EXHIBIT 99
[LOGO] OAK HILL
FINANCIAL, INC.
For Immediate Release
Thursday, October 13, 2005
Contact: David G. Ratz, Executive Vice President
(740) 286-3283
Oak Hill Financial Reports 14.5% Earnings Increase
Jackson, Ohio -- Oak Hill Financial, Inc. (Nasdaq NMS: OAKF) today reported net
earnings from operations for the three months ended September 30, 2005 of
$3,787,000, or $0.65 per diluted share, which exceeded analysts' consensus
estimate of $0.573 per share (source: Thomson Financial as reported by
nasdaq.com). The third quarter 2005 earnings represent a 14.5% increase over the
$3,307,000, or $0.58 per diluted share, in net earnings from operations that the
company recorded for the quarter ended September 30, 2004.
For the nine months ended September 30, 2005, Oak Hill Financial recorded net
earnings from operations of $7,485,000, or $1.29 per diluted share, as compared
to the $9,702,000, or $1.70 per diluted share, in net earnings from operations
for the first nine months of 2004.
The operating earnings for the third quarter and first nine months of 2005 have
been adjusted for non-recurring tax savings of $261,000 and $783,000,
respectively, resulting from a one-time tax savings of $1.0 million for the full
year 2005. Also, the operating earnings do not include $24,000 and $205,000 of
gains on the sale of former branch facilities, and $49,000 and $502,000 of
merger-related charges, for the three and nine months ended September 30, 2005,
respectively. The facilities sale and merger-related charges resulted from the
company's acquisition of Lawrence Financial Holdings, Inc. on April 1, 2005.
Including the non-recurring items, the company's U.S. GAAP (accounting
principles generally accepted in the United States) net income was $3,939,000,
or $0.68 per diluted share, for the third quarter of 2005 and $7,800,000, or
$1.34 per diluted share, for the nine months ended September 30, 2005, which
compares to U.S. GAAP net income of $3,214,000, or $0.57 per diluted share, for
the third quarter of 2004, and $9,609,000, or $1.69 per diluted share, for the
first nine months of 2004.
The company's total assets ended the third quarter of 2005 at $1.23 billion, an
increase of 20.8% over the $1.02 billion in total assets recorded at September
30, 2004. Net loans at September 30, 2005 were $995.6 million, up 13.8% over the
$875.1 million in net loans at September 30, 2004. The year-over-year
comparisons are enhanced by Oak Hill Financial's acquisitions of Ripley National
Bank and Lawrence Financial Holdings. The fourth quarter 2004 acquisition of
Ripley National added $58.6 million in assets and $39.1 million in loans to Oak
Hill Financial's totals, while the Lawrence Financial transaction brought $116.9
million in assets and $76.5 million in loans to the company.
Discussing the results of the third quarter, Oak Hill Financial President and
CEO R. E. Coffman, Jr., said, "Overall, we are pleased with our performance. The
company posted a healthy increase in earnings, which was driven primarily by
improvement in the net interest margin, growth in non-interest income, and lower
loan loss provision."
"We are also making progress in improving our nonperforming loans and assets
ratios," Coffman added, "and we had a favorable quarter in terms of loan
recoveries. Our special assets and credit administration people are working
diligently on the nonperforming loans, and we are firmly committed to further
improvement in this area."
"Conversely, our loan totals were static in the third quarter as loan demand in
our market areas remained below average and we continued to experience payoffs
on commercial loans. Also, some of the pricing we've seen for commercial and
commercial real estate loans is below what we consider prudent in the current
rate environment. As a result, rather than meet the competition's pricing, we
have chosen not to pursue certain lending opportunities and have allowed a few
larger existing credits to pay off. We are much more focused on the net interest
margin and credit quality, not on growth solely for the sake of growth."
