Exhibit 99.1
[SOUTHWEST BANCORP, INC. LOGO]
SOUTHWEST BANCORP, INC. REPORTS RECORD EARNINGS
CONTACT: RICK GREEN, PRESIDENT & C.E.O.
KERBY E. CROWELL, EXECUTIVE VICE PRESIDENT & C.F.O.
TELEPHONE: (405) 372-2230
RELEASE DATE: APRIL 21, 2005
April 21, 2005, Stillwater, Oklahoma . . . . Southwest Bancorp, Inc.
(Nasdaq National Market--OKSB, OKSBO), ("Southwest"), the Oklahoma-based parent
company of the Stillwater National Bank and Trust Company ("Stillwater
National") and SNB Bank of Wichita ("SNB Wichita"), today reported record net
income for the first quarter of 2005 of $5.4 million, a 28% increase from the
$4.2 million reported for the first quarter of 2004. Diluted earnings per share
were $0.43 compared to $0.34 per share for the 2004 period, an increase of 26%.
The first quarter of 2005 was also the seventh consecutive quarter of increased
earnings.
2004 RESULTS AND FOCUS
o Total assets of $2.0 billion; a 4% increase from the $1.9 billion
reported at year-end 2004.
o Total loans of $1.7 billion; a 3% increase from the $1.6 billion
reported at year-end 2004.
o Net Income: $5.4 million; a 28% increase from first quarter 2004.
o Diluted earnings per share: $0.43; a 26% increase from first
quarter 2004.
o Dividends per share: $0.075; a 7% increase from first quarter 2004.
o Return on average equity: 16.73% for the first quarter 2005.
o GAAP-based efficiency ratio: 48.94% for the first quarter 2005.
STRATEGIC PERSPECTIVE
"At Southwest, we focus on converting our strategic vision into
long-term shareholder value. This vision includes long term goals for increasing
our earnings and banking assets from our operations in Oklahoma, Texas, and
Kansas that specialize in serving medical, professional, business and commercial
real estate customers and from our more traditional, banking operations," said
Rick Green, President and Chief Executive Officer. "Southwest's earnings growth
for the first quarter of 2005 is primarily the result of loan growth and our
focus on increasing net interest income by careful management of interest
margins and funding. Other initiatives also contributed, including continued
emphasis on appropriately pricing loan renewals, commercial loan participation
sales, and service charge increases."
Page 1 of 11
ADDITIONAL FINANCIAL INFORMATION
Net income for the first quarter of 2005 was $5.4 million, up $1.2
million, or 28%, from the same period in 2004. Basic earnings per share for 2005
were $0.44, up 26% from $0.35 in 2004. Diluted earnings per share of $0.43
increased 26% over 2004.
Net interest income increased $5.5 million, or 35% from the first
quarter of 2004. Noninterest income for the first quarter of 2005 increased
$602,000 from the $3.1 million reported for the same period in 2004 due
primarily to a $388,000 increase in gains on sale of student loans. Noninterest
income also benefited from a $228,000 increase in service charges and fees on
deposit accounts and a $128,000 increase in other noninterest income. These
increases were partially offset by a $45,000 reduction in gains on sale of
residential mortgage loans and a $96,000 reduction in gains on sale of other
loans.
The provision for loan losses of $4.3 million increased $2.7 million,
or 161%, from 2004. Noninterest expense of $12.1 million increased $1.6 million,
or 16%, from the $10.5 million reported for the first quarter of 2004, primarily
as a result of a $1.1 million increase in personnel expense. Increases also
occurred in occupancy expense ($115,000), FDIC and other insurance ($22,000),
other real estate expense ($147,000), and general and administrative expense
($295,000).
ALLOWANCE FOR LOAN LOSSES AND RESERVE FOR UNFUNDED LOAN COMMITMENTS
At the beginning of 2005, Southwest established a reserve for
unfunded loan commitments as a liability on Southwest's statement of financial
condition. The reserve formerly was presented within the allowance for loan
losses. At March 31, 2005, this reserve for unfunded loan commitments was
$953,000, the same amount previously included in the allowance for loan losses
at December 31, 2004. The amounts of the allowance for loan losses and other
financial information for December 31, 2004 and March 31, 2004 presented in this
release also reflect the reclassification of the reserve for unfunded loan
commitments from the allowance for loan losses to a separate liability account.
