EVANSVILLE, Ind., May 5, 2010 (GLOBE NEWSWIRE) -- Integra Bank Corporation (Nasdaq:IBNK) today reported financial results for the first quarter of 2010.
The net loss available to common shareholders for the first quarter of 2010 was $53.9 million, or $2.61 per diluted share, compared to $96.1 million, or $4.64 per diluted share for the fourth quarter of 2009. The provision for loan losses was $52.7 million, up $22.2 million from $30.5 million during the fourth quarter of 2009, while net charge-offs totaled $39.4 million, or 7.67% of total loans on an annualized basis, an $18.2 million increase from $21.2 million, or 3.86% of total loans annualized for the fourth quarter of 2009. The net interest margin was 2.40% for both the first quarter of 2010 and the fourth quarter of 2009.
"Our first quarter results reflect continued weakness in commercial real estate, which was reflected in our large provision and net charge-offs as well as a change in our non-performing asset disposition strategy that will result in quicker disposition of those assets as opportunities arise. We will take advantage of opportunities to sell, exchange for other assets or accept discounted payoffs where appropriate, particularly in situations where we believe it would take several quarters for values to recover. Our efforts continue to be focused around reducing our level of non-performing assets, improving our capital and liquidity and increasing the operating income of our core community banking franchise," stated Mike Alley, Chairman and CEO. "Since we announced our results for 2009 approximately two months ago, we have announced two branch and loan sales in addition to the three pending multi-branch/loan transactions we announced earlier. These pending branch sale transactions are a key component of our plan to increase regulatory capital," Alley added.
The net loss for the first quarter of 2010 stems mainly from the provision for credit losses. The net loss for the fourth quarter of 2009 included an increase in the tax valuation allowance of $75.6 million, a $5.3 million deposit premium and a $1.5 million write-down of the two banking facilities that were retained in a branch sale. Non-performing assets increased $11.6 million during the first quarter of 2010 to $258.5 million at March 31, 2010.
Integra Bank N.A. ("Integra Bank") has agreed to sell its offices located in Mayfield and Cadiz, Kentucky, along with a group of commercial loans to FNB Bank, Inc. ("FNB") of Mayfield, Kentucky. The Company expects these transactions will close in the third quarter of 2010 and improve Integra Bank's tier 1 and total risk based capital ratios by approximately 75 basis points, while increasing its tier 1 leverage ratio by approximately 50 basis points. The transactions are also expected to increase the Company's tangible common equity to tangible assets ratio by approximately 25 basis points.
Integra Bank has agreed to sell its Maysville and Mt. Olivet, Kentucky and Ripley and Aberdeen, Ohio banking offices to Citizens Deposit Bank and Trust ("Citizens"), of Vanceburg, Kentucky, as well as a group of commercial loans. The Company expects these transactions to also close in the third quarter of 2010 and that they will improve Integra Bank's tier 1 and total risk based capital ratios by approximately 55 basis points, while increasing its tier 1 leverage ratio by approximately 30 basis points. The transactions are also expected to increase the Company's tangible common equity to tangible assets ratio by approximately 15 basis points.
Integra Bank has also agreed to sell thirteen banking centers along with groups of commercial loans in three previously disclosed transactions with United Community Bank ("United"), The Cecilian Bank ("Cecilian"), and First Security Bank ("First Security"). These transactions are expected to close in June or July of 2010 and are expected to include approximately $265.0 million in loans and $287.6 million in deposits, while generating deposit premiums less loan discounts of approximately $12.4 million. These three transactions are expected to improve Integra Bank's tier 1 and total risk based capital ratios by approximately 210 basis points, while increasing its tier 1 leverage ratio by approximately 130 basis points. The transactions are also expected to increase the Company's tangible common equity to tangible assets ratio by approximately 70 basis points.
The closing of the branch sale to First Security, FNB and Citizens is dependent on their ability to raise additional capital to obtain approval by their primary regulators. The other two transactions are not dependent on the acquirers' ability to raise additional capital and have received regulatory approval. Therefore, the loans, premises and equipment for these two other transactions are classified as held for sale at March 31, 2010.
The allowance to total loans increased 96 basis points during the first quarter of 2010, to 5.35% at March 31, 2010, and the allowance to non-performing loans increased from 41% to 46%. Non-performing loans increased $7.2 million to $222.1 million, or 11.66% of total loans, compared to $214.9 million, or 10.6% of total loans at December 31, 2009. The increase in non-performing loans was due to additional loans being classified as non-performing, partially offset by an increase in net charge-offs of $18.2 million.
