EXHIBIT 99
[COMPANY LOGO OMITTED] NEWS RELEASE
FOR IMMEDIATE RELEASE
SANDY SPRING BANCORP REPORTS
27% INCREASE IN FIRST QUARTER EARNINGS
OLNEY, MARYLAND, April 14, 2003 -- Sandy Spring Bancorp, (NASDAQ-SASR) the
parent company of Sandy Spring Bank, today announced net income for the first
quarter of 2003 of $8.3 million ($.56 per diluted share) compared to $6.6
million ($.45 per diluted share) for the first quarter of 2002, a 27% increase.
"We continued to execute on the fundamentals of good community banking, which
are reflected in a healthy increase in deposits, and ongoing improvement in the
growth and scope of our non-interest income," said Hunter R. Hollar, President
and Chief Executive Officer. "Despite international events and disappointing
domestic economic trends, we have continued to deliver consistent returns,
without compromising our credit quality or service levels. As these trends have
continued and our local business market has become more competitive, the
resiliency of the bank's business model is evident in our performance."
Return on average stockholders' equity was 18.64% for the first quarter of 2003,
compared to 17.41% for the prior year period. Return on average assets for the
first quarter of 2003 was 1.46%, compared to 1.29% for the first quarter of
2002.
Comparing March 31, 2003 balances to March 31, 2002, total assets were $2.4
billion versus $2.1 billion, a 14% increase. Total deposits increased 12% to
$1.6 billion, while total loans and leases grew to $1.1 billion from $1.0
billion, a 3% increase. During the same period, stockholders' equity increased
to $184 million or 7.7% of total assets.
Due to continuing strong asset quality and lower loan volumes, there was no
provision for credit losses in the quarter compared to a provision of $1.2
million in the first quarter of 2002.
The Company's management will host a conference call to discuss its first
quarter results today at 2:00 P.M. (ET). A live Web cast of the conference call
is available through the Investor Relations' section of the Sandy Spring Web
site at www.sandyspringbank.com.
DETAILED REVIEW OF FINANCIAL RESULTS
Comparing the first quarter of 2003 and 2002, net interest income increased 3%
due to growth in average deposits of 9% and average loans of 7% over the prior
year, which offset a decline in the net interest margin from 4.18% in 2002 to
3.94% in 2003. Noninterest income increased 14% over 2002. Excluding investment
gains, noninterest income increased 18%. While historically low market interest
rates had the effect of compressing the net interest margin such lower rates
also positively impacted the level of mortgage banking activity resulting in a
significant increase in noninterest income in the first quarter of 2003 over
2002. Also contributing to growth in noninterest income was trust revenues,
which posted a 27% gain over the prior year and insurance agency commissions,
which increased 3% over the first quarter of 2002.
Noninterest expenses were $16.0 million in 2003, a 4% increase over 2002. Higher
compensation and benefits costs, attributable to a larger staff and merit
increases, together with increased occupancy and equipment expenses from an
expanded branch network, accounted for much of this increase. Amortization of
intangible assets was the same in both periods. Nontinterest expenses excluding
amortization of intangible assets were $15.3 million in 2003 compared to $14.6
million in 2002, a 5% increase. The GAAP based efficiency ratio was 59.4% for
the quarter, while the traditional efficiency ratio was 52.9%, both reflecting
improvements over the first quarter of 2002.
Although there are many uncertainties in the year ahead, current economic
conditions regarding weaker than expected loan growth and margin compression,
resulting from lower than anticipated interest rates, cause management to expect
a lower range of expected diluted earnings per share of $ 2.10 - $ 2.20 for the
year 2003, compared to the earlier expectations of $ 2.20 - $ 2.30 per diluted
share. Second quarter expectations are in the range of $ .51 - $ .53 per diluted
share. Please see the information below regarding Forward-Looking Statements,
such as this statement of expected earnings.
About Sandy Spring Bancorp/Sandy Spring Bank
With $2.4 billion in assets, Sandy Spring Bancorp is the holding company for
Sandy Spring Bank and its principal subsidiaries, Sandy Spring Insurance
Corporation and The Equipment Leasing Company. Sandy Spring Bancorp is the third
largest publicly traded banking company headquartered in Maryland. Sandy Spring
is a community banking organization that focuses its lending and other services
on businesses and consumers in the local market area. Independent and
community-oriented, Sandy Spring Bank traces its origin to 1868 and offers a
broad range of commercial banking, retail banking and trust services through 29
community offices and 45 ATMs located in Anne Arundel, Frederick, Howard,
Montgomery, and Prince George's counties in Maryland. Visit
www.sandyspringbank.com for more information.
