1
[PULASKI FINANCIAL CORP. LETTERHEAD]
PULASKI FINANCIAL REPORTS THIRD QUARTER NET INCOME OF $2.0 MILLION
o DOUBLE-DIGIT REVENUE GROWTH CONTINUED DURING QUARTER:
o TOTAL REVENUES UP 14%
o MORTGAGE REVENUES INCREASE 35% TO $1.9 MILLION
o RETAIL BANKING REVENUES CLIMB 17%
o NET INTEREST INCOME GROWS 9% TO $7.2 MILLION
o PROVISION FOR LOAN LOSSES INCREASED TO COVER STRONG $62.3 MILLION
LOAN GROWTH, CHARGE-OFFS AND SEVERAL NON-PERFORMING LOANS
o LOAN DEMAND REMAINS STRONG WITH 7% GROWTH IN QUARTER AND 17%
GROWTH FOR NINE MONTHS
o CORE DEPOSITS EXPAND 5% DURING THE QUARTER AND 17% FOR THE
NINE-MONTH PERIOD
o NON-INTEREST EXPENSE REMAINS WELL CONTROLLED
ST. LOUIS, JULY 24, 2007--Pulaski Financial Corp. (Nasdaq Global Select: PULB)
today announced earnings for the quarter ended June 30, 2007 of $2.0 million, or
$0.19 per diluted share, compared with earnings of $2.5 million, or $0.24 per
diluted share, for the same quarter last year. For the nine months ended June
30, 2007, earnings were $6.7 million, or $0.65 per diluted share, compared with
$7.2 million, or $0.76 per diluted share for the same period a year ago.
The Company noted that results for last year's nine-month period included a $2.5
million gain on the sale of the Kansas City branch location, partially offset by
a $250,000 charitable contribution to a St. Louis community-based organization.
These two items had a net favorable impact on diluted earnings per share of
$0.15 for the nine months ended June 30, 2006.
For the third quarter, total revenues, consisting of net interest income and
non-interest income, experienced strong growth, increasing $1.4 million, or
14.1%, to $11.0 million compared with $9.6 million for the comparable period a
year earlier. Non-interest expense increased only 12.1%, or $663,000, during the
same periods. The impact of these favorable trends was offset by a $1.6 million
increase in the provision for loan losses to $1.9 million in the June 2007
quarter compared with $292,000 in the June 2006 quarter.
Total revenues for the nine-month period grew $2.4 million, or 8.5%, to $30.9
million in 2007 compared with $28.5 million in 2006, while total non-interest
expense increased only 9.9%, or $1.6 million, during the same periods. The
provision for loan losses totaled $3.2 million for the 2007 period compared with
$1.2 million in the prior year period.
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ASSET QUALITY
The significant increases in the provision for loan losses for the three- and
nine-month periods were the result of significant growth in the loan portfolio,
charge-offs and an increase in the level of non-performing loans. Management
performed detailed reviews on a number of past due loans during the quarter in
light of recent real estate market conditions. Included in this review were two
loans secured by commercial real estate totaling $2.8 million and seven loans
secured by residential real estate totaling $714,000. The reviews resulted in a
provision for loan losses totaling approximately $833,000 in the June 2007
quarter. The remainder of the third quarter provision related to the $62.3
million growth in the Company's performing loan portfolio and to charge-offs.
Net charge-offs for the quarter ended June 30, 2007 were $422,000, or 0.17% of
average loans on an annualized basis, compared with $414,000, or 0.18% of
average loans on an annualized basis, and $53,000, or 0.03% of average loans on
an annualized basis for the quarters ended March 31, 2007 and June 30, 2006,
respectively. Net charge-offs for the current-year quarter primarily include
$407,000 in charge-offs on single-family residential mortgage loans.
Chairman and CEO William A. Donius commented, "The industry is experiencing
declining property values in some Midwest residential real estate markets for
the first time since the late 1980s due to a slowing of activity in the housing
market and an increase in housing inventory. Because property values in the
Midwest generally have moved up slowly over the years, we are not expecting a
substantial decline in value." Donius commented further, "We recognized this
trend through the increase in our allowance for loan losses noted above and have
been proactively adapting to this environment by tightening our underwriting
practices over the past year. Also, we are modifying policies, scrutinizing
collateral values on problem loans and making changes to eliminate or enhance
certain loan products in light of current market conditions."
