Attached files
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| 8-K - FORM 8-K - TOMPKINS FINANCIAL CORP | tompkins_8k.htm |
| EX-99.2 - EXHIBIT 99.2 - TOMPKINS FINANCIAL CORP | ex99_2.htm |
Exhibit 99.1
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For more information contact:
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Stephen S. Romaine, President & CEO
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Francis M. Fetsko, CFO
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Tompkins Financial Corporation 607.273.3210
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For Immediate Release
Wednesday, January 26, 2011
Tompkins Financial Corporation reports increase in fourth quarter earnings
ITHACA, NY – Tompkins Financial Corporation (TMP–NYSE Amex)
Tompkins Financial Corporation reported net income of $8.9 million for the fourth quarter of 2010, an increase of 8.3% from the $8.2 million reported for the same period in 2009. Net income of $33.8 million for the year ended December 31, 2010, was 6.3% ahead of the $31.8 million reported for the year ended December 31, 2009.
Diluted earnings per share were $0.81 for the fourth quarter of 2010, a 6.6% increase from the $0.76 reported for the fourth quarter of 2009. For the full year, diluted earnings per share totaled $3.11 in 2010, an increase of 5.1% over the $2.96 reported in 2009.
President and CEO Stephen S. Romaine commented, “We are very pleased to report record earnings for the year ended December 31, 2010, especially given the challenging economic climate. During the quarter we were also pleased to see continuing improvement to our already strong capital position, as well as a decline in nonperforming assets.”
Selected highlights for the fourth quarter and full year period ended December 31, 2010, are included below:
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§ Capital levels at December 31, 2010, remain comfortably above the regulatory minimums to be considered well capitalized, with a ratio of Tier I capital to average assets of 8.02%; and a ratio of total capital to risk-weighted assets of 13.42%. These ratios are improved from 7.44% and 12.14%, respectively at December 31, 2009.
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§ Total loans were $1.9 billion at December 31, 2010, relatively unchanged from a year earlier.
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§ Total deposits were $2.5 billion at quarter end, up 2.3% from the same period in 2009.
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§ Average earning assets were up approximately $160.2 million during the year (primarily in the securities portfolio) helping offset a modest decline in the net interest margin.
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§ The net interest margin for the fourth quarter of 2010 was 3.75% compared to 3.89% for the fourth quarter of 2009. For the year to date, net interest margin was 3.86% in 2010, compared to 3.92% for 2009. Despite the decline in net interest margin, net interest income of $27.9 million for the fourth quarter of 2010 was relatively flat when compared to the same quarter last year, and for the full year ended December 31, 2010, net interest income of $111.8 million was up 4.4% from 2009.
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§ Noninterest income was $12.3 million for the quarter (up 1.14%) and $46.2 million for the year (down 0.1%). Fee income from investment services, insurance, and card services were all up for both the quarter and year-to-date periods, while service charges on deposit accounts declined. The lower level of deposit service charges was attributable to new regulations that went into effect July 1, 2010 for new customers and August 15, 2010 for pre-existing customers.
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§ Growth in noninterest expense was relatively modest for the quarter and full year periods. Noninterest expenses for the fourth quarter of 2010 were $25.2 million, up 1.0% over the same period prior year. Noninterest expenses for the full year were $99.0 million, an increase of 2.5% over the full year expenses in 2009.
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§ The level of nonperforming assets declined during the quarter from $55.8 million at September 30, 2010, to $46.5 million at December 31, 2010, yet remain above nonperforming assets of $35.2 million reported at year end 2009. As of December 31, 2010, we were continuing to receive regular payments on approximately 63% of the loans that we categorize as nonperforming.
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§ The provision for loan and lease losses was $1.4 million in the fourth quarter of 2010, compared to $2.8 million in the fourth quarter of 2009. For the full year, provision expense was $8.5 million, down from $9.3 million in 2009. Net charge-offs were up for both the quarter and full year periods, yet remain well below the most recent peer averages published by the Federal Reserve.
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§ The Company’s allowance for loan and lease losses totaled $27.8 million at December 31, 2010, which represented 1.46% of total loans, compared to $28.7 million and 1.50% at September 30, 2010. The allowance as a percentage of total loans has increased from 1.27% at year-end 2009. Allowance coverage of nonperforming loans has improved in the most recent quarter to 61.46% from 53.15% in September 2010.
