MEDFORD, Ore., Jan. 29, 2009 (GLOBE NEWSWIRE) -- PremierWest Bancorp (Nasdaq:PRWT) announced net income for the full year ended December 31, 2008 of $648,000, and earnings per share on a fully diluted basis of $0.02.
For the fourth quarter ending December 31, 2008, PremierWest Bancorp recorded a net loss of $3,088,000 compared to net income of $1,288,000 for the immediately preceding quarter ended September 30, 2008. Earnings per share on a fully diluted basis totaled a loss of $0.14 for the fourth quarter of 2008, compared to profit of $0.05 per share for the quarter ended September 30, 2008.
Jim Ford, President and Chief Executive Officer, stated, "Solid core earnings allowed us to fund higher than normal loan loss provisions and still report an annual profit. We continue to work diligently with our customers who need assistance through these current economic conditions. Most of our customers continue to move forward positively with their business strategies and our experienced staff continues to proactively manage the credit relationships that are not performing as originally intended."
During the fourth quarter just ended, business items of significance included:
* The bank remained "Well Capitalized" with a risk-based capital ratio of 11.43 percent. * Net interest margin, on a tax equivalent basis, was 4.36 percent, down 31 basis points from the immediately preceding quarter as a result of margin compression from the conflicting trends of Fed interest rate drops and deposit rate competition among our various local competitors and of interest reversals on non-performing loans. Notably, interest reversals declined on a sequential quarterly basis for the first time in a year. * Non-performing assets were $71.9 million or 4.84 percent of total assets. * Provision for loan losses was $10.1 million, reflecting our commitment to maintain our loan loss reserve at an appropriate level given current economic conditions. * Charge-offs of non-performing loans during the quarter totaled $8.5 million. Recoveries during the fourth quarter of 2008 of previously charged-off loans totaled $306 thousand.
CREDIT QUALITY
During the quarter just ended, we recorded $10.1 million in provision and net charge-offs of previously identified non-performing loans totaling $8.2 million, bringing our reserve for loan and lease losses to $22.9 million or 1.81 percent of loans. Non-performing loans totaled $67.5 million or 5.33 percent of total loans at December 31, 2008 compared to $58.8 million or 4.64 percent of total loans at September 30, 2008.
Rich Hieb, Senior Executive Vice President, stated, "Our Special Assets team has gained a good deal of traction in working through our non-performing credits, and we are optimistic that workouts and recoveries will accelerate in the months ahead, favorably impacting our non-performing asset total."
Some of the actions that have been initiated and/or completed include:
* An independent, external evaluation of our acquisition & development and construction loan portfolios was completed and confirmed that our internal review of these portfolios was reliable. * Senior management continues to guide our line managers in addressing the actions to be taken to reduce non-performing assets. * Senior executives are dealing directly with problem credits to assert leverage on those customers who have the potential to perform.
Rich Hieb added, "I believe we have a solid understanding of the risks in our loan portfolio. We are working very hard to bring down the level of non-performing assets. Similar to last quarter, more than 80 percent of our non-performing assets are concentrated in eleven borrowing relationships."
LOAN AND DEPOSIT GROWTH
Loans as of December 31, 2008 were $1.27 billion, up $241.6 million or 23.6 percent from December 31, 2007 primarily due to the Stockmans Financial Group acquisition. During the fourth quarter, loans declined by $2.6 million or 0.2 percent. Jim Ford stated, "Our focus on adding only the highest quality credits to the loan portfolio, combined with non-performing loan charge-offs, is holding our loan volume totals relatively constant at this point."
Deposits at December 31, 2008 were $1.21 billion, increasing 29.5 percent or $276.0 million from the December 31, 2007 total. Again, the most significant factor behind our annual deposit growth was the Stockman Financial Group acquisition. During the fourth quarter of 2008, deposits declined $14.6 million or 1.2 percent from the September 30, 2008 balances.
Non-interest bearing deposits totaled $228.8 million or a strong 18.9 percent of total deposits, representing growth of 14.4 percent over the prior year end balance. Joe Danelson, Executive Vice President & Chief Banking Officer, stated, "We have shown quality growth in the number of demand deposit accounts being opened during the third and fourth quarters of 2008. We believe continuing emphasis in this area will help us maintain our relatively high percentage of non-interest bearing accounts and continue the valuable base of core deposits from which we are able to cross-sell other products."
