-- Net interest income increased 7% compared to both the third quarter of 2010 and the fourth quarter of 2009 -- Average earning assets grew 16% compared to the third quarter of 2010, and 36% compared to the fourth quarter of 2009 -- Net interest margin (tax equivalent) of 2.52%, a decrease of 22 basis points compared to the third quarter of 2010 and 68 basis points compared to the fourth quarter of 2009 -- Nonperforming assets increased $28.6 million compared to the third quarter of 2010 to $43.4 million, or 7.04% of total assets -- Provision for loan losses increased $2.1 million to $8.2 million compared to the third quarter of 2010 related to the effects of extended economic weakness on the loan portfolio -- Net charge-offs increased $7.0 million compared to the third quarter of 2010 to $9.0 million -- Capital levels remain strong as tangible common equity as a percentage of tangible assets decreased slightly to 28.75% from 29.06% in the third quarter of 2010 -- Net loss of $4.5 million, or $0.16 per diluted share, compared to a net loss of $3.7 million, or $0.23 per diluted share, in the third quarter of 2010 and net income of $118,000, or $0.02 per diluted share, in the fourth quarter of 2009Full Year Highlights:
-- Successfully completed public offering generating $140.2 million in net proceeds, positioning Park Sterling well to take advantage of consolidation opportunities in the Carolinas and Virginia -- Expanded management team and reconstituted board of directors -- Implemented new operating strategy whereby Park Sterling seeks to reach a consolidated asset size between $8 billion and $10 billion over the next several years through acquisitions and organic growth -- Refined loan loss allowance methodology resulting in more comprehensive analysis of potential loan losses -- Net loss of $7.9 million, or $0.58 per diluted share, compared to net income of $577,000, or $0.12 per diluted share, for the year ended December 31, 2009"During the fourth quarter of 2010, we continued reviewing our loan portfolio, with a particular emphasis on our higher risk (lower internal grade) exposures in light of the continued economic downturn that persists across North Carolina and shifting borrower behaviors," said Jim Cherry, Chief Executive Officer. "This process intensified in the fourth quarter. As a result of this extensive review, we prudently added $28.8 million to our nonperforming loans, and charged off $9.0 million. This was a purposeful exercise that positions us to better pursue our strategy of acquiring regional and community banks in the Carolinas and Virginia as well as growing organically. Out of the $42.1 million in nonperforming loans, approximately $23.0 million continue to pay according to their agreed upon terms. We believe that our actions were appropriate in the face of the current economic environment. As we saw last quarter, the shift in customer behavior and capacity, whereby borrowers who were once strong with solid liquidity and equity are now becoming increasingly stressed, has expanded as the downturn continues. "Even with this increase in nonperforming loans and charge-offs in the fourth quarter, we are executing on our growth strategy. We started 2011 by bringing on Emory Ware, a banker with 25 years of experience operating in South Carolina, as our South Carolina Market President to lead our expansion into the Charleston, Greenville/Spartanburg, and Columbia, South Carolina markets. We also continue to have an active pipeline of potential partner banks in all three of our target markets, and are confident in our ability to achieve our objectives." Fourth Quarter 2010 Financial Highlights Asset Quality Nonperforming loans increased to $42.1 million, or 10.53% of total loans, compared to $13.4 million, or 3.36% of total loans, as of September 30, 2010. Nonperforming assets totaled $43.4 million, or 7.04% of total assets, up from $14.8 million, or 2.34% of total assets, as of September 30, 2010. The provision for loan losses increased $2.1 million, to $8.2 million, compared to the third quarter of 2010. The increase in the provision for loan losses directly resulted from the effects of extended economic weakness on the loan portfolio, which included an increase in both net charge-offs and nonperforming loans. Net charge-offs increased to $9.0 million, or 8.97% of average loans on an annualized