Non-performing assets increased to $15.3 million, or 1.35% of total assets, at
June 30, 2007 compared with $10.5 million, or 0.98% of total assets, at March
31, 2007 and $9.9 million, or 1.02% of total assets, at September 30, 2006. The
increase from March 31, 2007 was largely due to an increase in the level of
non-accruing residential, multi-family and commercial real estate loans.
Included in non-accruing loans at June 30, 2007 is a $2.6 million loan secured
by commercial real estate. Management is actively working with the borrower to
resolve the problem and believes the loan was adequately collateralized at June
30, 2007. The ratios of the allowance for loan losses to total loans and to
non-performing loans were 0.99% and 80.82%, respectively, at June 30, 2007
compared with 0.92% and 110.91%, respectively, at September 30, 2006.
NON-INTEREST INCOME UP ON INCREASED MORTGAGE AND RETAIL BANKING REVENUES
Total non-interest income increased $769,000, or 26%, to $3.8 million for the
quarter ended June 30, 2007 compared with $3.0 million for the June 2006
quarter. Total non-interest income decreased $499,000, or 4.8%, to $9.9 million
for the nine months ended June 30, 2007 compared with $10.4 million for the nine
months ended June 30, 2006. The Company completed the sale of its only
depository branch in Kansas City,
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Missouri during February 2006 resulting in a $2.5 million gain. Excluding this
gain, non-interest income rose $2.0 million, or 25%, to $9.9 million for the
nine months ended June 30, 2007 compared with the same period a year ago.
"Our efforts to grow non-interest income are yielding strong results," Donius
noted. "Our residential mortgage group had a great quarter." Mortgage revenues
increased 35% to $1.9 million in the June 2007 quarter on loan sales of $399
million compared with $1.4 million of revenue on sales of $321 million for the
same period in 2006. Loans originated for resale totaled $411 million during the
June 2007 quarter compared with $345 million in the comparable period last year.
The growth in loan activity stems primarily from the expansion of the
residential mortgage sales staff. At June 30, 2007, the Company had
approximately 80 residential loan officers compared with approximately 60 at
June 30, 2006.
Donius commented, "The success we are experiencing in the mortgage division is
allowing us to continue to expand our title and appraisal operations." During
the quarter ended June 30, 2007, appraisal and title revenues increased to
$486,000 compared with $186,000 for the quarter ended June 30, 2006. The
Company's appraisal division began operations in July 2006 and currently serves
less than 50% of the Company's residential loan customers. Management is focused
on expanding the division's capacity and increasing this market share.
Also contributing to the rise in non-interest income were higher retail banking
revenues, which increased 17% to $919,000 for the quarter ended June 30, 2007
compared with the same quarter in 2006 and increased 11% to $2.5 million for the
nine months ended June 30, 2007 compared with the same 2006 period. The
increases were driven by strong deposit growth. Total deposits grew 25.9% to
$825.6 million at June 30, 2007 from $655.6 million at September 30, 2006.
Demand deposit accounts, which are considered the bank's core deposits,
increased $44.2 million, or 17%, during the nine months ended June 30, 2007 to
$302.7 million. The year-to-date deposit growth also included an increase in
brokered certificates of deposit of $89.7 million, which was used to fund new
loans.
NET INTEREST INCOME BOLSTERED BY STRONG LOAN DEMAND
Net interest income rose 9% to $7.2 million for the quarter ended June 30, 2007
compared with $6.6 million for the same period last year. The increase was
fueled by strong loan growth. Year to date, net interest income rose 16% to
$21.1 million compared with $18.1 million for the same nine-month period last
year.
The Company's loan portfolio grew 7%, or $62.3 million, during the quarter to
$919.4 million at June 30, 2007. For the nine months, loan balances increased
17%, or $134.2 million. Commercial real estate and commercial and industrial
loans accounted for approximately 48% and 63% of this growth for the three- and
nine-month periods, respectively. At June 30, 2007, the Company had a pipeline
of approved but unclosed commercial loans totaling $59 million and another $405
million in loan applications. Donius commented, "Our commercial lending group
continues to grow and perform at a very high level. We continued to add key
personnel to this group during the past quarter."
