WILMINGTON, N.C., Feb. 1, 2008 (PRIME NEWSWIRE) -- Cape Fear Bank Corporation (the "Company") (Nasdaq:CAPE) today reported unaudited net income for the fiscal year 2007 of $1.35 million, or $0.35 per diluted share, a decline of 40.8 percent and 39.7 percent, respectively, from the $2.27 million, or $0.58 per diluted share, reported for the fiscal year 2006. Results for the current year were impacted by an elevated level of nonperforming assets, a lower net interest margin and increased expenses related to branch expansion.
For the fourth quarter of 2007, earnings were $53 thousand, or $0.01 per diluted share, compared with $588 thousand, or $0.15 per diluted share, for the prior-year quarter, and $359 thousand, or $0.09 per diluted share, for the third quarter of 2007. Earnings were impacted by net interest margin compression and a higher provision for loan losses due to the increased level of nonperforming assets compared to the prior-year and the linked quarter.
Chairman, President and CEO of Cape Fear Bank Corporation Cameron Coburn stated, "While our earnings were adversely affected in 2007, like much of the banking industry, we also were able to complete the major portion of our investment in new branches and infrastructure." He continued, "Our Board of Directors and bank management believe strongly that the price we paid will benefit us greatly in the longer term, since we are now positioned to take advantage of our great market and franchise. There is always a temptation to focus on short term results, but we believe that the Company's fundamentals, such as growth in loans, deposits, and revenue, support our investment in the branch program and we trust that you share the same long-term vision for Cape Fear Bank Corporation as does your management. We believe this investment needs additional time before it can realize its full value."
Total revenue, comprised of net interest income and noninterest income, was $14.3 million for 2007, an increase of 2.5 percent over the $14.0 million reported for the prior year. Year-over-year, net interest income remained essentially flat at $12.9 million, reflecting an 11.0 percent growth in average earning assets, offset by a 34 basis point decline in the net interest margin to 3.00 percent. For the fourth quarter of 2007, net interest income decreased 7.8 percent over the prior-year fourth quarter to $3.0 million, primarily due to a 42 basis point decline in net interest margin to 2.72 percent, partially offset by a 6.4 percent increase in average earning assets.
While the Company's net interest margin held steady at approximately 3.11 percent through the third quarter of 2007, the impact of falling interest rates initiated by the Federal Reserve in the third and fourth quarters of 2007 began the decline of the Company's net interest margin, which dropped 39 basis points in the fourth quarter of 2007 relative to the third quarter. The Company has been transitioning its asset-sensitive balance sheet to a more neutral position, reducing the level of variable-rate loans, which reprice immediately, compared with the lag in deposit repricing due to fixed term maturities of CDs. The Company has made considerable progress throughout 2007 restructuring its balance sheet, reducing variable-rate loans to 55.5 percent of total loans at fourth quarter 2007 compared with 63.9 percent for the year-ago quarter. Compared with the previous quarter, margin compression resulted from a 52 basis point decline in the yield on average earning assets. This compression will likely continue in the near term until the Federal Reserve stabilizes the interest rate environment, allowing the Company's funding costs to catch up with the decline in loan yields.
Noninterest income for 2007 was $1.5 million, an increase of $377 thousand or 34.5 percent over 2006. Bank-owned life insurance income of $385 thousand accounted for the majority of the increase, up $190 thousand or 97.4 percent from 2006. Service fees and charges added an additional $99 thousand to year-end 2007 noninterest income, up 13.9 percent from the prior year. For the fourth quarter of 2007, noninterest income increased to $489 thousand, up $241 thousand or 97.2 percent over the prior-year fourth quarter. Service fees and charges accounted for $132 thousand or 54.8 percent of the quarterly increase.
Noninterest expense for fiscal year 2007 totaled $11.7 million, an increase of $2.3 million or 25.2 percent above fiscal year 2006. Expenses associated with branch expansion accounted for the majority of the increase; three de novo branches were opened over the last twelve months, generating additional expenses in virtually every category. Salaries and benefits rose $1.1 million or 23.2 percent to $6.1 million, partially due to the addition of 15 full-time equivalent (FTE) employees over the past twelve months, from 90 to 105, along with growth in employees for new branches and infrastructure from the prior year. Occupancy expenses grew $464 thousand or 30.3 percent to $2.0 million. Other expenses grew an additional $737 thousand or 25.9 percent to $3.6 million; this increase supported branch growth, compliance with Section 404 of the Sarbanes Oxley Act of 2002, and an increase in FDIC insurance premiums.