Looking forward, Coffman said, "We continue to follow an aggressive plan to grow
revenues while keeping a close eye on operating expenses. We have added to our
commercial lending, mortgage origination, investment services, and insurance
teams, and we are concentrating on growth in these areas. Also, we had
considerable success in the third quarter growing our core transaction accounts
and are in the process of rolling out new marketing programs to further build
our retail customer base."
Key Issue Review and Outlook
Net Interest Margin - Net interest margin for the third quarter was 3.72%, as
compared to the 4.08% posted in the third quarter of 2004 and the 3.61% recorded
for the second quarter of 2005. Management attributes the linked-quarter
improvement in the margin to the company's continued discipline in loan and
deposit pricing and recent increases in the prime rate. However, the flat yield
curve is constraining asset yields somewhat, and the company continues to
experience pressure on both loan rates and liability costs. Management believes
that the margin can be maintained in the range attained in the second and third
quarters.
Operating Expenses - Non-interest expenses from operations were 2.72% of average
assets for the third quarter of 2005, which compares to 2.64% for the third
quarter of 2004 and 2.67% for the second quarter of 2005. The linked-quarter
change is due primarily to increased compensation expense, including incentive
and commission compensation, resulting from the addition of commercial lending,
mortgage origination, and investment services personnel. Also, the non-interest
expense ratio continues to be affected by the integration of Lawrence Financial,
which had a higher level of operating expenses. However, the impact of Lawrence
Federal on expenses is mitigating and the cost savings to date from the
transaction are as expected and should be fully realized by mid-2006. The
company's efficiency ratio from operations for the third quarter of 2005 was
58.9%, as compared to 52.5% in the prior year's quarter and 59.0% in the second
quarter of 2005.
Non-Interest Income - Non-interest income from operations, including gain on
sale of loans, was $3.0 million in the third quarter, an increase of 23.8% over
the third quarter of 2004 and 5.9% over the second quarter of 2005. The
linked-quarter increase was the result of increases in deposit service charges,
insurance commissions, gain on sale of loans, ATM fees, investment services
income, and income from bank-owned life insurance. Offsetting the linked-quarter
increase was a decline in the gain on the sale of investments and increased
amortization of mortgage servicing rights, which the company accounts for as a
reduction in other non-interest income.
Asset Quality - At the end of the third quarter, the nonperforming loans/total
loans and nonperforming assets/total assets ratios were 1.67% and 1.41%,
respectively, an improvement from the 1.76% and 1.53%, respectively, recorded at
June 30, 2005. The improvements were due to decreases of $1.5 million and
$246,000 in nonaccrual loans and other real estate owned, respectively, which
was partially offset by a $600,000 increase in loans 90 days past due.
The largest of the company's nonperforming loans is a group of commercial real
estate loans from a single relationship totaling $5.4 million. A $2.0 million
charge-off on this relationship was reported by the company previously, and
management believes that further losses on this relationship will be minimal.
The second largest of the nonperforming loans, also reported previously, is a
$3.4 million commercial real estate loan on which little or no loss is
anticipated.
The company's net charge-offs (non-annualized) were 0.02% of total loans for the
quarter, as compared to 0.07% in the third quarter of 2004. The low net
charge-offs were driven by strong recoveries during the quarter. Going forward,
the company does not anticipate such a high level of recoveries and expects net
charge-offs to be more in line with its historical range.
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. The ALLL/total loans ratio began the third quarter at
1.32%. Management's ongoing analysis of the above factors indicated that the
1.32% ALLL/total loans ratio was still appropriate at September 30.
Asset/Loan Growth - Oak Hill Financial's total assets increased at a 5.9% annual
rate from June 30 to September 30, while net loans declined at an annualized
0.9%. The lack of linked-quarter growth was the result of below-average loan
demand in the company's market areas, payoffs of several large loans during the
quarter, and the company's continued focus on improving credit quality and
disciplined loan pricing.