Net interest income was $14.9 million for the first quarter of 2010, compared to $15.7 million for the fourth quarter of 2009, while the net interest margin remained at 2.40%. The yield on earning assets declined 1 basis point during the first quarter of 2010, while liability costs declined by 6 basis points.
Commercial loan average balances decreased $66.7 million in the first quarter of 2010, or 16.6% on an annualized basis. Commercial and industrial loan average balances decreased $19.5 million, from the fourth quarter of 2009, partially as a result of the loan and branch sales to The Bank of Kentucky late in the fourth quarter. There was also a decline in construction and land development loans of $48.1 million. Low cost deposit average balances decreased $44.1 million during the first quarter of 2010 to $1.0 billion. The decrease was primarily due to The Bank of Kentucky transactions which included the sale of $35.9 million in low cost deposits in December 2009.
Non-interest income was $7.6 million for the first quarter of 2010, compared to $13.8 million for the fourth quarter of 2009. The difference was largely due to the fourth quarter of 2009 $5.3 million deposit premium from The Bank of Kentucky transaction. The first quarter also included a decrease of $1.1 million in deposit service charges and an other-than-temporary impairment charge on two trust preferred securities of $0.2 million.
Non-interest expense was $22.5 million for the first quarter of 2010, compared to $23.2 million for the fourth quarter of 2009. During the fourth quarter of 2009, building impairment charges of $1.6 million were taken to reflect the fair value of three properties that were held for sale.
The Company established an addition to its deferred income tax valuation reserve of $19.0 million for the tax benefit generated during the first quarter of 2010 that resulted from its reported loss.
Integra Bank's total risk-based capital ratio was 8.00%, a decrease of 205 basis points from December 31, 2009, which classifies Integra Bank as adequately capitalized for regulatory purposes at March 31, 2010. The Company was considered undercapitalized for the Tier 1 leverage ratio under regulatory guidelines. The decrease resulted from the impact of the quarter's net loss. Integra Bank's tier 1 risk-based capital ratio decreased 205 basis points to 6.71% and its tier 1 leverage ratio decreased 139 basis points to 4.91%. In August 2009, Integra Bank agreed with the OCC to develop a plan to increase the bank's tier one capital level to at least 8%, and its risk-based capital to at least 11.5%. The OCC continues to reevaluate Integra Bank's progress towards the higher capital ratios.
Conference Call
Integra executive management will hold a conference call to discuss the contents of this news release, business highlights and its financial outlook on Wednesday, May 5, 2010, at 4:00 p.m. CT. The telephone number for the conference call is 877-212-6067, confirmation code 73229033. The conference call will also be available by webcast at http://www.integrabank.com.
About Integra
Headquartered in Evansville, Indiana, Integra Bank Corporation is the parent of Integra Bank N.A. As of March 31, 2010, Integra Bank has $2.9 billion in total assets and operates 69 banking centers and 118 ATMs at locations in Indiana, Kentucky, Illinois and Ohio. Integra Bank Corporation's common stock is listed on the Nasdaq Global Market under the symbol IBNK. Additional information may be found at www.integrabank.com.
The Integra Bank Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3858
Safe Harbor
Certain statements made in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the words "may," "will," "should," "would," "anticipate," "expect," "plan," "believe," "intend," and similar expressions identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause our future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed under the heading "Risk Factors" in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2009, including: (1) the effects of the current recession in the markets in which we primarily do business; (2) changes in the interest rate environment that reduce our net interest margin; (3) unanticipated additional loan charge-offs and loan loss provisions; (4) our ability to maintain required capital levels and adequate sources of funding and liquidity; (5) additional declines in value of our investment securities portfolio, including adverse developments affecting the issuers of trust preferred and collateralized securities we hold; (6) changes and trends in capital markets; (7) competitive pressures from other depository institutions that increase our funding costs; (8) unanticipated effects or changes in critical accounting policies and judgments; (9) legislative or regulatory changes or actions, or significant litigation that adversely affect us or the banking industry; (10) our ability to attract and retain key personnel; (11) our ability to maintain security for confidential information in our computer systems and telecommunications network; (12) the effects of our participation in the CPP and possible changes to that program; (13) additional increases in insurance premiums we pay to the Federal Deposit Insurance Corporation; (14) our ability to comply with the terms of commitments we have made to federal banking authorities to increase capital ratios and other actions; (15) the impact of our decisions to suspend paying cash dividends on common and preferred stock and defer interest payments on our subordinated debt relating to our trust preferred securities; (16) our ability to once again comply with the minimum bid requirement necessary for our shares to be listed on the Nasdaq Stock Market or gain shareholder approval of a planned reverse stock split; (17) our ability to execute our plans to exit the commercial real estate lending business, close all pending sales of multiple branch clusters and loan pools and reduce our cost structure; (18) our inability to use brokered deposits as a funding source or set deposit interest rates above the national market rates since we are considered adequately capitalized under regulatory guidelines; and (19) damage to our reputation that could result from adverse developments with respect to the foregoing, including our ability to retain customers and attract new ones, our cost of funding and our level of liquidity as well as other factors we describe in our periodic reports filed with the SEC. We undertake no obligation to revise or update these risks, uncertainties and other factors except as may be set forth in our periodic reports.
