Attached files
| file | filename |
|---|---|
| 8-K - SHORE BANCSHARES INC | v209571_8k.htm |
Exhibit
99.1
Shore
Bancshares, Inc.
18
E. Dover Street
Easton,
Maryland 21601
Phone
410-763-7800
PRESS
RELEASE
Shore Bancshares Reports
2010 Results
Easton,
Maryland (1/26/2011) - Shore Bancshares, Inc. (NASDAQ - SHBI) reported net
income of $850 thousand or $0.10 per diluted common share for the fourth quarter
of 2010, compared to a net loss of $1.4 million or $(0.17) per diluted common
share for the third quarter of 2010, and net income of $1.2 million or $0.14 per
diluted common share for the fourth quarter of 2009. The main
contributors to the fluctuations in net income were goodwill impairment charges
during the third quarter of 2010 and provisions for credit
losses. During the third quarter of 2010, the Company recorded
goodwill impairment charges of $3.0 million and other intangible assets
impairment charges of $51 thousand. The provision for credit losses
was $4.4 million in the fourth quarter of 2010, which was $199 thousand higher
than the provision for the third quarter of 2010 and $724 thousand higher than
the provision for the fourth quarter of 2009.
The
Company reported a net loss of $1.7 million or $(0.20) per diluted common share
for 2010, compared to net income of $5.4 million or $0.64 per diluted common
share for 2009. The 2010 net loss included the previously mentioned
goodwill and other intangible assets impairment charges of $3.051
million. The provision for credit losses was $21.1 million and $9.0
million for 2010 and 2009, respectively. For 2009, net income
available to common shareholders was negatively impacted by $1.9 million in
dividends and discount accretion associated with the sale and subsequent repurchase of
preferred stock under the U.S. Department of the Treasury’s Troubled Asset
Relief Program Capital Purchase Program.
“We are proactively managing our way
through a very tough operating environment for community banks. At this stage of
the persistent cycle, even traditionally resilient
markets with the best demographics such as those within our Delmarva footprint
are showing strain,” said W. Moorhead Vermilye, chief executive
officer.
“Although it was a disappointing year,
we produced a modest profit for the fourth quarter. The company’s net
interest margin was a respectable 4.09% for the fourth quarter, up 9 basis
points over the third quarter and ahead 19 basis points from the final quarter
of 2009. We again set aside a substantial provision for credit losses in the
fourth quarter, bringing our total provision for the full year to over $21
million, which we believe is prudent given the impact the economic downturn has
had on our real estate markets.”
“Our capital ratios continue to remain
healthy, with year-to-date average equity to average
assets of 11.05% and average tangible equity to average
tangible assets of 9.43%. We remain
well-capitalized, with our capital ratios continuing to be well in excess of
regulatory minimums,” said Vermilye.
The Company’s return on average assets
for the fourth quarter of 2010 was 0.30%, compared to (0.49)% and 0.41% for the
quarters ended September 30, 2010 and December 31, 2009,
respectively. The return on average stockholders’ equity was 2.73%
for the fourth quarter of 2010, compared to (4.43)% for the third quarter of
2010 and 3.75% for the fourth quarter of 2009.
The Company’s return on average assets
for 2010 was (0.15)%, compared to 0.48% for 2009. The return on
average stockholders’ equity was (1.33)% and 4.00% for 2010 and 2009,
respectively.
Page 2 of 10
Total assets were $1.130 billion at
December 31, 2010, compared to $1.157 billion at the end of 2009, a decrease of
2.3%. Total loans were $895.4 million, a decrease of 2.3%, and total
deposits were $979.5 million, a decrease of 1.2%, when
compared to December 31, 2009. At December 31, 2010, total
stockholders’ equity was $122.5 million, a decrease of 4.1% from $127.8 million
at the end of 2009. At the end of 2010, goodwill reflected the $3.0
million impairment charge and a $724 thousand increase related to a contingent
payment to be made to Jack Martin and Associates, Inc. for meeting performance
criteria outlined in its acquisition agreement.
Review of Quarterly Financial
Results
Net
interest income for the fourth quarter of 2010 was $10.9 million, a 1.7%
increase from the third quarter of 2010 and a slight increase from the fourth
quarter of 2009. The increase in net interest income when compared to
the third quarter of 2010 and the fourth quarter of 2009 was primarily due to a
decrease in the balances of and rates paid on interest bearing liabilities that
more than offset the decline in the balances of earning assets. The
Company’s net interest margin was 4.09% for the fourth quarter of 2010, an
increase of 9 basis points when compared to the third quarter of 2010 and an
increase of 19 basis points when compared to the fourth quarter of
2009.
As previously mentioned, the provision
for credit losses was $4.4 million for the three months ended December 31, 2010,
compared to $4.2 million and $3.7 million for the three months ended September
30, 2010 and the three
months ended December 31,
2009, respectively. The ratio of the allowance for credit losses to
period-end loans was 1.59% at December 31, 2010, compared to 1.45% at September
30, 2010 and 1.19% at December 31, 2009. Management believes that the
provision for credit losses and the resulting allowance were adequate at
December 31, 2010.