Stock Buyback - In May, Oak Hill Financial announced a program under which it
may repurchase up to 290,000 shares, or approximately 5.0%, of its outstanding
common stock. The new program replaced the company's previous repurchase plan,
which was announced in February 2004. During the third quarter of 2005, Oak Hill
Financial repurchased 79,644 common shares under its new buyback program. A
total of 216,295 common shares have been repurchased by the company under its
buyback plans during the first nine months of 2005.
Expansion - During the third quarter, the company's Oak Hill Banks affiliate
broke ground on a new branch in Mt. Orab, Ohio, a growing community east of
Cincinnati. In the fourth quarter, the bank expects to open Business Financial
Centers in the Ohio communities of Athens and Lancaster to serve the lending,
depository, and financial services needs of small and mid-size businesses in
those communities.
Oak Hill Financial is a financial holding company headquartered in Jackson,
Ohio. Its subsidiary, Oak Hill Banks, operates 34 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, benefits administration, and other insurance services to
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)
October 13, 2005 Press Release
At September 30,
(In thousands) 2005 2004
- --------------------------------------------------------------------------------
SUMMARY OF FINANCIAL CONDITION
Total assets $1,229,228 $1,017,917
Interest-bearing deposits and federal funds sold 4,802 1,317
Investment securities 131,066 82,256
Loans receivable - net 995,632 875,135
Deposits 980,246 790,656
Federal Home Loan Bank advances and other borrowings 149,921 138,797
Stockholders' equity 93,860 84,889
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 For the
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except share data) 2005 2004 2005 2004
- ------------------------------------------------------------------------------------------------------
RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES
Net earnings (U.S. GAAP) $ 3,939 $ 3,214 $ 7,800 $ 9,609
Non-recurring items, net of tax:
Gain on sale of branch locations and other fixed assets (16) -- (133) --
Merger-related expenses 33 93 327 93
Reduction in tax expense (169) -- (509) --
- ------------------------------------------------------------------------------------------------------
Net earnings from operations $ 3,787 $ 3,307 $ 7,485 $ 9,702
======================================================================================================
Diluted earnings per share (U.S. GAAP) $ 0.68 $ 0.57 $ 1.34 $ 1.69
Non-recurring items, net of tax:
Gain on sale of branch locations and other fixed assets -- -- (0.02) --
Merger-related expenses -- 0.01 0.06 0.01
Reduction in tax expense (0.03) -- (0.09) --
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Diluted earnings per share from operations $ 0.65 $ 0.58 $ 1.29 $ 1.70
======================================================================================================
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
October 13, 2005 Press Release
For the For the
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except share data) 2005 2004 2005 2004
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RECONCILIATION OF NON-GAAP NET EARNINGS,
DILUTED EARNINGS PER SHARE AND OTHER PERFORMANCE MEASURES (continued)
Non-interest income (U.S. GAAP) $ 3,013 $ 2,414 $ 8,556 $ 7,530
Non-recurring items:
Gain on sale of branch locations and other fixed assets (24) -- (205) --
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Non-interest income from operations $ 2,989 $ 2,414 $ 8,351 $ 7,530
==================================================================================================================================
Non-interest expense (U.S. GAAP) $ 8,144 $ 6,745 $ 22,938 $ 19,669
Non-recurring items:
Merger-related expenses (49) (143) (502) (143)
Reduction in tax expense 261 -- 783 --
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Non-interest expense from operations $ 8,356 $ 6,602 $ 23,219 $ 19,526
==================================================================================================================================
SUMMARY OF OPERATIONS (1)(2)(3)
