JASPER, Ind., Oct. 27, 2014 (GLOBE NEWSWIRE) -- German American Bancorp, Inc. (Nasdaq:GABC) today reported that the Company achieved record financial performance during the third quarter, posting a 14% growth in earnings per share during the quarter. Net income in the third quarter of 2014 was $7.7 million, or $0.58 per share, which was an increase of approximately 14%, on a reported per share basis, as compared to second quarter 2014 net income of $6.7 million, or $0.51 per share, and third quarter 2013 net income of $6.5 million, or $0.51 per share. The Company's year-to-date 2014 earnings were $20.7 million, or $1.57 per share, compared to $18.8 million, or $1.48 per share, booked in the first nine months of 2013.
Driven in part by a 12% higher level of loans outstanding, the Company's net interest income in the third quarter of this year increased by $1.6 million, or 9%, over the level of net interest income recorded in the same quarter last year. Additionally, non-interest income increased by $1.0 million, or 18%, in the third quarter 2014 versus a third quarter 2013 comparison. This significant increase in non-interest income was marked by improvements in virtually every category of non-interest revenue, one of the largest of which was a nearly $250 thousand increase in revenues generated by the Company's insurance operations.
Commenting on the German American's third quarter performance, Company Chairman & CEO, Mark A. Schroeder, stated, "A major driver of our strong performance, during both the third quarter and first nine months of this year, has been our ability to generate double-digit annualized loan growth over the course of the past 12 months. Furthermore, the continued economic recovery during the past year has benefited the level of activity within each of our lines of business, resulting in significant revenue enhancements within each of these areas, particularly within our insurance operations."
The comparison of German American's current year operating results with that of the prior year were affected by the inclusion of the United Commerce Bancorp operation which was acquired by the Company effective October 1, 2013, a new financial center in Columbus, Indiana which opened on December 2013, and the roll-out of the Company's new digital banking systems in the first half of 2014.
The Company also announced that its Board of Directors declared its regular quarterly cash dividend of $0.16 per share which will be payable on November 20, 2014 to shareholders of record as of November 10, 2014.
Balance Sheet Highlights
Total assets for the Company totaled $2.206 billion at September 30, 2014, an increase of $12.3 million, or 2% on an annualized basis, compared with June 30, 2014 and an increase of $145.8 million, or 7%, compared with September 30, 2013.
September 30, 2014 loans outstanding increased by $23.4 million or approximately 7% on an annualized basis, compared with June 30, 2014, and increased $152.5 million, or 12%, compared to September 30, 2013 total loans outstanding. The increase in loans was broad based across most categories of loans and throughout the Company's market area with the exception of a modest decline in commercial real estate loans during the period ended September 30, 2014 compared with June 30, 2014.
| End of Period Loan Balances | 09/30/14 | 06/30/14 | 09/30/13 |
| (dollars in thousands) | |||
| Commercial & Industrial Loans | $ 377,845 | $ 366,101 | $ 338,770 |
| Commercial Real Estate Loans | 586,012 | 594,681 | 530,260 |
| Agricultural Loans | 201,867 | 188,155 | 185,868 |
| Consumer Loans | 133,764 | 130,290 | 121,772 |
| Residential Mortgage Loans | 137,286 | 134,104 | 107,620 |
| $ 1,436,774 | $ 1,413,331 | $ 1,284,290 |
Non-performing assets totaled $6.3 million at September 30, 2014 compared to $6.9 million of non-performing assets at June 30, 2014 and $7.5 million at September 30, 2013. Non-performing assets represented 0.28% of total assets at September 30, 2014 compared to 0.31% of total assets at June 30, 2014, and compared to 0.37% at September 30, 2013. Non-performing loans totaled $5.8 million at September 30, 2014 compared to $6.0 million at June 30, 2014 and compared to $6.9 million of non-performing loans at September 30, 2013. Non-performing loans represented 0.40% of total loans at September 30, 2014 compared with 0.42% of total loans outstanding at June 30, 2014 and 0.54% of total loans outstanding at September 30, 2013.