The continued large level of provision
for credit losses was primarily in response to the overall increase in
nonperforming assets and loan charge-offs, as well as overall economic
conditions. Net
charge-offs were $3.3 million for the fourth quarter of 2010, $4.3 million for
the third quarter of 2010 and $3.5 million for the fourth quarter of
2009. The ratio of quarter-to-date annualized net charge-offs to
average loans was 1.46% for the fourth quarter of 2010, 1.90% for the third
quarter of 2010 and 1.51% for the fourth quarter of 2009. The ratio of
nonperforming assets to total assets was 3.53% at December 31,
2010. The comparable nonperforming asset ratio was 3.38% at September
30, 2010, and 1.63% at December 31, 2009.
Total
noninterest income for the fourth quarter of 2010 was $3.9 million, a decrease
of $695 thousand, or 15.0%, when compared to the third quarter of 2010 and a
decrease of $177 thousand, or 4.3%, when compared to the fourth quarter of
2009. Most of the decrease when compared to the third quarter of 2010
was due to a $397 thousand decrease in insurance agency commissions and a $224
thousand gain in the third quarter relating to the surrender of directors’ life
insurance policies. The decrease when compared to the fourth quarter
of 2009 was mainly due to a decrease in mortgage broker fees of $131
thousand. During 2010, the Company closed its mortgage brokerage
subsidiary and now conducts brokerage activities through a minority series
investment in an unrelated Delaware limited liability company under the name
“Wye Mortgage Group”.
Total
noninterest expense for the fourth quarter of 2010 was $9.1 million, a decrease
of $3.5 million, or 28.1%, when compared to the third quarter of 2010 mainly due
to third quarter goodwill impairment charges of $3.0 million and other
intangible assets impairment charges of $51 thousand. Excluding the
goodwill and other intangible assets impairment charges, total noninterest
expense decreased $496 thousand, or 5.2%, when compared to the third quarter of
2010. When compared to the fourth quarter of 2009, total noninterest
expense for the fourth quarter of 2010 decreased $293 thousand, or 3.1%,
primarily due to lower salaries and wages expense.
Review of 2010 Financial
Results
Net interest income for 2010 was $42.6
million, an increase of 3.0% when compared to 2009. The
increase was primarily due to lower rates paid on interest bearing liabilities
offsetting the decline in yields on earning assets. The net interest margin increased from
3.90% for 2009 to 4.02% for 2010.
Page 3 of 10
The provisions for credit losses for
2010 and 2009 were $21.1 million and $9.0 million, respectively. Net
charge-offs were $17.8 million and $7.4 million for 2010 and 2009, respectively.
The ratio of year-to-date
annualized net charge-offs to average loans was 1.96% for 2010 and 0.81% for
2009.
Total noninterest income for
2010 was $18.0 million, a decline of $1.5
million, or 7.7%, when compared to 2009. The
decrease in noninterest income was mainly due to a decline in insurance agency
commissions of $1.0 million and mortgage broker fees of $666
thousand.
Total noninterest expense for 2010 was
$41.7 million, an increase of $1.5 million, or 3.7%, when compared to
2009. The increase in noninterest expense was primarily due to the
goodwill and other intangible assets impairment charges and higher expenses related to
collection and other real estate owned activities which were partially offset by
lower expenses accrued for bonus and profit sharing plans, lower insurance
agency commissions expense and lower FDIC insurance premium expense. Excluding the goodwill and
other intangible assets impairment charges, total noninterest expense decreased
$1.6 million, or 3.9%, when compared to 2009.
Shore Bancshares
Information
Shore
Bancshares, Inc. is a financial holding company headquartered in Easton,
Maryland and is the largest independent bank holding company located on
Maryland’s Eastern Shore. It is the parent company of two banks, The
Talbot Bank of Easton, Maryland, and CNB; three insurance producer firms, The
Avon-Dixon Agency, LLC, Elliott Wilson Insurance, LLC and Jack Martin and
Associates, Inc; a wholesale insurance company, TSGIA, Inc; two insurance
premium finance companies, Mubell Finance, LLC and ESFS, Inc; and a registered
investment adviser firm, Wye Financial Services, LLC. Shore
Bancshares, Inc. engages in the mortgage broker business under the name “Wye
Mortgage Group” through a minority series investment in an unrelated Delaware
limited liability company. Additional information is available at www.shbi.com.
Forward-Looking
Statements
This
press release contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
do not represent historical facts, but statements about management’s beliefs,
plans and objectives. These statements are evidenced by terms such as
“anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar
expressions. Although these statements reflect management’s good
faith beliefs and projections, they are not guarantees of future performance and
they may not prove true. These projections involve risk and
uncertainties that could cause actual results to differ materially from those
addressed in the forward-looking statements. For a discussion of
these risks and uncertainties, see the section of the periodic reports filed by
Shore Bancshares, Inc. with the
Securities and Exchange Commission entitled “Risk Factors”.
