SAN JOSE, CA--(Marketwire - October 18, 2007) - Bridge Capital Holdings (
NASDAQ:
BBNK), whose
subsidiary is Bridge Bank, National Association, one of the fastest-growing
full-service business banks in California and the nation, today announced
financial results for the third quarter and nine months ended September 30,
2007.
The Company reported net income of $2.8 million, or $0.40 per diluted
share, for the three months ended September 30, 2007. This represented an
increase of $444,000, or 19%, compared to net income of $2.3 million, or
$0.34 per diluted share, in the same period one year ago. Net income for
the nine months ended September 30, 2007 was $8.2 million, or $1.18 per
diluted share, an increase of $1.9 million, or 31%, compared to $6.3
million, or $0.92 per diluted share, for the first nine months of 2006.
"We are pleased with our strong quarterly performance in light of the
significant challenges being faced by the industry," said Daniel P. Myers,
President and Chief Executive Officer of Bridge Capital Holdings and Bridge
Bank. "The slowdown in national credit markets, particularly in the
housing sector, continues to highlight the benefits of the diversity of our
business. We have not diluted our focus by entering the residential
mortgage markets and we have deliberately limited our exposure to the
housing sector. We believe the economic environment in our primary market
of Silicon Valley continues to be sound and it is reflected in our
commercial and technology based business development."
Third Quarter Highlights
-- Net income of $2.8 million for the third quarter of 2007 represented
an increase of $444,000 compared to $2.3 million for the third quarter of
2006.
-- Growth in average earning assets produced an increase in net interest
income of 22%, or $2.2 million, compared to the same period one year
earlier.
-- Net interest margin for the third quarter of 2007 remained strong at
6.46%.
-- Non-interest income increased $600,000 to $1.4 million in the third
quarter of 2007 from $800,000 in the third quarter of 2006, in part, due to
recognition of approximately $375,000 from the liquidation of a warrant
position in one of the Bank's loan clients.
-- Total assets increased $134.2 million to $789.9 million as of
September 30, 2007 compared to $655.7 million on the same date one year
earlier.
-- Return on average assets and return on average equity were 1.36% and
19.02%, respectively, for the third quarter of 2007.
Net Interest Income and Margin
Earnings growth was driven primarily by growth in net interest income. Net
interest income of $12.3 million for the quarter ended September 30, 2007
represented an increase of approximately $2.2 million, or 22%, over $10.1
million reported for the same quarter one year earlier and was primarily
attributed to growth in average earning assets of $162.4 million, or 27%,
compared to the same quarter in 2006. The Company's loan-to-deposit ratio,
a measure of leverage, averaged 83.54% during the quarter ended September
30, 2007, which represented a slight decrease compared to an average of
83.61% for the same quarter of 2006.
For the nine months ended September 30, 2007, net interest income of $35.2
million represented growth of $7.3 million, or 26%, over $27.9 million for
the first nine months of 2006. For the nine month period, growth in
average earning assets was the primary driver of growth in net interest
income. Average earning assets were $701.8 million compared to $539.3
million for the same period one year earlier. The Company's average
loan-to-deposit ratio for the nine months ended September 30, 2007 was
86.52% compared to 88.56% for the same period one year earlier reflecting
slightly faster growth in deposit funding relative to loan growth.
Changes in short-term interest rates also impact growth in net interest
income as the interest rate earned on a majority of the Company's assets,
specifically the loan portfolio, adjust with changes in short-term market
rates. As such, the nature of the Company's balance sheet is that, over
time as short-term interest rates change, income on interest earning assets
has a greater impact on net interest income than interest paid on
liabilities. The Company's prime rate averaged 8.18% and 8.23%,
respectively, in the quarter and nine months ended September 30, 2007
compared to 8.25% and 7.86%, respectively, in the same periods one year
earlier.
The Company's net interest margin for the quarter and nine months ended
September 30, 2007 was 6.46% and 6.71%, respectively, declining slightly
from 6.73% and 6.91%, respectively, in the same periods one year earlier as
a result of the decrease in the prime rate noted above, a decrease in loan
fees as a percentage of loans, growth in the volume of average interest
bearing liabilities and decreased balance sheet leverage.