| Non-performing Assets | |||
| (dollars in thousands) | |||
| 09/30/14 | 06/30/14 | 9/30/13 | |
| Non-Accrual Loans | $ 5,667 | $ 5,902 | $ 6,857 |
| Past Due Loans (90 days or more) | 96 | 67 | 91 |
| Total Non-Performing Loans | 5,763 | 5,969 | 6,948 |
| Other Real Estate | 521 | 935 | 584 |
| Total Non-Performing Assets | $ 6,284 | $ 6,904 | $ 7,532 |
| Restructured Loans | $ 2,688 | $ 3,596 | $ 2,536 |
The Company's allowance for loan losses totaled $15.6 million at September 30, 2014 remaining relatively unchanged from June 30, 2014 and representing an increase of $1.1 million, or 8%, from September 30, 2013. The allowance for loan losses represented 1.09% of period-end loans at September 30, 2014 compared with 1.10% of period-end loans at June 30, 2014 and 1.13% of period-end loans at September 30, 2013. Under acquisition accounting treatment, loans acquired are recorded at fair value which includes a credit risk component, and therefore the allowance on loans acquired is not carried over from the seller. The Company held a discount on acquired loans of $4.5 million as of September 30, 2014, $4.9 million at June 30, 2014 and $2.1 million at September 30, 2013.
Total deposits increased $22.1 million or 5% on an annualized basis, as of September 30, 2014 compared with June 30, 2014 total deposits and increased by $93.4 million or 6% compared with September 30, 2013.
| End of Period Deposit Balances | 09/30/14 | 06/30/14 | 09/30/13 |
| (dollars in thousands) | |||
| Non-interest-bearing Demand Deposits | $ 410,329 | $ 398,621 | $ 364,110 |
| IB Demand, Savings, and MMDA Accounts | 1,020,504 | 1,010,367 | 974,748 |
| Time Deposits < $100,000 | 205,980 | 209,998 | 215,082 |
| Time Deposits > $100,000 | 127,658 | 123,393 | 117,099 |
| $ 1,764,471 | $ 1,742,379 | $ 1,671,039 |
Results of Operations Highlights – Quarter ended September 30, 2014
Net income for the quarter ended September 30, 2014 totaled $7,708,000 or $0.58 per share, an increase of $1,021,000, or 14% on a per share basis, from the second quarter of 2014 net income of $6,687,000 or $0.51 per share. Net income for the third quarter of 2014 increased $1,225,000, or 14% on a per share basis, from the third quarter of 2013 net income of $6,483,000, or $0.51 per share.
| Summary Average Balance Sheet | |||||||||
| (Tax-equivalent basis / dollars in thousands) | |||||||||
| Quarter Ended September 30, 2014 | Quarter Ended June 30, 2014 | Quarter Ended September 30, 2013 | |||||||
|
Principal Balance |
Income/ Expense |
Yield/Rate |
Principal Balance |
Income/ Expense |
Yield/Rate |
Principal Balance |
Income/ Expense |
Yield/Rate |
|
| Assets | |||||||||
| Federal Funds Sold and Other | |||||||||
| Short-term Investments | $ 15,788 | $ 2 | 0.04% | $ 12,493 | $ 3 | 0.11% | $ 11,868 | $ 2 | 0.08% |
| Securities | 627,098 | 4,277 | 2.73% | 626,057 | 4,232 | 2.70% | 617,475 | 3,898 | 2.53% |
| Loans and Leases | 1,424,458 | 16,755 | 4.67% | 1,390,185 | 16,215 | 4.68% | 1,269,222 | 15,368 | 4.81% |
| Total Interest Earning Assets | $ 2,067,344 | $ 21,034 | 4.05% | $ 2,028,735 | $ 20,450 | 4.04% | $ 1,898,565 | $ 19,268 | 4.04% |
| Liabilities | |||||||||
| Demand Deposit Accounts | $ 400,223 | $ 400,656 | $ 349,323 | ||||||
| IB Demand, Savings, and | |||||||||
| MMDA Accounts | $ 1,017,266 | $ 317 | 0.12% | $ 1,039,376 | $ 322 | 0.12% | $ 979,049 | $ 387 | 0.16% |
| Time Deposits | 330,494 | 708 | 0.85% | 336,901 | 715 | 0.85% | 333,000 | 758 | 0.90% |
| FHLB Advances and Other Borrowings | 213,205 | 532 | 0.99% | 153,989 | 467 | 1.22% | 161,092 | 475 | 1.17% |
| Total Interest-Bearing Liabilities | $ 1,560,965 | $ 1,557 | 0.40% | $ 1,530,266 | $ 1,504 | 0.39% | $ 1,473,141 | $ 1,620 | 0.44% |
| Cost of Funds | 0.30% | 0.30% | 0.34% | ||||||
| Net Interest Income | $ 19,477 | $ 18,946 | $ 17,648 | ||||||
| Net Interest Margin | 3.75% | 3.74% | 3.70% | ||||||
During the quarter ended September 30, 2014, net interest income totaled $18,791,000 representing an increase of $470,000, or 3%, from the quarter ended June 30, 2014 net interest income of $18,321,000 and an increase of $1,599,000, or 9%, compared with the quarter ended September 30, 2013 net interest income of $17,192,000. The tax equivalent net interest margin for the quarter ended September 30, 2014 was 3.75% compared to 3.74% in the second quarter of 2014 and 3.70% in the third quarter of 2013. The increase in net interest income and in the net interest margin in the third quarter of 2014 compared with the second quarter of 2014 was primarily attributable to growth in the level of average loans outstanding. The increase in net interest income and in the net interest margin during the third quarter of 2014 compared with the third quarter of 2013 was largely attributable to growth of the loan portfolio, an improved yield in the securities portfolio, and a reduction in the Company's cost of funds.
