EXHIBIT 99
For Immediate Release
Thursday, January 8, 2004
Contact: David G. Ratz, Executive Vice President & COO
(740) 286-3283
Oak Hill Financial Earnings Up 14% in Fourth Quarter of 2003
Jackson, Ohio -- Oak Hill Financial, Inc. (Nasdaq NMS: OAKF) today reported net
earnings from operations for the three months ended December 31, 2003 of
$3,104,000, or $.54 per diluted share. The fourth quarter 2003 earnings
represent an increase of 13.8% over the $2,727,000, or $.50 per diluted share,
in operating earnings that the company recorded for the quarter ended December
31, 2002.
For the fiscal year ended December 31, 2003, Oak Hill Financial recorded net
earnings from operations of $12,046,000, or $2.14 per diluted share, an increase
of 14.7% over the $10,502,000, or $1.93 per diluted share, in operating earnings
for fiscal 2002. The operating earnings for the fourth quarter and the year 2003
have been adjusted for non-recurring tax savings of $132,000 and $531,000,
respectively, resulting from a one-time tax savings. Including the non-recurring
savings, the company's net income was $3,236,000, or $.57 per diluted share, for
the fourth quarter and $12,577,000, or $2.23 per diluted share, for fiscal year
2003.
Oak Hill Financial's total assets ended 2003 at $938.3 million, an increase of
12.6% over the $833.6 million in assets at December 31, 2002 and 3.8% over the
$904.0 million in assets at September 30, 2003. Net loans at December 31, 2003
were $811.0 million, up 15.5% over the $701.9 million in net loans at December
31, 2002, and 4.2% over the $778.5 million in net loans at the end of the third
quarter of 2003.
Reviewing the fourth quarter and the fiscal year 2003, Oak Hill Financial
Chairman John D. Kidd said, "We were looking for double-digit earnings growth,
and we are very pleased with the end result. Coming into the year, we knew we
had a challenge in trying to follow earnings growth of 27% in 2002 and 24% in
2001. Posting a 15% increase in earnings after two such outstanding years is a
testament to the hard work and dedication of our employees. The fourth quarter
was especially gratifying as the mortgage refinancing boom that helped fuel our
performance in earlier quarters ended abruptly, yet we were able to push
earnings up 14% through loan growth, improvement in the net interest margin, and
continued expansion of other sources of non-interest income."
Oak Hill Financial President & CEO Ralph E. Coffman, Jr., added, "A key driver
was loan growth, particularly in commercial real estate, which was up over 8% in
the fourth quarter. For much of 2002 into early 2003, loan demand had fallen
off, but it picked up considerably as the year progressed. Commercial real
estate lending has long been our strength, and we have the people and support
systems in place to take advantage of the improving economy."
Coffman, who assumed the CEO position on January 1 following Kidd's 33 years at
the helm, is optimistic about Oak Hill Financial's prospects for 2004. "We have
a lot of loans in the pipeline, and we're expecting another strong year for loan
growth. The large gain on sale of loans from mortgage refinancing won't be
repeated in 2004, but the mortgages we made in 2003 and 2002 will provide us
with excellent ongoing servicing income. We continue to grow our other
non-interest income, and the trend in our efficiency ratio continues to be
positive. Also, credit quality is holding steady and net charge-offs for the
quarter were down. Put it all together and we should be on course for another
good year."
Key Issue Review and Outlook
Net Interest Margin - Net interest margin for the fourth quarter was 4.17%,
which was an improvement over the third quarter's 4.03% and higher than
management's expectations entering the quarter. The margin benefited from the
strong loan growth and stabilization of loan rates. Also, liability costs
continued to decline as older, higher-cost deposits and borrowings were replaced
at lower rates. In this regard, the current low-rate environment has created the
opportunity for the company to continue to utilize longer-term liabilities while
still maintaining the margin at profitable levels. Going forward, margin
pressure is expected to continue as long as rates remain at their current low
levels. If this is the case, it would be difficult to sustain the margin at the
fourth quarter level. However, management believes that the margin can be
maintained at a level sufficient for the company to achieve its earnings
objectives. Further, in a rising rate environment, the net interest margin
should increase.