For
further information contact: W. Moorhead Vermilye, Chief Executive Officer,
410-763-7800
|
Shore
Bancshares, Inc.
|
Page
4 of 10
|
Financial
Highlights
(Dollars
in thousands, except per share data)
|
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||||||||||
|
2010
|
2009
|
%
Change
|
2010
|
2009
|
%
Change
|
|||||||||||||||||||
|
PROFITABILITY
FOR THE PERIOD
|
||||||||||||||||||||||||
|
Net
interest income
|
$ | 10,866 | $ | 10,806 | 0.6 | % | $ | 42,639 | $ | 41,378 | 3.0 | % | ||||||||||||
|
Provision
for credit losses
|
4,392 | 3,668 | 19.7 | 21,119 | 8,986 | 135.0 | ||||||||||||||||||
|
Noninterest
income
|
3,948 | 4,125 | (4.3 | ) | 18,041 | 19,541 | (7.7 | ) | ||||||||||||||||
|
Noninterest
expense
|
9,082 | 9,375 | (3.1 | ) | 41,720 | 40,248 | 3.7 | |||||||||||||||||
|
Income
(loss) before income taxes
|
1,340 | 1,888 | (29.0 | ) | (2,159 | ) | 11,685 | (118.5 | ) | |||||||||||||||
|
Income
tax expense (benefit)
|
490 | 672 | (27.1 | ) | (492 | ) | 4,412 | (111.2 | ) | |||||||||||||||
|
Net
income (loss)
|
850 | 1,216 | (30.1 | ) | (1,667 | ) | 7,273 | (122.9 | ) | |||||||||||||||
|
Preferred
stock dividends and discount accretion
|
- | - | - | - | 1,876 | (100.0 | ) | |||||||||||||||||
|
Net
income (loss) available to common shareholders
|
$ | 850 | $ | 1,216 | (30.1 | ) | $ | (1,667 | ) | $ | 5,397 | (130.9 | ) | |||||||||||
|
Return
on average assets (1)
|
0.30 | % | 0.41 | % | (26.8 | )% | (0.15 | )% | 0.48 | % | (131.3 | )% | ||||||||||||
|
Return
on average equity (1)
|
2.73 | 3.75 | (27.2 | ) | (1.33 | ) | 4.00 | (133.3 | ) | |||||||||||||||
|
Net
interest margin
|
4.09 | 3.90 | 4.9 | 4.02 | 3.90 | 3.1 | ||||||||||||||||||
|
Efficiency
ratio - GAAP based
|
61.31 | 62.79 | (2.4 | ) | 68.75 | 66.07 | 4.1 | |||||||||||||||||
|
PER
SHARE DATA
|
||||||||||||||||||||||||
|
Basic
net income (loss) per share
|
$ | 0.10 | $ | 0.14 | (28.6 | )% | $ | (0.20 | ) | $ | 0.86 | (123.3 | )% | |||||||||||
|
Basic
net income (loss) per common share
|
0.10 | 0.14 | (28.6 | ) | (0.20 | ) | 0.64 | (131.3 | ) | |||||||||||||||
|
Diluted
net income (loss) per share
|
0.10 | 0.14 | (28.6 | ) | (0.20 | ) | 0.86 | (123.3 | ) | |||||||||||||||
|
Diluted
net income (loss) per common share
|
0.10 | 0.14 | (28.6 | ) | (0.20 | ) | 0.64 | (131.3 | ) | |||||||||||||||
|
Dividends
paid per common share
|
0.06 | 0.16 | (62.5 | ) | 0.24 | 0.64 | (62.5 | ) | ||||||||||||||||
|
Book
value per common share at period end
|
14.51 | 15.18 | (4.4 | ) | ||||||||||||||||||||
|
Tangible
book value per common share at period end
|
12.32 | 12.64 | (2.5 | ) | ||||||||||||||||||||
|
Market
value at period end
|
10.54 | 14.50 | (27.3 | ) | ||||||||||||||||||||
|
Market
range:
|
||||||||||||||||||||||||
|
High
|
10.73 | 17.71 | (39.4 | ) | 14.80 | 24.43 | (39.4 | ) | ||||||||||||||||
|
Low
|
9.25 | 13.52 | (31.6 | ) | 9.20 | 11.00 | (16.4 | ) | ||||||||||||||||
|
PERIOD-END
BALANCE SHEET DATA
|
||||||||||||||||||||||||
|
Loans
|
$ | 895,404 | $ | 916,557 | (2.3 | )% | ||||||||||||||||||
|
Securities
|
105,782 | 106,535 | (0.7 | ) | ||||||||||||||||||||
|
Assets
|
1,130,311 | 1,156,516 | (2.3 | ) | ||||||||||||||||||||
|
Deposits
|
979,516 | 990,937 | (1.2 | ) | ||||||||||||||||||||
|
Stockholders'
equity
|
122,513 | 127,810 | (4.1 | ) | ||||||||||||||||||||
|
AVERAGE
BALANCE SHEET DATA
|
||||||||||||||||||||||||
|
Loans
|
$ | 903,075 | $ | 921,908 | (2.0 | )% | $ | 906,732 | $ | 913,631 | (0.8 | )% | ||||||||||||
|
Securities
|
103,600 | 104,561 | (0.9 | ) | 107,242 | 92,354 | 16.1 | |||||||||||||||||
|
Earning
assets
|
1,060,645 | 1,104,919 | (4.0 | ) | 1,068,264 | 1,068,601 | - | |||||||||||||||||
|
Assets
|
1,128,517 | 1,169,337 | (3.5 | ) | 1,136,916 | 1,128,912 | 0.7 | |||||||||||||||||
|
Deposits
|
978,444 | 1,002,982 | (2.4 | ) | 980,332 | 949,660 | 3.2 | |||||||||||||||||
|
Stockholders'
equity
|
123,341 | 128,715 | (4.2 | ) | 125,586 | 134,978 | (7.0 | ) | ||||||||||||||||
|
CAPITAL
AND CREDIT QUALITY RATIOS
|
||||||||||||||||||||||||
|
Average
equity to average assets
|
10.93 | % | 11.01 | % | 11.05 | % | 11.96 | % | ||||||||||||||||
|
Annualized
net charge-offs to average loans
|
1.46 | 1.51 | 1.96 | 0.81 | ||||||||||||||||||||
|
Allowance
for credit losses to period-end loans
|
1.59 | 1.19 | ||||||||||||||||||||||
|
Nonperforming
assets to total loans+other real estate owned
|
4.44 | 2.05 | ||||||||||||||||||||||
|
Nonperforming
assets to total assets
|
3.53 | 1.63 | ||||||||||||||||||||||
|
Nonperforming
assets+Loans 90 days past due and still accruing to total loans+other real
estate owned
|
4.97 | 2.86 | ||||||||||||||||||||||
|
Nonperforming
assets+Loans 90 days past due and still accruing to total
assets
|
3.95 | 2.27 | ||||||||||||||||||||||
(1)
Calculation uses net income (loss) available to common
shareholders.
