Exhibit 99.1
October 17, 2006
For media inquiries: For financial inquiries:
Katherine Taylor Don Wilson
Investor Relations Manager Chief Financial Officer
815-961-7164 815-961-2721
AMCORE FINANCIAL, INC. REPORTS 3RD QUARTER EARNINGS
(Numbersin Thousands, Except Per Share Data, Income from Continuing Operations)
3rd QUARTER 2006 3rd QUARTER 2005 2nd QUARTER 2006
---------------- ---------------- ----------------
Net Revenues $ 62,310 $ 57,655 $ 58,786
Net Income $ 12,505 $ 11,706 $ 11,434
Diluted Shares 24,477 25,138 24,758
Diluted EPS $ 0.51 $ 0.47 $ 0.46
ROCKFORD, IL -- AMCORE Financial, Inc. (Nasdaq: AMFI) reported diluted
earnings per share from continuing operations of $0.51 for third quarter 2006, a
nine percent increase, compared to $0.47 per diluted share in third quarter
2005, and an 11 percent increase from $0.46 in the previous quarter. Net income
from continuing operations in the third quarter of 2006 was $12.5 million, a
seven percent increase from $11.7 million in the prior-year period, and a nine
percent increase from $11.4 million in the previous quarter.
"Favorable economic conditions in our markets continue to support our growth
efforts and are contributing to our revenues," said Kenneth E. Edge, Chairman,
President and CEO of AMCORE. "Increased compliance expenditures and debt
restructuring costs were more than offset by non-recurring income items during
the quarter."
HIGHLIGHTS
----------
o Average loan balances grew 10 percent, or $351 million, compared
to third quarter 2005.
o Average bank issued deposits were essentially flat compared to
third quarter 2005.
o Average assets increased four percent to $5.4 billion in third
quarter 2006 compared to $5.2 billion in third quarter 2005.
o The net interest margin decreased 15 basis points to 3.33 percent
in third quarter 2006 from 3.48 percent in third quarter 2005,
and decreased seven basis points compared to second quarter 2006.
o Non-performing loans increased $4.2 million, or 16 percent, from
September 30, 2005 and increased $1.1 million, or four percent,
from June 30, 2006. The increase from the prior year was
primarily due to the addition of one large commercial real estate
credit in second quarter 2006.
o Net charge-offs decreased $1.5 million or 34 percent when
compared to the same period a year ago but increased $374,000 or
15 percent when compared to second quarter 2006.
o Non-interest income increased 26 percent or $4.3 million,
compared to third quarter 2005, and increased 21 percent, or $3.7
million, compared to second quarter 2006. The third quarter 2006
included $2.2 million in dividends from private equity fund
investments and a $1.3 million non-taxable net death claim on
company-owned life insurance. The third quarter 2005 included a
$702,000 mortgage servicing rights impairment valuation reversal.
o Operating expenses increased 15 percent, or $5.6 million,
compared to third quarter 2005, and increased five percent, or
$2.2 million, compared to second quarter 2006. The third quarter
2006 included a $2.1 million of expense related to debt
extinguishment.
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REVENUES
--------
Net revenues increased eight percent, or $4.7 million, to $62.3 million in
third quarter 2006 from $57.7 million during the same quarter a year ago, and
increased six percent, or $3.5 million, from the previous quarter. The third
quarter 2006 net revenues included $2.2 million in dividends from private equity
fund investments and a $1.3 million net death claim on company-owned life
insurance.
Net interest income increased one percent, or $341,000, to $41.2 million in
third quarter 2006 from $40.8 million during the same quarter a year ago, and
declined $170,000, compared to the second quarter 2006. The net interest margin
decreased 15 basis points to 3.33 percent in third quarter 2006 from 3.48
percent in third quarter 2005, and decreased seven basis points compared to
second quarter 2006.
Average loans grew 10 percent, or $351 million, compared to third quarter
2005 driven by AMCORE's branch expansion in Chicago suburban and Madison area
markets and continued positive market conditions. Loan yields rose 104 basis
points to 7.68 percent in third quarter 2006 compared to the same period a year
ago and were up 20 basis points from second quarter 2006. This is the result of
overall loan growth during a period of rising interest rates and a relatively
short repricing structure of the loan portfolio.