Operating Expenses & Efficiency - On an operating basis, the company's
non-interest expense was 2.75% of average assets for the fourth quarter of 2003,
which compares to 2.79% in the third quarter and 2.64% in the fourth quarter of
2002. The company's efficiency ratio for the fourth quarter of 2003 was 52.8%,
compared to 52.1% in the third quarter and 51.8% for the fourth quarter of 2002.
As compared to the third quarter, the company experienced higher non-interest
expense related to the fourth quarter growth in commercial loans, which was
offset by lower compensation and benefits expense during the quarter.
For the full year 2003, the non-interest expense to average assets and
efficiency ratios were 2.86% and 53.5%, respectively, versus 2.72% and 54.8% for
the year 2002. With a continued focus on controlling operating expenses,
management expects that the non-interest expense to average assets and
efficiency ratios can be maintained at or near their current levels in 2004.
Non-Interest Income - Non-interest income in the fourth quarter was $2,780,000,
an increase of 17.2% over the fourth quarter of 2002. However, non-interest
income decreased 15.8% from the third quarter of 2003 due to the drop-off in
mortgage lending. Non-interest income for the full year 2003 was up 44.4% over
the year 2002. In addition to gain on sale of loans, the year-over-year
increases were due to increases in commissions on the sales of group health and
title insurance, service charges on deposit accounts related to the introduction
of new services, and loan servicing fees. As compared to the third quarter of
2003, the fourth quarter decline in gain on sale of loans was partially offset
by a substantial decrease in amortization expense and recovery of prior
impairment charges with respect to mortgage servicing rights, coupled with an
increase in loan servicing fees. For 2004, the company anticipates that
non-interest income overall will be less than in 2003, and gain on sale of loans
will be substantially lower. However, increases are expected in revenues from
SBA loan originations, deposit account service charges, title insurance, health
insurance, and brokerage services.
Asset Quality - The company's nonperforming loans/total loans and nonperforming
assets/total assets ratios decreased from 1.02% and 0.95%, respectively, at
September 30 to 0.99% and 0.93%, respectively, at December 31. The largest of
the nonperforming loans, which the company has discussed in earlier releases,
represents 0.15% of the nonperforming loan ratio. Another nonperforming loan,
also discussed in a previous release, contributed 0.10% to the nonperforming
loan ratio. In addition, at the end of the fourth quarter the company started
foreclosure proceedings on loans totaling $2.7 million to a single borrower.
Although this relationship is not included in the nonperforming loans as of
December 31, it is anticipated that it will be included in the first quarter
2004 nonperforming loan totals.
The remaining nonperforming loans are a mix of commercial real estate,
commercial, residential real estate and consumer loans. The largest of these
represents 0.06% of the nonperforming loan ratio. The expected loss on all
nonperforming loans combined, and including the $2.7 million relationship
referenced above, is not expected to exceed $950,000.
Net charge-offs (non-annualized) for the fourth quarter of 2003 were 0.04% of
average loans, down from 0.06% in the third quarter and 0.12% in the fourth
quarter of 2002. For the full year 2003, net charge-offs were 0.21%, which is
consistent with the company's ongoing objective of 0.20%. Although the loan loss
provision declined in the fourth quarter due to the lower charge-offs, the
allowance for loan losses increased to end the year at 1.32% of total loans, as
compared to 1.31% at the end of the third quarter and 1.29% at December 31,
2002. Asset/Loan Growth - Continuing the strong growth trend that started in the
second quarter of 2003, the company's total assets grew at a 15.2% annual rate
during the fourth quarter, while loans increased at a 16.7% annual rate. The
company's objectives for 2004 call for growth in excess of 13% for both loans
and assets. Further, management projects that the anticipated increase in net
interest income from continued growth can offset the non-interest revenues lost
due to the decline in mortgage originations. However, management strongly
believes that all growth must be quality growth, and rapid balance sheet growth
will not come at the expense of credit quality.