Web site
We routinely post important information for investors on our website, http://www.integrabank.com, in the "Investor Relations" section under "Corporate Information". We intend to use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Summary Operating Results Data
Here is a summary of Integra Bank Corporation's first quarter 2010 operating results:
Net income (loss) available to common shareholders of $(53.9) million for first quarter 2010
- Compared with $(96.1) million for fourth quarter 2009
- Compared with $(28.5) million for first quarter 2009
Diluted net income (loss) per common share of $(2.61) for first quarter 2010
- Compared with $(4.64) for fourth quarter 2009
- Compared with $(1.37) for first quarter 2009
Return on assets of (7.27)% for first quarter 2010
- Compared with (12.09)% for fourth quarter 2009
- Compared with (3.25)% for first quarter 2009
Return on common equity of (1418.39)% for first quarter 2010
- Compared with (333.05)% for fourth quarter 2009
- Compared with (56.62)% for first quarter 2009
Net interest margin of 2.40% for first quarter 2010
- Compared with 2.40% for fourth quarter 2009
- Compared with 2.39% for first quarter 2009
Allowance for loan losses of $102.0 million or 5.35% of loans at March 31, 2010
- Compared with $88.7 million or 4.39% at December 31, 2009
- Compared with $78.5 million or 3.24% at March 31, 2009
- Equaled 45.9% of non-performing loans at March 31, 2010, compared with 41.3% at December 31, 2009 and 41.5% at March 31, 2009
Non-performing assets of $258.5 million or 13.31% of loans and other real estate owned at March 31, 2010
- Compared with $246.9 million or 12.03% at December 31, 2009
- Compared with $209.1 million or 8.55% at March 31, 2009
Annualized net charge-off rate of 7.67% for first quarter 2010
- Compared with 3.86% for fourth quarter 2009
- Compared with 2.86% for first quarter 2009
| INTEGRA BANK CORPORATION | |||
| UNAUDITED CONSOLIDATED BALANCE SHEETS | |||
| (In thousands, except share data) | |||
| ASSETS |
March 31, 2010 |
December 31, 2009 |
March 31, 2009 |
| Cash and due from banks | $ 409,335 | $ 304,921 | $ 353,743 |
| Federal funds sold and other short-term investments | 49,777 | 49,653 | 514 |
| Loans held for sale (at lower of cost or market value) | 110,667 | 93,572 | 7,956 |
| Securities available for sale | 359,448 | 361,719 | 541,883 |
| Securities held for trading | 215 | 36 | -- |
| Regulatory stock | 26,299 | 29,124 | 29,137 |
| Loans | 1,905,502 | 2,019,732 | 2,425,999 |
| Less: Allowance for loan losses | (101,981) | (88,670) | (78,525) |
| Net loans | 1,803,521 | 1,931,062 | 2,347,474 |
| Premises and equipment | 37,582 | 37,814 | 46,834 |
| Premises and equipment held for sale | 4,554 | 4,249 | -- |
| Other intangible assets | 7,830 | 8,242 | 9,507 |
| Other assets | 103,302 | 101,549 | 218,485 |
| TOTAL ASSETS | $ 2,912,530 | $ 2,921,941 | $ 3,555,533 |
| LIABILITIES | |||
| Deposits: | |||
| Non-interest-bearing demand | $ 252,882 | $ 263,530 | $ 299,454 |
| Non-interest-bearing held for sale | 7,533 | 7,319 | -- |
| Interest-bearing | 2,064,644 | 2,004,369 | 2,280,589 |
| Interest-bearing held for sale | 92,514 | 89,888 | -- |