Interest income $ 18,179 $ 14,933 $ 51,046 $ 43,495
Interest expense 7,760 5,230 20,955 15,106
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Net interest income 10,419 9,703 30,091 28,389
Provision for losses on loans 212 1,002 5,671 2,285
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Net interest income after provision for losses on loans 10,207 8,701 24,420 26,104
Gain on sale of loans 327 454 869 1,354
Insurance commissions 710 712 2,071 2,224
Other non-interest income 1,952 1,248 5,411 3,952
General, administrative and other expense 8,356 6,602 23,219 19,526
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Earnings before federal income taxes 4,840 4,513 9,552 14,108
Federal income taxes 1,428 1,456 2,692 4,656
Federal new markets tax credit (375) (250) (625) (250)
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Net earnings from operations $ 3,787 $ 3,307 $ 7,485 $ 9,702
==================================================================================================================================
SELECTED PERFORMANCE RATIOS FROM OPERATIONS (1)(2)(3)(5)(6)
Diluted earnings per share $ 0.65 $ 0.58 $ 1.29 $ 1.70
==================================================================================================================================
Return on average assets 1.23% 1.32% 0.86% 1.33%
Return on average equity 16.03% 15.80% 10.96% 15.85%
Non-interest expense to average assets 2.72% 2.64% 2.65% 2.68%
Efficiency ratio 58.86% 52.47% 57.67% 53.69%
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
October 13, 2005 Press Release
At or For the At or For the
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except share data) 2005 2004 2005 2004
- ------------------------------------------------------------------------------------------------------
PER SHARE INFORMATION (U.S. GAAP)
Basic earnings per share (4) $ 0.69 $ 0.58 $ 1.37 $ 1.73
======================================================================================================
Diluted earnings per share (5) $ 0.68 $ 0.57 $ 1.34 $ 1.69
======================================================================================================
Dividends per share $ 0.17 $ 0.15 $ 0.51 $ 0.45
======================================================================================================
Book value per share $ 16.62 $ 15.31
======================================================================================================
OTHER STATISTICAL AND OPERATING DATA (U.S. GAAP) (6)
Return on average assets 1.28% 1.29% 0.89% 1.32%
Return on average equity 16.67% 15.35% 11.43% 15.69%
Non-interest expense to average assets 2.66% 2.70% 2.62% 2.70%
Net interest margin (fully-taxable equivalent) 3.72% 4.08% 3.73% 4.09%
Total allowance for losses on loans to non-performing loans 79.32% 141.47%
Total allowance for losses on loans to total loans 1.32% 1.31%
Non-performing loans to total loans 1.67% 0.93%
Non-performing assets to total assets 1.41% 0.87%
Net charge-offs to average loans (actual for the period) 0.02% 0.07% 0.48% 0.17%
Net charge-offs to average loans (annualized) 0.10% 0.29% 0.64% 0.23%
Equity to assets at period end 7.64% 8.34%
Efficiency ratio 57.31% 53.60% 56.96% 54.09%
- ------------------------------------------------------------------------------------------------------
(1) Excludes $261,000 and $783,000 reduction in tax expense for the three and
nine months ended September 30, 2005 resulting from a tax savings of $1.0
million for 2005.
(2) Does not include $49,000 and $502,000 of merger-related charges for the
three and nine months ended September 30, 2005 and $143,000 of
merger-related charges for the three and nine months ended September 30,
2004.
(3) Does not include $24,000 and $205,000 of gains on the sale of branch
locations and other fixed assets for the three and nine months ended
September 30, 2005.
(4) Based on 5,688,601, 5,543,405, 5,684,826 and 5,550,921 weighted-average
shares outstanding for the three and nine months ended September 30, 2005
and 2004, respectively.
(5) Based on 5,797,053, 5,679,855, 5,812,934 and 5,694,877 weighted-average
shares outstanding for the three and nine months ended September 30, 2005
and 2004, respectively.