At March 31, 2005, the allowance for loan losses was $19.7 million, an increase
of $669,000, or 4%, from the allowance for loan losses at year-end 2004. At
March 31, 2005, the allowance for loan losses was 1.17% of total loans,
unchanged from year-end 2004. Management believes the amount of the allowance is
appropriate, given its systematic methodology for calculating the allowance.
That methodology is designed to estimate inherent losses on total loans in the
portfolio, including those on nonperforming loans.
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NONPERFORMING ASSETS
Nonaccrual loans totaled $12.7 million at March 31, 2005, compared to
$22.2 million at December 31, 2004, $28.5 million at September 30, 2004 and
$13.5 million at March 31, 2004. Total nonperforming loans of $13.9 million
decreased $9.3 million, or 40%, from year-end 2004, and represented 0.83% of
total loans, compared to 1.43% of total loans at year-end 2004. At March 31,
2005, $2.0 million, or 14%, of loans classified as nonperforming were guaranteed
by United States agencies or U.S. government sponsored entities.
Mr. Green said, "Much of our business is commercial lending. As a
result, weakness in one or a few large credits can have a significant impact on
our nonperforming loan totals. Through the years, however, we have demonstrated
the ability to resolve problem commercial loans. We reduced our total
nonperforming loans by $9.3 million in the first quarter of 2005 and $7.8
million in the fourth quarter of 2004 through resolution, foreclosure, or
charge-off. Other real estate at March 31, 2005, was $11.9 million, up $7.0
million from year-end 2004 and $9.4 million from September 30, 2004, due to the
acquisition of property securing loans that had been classified as
nonperforming. Total nonperforming assets at March 31, 2005, were $25.8 million,
down $2.3 million, or 8%, from year-end 2004 and down $7.5 million, or 22%, from
September 30, 2004.
FINANCIAL CONDITION
At March 31, 2005, total assets were $2.0 billion, an $80.8 million
increase from the end of 2004. Total portfolio loans (loans other than those
held for sale) at March 31, 2005 were $1.3 billion, up $4.3 million, or less
than 1%, from year-end 2004. Loans held for sale, which are primarily guaranteed
student loans, grew by $45.6 million during the first quarter of 2005. (See
"Forward Looking Statements" below.)
SECURITIES
Southwest's common stock is traded on the NASDAQ National Market under
the symbol OKSB. Market makers for Southwest's common stock include Stifel
Nicolaus & Co., Goldman Sachs & Co., Keefe Bruyette & Woods Inc., Merrill Lynch,
RBC Capital Markets Corp., UBS Capital Markets, L.P., Morgan Stanley & Co.,
Inc., Sandler O'Neill & Partners, FTN Midwest Securities Corp., Citigroup Global
Markets, Inc., Jefferies & Company, Inc., and Lehman Brothers, Inc.
Trust preferred securities of Southwest's subsidiary, SBI Capital
Trust, trade on the NASDAQ National Market under the symbol OKSBO. Southwest
intends to redeem these $25.0 million, 9.30%, cumulative trust preferred
securities during 2005.
SOUTHWEST BANCORP AND SUBSIDIARIES
Southwest is the financial holding company for Stillwater National Bank
and Trust Company, SNB Bank of Wichita, and Southwest's management consulting
subsidiaries, Healthcare Strategic Support, Inc., and Business Consulting Group,
Inc. Southwest is an independent company, not controlled by other organizations
or individuals. Southwest pursues an established strategy of independent
operation for the benefit of all of its shareholders.
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A substantial portion of Southwest's current business and focus for the
future are services for local businesses, their primary employees, healthcare
facilities and professionals, and other managers and professionals. Southwest
seeks to be the premier financial services company for its selected markets.