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
believes 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 diversification of non-interest revenues are also
major elements in the company's strategy. In this regard, it is expected that
the current issues regarding the SBA 7(a) loan program will be resolved, albeit
with the possibility of some changes to the program, and the company intends to
continue to aggressively pursue SBA lending opportunities, both through the 7(a)
program and other SBA programs. Further, cross-selling additional services to
the company's diverse customer base and expanding the range and penetration of
fee-generating services remain key factors in the company's pursuit of
non-interest income.
Expansion - In the fourth quarter of 2003, Oak Hill Financial completed the
relocation of its Proctorville, Ohio office, which is located in the Huntington,
West Virginia metropolitan area. For 2004, the company plans to convert its
Centerville, Ohio loan production office to a full-service branch and to open
new full-service branches in Grove City and Chillicothe, Ohio.
Estimates - Management estimates that earnings per share from operations for
2004 will be in the range of $2.26 to $2.38. Management has developed several
possible scenarios under which the 2004 earnings estimate can be achieved and
believes it is attainable under both moderate and high-growth scenarios.
Oak Hill Financial is a financial holding company headquartered in Jackson,
Ohio. Its subsidiaries, Oak Hill Banks and Action Finance Company, operate 25
full-service banking offices, five bank loan production offices, and six
consumer finance offices in 15 counties across southern and central Ohio. A
third subsidiary, Oak Hill Financial Insurance Agency, provides group health
plans and other insurance services to over 350 business 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)
January 8, 2004 Press Release
At December 31,
2003 2002
- --------------------------------------------------------------------------------
(In thousands)
SUMMARY OF FINANCIAL CONDITION
Total assets $938,281 $833,629
Interest-bearing deposits and federal funds sold 1,285 5,699
Investment securities 79,545 83,789
Loans receivable - net 811,021 701,944
Deposits 717,821 663,813
Federal Home Loan Bank advances and other borrowings 135,352 99,358
Stockholders' equity 79,928 66,881
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 At or For the
three months twelve months
ended ended
December 31, December 31,
(In thousands, except share data) 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------------------
RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES
Net earnings (U.S. GAAP) $ 3,236 $ 2,502 $12,577 $10,340
Non-recurring items, net of tax:
Merger-related expenses 225 242
Gain on sale of a former branch location -- -- -- (80)
Reduction in tax expense (132) -- (531) --
- ----------------------------------------------------------------------------------------------------
Net earnings from operations $ 3,104 $ 2,727 $12,046 $10,502
====================================================================================================
Diluted earnings per share (U.S. GAAP) $ 0.57 $ 0.46 $ 2.23 $ 1.90
====================================================================================================
Non-recurring items, net of tax:
Merger-related expenses -- 0.04 -- 0.04
Gain on sale of a former branch location -- -- -- (0.01)
Reduction in tax expense (0.03) -- (0.09) --
- ----------------------------------------------------------------------------------------------------
Diluted earnings per share from operations $ 0.54 $ 0.50 $ 2.14 $ 1.93
====================================================================================================
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 8, 2004 Press Release
For the At or For the
three months twelve months
ended ended
December 31, December 31,
(In thousands, except share data) 2003 2002 2003 2002
- --------------------------------------------------------------------------------------------------------------------
RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES (continued)
Non-interest expense (U.S. GAAP) $ 6,142 $ 5,958 $ 24,049 $ 22,664
Non-recurring items:
Merger-related expenses -- (341) -- (367)
Reduction in tax expense 202 -- 810 --
- --------------------------------------------------------------------------------------------------------------------
Non-interest expense from operations $ 6,344 $ 5,617 $ 24,859 $ 22,297