NET INTEREST MARGIN
Net interest income for the year ended December 31, 2008 was $60.7 million, an increase of $5.5 million or 9.9 percent compared to 2007. Net interest income for the most recent quarter totaled $14.3 million, compared to $15.6 million for the third quarter of 2008 and $13.8 million for the fourth quarter of 2007. The Company's tax adjusted net interest margin for 2008 was 4.71 percent compared to 5.72 percent for 2007. The 101 basis point decline was a result of declining interest rates and $1.7 million in interest reversals on loans placed on non-accrual status during 2008. Our net interest margin for the most recent quarter was 4.36 percent compared to 4.67 percent for the immediately preceding quarter ended September 30, 2008, and was the result of the falling interest rate environment, $420 thousand in interest reversals on loans placed on non-accrual status, and an unusually competitive core deposit interest rate environment.
The yield on earning assets for the year and the quarter ending December 31, 2008 was 6.92 percent and 6.36 percent, respectively. The fourth quarter yield declined 45 basis points compared to the immediately preceding quarter and 192 basis points compared to the year earlier quarter. Again, dramatic declines in interest rates during 2008 and interest reversals on loans placed on non-accrual status were principally responsible for the decrease. The prime rate, as an example, dropped 400 basis points during 2008 including a 225 basis point drop during the first four months and a 175 basis point drop during the last quarter of 2008.
The cost of average total deposits and borrowings for the quarter ended December 31, 2008 was 2.05 percent, down 15 basis points from the immediately preceding quarter. The cost of average total deposits and borrowings for the year 2008 was 2.28 percent, down 62 basis points from 2007.
Mike Fowler, Executive Vice President & Chief Financial Officer stated, "PremierWest continues to achieve net interest margin performance near the top of our peer group. We also strive to pay a fair and competitive rate to our customers in each of our local markets. During 2008, we saw several of our large regional competitors, several of which no longer exist as independent entities, pay rates that appeared irrational in view of the general interest rate environment. This led to an unsupportable upward bias in deposit interest rates that to varying degrees still persists."
NON-INTEREST INCOME
During the fourth quarter of 2008, PremierWest recorded non-interest income of $2.6 million, up $406 thousand or 18.5 percent from the same period in 2007 and $70 thousand or 2.8 percent from the immediately preceding quarter. On a full year basis, non-interest income in 2008 grew 13.4 percent or $1.2 million to $10.0 million. The year-over-year growth was largely due to the acquisition of Stockmans Financial Group and was driven by a $975 thousand increase in deposit service charge fees and a $244 thousand increase in credit card interchange fees.
NON-INTEREST EXPENSE
Non-interest expense during the quarter just ended was $11.9 million, an increase of $462 thousand or 4.0 percent when compared to the quarter ended September 30, 2008. Problem loan expense and other real estate owned expense increased $262 thousand and were the principal causes for the fourth quarter increase over the third quarter. Also contributing to the overage was a decrease in the FAS 91 reduction to staff expense reflecting a slowing in overall loan production due to the economic malaise.
The non-interest expense increase placed our efficiency ratio at 70.2 percent, up from 63.1 percent for the quarter ended September 30, 2008 and well above our targeted ratio range of 58 to 60 percent. Jim Ford stated, "Actions have been taken to reduce non-essential costs as we move into 2009. However, the announced changes to FDIC assessments intended to restore the FDIC insurance fund provide a formidable challenge to reducing total non-interest expense. Similarly, continued efforts to reduce our non-performing asset total are an essential expenditure that will assist in re-establishing our top tier financial performance over the long run."
CAPITAL
PremierWest remained "Well Capitalized" by all regulatory standards as of December 31, 2008. Jim Ford stated, "In the current economic and regulatory environment, maintaining a strong equity base is of utmost importance in positioning ourselves to prosper when better economic times return. We remain optimistic that the Fed's economic stimulus actions and time will produce a resumption of more normal GDP growth and increased employment later this year. Having said that, we must also plan for a more protracted downturn than what we expect. Maintaining our 'Well Capitalized' status is among one of the most important elements of that plan. As we recently announced, we have received preliminary approval from the United States Treasury of our application for TARP Capital Purchase Program funds. Receipt of these funds will further bolster our capital position and facilitate our ability to prudently expand our lending within our service area."