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Mr. Romaine added, “While many in the industry have experienced losses in recent years, we have continued to deliver returns of shareholders equity that are among the best in the industry. Our commitment to a strategy of long term sustainable growth is what has allowed us to continue our long history of earnings and dividend growth, even during the challenging economic environment of recent years.”
Tompkins Financial Corporation operates 45 banking offices in the New York State markets served by the Company’s three community banks - Tompkins Trust Company, The Bank of Castile, and Mahopac National Bank, insurance through Tompkins Insurance Agencies, Inc. and wealth management through Tompkins Financial Advisors.
“Safe Harbor” Statement under the Private Securities Litigation Reform of 1995:
This press release may include forward-looking statements with respect to revenue sources, growth, market risk, and corporate objectives. The Company assumes no duty, and specifically disclaims any obligation, to update forward-looking statements, and cautions that these statements are subject to numerous assumptions, risks, and uncertainties, all of which could change over time. Actual results could differ materially from forward-looking statements.
1 Federal Reserve peer ratio as of September 30, 2010, includes banks and bank holding companies with consolidated assets between $3 billion and $10 billion.
TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
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As of
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As of
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(In thousands, except share and per share data) (Unaudited)
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12/31/2010
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12/31/2009
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ASSETS
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Cash and noninterest bearing balances due from banks
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$
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47,339
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$
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43,686
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Interest bearing balances due from banks
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2,226
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1,676
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Money market funds
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100
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100
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Cash and Cash Equivalents
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49,665
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45,462
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Trading securities, at fair value
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22,837
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31,718
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Available-for-sale securities, at fair value
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1,039,608
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928,770
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Held-to-maturity securities, fair value of $56,064 at December 31, 2010, and $46,340 at December 31, 2009
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54,973
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44,825
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Loans and leases, net of unearned income and deferred costs and fees
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1,910,358
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1,914,818
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Less: Allowance for loan and lease losses
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27,832
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24,350
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Net Loans and Leases
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1,882,526
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1,890,468
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FHLB and FRB stock
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21,985
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20,041
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Bank premises and equipment, net
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46,103
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46,650
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Corporate owned life insurance
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40,024
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35,953
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Goodwill
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41,649
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41,589
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Other intangible assets, net
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4,207
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4,864
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Accrued interest and other assets
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56,766
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62,920
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Total Assets
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$
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3,260,343
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$
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3,153,260
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LIABILITIES
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Deposits:
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Interest bearing:
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Checking, savings and money market
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1,230,815
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1,183,145
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Time
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741,829
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794,738
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Noninterest bearing
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523,229
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461,981
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Total Deposits
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2,495,873
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2,439,864
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Federal funds purchased and securities sold under agreements to repurchase, including certain amounts at fair value of $0 at December 31, 2010, and $5,500 at December 31, 2009
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183,609
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192,784
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Other borrowings, including certain amounts at fair value of $11,629 at December 31, 2010 and $11,335 at December 31, 2009
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244,193
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208,965
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Trust preferred debentures
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25,060
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25,056
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Other liabilities
