1
Exhibit 99.1
NEWS RELEASE DATED 04-17-2001
For Additional Information,
Contact Robert O. Bratton,
Chief Financial Officer
(704) 688-4473
or
Jan H. Hollar,
Director of Finance
(704) 721-4467
FOR IMMEDIATE RELEASE
April 17, 2001
FIRST CHARTER ANNOUNCES
FIRST QUARTER EARNINGS
Charlotte, North Carolina - First Charter Corporation (NASDAQ: FCTR) reported
today that first quarter 2001 net income increased to $8.8 million, or $0.28 per
diluted share, compared to $8.6 million, or $0.27 per diluted share in the first
quarter 2000.
"We are pleased to report continued year-over-year earnings growth despite
challenging economic conditions," commented President and Chief Executive
Officer Lawrence M. Kimbrough. "Although a slowing economy has dampened loan
growth, our loan portfolio remains strong, with annualized net charge-offs of
only 0.15% of average gross loans. Deposits continue to grow and noninterest
income increased 16% over the same period last year."
NET INTEREST INCOME
Net interest income for the first quarter of 2001 amounted to $25.4 million
compared to $27.0 million for the same period in 2000. The decrease was driven
by the slowing economy, which effectively decreased loan demand and compressed
the net interest margin. First Charter's balance sheet is structured in such a
way that, over time, a decrease in interest rates should have a positive effect
on net income. However, the short term impact is negative as variable rate
assets reprice frequently and are therefore immediately impacted by decreases in
interest rates while maturing liabilities take longer to reprice. The net
interest margin has decreased to 3.90% in the first quarter of 2001, from 4.17%
for the quarter ended December 31, 2000 and 4.19% for the quarter ended
September 30, 2000.
2
NONINTEREST INCOME
Noninterest income for the first quarter of 2001 increased 16% to $8.4 million
compared to $7.3 million for the same period in 2000. This increase was driven
primarily by increases in service charge income on deposit accounts, continued
growth of First Charter Insurance Services and financial management income.
NONINTEREST EXPENSE
Noninterest expense for the first quarter of 2001 totaled $20.0 million compared
to $19.8 million for the same period in 2000. This increase was primarily
attributable to operating costs associated with the four financial centers
acquired during the fourth quarter of 2000 and to an increase in occupancy and
equipment expense as a result of the move into the First Charter Center. These
increases were partially offset by lower salaries and employee benefits expenses
due to synergies realized as part of the Carolina First BancShares, Inc.
acquisition consummated April 4, 2000.
BALANCE SHEET
Total assets at March 31, 2001 amounted to $3.08 billion, compared to $2.93
billion at December 31, 2000 and $2.75 billion at March 31, 2000. Net loans at
March 31, 2001 amounted to $1.96 billion, compared to $2.13 billion at December
31, 2000 and $2.03 billion at March 31, 2000. This decrease from prior periods
was due to the securitization of $167.0 million of mortgage loans in February
2001. The securitized mortgage loans are now classified as mortgage backed
securities in our available for sale portfolio. The securities available for
sale portfolio increased to $876.4 million at March 31, 2001, compared to $441.0
million at December 31, 2000, and $476.0 million at March 31, 2000. The increase
in securities available for sale was due to the mortgage loan securitization, as
well as purchases of securities available for sale made to increase our interest
earning assets.
Total deposits at March 31, 2001 amounted to $2.01 billion, compared to $2.00
billion at December 31, 2000 and $1.86 billion at March 31, 2000. Shareholders'
equity at March 31, 2001 was $319.0 million, which represented a book value per
share of $10.06 and an equity-to-assets percentage of 10.35%. Based on the
$15.5625 closing price of First Charter Corporation common stock at March 31,
2001, the Corporation had a market capitalization of $493.5 million.
ASSET QUALITY
The provision for loan losses for the three months ended March 31, 2001 amounted
to $0.8 million, compared to $2.0 million for the same period in 2000. The
decrease in the provision for the three months ended March 31, 2001 as compared
to the same period in 2000 was due to lower loan growth and lower net
charge-offs.
