DENVER, April 18, 2008 (PRIME NEWSWIRE) -- Centennial Bank Holdings (Nasdaq:CBHI) today reported first quarter 2008 net income of $3.2 million, or 6 cents per basic and diluted share, compared to first quarter 2007 net income of $5.4 million, or 10 cents per basic and diluted share. Excluding after-tax intangible asset amortization of $1.2 million, first quarter 2008 cash net income was $4.4 million, or 9 cents per basic and diluted share, compared to first quarter 2007 cash net income of $6.8 million, or 12 cents per basic and diluted share. First quarter 2008 net income is down compared to the first quarter 2007 net income primarily due to a decrease in net interest income as a result of lower rates and volumes. This decrease was partially offset by lower noninterest expense and tax expense.
Dan Quinn, Centennial Bank Holdings President and CEO, stated, "While the operating environment for banks remains challenging, we are pleased with the progress of our strategic repositioning. Our decision in 2006 to significantly reduce our exposure to residential real estate development coupled with our continued aggressive credit management have served us well. Total nonperforming assets are down 32% as compared to March 31, 2007, and are relatively flat with the prior quarter. Net chargeoffs for the quarter were $538,000, the lowest level since the first quarter of 2006. Going forward, we will continue to execute on our strategy while looking to capitalize on opportunities that may present themselves."
Key Financial Measures
Quarter Ended
------------------------------
March 31, Dec. 31, March 31,
2008 2007 2007
------------------------------
Earnings (loss) per share-basic &
diluted $ 0.06 $ (2.68) $ 0.10
Cash earnings per share-basic & diluted $ 0.09 $ 0.10 $ 0.12
Return on average assets 0.55% (22.09%) 0.82%
Return on tangible average assets
(cash) 0.85% 0.98% 1.22%
Net Interest Margin 4.42% 4.75% 5.16%
Net Interest Income and Margin
Quarter Ended
-------------------------------
March 31, Dec. 31, March 31,
2008 2007 2007
-------------------------------
(Dollars in thousands)
Net interest income $ 21,650 $ 24,184 $ 26,843
Interest rate spread 3.58% 3.77% 4.16%
Net interest margin 4.42% 4.75% 5.16%
Net interest margin, fully tax
equivalent 4.53% 4.88% 5.55%
First quarter 2008 net interest income of $21.7 million decreased by $2.5 million, or 10.5%, from the fourth quarter 2007 and $5.2 million, or 19.3%, from the first quarter 2007. The Company's net interest margin of 4.42% for the first quarter 2008 reflected a decline of 33 basis points from the fourth quarter 2007 and a decline of 74 basis points from the first quarter 2007. These declines in net interest margin are mostly attributable to rate cuts by Federal Open Market Committee of the Federal Reserve Board during the first quarter of 2008.
Interest income decreased by $9.0 million, or 21.1%, from the first quarter 2007. This decrease consisted of a $6.0 million rate variance due to lower rates, primarily on loans, with the remainder of the decrease due to a decline in earnings assets. Approximately 69% of the Company's outstanding loan balances are variable rate loans and are generally tied to indexes such as prime, LIBOR or federal funds. The prime rate has decreased by 300 basis points from March 2007 to March 2008. As a result of the decline in rates, the average yield on loans for the Company decreased by 138 basis points from 8.44% for the quarter ended March 31, 2007 to 7.06% for the same period in 2008. The $5.1 million decrease in interest income from the fourth quarter 2007 is also mostly attributable to rate decreases.
Interest expense decreased by $3.8 million, or 24.3%, from the first quarter 2007. The decrease in interest expense from the first quarter 2007 was primarily the result of a $2.2 million rate variance and a $1.6 million volume variance. The overall cost of funds declined by 74 basis points from the first quarter 2007 to the first quarter 2008. Average total interest bearing deposits declined by $170.7 million from the first quarter 2007 to the first quarter 2008, with $102.9 million of the decrease in balances attributable to time deposits. This decline in time deposits is mostly due to a strategic decision to continue to reduce the balances of non-core time-deposits to mitigate the impact of margin compression. The $2.6 million decrease in interest expense from the fourth quarter 2007 was caused primarily by lower interest-bearing deposits and liabilities. Additionally, there was a 55 basis point decline in the cost of funds from the fourth quarter 2007.
Noninterest Income
The following table presents noninterest income as of the dates indicated.