basis, compared to $2.0 million, or 1.98% of average loans (annualized) in the prior quarter. The allowance for loan losses was $12.4 million, or 3.11% of total loans, a decrease of $800,000 from $13.2 million, or 3.31% of total loans, at September 30, 2010. The allowance represented 29.50% of nonperforming loans (including restructured loans) at December 31, 2010, down from 98.46% at September 30, 2010. The decrease in the allowance resulted primarily from net charge-offs on previously identified impaired loans with specific reserves. Net Interest Income and Net Interest Margin Compared to both the third quarter of 2010 and the fourth quarter of 2009, net interest income increased 7% to $3.9 million from $3.6 million, primarily due to an increased level of average earning assets. On a sequential basis, average earning assets rose 16% which more than offset a 22 basis point decrease in the net interest margin (tax equivalent), to 2.52%. The increase in average earning assets was due to a $73.6 million increase in taxable investment securities through utilization of net proceeds from the common stock offering. The decrease in the net interest margin primarily resulted from interest reversals on nonaccrual loans, which accounted for 21 basis points of net interest margin. Compared to the prior year period, average earning assets increased 36%, as taxable investment securities increased $96.9 million, which more than offset a 68 basis point decrease in the net interest margin (tax equivalent). The decrease in the net interest margin was due to the increase in investment securities which were lower yielding assets. Interest reversals on nonaccrual loans also impacted the net interest margin on a year-over-year basis, which accounted for eight basis points of the net interest margin decrease. Non-Interest Income Non-interest income increased $17,000 compared to the third quarter of 2010 and $29,000 compared to the fourth quarter of 2009. The growth in non-interest income compared to both prior periods was primarily related to a $14,000 gain on the disposition of assets. Non-Interest Expense Non-interest expense increased 19% compared to the third quarter of 2010, and 71% compared to the fourth quarter of 2009. The increase in expenses compared to both prior periods was primarily related to a $337,000 increase in salaries and employee benefits related to the management expansion and addition of new employees. Also included in non-interest expenses was $165,000 of due diligence-related expenses as well as $328,000 of non-cash stock option expense. Balance Sheet and Capital Total assets decreased $16.5 million, or 3%, compared to the third quarter of 2010, primarily due to a decrease in fed funds sold resulting from the release of $11.9 million of brokered CDs as well as a decrease in other time deposits. Compared to the fourth quarter of 2009, total assets grew $142.3 million, or 30%, resulting from increases in the investment portfolio and fed funds sold due to the completion of the Bank's initial public offering during the third quarter of 2010. Compared to the third quarter of 2010, total loans increased $2.2 million, or 1%, to $399.8 million, primarily due to modest growth in commercial real estate and commercial and industrial loans, partially offset by decreases in construction loans. Total loan balances increased $2.3 million, or 1%, compared to the fourth quarter of 2009, as growth in commercial real estate and commercial and industrial loans more than offset continued runoff in higher risk construction and development loans. Construction and development loans decreased 11% compared to the third quarter of 2010, and 24% compared to the fourth quarter of 2009. Total deposits decreased $9.3 million, or 2%, compared to the third quarter of 2010. This decrease in deposits was primarily due to the release of $11.9 million of brokered CDs. Compared to the fourth quarter of 2009, total deposits increased $15.2 million, or 4%, resulting from a $12.2 million increase in demand deposits, a $19.6 million increase in money market deposits, and a $14.8 million increase in core CDs, partially offset by the release of $29.2 million in brokered CDs. Core deposits as a percentage of total deposits were 74%, compared to 72% in the third quarter of 2010 and 66% in the fourth quarter of 2009. Stockholders' equity decreased $6.7 million to $177.1 