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38,200
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41,583
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Total Liabilities
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$
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2,986,935
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$
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2,908,252
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EQUITY
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Tompkins Financial Corporation shareholders’ equity:
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Common Stock - par value $.10 per share: Authorized 25,000,000 shares; Issued: 10,934,385 at December 31, 2010; and 9,785,265 at December 31, 2009
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1,093
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978
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Additional paid-in capital
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198,114
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155,589
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Retained earnings
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76,446
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92,402
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Accumulated other comprehensive loss
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(1,260
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)
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(3,087
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)
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Treasury stock, at cost – 92,025 shares at December 31, 2010, and 81,723 shares at December 31, 2009
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(2,437
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(2,326
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)
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Total Tompkins Financial Corporation Shareholders’ Equity
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271,956
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243,556
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Noncontrolling interests
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1,452
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1,452
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Total Equity
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$
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273,408
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$
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245,008
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Total Liabilities and Equity
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$
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3,260,343
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$
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3,153,260
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TOMPKINS FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended
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Twelve Months Ended
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(In thousands, except per share data) (Unaudited)
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12/31/2010
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12/31/2009
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12/31/2010
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12/31/2009
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INTEREST AND DIVIDEND INCOME
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Loans
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$ | 26,314 | $ | 27,359 | $ | 106,357 | $ | 107,452 | ||||||||
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Due from banks
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4 | 12 | 31 | 27 | ||||||||||||
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Federal funds sold
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2 | 4 | 17 | 15 | ||||||||||||
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Money market funds
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0 | 1 | 0 | 36 | ||||||||||||
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Trading securities
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242 | 313 | 1,084 | 1,362 | ||||||||||||
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Available-for-sale securities
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7,980 | 8,514 | 33,989 | 35,196 | ||||||||||||
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Held-to-maturity securities
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375 | 417 | 1,535 | 1,814 | ||||||||||||
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FHLB and FRB stock
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317 | 807 | 1,049 | 893 | ||||||||||||
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Total Interest and Dividend Income
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35,234 | 37,427 | 144,062 | 146,795 | ||||||||||||
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INTEREST EXPENSE
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Time certificates of deposits of $100,000 or more
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938 | 1,286 | 4,297 | 5,442 | ||||||||||||
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Other deposits
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2,873 | 4,340 | 13,380 | 18,769 | ||||||||||||
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Federal funds purchased and repurchase agreements
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1,349 | 1,565 | 5,418 | 6,254 | ||||||||||||
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Trust preferred debentures
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371 | 363 | 1,581 | 1,087 | ||||||||||||
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Other borrowings
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1,842 | 1,976 | 7,611 | 8,206 | ||||||||||||
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Total Interest Expense
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7,373 | 9,530 | 32,287 | 39,758 | ||||||||||||
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Net Interest Income
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27,861 | 27,897 | 111,775 | 107,037 | ||||||||||||
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Less: Provision for loan/lease losses
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1,433 | 2,758 | 8,507 | 9,288 | ||||||||||||
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Net Interest Income After Provision for Loan/Lease Losses
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26,428 | 25,139 | 103,268 | 97,749 | ||||||||||||
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NONINTEREST INCOME
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Investment services income
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3,564 | 3,502 | 14,329 | 13,328 | ||||||||||||
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Insurance commissions and fees
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3,016 | 2,870 | 12,738 | 12,307 | ||||||||||||
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Service charges on deposit accounts
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1,952 | 2,451 | 8,554 | 9,312 | ||||||||||||
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Card services income