Information regarding Southwest can be retrieved via the Internet, at
www.oksb.com. Southwest, Stillwater National, and SNB Wichita offer commercial
and consumer lending, deposit, and investment services, and specialized cash
management, consulting and other financial services from offices in Stillwater,
Tulsa, Oklahoma City, and Chickasha, Oklahoma, Wichita, Kansas and metropolitan
Dallas, Austin and San Antonio, Texas; loan production offices in Kansas City,
Kansas, and on the campuses of Oklahoma State University-Tulsa and the
University of Oklahoma Health Sciences Center-Oklahoma City; and on the
Internet. Southwest intends to focus its efforts on markets with characteristics
that will allow it to capitalize on its strengths, and to continue establishing
new offices in those markets. Southwest considers acquisitions of other
financial institutions and other companies, from time to time, although it does
not have any specific agreements or understandings for any such acquisition at
present. Southwest also extends loans to borrowers in Oklahoma and neighboring
states through participations with correspondent banks. Information regarding
products and services of Stillwater National and SNB Wichita, including SNB
DirectBanker(R), Southwest's online banking product, can be retrieved via the
Internet, at www.banksnb.com and www.snbwichita.com. The Stillwater National and
SNB Wichita web sites and online banking technology are frequently updated in
response to the changing needs of the large base of Internet banking customers.
FORWARD-LOOKING STATEMENTS
This Press Release includes forward-looking statements, such as:
statements of Southwest's goals, intentions, and expectations; estimates of
risks and of future costs and benefits; assessments of the amount and timing of
problem loan payoffs and loan losses; off-balance sheet risk and market risk;
and statements of Southwest's ability to achieve financial and other goals.
These forward-looking statements are subject to significant uncertainties
because they are based upon: future interest rates, market behavior, and other
economic conditions; future laws and regulations; and a variety of other
matters. Because of these uncertainties, the actual future results may be
materially different from the results indicated by these forward-looking
statements. In addition, Southwest's past growth and performance do not
necessarily indicate its future results.
Southwest previously announced that the yields on new guaranteed
private student loans will be substantially less than those made during 2004.
This yield reduction is expected to reduce the profitability of student lending
and Southwest's secondary market segment in 2005, but had no material effect on
first quarter 2005 earnings and will not affect the profitability of Southwest's
other operating segments. Southwest anticipates continued growth in guaranteed
student lending in 2005.
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
- ------------------------------------------------------------------------------------------------------------
MARCH 31, DECEMBER 31,
(Dollars in thousands, except per share data) 2005 2004
- ------------------------------------------------------------------------------------------------------------
Assets
Cash and due from banks $ 41,437 $ 24,097
Federal funds sold 6,400 -
- ----------------------------------------------------------------------------------------------------------
Cash and cash equivalents 47,837 24,097
Investment securities:
Held to maturity, fair value $2,485 (2005) and $2,509 (2004) 2,489 2,495
Available for sale, amortized cost $203,844 (2005) and $205,393 (2004) 199,418 204,092
Federal Reserve Bank and Federal Home Loan Bank Stock, at cost 13,587 13,464
Loans held for sale 400,179 354,557
Loans receivable, net of allowance for loan losses
of $19,660 (2005) and $18,991 (2004) 1,253,939 1,250,327
Accrued interest receivable 16,614 15,091
Premises and equipment, net 19,876 19,860
Other assets 40,630 29,804
- ----------------------------------------------------------------------------------------------------------
Total assets $ 1,994,569 $ 1,913,787
==========================================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 198,821 $ 183,738
Interest-bearing demand 65,045 57,359
Money market accounts 365,835 379,818
Savings accounts 8,602 8,108
Time deposits of $100,000 or more 681,927 609,670
Other time deposits 308,704 261,365
- ----------------------------------------------------------------------------------------------------------
Total deposits 1,628,934 1,500,058
Accrued interest payable 6,270 4,911
Income tax payable 2,001 2,266
Other borrowings 147,908 200,065
Other liabilities 6,589 7,370
Reserve for unfunded loan commitments 953 953
Subordinated debentures 72,180 72,180
- ----------------------------------------------------------------------------------------------------------
Total liabilities 1,864,835 1,787,803
SHAREHOLDERS' EQUITY:
Common stock - $1 par value; 20,000,000 shares authorized;
12,243,042 shares issued and outstanding 12,243 12,243
Paid in capital 8,347 7,993
Retained earnings 112,377 107,905
Accumulated other comprehensive loss (2,709) (797)
Treasury stock, at cost; 49,915 (2005) and 138,189 (2004) shares (524) (1,360)