million compared to $183.8 million at September 30, 2010, primarily resulting from the fourth quarter 2010 net loss of $4.5 million. Stockholders' equity increased $131.0 million compared to the fourth quarter of 2009 as a result of the August 2010 common stock offering. Tangible common equity as a percentage of tangible assets was 28.75%, a slight decrease from 29.06% at September 30, 2010, and an increase compared to 9.73% at December 31, 2009. Conference Call A conference call will be held at 8:30 a.m., ET this morning (1/19/11). The conference call can be accessed by dialing (877) 317 6789 and requesting the Park Sterling Bank earnings call. Listeners should dial in 10 minutes prior to the start of the call. The live webcast and presentation slides will be available on www.parksterlingbank.com under Investor Relations, "Investor Presentations." A replay of the webcast will be available on www.parksterlingbank.com under Investor Relations, "Investor Presentations" shortly following the call. A replay of the conference call can be accessed one hour after the call through February 9, 2011, by dialing (877) 344 7529, conference number 447401. About Park Sterling Corporation Park Sterling Corporation is the holding company for Park Sterling Bank, headquartered in Charlotte, North Carolina. The Bank's primary focus is to provide banking services to small and mid-sized businesses, owner-occupied and income producing real estate owners, professionals and consumers doing business or residing within its target markets. Park Sterling Bank is committed to building a banking franchise across the Carolinas and Virginia that is noted for sound risk management, superior client service and exceptional client relationships. For more information, visit www.parksterlingbank.com. Park Sterling's shares are traded on NASDAQ under the symbol PSTB. Non-GAAP Measures Tangible assets, tangible common equity, tangible book value and related ratios, as used throughout this release, are non-GAAP financial measures. For additional information, see "Reconciliation of Non-GAAP Measures" in the accompanying tables. Cautionary Statement Regarding Forward-Looking Statements This news release contains, and Park Sterling and its management may make, certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," expect," "project," "predict," "estimate," "could," "should," "would," "will," "goal," "target" and similar expressions. The forward-looking statements made represent Park Sterling's current expectations, plans or forecasts of its future results and condition, including expectations regarding its new business strategy of engaging in bank mergers and organic growth and anticipated asset size, refinement of the loan loss allowance methodology, recruiting of key leadership positions, decreases in construction and development loans and other changes in loan mix, changes in deposit mix, capital and liquidity levels, emerging regulatory expectations and measures, net interest income, credit trends and conditions, including loan losses, allowance, charge-offs, delinquency trends and nonperforming asset levels, and other similar matters. These statements are not guarantees of future results or performance and involve certain risks and uncertainties that are based on our beliefs and assumptions and on the information available to us at the time that these disclosures were prepared. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the following uncertainties and risks, as well as those more fully discussed in any of Park Sterling's filings with the SEC or FDIC; Park Sterling's inability to identify and successfully negotiate and complete combinations with potential merger partners or to successfully integrate such businesses into Park Sterling, including the company's ability to realize the benefits and cost savings from and limit any unexpected liabilities acquired as a result of any such business combination; the effects of negative economic conditions, including stress in the commercial real estate markets or delay or failure of recovery in the residential real estate markets; changes in consumer and investor confidence and the related impact on financial markets and institutions; changes in interest rates; failure of assumptions underlying the establishment of our allowance; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; legal and regulatory developments; increased competition from both banks and nonbanks; changes in accounting standards, rules and interpretations, inaccurate estimates or assumptions in accounting and the impact on Park Sterling's financial statements; Park Sterling's ability to attract new employees; and management's ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk. Forward-looking statements speak only as of the date they are made, and Park Sterling undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.