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1,138 | 980 | 4,285 | 3,664 | ||||||||||||
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Mark-to-market (loss) gain on trading securities
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(339 | ) | (150 | ) | 219 | 204 | ||||||||||
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Mark-to-market gain (loss) on liabilities held at fair value
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500 | 502 | (441 | ) | 1,263 | |||||||||||
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Other income
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2,446 | 1,769 | 6,331 | 5,933 | ||||||||||||
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Net other-than-temporary impairment losses
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0 | 0 | (34 | ) | (146 | ) | ||||||||||
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Net gain on security transactions
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4 | 218 | 178 | 348 | ||||||||||||
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Total Noninterest Income
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12,281 | 12,142 | 46,159 | 46,213 | ||||||||||||
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NONINTEREST EXPENSES
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Salaries and wages
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10,911 | 10,597 | 42,530 | 40,459 | ||||||||||||
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Pension and other employee benefits
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3,554 | 3,281 | 14,523 | 13,367 | ||||||||||||
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Net occupancy expense of premises
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1,735 | 1,668 | 7,161 | 7,135 | ||||||||||||
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Furniture and fixture expense
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1,109 | 1,101 | 4,421 | 4,462 | ||||||||||||
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FDIC insurance
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1,022 | 1,648 | 3,768 | 4,976 | ||||||||||||
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Amortization of intangible assets
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175 | 213 | 762 | 915 | ||||||||||||
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Other operating expense
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6,677 | 6,423 | 25,880 | 25,303 | ||||||||||||
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Total Noninterest Expenses
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25,183 | 24,931 | 99,045 | 96,617 | ||||||||||||
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Income Before Income Tax Expense
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13,526 | 12,350 | 50,382 | 47,345 | ||||||||||||
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Income Tax Expense
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4,602 | 4,104 | 16,420 | 15,383 | ||||||||||||
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Net Income attributable to Noncontrolling Interests and Tompkins Financial Corporation
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8,924 | 8,246 | 33,962 | 31,962 | ||||||||||||
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Less: Net income attributable to noncontrolling interests
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32 | 32 | 131 | 131 | ||||||||||||
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Net Income Attributable to Tompkins Financial Corporation
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$ | 8,892 | $ | 8,214 | $ | 33,831 | $ | 31,831 | ||||||||
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Basic Earnings Per Share
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$ | 0.82 | $ | 0.77 | $ | 3.13 | $ | 2.98 | ||||||||
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Diluted Earnings Per Share
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$ | 0.81 | $ | 0.76 | $ | 3.11 | $ | 2.96 | ||||||||
Average Consolidated Balance Sheet and Net Interest Analysis
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Quarter Ended
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Year to Date Period Ended
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Year to Date Period Ended
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December 31, 2010
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December 31, 2010
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December 31, 2009
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Average
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Average
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Average
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Balance
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Average
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Balance
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Average
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Balance
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Average
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(Dollar amounts in thousands)
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(QTD)
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Interest
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Yield/Rate
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(YTD)
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Interest
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Yield/Rate
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(YTD)
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Interest
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Yield/Rate
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ASSETS
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Interest-earning assets
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Interest-bearing balances due from banks
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$ | 10,582 | $ | 4 | 0.15 | % | $ | 25,189 | $ | 31 | 0.12 | % | $ | 17,017 | $ | 27 | 0.16 | % | |||||||||||
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Money market funds
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100 | — | 0.00 | % | 100 | — | 0.00 | % | 17,130 | 36 | 0.21 | % | |||||||||||||||||
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Securities (1)
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U.S. Government Securities
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916,601 | 7,254 | 3.14 | % | 857,724 | 30,964 | 3.61 | % | 721,438 | 31,812 | 4.41 | % | |||||||||||||||||
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Trading Securities
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23,888 | 242 | 4.02 | % | 27,389 | 1,085 | 3.96 | % | 35,067 | 1,362 | 3.88 | % | |||||||||||||||||
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State and municipal (2)
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113,115 | 1,478 | 5.18 | % | 107,376 | 6,059 | 5.64 | % | 111,253 | 6,715 | 6.04 | % | |||||||||||||||||
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Other Securities (2)
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16,308 | 196 | 4.77 | % | 17,465 | 849 | 4.86 | % | 20,710 | 1,064 | 5.14 | % | |||||||||||||||||
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Total securities
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1,069,912 | 9,170 | 3.40 | % | 1,009,954 | 38,957 | 3.86 | % | 888,468 | 40,953 | 4.61 | % | |||||||||||||||||