- ----------------------------------------------------------------------------------------------------------
Total shareholders' equity 129,734 125,984
- ----------------------------------------------------------------------------------------------------------
Total liabilities & shareholders' equity $ 1,994,569 $ 1,913,787
==========================================================================================================
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
For the three months
ended March 31,
(Dollars in thousands) 2005 2004
- --------------------------------------------------------------------------------
INTEREST INCOME:
Interest and fees on loans $29,923 $20,804
Investment securities 2,003 1,953
Other interest-bearing assets 20 1
- ------------------------------------------------------------------------------
Total interest income 31,946 22,758
INTEREST EXPENSE:
Interest-bearing deposits 7,941 4,837
Other borrowings 1,668 1,222
Subordinated debentures 1,245 1,081
- ------------------------------------------------------------------------------
Total interest expense 10,854 7,140
- ------------------------------------------------------------------------------
Net interest income 21,092 15,618
Provision for loan losses 4,309 1,649
OTHER INCOME:
Service charges and fees 2,495 2,267
Gain on sales of loans receivable 853 606
Gain (loss) on sales of investment securities - 1
Other noninterest income 372 244
- ------------------------------------------------------------------------------
Total other income 3,720 3,118
OTHER EXPENSE:
Salaries and employee benefits 6,212 5,159
Occupancy 2,346 2,231
FDIC and other insurance 117 95
Other real estate 164 17
General and administrative 3,305 3,010
- ------------------------------------------------------------------------------
Total other expenses 12,144 10,512
- ------------------------------------------------------------------------------
Income before taxes 8,359 6,575
Taxes on income 2,973 2,373
- ------------------------------------------------------------------------------
Net income $ 5,386 $ 4,202
==============================================================================
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SOUTHWEST BANCORP, INC.
UNAUDITED AVERAGE BALANCES, YIELDS AND RATES
- ----------------------------------------------------------------------------------------------------------------
For the three months ended
(Dollars in thousands) March 31, 2005
- ----------------------------------------------------------------------------------------------------------------
Interest
Average Income/ Average
Balance Expense Yield/Rate
-----------------------------------------
ASSETS
Total loans and leases $1,713,666 $29,923 7.08%
Investment securities 218,570 2,003 3.72
Other interest-earning assets 3,393 20 2.39
- ---------------------------------------------------------------------------------------------------------------
Total interest-earning assets 1,935,629 31,946 6.69
Other assets 83,676
- -----------------------------------------------------------------------------------
Total assets $2,019,305
===================================================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing demand deposits $ 64,266 $ 76 0.48%
Money market accounts 377,642 1,904 2.04
Savings accounts 8,539 5 0.24
Time deposits 943,008 5,956 2.56
- ---------------------------------------------------------------------------------------------------------------
Total interest-bearing deposits 1,393,455 7,941 2.31
Other borrowings 222,330 1,668 3.04
Subordinated debentures 72,180 1,245 6.90
- ---------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities 1,687,965 10,854 2.61
--------------------
Noninterest-bearing demand deposits 185,636
Other liabilities 15,126
Shareholders' equity 130,578
- -----------------------------------------------------------------------------------
Total liabilities and shareholders' equity $2,019,305
===================================================================================
Net interest income $21,092
===============================================================================================================
Interest rate spread 4.08%
================================================================================================================
Net interest margin (1) 4.42%
================================================================================================================
Ratio of average interest-earning assets
to average interest-bearing liabilities 114.67%
===================================================================================
Net interest income and margin
(tax-equivalent basis) (2) $21,138 4.43%
===============================================================================================================
(1) Net interest margin = net interest income / total interest-earning assets
(2) In order to make pretax income and resultant yields on tax-exempt
investments and loans comparable to those on taxable investments and loans,
a tax-equivalent on taxable investments and loans, a tax equivalent
adjustment is made equally to interest income and income tax expense with
no effect on after tax income. The tax equivalent adjustment has been
computed using a federal income tax rate of 35%.
