SAVANNAH, Ga., April 20, 2010 (GLOBE NEWSWIRE) -- The Savannah Bancorp, Inc. (Nasdaq:SAVB) reported a net loss for the first quarter 2010 of $488,000 compared to a $285,000 loss in the first quarter 2009. Net loss per diluted share was 8 cents in the first quarter of 2010 compared to 5 cents per diluted share in 2009. The quarter over quarter decline in earnings results primarily from a higher provision for loan losses and higher loss on sale of foreclosed assets partially offset by a higher net interest margin in 2010 as compared to 2009. Pretax earnings before the provision for loan losses and gain/loss on sale of securities and foreclosed assets were $4,343,000 in the first quarter 2010 compared to $3,180,000 in 2009. Other growth and performance ratios are included in the attached financial highlights and information.
Total assets increased 4.7 percent to $1.05 billion at March 31, 2010, up $47 million from $1.00 billion a year earlier. Loans totaled $869 million compared to $865 million one year earlier, an increase of 0.4 percent. Deposits totaled $902 million and $843 million at March 31, 2010 and 2009, respectively, an increase of 7.0 percent. Shareholders' equity was $77.9 million at March 31, 2010 compared to $79.6 million at March 31, 2009. The Company's total capital to risk-weighted assets ratio was 11.71 percent at March 31, 2010, which exceeds the 10 percent required by the regulatory agencies to maintain well-capitalized status.
John Helmken, President and CEO, said, "Unfortunately, our large provision for loan losses and aggressive impairing and marking down of our loans and foreclosed assets resulted in a quarterly loss. Since it is not yet clear that our local markets have stabilized or that we have reached the bottom of the cycle, it is only prudent that we continue to build our loan loss reserve. Our cautious moves may be painful in the short term but they will serve us well over the longer term. Management appreciates our Board of Directors continued support of these tough decisions."
Helmken continued, "The first quarter did see some notable highlights. We continued to grow deposits, experiencing a 7.0 percent increase over the last year to $902 million at March 31, 2010. More importantly, our net interest margin continued to improve and was 3.64 percent for the first quarter, all a result of the hard work of our experienced team of bankers. We continue to improve our deposit mix while decreasing rates. Our discipline on expenses has pushed our efficiency ratio down to 60 percent. We are working to get it even lower."
The allowance for loan losses was $19,611,000, or 2.26 percent of loans at March 31, 2010 compared to $15,309,000 or 1.77 percent of total loans a year earlier. Nonperforming assets were $44,099,000 or 4.21 percent of total assets at March 31, 2010 compared to $32,537,000 or 3.25 percent at March 31, 2009. First quarter net charge-offs were $3,387,000 compared to net charge-offs of $1,711,000 for the same period in 2009. The provision for loan losses for the first quarter of 2010 was $5,320,000 compared to $3,720,000 for the first quarter of 2009. The higher provision for loan losses was primarily due to real estate-related charge-offs and continued weakness in the Company's local real estate markets.
Net interest income was up $763,000, or 10 percent, in the first quarter 2010 versus the first quarter 2009. First quarter net interest margin was 3.64 percent in 2010 as compared to 3.36 percent in 2009, an 8.3 percent increase, primarily due to significantly lower deposit rates partially offset by higher levels of noninterest-earning assets. The net interest margin increased 17 basis points on a linked quarter basis from the 3.47 percent margin for the fourth quarter 2009.
Noninterest income increased $271,000, or 13 percent, in the first quarter of 2010 versus the same period in 2009 due to a $283,000 higher gain on the sale of securities, a $308,000 gain on bank-owned life insurance included in other operating income and higher trust and asset management fees, partially offset by a significantly lower gain on hedges.