Average bank issued deposits totaled $3.4 billion, which were essentially
flat compared to a year ago and decreased two percent compared to the previous
quarter. The total cost of interest-bearing bank issued deposits increased 107
basis points from third quarter 2005, and 28 basis points from second quarter
2006, primarily from increases in short-term interest rates.
Total non-interest income increased 26 percent, or $4.3 million, to $21.2
million over the third quarter 2005 and was up $3.7 million, or 21 percent, from
second quarter 2006 primarily due to increases in company-owned life insurance
income and dividends from private equity fund investments.
Investment management and trust revenues increased $544,000, or 15 percent,
from third quarter 2005 and $212,000, or five percent, from second quarter 2006.
Deposit-related fees and bankcard fees increased $521,000 and $429,000 or
eight percent and 34 percent, respectively, when compared to third quarter 2005
and $326,000 and $175,000 or five percent and 12 percent, respectively, when
compared to second quarter 2006.
Mortgage banking income decreased 55 percent, or $921,000, in third quarter
2006 compared to the same period a year ago, and decreased 28 percent, or
$299,000, from second quarter 2006. Third quarter 2005 included a mortgage
servicing rights impairment valuation reversal of $702,000.
Income from company-owned life insurance increased $1.4 million when
compared to third quarter 2005, and increased $1.7 million when compared to
second quarter 2006 due to increases in cash surrender values and a $1.3 million
net death claim.
Other non-interest income increased $2.3 million from third quarter 2005 and
$1.6 million from second quarter 2006. Included in third quarter 2006 was the
$2.2 million in dividend income from private equity fund investments.
OPERATING EXPENSES
------------------
Total operating expenses increased 15 percent, or $5.6 million, compared to
third quarter 2005, and increased five percent, or $2.2 million, compared to
second quarter 2006. Third quarter 2006 included $2.1 million of expense related
to the extinguishment of Federal Home Loan Bank advances, which was primarily a
non-cash cost due to the recognition of unamortized mark-to-market adjustments
associated with previously terminated hedges. The advances were replaced with
other wholesale funding sources.
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The remaining increase over the prior-year period was primarily due to
increased professional fees related to compliance matters and higher personnel
costs, including the effects of branch expansion, additional compliance
personnel and the 2006 adoption of a new accounting standard for stock-based
compensation expense. The recognition of stock-based compensation expense in
third quarter 2006 was $444,000, an increase of $285,000 from the prior year
period. Stock-based compensation expense in the second quarter 2006 was
$867,000. Professional fees increased $1.7 million, or 164 percent, compared to
the same quarter a year ago and increased three percent, or $88,000 from second
quarter 2006. The increase from third quarter 2005 was primarily from continued
efforts to improve compliance processes, external asset management fees for
AMCORE and its customers and the timing of outsourced internal audit fees.
The efficiency ratio was 68.16 percent in the third quarter of 2006,
compared to 63.90 percent for the same period in 2005 and 68.48 percent in the
prior quarter.
INCOME TAXES
------------
Income taxes, as a percentage of pre-tax income from continuing operations,
were 26.4 percent in the third quarter 2006, compared to 28.4 percent in the
third quarter of 2005 and 29.8 percent in the second quarter of 2006. The
decline in percent in the third quarter 2006, compared to the other quarters,
was due to a higher proportion of non-taxable income, notably a $1.3 million net
death claim.
OTHER KEY PERFORMANCE RATIOS
----------------------------
Other key ratio improvements include a three basis point increase in return
on average assets to 0.92 percent in third quarter 2006 compared to 0.89 percent
during the prior-year period and increased six basis points from 0.86 percent in
the previous quarter. Return on average equity increased 74 basis points to
12.38 percent in third quarter 2006 compared to 11.64 percent in third quarter
2005 and increased 86 basis points from 11.52 percent in second quarter 2006.