PARK STERLING BANK SELECTED RATIOS ($ in thousands, except per share amounts) December 31, September 30, June 30, March 31, December 2010 2010 2010 2010 31, (Unaudited) (Unaudited) (Unaudited)(Unaudited) 2009 * ---------- ---------- --------- --------- --------- ASSET QUALITY Nonperforming loans ** $ 42,109 $ 13,356 $ 8,805 $ 4,495 $ 3,888 Nonperforming assets (including OREO) 43,355 14,798 9,339 7,561 5,438 Past due 30-59 days - 6,599 343 5,643 594 Past due 60-89 days - 660 1,778 1,188 3,358 Past due 90 days plus (and still accruing) - - - 553 - Nonperforming loans to total loans 10.53% 3.36% 2.20% 1.14% 0.98% Nonperforming assets to total assets 7.04% 2.34% 1.91% 1.59% 1.15% Allowance to total loans 3.11% 3.31% 2.25% 2.12% 1.86% Allowance to nonperforming loans 29.50% 98.46% 101.92% 186.43% 190.38% Allowance to nonperforming assets 28.66% 88.86% 96.09% 110.83% 136.12% CAPITAL Book value per share $ 6.31 $ 6.55 $ 9.43 $ 9.38 $ 9.31 Tangible book value per share $ 6.31 $ 6.55 $ 9.43 $ 9.38 $ 9.31 Common shares outstanding 28,051,098 28,051,098 4,951,098 4,951,098 4,951,098 Tier 1 capital $ 178,039 $ 182,234 $ 44,262 $ 45,137 $ 44,877 Tier 2 capital 12,296 12,280 12,167 12,167 12,184 Total risk based capital 190,339 194,514 56,429 57,304 57,061 Tier 1 ratio 41.85% 43.09% 10.59% 10.78% 10.66% Total risk based capital ratio 44.74% 45.99% 13.50% 13.69% 13.55% Tier 1 leverage ratio 32.04% 32.80% 9.26% 9.53% 9.40% Tangible common equity to tangible assets 28.75% 29.06% 9.56% 9.77% 9.73% LIQUIDITY Net loans to total deposits 94.99% 92.18% 94.81% 98.21% 99.37% Liquidity ratio 50.48% 54.99% 19.56% 17.34% 15.81% Equity to Total Assets 28.75% 29.06% 9.56% 9.77% 9.73% INCOME STATEMENT (THREE MONTH RESULTS) Return on Average Assets -2.81% -2.64% 0.14% 0.13% 0.10% Return on Average Equity -9.75% -12.80% 1.48% 1.36% 1.01% Net interest margin (tax equivalent) 2.52% 2.74% 3.34% 3.41% 3.20% INCOME STATEMENT (ANNUAL RESULTS) Return on Average Assets -1.46% n/a n/a n/a 0.13% Return on Average Equity -8.00% n/a n/a n/a 1.26% Net interest margin (tax equivalent) 2.95% n/a n/a n/a 2.84% * Derived from audited financial statements. ** Nonperforming Includes accruing restructured loans. PARK STERLING BANK CONDENSED BALANCE SHEETS ($ in thousands) December 31, September 30, June 30, March 31, December 2010 2010 2010 2010 31, (Unaudited) (Unaudited) (Unaudited)(Unaudited) 2009 * ---------- ---------- --------- --------- --------- ASSETS Cash and due from banks $ 2,433 $ 11,591 $ 7,785 $ 9,872 $ 6,504 Interest earning balances at banks 5,040 5,859 2,290 2,790 2,758 Federal funds sold 57,905 96,560 30,860 14,090 13,975 Investment securities available-for-sale 140,590 115,357 40,289 43,190 42,567 Loans 399,829 397,658 399,376 394,499 397,564 Allowance for loan losses (12,424) (13,150) (8,974) (8,380) (7,402) ---------- ---------- --------- --------- --------- Net loans 387,405 384,508 390,402 386,119 390,162 ---------- ---------- --------- --------- --------- Other real estate owned 1,246 1,441 534 3,066 1,550 Other assets 21,489 17,314 16,201 15,923 16,339 ---------- ---------- --------- --------- --------- Total assets $ 616,108 $ 632,630 $ 488,361 $ 475,050 $ 473,855 ========== ========== ========= ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand noninterest- bearing $ 36,333 $ 30,468 $ 27,316 $ 26,586 $ 24,085 Money market, NOW and savings 71,666 72,639 62,568 55,811 52,308 Time deposits 299,821 314,042 321,899 310,769 316,240 ---------- ---------- --------- --------- --------- Total deposits 407,820 417,149 411,783 393,166 392,633 Short-term borrowings 874 1,100 1,762 7,146 6,989 Long-term borrowings 20,000 20,000 20,000 20,000 20,000 Subordinated debt 6,895 6,895 6,895 6,895 6,895 Accrued expenses and other liabilities 3,418 3,639 1,231 1,423 1,243 ---------- ---------- --------- --------- --------- Total liabilities 439,007 448,783 441,671 428,630 