| Total deposits | 2,417,573 | 2,365,106 | 2,580,043 |
| Short-term borrowings | 62,134 | 62,114 | 277,040 |
| Long-term borrowings | 348,774 | 361,071 | 392,562 |
| Other liabilities | 31,474 | 31,304 | 44,386 |
| TOTAL LIABILITIES | 2,859,955 | 2,819,595 | 3,294,031 |
| SHAREHOLDERS' EQUITY | |||
|
Preferred stock - no par, $1,000 per share liquidation preference -- 1,000,000 shares authorized |
82,095 | 82,011 | 81,761 |
| Common stock -- $1.00 stated value -- 129,000,000 shares authorized | 20,903 | 20,848 | 20,745 |
| Additional paid-in capital | 216,988 | 216,939 | 209,168 |
| Retained earnings | (264,250) | (210,371) | (44,435) |
| Accumulated other comprehensive income (loss) | (3,161) | (7,081) | (5,737) |
| TOTAL SHAREHOLDERS' EQUITY | 52,575 | 102,346 | 261,502 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,912,530 | $ 2,921,941 | $ 3,555,533 |
| INTEGRA BANK CORPORATION | |||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||
| (In thousands, except for per share data) | |||||
| Three Months Ended | |||||
|
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
|
| INTEREST INCOME | |||||
| Interest and fees on loans and leases | $ 21,618 | $ 23,178 | $ 24,566 | $ 25,489 | $ 25,952 |
| Interest and dividends on securities available for sale | 3,544 | 3,514 | 3,857 | 5,830 | 6,474 |
| Interest on securities held for trading | -- | 58 | 81 | 22 | -- |
| Dividends on regulatory stock | 221 | 169 | 337 | 157 | 521 |
| Interest on loans held for sale | 26 | 197 | 89 | 127 | 103 |
| Interest on federal funds sold and other investments | 219 | 206 | 272 | 174 | 93 |
| Total interest income | 25,628 | 27,322 | 29,202 | 31,799 | 33,143 |
| INTEREST EXPENSE | |||||
| Interest on deposits | 8,102 | 8,919 | 10,356 | 11,759 | 12,187 |
| Interest on short-term borrowings | 45 | 68 | 268 | 583 | 763 |
| Interest on long-term borrowings | 2,621 | 2,606 | 2,528 | 2,683 | 2,710 |
| Total interest expense | 10,768 | 11,593 | 13,152 | 15,025 | 15,660 |
| NET INTEREST INCOME | 14,860 | 15,729 | 16,050 | 16,774 | 17,483 |
| Provision for loan losses | 52,700 | 30,525 | 18,913 | 32,536 | 31,394 |
| Net interest income after provision for loan losses | (37,840) | (14,796) | (2,863) | (15,762) | (13,911) |
| NON-INTEREST INCOME | |||||
| Service charges on deposit accounts | 3,985 | 5,096 | 5,335 | 5,035 | 4,413 |
| Trust income | 495 | 450 | 630 | 563 | 459 |
| Debit card income-interchange | 1,310 | 1,363 | 1,368 | 1,373 | 1,257 |
| Other service charges and fees | 1,079 | 995 | 1,098 | 951 | 1,093 |
| Securities gains (losses) | (212) | 3 | 6,578 | (18,835) | (1,170) |
| Gain (Loss) on sale of other assets | 65 | 4,965 | (219) | (22) | 2,496 |
| Warrant fair value adjustment | -- | -- | -- | (1,407) | (4,738) |
| Other | 868 | 961 | 37 | 1,358 | 1,682 |
| Total non-interest income | 7,590 | 13,833 | 14,827 | (10,984) | 5,492 |
| NON-INTEREST EXPENSE | |||||
| Salaries and employee benefits | 9,198 | 8,411 | 10,187 | 11,561 | 12,075 |
| Occupancy | 2,118 | 2,192 | 2,348 | 2,378 | 2,581 |
| Equipment | 750 | 745 | 749 | 808 | 849 |
| Professional fees | 1,693 | 1,967 | 1,699 | 2,057 | 1,730 |
| Communication and transportation | 997 | 968 | 1,126 | 1,091 | 1,161 |