Accretion of loan discounts on acquired loans contributed approximately 6 basis points on an annualized basis to the net interest margin in both the third quarter of 2014 and second quarter of 2014, and 10 basis points in the third quarter of 2013.
During the quarter ended September 30, 2014, the Company recorded no provision for loan loss compared with a $200,000 provision during the quarter ended June 30, 2014, and a negative provision of $400,000 during the third quarter of 2013. During the third quarter of 2014, the Company had net recoveries of $41,000 representing approximately 1 basis point of average loans on an annualized basis.
During the quarter ended September 30, 2014, non-interest income totaled $6,437,000, an increase of $935,000 or 17%, compared with the quarter ended June 30, 2014, and an increase of $993,000, or 18%, compared with the third quarter of 2013.
| Quarter Ended | Quarter Ended | Quarter Ended | |
| Non-interest Income | 09/30/14 | 06/30/14 | 09/30/13 |
| (dollars in thousands) | |||
| Trust and Investment Product Fees | $ 901 | $ 905 | $ 802 |
| Service Charges on Deposit Accounts | 1,300 | 1,191 | 1,029 |
| Insurance Revenues | 1,739 | 1,482 | 1,495 |
| Company Owned Life Insurance | 210 | 192 | 233 |
| Interchange Fee Income | 508 | 512 | 449 |
| Other Operating Income | 599 | 590 | 395 |
| Subtotal | 5,257 | 4,872 | 4,403 |
| Net Gains on Loans | 613 | 386 | 613 |
| Net Gains on Securities | 567 | 244 | 428 |
| Total Non-interest Income | $ 6,437 | $ 5,502 | $ 5,444 |
Service charges on deposit accounts increased $109,000, or 9%, during the quarter ended September 30, 2014 compared with the second quarter of 2014 and increased $271,000, or 26%, compared with the third quarter of 2013.
Insurance revenues increased $257,000, or 17%, during the quarter ended September 30, 2014, compared with the second quarter of 2014 and increased $244,000, or 16%, compared with the third quarter of 2013. The increase in insurance revenues in both comparative periods was primarily related to commercial insurance revenue generated through the Company's property and casualty insurance agency.
Net gains on sales of loans increased $227,000, or 59%, during the third quarter of 2014 compared with the second quarter of 2014 and remained flat to the net gains on sales of loans in the third quarter of 2013. Loan sales totaled $28.6 million during the third quarter of 2014, compared with $21.8 million during the second quarter of 2014 and $43.2 million during the third quarter of 2013.
During the third quarter of 2014, the Company realized a net gain on the sale of securities of $567,000 compared with a net gain of $244,000 during the second quarter of 2014 and $428,000 during the third quarter of 2013.
During the quarter ended September 30, 2014, non-interest expense totaled $14,082,000, a decline of $57,000 or just under 1% compared with the quarter ended June 30, 2014, and an increase of $498,000, or 4%, compared with the third quarter of 2013.