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The net interest margin decreased during the June 2007 quarter to 2.87% from
2.95% for the quarter ended March 31, 2007 and 3.27% for the quarter ended June
30, 2006. The decline in the net interest margin was due primarily to strong
competition for loan originations, which created pressure on loan yields,
combined with an increase in wholesale funding sources, which are typically more
costly than retail deposits. Also contributing to the decline in the net
interest margin during the June 2007 quarter was the charge-off of approximately
$263,000 of accrued interest on past due loans, reducing the margin by
approximately 10 basis points. "We have a strong history of successful loan
collections. The decision to record this level of charge-offs represents a
change in management's assessment of economic conditions and our ability to
collect the full amounts due on these loans. However, we anticipate an increase
in our margin from the mid 2.90% range. We believe our cost of funds has
stabilized and we are continuing to see increased interest rates on adjustable
rate loans and new fixed-rate assets," Donius commented.
NON-INTEREST EXPENSE
Non-interest expense rose to $6.1 million in the third quarter, an increase of
$663,000, or 12%, over the same quarter last year primarily as the result of an
increase in compensation and employee benefits expense and advertising expense.
Compensation and employee benefits expense, which represented approximately 52%
of total non-interest expense for the quarter, increased to $3.2 million
compared with $2.9 million in the same period a year ago. This was due mostly to
the addition of employees at the new Richmond Heights bank location and staff
expansion necessary to support increased loan activity. Advertising expense
increased to $394,000 compared with $278,000 in the same period a year ago
primarily as the result of the Company's increased advertising focused on
increasing deposits.
OUTLOOK
"We are cautiously optimistic about the remainder of fiscal 2007 and next year
as well," Donius said. "We are pleased with the trends we saw in our key third
quarter revenues and expenses. However, property values within St. Louis and
Kansas City have declined in recent months and remain a concern as we work
through our non-performing assets. Following the additional provisions made this
quarter, management believes the Company is well reserved to absorb probable
losses within its current portfolio. After reviewing our third quarter results
and evaluating trends in local real estate values, we have revised our fiscal
year 2007 expectations to mid single-digit growth in diluted earnings per share
from operations, when compared to last year's results excluding the gain on sale
of the bank location, versus the low double-digit growth estimate we previously
provided."
Donius continued, "While we expect the intensely competitive lending environment
to persist and the housing market to remain soft for the foreseeable future,
Pulaski is well-positioned to continue growing. We remain one of the leading
mortgage lenders in the St. Louis metropolitan market and among the top lenders
in Kansas City. The economy in our market is strong and continues to provide
opportunities for growth in our commercial lending business."
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"The strategic expansion of our presence in St. Louis is continuing with two
additional locations scheduled to open before the end of calendar 2007,
including one in the downtown district and another in suburban Clayton. These
will further enhance convenience for current customers and attract new
commercial and retail banking business. We expect our new bank locations to
stimulate continued growth in core deposits as well as lending activity. These
locations are a significant step forward in our strategic plan to become the
premier community bank in St. Louis," Donius noted.
CONFERENCE CALL TOMORROW
Pulaski Financial management will discuss second quarter results and other
developments tomorrow, July 25, 2007, during a conference call beginning at 10
a.m. Central Daylight Time. The call also will be simultaneously web cast and
archived for three months at:
http://www.viavid.net/detailpage.aspx?sid=000041C2. Participants in the
conference call may dial 877-407-9039 a few minutes before start time. The call
also will be available for replay through August 8, 2007 at 877-660-6853,
account number 3055 and conference I.D. 248074.
ABOUT PULASKI FINANCIAL
Pulaski Financial Corp., operating in its 85th year through its subsidiary,
Pulaski Bank, serves customers throughout the St. Louis metropolitan area. The
bank offers a full line of quality retail-banking products through ten
full-service branch offices in St. Louis and three loan production offices in
Kansas City and the Illinois portion of the St. Louis metroplex. The company's
website can be accessed at www.pulaskibankstl.com.
This news release may contain forward-looking statements about Pulaski Financial
Corp., which the Company intends to be covered under the safe harbor provisions
contained in the Private Securities Litigation Reform Act of 1995. Statements
that are not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. These forward-looking statements
cover, among other things, anticipated future revenue and expenses and the
future plans and prospects of the Company. These statements often include the
words "may," "could," "would," "should," "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," "potentially," "probably,"
"projects," "outlook" or similar expressions. You are cautioned that
forward-looking statements involve uncertainties, and important factors could
cause actual results to differ materially from those anticipated, including
changes in general business and economic conditions, changes in interest rates,
legal and regulatory developments, increased competition from both banks and
non-banks, changes in customer behavior and preferences, and effects of critical
accounting policies and judgments. For discussion of these and other risks that
may cause actual results to differ from expectations, refer to our Annual Report
on Form 10-K for the year ended September 30, 2006, and our Quarterly Report on
Form 10-Q for the quarters ending December 31, 2006 and March 31, 2007 on file
with the SEC, including the sections entitled "Risk Factors." These risks and
uncertainties should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements. Forward-looking
statements speak only as of the date they are made, and the Company undertakes
no obligation to update them in light of new information or future events.