ASSET QUALITY & LOAN LOSS
-------------------------
The percentage of total non-performing assets to total assets was 0.59
percent at September 30, 2006, up from 0.53 percent at September 30, 2005 and
0.57 percent at June 30, 2006. Net charge-offs were $2.8 million, a decrease of
$1.5 million from third quarter 2005 and an increase of $374,000 from second
quarter 2006. Net charge-offs were 28 basis points of average loans on an
annualized basis during third quarter 2006, compared to 47 basis points for
third quarter 2005 and 25 basis points for second quarter 2006.
Provision for loan losses of $2.9 million in third quarter 2006 declined
$1.6 million, or 36 percent, from the $4.5 million in third quarter 2005 and
increased 27 percent, or $613,000, from second quarter 2006. The decline from
the prior year quarter reflected lower net charge-offs, while the increase from
second quarter 2005 reflected an increase in net charge-offs.
BRANCHING UPDATE
----------------
In third quarter 2006, AMCORE opened two full service branches and one
limited branch office in the Chicago suburbs of Lombard and Woodridge (limited
branch) and the Milwaukee suburb of Wauwatosa. The 28 (net) new branches opened
since April 2001 contributed total loans of $1.73 billion and total deposits of
$712 million at September 30, 2006. Same-branch contributions from new branches
open as of September 30, 2005 were $1.69 billion in loans and $695 million in
deposits. AMCORE expects to open two more full service branches in the Chicago
area by year-end.
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BUY-BACK UPDATE
---------------
During third quarter, 397,000 shares were repurchased at an average price of
$29.84, primarily in connection with the Company's stock buy-back program.
AMCORE Financial, Inc. is headquartered in Northern Illinois and has banking
assets of $5.4 billion with 77 locations in Illinois and Wisconsin. AMCORE
provides a full range of consumer and commercial banking services, a variety of
mortgage lending products and wealth management services including trust,
brokerage, private banking, financial planning, investment management, insurance
and comprehensive retirement plan services.
This news release contains, and our periodic filings with the Securities and
Exchange Commission and written or oral statements made by the Company's
officers and directors to the press, potential investors, securities analysts
and others will contain, forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act
of 1934, and the Company intends that such forward-looking statements be subject
to the safe harbors created thereby with respect to, among other things, the
financial condition, results of operations, plans, objectives, future
performance and business of AMCORE. Statements that are not historical facts,
including statements about beliefs and expectations, are forward-looking
statements. These statements are based upon beliefs and assumptions of AMCORE's
management and on information currently available to such management. The use of
the words "believe", "expect", "anticipate", "plan", "estimate", "should",
"may", "will" or similar expressions identify forward-looking statements.
Forward-looking statements speak only as of the date they are made, and AMCORE
undertakes no obligation to update publicly any forward-looking statements in
light of new information or future events.
Contemplated, projected, forecasted or estimated results in such
forward-looking statements involve certain inherent risks and uncertainties. A
number of factors - many of which are beyond the ability of the Company to
control or predict - could cause actual results to differ materially from those
in its forward-looking statements. These factors include, among others, the
following possibilities: (I) heightened competition, including specifically the
intensification of price competition, the entry of new competitors and the
formation of new products by new or existing competitors; (II) adverse state,
local and federal legislation and regulation or adverse findings or rulings made
by local, state or federal regulators or agencies regarding AMCORE and its
operations ; (III) failure to obtain new customers and retain existing
customers; (IV) inability to carry out marketing and/or expansion plans; (V)
ability to attract and retain key executives or personnel; (VI) changes in
interest rates including the effect of prepayment; (VII) general economic and
business conditions which are less favorable than expected; (VIII) equity and
fixed income market fluctuations; (IX) unanticipated changes in industry trends;
(X) unanticipated changes in credit quality and risk factors; (XI) success in
gaining regulatory approvals when required; (XII) changes in Federal Reserve
Board monetary policies; (XIII) unexpected outcomes on existing or new
litigation in which AMCORE, its subsidiaries, officers, directors or employees
are named defendants; (XIV) technological changes; (XV) changes in U.S.
generally accepted accounting principles; (XVI) changes in assumptions or
conditions affecting the application of "critical accounting estimates"; (XVII)
inability of third-party vendors to perform critical services for the Company or
its customers; (XVIII) disruption of operations caused by the conversion and
installation of data processing systems, and (XIX) zoning restrictions or other
limitations at the local level, which could prevent limited branch offices from
transitioning to full-service facilities.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol
"AMFI." Further information about AMCORE Financial, Inc. can be found at the
Company's website at www.AMCORE.com.