For additional information or questions, please contact:
Hunter R. Hollar, President & Chief Executive Officer or
James H. Langmead, Executive V.P. & Chief Financial Officer
Sandy Spring Bancorp
17801 Georgia Avenue
Olney, Maryland 20832
1-800-399-5919
E-mail: HHollar@sandyspringbank.com
JLangmead@sandyspringbank.com
Web site: www.sandyspringbank.com
Forward-Looking Statements: Sandy Spring Bancorp makes forward-looking
statements in this News Release that are subject to risks and uncertainties.
These forward-looking statements include: statements of goals, intentions, and
earnings and performance expectations; estimates of risks and of future costs
and benefits; assessments of probable loan and lease losses and market risk; and
statements of the ability to achieve financial and other goals. These
forward-looking statements are subject to significant uncertainties because they
are based upon or are affected by: management's estimates and projections of
future interest rates and other economic conditions; future laws and
regulations; and a variety of other matters which, by their nature, are subject
to significant uncertainties. Because of these uncertainties, Sandy Spring
Bancorp's actual future results may differ materially from those indicated. In
addition, the Sandy Spring Bancorp's past results of operations do not
necessarily indicate its future results.
Sandy Spring Bancorp, Inc. and Subsidiaries
FINANCIAL HIGHLIGHTS
(Dollars in thousands, except per share data)
Three Months Ended
March 31,
---------------------------------------- %
2003 2002 Change
- ------------------------------------------------------------------------------------------------------------------------------
Profitability for the period:
Net interest income $19,125 $18,575 3
Provision for credit losses 0 1,185
Noninterest income 7,775 6,798 14
Noninterest expenses 15,975 15,298 4
Income before income taxes 10,925 8,890 23
Net income 8,305 6,556 27
Return on average assets 1.46% 1.29%
Return on average equity 18.64% 17.41%
Net interest margin 3.94% 4.18%
Efficiency ratio - GAAP based * 59.39% 60.29%
Efficiency ratio - traditional * 52.91% 54.99%
Per share data:
Basic net income $0.57 $0.45 27
Diluted net income 0.56 0.45 24
Dividends declared 0.18 0.17 6
Book value 12.66 10.45 21
Tangible book value 11.22 8.82 27
At period-end:
Assets $2,373,243 $2,082,832 14
Deposits 1,555,513 1,393,367 12
Loans and leases 1,050,316 1,019,590 3
Securities 1,101,578 862,919 28
Stockholders' equity 183,557 151,430 21
Capital and credit quality ratios:
Average equity to average assets 7.84% 7.40%
Allowance for credit losses to loans and leases 1.43% 1.36%
Nonperforming assets to total assets 0.08% 0.38%
Annualized net (charge-offs) recoveries to average loans and leases 0.00% 0.02%
<FN>
* The GAAP based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the
Consolidated Statements of Income. The traditional, non-GAAP efficiency ratio excludes intangible asset amortization from
noninterest expenses and securities gains from noninterest income, and adds the tax-equivalent adjustment to net interest income
(amounts disclosed in quarterly trends page included with these Highlights). See also the discussion of the efficiency ratio in the
2002 Annual Report.
Certain reclassifications of information previously reported have been made to conform with current presentation.