ABOUT PREMIERWEST BANCORP
PremierWest Bancorp (Nasdaq:PRWT) is a financial services holding company headquartered in Medford, Oregon, and operates primarily through its subsidiary PremierWest Bank. PremierWest Bank offers expanded banking-related services through two subsidiaries, Premier Finance Company and PremierWest Investment Services, Inc.
PremierWest Bank was created following the merger of the Bank of Southern Oregon and Douglas National Bank in May, 2000. In April, 2001, PremierWest Bancorp acquired Timberline Bancshares, Inc. and its wholly-owned subsidiary, Timberline Community Bank, with eight branch offices located in Siskiyou County in northern California. In January, 2004, PremierWest acquired Mid Valley Bank with five branch offices located in the northern California counties of Shasta, Tehama and Butte. In January, 2008, PremierWest acquired Stockmans Financial Group, and its wholly owned subsidiary, Stockmans Bank, with five full service banking offices in the Sacramento, California area. During the last several years, PremierWest expanded into the Klamath Falls and Central Oregon communities of Bend and Redmond, and into Yolo, Butte, and Placer counties in California.
DISCLOSURE REGARDING FORWARD LOOKING STATEMENTS
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to certain risk factors, including those set forth from time to time in PremierWest's filings with the SEC. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. We make forward-looking statements in this press release about the prospects for earnings growth, deposit and loan growth, capital levels, peer rankings, closing of the Treasury investment, the effective management of our credit quality, the collectability of identified non-performing loans and the adequacy of our Allowance for Loan Losses.
PREMIERWEST BANCORP
FINANCIAL HIGHLIGHTS
(All amounts in 000's, except per share data)
(unaudited)
EARNINGS AND PER SHARE DATA
For the Three Months
Ended December 31 2008 2007 Change % Change
---------- ---------- ---------- --------
Interest income $ 20,905 $ 21,218 $ (313) -1.5%
Interest expense 6,575 7,416 (841) -11.3%
---------- ---------- ----------
Net interest income 14,330 13,802 528 3.8%
Provision for possible
loan losses 10,100 186 9,914 5330.1%
Non-interest income 2,606 2,200 406 18.5%
Non-interest expense 11,882 9,785 2,097 21.4%
---------- ---------- ----------
Pre-tax income (5,047) 6,031 (11,077) -183.7%
Provision for income
taxes (1,959) 2,281 (4,240) -185.9%
---------- ---------- ----------
Net income $ (3,088) $ 3,750 $ (6,838) -182.3%
========== ========== ==========
Basic earnings per
share $ (0.14) $ 0.22 $ (0.36) -163.6%
========== ========== ==========
Diluted earnings per
share $ (0.14) $ 0.20 $ (0.34) -170.0%
========== ========== ==========
Average shares
outstanding--basic 22,797,116 16,992,672 5,804,444 34.2%
Average shares
outstanding--
diluted (1) 22,820,088 18,426,102 4,393,986 23.9%
For the Twelve Months
Ended December 31
Interest income $ 89,262 $ 82,455 $ 6,807 8.3%
Interest expense 28,573 27,216 1,357 5.0%
---------- ---------- ----------
Net interest income 60,689 55,239 5,450 9.9%
Provision for possible
loan losses 23,150 686 22,464 3274.6%
Non-interest income 9,992 8,810 1,182 13.4%
Non-interest expense 46,931 38,958 7,973 20.5%
---------- ---------- ----------
Pre-tax income 600 24,405 (23,805) -97.5%
Provision for income
taxes (48) 9,303 (9,351) -100.5%
---------- ---------- ----------
Net income $ 648 $ 15,102 $ (14,454) -95.7%
========== ========== ==========
Basic earnings per
share $ 0.02 $ 0.87 $ (0.85) -97.7%
========== ========== ==========
Diluted earnings per
share $ 0.02 $ 0.82 $ (0.80) -97.6%
========== ========== ==========
Average shares
outstanding--basic 22,129,577 17,014,874 5,114,703 30.1%
Average shares
outstanding--
diluted (1) 22,171,417 18,492,985 3,678,432 19.9%
For the three
months ended
September 30,
2008 Change % Change
--------------------------------
Interest income $ 22,703 $ (1,798) -7.9%
Interest expense 7,149 (574) -8.0%
----------------------
Net interest income 15,554 (1,224) -7.9%
Provision for possible loan losses 4,750 5,350 112.6%
Non-interest income 2,536 70 2.8%
Non-interest expense 11,420 462 4.0%
----------------------
Pre-tax income 1,920 (6,966) -362.8%
Provision for income taxes 632 (2,591) -410.0%
----------------------
Net income $ 1,288 $ (4,375) -339.7%
======================
Basic earnings per share $ 0.05 $ (0.19) -380.0%
======================
Diluted earnings per share $ 0.05 $ (0.19) -380.0%
======================
Average shares outstanding--basic 22,398,418 398,698 1.8%
Average shares outstanding--
diluted (1) 22,424,008 396,080 1.8%
(1) Conversion of the Company's preferred stock was antidilutive as
of September 30, 2008. Hence, fully diluted average shares
outstanding were adjusted at September 30, 2008, accordingly
despite the fact that the preferred shares were mandatorily
converted in November 2008.