For the fourth quarter of 2007, noninterest expense was $2.6 million, up $58 thousand or 2.3 percent from the prior-year period, and down $558 thousand or 17.5 percent from the linked quarter. The year-over-year increase in noninterest expense primarily resulted from increased occupancy and other expenses. Salaries and employee benefits declined by $235 thousand or 16.3 percent and $479 thousand, or 28.5 percent, for the year-over-year and linked quarters, respectively. These declines in salaries and employee benefits are attributable to an adjustment made during the fourth quarter of 2007 to remedy the over-accrual of employee bonuses and incentive compensation. These accruals were established through the first three quarters of 2007 based upon the anticipated financial performance of the Company. However, the significant provision for loan losses recorded during the fourth quarter of 2007 impacted the Company's financial performance such that the accrual for bonuses and incentive compensation was not warranted.
The efficiency ratio for fiscal year 2007 was 81.44 percent, a 147 basis point increase over the 66.66 percent ratio for fiscal year 2006. This increase primarily reflects an increased level of operating expenses associated with the Company's investment in infrastructure. For the fourth quarter, the efficiency ratio improved to 74.9 percent from 86.9 percent in the third quarter, and 72.9 percent in the fourth quarter of 2006. The linked quarter improvement resulted from a decline in operating expenses arising from the one-time salary and benefit accrual adjustment as previously discussed.
Total assets were $464.3 million at December 31, 2007, up $39.4 million or 9.3 percent from the prior year-end, and $10.8 million or 2.4 percent from the previous quarter. Loans outstanding totaled $370.7 million at year-end, an increase of $36.3 million or 10.8 percent from the prior year, and $12.7 million or 3.6 percent from the previous quarter. Approximately 95 percent of the loan portfolio is collateralized by real property, with construction and development (C&D) loans accounting for 40.6 percent of the portfolio, followed by CRE, with 31.5 percent. In terms of 2007 loan growth, CRE led with an increase of $22.8 million, up 24.2 percent, along with1-4 residential real estate loans, up $9.8 million or 27.8 percent. C&D loans of $150.6 million, including $96.7 million of land loans, have declined year-over-year, down $7.1 million or 4.5 percent, reflecting the slowdown in residential construction.
Although net charge-offs remained at an extremely low level throughout 2007, nonperforming assets were $8.3 million or 1.8 percent of assets (2.2 percent of total loans) at December 31, 2007; this compares with $179 thousand or 0.04 percent of assets (0.05 percent of total loans) for the linked quarter, and $966 thousand or 0.23 percent of total assets at December 31, 2006. The majority of fourth quarter nonperforming loans were C&D loans ($7.1 million), followed by $1.0 million of other real estate loans. These nonperforming loans consist primarily of three large land development and residential construction relationships located in our coastal market. In response to the higher level of nonperforming assets, the Company added $970 thousand to its reserve for loan losses in the fourth quarter; which totaled $5.8 million or 1.56 percent of total loans at December 31, 2007.
Loan growth over the past twelve months was funded primarily by a $33.1 million or 9.4 percent increase in deposits, which totaled $386.7 million at December 31, 2007. Core deposits, which exclude wholesale CDs and brokered deposits, accounted for 52.9 percent of total deposits at December 31, 2007; they declined by $13.9 million or 6.3 percent from the year-ago period, and $13.0 million or 6.0 percent from September 30, 2007 due to the decline in deposits held by the Company from real estate attorney trust account relationships. These balances have declined 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 $47.0 million, or 34.8 percent over the last twelve months, and $18.1 million or 11.0 percent over the linked quarter.
Shareholders' equity at December 31, 2007 was $28.5 million, a twelve-month increase of $1.5 million or 5.3 percent. As of December 31, 2007, the Company remained at well-capitalized levels with a total risk-based capital ratio of 11.2 percent. Shares outstanding at year-end were 3,766,295.
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'.