</FN>
Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
March 31, December 31,
-------------------------------------- --------------------
2003 2002 2002
- --------------------------------------------------------------------------------------------------- --------------------
Assets
Cash and due from banks $49,066 $38,876 $38,998
Federal funds sold 23,356 51,720 9,135
Interest-bearing deposits with banks 838 842 813
Residential mortgage loans held for sale 28,587 10,814 38,435
Investments available-for-sale (at fair value) 752,752 644,561 685,586
Investments held-to-maturity - fair value of $333,505,
$201,435, and $346,862, respectively 327,589 201,429 340,860
Other equity securities 21,237 16,929 19,812
Total loans and leases 1,050,316 1,019,590 1,063,853
Less: allowance for credit losses (15,023) (13,877) (15,036)
-------------------- -------------------- --------------------
Net loans and leases 1,035,293 1,005,713 1,048,817
Premises and equipment, net 36,256 32,855 36,007
Accrued interest receivable 19,372 14,238 14,957
Goodwill 7,643 7,642 7,642
Other intangible assets, net 13,261 15,920 13,927
Other assets 57,993 41,293 52,415
-------------------- -------------------- --------------------
Total assets $2,373,243 $2,082,832 $2,307,404
==================== ==================== ====================
Liabilities
Noninterest-bearing deposits $345,217 $280,021 $320,583
Interest-bearing deposits 1,210,296 1,113,346 1,171,629
-------------------- -------------------- --------------------
Total deposits 1,555,513 1,393,367 1,492,212
Short-term borrowings 489,210 412,224 488,214
Guaranteed preferred beneficial interests in
the Company's subordinated debentures 35,000 35,000 35,000
Other long-term borrowings 88,521 79,112 90,500
Accrued interest payable and other liabilities 21,442 11,699 22,786
-------------------- -------------------- --------------------
Total liabilities 2,189,686 1,931,402 2,128,712
Stockholders' Equity
Common stock -- par value $1.00; shares authorized
50,000,000; shares issued and outstanding 14,503,157,
14,493,950 and 14,536,094, respectively 14,503 14,494 14,536
Additional paid in capital 19,881 20,540 21,128
Retained earnings 138,293 115,999 132,607
Accumulated other comprehensive income 10,880 397 10,421
-------------------- -------------------- --------------------
Total stockholders' equity 183,557 151,430 178,692
-------------------- -------------------- --------------------
Total liabilities and stockholders' equity $2,373,243 $2,082,832 $2,307,404
==================== ==================== ====================
Certain reclassifications of information previously reported have been made to conform with current presentation.
Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data) Three Months Ended
March 31,
------------------------------------------
2003 2002
-------------------- --------------------
Interest income:
Interest and fees on loans and leases $16,619 $17,722
Interest on loans held for sale 308 173
Interest on deposits with banks 3 8
Interest and dividends on securities:
Taxable 8,732 9,259
Exempt from federal income taxes 3,468 2,412
Interest on federal funds sold 106 120
-------------------- --------------------
Total interest income 29,236 29,694
Interest expense:
Interest on deposits 3,933 5,324
Interest on short-term borrowings 4,668 3,723
Interest on long-term borrowings 1,510 2,072
-------------------- --------------------
Total interest expense 10,111 11,119
-------------------- --------------------
Net interest income 19,125 18,575
Provision for credit losses 0 1,185
-------------------- --------------------
Net interest income after provision for credit losses 19,125 17,390
Noninterest income:
Securities gains 8 233
Service charges on deposit accounts 1,984 1,878
Gains on sales of mortgage loans 1,575 738
Fees on sales of investment products 521 640
Trust department income 720 569
Insurance agency commissions 1,019 986
Income from bank owned life insurance 609 435
Other income 1,339 1,319
-------------------- --------------------
Total noninterest income 7,775 6,798
Noninterest expenses:
Salaries and employee benefits 9,450 9,296
Occupancy expense of premises 1,584 1,306
Equipment expenses 1,041 809
Marketing 454 402
Outside data services 645 613
Amortization of intangible assets 665 665
Other expenses 2,136 2,207
-------------------- --------------------
Total noninterest expenses 15,975 15,298
-------------------- --------------------
Income before income taxes 10,925 8,890
Income tax expense 2,620 2,334
-------------------- --------------------
-------------------- --------------------
Net income $8,305 $6,556
==================== ====================
Basic net income per share $0.57 $0.45
Diluted net income per share 0.56 0.45
Dividends declared per share 0.18 0.17
Certain reclassifications of information previously reported have been made to conform with current presentation.
