WILMINGTON, N.C., April 25, 2008 (PRIME NEWSWIRE) -- Cape Fear Bank Corporation (the "Company") (Nasdaq:CAPE) today reported a net loss of ($441,000), or ($0.12) per diluted share, for the first quarter of 2008 compared with net income of $435,000, or $0.11 per diluted share for the first quarter of 2007. Current quarter performance reflects a continuation of factors experienced by the Company in 2007, including a deteriorating real estate economy, expenses associated with branch expansion, elevated problem assets, and compression of net interest margin.
Cameron Coburn, Chairman, President and CEO of Cape Fear Bank Corporation, stated, "In rapid succession, we have seen our housing market decline and our revenue impacted by margin compression and deteriorating credit quality. We continue to be challenged by a difficult interest rate environment, but we are actively pursuing lower-cost deposits as we build relationships through our newly expanded branch network. We also recently hired an experienced credit administrator to manage our problem assets expeditiously."
Total revenue, comprised of net interest income and noninterest income, was $3.1 million for the first quarter of 2008, a decline of $379,000, or 10.8 percent, from the first quarter of 2007. Net interest income declined 16.0 percent to $2.7 million, reflecting 7.6 percent growth in average earning assets, offset by a 70 basis point decline in the net interest margin to 2.41 percent. Mr. Coburn added, "We've restructured our balance sheet to make it less asset-sensitive in the current declining interest rate environment." Variable-rate loans, which reprice immediately, now comprise 51.1 percent of our loan portfolio compared with 64.4 percent twelve months ago. Mr. Coburn continued, "Total time deposits, which comprise 72.9 percent of our deposit portfolio, have fixed maturities and therefore take longer to reprice downward."
Noninterest income for the first quarter of 2008 was $446,000, an increase of $136,000 or 43.9 percent from the first quarter of 2007. Service fees and charges accounted for the majority of the increase, up $99,000 or 60.0 percent from the prior-year first quarter.
Noninterest expense for the first quarter of 2008 totaled $3.4 million, an increase of $497,000 or 17.3 percent from noninterest expense for the first quarter of 2007. Expenses associated with branch expansion accounted for the majority of the increase; three de novo branches were opened after first quarter 2007, generating additional expenses in virtually every category. Occupancy and equipment expenses were $553,000 for the current quarter, up $130,000 or 30.7 percent. Salaries and benefits, which represent nearly 50 percent of noninterest expense, increased $70,000 or 4.5 percent, partially due to the addition of seven full-time equivalent (FTE) employees over the past twelve months, from 95 to 102. The majority of the increased expense for the quarter was in Other Expense, up $297,000 or 33.1 percent, to $1.2 million; this includes increased FDIC premiums, accounting and audit fees, and branch-related expenses such as data processing. For the first quarter, the efficiency ratio increased to 107.06 percent from 81.44 percent for the prior-year first quarter.
Total assets were $469.6 million at March 31, 2008, up $21.3 million or 4.7 percent from twelve months ago, and $5.3 million from the linked quarter. Loans outstanding totaled $375.3 million, an increase of $30.5 million or 8.9 percent over the past twelve months; since year-end 2007, loans increased by $4.6 million. Approximately 95 percent of the loan portfolio is collateralized by real estate, with construction and land development (C&D) loans accounting for 39.5 percent of the portfolio, followed by commercial real estate (CRE), with 32.1 percent. In terms of the $4.6 million loan growth year-to-date, CRE led with an increase of $3.6 million, followed by pre-sold and owner-occupied residential construction, up $3.0 million. These gains were partially offset by a decline of $2.4 million in 1-4 family real estate loans.
Nonperforming assets were $8.5 million or 1.8 percent of assets at March 31, 2008; this compares with $8.3 million or 1.8 percent of assets for the previous quarter and $2.0 million or 0.44 percent of assets twelve months ago. The majority of first quarter nonperforming loans were C&D loans totaling $4.9 million (which includes $3.3 million in restructured loans), followed by $951,000 of Other Real Estate Loans. Nonperforming loans consist primarily of two large land development and residential construction relationships located in the coastal market. During first quarter 2008, $1.8 million of nonperforming loans were transferred through foreclosure to Other Real Estate Owned (OREO) compared to none in the linked quarter and $616,000 in the prior year quarter. Net charge-offs were $348,000 or 0.37 percent of average loans (annualized) for the period ended March 31, 2008 compared with net recoveries for both the linked and first quarters of 2007. The loan loss provision for first quarter 2008 was $793,000 compared with $75,000 for the year-ago quarter and $970,000 for the fourth quarter of 2007. The reserve for loan losses totaled $6.2 million or 1.66 percent of total loans at March 31, 2008.