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) 12/31/2007 9/30/2007 6/30/2007 3/31/2007 12/31/2006
---------------------------------------------------------------------
Performance
Highlights
Earnings:
Total revenue
(Net int
income +
nonint
income) $ 3,518 $ 3,676 $ 3,617 $ 3,523 $ 3,535
Net interest
income $ 3,029 $ 3,348 $ 3,276 $ 3,213 $ 3,287
Provision for
loan losses $ 970 $ 50 $ -- $ 75 $ 220
Noninterest
income $ 489 $ 328 $ 341 $ 310 $ 248
Noninterest
expense $ 2,635 $ 3,193 $ 2,976 $ 2,869 $ 2,577
Net income $ 53 $ 359 $ 499 $ 435 $ 588
Per Share Data:
*Basic
earnings
per share $ 0.01 $ 0.10 $ 0.13 $ 0.12 $ 0.16
*Diluted
earnings
per share $ 0.01 $ 0.09 $ 0.13 $ 0.11 $ 0.15
*Book value
per share $ 7.56 $ 7.49 $ 7.28 $ 7.31 $ 7.18
Performance
Ratios:
Return on
average
assets 0.05% 0.32% 0.45% 0.40% 0.55%
Return on
average
equity 0.74% 5.17% 7.22% 6.33% 8.77%
Net interest
margin,
taxable
equivalent 2.72% 3.11% 3.08% 3.11% 3.14%
Efficiency
ratio 74.90% 86.86% 82.28% 81.44% 72.90%
Non-interest
income to
total revenue 13.90% 8.92% 9.43% 8.80% 7.02%
Capital &
Liquidity:
Total equity
to total
assets 6.14% 6.22% 6.21% 6.14% 6.37%
Total loans to
total
deposits 95.85% 93.78% 91.94% 90.71% 94.57%
Regulatory
leverage
ratio 8.58% 8.64% 8.58% 8.50% 9.22%
Tier 1 capital
ratio 9.87% 10.07% 10.40% 9.99% 10.30%
Total
risk-based
capital ratio 11.21% 11.43% 11.80% 11.43% 11.80%
Asset Quality:
Net loan
charge-offs
(recoveries) $ (5) $ -- $ (8) $ (127) $ (12)
Net loan
charge-offs
(recoveries)
to average
loans -0.01% 0.00% -0.01% -0.15% -0.01%
Nonperforming
loans +90
days past
due $ 8,309 $ 177 $ 1,320 $ 1,343 $ 350
Other real
estate and
repossessed
assets $ -- $ 2 $ -- $ 616 $ 616
Nonperforming
assets +90
days past
due $ 8,309 $ 179 $ 1,320 $ 1,959 $ 966
NPAs + loans
90 days past
due to total
assets 1.79% 0.04% 0.30% 0.44% 0.23%
Allowance for
loan losses $ 5,771 $ 4,795 $ 4,746 $ 4,738 $ 4,536
Allowance for
loan losses
to total loans 1.56% 1.34% 1.39% 1.37% 1.36%
Allowance for
loan losses
to NPAs 69.45% 2678.77% 359.55% 241.86% 469.57%
Period End
Balances:
Assets $ 464,313 $ 453,478 $ 441,342 $ 448,318 $ 424,885
Total earning
assets
(before
allowance) $ 444,926 $ 434,163 $ 420,102 $ 426,359 $ 407,992
Total Loans
(before
reserves) $ 370,678 $ 357,962 $ 341,030 $ 344,743 $ 334,409
Deposits $ 386,738 $ 381,697 $ 370,915 $ 380,054 $ 353,617
Stockholders'
equity $ 28,491 $ 28,199 $ 27,427 $ 27,539 $ 27,052
Full-time
equivalent
employees 105 101 99 95 90
*Shares
outstanding 3,766,295 3,766,295 3,766,020 3,766,257 3,766,119
Average Balances:
Assets $ 461,122 $ 447,870 $ 446,653 $ 437,009 $ 425,089
Earning
assets $ 441,581 $ 427,670 $ 426,682 $ 419,059 $ 414,855
Total Loans
(before
reserves) $ 365,068 $ 349,568 $ 344,742 $ 339,563 $ 330,799
Deposits $ 384,041 $ 375,058 $ 374,978 $ 364,986 $ 365,293
Stockholders'
equity
$ 28,592 $ 27,771 $ 27,633 $ 27,487 $ 26,811
*Shares
outstanding,
basic - wtd 3,766,295 3,766,224 3,765,955 3,766,191 3,766,119
*Shares
outstanding,
diluted
- wtd 3,855,925 3,833,457 3,844,366 3,860,982 3,904,233
For the Twelve Months
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 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 Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
(In thousands, except share and
per share data)
INTEREST INCOME
Loans $ 7,002 $ 6,825 $ 28,301 $ 24,857
Investment securities
available for sale 864 799 3,443 2,816
Other interest-earning