Quarter Ended
--------------------
March 31, March 31,
2008 2007
--------------------
(In thousands)
Noninterest income:
Customer service and other fees $ 2,276 $ 2,443
Gain on sale of securities 138 --
Other 101 124
--------------------
Total noninterest income $ 2,515 $ 2,567
====================
Noninterest income for first quarter 2008 decreased by $0.1 million from the first quarter 2007, remaining relatively flat overall.
Noninterest Expense
The following table presents noninterest expense as of the dates
indicated.
Quarter Ended
--------------------
March 31, March 31,
2008 2007
--------------------
(In thousands)
Noninterest expense:
Salaries and employee benefits $ 9,720 $ 10,974
Occupancy expense 2,001 2,121
Furniture and equipment 1,314 1,240
Amortization of intangible assets 1,877 2,195
Other general and administrative 3,798 4,152
--------------------
Total noninterest expense $ 18,710 $ 20,682
====================
Noninterest expense for the first quarter 2008 of $18.7 million decreased by $2.0 million, or 9.5%, from the first quarter 2007. First quarter 2008 salaries and employee benefits decreased by $1.3 million, or 11.4%, from the first quarter 2007. The first quarter 2008 decrease in salaries and employee benefits is mostly due to a 9.9% reduction in full-time equivalent employees, as well as a reduction in incentive expense. First quarter 2008 intangible amortization expense decreased by $0.3 million from the first quarter 2007 due to the use of accelerated amortization methods to amortize the core deposit intangible asset.
Other general and administrative expense decreased by $0.4 million, or 8.5%, in the first quarter 2008 as compared to the first quarter 2007. Overall professional fees decreased by $0.5 million and provision for unfunded commitments declined by $0.3 million in the first quarter 2008 as compared to the same period in 2007. These expense decreases were partially offset by a $0.5 million increase in expenses associated with other real estate, mostly attributable to a write-down of a single property.
Balance Sheet
March 31, Dec. 31, % March 31, %
2008 2007 Change 2007 Change
-----------------------------------------------------------------------
(Dollars in thousands, except per share amounts)
Total loans, net of
unearned
discount $1,759,297 $1,781,647 (1.3)% $1,886,613 (6.7)%
Allowance for loan
losses (26,048) (25,711) 1.3% (27,492) (5.3)%
Total assets 2,345,079 2,371,664 (1.1)% 2,693,384 (12.9)%
Average assets,
quarter-to-date 2,376,539 2,482,352 (4.3)% 2,687,549 (11.6)%
Total deposits 1,710,082 1,799,507 (5.0)% 1,971,869 (13.3)%
Book value per
share $ 7.99 $ 7.96 0.4% $ 10.46 (23.6)%
Tangible book value
per share $ 2.65 $ 2.57 3.1% $ 2.68 (1.2)%
At March 31, 2008, the Company had total assets of $2.3 billion, or $26.6 million less than total assets at December 31, 2007, and $348.3 million less than total assets at March 31, 2007. The $26.6 million decline in assets from December 31, 2007 is mostly due to $22.4 million decrease in loans, net of unearned discount. The $348.3 million decrease in assets from March 31, 2007, is partly due to a $150.6 million decrease in intangible assets due to a goodwill impairment charge recorded in the fourth quarter 2007 and the amortization of the core deposit intangible asset. The remainder of the decrease in assets from March 31, 2007, is due to a $127.3 million decline in loans, net of unearned discount. Approximately $48 million of this $127.3 million decline in loans from March 31, 2007 to March 31, 2008 is attributable to the sale of certain impaired and classified loans in October 2007. A significant portion of the remaining decrease in loans is due to the Company's strategy of reducing its concentration of residential construction and land development loans. Total residential and commercial construction loans declined by $114.4 million from March 31, 2007.