Non-Interest Income
The Company's non-interest income for the quarter and nine months ended
September 30, 2007 was $1.4 million and $5.3 million, respectively,
compared to $800,000 and $3.0 million, respectively, for the same periods
one year ago. Non-interest income is primarily comprised of gains realized
on sales of SBA loans, and the increase in non-interest income primarily
reflects a higher volume of SBA loan sales in 2007. During the quarter and
nine months ended September 30, 2007, the Company sold SBA loans totaling
$20.3 million and $76.8 million, respectively, compared to $8.1 million and
$51.4 million, respectively, for the same periods during 2006. In
addition, non-interest income for the quarter included approximately
$375,000 resulting from the liquidation of a warrant position in one of the
Bank's loan clients.
Net interest income and non-interest income comprise total revenue of $13.8
million for the three months ended September 30, 2007 compared to $10.9
million for the same period one year earlier, representing an increase of
$2.9 million, or 26%. For the nine months ended September 30, 2007, total
revenue of $40.6 million represented an increase of $9.7, or 34%, over
$30.9 million for the first nine months of 2006.
"Key operating measures remained strong in the third quarter of 2007," said
Thomas A. Sa, Executive Vice President and Chief Financial Officer of
Bridge Capital Holdings and Bridge Bank. "However, during the third
quarter, deposit growth outpaced loan growth which reduced balance sheet
leverage. As a result, our ROAA decreased slightly to 1.36%, and the net
interest margin declined slightly to 6.46%. While these remain strong
measures, maintaining or exceeding these levels will depend on our ability
to increase and sustain the loan-to-deposit ratio. In addition, for the
first time we saw a meaningful contribution from a successful liquidation
of a warrant position in our technology division. We believe this
demonstrates the benefit of diversity in our mix of business lines."
Non-Interest Expense
Non-interest expense was $8.7 million and $25.0 million for the quarter and
nine months ended September 30, 2007, respectively, compared to $7.1
million and $20.0 million, respectively, for the same periods in 2006. The
increase in non-interest expense was primarily due to an increase in salary
and benefits expense associated with the Company's expansion. Salary and
benefits expense for the quarter ended September 30, 2007 was $5.5 million,
an increase of $900,000 over $4.6 million in the same period of 2006.
Salary and benefits expense for the nine months ended September 30, 2007
was $15.8 million, an increase of $3.1 million over $12.7 million in the
same period of 2006. As of September 30, 2007 the Company employed 164
full-time equivalents (FTE) compared to 132 FTE on the same date one year
earlier.
The Company's efficiency ratio, the ratio of non-interest expense to
revenues, was 63.30% and 61.63% for the quarter and nine months ended
September 30, 2007 compared to 64.89% and 64.94%, respectively, in the same
periods one year earlier.
Balance Sheet
Bridge Capital Holdings reported total assets at September 30, 2007 of
$789.9 million, compared to $655.7 million on the same date one year ago.
The increase in total assets represented growth of $134.2 million, or 21%,
compared to September 30, 2006. Total assets at September 30, 2007
represented growth of $67.9 million, or 9%, compared to $722.0 million at
December 31, 2006.
The Company reported total gross loans outstanding at September 30, 2007 of
$611.2 million, which represented an increase of $125.6 million, or 26%,
over $485.6 million for the same date one year earlier. Total loans at
September 30, 2007 represented growth of $70.4 million, or 13%, compared to
$540.8 million at December 31, 2006.
The Company's total deposits were $702.9 million as of September 30, 2007,
compared to total deposits of $585.8 million as of September 30, 2006. The
increase in deposits represented growth of $117.1 million, or 20%, compared
to September 30, 2006. Total deposits at September 30, 2007 represented
growth of $57.9 million, or 9%, compared to $645.0 million at December 31,
2006.
For the quarter ended September 30, 2007, the Company's return on average
assets and return on average equity were 1.36% and 19.02%, respectively,
and compared to 1.44% and 19.99%, respectively, for the same period in
2006. Return on average assets and return on average equity for the nine
months ended September 30, 2007 were 1.46% and 20.20%, respectively, up
from 1.44% and 19.31%, respectively, for the same period one year earlier.