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Federal Funds Sold
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4,121 | 2 | 0.19 | % | 9,233 | 17 | 0.18 | % | 8,542 | 15 | 0.18 | % | |||||||||||||||||
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FHLBNY and FRB stock
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19,807 | 317 | 6.35 | % | 19,597 | 1,049 | 5.35 | % | 20,274 | 893 | 4.40 | % | |||||||||||||||||
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Loans, net of unearned income (3)
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Real Estate
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1,361,886 | 18,732 | 5.46 | % | 1,345,540 | 75,610 | 5.62 | % | 1,284,063 | 75,479 | 5.88 | % | |||||||||||||||||
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Commercial Loans (2)
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458,064 | 6,126 | 5.30 | % | 461,339 | 24,730 | 5.36 | % | 466,076 | 25,461 | 5.46 | % | |||||||||||||||||
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Consumer Loans
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76,239 | 1,348 | 7.01 | % | 80,412 | 5,619 | 6.99 | % | 87,283 | 6,083 | 6.97 | % | |||||||||||||||||
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Direct Lease Financing
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9,650 | 145 | 5.96 | % | 10,692 | 643 | 6.01 | % | 13,031 | 784 | 6.02 | % | |||||||||||||||||
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Total loans, net of unearned income
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1,905,839 | 26,351 | 5.48 | % | 1,897,983 | 106,602 | 5.62 | % | 1,850,453 | 107,807 | 5.83 | % | |||||||||||||||||
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Total interest-earning assets
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3,010,361 | 35,844 | 4.72 | % | 2,962,056 | 146,656 | 4.95 | % | 2,801,884 | 149,731 | 5.34 | % | |||||||||||||||||
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Other assets
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233,461 | 229,784 | 207,123 | ||||||||||||||||||||||||||
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Total assets
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3,243,822 | 3,191,840 | 3,009,007 | ||||||||||||||||||||||||||
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LIABILITIES & EQUITY
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Deposits
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Interest-bearing deposits
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Interest bearing checking, savings, & money market
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1,253,844 | 1,218 | 0.39 | % | 1,226,852 | 5,994 | 0.49 | % | 1,128,648 | 8,694 | 0.77 | % | |||||||||||||||||
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Time Dep > $100,000
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309,262 | 938 | 1.20 | % | 327,626 | 4,297 | 1.31 | % | 303,761 | 5,442 | 1.79 | % | |||||||||||||||||
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Time Dep < $100,000
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433,962 | 1,602 | 1.46 | % | 432,804 | 6,984 | 1.61 | % | 420,351 | 9,223 | 2.19 | % | |||||||||||||||||
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Brokered Time Dep < $100,000
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15,740 | 53 | 1.34 | % | 24,886 | 402 | 1.62 | % | 43,218 | 852 | 1.97 | % | |||||||||||||||||
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Total interest-bearing deposits
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2,012,808 | 3,811 | 0.75 | % | 2,012,168 | 17,677 | 0.88 | % | 1,895,978 | 24,211 | 1.28 | % | |||||||||||||||||
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Federal funds purchased & securities sold under agreements to repurchase repurchase
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191,622 | 1,349 | 2.79 | % | 185,563 | 5,418 | 2.92 | % | 190,975 | 6,254 | 3.27 | % | |||||||||||||||||
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Other borrowings
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195,508 | 1,842 | 3.74 | % | 193,296 | 7,611 | 3.94 | % | 204,467 | 8,206 | 4.01 | % | |||||||||||||||||
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Trust preferred debentures
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25,060 | 371 | 5.87 | % | 25,058 | 1,581 | 6.31 | % | 17,311 | 1,087 | 6.28 | % | |||||||||||||||||
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Total interest-bearing liabilities
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2,424,998 | 7,373 | 1.21 | % | 2,416,085 | 32,287 | 1.34 | % | 2,308,731 | 39,758 | 1.72 | % | |||||||||||||||||
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Noninterest bearing deposits
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495,781 | 468,219 | 427,025 | ||||||||||||||||||||||||||
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Accrued expenses and other liabilities
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42,992 | 41,593 | 40,242 | ||||||||||||||||||||||||||
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Total liabilities
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2,963,771 | 2,925,897 | 2,775,998 | ||||||||||||||||||||||||||
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Tompkins Financial Corporation Shareholders’ equity
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278,508 | 264,431 | 231,498 | ||||||||||||||||||||||||||
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Noncontrolling interest
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1,543 | 1,512 | 1,511 | ||||||||||||||||||||||||||
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Total equity
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280,051 | 265,943 | 233,009 | ||||||||||||||||||||||||||
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Total liabilities and equity
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$ | 3,243,822 | $ | 3,191,840 | $ | 3,009,007 | |||||||||||||||||||||||
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Interest rate spread
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3.51 | % | 3.61 | % | 3.62 | % | |||||||||||||||||||||||
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Net interest income/margin on earning assets
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28,471 | 3.75 | % | 114,369 | 3.86 | % | 109,973 | 3.92 | % | ||||||||||||||||||||
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Tax Equivalent Adjustment
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(610 | ) | (2,594 | ) | (2,936 | ) | |||||||||||||||||||||||
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Net interest income per consolidated financial statements
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$ | 27,861 | $ | 111,775 | $ | 107,037 | |||||||||||||||||||||||
(1) Average balances and yields on available-for-sale securities are based on historical amortized cost.
(2) Interest income includes the tax effects of taxable-equivalent adjustments using a combined New York State and Federal effective income tax rate of 40% to increase tax exempt interest income to taxable-equivalent basis.
(3) Nonaccrual loans are included in the average asset totals presented above. Payments received on nonaccrual loans have been recognized as disclosed in Note 1 of the Company’s condensed consolidated financial statements included in Part I of the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2009.