assets 34 172 289 523
---------- ---------- ---------- ----------
TOTAL INTEREST INCOME 7,900 7,796 32,033 28,196
---------- ---------- ---------- ----------
INTEREST EXPENSE
Money market, NOW and
savings deposits 616 537 2,519 1,681
Time deposits 3,745 3,515 14,480 11,800
Short-term borrowings 47 10 106 115
Long-term borrowings 463 447 2,064 1,706
---------- ---------- ---------- ----------
TOTAL INTEREST EXPENSE 4,871 4,509 19,169 15,302
---------- ---------- ---------- ----------
NET INTEREST INCOME 3,029 3,287 12,864 12,894
PROVISION FOR LOAN LOSSES 970 220 1,095 1,340
---------- ---------- ---------- ----------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 2,059 3,067 11,769 11,554
---------- ---------- ---------- ----------
NON-INTEREST INCOME
Service fees and charges 286 154 812 713
Gain/(loss) on sale of
investments 26 (41) 15 (60)
Income from bank owned
life insurance 102 51 385 195
Other 75 84 258 245
---------- ---------- ---------- ----------
NON-INTEREST INCOME 489 248 1,470 1,093
---------- ---------- ---------- ----------
NON INTEREST EXPENSE
Salaries and employee
benefits 1,204 1,439 6,097 4,949
Occupancy and equipment 582 489 1,997 1,533
Other 849 649 3,579 2,842
---------- ---------- ---------- ----------
TOTAL NON-INTEREST
EXPENSE 2,635 2,577 11,673 9,324
---------- ---------- ---------- ----------
(LOSS) INCOME BEFORE
INCOME TAXES (87) 738 1,566 3,323
INCOME (BENEFIT) TAXES (140) 150 221 1,051
---------- ---------- ---------- ----------
NET INCOME $ 53 $ 588 $ 1,345 $ 2,272
========== ========== ========== ==========
NET INCOME PER COMMON
SHARE*
Basic $ 0.01 $ 0.16 $ 0.36 $ 0.60
========== ========== ========== ==========
Diluted $ 0.01 $ 0.15 $ 0.35 $ 0.58
========== ========== ========== ==========
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING*
Basic 3,766,295 3,766,119 3,766,082 3,765,973
Effect of dilutive stock
options 89,630 138,113 80,828 128,724
---------- ---------- ---------- ----------
Diluted 3,855,925 3,904,232 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
Dec. 31 Dec. 31
2007 2006*
(Unaudited)
---------- ----------
(In thousands,
except share data)
ASSETS
Cash and due from banks $ 6,257 $ 7,209
Interest earning deposits in other banks 1,438 1,639
Investment securities available for sale,
at fair value 70,227 69,565
Time deposits in other banks 199 298
Loans 370,678 334,409
Allowance for loan losses (5,771) (4,536)
---------- ----------
NET LOANS 364,907 329,873
Accrued interest receivable 2,343 2,195
Premises and equipment, net 3,580 2,954
Stock in Federal Home Loan Bank of Atlanta,
at cost 2,384 2,081
Foreclosed real estate and repossessions -- 616
Bank owned life insurance 9,876 5,491
Other assets 3,102 2,964
---------- ----------
TOTAL ASSETS $ 464,313 $ 424,885
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Demand $ 28,042 $ 33,066
Savings 5,276 11,154
Money market and NOW 62,249 41,317
Time 291,171 268,080
---------- ----------
TOTAL DEPOSITS 386,738 353,617
Short-term borrowings 6,000 3,000
Long-term borrowings 40,310 38,310
Accrued interest payable 772 745
Accrued expenses and other liabilities 2,002 2,161
---------- ----------
TOTAL LIABILITIES 435,822 397,833
---------- ----------
Shareholders' Equity
Common stock, $3.50 par value, 12,500,000
shares authorized; 3,766,295 and
3,586,780 shares issued and outstanding
at December 31, 2007 and December 31, 2006,
respectively 13,182 12,554
Additional paid-in capital 14,048 12,739