====================================================================================================================
Non-interest income (U.S. GAAP) $ 2,780 $ 2,373 $ 11,538 $ 8,113
Non-recurring items:
Gain on sale of a former branch location -- -- -- (122)
- --------------------------------------------------------------------------------------------------------------------
Non-interest income from operations $ 2,780 $ 2,373 $ 11,538 $ 7,991
====================================================================================================================
SUMMARY OF OPERATIONS (1)
Interest income $ 14,179 $ 14,287 $ 55,170 $ 57,222
Interest expense 5,004 5,911 20,468 24,723
- --------------------------------------------------------------------------------------------------------------------
Net interest income 9,175 8,376 34,702 32,499
Provision for losses on loans 841 1,105 3,347 2,757
- --------------------------------------------------------------------------------------------------------------------
Net interest income after provision for losses on loans 8,334 7,271 31,355 29,742
Gain on sale of loans 389 954 4,080 2,358
Insurance commissions 716 669 2,827 2,457
Other non-interest income 1,675 750 4,631 3,176
General, administrative and other expense 6,344 5,618 24,859 22,297
- --------------------------------------------------------------------------------------------------------------------
Earnings before federal income taxes 4,770 4,026 18,034 15,436
Federal income taxes 1,666 1,299 5,988 4,934
- --------------------------------------------------------------------------------------------------------------------
Net earnings from operations $ 3,104 $ 2,727 $ 12,046 $ 10,502
====================================================================================================================
SELECTED PERFORMANCE RATIOS FROM OPERATIONS (1)(4)
Diluted earnings per share(3) $ 0.54 $ 0.50 $ 2.14 $ 1.93
====================================================================================================================
Return on average assets 1.35% 1.28% 1.39% 1.28%
Return on average equity 15.74% 16.44% 16.36% 17.03%
Non-interest expense to average assets 2.75% 2.64% 2.86% 2.72%
Efficiency ratio 52.77% 51.78% 53.53% 54.76%
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 8, 2004 Press Release
For the At or For the
three months twelve months
ended ended
December 31, December 31,
(In thousands, except share data) 2003 2002 2003 2002
- --------------------------------------------------------------------------------------------------------------------
PER SHARE INFORMATION (U.S. GAAP)
Basic earnings per share (2) $ 0.58 $ 0.47 $ 2.29 $ 1.94
====================================================================================================================
Diluted earnings per share (3) $ 0.57 $ 0.46 $ 2.23 $ 1.90
====================================================================================================================
Dividends per share (2) $ 0.15 $ 0.13 $ 0.54 $ 0.49
====================================================================================================================
Book value per share $ 14.34 $ 12.46
====================================================================================================================
OTHER STATISTICAL AND OPERATING DATA (U.S. GAAP) (4)
Return on average assets 1.40% 1.18% 1.45% 1.26%
Return on average equity 16.41% 15.08% 17.08% 16.76%
Non-interest expense to average assets 2.66% 2.80% 2.77% 2.77%
Net interest margin (fully-taxable equivalent) 4.17% 4.14% 4.19% 4.18%
Total allowance for losses on loans to non-performing loans 133.46% 125.29%
Total allowance for losses on loans to total loans 1.32% 1.29%
Non-performing loans to total loans 0.99% 1.03%
Non-performing assets to total assets 0.93% 0.88%
Net charge-offs to average loans (actual for the period) 0.04% 0.12% 0.21% 0.28%
Net charge-offs to average loans (annualized) 0.16% 0.50% 0.21% 0.28%
Equity to assets at period end 8.52% 8.02%
Efficiency ratio 51.09% 54.91% 51.79% 55.67%
- --------------------------------------------------------------------------------------------------------------------
(1) Does not include a $122,000, pre-tax gain on the sale of a former branch
location for the twelve months ended December 31, 2002, and $341,000 and
$367,000, pre-tax, merger-related charges for the three and twelve months
ended December 31, 2002. Includes $202,500 and $810,000, pre-tax reduction
in tax expense for the three and twelve months ended December 31, 2003,
respectively, resulting from a one-time pre-tax savings of $810,000 for
2003.