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------
For the three months
ended March 31,
(Dollars in thousands, except per share data) 2005 2004
- ----------------------------------------------------------------------------------------
PER COMMON SHARE DATA:
- ----------------------------------------------------------------------------------------
Basic Earnings $ 0.44 $ 0.35
Diluted Earnings 0.43 0.34
Book value (at period end) 10.64 9.55
Dividends declared 0.075 0.070
- ----------------------------------------------------------------------------------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
- ----------------------------------------------------------------------------------------
Basic 12,154,300 11,995,400
Diluted 12,628,862 12,463,367
- ----------------------------------------------------------------------------------------
KEY RATIOS:
- ----------------------------------------------------------------------------------------
Return on average assets 1.08% 1.02%
Return on average total shareholders' equity 16.73% 14.99%
Efficiency ratio 48.94% 56.11%
- ----------------------------------------------------------------------------------------
LOAN COMPOSITION AS OF PERIOD END:
- ----------------------------------------------------------------------------------------
Real estate mortgage:
Commercial $ 527,137 $ 431,240
One-to-four family residential 91,738 83,897
Real estate construction 244,491 225,727
Commercial 394,772 384,680
Installment and consumer:
Guaranteed student loans 390,492 268,270
Other 25,148 25,468
----------- -----------
Total loans, including loans held for sale $ 1,673,778 $ 1,419,282
Less: Allowance for loan losses (19,660) (15,444)
----------- -----------
Total loans, net $ 1,654,118 $ 1,403,838
=========== ===========
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------
At
At March 31, December 31, At March 31,
(Dollars in thousands, except per share data) 2005 2004 2004
- ------------------------------------------------------------------------------------------------------------------------
ASSET QUALITY AS OF PERIOD END:
- ------------------------------------------------------------------------------------------------------------------------
Nonaccrual loans (1) $ 12,737 $ 22,230 $ 13,497
Restructured loans - - -
90 day past due and accruing (2) 1,117 929 2,284
---------- ---------- ----------
Total nonperforming loans (3) $ 13,854 $ 23,159 $ 15,781
========== ========== ==========
Other real estate owned $ 11,902 $ 4,937 $ 1,938
Allowance for loan losses as a percentage of total loans 1.17% 1.17% 1.09%
Allowance for loan losses as a percentage of nonperforming
loans 141.91% 82.00% 97.86%
Nonperforming loans as a percentage of total loans 0.83% 1.43% 1.11%
Nonperforming assets as a percentage of total loans and other
real estate 1.53% 1.72% 1.25%
Total charge-offs $ 3,858 $ 10,034 $ 1,449
Total recoveries 218 1,148 180
---------- ---------- ----------
Net charge-offs $ 3,640 $ 8,886 $ 1,269
========== ========== ==========
Net charge-offs as a percentage of average loans 0.86% 0.58% 0.37%
- ------------------------------------------------------------------------------------------------------------------------
CAPITAL RATIOS AS OF PERIOD END:
- ------------------------------------------------------------------------------------------------------------------------
Leverage ratio 8.75% 8.61% 9.21%
Tier I capital ratio 11.03% 10.88% 11.10%
Total capital ratio 13.89% 13.92% 14.63%
Tier I capital $ 176,397 $ 168,847 $ 151,818
Total capital 222,289 216,038 200,068
Total risk adjusted assets 1,599,780 1,552,326 1,367,881
- ------------------------------------------------------------------------------------------------------------------------
OTHER MISCELLANEOUS INFORMATION AS OF PERIOD END:
- ------------------------------------------------------------------------------------------------------------------------
Goodwill $ 194 $ 194 $ 194
Mortgage Servicing Rights 1,217 1,213 1,137
Non-mortgage Servicing Rights 72 76 86
---------- ---------- ----------
Total Intangible Assets $ 1,483 $ 1,483 $ 1,417
========== ========== ==========
1-4 family mortgage loans serviced for others $ 126,202 $ 125,353 $ 122,751
Intangible amortization expense 86 327 79
FTE employees (at period end) 367 355 333
Number of ATMs 292 289 288
Number of branches (4) 13 11 9
Number of loan production offices 3 5 2
(1) The government-guaranteed portion of loans included in these totals were
$2.0 million, $1.4 million, and $1.0 million, respectively.
(2) The government-guaranteed portion of loans included in these totals were
$27,000, $38,000, and $96,000, respectively.
(3) The government-guaranteed portion of loans included in these totals were
$2.0 million, $1.5 million, and $1.1 million, respectively.
(4) Includes branches for which regulatory approval has been received, but
which were not accepting deposits at March 31, 2005.
