans, nonperforming assets
decreased to 0.44% of assets at the end of the second quarter, from 0.46% at
March 31, 2005, due to a reduction in other real estate owned from the sale of
two former banking office properties during the second quarter at a combined
gain of $167,000. Management expects the $2 million of nonaccrual commercial
loans in the previously mentioned impaired loan relationship to be classified as
other real estate owned in the third quarter of 2005.
"Our asset quality remains comparable to most peers, which reflects
our focus on loan underwriting quality as we grow loans," added Bradley.
"Although the amount of nonperforming loans increased in the second quarter, the
increase represented loans previously identified by our loan review process that
had already been included in our analysis of the allowance for loan losses and
are not expected to result in any unanticipated losses."
At June 30, 2005, total deposits were $1.10 billion, up $26.0 million
from $1.07 billion at year-end 2004. Interest-bearing deposits grew $25.7
million to $942.2 million, with $19.5 million attributable to increased public
funds and $14.9 million due to additional brokered deposits. These increases
offset declines in other interest-bearing deposit categories.
Non-interest-bearing deposits were virtually unchanged compared to December 31,
2004.
"Overall, we are very satisfied with our second quarter results in
light of ongoing interest rate challenges," summarized Bradley. "In the second
half of 2005, we will focus our efforts on continuing to generate quality loans,
maintaining diversified sources of revenue and controlling expenses."
Peoples Bancorp Inc., a diversified financial products and services
company with $1.8 billion in assets, makes available a complete line of banking,
investment, insurance, and trust solutions through 50 locations and 34 ATMs in
Ohio, West Virginia and Kentucky. Peoples' financial service units include
Peoples Bank, Peoples Financial Advisors (a division of Peoples Bank) and
Peoples Insurance Agency, Inc. Peoples' common shares are traded on the NASDAQ
national market under the symbol "PEBO", and Peoples is a member of the Russell
3000 index of US publicly traded companies. Learn more about Peoples at
www.peoplesbancorp.com.
Conference Call to Discuss Earnings:
- -----------------------------------
Peoples will conduct a facilitated conference call to discuss second
quarter results of operations today at 11:00 a.m. eastern time, with members of
Peoples' executive management participating. Analysts, media and individual
investors are invited to participate in the conference call by calling (888)
424-5801. A simultaneous Webcast of the conference call audio will be available
online via the Investor Relations section of Peoples' website,
www.peoplesbancorp.com. Participants are encouraged to call or sign in at least
15 minutes prior to the scheduled conference call time to ensure participation
or download and install the necessary software. A replay of the call will be
available on Peoples' website in the "Investor Relations" section for 1 year.
Safe Harbor Statement:
- ---------------------
This press release may contain certain forward-looking statements with
respect to Peoples' financial condition, results of operations, plans,
objectives, future performance and business. Except for the historical and
present factual information contained in this press release, the matters
discussed in this press release, and other statements identified by words such
as "feel," "expect," "believe," "plan," "will," "would," "should," "could" and
similar expressions are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Rule 175 promulgated
thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended,
and Rule 3b-6 promulgated thereunder. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to differ
materially. Factors that might cause such a difference include, but are not
limited to: (1) competitive pressures among depository institutions which may
increase significantly; (2) changes in the interest rate environment which may
adversely impact interest margins; (3) prepayment speeds, loan originations and
sale volumes, charge-offs and loan loss provisions may be less favorable than
expected; (4) general economic conditions are less favorable than expected; (5)
political developments, wars or other hostilities may disrupt or increase
volatility in securities markets or other economic conditions; (6) legislative
or regulatory changes or actions may adversely affect Peoples' business; (7)
changes and trends in the securities markets; (8) a delayed or incomplete
resolution of regulatory issues that could arise; (9) the impact of reputational
risk created by these developments on such matters as business generation and
retention, funding and liquidity; (10) the costs and effects of regulatory and
legal developments, including the outcome of regulatory or other governmental
inquiries and legal proceedings and results of regulatory examinations; (11) the
integration of acquired businesses, including the insurance agencies acquired in
mid-2004, may not be successful or the integration may take longer to accomplish
than expected; (12) the expected synergies from acquisitions may make it
difficult to maintain relationships with clients, associates and suppliers; and
(13) other risk factors relating to the banking industry or Peoples as detailed
from time to time in Peoples' reports filed with the Securities and Exchange
Commission ("SEC"). Peoples does not commit to any obligation to release
revisions to these forward-looking statements or reflect events or circumstances
after the date of this release, except as required by applicable law. Copies of
documents filed with the SEC are available free of charge at the SEC's website
at http://www.sec.gov and/or from Peoples' website.