427,760 Stockholders' equity: Common stock 130,438 130,438 23,023 23,023 23,023 Additional paid-in capital 57,102 56,778 23,687 23,600 23,496 Accumulated deficit (9,501) (4,981) (1,313) (1,485) (1,642) Accumulated other comprehensive income (938) 1,612 1,293 1,284 1,218 ---------- ---------- --------- --------- --------- Total stockholders' equity 177,101 183,847 46,690 46,421 46,095 ---------- ---------- --------- --------- --------- Total liabilities and stockholders' equity $ 616,108 $ 632,630 $ 488,361 $ 475,050 $ 473,855 ========== ========== ========= ========= ========= Common shares issued and outstanding 28,051,098 28,051,098 4,951,098 4,951,098 4,951,098 * Derived from audited financial statements. PARK STERLING BANK CONDENSED INCOME STATEMENT TWELVE MONTH RESULTS ($ in thousands, expect per share amounts) December 31, December 31, 2010 2009 * (Unaudited) ----------- ----------- Interest income Loans, including fees $ 20,260 $ 19,710 Federal funds sold 107 41 Taxable investment securities 1,567 1,365 Tax-exempt investment securities 642 533 Interest on deposits at banks 66 19 ----------- ----------- Total interest income 22,642 21,668 ----------- ----------- Interest expense Money market, NOW and savings deposits 408 353 Time deposits 5,869 7,968 Short-term borrowings 9 25 Long-term borrowings 563 565 Subordinated debt 758 379 ----------- ----------- Total interest expense 7,607 9,290 ----------- ----------- Net interest income 15,035 12,378 Provision for loan losses 17,005 3,272 ----------- ----------- Net interest income (loss) after provision (1,970) 9,106 Total noninterest income 130 (293) Noninterest expenses Salaries and employee benefits 6,442 4,723 Occupancy and equipment 916 820 Advertising and promotion 287 236 Legal and professional fees 445 212 Deposit charges and FDIC insurance 728 965 Data processing and outside service fees 411 395 Directors fees 392 - OREO expense and loss on sales 411 161 Other noninterest expense 1,025 485 ----------- ----------- Total noninterest expenses 11,057 7,997 ----------- ----------- Income (loss) before income taxes (12,897) 816 Income tax expense (benefit) (5,038) 239 ----------- ----------- Net income (loss) $ (7,859) $ 577 =========== =========== Earnings (loss) per share, fully diluted $ (0.58) $ 0.12 Weighted average diluted shares 13,558,221 4,951,098 * Derived from audited financial statements. PARK STERLING BANK CONDENSED INCOME STATEMENT THREE MONTH RESULTS ($ in thousands, except per share amounts) December 31, September 30, June 30, March 31, December 2010 2010 2010 2010 31, (Unaudited) (Unaudited)(Unaudited)(Unaudited) 2009 * ---------- ---------- --------- --------- --------- Interest income Loans, including fees $ 4,984 $ 4,963 $ 5,170 $ 5,143 $ 5,148 Federal funds sold 46 42 10 9 15 Taxable investment securities 587 370 286 324 319 Tax-exempt investment securities 160 161 161 160 159 Interest on deposits at banks 16 23 12 15 9 ---------- ---------- --------- --------- --------- Total interest income 5,793 5,559 5,639 5,651 5,650 ---------- ---------- --------- --------- --------- Interest expense Money market, NOW and savings deposits 132 104 89 83 89 Time deposits 1,435 1,490 1,459 1,485 1,594 Short-term borrowings 1 1 3 4 6 Long-term borrowings 140 144 141 138 143 Subordinated debt 188 190 190 190 189 ---------- ---------- --------- --------- --------- Total interest expense 1,896 1,929 1,882 1,900 2,021 ---------- ---------- --------- --------- --------- Net interest income 3,897 3,630 3,757 3,751 3,629 Provision for loan losses 8,237 6,143 1,094 1,531 1,418 ---------- ---------- --------- --------- --------- Net interest income (loss) after provision (4,340) (2,513) 2,663 2,220 2,211 Total noninterest income 43 26 23 38 14 Noninterest expenses Salaries and employee benefits 2,114 1,777 1,299 1,252 1,165 Occupancy and equipment 250 236 224 206 194 Advertising and promotion 50 84 96 57 62 Legal and professional fees 208 78 80 79 52 Deposit charges and FDIC insurance 185 184 183 176 375 Data processing and outside service fees 109 109 100 93 96 Directors fees 182 164 46 - - OREO expense and loss on sales 16 120 239 36 4 Other noninterest expense 434 238 210 143 130 ---------- ---------- --------- --------- --------- Total noninterest expenses 3,548 2,990 2,477 2,042 2,078 ---------- ---------- --------- --------- --------- Income (loss) before