|
Shore
Bancshares, Inc.
|
Page
5 of 10
|
Consolidated
Balance Sheets
(In
thousands, except per share data)
|
Dec. 31, 2010
|
||||||||||||
|
Dec. 31,
|
Dec. 31,
|
compared to
|
||||||||||
|
2010
|
2009
|
Dec. 31, 2009
|
||||||||||
|
ASSETS
|
||||||||||||
|
Cash
and due from banks
|
$ | 19,680 | $ | 14,411 | 36.6 | % | ||||||
|
Interest-bearing
deposits with other banks
|
21,593 | 598 | 3,510.9 | |||||||||
|
Federal
funds sold
|
36,691 | 60,637 | (39.5 | ) | ||||||||
|
Investments
available-for-sale (at fair value)
|
99,055 | 97,595 | 1.5 | |||||||||
|
Investments
held-to-maturity
|
6,727 | 8,940 | (24.8 | ) | ||||||||
|
Loans
|
895,404 | 916,557 | (2.3 | ) | ||||||||
|
Less:
allowance for credit losses
|
(14,227 | ) | (10,876 | ) | 30.8 | |||||||
|
Loans,
net
|
881,177 | 905,681 | (2.7 | ) | ||||||||
|
Premises
and equipment, net
|
14,483 | 14,307 | 1.2 | |||||||||
|
Goodwill
|
13,678 | 15,954 | (14.3 | ) | ||||||||
|
Other
intangible assets, net
|
4,840 | 5,406 | (10.5 | ) | ||||||||
|
Other
real estate and other assets owned, net
|
3,702 | 2,572 | 43.9 | |||||||||
|
Other
assets
|
28,685 | 30,415 | (5.7 | ) | ||||||||
|
Total
assets
|
$ | 1,130,311 | $ | 1,156,516 | (2.3 | ) | ||||||
|
LIABILITIES
|
||||||||||||
|
Noninterest-bearing
deposits
|
$ | 124,188 | $ | 122,492 | 1.4 | |||||||
|
Interest-bearing
deposits
|
855,328 | 868,445 | (1.5 | ) | ||||||||
|
Total
deposits
|
979,516 | 990,937 | (1.2 | ) | ||||||||
|
Short-term
borrowings
|
16,041 | 20,404 | (21.4 | ) | ||||||||
|
Accrued
expenses and other liabilities
|
11,309 | 15,936 | (29.0 | ) | ||||||||
|
Long-term
debt
|
932 | 1,429 | (34.8 | ) | ||||||||
|
Total
liabilities
|
1,007,798 | 1,028,706 | (2.0 | ) | ||||||||
|
STOCKHOLDERS'
EQUITY
|
||||||||||||
|
Common
stock, par value $0.01; authorized 35,000,000 shares
|
84 | 84 | - | |||||||||
|
Warrant
|
1,543 | 1,543 | - | |||||||||
|
Additional
paid in capital
|
30,242 | 29,872 | 1.2 | |||||||||
|
Retained
earnings
|
92,458 | 96,151 | (3.8 | ) | ||||||||
|
Accumulated
other comprehensive (loss) income
|
(1,814 | ) | 160 | (1,233.8 | ) | |||||||
|
Total
stockholders' equity
|
122,513 | 127,810 | (4.1 | ) | ||||||||
|
Total
liabilities and stockholders' equity
|
$ | 1,130,311 | $ | 1,156,516 | (2.3 | ) | ||||||
|
Period-end
common shares outstanding
|
8,443 | 8,419 | 0.3 | |||||||||
|
Book
value per common share
|
$ | 14.51 | $ | 15.18 | (4.4 | ) | ||||||
|
Page
6 of 10
|
Consolidated
Statements of Income
(In
thousands, except per share data)
|
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||||||||||
|
2010
|
2009
|
% Change
|
2010
|
2009
|
% Change
|
|||||||||||||||||||
|
INTEREST
INCOME
|
||||||||||||||||||||||||
|
Interest
and fees on loans
|
$ | 12,958 | $ | 13,837 | (6.4 | )% | $ | 51,962 | $ | 55,209 | (5.9 | )% | ||||||||||||
|
Interest
and dividends on investment securities:
|
||||||||||||||||||||||||
|
Taxable
|
804 | 860 | (6.5 | ) | 3,209 | 3,184 | 0.8 | |||||||||||||||||
|
Tax-exempt
|
47 | 60 | (21.7 | ) | 212 | 301 | (29.6 | ) | ||||||||||||||||
|
Interest
on federal funds sold
|
13 | 23 | (43.5 | ) | 60 | 84 | (28.6 | ) | ||||||||||||||||
|
Interest
on deposits with other banks
|
7 | - | - | 18 | 11 | 63.6 | ||||||||||||||||||
|
Total
interest income
|
13,829 | 14,780 | (6.4 | ) | 55,461 | 58,789 | (5.7 | ) | ||||||||||||||||