PEOPLES BANCORP INC. (NASDAQ: PEBO)
Financial Highlights (Unaudited)
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Three Months Ended Six Months Ended
June 30, June 30,
(in $000's, except per share data) 2005 2004 2005 2004
---------------------------------- ---------------------------------
PER SHARE DATA Net
Net Income per share:
Basic $ 0.51 $ 0.48 $ 0.96 $ 0.98
Diluted $ 0.50 $ 0.47 $ 0.95 $ 0.97
Cash dividends declared per share $ 0.19 $ 0.18 $ 0.38 $ 0.36
Book value per share $ 17.24 $ 16.01 $ 17.24 $ 16.01
Tangible book value per share (a) $ 10.46 $ 9.86 $ 10.46 $ 9.86
Closing stock price at end of period $ 26.75 $ 26.95 $ 26.75 $ 26.95
Dividend payout as a percentage of net income 37.55% 38.33% 39.83% 36.83%
Actual shares outstanding (net of treasury shares) 10,411,879 10,602,767 10,411,879 10,602,767
Weighted average shares outstanding:
Basic 10,405,989 10,603,510 10,412,552 10,581,879
Diluted 10,541,774 10,766,289 10,549,868 10,787,867
PERFORMANCE RATIOS (b)
Return on average equity 12.04% 11.83% 11.45% 12.17%
Return on average assets 1.17% 1.17% 1.11% 1.21%
Non-interest leverage ratio (c) 59.09% 56.75% 59.10% 51.98%
Efficiency ratio (d) 59.40% 56.87% 59.50% 55.09%
Net interest margin (fully tax equivalent) 3.32% 3.39% 3.29% 3.48%
Net loan chargeoffs as a percentage of average loans 0.20% 0.30% 0.20% 0.28%
PROVISION FOR LOAN LOSSES
Provision for Overdraft Privilege losses $ 181 $ 276 $ 212 $ 410
(Recovery of) provision for other loan losses $ (141) $ 340 $ 769 $ 1,000
---------------- ---------------- ---------------- ---------------
Total provision for loan losses $ 40 $ 616 $ 981 $ 1,410
NET CHARGEOFFS
Gross chargeoffs $ 1,104 $ 980 $ 2,172 $ 2,210
Recoveries $ 590 $ 283 $ 1,159 $ 918
---------------- ---------------- ---------------- ---------------
Net chargeoffs $ 514 $ 697 $ 1,013 $ 1,292
Commercial $ 201 $ 475 $ 244 $ 374
Overdrafts 156 211 244 346
Real estate 126 47 441 202
Consumer 45 (32) 106 244
Credit card (14) (4) (22) 126
---------------- ---------------- ---------------- ---------------
Total net chargeoffs $ 514 $ 697 $ 1,013 $ 1,292
---------------- ---------------- ---------------- ---------------
<FN>
(a) Excludes the balance sheet impact of intangible assets acquired through the
application of purchase accounting for acquisitions.
(b) Ratios are presented on an annualized basis.
(c) Non-interest income (less securities and asset disposal gains/losses) as a
percentage of non-interest expense (less intangible amortization).
(d) Non-interest expense (less intangible amortization) as a percentage of
fully tax equivalent net interest income plus non-interest income.