Deposits totaled $398.2 million at March 31, 2008, an increase of $18.2 million or 4.8 percent over the last twelve months, and an increase of $11.5 million since year-end 2007. Core deposits, which exclude time deposits greater than $100,000 and brokered deposits, accounted for 53.4 percent of total deposits; they declined by $18.4 million or 8.0 percent from twelve months ago, and increased by $8.0 million from the linked quarter. The year-over-year decline in core deposits is tied to lower deposits from real estate attorney trust account relationships in response to the slowdown in real estate market conditions. To fund the shortfall resulting from the lower level of core deposits, non-core deposits, namely, wholesale and brokered deposits, increased $36.6 million or 24.6 percent over the last twelve months, and $3.5 million or an annualized 7.7 percent higher than the linked quarter. Mr. Coburn commented, "We remain focused on improving our deposit mix by obtaining lower cost deposits through our recently expanded branch network."
Shareholders' equity at March 31, 2008 was $28.3 million, a twelve-month increase of $799,000 or 2.9 percent. As of March 31, 2008, the Company remained at well-capitalized levels with a total risk-based capital ratio of 10.99 percent. Shares outstanding at year-end were 3,841,785.
Mr. Coburn added, "We are sorry to report that one of our founding directors, Windell Daniels, passed away unexpectedly on April 22, 2008. He had served as a director of Cape Fear Bank since 1998 and was a member of our Audit Committee. We appreciate his guidance through the years and he will be greatly missed."
About the Company
Cape Fear Bank (the "Bank"), formerly known as Bank of Wilmington, was established in 1998 as a community bank, developed and managed by local residents of the communities it serves, who are committed to improving the quality of their local banking experience. Cape Fear Bank Corporation, the parent company, was formed in June 2005. The Bank serves the southeastern North Carolina market area with eight full-service banking offices, including three in New Hanover County, two in Pender County, and three in Brunswick County. The Company's stock is listed on the NASDAQ Capital Market under the symbol 'CAPE'. The Company currently anticipates scheduling its 2008 annual meeting of stockholders to be held in August 2008.
Forward-Looking Statements
This Report and its exhibits contain statements relating to Cape Fear Bank Corporation (the Company) and its financial condition, results of operations, plans, strategies, branch expansion plans, trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts. Those statements may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" or "continue," or similar terms or the negative of these terms, or other statements concerning opinions or judgments of management about future events. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in the Company's Annual Report on Form 10-K and in other reports filed with the Securities and Exchange Commission from time to time. Copies of those reports are available directly through the Commission's website at www.sec.gov. Other factors that could influence the accuracy of those forward-looking statements include, but are not limited to: (a) the financial success or changing strategies of the Company's customers; (b) customer acceptance of services, products and fee structure; (c) changes in competitive pressures among depository and other financial institutions or in its ability to compete effectively against larger financial institutions in its banking market; (d) actions of government regulators, or changes in laws, regulations or accounting standards, that adversely affect its business; (e) its ability to manage growth and to underwrite increasing volumes of loans; (f) the impact on profits of increased staffing and expenses resulting from expansion; (g) changes in the interest rate environment and the level of market interest rates that reduce net interest margin and/or the volumes and values of loans made and securities held; (h) weather and similar conditions, particularly the effect of hurricanes on banking and operations facilities and on its customers and the coastal communities in which it conducts business; (i) changes in general economic or business conditions and the real estate market in its banking market (particularly changes that affect its loan portfolio, the abilities of borrowers to repay their loans, and the values of loan collateral; and (j) other developments or changes in the Company's business that it does not expect. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by the cautionary statements in this paragraph. The Company has no obligation, and does not intend, to update these forward-looking statements.