Credit Quality
The allowance for loan losses was $8.0 million, or 1.31% of total loans, at
September 30, 2007, compared to $6.7 million, or 1.39% of total loans, at
September 30, 2006. The provision for credit losses for the three and nine
months ended September 30, 2007 was $475,000 and $1.7 million,
respectively, compared to $100,000 and $772,000, respectively, for the same
periods in 2006. During the three and nine months ended September 30,
2007, the Company charged-off balances totaling $312,000 and $1.3 million,
respectively, which compared to no loan charge-off activity during the same
periods of 2006. During the third quarter of 2007, the Company recognized
$250,000 in loan recoveries. The loan recoveries in the third quarter
represented all of the activity for the first nine months of 2007 and
compared to no loan recoveries during the same periods of 2006.
At September 30, 2007 nonperforming assets totaled $425,000, or 0.05% of
total assets, compared to $2.6 million, or 0.39% of total assets, on the
same date one year earlier. The single nonperforming asset at September
30, 2007 was a commercial property categorized as "other real estate
owned."
Capital Adequacy
At September 30, 2007, shareholders' equity in the Company totaled $60.0
million, up from $47.0 million on the same date one year earlier. As a
result, the Company's total risk-based capital ratio, tier one capital
ratio, and leverage ratio of 11.80%, 10.68%, and 10.20%, respectively, were
all substantially above the regulatory standards for "well-capitalized"
institutions.
About Bridge Capital Holdings
Bridge Capital Holdings is the holding company for Bridge Bank, National
Association. Bridge Capital Holdings was formed on October 1, 2004 and is
listed on The NASDAQ Stock Market under the trading symbol BBNK. For
additional information, visit the Bridge Capital Holdings website at
http://www.bridgecapitalholdings.com.
About Bridge Bank, N.A.
Bridge Bank, N.A. is Santa Clara County's full-service professional
business bank. The bank is dedicated to meeting the financial needs of
small and middle market, and emerging technology businesses, in the Silicon
Valley, Palo Alto, Redwood City, San Ramon-Pleasanton, Sacramento, San
Diego, Bakersfield, Fresno, Orange County, Dallas, TX, and Reston, VA
business communities. Bridge Bank provides its clients with a
comprehensive package of business banking solutions delivered through
experienced, professional bankers. For additional information, visit the
Bridge Bank website at
http://www.bridgebank.com.
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995, and are subject to the safe harbors created by that Act.
Forward-looking statements describe future plans, strategies, and
expectations, and are based on currently available information,
expectations, assumptions, projections, and management's judgment about the
Bank, the banking industry and general economic conditions. These
forward-looking statements are subject to certain risks and uncertainties
that could cause the actual results, performance or achievements to differ
materially from those expressed, suggested or implied by the
forward-looking statements.
These risks and uncertainties include, but are not limited to: (1)
competitive pressures in the banking industry; (2) changes in interest rate
environment; (3) general economic conditions, nationally, regionally, and
in operating markets; (4) changes in the regulatory environment; (5)
changes in business conditions and inflation; (6) changes in securities
markets; (7) future credit loss experience; (8) the ability to satisfy
requirements related to the Sarbanes-Oxley Act and other regulation on
internal control; (9) civil disturbances or terrorist threats or acts, or
apprehension about the possible future occurrences of acts of this type;
and (10) the involvement of the United States in war or other hostilities.
The reader should refer to the more complete discussion of such risks in
Bridge Capital Holdings' annual reports on Forms 10-K and quarterly reports
on Forms 10-Q on file with the Securities Exchange Commission.
BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands)
Three months ended Nine months ended
------------------------------- --------------------
09/30/07 06/30/07 09/30/06 09/30/07 09/30/06
--------- --------- --------- --------- ---------
INTEREST INCOME
Loans $ 15,585 $ 15,433 $ 12,762 $ 45,202 $ 34,696
Federal funds sold 1,138 753 1,453 2,415 2,723
Investment
securities
available for sale 904 750 113 2,324 316
--------- --------- --------- --------- ---------
Total interest
income 17,627 16,936 14,328 49,941 37,735
--------- --------- --------- --------- ---------
INTEREST EXPENSE
Deposits:
Interest-bearing
demand 10 10 9 33 23
Money market and
savings 3,984 3,628 2,733 10,609 6,073
Certificates of
deposit 1,039 1,112 1,239 3,307 2,924
Other 262 260 257 782 825
--------- --------- --------- --------- ---------
Total interest
expense 5,295 5,010 4,238 14,731 9,845
--------- --------- --------- --------- ---------
Net interest income 12,332 11,926 10,090 35,210 27,890
Provision for credit
losses 475 1,000 100 1,675 772
--------- --------- --------- --------- ---------
Net interest income
after provision
for credit losses 11,857 10,926 9,990 33,535 27,118
--------- --------- --------- --------- ---------
NON-INTEREST INCOME
Service charges on
deposit accounts 166 181 131 497 370
Gain on sale of SBA
loans 363 1,890 225 2,986 1,064
Other non-interest
income 906 542 443 1,859 1,526
--------- --------- --------- --------- ---------
Total non-interest
income 1,435 2,613 799 5,342 2,960
--------- --------- --------- --------- ---------
OPERATING EXPENSES
Salaries and
benefits 5,530 5,265 4,627 15,796 12,706
Premises and fixed
assets 1,173 1,026 808 3,149 2,122
Other 2,012 2,131 1,631 6,046 5,206
--------- --------- --------- --------- ---------
Total operating
expenses 8,715 8,422 7,066 24,991 20,034
--------- --------- --------- --------- ---------
Income before income
taxes 4,577 5,117 3,723 13,886 10,044
Income taxes 1,825 2,134 1,415 5,707 3,786
--------- --------- --------- --------- ---------
NET INCOME $ 2,752 $ 2,983 $ 2,308 $ 8,179 $ 6,258
========= ========= ========= ========= =========
EARNINGS PER SHARE
Basic earnings per
share $ 0.43 $ 0.47 $ 0.37 $ 1.28 $ 1.00
========= ========= ========= ========= =========
Diluted earnings per
share $ 0.40 $ 0.43 $ 0.34 $ 1.18 $ 0.92
========= ========= ========= ========= =========
Average common
shares outstanding 6,397,140 6,381,493 6,283,125 6,369,991 6,262,169
========= ========= ========= ========= =========
Average common and
equivalent shares
outstanding 6,947,833 6,933,273 6,819,049 6,923,726 6,795,493
========= ========= ========= ========= =========
PERFORMANCE MEASURES
Return on average
assets 1.36% 1.57% 1.44% 1.46% 1.44%
Return on average
equity 19.02% 22.09% 19.99% 20.20% 19.31%
Efficiency ratio 63.30% 57.93% 64.89% 61.63% 64.94%
BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY
INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)
09/30/07 06/30/07 03/31/07 12/31/06 09/30/06
--------- --------- --------- --------- ---------
ASSETS
Cash and due from
banks $ 19,076 $ 21,274 $ 21,673 $ 24,360 $ 18,987
Federal funds sold 70,155 39,790 60,620 93,845 116,165
Investment
securities
available for sale 66,071 73,362 53,920 43,933 18,971
Loans:
Commercial 264,360 258,978 213,436 197,174 185,789
SBA 63,205 56,176 60,871 59,888 51,894
Real estate
construction 83,030 104,652 116,282 103,710 99,427
Real estate other 144,438 134,299 123,853 115,313 105,395
Factoring and
asset-based
lending 43,942 42,683 51,904 56,924 36,658
Other 12,231 9,341 8,794 7,771 6,469
--------- --------- --------- --------- ---------
Loans, gross 611,206 606,129 575,140 540,780 485,632
Unearned fee
income (1,616) (1,483) (1,586) (1,495) (1,601)
Allowance for
credit losses (8,003) (7,590) (7,533) (7,329) (6,728)
--------- --------- --------- --------- ---------
Loans, net 601,587 597,056 566,021 531,956 477,303
Premises and
equipment, net 4,618 4,966 4,050 3,479 2,935
Accrued interest
receivable 4,748 4,608 4,212 4,292 3,041