Tompkins Financial Corporation - Summary Financial Data (Unaudited)
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Quarter-Ended
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Year-Ended
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||||||||||||||||||||||
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(In thousands, except per share data
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Dec-10
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Sep-10
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Jun-10
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Mar-10
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Dec-09
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Dec-10
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Period End Balance Sheet
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Securities
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$ | 1,117,418 | $ | 1,053,038 | $ | 1,023,220 | $ | 1,026,301 | $ | 1,005,313 | $ | 1,117,418 | ||||||||||||
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Loans and leases, net of unearned income and deferred costs and fees
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1,910,358 | 1,914,064 | 1,900,303 | 1,887,038 | 1,914,818 | 1,910,358 | ||||||||||||||||||
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Allowance for loan and lease losses
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27,832 | 28,684 | 26,530 | 25,366 | 24,350 | 27,832 | ||||||||||||||||||
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Total assets
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3,260,343 | 3,247,111 | 3,161,648 | 3,206,763 | 3,153,260 | 3,260,343 | ||||||||||||||||||
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Total deposits
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2,495,873 | 2,528,528 | 2,460,223 | 2,512,201 | 2,439,864 | 2,495,873 | ||||||||||||||||||
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Federal funds purchased and securities sold under agreements to repurchase
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183,609 | 191,596 | 175,336 | 181,255 | 192,784 | 183,609 | ||||||||||||||||||
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Other borrowings
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244,193 | 182,779 | 189,561 | 190,545 | 208,965 | 244,193 | ||||||||||||||||||
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Trust preferred debentures
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25,060 | 25,059 | 25,058 | 25,057 | 25,056 | 25,060 | ||||||||||||||||||
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Shareholders’ equity
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273,408 | 276,495 | 268,683 | 254,444 | 245,008 | 273,408 | ||||||||||||||||||
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Average Balance Sheet
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Average earning assets
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$ | 3,010,361 | $ | 2,937,795 | $ | 2,953,673 | $ | 2,945,953 | $ | 2,920,269 | $ | 2,962,056 | ||||||||||||
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Average assets
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3,243,822 | 3,168,478 | 3,181,476 | 3,173,064 | 3,132,599 | 3,191,840 | ||||||||||||||||||
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Average interest-bearing liabilities
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2,424,998 | 2,372,630 | 2,424,245 | 2,443,145 | 2,408,997 | 2,416,085 | ||||||||||||||||||
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Average equity
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280,051 | 273,517 | 260,197 | 249,586 | 245,176 | 265,943 | ||||||||||||||||||
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Share data
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Weighted average shares outstanding (basic)
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10,888,138 | 10,845,106 | 10,818,218 | 10,724,644 | 10,702,447 | 10,812,502 | ||||||||||||||||||
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Weighted average shares outstanding (diluted)
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10,936,042 | 10,893,642 | 10,876,421 | 10,776,934 | 10,752,737 | 10,864,450 | ||||||||||||||||||
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Period-end shares outstanding
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10,898,475 | 10,878,813 | 10,830,001 | 10,793,573 | 9,752,619 | 10,898,475 | ||||||||||||||||||
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Book value per share
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25.09 | 25.42 | 24.81 | 23.57 | 22.84 | 25.09 | ||||||||||||||||||
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Income Statement
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Net interest income
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$ | 27,861 | $ | 27,864 | $ | 28,106 | $ | 27,944 | $ | 27,897 | $ | 111,775 | ||||||||||||
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Provision for loan/lease losses
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1,433 | 3,483 | 1,408 | 2,183 | 2,758 | 8,507 | ||||||||||||||||||
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Noninterest income
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12,281 | 11,227 | 11,331 | 11,320 | 12,142 | 46,159 | ||||||||||||||||||
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Noninterest expense
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25,183 | 24,852 | 24,516 | 24,494 | 24,931 | 99,045 | ||||||||||||||||||
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Income tax expense
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4,602 | 3,233 | 4,447 | 4,138 | 4,104 | 16,420 | ||||||||||||||||||
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Net income attributable to Tompkins Financial
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8,892 | 7,490 | 9,033 | 8,416 | 8,214 | 33,831 | ||||||||||||||||||
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Noncontrolling interests
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32 | 33 | 33 | 33 | 32 | 131 | ||||||||||||||||||
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Basic earnings per share
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$ | 0.82 | $ | 0.69 | $ | 0.84 | $ | 0.78 | $ | 0.77 | $ | 3.13 | ||||||||||||
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Diluted earnings per share