| Quarter Ended | Quarter Ended | Quarter Ended | |
| Non-interest Expense | 09/30/14 | 06/30/14 | 09/30/13 |
| (dollars in thousands) | |||
| Salaries and Employee Benefits | $ 7,975 | $ 7,886 | $ 7,515 |
| Occupancy, Furniture and Equipment Expense | 1,725 | 1,698 | 1,593 |
| FDIC Premiums | 277 | 276 | 261 |
| Data Processing Fees | 935 | 947 | 717 |
| Professional Fees | 516 | 553 | 970 |
| Advertising and Promotion | 613 | 544 | 447 |
| Intangible Amortization | 302 | 325 | 329 |
| Other Operating Expenses | 1,739 | 1,910 | 1,752 |
| Total Non-interest Expense | $ 14,082 | $ 14,139 | $ 13,584 |
Salaries and benefits increased $89,000, or 1%, during the quarter ended September 30, 2014 compared with the second quarter of 2014 and increased $460,000, or 6%, compared with the third quarter of 2013. The modest increase in salaries and benefits during the third quarter of 2014 compared with the second quarter of 2014 was primarily attributable to benefits and payroll taxes that are directly attributable to the levels of cash compensation paid. The increase in salaries and benefits during the third quarter of 2014 compared with the third quarter of 2013 was largely attributable to an increased number of full-time equivalent employees and to the acquisition of United Commerce Bancorp which occurred in the fourth quarter of 2013.
Data processing fees declined 1%, during the third quarter of 2014 compared with the second quarter of 2014 and increased $218,000, or 30%, compared with the third quarter of 2013. The data processing fees during the third quarter of 2014 compared with the third quarter of 2013 were elevated related to the implementation of new commercial and retail digital banking platforms during the past year.
Professional fees declined $37,000, or 7%, during the quarter ended September 30, 2014 compared with the second quarter of 2014 and declined $454,000, or 47%, compared with the third quarter of 2014. The decline in professional fees during the third quarter of 2014 compared with the third quarter of 2013 was related to professional fees associated with the acquisition of United Commerce Bancorp and fees associated with the Company's review of its overall operating effectiveness and efficiency that were incurred during the third quarter of 2013.
About German American
German American Bancorp, Inc., is a NASDAQ-traded (symbol: GABC) financial services holding company based in Jasper, Indiana. German American, through its banking subsidiary German American Bancorp, operates 37 retail and commercial banking offices in 13 southern Indiana counties. The Company also owns a trust, brokerage, and financial planning subsidiary (German American Financial Advisors & Trust Company) and a full line property and casualty insurance agency (German American Insurance, Inc.).
Cautionary Note Regarding Forward-Looking Statements
The Company's management, from time to time, in this press release and in its other public communications, may make statements that could be viewed as reflecting or implying management's expectations for the future, and therefore be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that, by their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Actual results and experience could differ materially from the anticipated results or other expectations expressed or implied by these forward-looking statements as a result of a number of factors, including but not limited to, those discussed in the press release. Factors that could cause actual experience to differ from the expectations implied in this press release include the unknown future direction of interest rates and the timing and magnitude of any changes in interest rates; changes in competitive conditions; the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies; changes in customer borrowing, repayment, investment and deposit practices; changes in fiscal, monetary and tax policies; changes in financial and capital markets; deterioration in general economic conditions, either nationally or