Cape Fear Bank Corporation
Five-Quarter Performance Summary
For the Quarter Ended
-----------------------------------------------------------
(In
thousands,
except per
share
data) 3/31/2008 12/31/2007 9/30/2007 6/30/2007 3/31/2007
---------------------------------------------------------------------
Performance Highlights
Earnings:
Total
revenue
(Net int.
income +
nonint.
income) $ 3,144 $ 3,518 $ 3,676 $ 3,617 $ 3,523
Net
interest
income $ 2,698 $ 3,029 $ 3,348 $ 3,276 $ 3,213
Provision
for loan
losses $ 793 $ 970 $ 50 $ -- $ 75
Non-
interest
income $ 446 $ 489 $ 328 $ 341 $ 310
Non-
interest
expense $ 3,366 $ 2,635 $ 3,193 $ 2,976 $ 2,869
Net
(loss)
income $ (441) $ 53 $ 359 $ 499 $ 435
Per Share
Data:
*Basic
earnings
per
share $ (0.12) $ 0.01 $ 0.10 $ 0.13 $ 0.12
*Diluted
earnings
per
share $ (0.12) $ 0.01 $ 0.09 $ 0.13 $ 0.11
*Book
value
per
share $ 7.38 $ 7.56 $ 7.49 $ 7.28 $ 7.31
Performance
Ratios:
Return on
average
assets -0.38% 0.05% 0.32% 0.45% 0.40%
Return on
average
equity -6.19% 0.74% 5.17% 7.22% 6.33%
Net
interest
margin,
taxable
equivalent 2.41% 2.72% 3.11% 3.08% 3.11%
Efficiency
ratio 107.06% 74.90% 86.86% 82.28% 81.44%
Non-
interest
income
to total
revenue 14.19% 13.90% 8.92% 9.43% 8.80%
Capital &
Liquidity:
Total
equity
to total
assets 6.03% 6.14% 6.22% 6.21% 6.14%
Total
loans to
total
deposits 94.24% 95.85% 93.78% 91.94% 90.71%
Regulatory
leverage
ratio 8.04% 8.58% 8.64% 8.58% 8.50%
Tier 1
capital
ratio 9.60% 9.87% 10.07% 10.40% 9.99%
Total
risk-
based
capital
ratio 10.99% 11.21% 11.43% 11.80% 11.43%
Asset
Quality:
Net loan
charge-
offs
(recov-
eries) $ 348 $ (5) $ -- $ (8) $ (127)
Net loan
charge-
offs
(recov-
eries)
to
average
loans 0.37% -0.01% 0.00% -0.01% -0.15%
Nonper-
forming
loans
+90 days
past
due $ 6,677 $ 8,309 $ 177 $ 1,320 $ 1,343
Other
real
estate
and
repo-
ssessed
assets $ 1,846 $ -- $ 2 $ -- $ 616
Nonper-
forming
assets
+90 days
past
due $ 8,523 $ 8,309 $ 179 $ 1,320 $ 1,959
NPAs +
loans 90
days
past due
to total
assets 1.82% 1.79% 0.04% 0.30% 0.44%
Allowance
for loan
losses $ 6,216 $ 5,771 $ 4,795 $ 4,746 $ 4,738
Allowance
for loan
losses
to total
loans 1.66% 1.56% 1.34% 1.39% 1.37%
Allowance
for loan
losses
to NPAs 72.93% 69.45% 2678.77% 359.55% 241.86%
Period End
Balances:
Assets $ 469,570 $ 464,313 $ 453,478 $ 441,342 $ 448,318
Total
earning
assets
(before
allow-
ance) $ 449,580 $ 444,926 $ 434,163 $ 420,102 $ 426,359
Total
Loans
(before
res-
erves) $ 375,284 $ 370,678 $ 357,962 $ 341,030 $ 344,743
Deposits $ 398,217 $ 386,738 $ 381,697 $ 370,915 $ 380,054
Stock-
holders'
equity $ 28,338 $ 28,491 $ 28,199 $ 27,427 $ 27,539
Full-time
equiv-
alent
employees 102 105 101 99 95
*Shares
out-
stand-
ing 3,841,785 3,766,295 3,766,295 3,766,020 3,766,257
Average
Balances:
Assets $ 470,222 $ 461,122 $ 447,870 $ 446,653 $ 437,009
Earning
assets $ 450,732 $ 441,581 $ 427,670 $ 426,682 $ 419,059
Total
Loans
(before
res-
erves) $ 373,546 $ 365,068 $ 349,568 $ 344,742 $ 339,563
Deposits $ 391,492 $ 384,041 $ 375,058 $ 374,978 $ 364,986
Stock-
holders'
equity $ 28,500 $ 28,592 $ 27,771 $ 27,633 $ 27,487
*Shares
out-
stand-
ing,
basic
- wtd 3,806,971 3,766,295 3,766,224 3,765,955 3,766,191
*Shares
out-
stand-
ing,
diluted
- wtd 3,806,971 3,855,925 3,833,457 3,844,366 3,860,982
For the Years Ended
-----------------------