Total nonperforming assets and loans 90 days or more past due and still accruing
at March 31, 2001 remained relatively constant at $30.7 million as compared to
$30.0 million at December 31, 2000 and increased from $15.1 million at March 31,
2000. As a percentage of total assets, nonperforming assets have decreased to
0.99% at March 31, 2001 compared to 1.01% at December 31, 2000 and have
increased from 0.42% at March 31, 2000. Net loan charge-offs as a percentage of
average gross loans decreased to 0.15% (annualized) as compared to 0.20% for the
year ended December 31, 2000 and 0.20% (annualized) for the three months ended
March 31, 2000. At March 31, 2001 the allowance for loan losses as a percentage
of gross loans was 1.41% compared to 1.32% and 1.27% at December 31, 2000 and
March 31, 2000, respectively. The
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increase in the allowance for loan losses as a percentage of gross loans is
primarily attributable to the mortgage loan securitization which removed
$417,000 of allowance for loan losses when the loans were securitized and
reclassified from loans into securities available for sale. Securitized loans
consisted of residential mortgage loans which generally have a lower percentage
of allocated allowance for loan losses.
CONFERENCE CALL
First Charter executive management will be available via telephone conference to
discuss the issues related to the contents of this press release as well as to
present growth and earnings estimates for the second quarter of 2001 on
Wednesday, April 18, 2001 at 1:00 p.m. In order to participate in this
conference call, dial 1-888-404-8794 and use the conference code 7046884460.
Additionally, the Investment Community may listen to the conference call via the
internet by visiting our web site www.FirstCharter.com and following the link
provided under our "Shareholder Information" section. Replays of this conference
call will be made available for 14 days following the conference call.
CORPORATE PROFILE
First Charter Corporation is a regional financial services company with assets
of $3.08 billion and is the holding company for First Charter National Bank.
First Charter operates 52 financial centers, five insurance offices and 99 ATMs
located in 17 counties throughout the western half of North Carolina. First
Charter provides businesses and individuals with a broad range of financial
services, including banking, comprehensive financial planning, funds management,
investments, insurance, mortgages and a full array of employee benefit programs.
Additional information about First Charter can be found by visiting
www.FirstCharter.com or by calling 1-800-601-8471. Common stock for First
Charter is traded under the symbol "FCTR" on The NASDAQ National Market.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. Such statements are
subject to certain factors that may cause the company's results to vary from
those expected. These factors include changing economic and financial market
conditions, competition, ability to execute our business plan, items already
mentioned in this press release, and other factors described in our filings with
the Securities and Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect management's
judgment only as of the date hereof. The company undertakes no obligation to
publicly revise these forward-looking statements to reflect events and
circumstances that arise after the date hereof.
(SELECTED FINANCIAL INFORMATION IS ATTACHED)
4
FIRST CHARTER CORPORATION AND SUBSIDIARIES (NASDAQ: FCTR)
QUARTERLY EARNINGS RELEASE
For the Three Months Ended Increase (Decrease)
--------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/2001 3/31/2000 Amount Percentage
- ---------------------------------------------------------------------------------------------------------------------
INCOME STATEMENT
Interest income - taxable equivalent $ 54,567 $ 52,079 $ 2,488 4.8 %
Interest expense 28,691 24,599 4,092 16.6
--------------------------------------------------------
Net interest income - taxable equivalent 25,876 27,480 (1,604) (5.8)
Less: Taxable equivalent adjustment 497 441 56 12.7
--------------------------------------------------------
Net interest income 25,379 27,039 (1,660) (6.1)
Provision for loan losses 750 1,970 (1,220) (61.9)
--------------------------------------------------------
Net interest income after provision for loan losses 24,629 25,069 (440) (1.8)
Noninterest income 8,420 7,275 1,145 15.7
Noninterest expense 20,043 19,831 212 1.1
--------------------------------------------------------
Income before income taxes 13,006 12,513 493 3.9
Income taxes 4,162 3,944 218 5.5
--------------------------------------------------------
NET INCOME $ 8,844 $ 8,569 $ 275 3.2 %
========================================================
- ---------------------------------------------------------------------------------------------------------------------
EARNINGS PER SHARE DATA
Basic $ 0.28 $ 0.27 $ 0.01 3.7 %
Diluted 0.28 0.27 0.01 3.7
Weighted average shares - basic 31,696,764 31,245,099
Weighted average shares - diluted 31,833,564 31,399,895
Dividends paid on common shares $ 0.18 $ 0.17 $ 0.01 5.9 %
- ---------------------------------------------------------------------------------------------------------------------
PERFORMANCE RATIOS
Return on average assets 1.24 % 1.28 %
Return on average equity 11.46 11.70
Efficiency - taxable equivalent (*) 58.90 57.31
- ---------------------------------------------------------------------------------------------------------------------
For the Three Months Ended
-------------------------------
SCHEDULE OF OTHER ITEMS INCLUDED IN EARNINGS 3/31/2001 3/31/2000
-------------------------------
Noninterest income
Equity investment write down (144) (500)
Equity method income 111 -
-----------------------------
Total other items $ (33) $ (500)
=============================
Other items, net of tax $ (22) $ (342)
=============================
- ---------------------------------------------------------------------------------------------------------------------
Notes: Applicable ratios are annualized.