|
INTEREST
EXPENSE
|
||||||||||||||||||||||||
|
Interest
on deposits
|
2,937 | 3,924 | (25.2 | ) | 12,681 | 17,018 | (25.5 | ) | ||||||||||||||||
|
Interest
on short-term borrowings
|
15 | 31 | (51.6 | ) | 83 | 127 | (34.6 | ) | ||||||||||||||||
|
Interest
on long-term debt
|
11 | 19 | (42.1 | ) | 58 | 266 | (78.2 | ) | ||||||||||||||||
|
Total
interest expense
|
2,963 | 3,974 | (25.4 | ) | 12,822 | 17,411 | (26.4 | ) | ||||||||||||||||
|
NET
INTEREST INCOME
|
10,866 | 10,806 | 0.6 | 42,639 | 41,378 | 3.0 | ||||||||||||||||||
|
Provision
for credit losses
|
4,392 | 3,668 | 19.7 | 21,119 | 8,986 | 135.0 | ||||||||||||||||||
|
NET
INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
|
6,474 | 7,138 | (9.3 | ) | 21,520 | 32,392 | (33.6 | ) | ||||||||||||||||
|
NONINTEREST
INCOME
|
||||||||||||||||||||||||
|
Service
charges on deposit accounts
|
799 | 866 | (7.7 | ) | 3,257 | 3,424 | (4.9 | ) | ||||||||||||||||
|
Trust
and investment fee income
|
358 | 350 | 2.3 | 1,503 | 1,100 | 36.6 | ||||||||||||||||||
|
Investment
securities gains (losses)
|
- | - | - | - | 49 | (100.0 | ) | |||||||||||||||||
|
Insurance
agency commissions
|
2,116 | 2,159 | (2.0 | ) | 10,113 | 11,131 | (9.1 | ) | ||||||||||||||||
|
Other
noninterest income
|
675 | 750 | (10.0 | ) | 3,168 | 3,837 | (17.4 | ) | ||||||||||||||||
|
Total
noninterest income
|
3,948 | 4,125 | (4.3 | ) | 18,041 | 19,541 | (7.7 | ) | ||||||||||||||||
|
NONINTEREST
EXPENSE
|
||||||||||||||||||||||||
|
Salaries
and wages
|
4,220 | 4,424 | (4.6 | ) | 17,477 | 18,488 | (5.5 | ) | ||||||||||||||||
|
Employee
benefits
|
893 | 840 | 6.3 | 3,829 | 4,631 | (17.3 | ) | |||||||||||||||||
|
Occupancy
expense
|
562 | 572 | (1.7 | ) | 2,328 | 2,324 | 0.2 | |||||||||||||||||
|
Furniture
and equipment expense
|
262 | 268 | (2.2 | ) | 1,200 | 1,183 | 1.4 | |||||||||||||||||
|
Data
processing
|
620 | 598 | 3.7 | 2,607 | 2,463 | 5.8 | ||||||||||||||||||
|
Directors'
fees
|
68 | 84 | (19.0 | ) | 412 | 478 | (13.8 | ) | ||||||||||||||||
|
Goodwill
and other intangible assets impairment
|
- | - | - | 3,051 | - | - | ||||||||||||||||||
|
Amortization
of intangible assets
|
129 | 129 | - | 515 | 515 | - | ||||||||||||||||||
|
Insurance
agency commissions expense
|
339 | 398 | (14.8 | ) | 1,569 | 1,913 | (18.0 | ) | ||||||||||||||||
|
FDIC
insurance premium expense
|
445 | 457 | (2.6 | ) | 1,834 | 2,078 | (11.7 | ) | ||||||||||||||||
|
Other
noninterest expenses
|
1,544 | 1,605 | (3.8 | ) | 6,898 | 6,175 | 11.7 | |||||||||||||||||
|
Total
noninterest expense
|
9,082 | 9,375 | (3.1 | ) | 41,720 | 40,248 | 3.7 | |||||||||||||||||
|
Income
(loss) before income taxes
|
1,340 | 1,888 | (29.0 | ) | (2,159 | ) | 11,685 | (118.5 | ) | |||||||||||||||
|
Income
tax expense (benefit)
|
490 | 672 | (27.1 | ) | (492 | ) | 4,412 | (111.2 | ) | |||||||||||||||
|
NET
INCOME (LOSS)
|
850 | 1,216 | (30.1 | ) | (1,667 | ) | 7,273 | (122.9 | ) | |||||||||||||||
|
Preferred
stock dividends and discount accretion
|
- | - | - | - | 1,876 | (100.0 | ) | |||||||||||||||||
|
Net
income (loss) available to common shareholders
|
$ | 850 | $ | 1,216 | (30.1 | ) | $ | (1,667 | ) | $ | 5,397 | (130.9 | ) | |||||||||||
|
Weighted
average shares outstanding - basic
|
8,443 | 8,419 | 0.3 | 8,442 | 8,414 | 0.3 | ||||||||||||||||||