(In thousands, except per share data) 12/31/2007 12/31/2006
------------------------------------- -----------------------
Performance Highlights
Earnings:
Total revenue (Net int. income +
nonint. income) $ 14,334 $ 13,987
Net interest income $ 12,864 $ 12,894
Provision for loan losses $ 1,095 $ 1,340
Noninterest income $ 1,470 $ 1,093
Noninterest expense $ 11,673 $ 9,324
Net (loss) income $ 1,345 $ 2,272
Per Share Data:
*Basic earnings per share $ 0.36 $ 0.60
*Diluted earnings per share $ 0.35 $ 0.58
*Book value per share $ 7.56 $ 7.18
Performance Ratios:
Return on average assets 0.30% 0.57%
Return on average equity 4.85% 8.86%
Net interest margin, taxable equivalent 3.00% 3.34%
Efficiency ratio 81.44% 66.66%
Non-interest income to total revenue 10.26% 7.81%
Capital & Liquidity:
Total equity to total assets 6.14% 6.37%
Total loans to total deposits 95.85% 94.57%
Regulatory leverage ratio 8.58% 9.22%
Tier 1 capital ratio 9.87% 10.31%
Total risk-based capital ratio 11.21% 11.80%
Asset Quality:
Net loan charge-offs (recoveries) $ (140) $ 314
Net loan charge-offs (recoveries)
to average loans -0.04% 0.10%
Nonperforming loans +90 days past due $ 8,309 $ 350
Other real estate and repossessed assets $ -- $ 616
Nonperforming assets +90 days past due $ 8,309 $ 966
NPAs + loans 90 days past due
to total assets 1.79% 0.23%
Allowance for loan losses $ 5,771 $ 4,536
Allowance for loan losses to total loans 1.56% 1.36%
Allowance for loan losses to NPAs 69.45% 469.57%
Period End Balances:
Assets $ 464,313 $ 424,885
Total earning assets (before allowance) $ 444,926 $ 407,992
Total Loans (before reserves) $ 370,678 $ 334,409
Deposits $ 386,738 $ 353,617
Stockholders' equity $ 28,491 $ 27,052
Full-time equivalent employees 105 90
*Shares outstanding 3,766,295 3,766,119
Average Balances:
Assets $ 448,229 $ 396,272
Earning assets $ 428,806 $ 386,323
Total Loans (before reserves) $ 349,805 $ 311,226
Deposits $ 374,818 $ 334,373
Stockholders' equity $ 27,757 $ 25,643
*Shares outstanding, basic - wtd 3,766,082 3,765,973
*Shares outstanding, diluted - wtd 3,846,910 3,894,697
*Restated for 5% stock dividend for shareholders of record 6/22/07,
distributed effective 6/29/07
CAPE FEAR BANK CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
---------------------------------------------------------------------
Three Months Ended Years End
March 31, December 31,
----------------------- -----------------------
2008 2007 2007 2006
----------- ----------- ----------- -----------
(In thousands, except share and per share data)
INTEREST INCOME
Loans $ 6,475 $ 6,912 $ 28,301 $ 24,857
Investment securities
available for sale 819 809 3,313 2,716
FHLB Stock 35 30 130 100
Other interest
-earning assets 34 97 289 523
----------- ----------- ----------- -----------
TOTAL INTEREST
INCOME 7,363 7,848 32,033 28,196
----------- ----------- ----------- -----------
INTEREST EXPENSE
Money market, NOW and
savings deposits 478 548 2,519 1,681
Time deposits 3,635 3,546 14,480 11,800
Short-term borrowings 52 42 106 115
Long-term borrowings 500 499 2,064 1,706
----------- ----------- ----------- -----------
TOTAL INTEREST
EXPENSE 4,665 4,635 19,169 15,302
----------- ----------- ----------- -----------
NET INTEREST
INCOME 2,698 3,213 12,864 12,894
PROVISION FOR
LOAN LOSSES 793 75 1,095 1,340