The following table sets forth the amounts of our loans outstanding at the
dates indicated:
March 31, Dec. 31, March 31,
2008 2007 2007
-----------------------------------
(In thousands)
Real Estate
Mortgage $ 723,246 $ 713,478 $ 708,416
Construction 238,926 235,236 353,323
Equity lines of credit 47,659 48,624 54,904
Commercial 657,423 679,717 651,796
Agricultural 35,003 39,506 46,958
Lease financing 472 4,732 6,503
Installment loans to individuals 38,151 40,835 43,891
Overdrafts 2,520 1,329 4,499
SBA and other 19,213 21,592 20,211
-----------------------------------
Total gross loans 1,762,613 1,785,049 1,890,501
Unearned discount (3,316) (3,402) (3,888)
-----------------------------------
Loans, net of unearned discount $1,759,297 $1,781,647 $1,886,613
===================================
The following table sets forth the amounts of our deposits outstanding at
the dates indicated:
March 31, Dec. 31, March 31,
2008 2007 2007
-----------------------------------
(In thousands)
Noninterest-bearing demand $ 473,247 $ 515,299 $ 519,951
Interest-bearing demand 156,416 160,100 165,555
Money market 582,013 572,056 624,366
Savings 71,617 71,944 81,689
Time 426,789 480,108 580,308
-----------------------------------
Total deposits $1,710,082 $1,799,507 $1,971,869
===================================
Total deposits at March 31, 2008, decreased by $89.4 million and $261.8 million from December 31, 2007 and March 31, 2007, respectively. Approximately $53.3 million, or 60% of this decline, from December 31, 2007, is from a decrease in time deposits due to a strategic decision to mitigate the impact of margin compression. Most of the remainder of the decline in deposits is attributable to noninterest-bearing demand deposits. The decline in deposits from March 31, 2007, is mostly due to a $153.5 million decrease in time deposits and a $42.4 million decrease in money market deposits. Non-interest bearing deposits comprise 27.7% of total deposits at March 31, 2008, as compared to 28.6% at December 31, 2007, and 26.4% at March 31, 2007.
Overall borrowings increased by $53.5 million, from December 31, 2007 to March 31, 2008. This increase is mostly attributable to a decision to further utilize FHLB term advances as an alternative funding source.
Regulatory Capital Measures are Above the Well-Capitalized Minimums
The Company remains more than well-capitalized for regulatory capital purposes at March 31, 2008. In addition to exceeding the requirements to be a well capitalized institution, the regulatory capital ratios improved from the prior quarter as follows:
Minimum
Requirement
Ratio at Ratio at Minimum for "Well
March 31, Dec. 31, Capital Capitalized"
2008 2007 Requirement Institution
---------------------------------------------
Total Risk-Based
Capital Ratio 11.2% 10.9% 8.00% 10.00%
Tier 1 Risk Based
Capital Ratio 9.9% 9.6% 4.00% 6.00%
Leverage Ratio 9.2% 8.6% 4.00% 5.00%
Asset Quality
The following table presents selected asset quality data (excluding loans
held for sale) as of the dates indicated:
March 31, Dec. 31, Sept. 30, June 30, March 31,
2008 2007 2007 2007 2007
-------------------------------------------------
(Dollars in thousands)
Nonaccrual loans,
not restructured $ 20,798 $ 19,309 $ 16,831 $ 35,515 $ 31,940
Accruing loans past
due 90 days or more 1 527 9 122 323
-------------------------------------------------
Total nonperforming
loans (NPLs) 20,799 19,836 16,840 35,637 32,263
Other real estate
owned 1,715 3,517 3,401 1,385 861
-------------------------------------------------
Total nonperforming
assets (NPAs) $ 22,514 $ 23,353 $ 20,241 $ 37,022 $ 33,124
=================================================
Allowance for loan
losses $ 26,048 $ 25,711 $ 23,979 $ 35,594 $ 27,492
=================================================
Selected ratios:
NPLs to loans, net of
unearned discount 1.18% 1.11% 0.93% 1.88% 1.71%
NPAs to total assets 0.96% 0.98% 0.77% 1.40% 1.23%
Allowance for loan
losses to NPAs 115.70% 110.10% 118.47% 96.14% 83.00%
Allowance for loan
losses to NPLs 125.24% 129.62% 142.39% 99.88% 85.21%
Allowance for loan
losses to loans, net
of unearned discount 1.48% 1.44% 1.32% 1.88% 1.46%
Nonperforming assets decreased by $0.8 million, or 3.6%, at March 31, 2008 as compared to December 31, 2007, and decreased by $10.6 million, or 32.0%, as compared to March 31, 2007. The decrease from March 2007 was mostly due to the sale of certain nonperforming and classified loans on October 31, 2007.