* - Noninterest expense divided by the sum of taxable equivalent net
interest income plus noninterest income less gain on sale of
securities.
5
FIRST CHARTER CORPORATION AND SUBSIDIARIES (NASDAQ: FCTR)
QUARTERLY EARNINGS RELEASE
As of / For the Quarter Ended Increase (Decrease)
---------------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/2001 3/31/2000 Amount Percentage
- ----------------------------------------------------------------------------------------------------------------------
BALANCE SHEET
ASSETS:
Cash and due from banks $ 67,770 $ 84,712 $ (16,942) (20.0)%
Federal funds sold 1,233 624 609 97.6
Interest earning bank deposits 6,298 3,284 3,014 91.8
Securities held to maturity - 35,324 (35,324) (100.0)
Securities available for sale 876,421 476,017 400,404 84.1
Loans
Commercial 1,112,121 1,033,059 79,062 7.7
Residential real estate 579,869 759,502 (179,633) (23.7)
Home equity 188,016 148,253 39,763 26.8
Installment 106,760 111,006 (4,246) (3.8)
---------------------------------------------------------------
Total loans 1,986,766 2,051,820 (65,054) (3.2)
Less: Unearned income (281) (164) (117) 71.3
Allowance for loan losses (28,049) (25,979) (2,070) 8.0
---------------------------------------------------------------
Loans, net 1,958,436 2,025,677 (67,241) (3.3)
---------------------------------------------------------------
Other assets 171,105 128,540 42,565 33.1
---------------------------------------------------------------
Total assets $ 3,081,263 $ 2,754,178 $ 327,085 11.9 %
===============================================================
LIABILITIES AND SHAREHOLDERS' EQUITY:
Deposits
Noninterest-bearing deposits $ 248,212 $ 239,645 $ 8,567 3.6 %
Interest checking and savings 369,718 439,575 (69,857) (15.9)
Money market deposits 251,547 244,793 6,754 2.8
Time deposits 1,142,610 932,167 210,443 22.6
---------------------------------------------------------------
Total deposits 2,012,087 1,856,180 155,907 8.4
Other borrowings 696,134 567,536 128,598 22.7
Other liabilities 54,063 32,485 21,578 66.4
---------------------------------------------------------------
Total liabilities 2,762,284 2,456,201 306,083 12.5
---------------------------------------------------------------
Total shareholders' equity 318,979 297,977 21,002 7.0
---------------------------------------------------------------
Total liabilities and shareholders' equity $ 3,081,263 $ 2,754,178 $ 327,085 11.9 %
===============================================================
- ----------------------------------------------------------------------------------------------------------------------
SELECTED AVERAGE BALANCES
Loans $ 2,043,217 $ 1,997,860 $ 45,357 2.3 %
Securities 620,522 513,501 107,021 20.8
Interest earning assets 2,676,436 2,519,053 157,383 6.2
Assets 2,884,703 2,685,082 199,621 7.4
Deposits 1,973,002 1,821,291 151,711 8.3
Interest bearing liabilities 2,286,163 2,139,254 146,909 6.9
Shareholders' equity 313,081 294,442 18,639 6.3
- ----------------------------------------------------------------------------------------------------------------------
As of / For the Quarter Ended
-------------------------------------------------------------------------------
3/31/2001 12/31/2000 9/30/2000 6/30/2000 3/31/2000
-------------------------------------------------------------------------------
MISCELLANEOUS INFORMATION
Common stock prices (daily close)
High $ 16.0000 $ 15.7500 $ 16.8750 $ 17.5000 $ 14.6250
Low 13.4380 13.0000 13.6250 12.5000 12.5000
End of period 15.5625 14.8750 14.4375 15.7500 13.0000
Book Value 10.06 9.79 9.49 9.19 9.52
Market Capitalization 493,491,824 470,068,787 455,079,197 494,695,987 407,094,792
Weighted average shares - basic 31,696,764 31,588,105 31,503,251 31,402,488 31,245,099
Weighted average shares - diluted 31,833,564 31,688,490 31,646,483 31,584,528 31,399,895
End of period shares outstanding 31,710,318 31,601,263 31,520,637 31,409,269 31,314,984
- ----------------------------------------------------------------------------------------------------------------------
6
FIRST CHARTER CORPORATION AND SUBSIDIARIES (NASDAQ: FCTR)
QUARTERLY EARNINGS RELEASE
As of / For the Quarter Ended
------------------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/2001 12/31/2000 9/30/2000 6/30/2000 3/31/2000
- -------------------------------------------------------------------------------------------------------------------------------
INCOME STATEMENT
INTEREST INCOME - TAXABLE EQUIVALENT
Interest and fees on loans $ 43,931 $ 48,622 $ 47,113 $ 45,277 $ 43,478