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER PROVISION
FOR LOAN LOSSES 1,905 3,138 11,769 11,554
----------- ----------- ----------- -----------
NON-INTEREST INCOME
Service fees
and charges 264 165 812 713
Gain/(loss) on sale
of investments 8 3 15 (60)
Income from bank
owned life insurance 98 82 385 195
Other 76 60 258 245
----------- ----------- ----------- -----------
NON-INTEREST
INCOME 446 310 1,470 1,093
----------- ----------- ----------- -----------
NON INTEREST EXPENSE
Salaries and
employee benefits 1,619 1,549 6,097 4,949
Occupancy and
equipment 553 423 1,997 1,533
Other 1,194 897 3,579 2,842
----------- ----------- ----------- -----------
TOTAL NON-INTEREST
EXPENSE 3,366 2,869 11,673 9,324
----------- ----------- ----------- -----------
(LOSS) INCOME BEFORE
INCOME TAXES (1,015) 579 1,566 3,323
(BENEFIT) INCOME TAXES (574) 144 221 1,051
----------- ----------- ----------- -----------
NET (LOSS)
INCOME $ (441) $ 435 $ 1,345 $ 2,272
=========== =========== =========== ===========
NET (LOSS) INCOME
PER COMMON SHARE*
Basic $ (0.12) $ 0.12 $ 0.36 $ 0.60
=========== =========== =========== ===========
Diluted $ (0.12) $ 0.11 $ 0.35 $ 0.58
=========== =========== =========== ===========
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING*
Basic 3,806,971 3,766,191 3,766,082 3,765,973
Effect of dilutive
stock options -- 94,791 80,828 128,724
----------- ----------- ----------- -----------
Diluted 3,806,971 3,860,982 3,846,910 3,894,697
=========== =========== =========== ===========
* All per share and outstanding share data has been restated for the
5% stock dividend distributed 6/29/07
CAPE FEAR BANK CORPORATION
CONSOLIDATED BALANCE SHEETS
---------------------------------------------------------------------
March 31, December 31,
2008 2007*
(Unaudited)
----------- -----------
(In thousands,
except share data)
ASSETS
Cash and due from banks $ 5,403 $ 6,257
Interest earning deposits in other banks 3,683 1,413
Fed funds sold 25 25
Investment securities available for sale,
at fair value 68,204 70,227
Time deposits in other banks 199 199
Loans 375,284 370,678
Allowance for loan losses (6,216) (5,771)
----------- -----------
NET LOANS 369,068 364,907
Accrued interest receivable 2,103 2,343
Premises and equipment, net 3,635 3,580
Stock in Federal Home Loan Bank of
Atlanta, at cost 2,185 2,384
Foreclosed real estate and repossessions 1,846 --
Bank owned life insurance 9,974 9,876
Other assets 3,245 3,102
----------- -----------
TOTAL ASSETS $ 469,570 $ 464,313
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Demand $ 29,202 $ 28,042
Savings 5,008 5,276
Money market and NOW 73,694 62,249
Time 290,313 291,171
----------- -----------
TOTAL DEPOSITS 398,217 386,738
Short-term borrowings 11,000 17,000
Long-term borrowings 29,310 29,310
Accrued interest payable 734 772
Accrued expenses and other liabilities 1,971 2,002
----------- -----------
TOTAL LIABILITIES 441,232 435,822
----------- -----------
Shareholders' Equity
Common stock, $3.50 par value, 12,500,000
shares authorized; 3,841,785 and 3,766,295
shares issued and outstanding at
March 31, 2008 and December 31, 2007,
respectively 13,446 13,182
Additional paid-in capital 14,333 14,048
Accumulated retained earnings 551 1,609
Accumulated other comprehensive income (loss) 8 (348)
----------- -----------