</FN>
PEOPLES BANCORP INC. CONSOLIDATED AVERAGE BALANCES
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Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
(in $000's) 2005 2005 2004 2005 2004
---------------------------------------------- ------------------------------
Average gross loans $ 1,024,795 $ 1,023,825 $ 920,818 $ 1,024,313 $ 916,530
Average investment securities 597,625 599,467 639,727 598,541 645,188
Average earning assets 1,610,022 1,611,019 1,550,370 1,610,513 1,562,748
Average intangible assets 70,069 70,614 57,682 70,340 53,167
Average total assets 1,810,777 1,809,369 1,731,173 1,810,044 1,731,352
Average non-interest-bearing deposits 158,774 155,607 142,901 157,187 139,205
Average interest-bearing deposits:
Savings 148,284 154,344 178,938 151,297 174,941
Interest-bearing demand deposits 302,401 279,319 257,677 290,924 260,270
Time deposits 495,884 495,992 450,615 495,938 455,786
-------------- -------------- -------------- -------------- --------------
Total average interest bearing deposits 946,569 929,655 887,230 938,159 890,997
Average short-term borrowings 101,387 91,945 79,104 96,692 91,283
Average long-term borrowings 411,557 439,523 439,668 425,463 428,126
Average stockholders' equity $ 176,587 $ 175,404 $ 171,768 $ 175,999 $ 172,208
---------------------------------------------- ------------------------------
PEOPLES BANCORP INC. CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended Six Months Ended
June 30, June 30,
(in $000's) 2005 2004 2005 2004
---------------------------------- ----------------------------------
Interest Income 23,397 21,145 46,040 42,731
Interest expense 10,481 8,448 20,412 16,486
---------------- ---------------- ---------------- ----------------
Net interest income 12,916 12,697 25,628 26,245
Provision for loan losses 40 616 981 1,410
---------------- ---------------- ---------------- ----------------
Net interest income after provision for loan losses 12,876 12,081 24,647 24,835
Net gain on securities transactions 3 5 236 37
Net gain on asset disposals 113 17 121 47
Non-interest income:
Service charges on deposits 2,472 2,459 4,746 4,712
Insurance and investment commissions 2,266 1,428 4,920 1,727
Fiduciary revenues 915 812 1,672 1,586
Electronic banking revenues 734 623 1,381 1,146
Business owned life insurance 437 506 891 922
Mortgage banking income 264 283 381 482
Other non-interest income 114 134 338 495
---------------- ---------------- ---------------- ----------------
Total non-interest income 7,202 6,245 14,329 11,070
Non-interest expense:
Salaries and benefits 6,658 5,819 13,344 11,208
Occupancy and equipment 1,338 1,289 2,627 2,510
Amortization of intangible assets 674 526 1,362 927
Professional fees 550 411 1,215 867
Data processing and software 463 441 924 913
Franchise taxes 418 371 829 712
Marketing 408 402 789 510
Bankcard costs 305 378 587 702
Other non-interest expense 2,048 1,894 3,932 3,472
---------------- ---------------- ---------------- ----------------
Total non-interest expense 12,862 11,531 25,609 21,821
---------------- ---------------- ---------------- ----------------
Income before income taxes 7,332 6,817 13,724 14,168
Income tax expense 2,033 1,764 3,733 3,749
---------------- ---------------- ---------------- ----------------
Net income $ 5,299 $ 5,053 $ 9,991 $ 10,419
------------------------------------------------------------------------
Fully tax equivalent net interest income $ 13,317 $ 13,106 $ 26,424 $ 27,069
PEOPLES BANCORP INC. SELECTED FINANCIAL INFORMATION
---------------- ---------------- ---------------- ----------------
(in $000's, end of period) June 30, March 31, December 31, June 30,
LOAN PORTFOLIO 2005 2005 2004 2004
---------------- ---------------- ---------------- ----------------
Commercial, mortgage $ 474,344 $ 457,667 $ 450,270 $ 428,580
Commercial, other 133,537 128,898 126,473 110,208
Real estate, construction 35,950 32,120 35,423 22,853
Real estate, mortgage 330,881 334,681 349,965 304,328
Consumer 59,365 59,634 60,927 69,587
---------------- ---------------- ----------------------------------
Total loans $ 1,034,077 $ 1,013,000 $ 1,023,058 $ 935,556
ASSET QUALITY
Allowance for loan losses as a percent of total loans 1.42% 1.50% 1.44% 1.57%