locally, resulting in, among other things, credit quality deterioration; capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by the Company of outstanding debt or equity securities; risks of expansion through acquisitions and mergers, such as unexpected credit quality problems of the acquired loans or other assets, unexpected attrition of the customer base of the acquired institution or branches, and difficulties in integration of the acquired operations; factors driving impairment charges on investments; the impact, extent and timing of technological changes; litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future; actions of the Federal Reserve Board; changes in accounting principles and interpretations; potential increases of federal deposit insurance premium expense, and possible future special assessments of FDIC premiums, either industry wide or specific to the Company's banking subsidiary; actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms; and the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends. Such statements reflect our views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. It is intended that these forward-looking statements speak only as of the date they are made. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
| GERMAN AMERICAN BANCORP, INC. | |||
| (unaudited, dollars in thousands except per share data) | |||
| Consolidated Balance Sheets | |||
| September 30, | June 30, | September 30, | |
| 2014 | 2014 | 2013 | |
| ASSETS | |||
| Cash and Due from Banks | $ 37,427 | $ 40,391 | $ 46,657 |
| Short-term Investments | 49,740 | 16,723 | 18,014 |
| Interest-bearing Time Deposits with Banks | 100 | 100 | -- |
| Investment Securities | 575,925 | 615,576 | 608,921 |
| Loans Held-for-Sale | 7,590 | 8,812 | 9,054 |
| Loans, Net of Unearned Income | 1,432,749 | 1,409,485 | 1,281,442 |
| Allowance for Loan Losses | (15,592) | (15,550) | (14,464) |
| Net Loans | 1,417,157 | 1,393,935 | 1,266,978 |
| Stock in FHLB and Other Restricted Stock | 9,096 | 9,096 | 8,340 |
| Premises and Equipment | 40,322 | 40,479 | 36,679 |
| Goodwill and Other Intangible Assets | 22,888 | 23,191 | 20,512 |
| Other Assets | 45,676 | 45,270 | 44,967 |
| TOTAL ASSETS | $ 2,205,921 | $ 2,193,573 | $ 2,060,122 |
| LIABILITIES | |||
| Non-interest-bearing Demand Deposits | $ 410,329 | $ 398,621 | $ 364,110 |
| Interest-bearing Demand, Savings, and | |||
| Money Market Accounts | 1,020,504 | 1,010,367 | 974,748 |
| Time Deposits | 333,638 | 333,391 | 332,181 |
| Total Deposits | 1,764,471 | 1,742,379 | 1,671,039 |
| Borrowings | 208,086 | 225,546 | 191,554 |
| Other Liabilities | 13,099 | 11,310 | 12,386 |
| TOTAL LIABILITIES | 1,985,656 | 1,979,235 | 1,874,979 |
| SHAREHOLDERS' EQUITY | |||
| Common Stock and Surplus | 121,691 | 121,566 | 108,505 |
| Retained Earnings | 98,528 | 92,934 | 79,550 |
| Accumulated Other Comprehensive Income (Loss) | 46 | (162) | (2,912) |
| TOTAL SHAREHOLDERS' EQUITY | 220,265 | 214,338 | 185,143 |
| TOTAL LIABILITIES AND | |||
| SHAREHOLDERS' EQUITY | $ 2,205,921 | $ 2,193,573 | $ 2,060,122 |
| END OF PERIOD SHARES OUTSTANDING | 13,210,395 | 13,210,395 | 12,666,836 |
| BOOK VALUE PER SHARE | $ 16.67 | $ 16.22 | $ 14.62 |
| GERMAN AMERICAN BANCORP, INC. | |||||
| (unaudited, dollars in thousands except per share data) | |||||
| Consolidated Statements of Income | |||||
| Three Months Ended | Nine Months Ended | ||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |
| 2014 | 2014 | 2013 | 2014 | 2013 | |
| INTEREST INCOME | |||||
| Interest and Fees on Loans | $ 16,680 | $ 16,142 | $ 15,307 | $ 48,766 | $ 45,227 |
| Interest on Short-term Investments and Time Deposits | 2 | 3 | 2 | 8 | 25 |
| Interest and Dividends on Investment Securities | 3,666 | 3,680 | 3,503 | 11,080 | 10,388 |
| TOTAL INTEREST INCOME | 20,348 | 19,825 | 18,812 | 59,854 | 55,640 |
| INTEREST EXPENSE | |||||
| Interest on Deposits | 1,025 | 1,037 | 1,145 | 3,098 | 3,533 |
| Interest on Borrowings | 532 | 467 | 475 | 1,448 | 1,978 |