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AMCORE FINANCIAL, INC.
CONSOLIDATED FINANCIAL SUMMARY
(Unaudited)
($ in 000's except per share data) 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. 3Q/ 2Q 3Q '06/'05
SHARE DATA 2006 2006 2006 2005 2005 Incr(Decr) Incr(Decr)
- ------------------------------------------------ -------- -------- -------- -------- -------- ---------- ----------
Diluted earnings per share:
Income from continuing operations $ 0.51 $ 0.46 $ 0.42 $ 0.48 $ 0.47 11% 9%
Net income $ 0.51 $ 0.46 $ 0.42 $ 0.32 $ 0.50 11% 2%
Cash dividends $ 0.185 $ 0.185 $ 0.185 $ 0.17 $ 0.17 0% 9%
Book value $ 16.73 $ 16.06 $ 16.14 $ 16.06 $ 16.09 4% 4%
Average diluted shares outstanding 24,477 24,758 24,956 25,109 25,138 (1)% (3)%
Ending shares outstanding 24,277 24,581 24,826 24,811 24,830 (1)% (2)%
INCOME STATEMENT
- ------------------------------------------------
Total Interest Income $ 87,525 $ 83,567 $ 79,994 $ 77,061 $ 72,538 5% 21%
Total Interest Expense 46,375 42,247 38,564 35,443 31,729 10% 46%
-------- -------- -------- -------- -------- ---------- ----------
Net interest income 41,150 41,320 41,430 41,618 40,809 (0)% 1%
Provision for loan losses 2,863 2,250 2,000 4,730 4,462 27% (36)%
Non-interest income:
Investment management and trust income 4,182 3,970 3,665 3,750 3,638 5% 15%
Service charges on deposits 6,931 6,605 5,550 6,101 6,410 5% 8%
Mortgage banking income 762 1,061 1,232 660 1,683 (28)% (55)%
Company owned life insurance income 2,870 1,149 929 1,468 1,479 150% 94%
Brokerage commission income 700 744 881 767 575 (6)% 22%
Bankcard fee income 1,690 1,515 1,357 1,285 1,261 12% 34%
Gain on sale of loans 116 149 161 406 162 (22)% (28)%
Net security gain (loss) - - 225 592 (1) 0% (100)%
Other 3,909 2,273 1,699 3,283 1,639 72% 138%
-------- -------- -------- -------- -------- ---------- ----------
Total non-interest income 21,160 17,466 15,699 18,312 16,846 21% 26%
Operating expenses:
Personnel costs 23,274 24,315 25,056 22,239 21,853 (4)% 7%
Net occupancy and equipment expense 5,533 4,892 4,885 6,122 5,604 13% (1)%
Data processing expense 674 790 755 660 587 (15)% 15%
Professional fees 2,743 2,655 1,705 932 1,040 3% 164%
Communication expense 1,379 1,220 1,258 1,235 1,218 13% 13%
Advertising and business development 1,789 1,838 1,723 1,638 1,614 (3)% 11%
Other 7,076 4,548 5,008 5,487 4,925 56% 44%
-------- -------- -------- -------- -------- ---------- ----------
Total operating expenses 42,468 40,258 40,390 38,313 36,841 5% 15%
-------- -------- -------- -------- -------- ---------- ----------