Accumulated retained earnings 1,609 2,092
Accumulated other comprehensive loss (348) (333)
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 28,491 27,052
---------- ----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 464,313 $ 424,885
========== ==========
*Derived from audited financial statements
Cape Fear Bank Corporation
Deposit and Loan Mix
For the Quarter Ended
-----------------------------------------------------
Dollars in
thousands 12/31/2007 9/30/2007 6/30/2007 3/31/2007 12/31/2006
---------------------------------------------------------------------
Deposit and
Loan Mix
Deposit Breakout
Non interest
bearing
demand $ 28,042 $ 29,483 $ 34,497 $ 34,277 $ 33,066
Interest
bearing
NOW 13,490 10,087 11,405 12,265 7,942
Savings 5,276 6,187 6,890 7,378 11,154
Money market 48,759 57,695 54,058 47,208 33,375
Time deposits
less than
$100K 109,174 114,334 120,290 130,032 133,081
Time deposits
greater than
$100K 81,711 78,666 74,132 75,420 69,035
Brokered
deposits 100,286 85,245 69,643 73,474 65,964
--------- --------- --------- --------- ---------
Total
deposits $ 386,738 $ 381,697 $ 370,915 $ 380,054 $ 353,617
Fixed/Variable
Rate Loans
Fixed rate
loans $ 164,921 $ 148,864 $ 135,223 $ 122,645 $ 120,724
Variable rate
loans 205,662 209,065 205,812 222,126 213,702
--------- --------- --------- --------- ---------
Net deferred
fees/costs 95 33 (5) (28) (17)
--------- --------- --------- --------- ---------
Total loans $ 370,678 $ 357,962 $ 341,030 $ 344,743 $ 334,409
Loan Breakout
Real estate
Commercial
real estate
Commercial
real estate
- owner
occupied $ 58,704 $ 52,585 $ 51,253 $ 48,871 $ 44,791
Commercial
real estate
- non owner
occupied 50,962 49,410 41,540 45,495 44,086
Multifamily 7,073 7,248 7,250 4,863 5,097
--------- --------- --------- --------- ---------
Total CRE $ 116,739 $ 109,243 $ 100,043 $ 99,229 $ 93,974
Construction
& land
Residential
construction
Presold &
owner-
occupied $ 15,370 $ 14,296 $ 15,796 $ 23,003 $ 18,605
Speculative 36,368 37,015 35,844 42,971 43,629
Commercial
construction
Presold &
owner-
occupied 216 150 150 610 603
Speculative 1,957 1,739 5,625 674 451
Land 96,683 96,984 94,753 97,015 94,400
--------- --------- --------- --------- ---------
Total
construction
& land $ 150,594 $ 150,184 $ 152,168 $ 164,273 $ 157,688
Other real
estate
1-4 family 44,802 41,628 39,723 33,845 35,049
Home equity 39,066 36,288 32,436 31,016 30,725
--------- --------- --------- --------- ---------
Total other
real
estate $ 83,868 $ 77,916 $ 72,159 $ 64,861 $ 65,774
--------- --------- --------- --------- ---------
Total
real
estate $ 351,201 $ 337,343 $ 324,370 $ 328,363 $ 317,436
Commercial and
industrial $ 15,496 $ 16,046 $ 13,858 $ 13,822 $ 14,530
Consumer 3,981 4,573 2,802 2,558 2,443
--------- --------- --------- --------- ---------
Total loans
net of
unearned
fees and
interest $ 370,678 $ 357,962 $ 341,030 $ 344,743 $ 334,409
Less allowance
for loan
losses 5,771 4,795 4,746 4,738 4,536
--------- --------- --------- --------- ---------
Loans, net $ 364,907 $ 353,167 $ 336,284 $ 340,005 $ 329,873
Nonperforming
Loans
Commercial
real estate $ -- $ -- $ 1,100 $ 1,100 $ --
Construction
& land 7,093 -- -- -- --
Other real
estate 963 -- 17 36 103
Commercial and
industrial 91 14 22 22 57
Home equity 154 154 167 172 160
Consumer 8 9 14 13 30
--------- --------- --------- --------- ---------
Total non-
performing
loans $ 8,309 $ 177 $ 1,320 $ 1,343 $ 350