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
For the three months
ended March 31,
(Dollars in thousands, except per share data) 2005 2004
- -------------------------------------------------------------------------------
PER COMMON SHARE DATA:
- -------------------------------------------------------------------------------
Basic Earnings $ 0.44 $ 0.35
Diluted Earnings 0.43 0.34
Book value (at period end) 10.64 9.55
Dividends declared 0.075 0.070
- -------------------------------------------------------------------------------
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
- -------------------------------------------------------------------------------
Basic 12,154,300 11,995,400
Diluted 12,628,862 12,463,367
- -------------------------------------------------------------------------------
KEY RATIOS:
- -------------------------------------------------------------------------------
Return on average assets 1.08% 1.02%
Return on average total shareholders' equity 16.73% 14.99%
Efficiency ratio 48.94% 56.11%
- -------------------------------------------------------------------------------
LOAN COMPOSITION AS OF PERIOD END:
- -------------------------------------------------------------------------------
Real estate mortgage:
Commercial $ 527,137 $ 431,240
One-to-four family residential 91,738 83,897
Real estate construction 244,491 225,727
Commercial 394,772 384,680
Installment and consumer:
Guaranteed student loans 390,492 268,270
Other 25,148 25,468
----------- -----------
Total loans, including loans held for sale $ 1,673,778 $ 1,419,282
Less: Allowance for loan losses (19,660) (15,444)
----------- -----------
Total loans, net $ 1,654,118 $ 1,403,838
=========== ===========
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SOUTHWEST BANCORP, INC.
UNAUDITED CONSOLIDATED FINANCIAL HIGHLIGHTS
At
At March 31, December 31, At March 31,
(Dollars in thousands, except per share data) 2005 2004 2004
- ----------------------------------------------------------------------------------------------------------------------------------
ASSET QUALITY AS OF PERIOD END:
- ----------------------------------------------------------------------------------------------------------------------------------
Nonaccrual loans (1) $ 12,737 $ 22,230 $ 13,497
Restructured loans - - -
90 day past due and accruing (2) 1,117 929 2,284
---------- ---------- ----------
Total nonperforming loans (3) $ 13,854 $ 23,159 $ 15,781
========== ========== ==========
Other real estate owned $ 11,902 $ 4,937 $ 1,938
Allowance for loan losses as a percentage of total loans 1.17% 1.17% 1.09%
Allowance for loan losses as a percentage of nonperforming
loans 141.91% 82.00% 97.86%
Nonperforming loans as a percentage of total loans 0.83% 1.43% 1.11%
Nonperforming assets as a percentage of total loans and other
real estate 1.53% 1.72% 1.25%
Total charge-offs $ 3,858 $ 10,034 $ 1,449
Total recoveries 218 1,148 180
---------- ---------- ----------
Net charge-offs $ 3,640 $ 8,886 $ 1,269
========== ========== ==========
Net charge-offs as a percentage of average loans 0.86% 0.58% 0.37%
- ----------------------------------------------------------------------------------------------------------------------------------
CAPITAL RATIOS AS OF PERIOD END:
- ----------------------------------------------------------------------------------------------------------------------------------
Leverage ratio 8.75% 8.61% 9.21%
Tier I capital ratio 11.03% 10.88% 11.10%
Total capital ratio 13.89% 13.92% 14.63%
Tier I capital $ 176,397 $ 168,847 $ 151,818
Total capital 222,289 216,038 200,068
Total risk adjusted assets 1,599,780 1,552,326 1,367,881
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER MISCELLANEOUS INFORMATION AS OF PERIOD END:
- ----------------------------------------------------------------------------------------------------------------------------------
Goodwill $ 194 $ 194 $ 194
Mortgage Servicing Rights 1,217 1,213 1,137
Non-mortgage Servicing Rights 72 76 86
---------- ---------- ----------
Total Intangible Assets $ 1,483 $ 1,483 $ 1,417
========== ========== ==========
1-4 family mortgage loans serviced for others $ 126,202 $ 125,353 $ 122,751
Intangible amortization expense 86 327 79
FTE employees (at period end) 367 355 333
Number of ATMs 292 289 288
Number of branches (4) 13 11 9
Number of loan production offices 3 5 2
(1) The government-guaranteed portion of loans included in these totals were
$2.0 million, $1.4 million, and $1.0 million, respectively.
(2) The government-guaranteed portion of loans included in these totals were
$27,000, $38,000, and $96,000, respectively.
(3) The government-guaranteed portion of loans included in these totals were
$2.0 million, $1.5 million, and $1.1 million, respectively.
(4) Includes branches for which regulatory approval has been received, but
which were not accepting deposits at March 31, 2005.
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