Noninterest expense decreased $48,000 to $6,427,000 in the first quarter 2010 compared to the same period in 2009. First quarter 2010 noninterest expense included $311,000, or 9.3 percent, of lower salaries and employee benefits and $115,000, or 11 percent, of lower occupancy and equipment expense. FDIC insurance premiums were $89,000 higher, or 30 percent, information technology expense was up $57,000, or 13 percent, and loss on sale of foreclosed assets increased $364,000.
The Board of Directors decided to suspend the cash dividend for this quarter. Helmken noted, "This was not a decision the Company entered into lightly. After careful consideration we felt that it was prudent to preserve capital in light of the uncertain economic and regulatory environment. The Company and the Board remain committed to reinstating the dividend once we return to sustained profitability and have clarity about the regulatory environment."
The Savannah Bancorp, Inc. ("SAVB" or "Company"), a bank holding company for The Savannah Bank, N.A., Bryan Bank & Trust (Richmond Hill, Georgia), and Minis & Co., Inc., is headquartered in Savannah, Georgia and began operations in 1990. SAVB has ten branches in Coastal Georgia and South Carolina. Its primary businesses include loan, deposit, trust, asset management, and mortgage origination services provided to local customers.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements identified by words or phrases such as "potential," "opportunity," "believe," "expect," "anticipate," "current," "intention," "estimate," "assume," "outlook," "continue," "seek," "plans," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. These statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. There can be no assurance that these transactions will occur or that the expected benefits associated therewith will be achieved. A number of important factors could cause actual results to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond our ability to control or predict. These factors include, but are not limited to, those found in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.
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The Savannah Bancorp, Inc. and Subsidiaries First Quarter Financial Highlights March 31, 2010 and 2009 ($ in thousands, except share data) (Unaudited) |
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| % | |||
| Balance Sheet Data at March 31 | 2010 | 2009 | Change |
| Total assets | $1,046,6450 | $999,900 | 4.7 |
| Interest-earning assets | 928,915 | 920,205 | 0.9 |
| Loans | 868,516 | 864,926 | 0.4 |
| Other real estate owned | 7,374 | 8,342 | (12) |
| Deposits | 901,792 | 842,519 | 7.0 |
| Interest-bearing liabilities | 870,238 | 830,087 | 4.8 |
| Shareholders' equity | 77,905 | 79,644 | (2.2) |
| Loan to deposit ratio | 96.31% | 102.66% | (6.2) |
| Equity to assets | 7.44% | 7.97% | (6.6) |
| Tier 1 capital to risk-weighted assets | 10.45% | 10.26% | 1.9 |
| Total capital to risk-weighted assets | 11.71% | 11.52% | 1.6 |
| Outstanding shares | 5,938 | 5,932 | 0.1 |