FOR ADDITIONAL INFORMATION CONTACT:
William A. Donius, Chairman & CEO Michael Arneth or Tad Gage
Pulaski Financial Corp. The Investor Relations Company
(314) 878-2210 Ext. 3610 (312) 245-2700
TABLES FOLLOW...
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PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
SELECTED BALANCE SHEET DATA JUNE 30, MARCH 31, SEPTEMBER 30,
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA) 2007 2007 2006
----------- ----------- -------------
Total assets $ 1,135,660 $ 1,063,673 $ 962,460
Loans receivable, net 919,397 857,095 785,199
Allowance for loan losses 9,999 8,510 7,817
Loans held for sale, net 85,367 76,703 60,371
Investment securities (includes equity securities) 14,899 22,743 17,449
FHLB stock 8,892 8,189 9,524
Mortgage-backed & related securities 3,167 3,331 3,631
Cash and cash equivalents 36,072 29,139 22,116
Deposits 825,569 768,581 655,577
FHLB advances 168,000 160,500 172,800
Subordinated debentures 19,589 19,589 19,589
Stockholders' equity 80,199 79,296 75,827
Book value per share $8.04 $7.95 $7.62
ASSET QUALITY RATIOS
Nonperforming loans as a percent of total loans 1.22% 0.87% 0.83%
Nonperforming assets as a percent of total assets 1.35% 0.98% 1.02%
Allowance for loan losses as a percent of total loans 0.99% 0.90% 0.92%
Allowance for loan losses as a percent of nonperforming loans 80.82% 104.32% 110.91%
THREE MONTHS NINE MONTHS
SELECTED OPERATING DATA Ended June 30, Ended June 30,
----------------------------------- --------------------------------
(DOLLARS IN THOUSANDS) 2007 2006 2007 2006
-------------- ------------ ------------ -----------
Interest income $ 18,241 $ 14,259 $ 51,516 $ 38,189
Interest expense 11,001 7,611 30,451 20,045
-------------- ------------ ------------ -----------
Net interest income 7,240 6,648 21,065 18,144
Provision for loan losses 1,911 292 3,166 1,151
-------------- ------------ ------------ -----------
Net interest income after provision for
loan losses 5,329 6,356 17,899 16,993
-------------- ------------ ------------ -----------
Retail banking fees 919 786 2,456 2,218
Mortgage revenues 1,904 1,407 4,071 3,535
Revenue from title company operations 227 186 671 559
Revenue from investment division operations 159 152 534 419
Revenue from appraisal division operations 259 - 683 -
Gain on sale of securities - - 144 56
Gain on sale of branch - - - 2,474
Other 303 470 1,312 1,108
-------------- ------------ ------------ -----------
Total non-interest income 3,771 3,001 9,871 10,369
-------------- ------------ ------------ -----------
Compensation expense 3,178 2,877 9,126 7,881
Occupancy, equipment and data processing 1,454 1,427 4,136 3,762
Advertising 394 278 1,013 743
Professional services 318 279 979 943
Real estate foreclosure expense and losses, net 112 36 348 91
(Gain) loss on derivative financial instruments (131) (146) (445) 334
Charitable donations 37 17 104 325
Other 779 710 2,527 2,107
-------------- ------------ ------------ -----------
Total non-interest expense 6,141 5,478 17,788 16,186
-------------- ------------ ------------ -----------
Income before income taxes 2,959 3,879 9,982 11,176
Income taxes 975 1,401 3,308 3,956
-------------- ------------ ------------ -----------
Net income $ 1,984 $ 2,478 $ 6,674 $ 7,220
============== ============ ============ ===========
PERFORMANCE RATIOS
Return on average assets 0.73% 1.13% 0.86% 1.15%
Return on average equity 9.62% 13.03% 11.04% 15.50%
Interest rate spread 2.54% 2.95% 2.62% 2.90%
Net interest margin 2.87% 3.27% 2.95% 3.14%
SHARE DATA
Weighted average shares outstanding-basic 9,825,886 9,755,591 9,826,523 9,009,505
Weighted average shares outstanding-diluted 10,266,592 10,243,755 10,267,007 9,536,280
EPS-basic $0.20 $0.25 $0.68 $0.80
EPS-diluted $0.19 $0.24 $0.65 $0.76
Dividends $0.090 $0.080 $0.026 $0.240
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PULASKI FINANCIAL CORP.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS, Continued