| Loan and OREO expense | 1,597 | 1,122 | 2,545 | 1,888 | 5,448 |
| Debt prepayment fees | -- | -- | 27 | 1,511 | -- |
| FDIC Assessment | 2,043 | 2,005 | 1,721 | 3,005 | 950 |
| Other | 4,097 | 5,748 | 3,967 | 4,870 | 4,679 |
| Total non-interest expense | 22,493 | 23,158 | 24,369 | 29,169 | 29,473 |
| Income (Loss) before income taxes | (52,743) | (24,121) | (12,405) | (55,915) | (37,892) |
| Income taxes expense (benefit) | 8 | 70,802 | 7,330 | (7,451) | (9,831) |
| NET INCOME (LOSS) | (52,751) | (94,923) | (19,735) | (48,464) | (28,061) |
| Preferred stock dividends and discount accretion | 1,128 | 1,129 | 1,117 | 1,139 | 413 |
|
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS |
$ (53,879) | $ (96,052) | $ (20,852) | $ (49,603) | $ (28,474) |
| Earnings (Loss) per common share: | |||||
| Basic | $ (2.61) | $ (4.64) | $ (1.01) | $ (2.39) | $ (1.37) |
| Diluted | (2.61) | (4.64) | (1.01) | (2.39) | (1.37) |
| Weighted average common shares outstanding: | |||||
| Basic | 20,666 | 20,685 | 20,707 | 20,715 | 20,732 |
| Diluted | 20,666 | 20,685 | 20,707 | 20,715 | 20,732 |
| INTEGRA BANK CORPORATION | |||||
| SUMMARY OF SELECTED CONSOLIDATED FINANCIAL DATA | |||||
| (In thousands, except for per share data) | |||||
|
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
|
| EARNINGS DATA | |||||
| Net Interest Income (tax-equivalent) | $ 15,034 | $ 15,948 | $ 16,472 | $ 17,327 | $ 18,135 |
| Net Income (Loss) | (52,751) | (94,923) | (19,735) | (48,464) | (28,061) |
| COMMON SHARE DATA | |||||
| Net Income (Loss) | (53,879) | (96,052) | (20,852) | (49,603) | (28,474) |
| Basic Earnings Per Share | (2.61) | (4.64) | (1.01) | (2.39) | (1.37) |
| Diluted Earnings Per Share | (2.61) | (4.64) | (1.01) | (2.39) | (1.37) |
| Dividends Declared | -- | -- | -- | 0.01 | 0.01 |
| PERFORMANCE RATIOS | |||||
| Return on Assets | (7.27)% | (12.09)% | (2.34)% | (5.53)% | (3.25)% |
| Return on Common Equity | (1,418.39) | (333.05) | (59.09) | (111.70) | (56.62) |
| Net Interest Margin (tax-equivalent) | 2.40 | 2.40 | 2.35 | 2.34 | 2.39 |
| Tier 1 Risk-Based Capital | 3.10 | 6.17 | 8.21 | 8.52 | 10.01 |
| Total Risk-Based Capital | 7.80 | 9.94 | 10.44 | 10.42 | 11.73 |
| Tangible Common Equity to Tangible Assets | (1.29) | 0.42 | 3.44 | 3.97 | 4.80 |
| Efficiency Ratio | 96.70 | 92.75 | 96.76 | 102.45 | 107.66 |
| AT PERIOD END | |||||
| Assets | $ 2,912,530 | $ 2,921,941 | $ 3,258,325 | $ 3,346,262 | $ 3,555,533 |
| Interest-Earning Assets | 2,451,908 | 2,553,836 | 2,681,461 | 2,837,522 | 3,005,489 |
| Total Loans | 1,905,502 | 2,019,732 | 2,205,661 | 2,349,472 | 2,425,999 |
| Deposits | 2,417,573 | 2,365,106 | 2,472,763 | 2,474,355 | 2,580,043 |
| Low Cost Deposits (1) | 1,023,810 | 1,029,937 | 1,066,985 | 1,011,541 | 957,280 |
| Interest-Bearing Liabilities | 2,568,066 | 2,517,442 | 2,734,414 | 2,809,067 | 2,950,191 |
| Shareholders' Equity | 52,575 | 102,346 | 202,532 | 223,464 | 261,502 |
|
Unrealized Gains (Losses) on Market Securities (FASB 115) |
(1,227) | (4,977) | (2,453) | (2,057) | (5,150) |
| AVERAGE BALANCES | |||||
| Assets | $ 2,940,807 | $ 3,115,805 | $ 3,349,459 | $ 3,513,409 | $ 3,500,401 |