| Book value per share | $13.12 | $13.42 | (2.2) |
| Tangible book value per share | $12.71 | $12.98 | (2.1) |
| Market value per share | $10.61 | $7.01 | 51 |
| Loan Quality Data | |||
| Nonaccruing loans | $35,579 | $23,927 | 49 |
| Loans past due 90 days – accruing | 1,146 | 268 | 328 |
| Net charge-offs | 3,387 | 1,711 | 98 |
| Allowance for loan losses | 19,611 | 15,309 | 28 |
| Allowance for loan losses to total loans | 2.26% | 1.77% | 28 |
| Nonperforming assets to total assets | 4.21% | 3.25% | 30 |
| Performance Data for the First Quarter | |||
| Net loss | $(488) | $(285) | 71 |
| Return on average assets | (0.19)% | (0.12)% | 58 |
| Return on average equity | (2.50)% | (1.43)% | 75 |
| Net interest margin | 3.64% | 3.36% | 8.3 |
| Efficiency ratio | 60.01% | 66.93% | (10) |
| Per share data: | |||
| Net loss – basic | $(0.08) | $(0.05) | 60 |
| Net loss – diluted | $(0.08) | $(0.05) | 60 |
| Dividends | $0.02 | $0.125 | (84) |
| Average shares (000s): | |||
| Basic | 5,938 | 5,933 | 0.1 |
| Diluted | 5,938 | 5,933 | 0.1 |
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The Savannah Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets ($ in thousands, except share data) (Unaudited) |
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| March 31, | ||
| 2010 | 2009 | |
| Assets | ||
| Cash and due from banks | $45,685 | $23,180 |
| Federal funds sold | 9,205 | 565 |
| Interest-bearing deposits | 5,259 | 6,460 |
| Cash and cash equivalents | 60,149 | 30,205 |
| Securities available for sale, at fair value (amortized cost of $81,514 and $72,131) | 82,128 | 74,589 |
| Loans, net of allowance for loan losses of $19,611 and $15,309 | 848,905 | 849,617 |
| Premises and equipment, net | 15,494 | 10,946 |
| Other real estate owned | 7,374 | 8,342 |
| Bank-owned life insurance | 6,155 | 6,271 |
| Goodwill and other intangible assets, net | 2,462 | 2,606 |
| Other assets | 23,978 | 17,324 |
| Total assets | $1,046,645 | $999,900 |
| Liabilities | ||
| Deposits: | ||
| Noninterest-bearing | $94,836 | $84,739 |
| Interest-bearing demand | 120,643 | 116,804 |
| Savings | 18,266 | 16,219 |
| Money market | 259,893 | 204,711 |
| Time deposits | 408,154 | 420,046 |
| Total deposits | 901,792 | 842,519 |
| Short-term borrowings | 21,854 | 41,900 |
| Other borrowings | 15,456 | 9,930 |
| FHLB advances – long-term | 15,662 | 10,167 |
| Subordinated debt | 10,310 | 10,310 |
| Other liabilities | 3,666 | 5,430 |
| Total liabilities | 968,740 | 920,256 |
| Shareholders' equity | ||
| Preferred stock, par value $1 per share: shares authorized 10,000,000, none issued | -- | -- |
| Common stock, par value $1 per share: shares authorized 20,000,000, issued 5,938,189 and 5,933,789 | 5,938 | 5,934 |
| Additional paid-in capital | 38,644 | 38,540 |
| Retained earnings | 32,776 | 32,525 |
| Treasury stock, at cost, 500 and 1,443 shares | (1) | (4) |
| Accumulated other comprehensive income, net | 548 | 2,649 |
| Total shareholders' equity | 77,905 | 79,644 |
| Total liabilities and shareholders' equity | $1,046,645 | $999,900 |