income taxes (7,845) (5,477) 209 216 147 Income tax expense (benefit) (3,324) (1,809) 36 59 29 ---------- ---------- --------- --------- --------- Net income (loss) $ (4,521) $ (3,668) $ 173 $ 157 $ 118 ========== ========== ========= ========= ========= Earnings (loss) per share, fully diluted $ (0.16) $ (0.23) $ 0.03 $ 0.03 $ 0.02 Weighted average diluted shares 28,051,098 15,998,924 4,951,098 4,951,098 4,951,098 * Derived from audited financial statements. PARK STERLING BANK SUMMARY OF LOAN PORTFOLIO ($ in thousands) December 31, September 30, June 30, March 31, December 2010 2010 2010 2010 31, (Unaudited) (Unaudited) (Unaudited) (Unaudited) 2009 * ---------- ---------- ---------- ---------- -------- Secured by real estate: One to four family residential $ 44,889 $ 43,791 $ 45,126 $ 44,781 $ 42,782 Commercial real estate 145,548 133,134 132,482 131,108 126,609 Construction and development 96,896 109,138 115,075 117,855 127,811 Home equity line of credit 56,968 58,115 54,982 52,744 52,026 ---------- ---------- ---------- ---------- -------- Total real estate loans 344,301 344,178 347,665 346,488 349,228 ---------- ---------- ---------- ---------- -------- Commercial and industrial 48,401 47,166 45,461 41,693 41,914 Loans to individuals 7,246 6,412 6,350 6,410 6,535 ---------- ---------- ---------- ---------- -------- Total other loans 55,647 53,578 51,811 48,103 48,449 Deferred fees, net (119) (98) (100) (92) (113) ---------- ---------- ---------- ---------- -------- Total loans $ 399,829 $ 397,658 $ 399,376 $ 394,499 $397,564 ========== ========== ========== ========== ======== * Derived from audited financial statements. PARK STERLING BANK ALLOWANCE FOR LOAN LOSSES THREE MONTH RESULTS ($ in thousands) December 31, September 30, June 30, March 31, December 2010 2010 2010 2010 31, (Unaudited) (Unaudited) (Unaudited) (Unaudited) 2009 * ---------- ---------- ---------- ---------- ------- Beginning of period allowance $ 13,150 $ 8,974 $ 8,380 $ 7,402 $ 7,041 Provision for loan losses 8,237 6,143 1,094 1,531 1,418 Loans charged-off 9,000 1,986 502 554 1,057 Recoveries of loans charged-off 37 19 2 1 - ---------- ---------- ---------- ---------- ------- End of period allowance 12,424 13,150 8,974 8,380 7,402 ========== ========== ========== ========== ======= Net loans charged-off $ 8,963 $ 1,967 $ 500 $ 553 $ 1,057 Annualized net charge-offs 8.97% 1.98% 0.50% 0.56% 1.06% PARK STERLING BANK ALLOWANCE FOR LOAN LOSSES TWELVE MONTH RESULTS ($ in thousands) December 31, December 31, 2010 2009 * (Unaudited) ---------- ---------- Beginning of period allowance $ 7,402 $ 5,568 Provision for loan losses 17,005 3,272 Loans charged-off 12,042 1,438 Recoveries of loans charged-off 59 - ---------- ---------- End of period allowance 12,424 7,402 ========== ========== Net loans charged-off $ 11,983 $ 1,438 * Derived from audited financial statements. PARK STERLING BANK RECONCILIATION OF NON-GAAP MEASURES ($ in thousands) December 31, September 30, June 30, March 31, December 2010 2010 2010 2010 31, (Unaudited) (Unaudited) (Unaudited) (Unaudited) 2009 * ----------- ----------- ----------- ----------- --------- Tangible assets Total assets $ 616,108 $ 632,630 $ 488,361 $ 475,050 $ 473,855 Less: intangible assets - - - - - ----------- ----------- ----------- ----------- --------- Tangible assets $ 616,108 $ 632,630 $ 488,361 $ 475,050 $ 473,855 =========== =========== =========== =========== ========= Tangible common equity Total common equity $ 177,101 $ 183,847 $ 46,690 $ 46,421 $ 46,095 Less: intangible assets - - - - - ----------- ----------- ----------- ----------- --------- Tangible common equity $ 177,101 $ 183,847 $ 46,690 $ 46,421 $ 46,095 =========== =========== =========== =========== ========= Tangible book value per share Tangible common equity $ 177,101 $ 183,847 $ 46,690 $ 46,421 $ 46,095 Divided by: period end outstanding shares 28,051,098 28,051,098 4,951,098 4,951,098 4,951,098 ----------- ----------- ----------- ----------- --------- Tangible common book value per share $ 6.31 $ 6.55 $ 9.43 $ 9.38 $ 9.31 =========== =========== =========== =========== ========= * Derived from audited financial statements.
Contact Information: For additional information contact: David Gaines Chief Financial Officer (704) 716-2134 Investor Relations: Megan Malanga Nvestcom (954) 781-4393 Media: Charlotte Laurent-Ottomane Nvestcom (561) 395-4581