(2) Based on 5,545,236, 5,487,436, 5,357,838 and 5,317,313 weighted-average
shares outstanding for the three and twelve months ended December 31, 2003
and 2002, respectively.
(3) Based on 5,709,260, 5,628,430, 5,492,513 and 5,438,598 weighted-average
shares outstanding for the three and twelve months ended December 31, 2003
and 2002, respectively.
(4) Annualized where appropriate.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 8, 2004 Press Release
At December 31,
(In thousands, except share data) 2003 2002
- --------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL
BALANCE SHEET - ASSETS
Cash and cash equivalents 20,513 24,658
Trading account securities
Securities available for sale 75,886 81,214
Securities held to maturity 3,659 2,575
Other securities 5,998 5,764
Total securities 85,543 89,553
Total cash and securities 106,056 114,211
Loans and leases held for investment (1) 818,680 708,043
Loans and leases held for sale (1) 194 1,245
Total loans and leases (1) 818,874 709,288
Allowance for losses on loans 10,836 9,141
Goodwill 413 413
Other intangible assets
Total intangible assets 413 413
Mortgage servicing rights 2,983 1,797
Purchased credit card relationships
Other real estate owned 585
Other assets 20,206 17,061
Total assets 938,281 833,639
BALANCE SHEET - LIABILITIES
Deposits 717,821 663,813
Borrowings 130,352 94,358
Other liabilities 5,172 3,569
Total liabilities 853,345 761,740
Redeemable preferred stock
Trust preferred securities 5,000 5,000
Minority interests 8 8
Other mezzanine level items
Total mezzanine level items 5,008 5,008
Total liabilities and mezzanine level items 858,353 766,748
BALANCE SHEET - EQUITY
Preferred equity
Common equity 79,928 66,881
MEMO ITEM: Net unrealized gain (loss) on securities
available for sale, net of tax 915 1,206
End of period shares outstanding (2) 5,572,686 5,369,208
Options outstanding 577,022 722,842
Treasury shares held by the Company 21,542 225,020
- --------------------------------------------------------------------------------
(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)
January 8, 2004 Press Release
For the At or For the
three months twelve months
ended ended
December 31, December 31,
(In thousands, except share data) 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL (continued)
Repurchase plan announced? No No No No
Number of shares to be repurchased in plan N/A N/A N/A N/A
Number of shares repurchased during the period N/A N/A N/A N/A
Average price of repurchased shares N/A N/A N/A N/A
INCOME STATEMENT
Interest income 14,179 14,287 55,170 57,222
Interest expense 5,004 5,911 20,468 24,723
Net interest income 9,175 8,376 34,702 32,499
Net interest income (fully-taxable equivalent) 9,303 8,508 35,246 33,055
Provision for losses on loans 841 1,105 3,347 2,757
Non-recurring income:
Gain on sale of a former branch -- -- -- 122
Non-recurring expense:
Merger-related expenses -- 341 -- 367
Trading account income -- -- -- --
Foreign exchange income -- -- -- --
Trust income -- -- -- --
Insurance commissions 716 669 2,827 2,457
Service charges on deposits 879 459 3,058 1,734
Gain on sale of loans 389 954 4,080 2,358
Gain on investment securities transactions 57 14 314 315
Other non-interest income 739 277 1,259 1,127
Total non-interest income 2,780 2,373 11,538 7,991
Employee compensation and benefits 3,429 3,330 14,201 13,123
Occupancy and equipment expense 749 644 2,910 2,433
Foreclosed property expense -- -- -- --
Amortization of intangibles -- -- -- --
Other general, administrative and other expense 1,964 1,644 6,939 6,741
Total non-interest expenses 6,142 5,618 24,050 22,297
Net income before taxes 4,972 3,685 18,843 15,191
Federal income taxes 1,736 1,183 6,266 4,851
Net income before extraordinary items 3,236 2,502 12,577 10,340
Extraordinary items -- -- -- --
Net income 3,236 2,502 12,577 10,340
CHARGE-OFFS
Loan charge-offs 401 1,149 2,044 2,563