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The Savannah Bancorp, Inc. and Subsidiaries Consolidated Statements of Income for the Three Months and Five Quarters Ending March 31, 2010 ($ in thousands, except per share data) |
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(Unaudited) | |||||||||
| For the Three Months Ended | 2010 | 2009 | ||||||||
| March 31, | ||||||||||
| 2010 | 2009 | %Chg | First Quarter | Fourth Quarter | Third Quarter | Second Quarter | First Quarter |
Q1-10/ Q1-09 % Chg |
||
| Interest and dividend income | ||||||||||
| Loans, including fees | $11,618 | $11,646 | (0.2) | $11,618 | $11,793 | $11,786 | $11,856 | $11,646 | (0.2) | |
| Investment securities | 561 | 905 | (38) | 561 | 668 | 932 | 894 | 905 | (38) | |
| Deposits with banks | 8 | 13 | (38) | 8 | 9 | 11 | 12 | 13 | (38) | |
| Federal funds sold | 6 | 2 | 200 | 6 | 6 | 8 | 2 | 2 | 200 | |
|
Total interest and dividend income |
12,193 | 12,566 | (3.0) | 12,193 | 12,496 | 12,737 | 12,764 | 12,566 | (3.0) | |
| Interest expense | ||||||||||
| Deposits | 3,275 | 4,481 | (27) | 3,275 | 3,652 | 4,057 | 4,264 | 4,481 | (27) | |
| Borrowings & sub debt | 404 | 364 | 11 | 404 | 446 | 354 | 338 | 364 | 11 | |
| FHLB advances | 85 | 55 | 55 | 85 | 83 | 86 | 78 | 55 | 55 | |
| Total interest expense | 3,764 | 4,900 | (23) | 3,764 | 4,181 | 4,497 | 4,680 | 4,900 | (23) | |
| Net interest income | 8,429 | 7,666 | 10 | 8,429 | 8,315 | 8,240 | 8,084 | 7,666 | 10 | |
| Provision for loan losses | 5,320 | 3,720 | 43 | 5,320 | 2,560 | 3,560 | 3,225 | 3,720 | 43 | |
| Net interest income after the provision for loan losses | 3,109 | 3,946 | (21) | 3,109 | 5,755 | 4,680 | 4,859 | 3,946 | (21) | |
| Noninterest income | ||||||||||
| Trust and asset management fees | 633 | 587 | 7.8 | 633 | 613 | 580 | 571 | 587 | 7.8 | |
| Service charges on deposits | 455 | 467 | (2.6) | 455 | 464 | 446 | 432 | 467 | (2.6) | |
| Mortgage related income, net | 89 | 92 | (3.3) | 89 | 92 | 89 | 159 | 92 | (3.3) | |
| Other operating income | 636 | 283 | 125 | 636 | 322 | 324 | 309 | 283 | 125 | |
| Gain on hedges | -- | 396 | NM | -- | 48 | 184 | 245 | 396 | NM | |
| Gain on sale of securities | 467 | 184 | 154 | 467 | 1,141 | 604 | 190 | 184 | 154 | |
| Total noninterest income | 2,280 | 2,009 | 13 | 2,280 | 2,680 | 2,227 | 1,906 | 2,009 | 13 | |
| Noninterest expense | ||||||||||
| Salaries and employee benefits | 3,040 | 3,351 | (9.3) | 3,040 | 2,859 | 2,938 | 2,998 | 3,351 | (9.3) | |
| Occupancy and equipment | 893 | 1,008 | (11) | 893 | 1,014 | 1,242 | 452 | 1,008 | (11) | |
| Information technology | 495 | 438 | 13 | 495 | 469 | 452 | 451 | 438 | 13 | |
| FDIC deposit insurance | 388 | 299 | 30 | 388 | 376 | 396 | 815 | 299 | 30 | |
| Loss on sale of foreclosed assets | 528 | 164 | 222 | 528 | 1,269 | 220 | 885 | 164 | 222 | |
| Other operating expense | 1,083 | 1,215 | (2.8) | 1,083 | 1,301 | 1,228 | 1,138 | 1,215 | (2.8) | |
| Total noninterest expense | 6,427 | 6,475 | (0.7) | 6,427 | 7,288 | 6,476 | 6,739 | 6,475 | (0.7) | |