LOANS RECEIVABLE JUNE 30, MARCH 31, SEPTEMBER 30,
(DOLLARS IN THOUSANDS) 2007 2007 2006
-------------- ------------ ------------
Real estate mortgage:
One to four family residential $ 330,703 $ 321,033 $ 314,746
Multi-family residential 24,660 16,981 13,629
Commercial real estate 192,192 175,546 150,529
-------------- ------------ ------------
Total real estate mortgage 547,555 513,560 478,904
-------------- ------------ ------------
Real estate construction and development:
One to four family residential 38,786 32,883 30,586
Multi-family residential 13,978 13,910 6,042
Commercial real estate 34,971 31,565 20,567
-------------- ------------ ------------
Total real estate construction and development 87,735 78,358 57,195
-------------- ------------ ------------
Commercial & Industrial Loans 76,927 67,080 48,785
Equity line of credit 215,119 204,226 207,153
Consumer and installment 6,845 6,311 6,276
-------------- ------------ ------------
934,181 869,535 798,313
-------------- ------------ ------------
Add (less):
Deferred loan (costs) fees 5,197 5,194 4,879
Loans in process (9,982) (9,124) (10,176)
Allowance for loan losses (9,999) (8,510) (7,817)
-------------- ------------ ------------
(14,784) (12,440) (13,114)
-------------- ------------ ------------
Total $ 919,397 $ 857,095 $ 785,199
============== ============ ============
Weighted average rate at end of period 7.62% 7.55% 7.50%
============== ============ ============
JUNE 30, 2007 MARCH 31, 2007 SEPTEMBER 30, 2006
---------------------- ------------------ --------------------
WEIGHTED WEIGHTED WEIGHTED
DEPOSITS AVERAGE AVERAGE AVERAGE
(DOLLARS IN THOUSANDS) INTEREST INTEREST INTEREST
BALANCE RATE BALANCE RATE BALANCE RATE
-------------------------------------------------------------------
Demand Deposit Accounts:
Noninterest-bearing checking $ 54,262 0.00% $ 46,647 0.00% $ 38,830 0.00%
Interest-bearing checking 62,424 1.75% 63,792 1.76% 53,448 1.66%
Money market 155,992 4.28% 148,588 4.25% 134,383 4.12%
Passbook savings accounts 30,030 0.27% 30,519 0.37% 31,895 0.39%
------------ ---------- ----------
Total demand deposit accounts 302,708 2.59% 289,546 2.61% 258,556 2.53%
------------ ---------- ----------
Certificates of Deposit: (1)
$100,000 or less 236,274 5.39% 236,026 5.30% 207,900 5.02%
Greater than $100,000 286,587 4.74% 243,009 4.65% 189,121 4.43%
------------ ---------- ----------
Total certificates of deposit 522,861 5.03% 479,035 4.97% 397,021 4.74%
------------ ---------- ----------
Total deposits $ 825,569 4.14% $ 768,581 4.08% $ 655,577 3.87%
============ =========== ===========
(1) Includes brokered deposits $ 208,236 $ 176,005 $ 118,500
============ =========== ===========
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PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS AND ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
NONPERFORMING ASSETS JUNE 30, MARCH 31, SEPTEMBER 30,
(DOLLARS IN THOUSANDS) 2007 2007 2006
-------------- ------------ ------------
Non-accrual loans:
Residential real estate $ 2,058 $ 466 $ 794
Commercial 3,238 - -
Real estate-construction and development 144 - -
Home equity 652 126 119
Other 138 53 27
-------------- ------------ ------------
Total non-accrual loans 6,230 645 940
-------------- ------------ ------------
Accruing loans past due 90 days or more:
Residential real estate 2,317 3,649 3,984
Commercial 383 821 125
Real estate-construction and development - 549 -
Home equity 1,666 1,745 1,456
Other 25 54 21
-------------- ------------ ------------
Total accruing loans past due 90 days or more 4,391 6,818 5,586
-------------- ------------ ------------
Restructured loans 210 117 220
Other nonperforming loans 1,542 577 302
-------------- ------------ ------------
Total non-performing loans 12,373 8,157 7,048
Real estate acquired in settlement of loans 2,892 2,263 2,764