Income from continuing operations
before income taxes 16,979 16,278 14,739 16,887 16,352 4% 4%
Income taxes 4,474 4,844 4,280 4,897 4,646 (8)% (4)%
-------- -------- -------- -------- -------- ---------- ----------
Income from continuing operations 12,505 11,434 10,459 11,990 11,706 9% 7%
-------- -------- -------- -------- -------- ---------- ----------
Discontinued operations:
(Loss) income from discontinued operations - (18) (113) (677) 1,476 N/M N/M
Income tax (benefit) expense - (7) (44) 3,162 599 N/M N/M
-------- -------- -------- -------- -------- ---------- ----------
(Loss) income from discontinued operations(1) - (11) (69) (3,839) 877 N/M N/M
-------- -------- -------- -------- -------- ---------- ----------
Net Income $ 12,505 $ 11,423 $ 10,390 $ 8,151 $ 12,583 9% (1)%
======== ======== ======== ======== ======== ========== ==========
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3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr. 3rd Qtr. Basis Point Basis Point
KEY RATIOS AND DATA 2006 2006 2006 2005 2005 Change Change
- -------------------------------------- --------- --------- --------- --------- --------- ----------- -----------
Net interest margin (FTE) 3.33% 3.40% 3.44% 3.48% 3.48% (7) (15)
Return on average assets (2) 0.92% 0.86% 0.79% 0.90% 0.89% 6 3
Return on average equity (2) 12.38% 11.52% 10.60% 11.89% 11.64% 86 74
Efficiency ratio (2) 68.16% 68.48% 70.70% 63.93% 63.90% (32) 426
Equity/assets (end of period) 7.46% 7.28% 7.49% 7.46% 7.61% 18 (15)
Allowance to loans (end of period) 1.03% 1.05% 1.08% 1.10% 1.11% (2) (8)
Allowance to non-accrual loans 140.36% 165.29% 181.28% 187.99% 168.27% (25) (28)
Allowance to non-performing loans 134.93% 139.79% 158.69% 134.90% 154.22% (5) (19)
Non-accrual loans to loans 0.73% 0.63% 0.60% 0.58% 0.66% 10 7
Non-performing assets to total assets 0.59% 0.57% 0.49% 0.58% 0.53% 2 6
(in millions)
Total assets under administration $ 2,627 $ 2,532 $ 2,651 $ 2,570 $ 4,576 4% (43)%
Mortgage loans closed $ 111 $ 120 $ 80 $ 110 $ 146 (8)% (24)%
Mortgage servicing rights, net $ 14.2 $ 13.9 $ 13.5 $ 13.3 $ 13.2 2% 8%
Percentage of mortgage loans serviced 0.98% 0.98% 0.91% 0.97% 0.98% 0 0
N/M = not meaningful
(1) 4th Quarter 2005 includes loss on disposal of IMG of $3.814 million
3rd Quarter 2005 includes gain on sale of Vintage Equity Funds advisory
rights of $824,000
(2) Ratios from continuing operations
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AMCORE FINANCIAL, INC.
(Unaudited)
($ in 000's) 3RD QTR. 2ND QTR. 1ST QTR. 4TH QTR. 3RD QTR.