| Income (loss) before income taxes | (1,038) | (520) | 100 | (1,038) | 1,147 | 431 | 26 | (520) | 100 | |
| Income tax expense (benefit) | (550) | (235) | 134 | (550) | 385 | 85 | (80) | (235) | 134 | |
| Net income (loss) | $(488) | $(285) | 71 | $(488) | $762 | $346 | $106 | $(285) | 71 | |
| Net income (loss) per share: | ||||||||||
| Basic | $(0.08) | $(0.05) | 60 | $ (0.08) | $0.13 | $0.06 | $0.02 | $(0.05) | 60 | |
| Diluted | $(0.08) | $(0.05) | 60 | $(0.08) | $0.13 | $0.06 | $0.02 | $(0.05) | 60 | |
| Average basic shares (000s) | 5,938 | 5,933 | 0.1 | 5,938 | 5,932 | 5,932 | 5,932 | 5,933 | 0.1 | |
| Average diluted shares (000s) | 5,938 | 5,933 | 0.1 | 5,938 | 5,937 | 5,936 | 5,936 | 5,933 | 0.1 | |
| Performance Ratios | ||||||||||
| Return on average equity | (2.50)% | (1.43)% | 75 | (2.50)% | 3.80% | 1.73% | 0.53% | (1.43)% | 75 | |
| Return on average assets | (0.19)% | (0.12)% | 58 | (0.19)% | 0.29% | 0.13% | 0.04% | (0.12)% | 58 | |
| Net interest margin | 3.64% | 3.36% | 8.3 | 3.64% | 3.47% | 3.47% | 3.52% | 3.36% | 8.3 | |
| Efficiency ratio | 60.01% | 66.93% | (10) | 60.01% | 66.28% | 61.87% | 67.46% | 66.93% | (10) | |
| Average equity | 79,016 | 80,873 | (2.3) | 79,016 | 79,459 | 79,302 | 79,606 | 80,873 | (2.3) | |
| Average assets | 1,032,454 | 1,003,068 | 2.9 | 1,032,454 | 1,038,328 | 1,026,871 | 1,005,112 | 1,003,068 | 2.9 | |
| Average interest-earning assets | 938,805 | 925,531 | 1.4 | 938,805 | 951,258 | 943,236 | 922,073 | 925,531 | 1.4 | |
Capital Resources
The banking regulatory agencies have adopted capital requirements that specify the minimum level for which no prompt corrective action is required. In addition, the FDIC assesses FDIC insurance premiums based on certain "well-capitalized" risk-based and equity capital ratios. As of March 31, 2010, the Company and the Subsidiary Banks exceeded the minimum requirements necessary to be classified as "well-capitalized."
Total tangible equity capital for the Company was $75.4 million, or 7.21 percent of total assets at March 31, 2010. The table below includes the regulatory capital ratios for the Company and each Subsidiary Bank along with the minimum capital ratio and the ratio required to maintain a well-capitalized regulatory status.
| Well- | |||||
| ($ in thousands) | Company | Savannah | Bryan | Minimum | Capitalized |
| Qualifying Capital | |||||
| Tier 1 capital | $84,895 | $59,850 | $21,685 | -- | -- |
| Total capital | 95,171 | 67,250 | 24,297 | -- | -- |
| Leverage Ratios | |||||
|
Tier 1 capital to average assets |
8.22% | 7.93% | 8.46% | 4.00% | 5.00% |
| Risk-based Ratios | |||||
| Tier 1 capital to risk-weighted assets | 10.45% | 10.21% | 10.50% | 4.00% | 6.00% |
| Total capital to risk-weighted assets | 11.71% | 11.47% | 11.76% | 8.00% | 10.00% |
Tier 1 and total capital at the Company level includes $10 million of subordinated debt issued to the Company's nonconsolidated subsidiaries. Total capital also includes the allowance for loan losses up to 1.25 percent of risk-weighted assets.