Other nonperforming assets 43 43 44
-------------- ------------ ------------
Total non-performing assets $ 15,308 $ 10,463 $ 9,856
============== ============ ============
ALLOWANCE FOR LOAN LOSSES NINE MONTHS ENDED JUNE 30,
-----------------------------------
(DOLLARS IN THOUSANDS) 2007 2006
-------------- ------------
Allowance for loan losses, beginning of period $ 7,817 $ 6,806
Provision charged to expense 3,166 1,151
Allowance for loans acquired in
business combination - 282
Loans charged-off (1,011) (612)
Recoveries of loans previously charged-off 27 8
-------------- ------------
Allowance for loan losses, end of period $ 9,999 $ 7,635
============== ============
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PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(UNAUDITED)
THREE MONTHS ENDED
--------------------------------------------------------------------------
June 30, 2007 June 30, 2006
----------------------------------- --------------------------------
Interest Average Interest Average
(DOLLARS IN THOUSANDS) Average and Yield/ Average and Yield/
Balance Dividends Cost Balance Dividends Cost
----------------------------------- --------------------------------
Interest-earning assets:
Loans receivable $ 894,769 $ 16,483 7.37% $ 728,037 $ 13,011 7.15%
Loans available for sale 82,297 1,311 6.37% 57,247 933 6.52%
Other interest-earning assets 33,167 447 5.39% 27,661 315 4.56%
----------------------- ---------------------
Total interest-earning assets 1,010,233 18,241 7.22% 812,945 14,259 7.02%
--------- ---------
Noninterest-earning assets 83,982 62,831
-------------- ------------
Total assets $ 1,094,215 $ 875,776
============== ============
Interest-bearing liabilities:
Deposits $ 744,868 $ 8,293 4.45% $ 556,069 $ 5,174 3.72%
Borrowed money 196,223 2,708 5.52% 191,348 2,438 5.10%
----------------------- ---------------------
Total interest-bearing liabilities 941,091 11,001 4.68% 747,417 7,612 4.07%
--------- ---------
Noninterest-bearing deposits 48,208 33,169
Noninterest-bearing liabilities 22,458 19,109
Stockholders' equity 82,458 76,081
-------------- ------------
Total liabilities and stockholders' equity $ 1,094,215 $ 875,776
============== ============
Net interest income $ 7,240 $ 6,647
========= =========
Interest rate spread 2.54% 2.95%
Net interest margin 2.87% 3.27%
NINE MONTHS ENDED
--------------------------------------------------------------------------
June 30, 2007 June 30, 2006
----------------------------------- --------------------------------
Interest Average Interest Average
(DOLLARS IN THOUSANDS) Average and Yield/ Average and Yield/
Balance Dividends Cost Balance Dividends Cost
----------------------------------- --------------------------------
Interest-earning assets:
Loans receivable $ 854,568 $ 47,383 7.39% $ 694,142 $ 35,252 6.77%
Loans available for sale 63,072 2,900 6.13% 45,206 2,031 5.99%
Other interest-earning assets 33,172 1,233 4.96% 31,650 906 3.82%
------------------------ --------------------
Total interest-earning assets 950,812 51,516 7.22% 770,998 38,189 6.60%
-------- --------
Noninterest-earning assets 78,833 63,158
------------- ---------
Total assets $ 1,029,645 $ 834,156
============= =========
Interest-bearing liabilities:
Deposits $ 692,786 $ 22,613 4.35% $ 535,884 $ 13,453 3.35%
Borrowed money 190,678 7,837 5.48% 186,357 6,592 4.72%
------------------------- --------------------
Total interest-bearing liabilities 883,464 30,450 4.60% 722,241 20,045 3.70%
--------- --------
Noninterest-bearing deposits 46,097 29,466
Noninterest-bearing liabilities 19,492 20,341
Stockholders' equity 80,592 62,108
------------- ---------
Total liabilities and stockholders' equity $ 1,029,645 $ 834,156
============= =========
Net interest income $ 21,066 $ 18,144
========= ========
Interest rate spread 2.62% 2.90%
Net interest margin 2.95% 3.14%
# # #