(6) Annualized where appropriate.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
October 13, 2005 Press Release
At September 30,
(In thousands, except share data) 2005 2004
- --------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL
BALANCE SHEET - ASSETS
Cash and cash equivalents 26,889 21,725
Trading account securities -- --
Securities available for sale 127,442 78,611
Securities held to maturity 3,624 3,645
Other securities 7,517 6,183
Total securities 138,583 88,439
Total cash and securities 165,472 110,164
Loans and leases held for investment (1) 1,005,795 883,346
Loans and leases held for sale (1) 75 268
Total loans and leases (1) 1,005,870 883,614
Allowance for losses on loans 13,347 11,633
Goodwill 7,441 413
Other intangible assets 4,351 --
Total intangible assets 11,792 413
Mortgage servicing rights 3,109 3,154
Purchased credit card relationships -- --
Other real estate owned 498 666
Bank owned life insurance 12,836 10,000
Other assets 42,998 21,539
Total assets 1,229,228 1,017,917
BALANCE SHEET - LIABILITIES
Deposits 980,246 790,656
Federal Home Loan Bank advances and other borrowings 126,921 128,797
Other liabilities 5,193 3,567
Total liabilities 1,112,360 923,020
Redeemable preferred stock -- --
Trust preferred securities 23,000 10,000
Minority interests 8 8
Other mezzanine level items -- --
Total mezzanine level items 23,008 10,008
Total liabilities and mezzanine level items 1,135,368 933,028
BALANCE SHEET - EQUITY
Preferred equity -- --
Common equity 93,860 84,889
MEMO ITEM: Net unrealized gain (loss) on securities
available for sale, net of tax (217) 901
End of period shares outstanding (2) 5,647,760 5,544,514
Options outstanding 498,783 464,733
Treasury shares held by the Company 226,874 109,069
- --------------------------------------------------------------------------------
(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)
October 13, 2005 Press Release
At or For the At or For the
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except share data) 2005 2004 2005 2004
- --------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL (continued)
Repurchase plan announced? No No Yes Yes
Number of shares to be repurchased in plan(1) N/A N/A 290,000 300,000
Number of shares repurchased during the period(1) 79,644 -- 216,295 134,936
Average price of shares repurchased(1) $ 29.96 -- $ 28.61 $ 32.38
INCOME STATEMENT
Interest income 18,179 14,933 51,046 43,495
Interest expense 7,760 5,230 20,955 15,106
Net interest income 10,419 9,703 30,091 28,389
Net interest income (fully-taxable equivalent) 10,767 9,900 30,985 28,839
Provision for losses on loans 212 1,002 5,671 2,285
Non-recurring expense:
Merger-related expenses 49 143 502 143
Non-recurring income:
Gain on sale of branch locations and other fixed assets 24 -- 205 --
Trading account income -- -- -- --
Foreign exchange income -- -- -- --
Trust income -- -- -- --
Insurance commissions 710 712 2,071 2,224
Service charges on deposits 1,226 927 3,186 2,637
Gain on sale of loans 327 454 869 1,354
Gain on investment securities transactions 138 74 508 276
Other non-interest income 588 247 1,717 1,039
Total non-interest income 2,989 2,414 8,351 7,530
Employee compensation and benefits 4,437 3,665 12,012 10,743
Occupancy and equipment expense 1,037 826 3,090 2,446
Foreclosed property expense -- -- -- --
Amortization of intangibles 299 -- 670 --
Other general, administrative and other expense 2,322 2,111 6,664 6,337
Total non-interest expenses 8,095 6,602 22,436 19,526
Net income before taxes 5,076 4,370 10,038 13,965
Federal income taxes 1,512 1,406 2,863 4,606
Federal new markets tax credit (375) (250) (625) (250)
Net income before extraordinary items 3,939 3,214 7,800 9,609
Extraordinary items -- -- -- --
Net income 3,939 3,214 7,800 9,609
CHARGE-OFFS
Loan charge-offs 1,665 783 6,908 1,957
Recoveries on loans 1,413 138 2,214 468
Net loan charge-offs 252 645 4,694 1,489
AVERAGE BALANCE SHEET
Average loans and leases 1,012,772 872,202 984,481 851,543
Average other earning assets 136,153 92,507 125,175 91,275
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(1) The existing plan, approved on February 26, 2004, was rescinded and a new
plan was announced on May 26, 2005. Under the existing plan, 32,000 shares