|
Weighted
average shares outstanding - diluted
|
8,443 | 8,421 | 0.3 | 8,442 | 8,417 | 0.3 | ||||||||||||||||||
|
Basic
net income (loss) per share
|
$ | 0.10 | $ | 0.14 | (28.6 | ) | $ | (0.20 | ) | $ | 0.86 | (123.3 | ) | |||||||||||
|
Basic
net income (loss) per common share
|
0.10 | 0.14 | (28.6 | ) | (0.20 | ) | 0.64 | (131.3 | ) | |||||||||||||||
|
Diluted
net income (loss) per share
|
0.10 | 0.14 | (28.6 | ) | (0.20 | ) | 0.86 | (123.3 | ) | |||||||||||||||
|
Diluted
net income (loss) per common share
|
0.10 | 0.14 | (28.6 | ) | (0.20 | ) | 0.64 | (131.3 | ) | |||||||||||||||
|
Dividends
paid per common share
|
0.06 | 0.16 | (62.5 | ) | 0.24 | 0.64 | (62.5 | ) | ||||||||||||||||
|
Shore
Bancshares, Inc.
|
Page
7 of 10
|
Consolidated
Average Balance Sheets
(Dollars
in thousands)
|
For the Three Months Ended
|
For the Twelve Months Ended
|
|||||||||||||||||||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||||||
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
|||||||||||||||||||||||||
|
Earning
assets
|
||||||||||||||||||||||||||||||||
|
Loans
|
$ | 903,075 | 5.71 | % | $ | 921,908 | 5.97 | % | $ | 906,732 | 5.75 | % | $ | 913,631 | 6.06 | % | ||||||||||||||||
|
Investment
securities
|
||||||||||||||||||||||||||||||||
|
Taxable
|
98,378 | 3.24 | 97,595 | 3.50 | 101,162 | 3.17 | 84,283 | 3.78 | ||||||||||||||||||||||||
|
Tax-exempt
|
5,222 | 5.40 | 6,966 | 4.96 | 6,080 | 5.29 | 8,071 | 5.67 | ||||||||||||||||||||||||
|
Federal
funds sold
|
34,018 | 0.16 | 77,782 | 0.11 | 39,770 | 0.15 | 59,416 | 0.14 | ||||||||||||||||||||||||
|
Interest-bearing
deposits
|
19,952 | 0.12 | 668 | 0.45 | 14,520 | 0.12 | 3,200 | 0.35 | ||||||||||||||||||||||||
|
Total
earning assets
|
1,060,645 | 5.20 | % | 1,104,919 | 5.33 | % | 1,068,264 | 5.22 | % | 1,068,601 | 5.53 | % | ||||||||||||||||||||
|
Cash
and due from banks
|
19,867 | 17,312 | 16,567 | 17,049 | ||||||||||||||||||||||||||||
|
Other
assets
|
62,305 | 58,543 | 65,774 | 54,016 | ||||||||||||||||||||||||||||
|
Allowance
for credit losses
|
(14,300 | ) | (11,437 | ) | (13,689 | ) | (10,754 | ) | ||||||||||||||||||||||||
|
Total
assets
|
$ | 1,128,517 | $ | 1,169,337 | $ | 1,136,916 | $ | 1,128,912 | ||||||||||||||||||||||||
|
Interest-bearing
liabilities
|
||||||||||||||||||||||||||||||||
|
Demand
deposits
|
$ | 128,592 | 0.22 | % | $ | 127,537 | 0.26 | % | $ | 130,297 | 0.24 | % | $ | 124,758 | 0.25 | % | ||||||||||||||||
|
Money
market and savings deposits
|
258,713 | 0.84 | 249,393 | 0.66 | 258,650 | 0.76 | 218,125 | 0.62 | ||||||||||||||||||||||||
|
Certificates
of deposit $100,000 or more
|
256,167 | 1.77 | 276,390 | 2.51 | 256,393 | 2.00 | 258,879 | 2.96 | ||||||||||||||||||||||||
|
Other
time deposits
|
208,808 | 2.23 | 228,020 | 2.91 | 214,121 | 2.46 | 234,468 | 3.28 | ||||||||||||||||||||||||
|
Interest-bearing
deposits
|
852,280 | 1.37 | 881,340 | 1.77 | 859,461 | 1.48 | 836,230 | 2.04 | ||||||||||||||||||||||||
|
Short-term
borrowings
|
15,381 | 0.39 | 18,994 | 0.63 | 16,348 | 0.51 | 25,519 | 0.50 | ||||||||||||||||||||||||
|
Long-term
debt
|
932 | 4.46 | 1,429 | 5.28 | 1,304 | 4.41 | 4,792 | 5.55 | ||||||||||||||||||||||||
|
Total
interest-bearing liabilities
|
868,593 | 1.35 | % | 901,763 | 1.75 | % | 877,113 | 1.46 | % | 866,541 | 2.01 | % | ||||||||||||||||||||