SELECTED FINANCIAL RATIOS
(annualized)
For the
three
months
ended
For the Three Months Sept. 30,
Ended December 31 2008 2007 Change 2008 Change
------- ------- ------- ------- -------
Yield on average
gross loans (1) 6.46% 8.32% (1.86) 6.95% (0.49)
Yield on average
investments (1) 3.35% 4.91% (1.56) 2.96% 0.39
Total yield on
average earning
assets (1) 6.36% 8.28% (1.92) 6.81% (0.45)
Cost of average
interest bearing
deposits 2.43% 3.62% (1.19) 2.60% (0.17)
Cost of average
borrowings 3.71% 5.20% (1.49) 4.44% (0.73)
Cost of average
total deposits
and borrowings 2.05% 2.98% (0.93) 2.20% (0.15)
Cost of average
interest bearing
liabilities 2.50% 3.72% (1.22) 2.70% (0.20)
Net interest spread 3.86% 4.56% (0.70) 4.11% (0.25)
Net interest margin (1) 4.36% 5.41% (1.05) 4.67% (0.31)
Net (charge-offs)
recoveries to
average loans -0.65% 0.03% (0.68) -0.64% (0.01)
Allowance for loan
losses to loans 1.81% 1.12% 0.69 1.65% 0.16
Allowance for loan
losses to
non-performing
loans 33.88% 135.89% (102.01) 35.64% (1.76)
Non-performing loans
to total loans 5.33% 0.82% 4.51 4.64% 0.69
Non-performing assets
to total assets 4.84% 0.73% 4.11 4.17% 0.67
Return on average
equity -6.48% 11.68% (18.16) 2.70% (9.18)
Return on average
assets -0.83% 1.32% (2.15) 0.34% (1.17)
Efficiency ratio (2) 70.16% 61.15% 9.01 63.13% 7.03
For the Twelve Months
Ended December 31
Yield on average
gross loans (1) 7.02% 8.55% (1.53)
Yield on average
investments (1) 3.62% 5.26% (1.64)
Total yield on
average earning
assets (1) 6.92% 8.52% (1.60)
Cost of average
interest-bearing
deposits 2.71% 3.55% (0.84)
Cost of average
borrowings 4.62% 5.51% (0.89)
Cost of average
total deposits
and borrowings 2.28% 2.90% (0.62)
Cost of average
interest-bearing
liabilities 2.80% 3.65% (0.85)
Net interest spread 4.12% 4.87% (0.75)
Net interest margin (1) 4.71% 5.72% (1.01)
Net (charge-offs)
recoveries to
average loans -1.66% 0.03% (1.69)
Allowance for loan
losses to loans 1.81% 1.12% 0.69
Allowance for loan
losses to
non-performing loans 33.88% 135.89% (102.01)
Non-performing loans
to total loans 5.33% 0.82% 4.51
Non-performing assets
to total assets 4.84% 0.73% 4.11
Return on average
equity 0.35% 12.25% (11.90)
Return on average
assets 0.04% 1.41% (1.37)
Efficiency ratio (2) 66.40% 60.83% 5.57
(1) Tax equivalent
(2) Non-interest expense divided by net interest income plus
non-interest income
PREMIERWEST BANCORP
FINANCIAL HIGHLIGHTS
(All amounts in 000's, except per share data)
(unaudited)
BALANCE SHEET %
At December 31 2008 2007 Change Change
---------- ---------- --------- ------
Fed funds sold and
investments $ 40,576 $ 18,576 $ 22,000 118.4%
---------- ---------- ---------
Gross loans 1,265,932 1,024,288 241,644 23.6%
Allowance for loan losses (22,858) (11,450) (11,408) 99.6%
---------- ---------- ---------
Net loans 1,243,074 1,012,838 230,236 22.7%
Other assets 200,938 126,547 74,391 58.8%
---------- ---------- ---------
Total assets $ 1,484,588 $ 1,157,961 $ 326,627 28.2%
========== ========== =========
Non-interest-bearing
deposits $ 228,788 $ 199,941 $ 28,847 14.4%
Interest-bearing deposits 982,531 735,374 247,157 33.6%