Recoveries on loans 84 266 467 602
Net loan charge-offs 317 883 1,577 1,961
AVERAGE BALANCE SHEET
Average loans and leases 802,322 707,487 754,519 690,545
Average other earning assets 83,284 108,566 86,484 100,308
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 8, 2004 Press Release
For the At or For the
three months twelve months
ended ended
December 31, December 31,
(In thousands, except share data) 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL (continued)
AVERAGE BALANCE SHEET (continued)
Average total earning assets 885,606 816,043 841,003 790,853
Average total assets 914,479 844,216 868,006 818,312
Average non-interest bearing deposits 65,560 60,801 62,627 57,769
Average total time deposits 436,810 422,737 422,905 409,657
Average other interest-bearing deposits 191,402 184,984 188,426 183,198
Average total interest-bearing deposits 628,212 607,721 611,331 592,855
Average borrowings 139,303 105,716 117,328 101,818
Average interest-bearing liabilities 767,515 713,437 728,659 694,673
Average preferred equity -- -- -- --
Average common equity 78,228 65,802 73,641 61,677
ASSET QUALITY AND OTHER DATA
Non-accrual loans 7,602 6,029
Renegotiated loans -- --
Loans 90+ days past due and still accruing 517 1,267
Total non-performing loans 8,119 7,296
Other real estate owned 585 --
Total non-performing assets 8,704 7,296
ADDITIONAL DATA
1 - 4 family mortgage loans serviced for others 255,695 187,038
Proprietary mutual fund balances -- --
Fair value of securities held to maturity 3,583 2,522
Full-time equivalent employees 346 323
Total number of full-service banking offices 25 24
Total number of bank and thrift subsidiaries 1 1
Total number of ATMs 28 27
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
January 8, 2004 Press Release
For the At or For the
three months twelve months
ended ended
December 31, December 31,
(In thousands, except share data) 2003 2002 2003 2002
- ----------------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL (continued)
LOANS RECEIVABLE
1 - 4 family residential 174,952 180,037
Home equity 33,173 22,762
Multi-family residential 24,072 40,898
Commercial real estate 316,862 223,283
Construction and land development 56,436 38,349
Commercial and other 140,550 130,163
Consumer 72,645 73,720
Credit cards 1,729 1,694
- ----------------------------------------------------------------------------------------
Loans receivable - gross 820,419 710,906
Unearned interest (1,545) (1,618)
- ----------------------------------------------------------------------------------------
Loans receivable - net of unearned interest 818,874 709,288
Allowance for losses on loans (10,836) (9,141)
- ----------------------------------------------------------------------------------------
Loans receivable - net (1) 808,038 700,147
========================================================================================
DEPOSITS
Transaction accounts
Non-interest bearing 66,712 61,846
Interest-bearing 62,033 59,359
Savings accounts 48,225 44,353
Money market deposit accounts 76,543 76,057
Other core interest-bearing 314,800 314,847
- ----------------------------------------------------------------------------------------
Total core deposit accounts 568,313 556,462
Non-core interest-bearing 149,508 107,351
- ----------------------------------------------------------------------------------------
Total deposits 717,821 663,813
========================================================================================
Yield/average earning assets
(fully-taxable equivalent) 6.41% 7.01% 6.62% 7.31%
Cost/average earning assets 2.24% 2.87% 2.43% 3.13%
- ----------------------------------------------------------------------------------------
Net interest income
(fully-taxable equivalent) 4.17% 4.14% 4.19% 4.18%
========================================================================================
(1) Does not include mortgage servicing rights.