TOTAL SHAREHOLDERS' EQUITY 28,338 28,491
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 469,570 $ 464,313
=========== ===========
*Derived from audited financial statements
Cape Fear Bank Corporation
Deposit and Loan Mix
For the Quarter Ended
-------------------------------------------------
Dollars in
thousands 3/31/2008 12/31/2007 9/30/2007 6/30/2007 3/31/2007
---------------------------------------------------------------------
Deposit and Loan Mix
Deposit Breakout
Non interest
bearing demand $ 29,202 $ 28,042 $ 29,483 $ 34,497 $ 34,277
Interest bearing
NOW 16,453 13,490 10,087 11,405 12,265
Savings 5,008 5,276 6,187 6,890 7,378
Money market 57,241 48,759 57,695 54,058 47,208
Time deposits less
than $100K 104,822 109,174 114,334 120,290 130,032
Time deposits
greater than
$100K 76,594 81,711 78,666 74,132 75,420
Brokered deposits 108,897 100,286 85,245 69,643 73,474
--------- --------- --------- --------- ---------
Total deposits $398,217 $386,738 $381,697 $370,915 $380,054
Fixed/Variable
Rate Loans
Fixed rate loans $183,334 $164,921 $148,864 $135,223 $122,645
Variable
rate loans 191,807 205,662 209,065 205,812 222,126
--------- --------- --------- --------- ---------
Net deferred
fees/costs 143 95 33 (5) (28)
--------- --------- --------- --------- ---------
Total loans $375,284 $370,678 $357,962 $341,030 $344,743
Loan Breakout
Real estate
Commercial real
estate
Commercial real
estate - owner
occupied $ 59,273 $ 58,704 $ 52,585 $ 51,253 $ 48,871
Commercial real
estate - non
owner occupied 54,107 50,962 49,410 41,540 45,495
Multifamily 6,951 7,073 7,248 7,250 4,863
--------- --------- --------- --------- ---------
Total CRE $120,331 $116,739 $109,243 $100,043 $99,229
Construction
& land
Residential
construction
Presold & owner
- occupied $ 18,325 $ 15,370 $ 14,296 $ 15,796 $ 23,003
Speculative 31,781 32,199 37,015 35,844 42,971
Commercial
construction
Presold &
owner-occupied 278 216 150 150 610
Speculative 1,595 1,957 1,739 5,625 674
Land 96,162 96,683 96,984 94,753 97,015
--------- --------- --------- --------- ---------
Total
construction
& land $148,141 $146,425 $150,184 $152,168 $164,273
Other real estate
1-4 family 46,550 48,972 41,628 39,723 33,845
Home equity 39,888 39,066 36,288 32,436 31,016
--------- --------- --------- --------- ---------
Total other
real estate $ 86,438 $ 88,038 $ 77,916 $ 72,159 $ 64,861
--------- --------- --------- --------- ---------
Total real
estate $354,910 $351,202 $337,343 $324,370 $328,363
Commercial and
industrial $ 15,938 $ 15,496 $ 16,046 $ 13,858 $ 13,822
Consumer 4,436 3,981 4,573 2,802 2,558
--------- --------- --------- --------- ---------
Total loans net
of unearned
fees and
interest $375,284 $370,679 $357,962 $341,030 $344,743
Less allowance
for loan losses 6,216 5,771 4,795 4,746 4,738
--------- --------- --------- --------- ---------
Loans, net $369,068 $364,908 $353,167 $336,284 $340,005
Nonperforming Loans
Commercial
real estate $ -- $ -- $ -- $ 1,100 $ 1,100
Construction
& land 1,625 3,771 -- -- --
Other real estate 951 963 -- 17 36
Commercial
and industrial 43 90 14 22 22
Home equity 742 154 154 167 172
Consumer 8 9 9 14 13
Restructured loans 3,308 3,322 -- -- --
--------- --------- --------- --------- ---------
Total
nonperforming
loans $ 6,677 $ 8,309 $ 177 $ 1,320 $ 1,343