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$ | 0.81 | $ | 0.69 | $ | 0.83 | $ | 0.78 | $ | 0.76 | $ | 3.11 | ||||||||||||
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Asset Quality
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Net charge-offs
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2,285 | 1,329 | 244 | 1,167 | 1,208 | 5,025 | ||||||||||||||||||
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Nonaccrual loans and leases
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41,501 | 48,966 | 33,645 | 29,521 | 31,289 | 41,501 | ||||||||||||||||||
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Loans and leases 90 days past due and accruing
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1,217 | 1,737 | 1,758 | 51 | 369 | 1,217 | ||||||||||||||||||
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Troubled debt restructurings not included above
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2,564 | 3,264 | 3,264 | 3,703 | 3,265 | 2,564 | ||||||||||||||||||
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Total nonperforming loans and leases
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45,282 | 53,967 | 38,667 | 33,275 | 34,923 | 45,282 | ||||||||||||||||||
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OREO
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1,255 | 1,845 | 1,638 | 558 | 299 | 1,255 | ||||||||||||||||||
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Nonperforming assets
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46,537 | 55,812 | 40,305 | 33,833 | 35,222 | 46,537 | ||||||||||||||||||
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Quarter-Ended
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Year-Ended
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RATIO ANALYSIS
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Dec-10
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Sep-10
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Jun-10
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Mar-10
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Dec-09
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Dec-10
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Credit Quality
|
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Net loan and lease losses/ average loans and leases *
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0.48 | % | 0.28 | % | 0.05 | % | 0.25 | % | 0.25 | % | 0.26 | % | ||||||||||||
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Nonperforming loans and leases/loans and leases
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2.37 | % | 2.82 | % | 2.03 | % | 1.76 | % | 1.82 | % | 2.37 | % | ||||||||||||
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Nonperforming assets/assets
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1.43 | % | 1.72 | % | 1.27 | % | 1.06 | % | 1.12 | % | 1.43 | % | ||||||||||||
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Allowance/nonperforming loans and leases
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61.46 | % | 53.15 | % | 68.61 | % | 76.23 | % | 69.72 | % | 61.46 | % | ||||||||||||
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Allowance/loans and leases
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1.46 | % | 1.50 | % | 1.40 | % | 1.34 | % | 1.27 | % | 1.46 | % | ||||||||||||
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Capital Adequacy (period-end)
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Tier I capital / average assets
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8.02 | % | 8.01 | % | 7.77 | % | 7.56 | % | 7.44 | % | 8.02 | % | ||||||||||||
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Total capital / risk-weighted assets
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13.42 | % | 13.14 | % | 13.10 | % | 12.56 | % | 12.14 | % | 13.42 | % | ||||||||||||
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Profitability
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Return on average assets *
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1.09 | % | 0.94 | % | 1.14 | % | 1.08 | % | 1.04 | % | 1.06 | % | ||||||||||||
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Return on average equity *
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12.60 | % | 10.86 | % | 13.92 | % | 13.68 | % | 13.29 | % | 12.72 | % | ||||||||||||
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Net interest margin (TE) *
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3.75 | % | 3.85 | % | 3.91 | % | 3.95 | % | 3.89 | % | 3.86 | % | ||||||||||||
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* Quarterly ratios have been annualized
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Quarter-Ended
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Year-Ended
|
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|
Dec-10
|
Sep-10
|
Jun-10
|
Mar-10
|
Dec-09
|
Dec-10
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Non-GAAP Disclosure
|
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Reported net income
|
$ | 8,892 | $ | 7,490 | $ | 9,033 | $ | 8,416 | $ | 8,214 | $ | 33,831 | ||||||||||||
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Adjustments:
|
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Adjusted net income
|
8,892 | 7,490 | 9,033 | 8,416 | 8,214 | 33,831 | ||||||||||||||||||
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Weighted average shares outstanding (diluted)
|
10,936,042 | 10,893,641 | 10,876,421 | 10,776,934 | 10,752,737 | 10,864,450 | ||||||||||||||||||
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Adjusted diluted earnings per share
|
$ | 0.81 | $ | 0.69 | $ | 0.83 | $ | 0.78 | $ | 0.76 | $ | 3.11 | ||||||||||||
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Year-to-date period ended
|
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|
|
Dec-10
|
Dec-09
|
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|
Non-GAAP Disclosure
|
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|
Reported net income
|
$ | 33,831 | $ | 31,831 | ||||
|
Adjustments:
|
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|
FDIC special insurance assessment (after-tax)
|
— | 822 | ||||||
|
Subtotal adjustments
|
— | 822 | ||||||
|
Adjusted net income
|
33,831 | 32,653 | ||||||
|
Weighted average shares outstanding (diluted)
|
10,864,450 | 10,759,302 | ||||||
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Adjusted diluted earnings per share
|
$ | 3.11 | $ | 3.03 | ||||