Allowance for loan losses as a percent of
nonperforming loans (a) 192.6% 208.1% 225.6% 251.6%
Nonperforming loans as a percent of total loans (a) 0.74% 0.72% 0.64% 0.62%
Nonperforming assets as a percent of total assets 0.44% 0.46% 0.43% 0.35%
Nonperforming assets as a percent of total loans and
other real estate owned 0.77% 0.81% 0.75% 0.67%
Nonperforming assets (in $000's, end of period):
Loans 90 days or more past due $ 475 $ 84 $ 285 $ 374
Renegotiated loans $ - $ 1,116 $ 1,128 $ -
Nonaccrual loans $ 7,173 $ 6,105 $ 5,130 $ 5,465
Other real estate owned $ 353 $ 873 $ 1,163 $ 392
---------------- ---------------- ---------------- ----------------
Total nonperforming assets $ 8,001 $ 8,178 $ 7,706 $ 6,231
REGULATORY CAPITAL (b)
Tier 1 risk-based capital 11.21% 11.16% 10.95% 12.27%
Total risk-based capital ratio (Tier 1 and Tier 2) 12.57% 12.52% 12.30% 13.58%
Leverage ratio 7.48% 7.60% 7.55% 8.17%
Tier 1 capital $ 135,080 $ 131,545 $ 129,193 $ 135,739
Total capital (Tier 1 and Tier 2) $ 151,479 $ 147,515 $ 145,134 $ 150,157
Total risk-weighted assets $ 1,205,303 $ 1,178,647 $ 1,179,830 $ 1,106,096
SUPPLEMENTAL DATA
Trust assets under management $ 631,214 $ 626,829 $ 645,509 $ 618,376
Employees (full-time equivalent) 543 530 537 545
Full service offices 41 41 41 42
Supermarket offices 4 4 4 4
ATMs 34 33 33 33
Announced treasury share plans: (c)
Total shares authorized for plan 525,000 525,000 625,000 425,000
Shares purchased - 59,700 10,813 147,435
Average price $ - $ 26.78 $ 27.71 $ 24.93
---------------- ---------------- ---------------- ----------------
<FN>
(a) Nonperforming loans include loans 90 days past due and accruing,
renegotiated loans and nonaccrual loans.
(b) June 30, 2005, data based on preliminary analysis and is subject to
revision.
(c) 2005 data reflects 2005 Stock Repurchase Program of 525,000 shares. 2004
data reflects 2004 Stock Repurchase Program of 425,000 shares announced
December 17, 2003 and 200,000 shares announced August 13, 2004. Reflects
treasury shares purchased and average price paid for the three-month period
ended on the date indicated.
</FN>
PEOPLES BANCORP INC. CONSOLIDATED BALANCE SHEETS
------------------ ------------------
(in $000's) June 30, December 31,
2005 2004
------------------ ------------------
ASSETS
Cash and cash equivalents $ 33,914 $ 31,449
Available-for-sale investment securities, at estimated fair value
(amortized cost of $597,512 at June 30, 2005, and $594,457 at
December 31, 2004) 603,731 602,364
Loans held for sale 1,566 612
Loans, net of unearned interest 1,034,077 1,023,058
Allowance for loan losses (14,728) (14,760)
------------------ ------------------
Net loans 1,019,349 1,008,298
Bank premises and equipment, net of accumulated depreciation 21,798 22,640
Business owned life insurance 46,144 45,253
Goodwill 59,748 59,096
Other intangible assets 10,795 12,022
Other real estate owned 353 1,163
Other assets 31,057 26,189
------------------ ------------------
TOTAL ASSETS $ 1,828,455 $ 1,809,086
------------------ ------------------
LIABILITIES
Non-interest-bearing deposits $ 153,270 $ 152,979
Interest-bearing deposits 942,152 916,442
------------------ ------------------
Total deposits 1,095,422 1,069,421
Federal funds purchased, securities sold under repurchase agreements,
and other short term borrowings 131,030 51,895
Long-term borrowings 375,074 464,864
Junior subordinated notes held by subsidiary trusts 29,307 29,263
Accrued expenses and other liabilities 18,169 18,225
------------------ ------------------
TOTAL LIABILITIES 1,649,002 1,633,668
STOCKHOLDERS' EQUITY
Common stock, no par value (24,000,000 shares authorized, 10,859,881 shares
issued at June 30, 2005, and
10,850,641 shares issued at December 31, 2004) 162,343 162,284
Accumulated comprehensive income, net of deferred income taxes 3,848 4,958
Retained earnings 24,454 18,442
Treasury stock, at cost (448,002 shares at June 30, 2005,
and 415,539 shares at December 31, 2004) (11,192) (10,266)
------------------ ------------------
TOTAL STOCKHOLDERS' EQUITY 179,453 175,418
------------------ ------------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,828,455 $ 1,809,086
------------------ ------------------
END OF RELEASE