The Company took a first quarter 2008 provision for loan losses of $0.9 million, as compared to $3.0 million in the fourth quarter 2007 and $0.8 million in the first quarter 2007. Net charge-offs in the first quarter 2008 were $0.6 million in the first quarter 2008, as compared to $1.3 million in the fourth quarter 2007, and $1.3 million in the first quarter 2007.
The allowance for loan losses to total loans outstanding was 1.48% at March 31, 2008, as compared to 1.44% at December 31, 2007 and 1.46% at March 31, 2007.
Stock Repurchase Programs
At March 31, 2008, the Company had 1,349,858 shares remaining under its previously existing stock repurchase programs. The remaining shares may be acquired from time to time either in the open market or in privately negotiated transactions in accordance with applicable regulations of the Securities and Exchange Commission. During the first quarter 2008, the Company did not repurchase any shares under its stock repurchase programs and only repurchased 9,087 shares related to the net settlement of vested, restricted stock awards at a cost of $0.1 million, or an average price of $5.63 per share. As of March 31, 2008, the Company had 52,662,997 shares outstanding, including 1,732,011 shares of unvested stock awards. In addition, the Company had 63,123 of shares to be issued at March 31, 2008 under its deferred compensation plan.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures related to the income statement, including cash net income, cash earnings per share and return on average tangible assets (cash), which exclude the after-tax impact of intangible asset amortization expense.
This press release also includes non-GAAP financial measures related to tangible assets, including return on average tangible assets (cash) and tangible book value. These items exclude the average and actual intangible assets, respectively.
The Company discloses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company's operational performance and to enhance investors' overall understanding of the Company's core financial performance. Management believes that these non-GAAP financial measures allow for additional transparency and are used by some investors, analysts and other users of the Company's financial information as performance measures. These non-GAAP financial measures are presented for supplemental informational purposes only for understanding the Company's operating results and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP financial measures presented by the Company may be different from non-GAAP financial measures used by other companies.
The following non-GAAP schedule reconciles cash net income and return on
tangible net assets (cash) to their respective GAAP measure as of the
dates indicated:
Quarter Ended
-------------------------------
March 31, 2008 March 31, 2007
-------------------------------
(In thousands, except share and
Cash net income per share data)
GAAP net income $ 3,245 $ 5,409
Add: Amortization of intangible
assets 1,877 2,195
Less: Income tax effect (713) (834)
-------------------------------
Cash net income $ 4,409 $ 6,770
===============================
Weighted average shares - diluted 51,049,525 54,902,229
Earnings per share - diluted $ 0.06 $ 0.10
Add: Amortization of intangible
assets (after tax effect) 0.03 0.02
-------------------------------
Cash earnings per share $ 0.09 $ 0.12
===============================
Return on tangible net assets (cash)
Cash net income $ 4,409 $ 6,770
-------------------------------
Average total assets $ 2,376,539 $ 2,687,549
Less average intangible assets (282,830) (433,573)
-------------------------------
Average tangible assets $ 2,093,709 $ 2,253,976
===============================
Return on average assets - GAAP net
income divided by total average
assets 0.55% 0.82%
===============================
Return on average tangible assets
(cash) - cash net income divided by
average tangible assets 0.85% 1.22%
===============================
The following non-GAAP schedule reconciles the book value per share to the
tangible book value per share as of the dates indicated:
March 31, Dec. 31, March 31,
2008 2007 2007
--------------------------------------
(Dollars in thousands, except share
and per share amounts)
Tangible Book Value per Share
Stockholders' equity $ 421,461 $ 418,654 $ 581,097
Intangible assets (281,804) (283,681) (432,362)
--------------------------------------
Tangible equity $ 139,657 $ 134,973 $ 148,735
======================================
Number of shares outstanding
and to be issued 52,726,120 52,616,991 55,555,400
Book value per share $ 7.99 $ 7.96 $ 10.46
Tangible book value per share $ 2.65 $ 2.57 $ 2.68
About Centennial Bank Holdings, Inc.
Centennial Bank Holdings, Inc. is a bank holding company that operates 36 branches in Colorado through a single bank, Guaranty Bank and Trust Company. The bank provides banking and other financial services including real estate, construction, commercial and industrial, energy, consumer and agricultural loans throughout its targeted Colorado markets to consumers and small to medium-sized businesses, including the owners and employees of those businesses. The bank also provides trust services, including personal trust administration, estate settlement, investment management accounts and self-directed IRAs. More information about Centennial Bank Holdings, Inc. can be found at www.cbhi.com.