| TOTAL INTEREST EXPENSE | 1,557 | 1,504 | 1,620 | 4,546 | 5,511 |
| NET INTEREST INCOME | 18,791 | 18,321 | 17,192 | 55,308 | 50,129 |
| Provision for Loan Losses | -- | 200 | (400) | 550 | (250) |
| NET INTEREST INCOME AFTER | |||||
| PROVISION FOR LOAN LOSSES | 18,791 | 18,121 | 17,592 | 54,758 | 50,379 |
| NON-INTEREST INCOME | |||||
| Net Gain on Sales of Loans | 613 | 386 | 613 | 1,475 | 2,176 |
| Net Gain on Securities | 567 | 244 | 428 | 1,039 | 1,508 |
| Other Non-interest Income | 5,257 | 4,872 | 4,403 | 15,706 | 13,780 |
| TOTAL NON-INTEREST INCOME | 6,437 | 5,502 | 5,444 | 18,220 | 17,464 |
| NON-INTEREST EXPENSE | |||||
| Salaries and Benefits | 7,975 | 7,886 | 7,515 | 24,285 | 22,926 |
| Other Non-interest Expenses | 6,107 | 6,253 | 6,069 | 19,026 | 17,381 |
| TOTAL NON-INTEREST EXPENSE | 14,082 | 14,139 | 13,584 | 43,311 | 40,307 |
| Income before Income Taxes | 11,146 | 9,484 | 9,452 | 29,667 | 27,536 |
| Income Tax Expense | 3,438 | 2,797 | 2,969 | 8,967 | 8,712 |
| NET INCOME | $ 7,708 | $ 6,687 | $ 6,483 | $ 20,700 | $ 18,824 |
| BASIC EARNINGS PER SHARE | $ 0.58 | $ 0.51 | $ 0.51 | $ 1.57 | $ 1.49 |
| DILUTED EARNINGS PER SHARE | $ 0.58 | $ 0.51 | $ 0.51 | $ 1.57 | $ 1.48 |
| WEIGHTED AVERAGE SHARES OUTSTANDING | 13,210,395 | 13,210,150 | 12,666,780 | 13,200,025 | 12,658,403 |
| DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING | 13,230,675 | 13,230,812 | 12,691,164 | 13,221,000 | 12,678,353 |
| GERMAN AMERICAN BANCORP, INC. | |||||
| (unaudited, dollars in thousands except per share data) | |||||
| Three Months Ended | Nine Months Ended | ||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |
| 2014 | 2014 | 2013 | 2014 | 2013 | |
| EARNINGS PERFORMANCE RATIOS | |||||
| Annualized Return on Average Assets | 1.41% | 1.24% | 1.29% | 1.28% | 1.25% |
| Annualized Return on Average Equity | 14.19% | 12.68% | 14.25% | 13.08% | 13.52% |
| Net Interest Margin | 3.75% | 3.74% | 3.70% | 3.76% | 3.65% |
| Efficiency Ratio (1) | 54.34% | 57.83% | 58.82% | 57.41% | 58.55% |
| Net Overhead Expense to Average Earning Assets (2) | 1.48% | 1.70% | 1.71% | 1.64% | 1.62% |
| ASSET QUALITY RATIOS | |||||
| Annualized Net Charge-offs to Average Loans | -0.01% | 0.04% | 0.13% | -0.04% | 0.09% |
| Allowance for Loan Losses to Period End Loans | 1.09% | 1.10% | 1.13% | ||
| Non-performing Assets to Period End Assets | 0.28% | 0.31% | 0.37% | ||
| Non-performing Loans to Period End Loans | 0.40% | 0.42% | 0.54% | ||
| Loans 30-89 Days Past Due to Period End Loans | 0.25% | 0.34% | 0.32% | ||
| SELECTED BALANCE SHEET & OTHER FINANCIAL DATA | |||||
| Average Assets | $ 2,191,484 | $ 2,152,785 | $ 2,016,376 | $ 2,159,241 | $ 2,000,597 |
| Average Earning Assets | $ 2,067,344 | $ 2,028,735 | $ 1,898,565 | $ 2,034,131 | $ 1,881,351 |
| Average Total Loans | $ 1,424,458 | $ 1,390,185 | $ 1,269,222 | $ 1,395,529 | $ 1,238,243 |
| Average Demand Deposits | $ 400,223 | $ 400,656 | $ 349,323 | $ 402,070 | $ 342,235 |
| Average Interest Bearing Liabilities | $ 1,560,965 | $ 1,530,266 | $ 1,473,141 | $ 1,534,555 | $ 1,456,461 |
| Average Equity | $ 217,268 | $ 210,960 | $ 181,960 | $ 210,995 | $ 185,654 |
| Period End Non-performing Assets (3) | $ 6,284 | $ 6,904 | $ 7,532 | ||
| Period End Non-performing Loans (4) | $ 5,763 | $ 5,969 | $ 6,948 | ||
| Period End Loans 30-89 Days Past Due (5) | $ 3,652 | $ 4,728 | $ 4,140 | ||
| Tax Equivalent Net Interest Income | $ 19,477 | $ 18,946 | $ 17,648 | $ 57,219 | $ 51,375 |
| Net Charge-offs during Period | $ (42) | $ 134 | $ 399 | $ (458) | $ 806 |
| (1) Efficiency Ratio is defined as Non-interest Expense divided by the sum of Net Interest Income, on a tax equivalent basis, and Non-interest Income. | |||||
| (2) Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income. | |||||
| (3) Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, Restructured Loans, and Other Real Estate Owned. | |||||
| (4) Non-performing loans are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Restructured Loans. | |||||
| (5) Loans 30-89 days past due and still accruing. | |||||