Interest on securities 10,449 8,260 8,036 8,389 8,474
Other interest income 187 114 66 167 127
------------------------------------------------------------------
Total interest income - taxable equivalent 54,567 56,995 55,215 53,833 52,079
------------------------------------------------------------------
INTEREST EXPENSE
Interest on deposits 21,129 21,537 19,461 17,413 16,852
Other interest expense 7,562 7,914 8,604 8,786 7,747
------------------------------------------------------------------
Total interest expense 28,691 29,451 28,065 26,199 24,599
------------------------------------------------------------------
Net interest income - taxable equivalent 25,876 27,544 27,150 27,634 27,480
Less: Taxable equivalent adjustment 497 471 476 490 441
------------------------------------------------------------------
NET INTEREST INCOME 25,379 27,073 26,674 27,144 27,039
Provision for loan losses 750 2,075 2,200 1,370 1,970
------------------------------------------------------------------
NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES 24,629 24,998 24,474 25,774 25,069
------------------------------------------------------------------
NONINTEREST INCOME
Service charges on deposit accounts 2,918 2,835 2,710 3,091 2,551
Insurance and other fee income 2,954 2,511 2,412 2,248 2,560
Financial management income 775 609 832 698 680
Gain (loss) on sale of securities 267 (1,290) (3,425) 260 152
Other noninterest income 1,506 3,126 5,157 1,516 1,332
------------------------------------------------------------------
Total noninterest income 8,420 7,791 7,686 7,813 7,275
------------------------------------------------------------------
NONINTEREST EXPENSE
Salaries and employee benefits 10,353 10,361 9,521 10,433 10,628
Occupancy and equipment 3,570 3,191 2,898 3,171 3,082
Other noninterest expense 6,120 5,917 5,338 22,066 6,121
------------------------------------------------------------------
Total noninterest expense 20,043 19,469 17,757 35,670 19,831
------------------------------------------------------------------
Income (loss) before taxes 13,006 13,320 14,403 (2,083) 12,513
Income taxes 4,162 4,223 4,464 681 3,944
------------------------------------------------------------------
NET INCOME (LOSS) $ 8,844 $ 9,097 $ 9,939 $ (2,764) $ 8,569
==================================================================
- -------------------------------------------------------------------------------------------------------------------------------
EARNINGS (LOSS) PER SHARE DATA
Basic $ 0.28 $ 0.29 $ 0.32 $ (0.09) $ 0.27
Diluted 0.28 0.29 0.31 (0.09) 0.27
Dividends paid on common shares 0.18 0.18 0.18 0.17 0.17
- -------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE RATIOS
Return on average assets 1.24 % 1.28 % 1.43 % (0.40) % 1.28 %
Return on average equity 11.46 11.87 13.31 (3.67) 11.70
Efficiency - taxable equivalent (*) 58.90 53.16 46.41 101.37 57.31
Noninterest income as a percentage of
total income 24.91 22.35 22.37 22.35 21.20
Equity as a percentage of total assets 10.35 10.55 10.73 10.35 10.82
Average earning assets as a percentage of
average total assets 92.78 93.00 92.99 93.04 93.82
Average loans as a percentage of average
deposits 103.56 108.89 112.18 111.69 109.69
- -------------------------------------------------------------------------------------------------------------------------------
As of / For the Quarter Ended
------------------------------------------------------------------
SCHEDULE OF OTHER ITEMS INCLUDED IN EARNINGS 3/31/2001 12/31/2000 9/30/2000 6/30/2000 3/31/2000
------------------------------------------------------------------
Noninterest income
Gain (loss) on sale of loans - - - (99) -
Fixed income portfolio restructuring losses - (1,059) (2,854) - -
Equity investment write down (144) (231) (571) (299) (500)
Equity method income 111 28 4,106 446 -
Gain on sale of properties - 2,261 527 - -
Noninterest expense
Charitable trust - (1,000) - - -
Merger and restructuring charges - - - (16,250) -
------------------------------------------------------------------
Total other items $ (33) $ (1) $ 1,208 $(16,202) $ (500)
------------------------------------------------------------------
Other items, net of tax $ (22) $ - $ 825 $(12,253) $ (342)
==================================================================
- -------------------------------------------------------------------------------------------------------------------------------
Notes: Applicable ratios are annualized.