Sandy Spring Bancorp, Inc. and Subsidiaries
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA 2003 2002
-------------- ---------------------------------------------------------
(Dollars in thousands, except per share data) Q1 Q4 Q3 Q2 Q1
- --------------------------------------------------------------- ---------------------------------------------------------
Profitability for the quarter:
Tax-equivalent interest income $31,282 $32,887 $32,890 $32,702 $31,163
- --------------------------------------------------------------------------------------------------------------------------
Interest expense 10,111 10,797 11,034 10,950 11,119
- --------------------------------------------------------------------------------------------------------------------------
Tax-equivalent net interest income 21,171 22,090 21,856 21,752 20,044
- --------------------------------------------------------------------------------------------------------------------------
Tax-equivalent adjustment 2,046 1,859 1,922 1,670 1,469
- --------------------------------------------------------------------------------------------------------------------------
Provision for credit losses 0 300 395 985 1,185
- --------------------------------------------------------------------------------------------------------------------------
Noninterest income 7,775 8,631 7,615 6,685 6,798
- --------------------------------------------------------------------------------------------------------------------------
Noninterest expenses 15,975 16,698 15,847 16,117 15,298
- --------------------------------------------------------------------------------------------------------------------------
Income before income taxes 10,925 11,864 11,306 9,665 8,890
- --------------------------------------------------------------------------------------------------------------------------
Income tax expense 2,620 3,122 3,049 2,507 2,334
- --------------------------------------------------------------------------------------------------------------------------
Net Income 8,305 8,742 8,257 7,158 6,556
==========================================================================================================================
Financial ratios:
Return on average assets 1.46% 1.53% 1.50% 1.35% 1.29%
- --------------------------------------------------------------------------------------------------------------------------
Return on average equity 18.64% 19.89% 19.64% 18.45% 17.41%
- --------------------------------------------------------------------------------------------------------------------------
Net interest margin 3.94% 4.17% 4.23% 4.39% 4.18%
- --------------------------------------------------------------------------------------------------------------------------
Efficiency ratio - GAAP based * 59.39% 57.85% 57.52% 60.21% 60.29%
- --------------------------------------------------------------------------------------------------------------------------
Efficiency ratio - traditional * 52.91% 53.94% 52.94% 54.34% 54.99%
==========================================================================================================================
Per share data:
Basic net income $0.57 $0.61 $0.56 $0.50 $0.45
- --------------------------------------------------------------------------------------------------------------------------
Diluted net income $0.56 $0.59 $0.56 $0.48 $0.45
- --------------------------------------------------------------------------------------------------------------------------
Dividends declared $0.18 $0.18 $0.17 $0.17 $0.17
- --------------------------------------------------------------------------------------------------------------------------
Book value $12.66 $12.29 $11.91 $11.28 $10.45
- --------------------------------------------------------------------------------------------------------------------------
Tangible book value $11.22 $10.81 $10.38 $9.70 $8.82
- --------------------------------------------------------------------------------------------------------------------------
Average fully diluted shares 14,743,976 14,729,882 14,727,897 14,724,774 14,709,011
==========================================================================================================================
Items excluded in efficiency ratio - traditional:
Securities gains $8 $995 $791 ($3) $233
- --------------------------------------------------------------------------------------------------------------------------
Amortization of intangible assets (665) (665) (665) (664) (665)
==========================================================================================================================
Noninterest income breakdown:
Service charges on deposit accounts $1,984 $2,091 $1,917 $1,953 $1,878
- --------------------------------------------------------------------------------------------------------------------------
Gains on sales of mortgage loans 1,575 1,461 1,000 741 738
- --------------------------------------------------------------------------------------------------------------------------
Fees on sales of investment products 521 457 425 556 640
- --------------------------------------------------------------------------------------------------------------------------
Trust department income 720 671 652 605 569
- --------------------------------------------------------------------------------------------------------------------------
Insurance agency commissions 1,019 848 657 790 986
- --------------------------------------------------------------------------------------------------------------------------
Income from bank owned life insurance 609 516 493 432 435
- --------------------------------------------------------------------------------------------------------------------------
Other income 1,339 1,592 1,680 1,611 1,319
- --------------------------------------------------------------------------------------------------------------------------
Total without securities gains 7,767 7,636 6,824 6,688 6,565
==========================================================================================================================
Noninterest expense breakdown:
Salaries and employee benefits $9,450 $10,449 $9,396 $9,429 $9,297
- --------------------------------------------------------------------------------------------------------------------------
Occupancy expense of premises 1,584 1,366 1,369 1,558 1,306
- --------------------------------------------------------------------------------------------------------------------------
Equipment expenses 1,041 1,096 949 956 809
- --------------------------------------------------------------------------------------------------------------------------
Marketing 454 493 438 574 402
- --------------------------------------------------------------------------------------------------------------------------
Outside data services 645 574 594 634 613
- --------------------------------------------------------------------------------------------------------------------------
<FN>
* The GAAP based efficiency ratio is noninterest expenses divided by net interest income plus noninterest income from the
Consolidated Statements of Income. The traditional, non-GAAP efficiency ratio excludes intangible asset amortization from
noninterest expenses and securities gains from noninterest income, and adds the tax-equivalent adjustment to net interest income
(amounts disclosed above). See also the discussion of the efficiency ratio in the 2002 Annual Report.