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The Savannah Bancorp, Inc. and Subsidiaries Allowance for Loan Losses and Nonperforming Loans (Unaudited) |
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| 2010 | 2009 | ||||
| First | Fourth | Third | Second | First | |
| ($ in thousands) | Quarter | Quarter | Quarter | Quarter | Quarter |
| Allowance for loan losses | |||||
| Balance at beginning of period | $17,678 | $16,880 | $15,597 | $15,309 | $13,300 |
| Provision for loan losses | 5,320 | 2,560 | 3,560 | 3,225 | 3,720 |
| Net charge-offs | (3,387) | (1,762) | (2,277) | (2,937) | (1,711) |
| Balance at end of period | $19,611 | $17,678 | $16,880 | $15,597 | $15,309 |
| As a % of loans | 2.26% | 2.00% | 1.95% | 1.81% | 1.77% |
| As a % of nonperforming loans | 53.40% | 51.77% | 64.92% | 56.99% | 63.27% |
| As a % of nonperforming assets | 44.47% | 41.62% | 46.56% | 46.22% | 47.05% |
| Net charge-offs as a % of average loans (a) | 1.63% | 0.83% | 1.07% | 1.41% | 0.82% |
| Risk element assets | |||||
| Nonaccruing loans | $35,579 | $32,545 | $25,694 | $24,994 | $23,927 |
| Loans past due 90 days – accruing | 1,146 | 1,570 | 307 | 2,374 | 268 |
| Total nonperforming loans | 36,725 | 34,115 | 26,001 | 27,368 | 24,195 |
| Other real estate owned | 7,374 | 8,329 | 10,252 | 6,377 | 8,342 |
| Total nonperforming assets | $44,099 | $42,444 | $36,253 | $33,745 | $32,537 |
| Loans past due 30-89 days | $ 13,740 | $ 5,182 | $ 8,122 | $ 6,670 | $ 16,906 |
| Nonperforming loans as a % of loans | 4.23% | 3.86% | 3.00% | 3.17% | 2.80% |
| Nonperforming assets as a % of loans and other real estate owned | 5.03% | 4.76% | 4.13% | 3.88% | 3.73% |
| Nonperforming assets as a % of assets | 4.21% | 4.04% | 3.48% | 3.31% | 3.25% |
| (a) Annualized | |||||
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The Savannah Bancorp, Inc. & Subsidiaries Loan Concentration Schedule March 31, 2010 and December 31, 2009 |
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| ($ in thousands) | 03/31/10 |
% of Total |
12/31/09 |
% of Total |
% Dollar Change |
| Non-residential real estate | |||||
| Owner-occupied | $136,732 | 16 | $137,439 | 16 | (0.5) |
| Non owner-occupied | 160,633 | 18 | 159,091 | 18 | 1.0 |
| Construction | 5,796 | 1 | 5,352 | 1 | 8.3 |
| Commercial land and lot development | 47,559 | 5 | 47,080 | 5 | 1.0 |
| Total non-residential real estate | 350,720 | 40 | 348,962 | 40 | 0.5 |
| Residential real estate | |||||
| Owner-occupied – 1-4 family | 92,806 | 11 | 95,741 | 11 | (3.1) |
| Non owner-occupied – 1-4 family | 161,548 | 19 | 158,172 | 18 | 2.1 |
| Construction | 23,591 | 3 | 27,061 | 3 | (13) |
| Residential land and lot development | 87,713 | 10 | 92,346 | 10 | (5.0) |
| Home equity lines | 56,015 | 6 | 57,527 | 6 | (2.6) |
| Total residential real estate | 421,673 | 49 | 430,847 | 48 | (2.1) |
| Total real estate loans | 772,393 | 89 | 779,809 | 88 | (1.0) |
| Commercial | 81,535 | 9 | 89,379 | 10 | (8.8) |
| Consumer | 14,835 | 2 | 14,971 | 2 | (0.9) |
| Unearned fees, net | (247) | -- | (273) | -- | (10) |
| Total loans, net of unearned fees | $868,516 | 100 | $883,886 | 100 | (1.7) |
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The Savannah Bancorp, Inc. and Subsidiaries Average Balance Sheet and Rate/Volume Analysis – First Quarter, 2010 and 2009 |
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| Taxable-Equivalent | (a) Variance | ||||||||