were repurchased at an average price of $27.70 during the nine months
ended September 30, 2005. Under the new plan, 79,644 and 184,295 shares
were repurchased at an average price of $29.96 and $28.76 during the three
and nine months ended September 30, 2005, respectively.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
October 13, 2005 Press Release
At or For the At or For the
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except share data) 2005 2004 2005 2004
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SUPPLEMENTAL DETAIL (continued)
AVERAGE BALANCE SHEET (continued)
Average total earning assets 1,148,925 964,709 1,109,656 942,818
Average total assets 1,216,862 994,237 1,169,568 971,656
Average non-interest bearing deposits 92,647 70,780 88,362 69,406
Average total time deposits 592,743 508,413 583,770 496,657
Average other interest-bearing deposits 282,853 206,731 256,424 201,374
Average total interest-bearing deposits 875,596 715,144 840,194 698,031
Average borrowings 148,873 124,430 143,916 120,701
Average interest-bearing liabilities 1,024,469 839,574 984,110 818,732
Average preferred equity -- -- -- --
Average common equity 93,745 83,275 91,275 81,783
ASSET QUALITY AND OTHER DATA
Non-accrual loans 16,021 5,104
Renegotiated loans -- --
Loans 90+ days past due and still accruing 806 3,119
Total non-performing loans 16,827 8,223
Other real estate owned 498 666
Total non-performing assets 17,325 8,889
ADDITIONAL DATA
1 - 4 family mortgage loans serviced for others 247,505 252,859
Proprietary mutual fund balances -- --
Fair value of securities held to maturity 3,881 3,919
Full-time equivalent employees 439 359
Total number of full-service banking offices 34 27
Total number of bank and thrift subsidiaries 1 1
Total number of ATMs 40 31
LOANS RECEIVABLE
1 - 4 family residential 236,898 179,504
Home equity 43,038 41,002
Multi-family residential 32,751 24,007
Commercial real estate 373,992 327,759
Construction and land development 57,298 59,222
Commercial and other 157,497 173,900
Consumer 102,348 77,870
Credit cards 2,049 1,687
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Loans receivable - gross 1,005,871 884,951
Unearned interest (1) (1,337)
- -----------------------------------------------------------------------------------------------------------------------------------
Loans receivable - net of unearned interest 1,005,870 883,614
Allowance for losses on loans (13,347) (11,633)
- -----------------------------------------------------------------------------------------------------------------------------------
Loans receivable - net (1) 992,523 871,981
===================================================================================================================================
(1) Does not include mortgage servicing rights.
Oak Hill Financial, Inc.
SELECTED CONSOLIDATED FINANCIAL INFORMATION (unaudited)
October 13, 2005 Press Release
At or For the At or For the
Three Months Ended Nine Months Ended
September 30, September 30,
(In thousands, except share data) 2005 2004 2005 2004
- ------------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DETAIL (continued)
DEPOSITS
Transaction accounts
Non-interest bearing 100,872 68,974
Interest-bearing 79,425 74,503
Savings accounts 69,946 49,668
Money market deposit accounts 138,084 81,602
Other core interest-bearing 420,786 343,150
- ------------------------------------------------------------------------------------------------------------------------
Total core deposit accounts 809,113 617,897
Non-core interest-bearing accounts 171,133 172,759
- ------------------------------------------------------------------------------------------------------------------------
Total deposits 980,246 790,656
========================================================================================================================
Yield/average earning assets (fully-taxable equivalent) 6.40% 6.24% 6.26% 6.23%
Cost/average earning assets 2.68% 2.16% 2.53% 2.14%
- ------------------------------------------------------------------------------------------------------------------------
Net interest income (fully-taxable equivalent) 3.72% 4.08% 3.73% 4.09%
========================================================================================================================