</FN>
Sandy Spring Bancorp, Inc. and Subsidiaries
HISTORICAL TRENDS IN QUARTERLY FINANCIAL DATA 2003 2002
-------------- ---------------------------------------------------------
(Dollars in thousands, except per share data) Q1 Q4 Q3 Q2 Q1
- --------------------------------------------------------------------- ---------------------------------------------------------
Noninterest expense breakdown (continued):
Amortization of intangible assets $665 665 665 664 $665
- ---------------------------------------------------------------------------------------------------------------------------------
Other expenses 2,136 2,055 2,436 2,302 2,207
- ---------------------------------------------------------------------------------------------------------------------------------
Total 15,975 16,698 15,847 16,117 15,299
=================================================================================================================================
Balance sheets at quarter end:
Residential mortgage loans $276,001 $281,088 $278,954 $274,839 $267,691
- ---------------------------------------------------------------------------------------------------------------------------------
Residential construction loans 66,937 73,585 80,655 80,756 74,381
- ---------------------------------------------------------------------------------------------------------------------------------
Commercial mortgage loans 260,437 257,118 239,993 241,353 235,294
- ---------------------------------------------------------------------------------------------------------------------------------
Commercial construction loans 54,238 51,947 56,497 54,749 53,732
- ---------------------------------------------------------------------------------------------------------------------------------
Commercial loans and leases 160,344 166,949 171,174 167,541 158,614
- ---------------------------------------------------------------------------------------------------------------------------------
Consumer loans 232,359 233,166 239,132 238,426 229,878
- ---------------------------------------------------------------------------------------------------------------------------------
Total loans and leases 1,050,316 1,063,853 1,066,405 1,057,664 1,019,590
- ---------------------------------------------------------------------------------------------------------------------------------
Less: allowance for credit losses (15,023) (15,036) (15,220) (14,911) (13,877)
- ---------------------------------------------------------------------------------------------------------------------------------
Net loans and leases 1,035,293 1,048,817 1,051,185 1,042,753 1,005,713
- ---------------------------------------------------------------------------------------------------------------------------------
Goodwill 7,643 7,642 7,642 7,642 7,642
- ---------------------------------------------------------------------------------------------------------------------------------
Other intangible assets, net 13,261 13,927 14,591 15,256 15,920
- ---------------------------------------------------------------------------------------------------------------------------------
Total assets 2,373,243 2,293,404 2,261,508 2,158,785 2,082,832
- ---------------------------------------------------------------------------------------------------------------------------------
Total deposits 1,555,513 1,492,212 1,465,147 1,409,853 1,393,367
- ---------------------------------------------------------------------------------------------------------------------------------
Total stockholders' equity 183,557 178,692 172,887 163,641 151,430
=================================================================================================================================
Quarterly average balance sheets:
Residential mortgage loans $304,494 $306,872 $291,703 $279,820 $272,145
- ---------------------------------------------------------------------------------------------------------------------------------
Residential construction loans 72,031 79,698 78,816 76,261 79,701
- ---------------------------------------------------------------------------------------------------------------------------------
Commercial mortgage loans 258,707 253,465 242,138 241,594 235,783
- ---------------------------------------------------------------------------------------------------------------------------------
Commercial construction loans 52,970 52,572 55,657 54,227 54,494
- ---------------------------------------------------------------------------------------------------------------------------------
Commercial loans and leases 163,216 167,319 166,540 160,745 149,170
- ---------------------------------------------------------------------------------------------------------------------------------
Consumer loans 231,770 234,243 240,174 231,585 221,083
- ---------------------------------------------------------------------------------------------------------------------------------
Total loans and leases 1,083,188 1,094,169 1,075,028 1,044,232 1,012,376
- ---------------------------------------------------------------------------------------------------------------------------------
Securities 1,039,112 987,663 943,083 910,235 882,497
- ---------------------------------------------------------------------------------------------------------------------------------
Total earning assets 2,158,817 2,125,714 2,051,202 1,987,313 1,926,617
- ---------------------------------------------------------------------------------------------------------------------------------
Total assets 2,305,834 2,269,918 2,186,028 2,119,776 2,064,136