Other assets 23,622 22,741 20,626 20,114 18,304
--------- --------- --------- --------- ---------
Total assets $ 789,877 $ 763,797 $ 731,122 $ 721,979 $ 655,706
========= ========= ========= ========= =========
LIABILITIES
Deposits:
Demand
noninterest-
bearing $ 201,133 $ 218,651 $ 195,965 $ 198,639 $ 164,483
Demand
interest-bearing 4,271 4,563 9,611 3,901 4,005
Money market and
savings 418,503 372,470 352,975 333,838 294,698
Time 78,943 85,442 94,847 108,609 122,638
--------- --------- --------- --------- ---------
Total deposits 702,850 681,126 653,398 644,987 585,824
--------- --------- --------- --------- ---------
Junior subordinated
debt securities 17,527 17,527 17,527 17,527 17,527
Accrued interest
payable 298 276 289 318 355
Other liabilities 9,187 9,882 7,449 10,053 5,044
--------- --------- --------- --------- ---------
Total
liabilities 729,862 708,811 678,663 672,885 608,750
--------- --------- --------- --------- ---------
SHAREHOLDERS' EQUITY
Common stock 36,888 36,466 35,954 35,427 34,824
Retained earnings 22,722 19,970 16,987 14,543 12,167
Accumulated other
comprehensive
(loss) 405 (1,450) (482) (876) (35)
--------- --------- --------- --------- ---------
Total
shareholders'
equity 60,015 54,986 52,459 49,094 46,956
--------- --------- --------- --------- ---------
Total
liabilities
and
shareholders'
equity $ 789,877 $ 763,797 $ 731,122 $ 721,979 $ 655,706
========= ========= ========= ========= =========
CAPITAL ADEQUACY
Tier I leverage
ratio 10.20% 10.13% 10.15% 10.97% 10.75%
Tier I risk-based
capital ratio 10.68% 10.48% 10.55% 10.52% 11.03%
Total risk-based
capital ratio 11.80% 11.56% 11.69% 11.74% 12.46%
Total equity/ total
assets 7.60% 7.20% 7.18% 6.80% 7.16%
Book value per share $ 9.32 $ 8.61 $ 8.21 $ 7.77 $ 7.46
BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)
(Dollars in Thousands)
Three months ended September 30,
-----------------------------------------------------------
2007 2006
----------------------------- -----------------------------
Yields Interest Yields Interest
Average or Income/ Average or Income/
Balance Rates Expense Balance Rates Expense
--------- -------- --------- --------- -------- ---------
ASSETS
Interest earning
assets (2):
Loans (1) $ 597,214 10.35% $ 15,585 $ 473,311 10.70% $ 12,763
Federal funds
sold 89,483 5.05% 1,138 110,219 5.23% 1,453
Investment
securities 70,498 5.09% 904 11,272 3.98% 113
Other - 0.00% - - 0.00% -
--------- -------- --------- --------- -------- ---------
Total interest
earning assets 757,195 9.24% 17,627 594,802 9.56% 14,329
--------- -------- --------- --------- -------- ---------
Noninterest-
earning assets:
Cash and due
from banks 20,882 26,209
All other
assets (3) 23,172 15,262
--------- ---------
TOTAL $ 801,249 $ 636,273
========= =========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Interest-
bearing
liabilities:
Deposits:
Demand $ 5,761 0.69% $ 10 $ 3,900 0.92% $ 9
Money market
and savings 417,255 3.79% 3,984 288,895 3.75% 2,733
Time 84,149 4.90% 1,039 116,353 4.22% 1,239
Other 17,527 5.93% 262 17,527 5.84% 258
--------- -------- --------- --------- -------- ---------
Total
interest-
bearing
liabilities 524,692 4.00% 5,295 426,675 3.94% 4,239
--------- -------- --------- --------- -------- ---------
Noninterest-
bearing
liabilities:
Demand
deposits 207,753 156,935
Accrued
expenses
and other
liabilities 11,404 6,849
Shareholders'
equity 57,400 45,814
--------- ---------
TOTAL $ 801,249 $ 636,273
========= =========
Net interest
income and -------- --------- -------- ---------
margin 6.46% $ 12,332 6.73% $ 10,090
======== ========= ======== =========
(1) Loan fee amortization of $1.5 million and $1.3 million, respectively,
is included in interest income. Nonperforming loans have been
included in average loan balances.
(2) Interest income is reflected on an actual basis, not a fully taxable
equivalent basis. Yields are based on amortized cost.
(3) Net of average allowance for credit losses of $7.8 million and $6.7
million, respectively.
BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY
INTERIM CONSOLIDATED AVERAGE BALANCE SHEET AND YIELD DATA (UNAUDITED)
(Dollars in Thousands)
Nine months ended September 30,
-----------------------------------------------------------
2007 2006
----------------------------- -----------------------------
Yields Interest Yields Interest
Average or Income/ Average or Income/
Balance Rates Expense Balance Rates Expense
--------- -------- --------- --------- -------- ---------
ASSETS
Interest earning
assets (2):
Loans (1) $ 578,204 10.45% $ 45,202 $ 453,891 10.22% $ 34,696
Federal funds
sold 62,803 5.14% 2,415 73,177 4.98% 2,723
Investment
securities 60,809 5.11% 2,324 12,240 3.45% 316
Other - 0.00% - - 0.00% -
--------- -------- --------- --------- -------- ---------
Total interest
earning assets 701,816 9.51% 49,941 539,308 9.35% 37,735
--------- -------- --------- --------- -------- ---------
Noninterest-
earning assets:
Cash and due
from banks 27,210 27,596
All other
assets (3) 21,145 15,545
--------- ---------
TOTAL $ 750,171 $ 582,449
========= =========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Interest-
bearing
liabilities:
Deposits:
Demand $ 5,563 0.79% $ 33 $ 3,595 0.86% $ 23
Money market
and savings 370,379 3.83% 10,609 245,230 3.31% 6,073
Time 91,247 4.85% 3,307 95,708 4.08% 2,924
Other 17,527 5.97% 782 19,638 5.62% 825
--------- -------- --------- --------- -------- ---------
Total
interest-
bearing
liabilities 484,716 4.06% 14,731 364,171 3.61% 9,845
--------- -------- --------- --------- -------- ---------
Noninterest-
bearing
liabilities:
Demand
deposits 201,103 167,993
Accrued
expenses
and other
liabilities 10,209 6,957
Shareholders'
equity 54,143 43,328
--------- ---------
TOTAL $ 750,171 $ 582,449
========= =========
Net interest
income and -------- --------- -------- ---------
margin 6.71% $ 35,210 6.91% $ 27,890
======== ========= ======== =========
(1) Loan fee amortization of $4.3 million and $3.1 million, respectively,
is included in interest income. Nonperforming loans have been included
in average loan balances.
(2) Interest income is reflected on an actual basis, not a fully taxable
equivalent basis. Yields are based on amortized cost.
(3) Net of average allowance for credit losses of $7.5 million and $6.3
million, respectively.
BRIDGE CAPITAL HOLDINGS AND SUBSIDIARY
INTERIM CONSOLIDATED CREDIT DATA (UNAUDITED)
(Dollars in Thousands)
09/30/07 06/30/07 03/31/07 12/31/06 09/30/06
-------- -------- -------- -------- --------
ALLOWANCE FOR CREDIT
LOSSES
Balance, beginning of
period $ 7,590 $ 7,533 $ 7,329 $ 6,728 $ 6,620
Provision for credit
losses, quarterly 475 1,000 200 600 100
Charge-offs, quarterly (312) (943) - - -
Recoveries, quarterly 250 - 4 1 8
-------- -------- -------- -------- --------
Balance, end of period $ 8,003 $ 7,590 $ 7,533 $ 7,329 $ 6,728
======== ======== ======== ======== ========
NONPERFORMING ASSETS
Loans accounted for on a
non-accrual basis $ - $ - $ 5,450 $ 437 $ 2,572
Loans restructured and
in compliance with
modified terms - - - - -
Other loans with
principal or interest
contractually past due
90 days or more - - - - -
-------- -------- -------- -------- --------
Nonperforming loans - - 5,450 437 2,572
Other real estate owned 425 425 - - -
-------- -------- -------- -------- --------
Nonperforming assets $ 425 $ 425 $ 5,450 $ 437 $ 2,572
======== ======== ======== ======== ========
ASSET QUALITY
Allowance for credit
losses / gross loans 1.31% 1.25% 1.31% 1.36% 1.39%
Allowance for credit
losses / nonperforming
loans 0.00% 0.00% 138.22% 1677.12% 261.59%
Nonperforming assets /
total assets 0.05% 0.06% 0.75% 0.06% 0.39%
Nonperforming loans /
gross loans 0.00% 0.00% 0.95% 0.08% 0.53%
Net quarterly
charge-offs / gross loans 0.01% 0.16% 0.00% 0.00% 0.00%