* - Noninterest expense divided by the sum of taxable equivalent net
interest income plus noninterest income less gain on sale of
securities.
7
FIRST CHARTER CORPORATION AND SUBSIDIARIES (NASDAQ: FCTR)
QUARTERLY EARNINGS RELEASE
As of / For the Quarter Ended
--------------------------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/2001 12/31/2000 9/30/2000 6/30/2000 3/31/2000
- ------------------------------------------------------------------------------------------------------------------------
BALANCE SHEET
ASSETS:
Cash and due from banks $ 67,770 $ 71,196 $ 72,876 $ 72,299 $ 84,712
Federal funds sold 1,233 1,015 1,020 1,658 624
Interest earning bank deposits 6,298 122,461 5,461 8,196 3,284
Securities held to maturity - - - - 35,324
Securities available for sale 876,421 441,031 474,077 500,310 476,017
Loans
Commercial 1,112,121 1,126,569 1,094,170 1,097,377 1,033,059
Residential real estate 579,869 743,010 741,479 722,512 759,502
Home equity 188,016 179,028 169,622 159,909 148,253
Installment 106,760 109,015 106,158 109,728 111,006
--------------------------------------------------------------------------
Total loans 1,986,766 2,157,622 2,111,428 2,089,526 2,051,820
Less: Unearned income (281) (215) (284) (152) (164)
Allowance for loan losses (28,049) (28,447) (27,861) (26,700) (25,979)
--------------------------------------------------------------------------
Loans, net 1,958,436 2,128,960 2,083,283 2,062,674 2,025,677
--------------------------------------------------------------------------
Other assets 171,105 167,536 151,238 143,289 128,540
--------------------------------------------------------------------------
Total assets $ 3,081,263 $ 2,932,199 $ 2,787,955 $ 2,788,426 $ 2,754,178
==========================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY:
Deposits
Noninterest-bearing deposits $ 248,212 $ 242,983 $ 279,765 $ 252,595 $ 239,645
Interest checking and savings 369,718 377,057 357,739 396,147 439,575
Money market deposits 251,547 244,343 223,508 229,594 244,793
Time deposits 1,142,610 1,133,851 1,061,428 992,622 932,167
--------------------------------------------------------------------------
Total deposits 2,012,087 1,998,234 1,922,440 1,870,958 1,856,180
Other borrowings 696,134 570,024 519,762 584,144 567,536
Other liabilities 54,063 54,654 46,703 44,609 32,485
--------------------------------------------------------------------------
Total liabilities 2,762,284 2,622,912 2,488,905 2,499,711 2,456,201
--------------------------------------------------------------------------
Total shareholders' equity 318,979 309,287 299,050 288,715 297,977
--------------------------------------------------------------------------
Total liabilities and
shareholders' equity $ 3,081,263 $ 2,932,199 $ 2,787,955 $ 2,788,426 $ 2,754,178
==========================================================================
- ------------------------------------------------------------------------------------------------------------------------
SELECTED AVERAGE BALANCES
Loans $ 2,043,217 $ 2,133,452 $ 2,099,692 $ 2,068,958 $ 1,997,860
Securities 620,522 484,098 475,630 509,977 513,501
Interest earning assets 2,676,436 2,628,331 2,578,374 2,582,473 2,519,053
Assets 2,884,703 2,826,068 2,772,859 2,775,567 2,685,082
Deposits 1,973,002 1,959,300 1,871,707 1,852,470 1,821,291
Interest bearing liabilities 2,286,163 2,233,820 2,192,605 2,196,884 2,139,254
Shareholders' equity 313,081 304,770 297,122 303,277 294,442
- ------------------------------------------------------------------------------------------------------------------------
8
FIRST CHARTER CORPORATION AND SUBSIDIARIES (NASDAQ: FCTR)
QUARTERLY EARNINGS RELEASE
As of / For the Quarter Ended
--------------------------------------------------------------------
(Dollars in thousands, except per share data) 3/31/2001 12/31/2000 9/30/2000 6/30/2000 3/31/2000
- --------------------------------------------------------------------------------------------------------------------------
ASSET QUALITY ANALYSIS
ALLOWANCE FOR LOAN LOSSES
Beginning balance $ 28,447 $ 27,861 $ 26,700 $ 25,979 $ 25,002
Provision for loan losses 750 2,075 2,200 1,370 1,970