| Average Balance | Average Rate | Interest (b) | Attributable to | ||||||
| QTD | QTD | QTD | QTD | QTD | QTD | Vari- | |||
| 3/31/10 | 3/31/09 | 3/31/10 | 3/31/09 | 3/31/10 | 3/31/09 | ance | Rate | Volume | |
| ($ in thousands) | (%) | ($ in thousands) | ($ in thousands) | ||||||
| Assets | |||||||||
| $4,689 | $3,817 | 0.69 | 1.38 | Interest-bearing deposits | $8 | $13 | $(5) | $(6) | $1 |
| 77,664 | 76,748 | 2.57 | 4.70 | Investments - taxable | 492 | 890 | (398) | (403) | 5 |
| 7,831 | 1,573 | 3.99 | 5.41 | Investments - non-taxable | 77 | 21 | 56 | (6) | 62 |
| 6,990 | 3,602 | 0.35 | 0.23 | Federal funds sold | 6 | 2 | 4 | 1 | 3 |
| 841,631 | 839,791 | 5.60 | 5.63 | Loans (c) | 11,618 | 11,648 | (30) | (62) | 32 |
| 938,805 | 925,531 | 5.27 | 5.51 | Total interest-earning assets | 12,201 | 12,574 | (373) | (548) | 175 |
| 93,649 | 77,537 | Noninterest-earning assets | |||||||
| $1,032,454 | $1,003,068 | Total assets | |||||||
| Liabilities and equity | |||||||||
| Deposits | |||||||||
| $122,818 | $123,346 | 0.39 | 0.53 | NOW accounts | 119 | 160 | (41) | (43) | 2 |
| 17,465 | 15,067 | 0.46 | 0.73 | Savings accounts | 20 | 27 | (7) | (10) | 3 |
| 172,815 | 107,227 | 1.59 | 1.79 | Money market accounts | 679 | 473 | 206 | (53) | 259 |
| 67,637 | 98,091 | 0.94 | 1.80 | Money market accounts - institutional | 156 | 436 | (280) | (208) | (72) |
| 161,824 | 144,346 | 2.69 | 3.77 | CDs, $100M or more | 1,075 | 1,342 | (267) | (384) | 117 |
| 106,262 | 122,728 | 1.10 | 2.65 | CDs, broker | 287 | 803 | (516) | (469) | (47) |
| 149,821 | 140,807 | 2.54 | 3.57 | Other time deposits | 939 | 1,240 | (301) | (358) | 57 |
| 798,642 | 751,612 | 1.66 | 2.42 | Total interest-bearing deposits | 3,275 | 4,481 | (1,206) | (1,409) | 203 |
| 43,266 | 62,134 | 3.10 | 1.66 | Short-term/other borrowings | 331 | 255 | 76 | 221 | (145) |
| 15,663 | 10,545 | 2.20 | 2.12 | FHLB advances - long-term | 85 | 55 | 30 | 2 | 28 |
| 10,310 | 10,310 | 2.87 | 4.29 | Subordinated debt | 73 | 109 | (36) | (36) | -- |
| 867,881 | 834,601 | 1.76 | 2.38 | Total interest-bearing liabilities | 3,764 | 4,900 | (1,136) | (1,276) | 140 |
| 79,323 | 81,126 | Noninterest-bearing deposits | |||||||
| 6,234 | 6,468 | Other liabilities | |||||||
| 79,016 | 80,873 | Shareholders' equity | |||||||
| $1,032,454 | $1,003,068 | Liabilities and equity | |||||||
| 3.51 | 3.13 | Interest rate spread | |||||||
| 3.64 | 3.36 | Net interest margin | |||||||
| Net interest income | $8,437 | $7,674 | $763 | $728 | $35 | ||||
| $70,924 | $90,930 | Net earning assets | |||||||
| $877,965 | $832,738 | Average deposits | |||||||
| 1.51 | 2.18 | Average cost of deposits | |||||||
| 96% | 101% | Average loan to deposit ratio | |||||||
(a) This table shows the changes in interest income and interest expense for the comparative periods based on either changes in average volume or changes in average rates for interest-earning assets and interest-bearing liabilities. Changes which are not solely due to rate changes or solely due to volume changes are attributed to volume.
(b) The taxable equivalent adjustment results from tax exempt income less non-deductible TEFRA interest expense and was $8 in the first quarter 2010 and 2009, respectively.
(c) Average nonaccruing loans have been excluded from total average loans and categorized in noninterest-earning assets.