AVERAGE BALANCE SHEET 2006 2006 2006 2005 2005
- ------------------------------------------ ----------- ----------- ----------- ----------- -----------
ASSETS:
Investment securities $ 1,105,999 $ 1,145,757 $ 1,196,106 $ 1,212,248 $ 1,207,262
Short-term investments 6,005 6,570 8,054 10,869 10,411
Loans held for sale 27,036 26,420 22,969 28,916 35,833
Loans: Commercial 820,647 832,541 811,689 814,865 804,314
Commercial real estate 2,269,703 2,190,746 2,160,772 2,046,238 1,986,672
Residential real estate 495,917 479,585 473,992 461,417 445,192
Consumer 317,455 317,362 312,801 314,594 316,777
----------- ----------- ----------- ----------- -----------
Total loans $ 3,903,722 $ 3,820,234 $ 3,759,254 $ 3,637,114 $ 3,552,955
----------- ----------- ----------- ----------- -----------
Total earning assets $ 5,042,762 $ 4,998,981 $ 4,986,383 $ 4,889,147 $ 4,806,461
Allowance for loan losses (41,503) (41,532) (42,710) (42,136) (42,598)
Other non-earning assets 403,450 398,946 396,763 420,275 427,874
----------- ----------- ----------- ----------- -----------
Total assets $ 5,404,709 $ 5,356,395 $ 5,340,436 $ 5,267,286 $ 5,191,737
=========== =========== =========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Non interest bearing deposits $ 484,502 $ 486,103 $ 473,174 $ 494,805 $ 495,683
Interest bearing deposits 1,716,174 1,779,003 1,831,169 1,848,342 1,814,734
Time deposits 1,246,157 1,237,080 1,200,419 1,189,046 1,140,835
----------- ----------- ----------- ----------- -----------
Total bank issued deposits $ 3,446,833 $ 3,502,186 $ 3,504,762 $ 3,532,193 $ 3,451,252
----------- ----------- ----------- ----------- -----------
Wholesale deposits 790,629 703,222 660,102 613,530 593,889
Short-term borrowings 327,337 349,648 530,751 484,465 516,470
Long-term borrowings 372,472 340,833 175,999 172,117 164,094
----------- ----------- ----------- ----------- -----------
Total wholesale funding $ 1,490,438 $ 1,393,703 $ 1,366,852 $ 1,270,112 $ 1,274,453
----------- ----------- ----------- ----------- -----------
Total interest bearing liabilities 4,452,769 4,409,786 4,398,440 4,307,500 4,230,022
----------- ----------- ----------- ----------- -----------
Other liabilities 66,608 62,286 68,629 64,893 67,078
----------- ----------- ----------- ----------- -----------
Total liabilities $ 5,003,879 $ 4,958,175 $ 4,940,243 $ 4,867,198 $ 4,792,783
----------- ----------- ----------- ----------- -----------
Stockholders' equity 420,177 418,307 414,482 411,583 404,159
Other comprehensive income (loss) (19,347) (20,087) (14,289) (11,495) (5,205)
----------- ----------- ----------- ----------- -----------
Total stockholders' equity 400,830 398,220 400,193 400,088 398,954
----------- ----------- ----------- ----------- -----------
Total liabilities & stockholders' equity $ 5,404,709 $ 5,356,395 $ 5,340,436 $ 5,267,286 $ 5,191,737
=========== =========== =========== =========== ===========
($ in 000's) 3Q/ 2Q 3Q '06/'05 ENDING
AVERAGE BALANCE SHEET INCR(DECR) INCR(DECR) BALANCES
- ------------------------------------------ ----------- ----------- -----------
ASSETS:
Investment securities (3)% (8)% $ 1,066,973
Short-term investments (9)% (42)% 6,238
Loans held for sale 2% (25)% 19,258
Loans: Commercial (1)% 2% 837,641
Commercial real estate 4% 14% 2,311,381
Residential real estate 3% 11% 495,660
Consumer 0% 0% 308,042
----------- ----------- -----------
Total loans 2% 10% $ 3,952,724
----------- ----------- -----------
Total earning assets 1% 5% $ 5,045,193
Allowance for loan losses (0)% (3)% (40,626)
Other non-earning assets 1% (6)% 442,600
----------- ----------- -----------
Total assets 1% 4% $ 5,447,167
=========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Non interest bearing deposits (0)% (2)% $ 514,845