---------- ---------- ---------
Total deposits 1,211,319 935,315 276,004 29.5%
Borrowings 75,973 83,491 (7,518) -9.0%
Other liabilities 12,125 11,480 645 5.6%
Stockholders' equity 185,171 127,675 57,496 45.0%
---------- ---------- ---------
Total liabilities
and stockholders' equity $ 1,484,588 $ 1,157,961 $ 326,627 28.2%
========== ========== =========
Period end shares
outstanding (1) 23,574,351 18,157,421 5,416,930 29.8%
Book value per share $ 7.85 $ 7.03 $ 0.82 11.7%
Tangible book value per
share $ 4.76 $ 5.79 $ (1.03) -17.8%
Allowance for loan losses:
Balance beginning of
period $ 11,450 $ 10,877 $ 573 5.3%
Balance-sheet
reclassification (2) -- (255) 255 nm
Finance portfolio
purchased (3) -- 436 (436) nm
Acquired from
Stockmans Bank merger 9,112 -- 9,112 nm
Provision for loan
losses 23,150 686 22,464 3274.6%
Net (charge-offs)
recoveries (20,854) (294) (20,560) 6993.2%
---------- ---------- ---------
Balance end of period $ 22,858 $ 11,450 $ 11,408 99.6%
========== ========== =========
Non-performing assets:
Non-performing loans $ 65,531 $ 8,426 $ 57,105 677.7%
Real estate owned 4,423 -- 4,423 nm
90-day past due not on
non-accrual 1,937 -- 1,937 nc
---------- ---------- ---------
Total non-performing
assets $ 71,891 $ 8,426 $ 63,465 753.2%
========== ========== =========
Balance Sheet
at Sept. 30, %
2008 Change Change
----------- -------- ------
Fed funds sold and investments $ 43,692 $ (3,116) -7.1%
----------- --------
Gross loans 1,268,536 (2,604) -0.2%
Allowance for loan losses (20,960) (1,898) 9.1%
----------- --------
Net loans 1,247,576 (4,502) -0.4%
Other assets 181,951 18,987 10.4%
----------- --------
Total assets $ 1,473,219 $ 11,369 0.8%
=========== ========
Non-interest-bearing deposits $ 230,619 $ (1,831) -0.8%
Interest-bearing deposits 995,299 (12,768) -1.3%
----------- --------
Total deposits 1,225,918 (14,599) -1.2%
Borrowings 44,281 31,692 71.6%
Other liabilities 14,730 (2,605) -17.7%
Stockholders' equity 188,290 (3,119) -1.7%
----------- --------
Total liabilities and
stockholders' equity $ 1,473,219 $ 11,369 0.8%
=========== ========
Period end shares outstanding (1) 23,572,811 1,540 nm
Book value per share $ 7.99 $ (0.14) -1.8%
Tangible book value per share $ 4.69 $ 0.07 1.5%
Allowance for loan losses:
Balance beginning of period $ 11,450 $ -- nm
Balance-sheet
reclassification (2) -- -- nm
Finance portfolio purchased (3) -- -- nm
Acquired from Stockmans Bank
merger 9,112 -- nm
Provision for loan losses 13,050 10,100 77.4%
Net (charge-offs) recoveries (12,652) (8202) 64.8%
----------- --------
Balance end of period $ 20,960 $ 1,898 9.1%
=========== ========
Non-performing assets:
Non-performing loans $ 55,864 $ 9,667 17.3%
Real estate owned 2,669 1,754 65.7%
90-day past due not on
non-accrual 2,948 (1,011) -34.3%
----------- --------
Total non-performing assets $ 61,481 $ 10,410 16.9%
=========== ========
Notes:
(1) For September 30, 2008, and December 31, 2007, the amount includes
11,000 shares of preferred stock issued November 17, 2003, as if
converted into common stock at a conversion ratio of 106.35 to 1
for a total of 1,169,925 common shares.