Forward-Looking Statements
Certain statements contained in this press release, including, without limitation, statements containing the words "believes", "anticipates", "intends", "expects", and words of similar import, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions in those areas in which the Company operates; demographic changes; competition; fluctuations in interest rates; continued ability to attract and employ qualified personnel; costs and uncertainties related to the outcome of pending litigation; changes in business strategy or development plans; changes that occur in the securities markets; changes in governmental legislation or regulation; changes in credit quality; the availability of capital to fund the expansion of the Company's business; economic, political and global changes arising from natural disasters; the war on terrorism; conflicts in the Middle East; and additional "Risk Factors" referenced in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as supplemented from time to time. When relying on forward-looking statements to make decisions with respect to the Company, investors and others are cautioned to consider these and other risks and uncertainties. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. The forward-looking statements are made as of the date of this press release, and the Company does not intend, and assumes no obligation, to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
CENTENNIAL BANK HOLDINGS, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
March 31, December 31,
2008 2007
--------------------------
(In thousands)
Assets
Cash and due from banks $ 51,770 $ 51,611
Federal funds sold 9,788 745
--------------------------
Cash and cash equivalents 61,558 52,356
--------------------------
Securities available for sale, at fair value 116,742 118,964
Securities held to maturity 14,106 14,889
Bank stocks, at cost 32,588 32,464
--------------------------
Total investments 163,436 166,317
--------------------------
Loans, net of unearned discount 1,759,297 1,781,647
Less allowance for loan losses (26,048) (25,711)
--------------------------
Net loans 1,733,249 1,755,936
--------------------------
Loans, held for sale -- 492
Premises and equipment, net 69,519 69,981
Other real estate owned and foreclosed
assets 1,715 3,517
Goodwill 250,748 250,748
Other intangible assets, net 31,056 32,933
Other assets 33,798 39,384
--------------------------
Total assets $ 2,345,079 $ 2,371,664
==========================
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand $ 473,247 $ 515,299
Interest-bearing demand 738,429 732,156
Savings 71,617 71,944
Time 426,789 480,108
--------------------------
Total deposits 1,710,082 1,799,507
--------------------------
Securities sold under agreements to
repurchase and federal fund purchased 36,400 23,617
Borrowings 117,227 63,715
Subordinated debentures 41,239 41,239
Interest payable and other liabilities 18,670 24,932
--------------------------
Total liabilities 1,923,618 1,953,010
--------------------------
Stockholders' equity:
Common stock 65 64
Additional paid-in capital 618,382 617,611
Shares to be issued for deferred
compensation obligations 585 573
Accumulated deficit (92,022) (95,196)
Accumulated other comprehensive loss (2,572) (1,472)
Treasury Stock (102,977) (102,926)
--------------------------
Total stockholders' equity 421,461 418,654
--------------------------
Total liabilities and stockholders'
equity $ 2,345,079 $ 2,371,664
==========================
CENTENNIAL BANK HOLDINGS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Income
Three Months Ended
-------------------------
March 31, March 31,
2008 2007
-------------------------
(In thousands, except
share and per share data)
Interest income:
Loans, including fees $ 31,040 $ 39,738
Investment securities:
Taxable 615 621
Tax-exempt 893 1,412
Dividends 470 475
Federal funds sold and other 385 114
-------------------------
Total interest income 33,403 42,360
-------------------------
Interest expense:
Deposits 9,795 13,346
Federal funds purchased and repurchase
agreements 137 301
Borrowings 1,029 932
Subordinated debentures 792 938
-------------------------
Total interest expense 11,753 15,517
-------------------------
Net interest income 21,650 26,843
Provision for loan losses 875 849
-------------------------
Net interest income, after provision for
loan losses 20,775 25,994
Noninterest income:
Customer service and other fees 2,276 2,443
Gain on sale of securities 138 --
Other 101 124
-------------------------
Total noninterest income 2,515 2,567
Noninterest expense:
Salaries and employee benefits 9,720 10,974
Occupancy expense 2,001 2,121
Furniture and equipment 1,314 1,240
Amortization of intangible assets 1,877 2,195
Other general and administrative 3,798 4,152
-------------------------
Total noninterest expense 18,710 20,682
-------------------------
Income before income taxes 4,580 7,879
Income tax expense 1,335 2,470
-------------------------
Net income $ 3,245 $ 5,409
=========================
Earnings per share-basic: $ 0.06 $ 0.10
Earnings per share-diluted: $ 0.06 $ 0.10
Weighted average shares outstanding-basic 50,988,229 54,792,527
Weighted average shares outstanding-diluted 51,049,525 54,902,229
Centennial Bank Holdings, Inc. and Subsidiaries
Unaudited Consolidated Average Balance Sheets
QTD Average
-------------------------------------
March 31, December 31, March 31,
2008 2007 2007
-------------------------------------
(In thousands)
Assets
Interest earning assets
Loans, net of unearned
discount $ 1,767,582 $ 1,823,363 $ 1,909,713
Securities 159,777 178,218 197,036
Other earning assets 41,796 19,715 3,464
-------------------------------------
Average earning assets 1,969,155 2,021,296 2,110,213
Other assets 407,384 461,056 577,336
-------------------------------------
Total average assets $ 2,376,539 $ 2,482,352 $ 2,687,549
=====================================
Liabilities and Stockholders'
Equity
Average liabilities:
Average deposits:
Noninterest-bearing deposits $ 472,802 $ 487,805 $ 483,293
Interest-bearing deposits 1,277,606 1,391,045 1,448,340
-------------------------------------
Average deposits 1,750,408 1,878,850 1,931,633
Other interest-bearing
liabilities 180,633 112,402 132,787
Other liabilities 22,958 23,220 34,661
-------------------------------------
Total average liabilities 1,953,999 2,014,472 2,099,081
Average stockholders' equity 422,540 467,880 588,468
-------------------------------------
Total average liabilities and
stockholders' equity $ 2,376,539 $ 2,482,352 $ 2,687,549
=====================================
Centennial Bank Holdings, Inc.
Unaudited Credit Quality Measures
Quarter Ended
-------------------------------------------------
March 31, Dec. 31, Sept. 30, June 30, March 31,
2008 2007 2007 2007 2007
-------------------------------------------------
(Dollars in thousands)
Nonaccrual loans and
leases, not
restructured $ 20,798 $ 19,309 $ 16,831 $ 35,515 $ 31,940
Accruing loans past
due 90 days or more 1 527 9 122 323
Other real estate
owned 1,715 3,517 3,401 1,385 861
-------------------------------------------------
Total nonperforming
assets $ 22,514 $ 23,353 $ 20,241 $ 37,022 $ 33,124
=================================================
Nonperforming loans $ 20,799 $ 19,836 $ 16,840 $ 35,637 $ 32,263
Other impaired loans -- 3,492 510 20,208 8,079
-------------------------------------------------
Total impaired loans 20,799 23,328 17,350 55,845 40,342
Allocated allowance
for loan losses (5,368) (4,283) (4,028) (14,113) (7,673)
-------------------------------------------------
Net investment in
impaired loans $ 15,431 $ 19,045 $ 13,322 $ 41,732 $ 32,669
=================================================
Charged-off loans $ 743 $ 1,729 $ 20,079 $ 5,473 $ 1,692
Recoveries (205) (436) (438) (809) (436)
-------------------------------------------------
Net charge-offs $ 538 $ 1,293 $ 19,641 $ 4,664 $ 1,256
=================================================
Provision for loan
losses $ 875 $ 3,025 $ 8,026 $ 12,766 $ 849
=================================================
Allowance for
loan losses $ 26,048 $ 25,711 $ 23,979 $ 35,594 $ 27,492
=================================================
Allowance for loan
losses to loans, net
of unearned discount 1.48% 1.44% 1.32% 1.88% 1.46%
Allowance for loan
losses to nonaccrual
loans 125.24% 133.16% 142.47% 100.22% 86.07%
Allowance for loan
losses to
nonperforming assets 115.70% 110.10% 118.47% 96.14% 83.00%
Allowance for loan
losses to
nonperforming loans 125.24% 129.62% 142.39% 99.88% 85.21%
Nonperforming assets
to loans, net of
unearned discount,
and other real
estate owned 1.28% 1.31% 1.11% 1.96% 1.76%
Annualized net
charge-offs to
average loans 0.12% 0.28% 4.16% 0.99% 0.27%
Nonaccrual loans to
loans, net of
unearned discount 1.18% 1.08% 0.93% 1.88% 1.69%