Interest bearing deposits (4)% (5)% 1,769,100
Time deposits 1% 9% 1,228,787
----------- ----------- -----------
Total bank issued deposits (2)% (0)% $ 3,512,732
----------- ----------- -----------
Wholesale deposits 12% 33% 783,630
Short-term borrowings (6)% (37)% 352,003
Long-term borrowings 9% 127% 326,904
----------- ----------- -----------
Total wholesale funding 7% 17% $ 1,462,537
----------- ----------- -----------
Total interest bearing liabilities 1% 5% 4,460,424
----------- ----------- -----------
Other liabilities 7% (1)% 65,797
----------- ----------- -----------
Total liabilities 1% 4% $ 5,041,066
----------- ----------- -----------
Stockholders' equity 0% 4% 417,534
Other comprehensive income (loss) (4)% 272% (11,433)
----------- ----------- -----------
Total stockholders' equity 1% 0% 406,101
----------- ----------- -----------
Total liabilities & stockholders' equity 1% 4% $ 5,447,167
=========== =========== ===========
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3RD QTR. 2ND QTR. 1ST QTR. 4TH QTR. 3RD QTR. 3Q/ 2Q 3Q '06/'05
CREDIT QUALITY 2006 2006 2006 2005 2005 INCR(DECR) INCR(DECR)
- ------------------------------------------ -------- -------- -------- -------- -------- ----------- -----------
Ending allowance for loan losses $ 40,626 $ 40,560 $ 40,733 $ 40,756 $ 39,975 0% 2%
Net charge-offs 2,797 2,423 2,023 3,949 4,248 15% (34)%
Net charge-offs to avg loans (annualized) 0.28% 0.25% 0.22% 0.43% 0.47% 12% (40)%
NON-PERFORMING ASSETS:
Non-accrual loans $ 28,945 $ 24,539 $ 22,470 $ 21,680 $ 23,757 18% 22%
Loans 90 days past due & still accruing 1,164 4,476 3,198 8,533 2,164 (74)% (46)%
-------- -------- -------- -------- -------- ----------- -----------
Total non-performing loans 30,109 29,015 25,668 30,213 25,921 4% 16%
Foreclosed real estate 1,540 1,025 341 621 1,879 50% (18)%
Other foreclosed assets 483 681 166 151 54 (29)% 794%
-------- -------- -------- -------- -------- ----------- -----------
Total non-performing assets $ 32,132 $ 30,721 $ 26,175 $ 30,985 $ 27,854 5% 15%
======== ======== ======== ======== ======== =========== ===========
YIELD AND RATE ANALYSIS
- ------------------------------------------
ASSETS:
Investment securities (FTE) 4.55% 4.52% 4.56% 4.57% 4.54%
Short-term investments 5.73% 5.31% 4.87% 4.15% 3.43%
Loans held for sale 5.70% 5.16% 4.93% 3.90% 5.03%
Loans: Commercial 8.12% 7.87% 7.59% 7.11% 6.73%
Commercial real estate 7.75% 7.56% 7.30% 7.09% 6.72%
Residential real estate 6.97% 6.78% 6.57% 6.43% 6.22%
Consumer 7.16% 6.95% 6.79% 6.78% 6.52%
-------- -------- -------- -------- --------
Total loans (FTE) 7.68% 7.48% 7.23% 6.98% 6.64%
-------- -------- -------- -------- --------
Total interest earning assets (FTE) 6.98% 6.79% 6.58% 6.36% 6.10%
======== ======== ======== ======== ========
LIABILITIES:
Interest bearing deposits 3.05% 2.82% 2.64% 2.41% 2.13%
Time deposits 4.31% 3.98% 3.62% 3.35% 3.12%
-------- -------- -------- -------- --------
Total bank issued deposits 3.58% 3.30% 3.03% 2.78% 2.51%
-------- -------- -------- -------- --------
Wholesale deposits 4.98% 4.70% 4.43% 4.16% 3.91%
Short-term borrowings 4.92% 4.72% 4.46% 4.05% 3.50%
Long-term borrowings 6.04% 6.03% 6.64% 6.44% 6.27%
-------- -------- -------- -------- --------
Total wholesale funding 5.23% 5.03% 4.73% 4.42% 4.02%
-------- -------- -------- -------- --------
Total interest bearing liabilities 4.13% 3.84% 3.56% 3.26% 2.98%
======== ======== ======== ======== ========
Net interest spread 2.85% 2.95% 3.02% 3.10% 3.12%
Net interest margin (FTE) 3.33% 3.40% 3.44% 3.48% 3.48%
======== ======== ======== ======== ========
FTE adjustment (000's) $ 1,054 $ 1,070 $ 1,092 $ 1,181 $ 1,166
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