Allowance related to loans sold and securitized (417) - - (113) -
Charge-offs (950) (1,643) (1,440) (705) (1,275)
Recoveries 219 154 401 169 282
--------------------------------------------------------------------
Net charge-offs (731) (1,489) (1,039) (536) (993)
--------------------------------------------------------------------
Ending balance $ 28,049 $ 28,447 $ 27,861 $ 26,700 $ 25,979
====================================================================
NONPERFORMING ASSETS AND LOANS 90 DAYS
OR MORE PAST DUE ACCRUING INTEREST
Nonaccrual loans $ 28,384 $ 26,587 $ 26,281 $ 13,538 $ 9,513
Other real estate 2,207 2,989 1,908 2,281 2,066
--------------------------------------------------------------------
Total nonperforming assets 30,591 29,576 28,189 15,819 11,579
--------------------------------------------------------------------
Loans 90 days or more past due
accruing interest 154 430 716 2,645 3,559
--------------------------------------------------------------------
TOTAL $ 30,745 $ 30,006 $ 28,905 $ 18,464 $ 15,138
====================================================================
ASSET QUALITY RATIOS
Nonaccrual loans as a percentage of
total loans 1.43 % 1.23 % 1.24 % 0.65 % 0.46 %
Nonperforming assets as a percentage of
total assets 0.99 1.01 1.01 0.57 0.42
Nonperforming assets as a percentage of
total loans and other real estate 1.54 1.37 1.33 0.76 0.56
Net charge-offs as a percentage of
average loans (annualized) 0.15 0.28 0.20 0.10 0.20
Allowance for loan losses as a
percentage of loans 1.41 1.32 1.32 1.28 1.27
Ratio of allowance for loan losses to:
Net charge-offs 9.46 X 4.80 x 6.74 x 12.39 x 6.50 x
Nonaccrual loans 0.99 1.07 1.06 1.97 2.73
- --------------------------------------------------------------------------------------------------------------------------
As of / For the Quarter Ended Increase (Decrease)
-----------------------------------------------------
3/31/2001 3/31/2000 Amount Percentage
- --------------------------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES
Beginning balance $ 28,447 $ 25,002 $ 3,445 $ 13.8
Provision for loan losses 750 1,970 (1,220) (61.9)
Allowance related to loans securitized (417) - (417) N/A
Charge-offs (950) (1,275) 325 (25.5)
Recoveries 219 282 (63) (22.3)
-----------------------------------------------------
Net charge-offs (731) (993) 262 (26.4)
-----------------------------------------------------
Ending balance $ 28,049 $ 25,979 $ 2,070 $ 8.0 %
=====================================================
ASSET QUALITY RATIOS
Net charge-offs as a percentage of
average loans 0.15 % 0.20 %
Ratio of allowance for loan losses to
net charge-offs 9.46 X 6.50 x
- --------------------------------------------------------------------------------------------------------------------------
For the Quarter Ended
--------------------------------------------------------------------
3/31/2001 3/31/2000 12/31/2000 9/30/2000 6/30/2000
- --------------------------------------------------------------------------------------------------------------------------
ANNUALIZED INTEREST YIELDS / RATES (*)
INTEREST INCOME:
Yield on loans 8.72 % 9.07 % 8.93 % 8.80 % 8.75 %
Yield on securities 6.74 6.79 6.72 6.62 6.64
--------------------------------------------------------------------
Yield on interest earning assets 8.25 8.63 8.52 8.38 8.32
--------------------------------------------------------------------
INTEREST EXPENSE:
Cost of interest bearing deposits 4.94 5.01 4.75 4.36 4.27
Cost of borrowings 5.57 6.03 6.08 6.00 5.64
--------------------------------------------------------------------
Cost of interest bearing liabilities 5.09 5.24 5.09 4.80 4.62
--------------------------------------------------------------------
Interest rate spread 3.16 3.39 3.43 3.58 3.70
--------------------------------------------------------------------
Net yield on earning assets 3.90 % 4.17 % 4.19 % 4.30 % 4.39 %
====================================================================
- --------------------------------------------------------------------------------------------------------------------------
Notes: Applicable ratios are annualized.
* - Fully taxable equivalent yields.