| Interest-Earning Assets (2) | 2,526,744 | 2,645,521 | 2,790,157 | 2,961,519 | 3,053,716 |
| Total Loans (3) | 2,082,099 | 2,179,607 | 2,319,141 | 2,404,068 | 2,456,113 |
| Deposits | 2,389,650 | 2,445,514 | 2,520,448 | 2,575,429 | 2,513,377 |
| Low Cost Deposits (1) | 1,032,023 | 1,076,090 | 1,059,055 | 1,001,952 | 912,326 |
| Interest-Bearing Liabilities | 2,538,843 | 2,586,711 | 2,804,857 | 2,921,548 | 2,936,850 |
| Shareholders' Equity | 97,456 | 196,391 | 221,894 | 259,923 | 233,951 |
| Basic Common Shares | 20,666 | 20,685 | 20,707 | 20,715 | 20,732 |
| Diluted Common Shares | 20,666 | 20,685 | 20,707 | 20,715 | 20,732 |
| (1) Defined as interest checking, demand deposit and savings accounts. | |||||
| (2) Includes securities available for sale at amortized cost. | |||||
| (3) Average total loans include loans held for sale in probable branch divestiture. | |||||
| INTEGRA BANK CORPORATION | |||||
| SUMMARY OF SELECTED CONSOLIDATED FINANCIAL DATA-con't | |||||
| (In thousands, except ratios and yields) | |||||
|
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
March 31, 2009 |
|
| ASSET QUALITY | |||||
| Non-Performing Assets: | |||||
| Non Accrual Loans | $ 220,744 | $ 210,753 | $ 185,558 | $ 175,840 | $ 186,770 |
| Loans 90+ Days Past Due | 1,361 | 4,127 | 4,339 | 6,573 | 2,444 |
| Non-Performing Loans | 222,105 | 214,880 | 189,897 | 182,413 | 189,214 |
| Other Real Estate Owned | 36,173 | 31,982 | 26,435 | 29,286 | 19,848 |
| Trust preferred held for trading | 215 | 36 | -- | -- | -- |
| Non-Performing Assets | $ 258,493 | $ 246,898 | $ 216,332 | $ 211,699 | $ 209,062 |
| Allowance for Loan Losses: | |||||
| Beginning Balance | $ 88,670 | $ 79,364 | $ 82,309 | $ 78,525 | $ 64,437 |
| Provision for Loan Losses | 52,700 | 30,525 | 18,913 | 32,536 | 31,394 |
| Recoveries | 724 | 1,007 | 538 | 442 | 330 |
| Loans Charged Off | (40,113) | (22,226) | (22,396) | (29,194) | (17,636) |
| Ending Balance | $ 101,981 | $ 88,670 | $ 79,364 | $ 82,309 | $ 78,525 |
| Ratios: | |||||
| Allowance for Loan Losses to Loans | 5.35% | 4.39% | 3.60% | 3.50% | 3.24% |
| Allowance for Loan Losses to Average Loans | 4.90 | 4.07 | 3.42 | 3.42 | 3.20 |
| Allowance to Non-performing Loans | 45.92 | 41.26 | 41.79 | 45.12 | 41.50 |
| Non-performing Loans to Loans | 11.66 | 10.64 | 8.61 | 7.76 | 7.80 |
|
Non-performing Assets to Loans and Other Real Estate Owned |
13.31 | 12.03 | 9.69 | 8.90 | 8.55 |
| Net Charge-Off Ratio | 7.67 | 3.86 | 3.74 | 4.80 | 2.86 |
| NET INTEREST MARGIN | |||||
| Yields (tax-equivalent) | |||||
| Loans | 4.18% | 4.20% | 4.18% | 4.23% | 4.26% |
| Securities | 4.03 | 4.13 | 4.42 | 4.87 | 5.02 |
| Regulatory Stock | 3.08 | 2.32 | 4.63 | 2.15 | 7.14 |
| Other Earning Assets | 1.91 | 2.05 | 2.60 | 10.90 | 8.85 |
| Total Earning Assets | 4.13 | 4.14 | 4.22 | 4.38 | 4.47 |
| Cost of Funds | |||||
| Interest Bearing Deposits | 1.55 | 1.65 | 1.84 | 2.07 | 2.23 |
| Other Interest Bearing Liabilities | 2.54 | 2.38 | 1.92 | 2.02 | 1.94 |
| Total Interest Bearing Liabilities | 1.72 | 1.78 | 1.86 | 2.06 | 2.16 |
| Total Interest Expense to Earning Assets | 1.73 | 1.74 | 1.87 | 2.04 | 2.08 |
| Net Interest Margin | 2.40% | 2.40% | 2.35% | 2.34% | 2.39% |