|
Noninterest-bearing
deposits
|
126,164 | 121,642 | 120,871 | 113,430 | ||||||||||||||||||||||||||||
|
Accrued
expenses and other liabilities
|
10,419 | 17,217 | 13,346 | 13,963 | ||||||||||||||||||||||||||||
|
Stockholders'
equity
|
123,341 | 128,715 | 125,586 | 134,978 | ||||||||||||||||||||||||||||
|
Total
liabilities and stockholders' equity
|
$ | 1,128,517 | $ | 1,169,337 | $ | 1,136,916 | $ | 1,128,912 | ||||||||||||||||||||||||
|
Net
interest spread
|
3.85 | % | 3.58 | % | 3.76 | % | 3.52 | % | ||||||||||||||||||||||||
|
Net
interest margin
|
4.09 | % | 3.90 | % | 4.02 | % | 3.90 | % | ||||||||||||||||||||||||
|
Page
8 of 10
|
Financial
Highlights By Quarter
(Dollars
in thousands, except per share data)
|
4th quarter
|
3rd quarter
|
2 nd
quarter
|
1st quarter
|
4th quarter
|
4Q 10
|
4Q 10
|
||||||||||||||||||||||
|
2010
|
2010
|
2010
|
2010
|
2009
|
compared to
|
compared to
|
||||||||||||||||||||||
|
(4Q 10)
|
(3Q 10)
|
(2Q 10)
|
(1Q 10)
|
(4Q 09)
|
3Q 10
|
4Q 09
|
||||||||||||||||||||||
|
PROFITABILITY
FOR THE PERIOD
|
||||||||||||||||||||||||||||
|
Net
interest income
|
$ | 10,866 | $ | 10,687 | $ | 10,691 | $ | 10,395 | $ | 10,806 | 1.7 | % | 0.6 | % | ||||||||||||||
|
Provision
for credit losses
|
4,392 | 4,193 | 4,917 | 7,617 | 3,668 | 4.7 | 19.7 | |||||||||||||||||||||
|
Noninterest
income
|
3,948 | 4,643 | 4,568 | 4,882 | 4,125 | (15.0 | ) | (4.3 | ) | |||||||||||||||||||
|
Noninterest
expense
|
9,082 | 12,629 | 9,688 | 10,321 | 9,375 | (28.1 | ) | (3.1 | ) | |||||||||||||||||||
|
Income
(loss) before income taxes
|
1,340 | (1,492 | ) | 654 | (2,661 | ) | 1,888 | 189.8 | (29.0 | ) | ||||||||||||||||||
|
Income
tax expense (benefit)
|
490 | (92 | ) | 209 | (1,099 | ) | 672 | 632.6 | (27.1 | ) | ||||||||||||||||||
|
Net
income (loss)
|
850 | (1,400 | ) | 445 | (1,562 | ) | 1,216 | 160.7 | (30.1 | ) | ||||||||||||||||||
|
Preferred
stock dividends and discount accretion
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Net
income (loss) available to common shareholders
|
$ | 850 | $ | (1,400 | ) | $ | 445 | $ | (1,562 | ) | $ | 1,216 | 160.7 | (30.1 | ) | |||||||||||||
|
Return
on average assets (1)
|
0.30 | % | (0.49 | )% | 0.16 | % | (0.55 | )% | 0.41 | % | 161.2 | % | (26.8 | )% | ||||||||||||||
|
Return
on average equity (1)
|
2.73 | (4.43 | ) | 1.42 | (4.95 | ) | 3.75 | 161.6 | (27.2 | ) | ||||||||||||||||||
|
Net
interest margin
|
4.09 | 4.00 | 4.03 | 3.95 | 3.90 | 2.3 | 4.9 | |||||||||||||||||||||
|
Efficiency
ratio - GAAP based
|
61.31 | 82.38 | 63.49 | 67.56 | 62.79 | (25.6 | ) | (2.4 | ) | |||||||||||||||||||
|
PER
SHARE DATA
|
||||||||||||||||||||||||||||
|
Basic
net income (loss) per share
|
$ | 0.10 | $ | (0.17 | ) | $ | 0.05 | $ | (0.19 | ) | $ | 0.14 | 158.8 | % | (28.6 | )% | ||||||||||||
|
Basic
net income (loss) per common share
|
0.10 | (0.17 | ) | 0.05 | (0.19 | ) | 0.14 | 158.8 | (28.6 | ) | ||||||||||||||||||
|
Diluted
net income (loss) per share
|
0.10 | (0.17 | ) | 0.05 | (0.19 | ) | 0.14 | 158.8 | (28.6 | ) | ||||||||||||||||||
|
Diluted
net income (loss) per common share
|
0.10 | (0.17 | ) | 0.05 | (0.19 | ) | 0.14 | 158.8 | (28.6 | ) | ||||||||||||||||||
|
Dividends
paid per common share
|
0.06 | 0.06 | 0.06 | 0.06 | 0.16 | - | (62.5 | ) | ||||||||||||||||||||
|
Book