(2) Amount reclassified from the allowance for loan losses to other
liabilities in accordance with Financial Accounting Standard
No. 5. The amount reclassified represents the off-balance sheet
credit exposure related to unfunded commitments to lend and
letters of credit.
(3) Amount resulting from the purchase of a consumer finance loan
portfolio on June 29, 2007.
For the Three Months Ended %
December 31 2008 2007 Change Change
---------- ---------- --------- ------
Average fed funds sold and
investments $ 42,406 $ 9,291 $ 33,115 356.4%
Average loans, gross 1,267,134 1,012,850 254,284 25.1%
Average total assets 1,481,624 1,125,272 356,352 31.7%
Average non-interest
-bearing deposits 229,552 195,462 34,090 17.4%
Average interest-bearing
deposits 991,895 740,054 251,841 34.0%
Average total deposits 1,221,447 935,516 285,931 30.6%
Average total borrowings 56,080 50,549 5,531 10.9%
Average stockholders'
equity 189,463 127,372 62,091 48.7%
For the Twelve Months
Ended December 31
Average fed funds sold and
investments $ 39,433 $ 10,129 $ 29,304 289.3%
Average loans, gross 1,254,837 962,419 292,418 30.4%
Average total assets 1,457,230 1,073,571 383,659 35.7%
Average non-interest
-bearing deposits 231,710 194,456 37,254 19.2%
Average interest-bearing
deposits 972,975 707,462 265,513 37.5%
Average total deposits 1,204,685 901,918 302,767 33.6%
Average total borrowings 48,258 37,571 10,687 28.4%
Average stockholders'
equity 186,054 123,244 62,810 51.0%
For the three
months ended
September 30, %
2008 Change Change
---------- ---------- ------
Average fed funds sold and investments $ 44,074 $ (1,668) -3.8%
Average loans, gross 1,284,678 (17,544) -1.4%
Average total assets 1,495,529 (13,905) -0.9%
Average non-interest-bearing deposits 236,220 (6,668) -2.8%
Average interest-bearing deposits 997,605 (5,710) -0.6%
Average total deposits 1,233,825 (12,378) -1.0%
Average total borrowings 56,936 (856) -1.5%
Average stockholders' equity 189,952 (489) -0.3%
LOANS BY CATEGORY
(All amounts in 000's)
(unaudited)
12/31/2008 9/30/2008 6/30/2008
------------------------------------
Agricultural/Farm $ 48,695 $ 47,473 $ 60,009
Commercial and Industrial 254,006 265,776 272,689
Commercial Real Estate -
Owner Occupied 265,154 253,668 246,048
Commercial Real Estate -
Non-Owner Occupied 582,593 592,125 584,328
Consumer/Other 115,484 109,495 110,604
------------------------------------
$1,265,932 $1,268,537 $1,273,678
====================================
Commercial Real Estate
Owner Occupied
Commercial Term $ 236,140 $ 219,977 $ 211,532
Commercial Construction 16,778 20,284 20,001
Single Family Residential
Construction
Oregon 1,599 1,071 1,271
California 10,637 12,336 13,244
------------------------------------
Total Owner Occupied $ 265,154 $ 253,668 $ 246,048
====================================
Non-Owner Occupied
Commercial Term $ 320,273 $ 302,638 $ 300,737
Commercial Construction 45,155 62,491 64,519
Single Family Residential
Construction
Oregon
Pre-Sold 1,100 3,093 2,962
Speculative 3,406 4,937 6,940
Builder Inventory 16,031 18,526 10,987
------------------------------------
Total Oregon 20,537 26,556 20,889
====================================
California
Pre-Sold 1,977 1,779 701
Speculative 3,717 4,033 5,542
Builder Inventory 12,559 11,131 13,578
------------------------------------
Total California 18,253 16,943 19,821
====================================
Commercial - Land Acquisition
and Development 32,537 30,749 25,059
Commercial - Land Only 48,914 48,925 56,418
Residential - Land Acquisition
and Development 96,924 103,823 96,885
------------------------------------
Total Non-Owner Occupied $ 582,593 $ 592,125 $ 584,328
====================================