- ---------------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 1,799,132 1,769,910 1,719,174 1,683,225 1,637,363
- ---------------------------------------------------------------------------------------------------------------------------------
Noninterest-bearing demand deposits 299,638 307,585 284,915 269,658 260,575
- ---------------------------------------------------------------------------------------------------------------------------------
Total deposits 1,488,023 1,469,979 1,418,211 1,393,004 1,368,143
- ---------------------------------------------------------------------------------------------------------------------------------
Stockholders' equity 180,700 174,381 166,769 155,597 152,735
=================================================================================================================================
Capital and credit quality measures:
Average equity to average assets 7.84% 7.68% 7.63% 7.34% 7.40%
- ---------------------------------------------------------------------------------------------------------------------------------
Credit loss allowance to loans and leases 1.43% 1.41% 1.43% 1.41% 1.36%
- ---------------------------------------------------------------------------------------------------------------------------------
Nonperforming assets to total assets 0.08% 0.12% 0.32% 0.35% 0.38%
- ---------------------------------------------------------------------------------------------------------------------------------
Annualized net (charge-offs) recoveries to
average loans and leases 0.00% (0.18)% (0.03)% 0.02% 0.02%
=================================================================================================================================
Miscellaneous data:
Net (charge-offs) recoveries ($13) ($484) ($86) $49 $39
- ---------------------------------------------------------------------------------------------------------------------------------
Nonperforming assets:
Non-accrual loans and leases 567 588 6,109 5,730 6,039
- ---------------------------------------------------------------------------------------------------------------------------------
Loans and leases 90 days past due 1,381 2,157 1,022 1,761 1,872
- ---------------------------------------------------------------------------------------------------------------------------------
Restructured loans and leases 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
Other real estate owned, net 0 0 44 79 50
- ---------------------------------------------------------------------------------------------------------------------------------
Total nonperforming assets 1,948 2,745 7,175 7,570 7,961
=================================================================================================================================
Sandy Spring Bancorp, Inc. and Subsidiaries
CONSOLIDATED AVERAGE BALANCES, YIELDS AND RATES
(Dollars in thousands and tax-equivalent)
Three Months Ended March 31,
--------------------------------------------------------------------------------
2003 2002
------------------------------------- --------------------------------------
Average Annualized Yield/ Average Annualized Yield/
Balances Interest Rate Balance Interest Rate
-------------- ------------- -------- --------------- ------------- --------
Assets
Residential mortgage loans $304,494 $18,722 6.15 % $272,145 $19,502 7.17 %
Residential construction loans 72,031 3,882 5.39 79,701 4,303 5.40
Commercial mortgage loans 258,707 18,425 7.12 235,783 18,730 7.94
Commercial construction loans 52,970 3,211 6.06 54,494 3,290 6.04
Commercial loans and leases 163,216 11,932 7.31 149,170 12,600 8.45
Consumer loans 231,770 12,180 5.26 221,083 13,832 6.26
-------------- ------------- --------------- -------------
Total loans and leases 1,083,188 68,352 6.31 1,012,376 72,257 7.14
Securities 1,039,112 57,038 5.49 882,497 52,614 5.96
Interest-bearing deposits with banks 1,244 13 1.05 1,132 31 2.74
Federal funds sold 35,273 424 1.20 30,612 482 1.57
-------------- ------------- --------------- -------------
TOTAL EARNING ASSETS 2,158,817 125,827 5.83 % 1,926,617 125,384 6.51 %
Less: allowance for credit losses (15,038) (13,082)
Cash and due from banks 34,595 37,154
Premises and equipment, net 36,266 32,747
Other assets 91,194 80,700
-------------- ---------------
Total assets $2,305,834 $2,064,136
============== ===============
Liabilities and Stockholders' Equity
Interest-bearing demand deposits $186,114 $517 0.28 % $165,477 $427 0.26 %
Regular savings deposits 157,446 590 0.37 122,262 1,229 1.01
Money market savings deposits 403,604 3,118 0.77 392,438 4,451 1.13
Time deposits 441,221 11,724 2.66 427,391 15,485 3.62
-------------- ------------- --------------- -------------
Total interest-bearing deposits 1,188,385 15,949 1.34 1,107,568 21,592 1.95
Borrowings 610,747 24,750 4.05 529,795 23,227 4.38
-------------- ------------- --------------- -------------
------------- -------------
TOTAL INTEREST-BEARING LIABILITIES 1,799,132 40,699 2.26 1,637,363 44,819 2.74
------------- -------- ------------- --------
Net interest income and spread $85,128 3.57 % $80,565 3.77 %
============= ======== ============= ========
Noninterest-bearing demand deposits 299,638 260,575
Other liabilities 26,364 13,463
Stockholder's equity 180,700 152,735
-------------- ---------------
-------------- ---------------
Total liabilities and stockholders' equity $2,305,834 $2,064,136
============== ===============
Interest income/earning assets 5.83 % 6.51 %
Interest expense/earning assets 1.89 2.33
-------- --------
Net interest margin 3.94 % 4.18 %
======== ========