value per common share at period end
|
14.51 | 14.49 | 14.77 | 14.82 | 15.18 | 0.1 | (4.4 | ) | ||||||||||||||||||||
|
Tangible
book value per common share at period end
|
12.32 | 12.37 | 12.27 | 12.30 | 12.64 | (0.4 | ) | (2.5 | ) | |||||||||||||||||||
|
Market
value at period end
|
10.54 | 9.48 | 11.91 | 14.25 | 14.50 | 11.2 | (27.3 | ) | ||||||||||||||||||||
|
Market
range:
|
||||||||||||||||||||||||||||
|
High
|
10.73 | 12.10 | 14.80 | 14.75 | 17.71 | (11.3 | ) | (39.4 | ) | |||||||||||||||||||
|
Low
|
9.25 | 9.20 | 11.75 | 10.21 | 13.52 | 0.5 | (31.6 | ) | ||||||||||||||||||||
|
PERIOD-END
BALANCE SHEET DATA
|
||||||||||||||||||||||||||||
|
Loans
|
$ | 895,404 | $ | 906,490 | $ | 905,477 | $ | 905,194 | $ | 916,557 | (1.2 | )% | (2.3 | )% | ||||||||||||||
|
Securities
|
105,782 | 104,075 | 106,556 | 112,929 | 106,535 | 1.6 | (0.7 | ) | ||||||||||||||||||||
|
Assets
|
1,130,311 | 1,134,503 | 1,129,196 | 1,146,334 | 1,156,516 | (0.4 | ) | (2.3 | ) | |||||||||||||||||||
|
Deposits
|
979,516 | 982,428 | 971,608 | 990,750 | 990,937 | (0.3 | ) | (1.2 | ) | |||||||||||||||||||
|
Stockholders'
equity
|
122,513 | 122,355 | 124,666 | 125,108 | 127,810 | 0.1 | (4.1 | ) | ||||||||||||||||||||
|
AVERAGE
BALANCE SHEET DATA
|
||||||||||||||||||||||||||||
|
Loans
|
$ | 903,075 | $ | 904,293 | $ | 909,295 | $ | 910,374 | $ | 921,908 | (0.1 | )% | (2.0 | )% | ||||||||||||||
|
Securities
|
103,600 | 105,466 | 109,744 | 110,252 | 104,561 | (1.8 | ) | (0.9 | ) | |||||||||||||||||||
|
Earning
assets
|
1,060,645 | 1,066,063 | 1,071,115 | 1,075,425 | 1,104,919 | (0.5 | ) | (4.0 | ) | |||||||||||||||||||
|
Assets
|
1,128,517 | 1,139,043 | 1,134,662 | 1,145,607 | 1,169,337 | (0.9 | ) | (3.5 | ) | |||||||||||||||||||
|
Deposits
|
978,444 | 984,018 | 976,749 | 982,265 | 1,002,982 | (0.6 | ) | (2.4 | ) | |||||||||||||||||||
|
Stockholders'
equity
|
123,341 | 125,308 | 125,670 | 128,081 | 128,715 | (1.6 | ) | (4.2 | ) | |||||||||||||||||||
|
CAPITAL
AND CREDIT QUALITY RATIOS
|
||||||||||||||||||||||||||||
|
Average
equity to average assets
|
10.93 | % | 11.00 | % | 11.08 | % | 11.18 | % | 11.01 | % | ||||||||||||||||||
|
Annualized
net charge-offs to average loans
|
1.46 | 1.90 | 1.95 | 2.54 | 1.51 | |||||||||||||||||||||||
|
Allowance
for credit losses to period-end loans
|
1.59 | 1.45 | 1.47 | 1.41 | 1.19 | |||||||||||||||||||||||
|
Nonperforming
assets to total loans+other real estate owned
|
4.44 | 4.22 | 4.29 | 3.62 | 2.05 | |||||||||||||||||||||||
|
Nonperforming
assets to total assets
|
3.53 | 3.38 | 3.45 | 2.87 | 1.63 | |||||||||||||||||||||||
|
Nonperforming
assets+Loans 90 days past due and still accruing to total loans+other real
estate owned
|
4.97 | 4.58 | 4.81 | 3.93 | 2.86 | |||||||||||||||||||||||
|
Nonperforming
assets+Loans 90 days past due and still accruing to total
assets
|
3.95 | 3.67 | 3.86 | 3.11 | 2.27 | |||||||||||||||||||||||
(1)
Calculation uses net income (loss) available to common
shareholders.
|
Shore
Bancshares, Inc.
|
Page
9 of 10
|
Consolidated
Statements of Income By Quarter
(In
thousands, except per share data)
|
4Q 10
|
4Q 10
|
|||||||||||||||||||||||||||
|
compared to
|
compared to
|
|||||||||||||||||||||||||||
|
4Q 10
|
3Q 10
|
2Q 10
|
1Q 10
|
4Q 09
|
3Q 10
|
4Q 09
|
||||||||||||||||||||||
|
INTEREST
INCOME
|
||||||||||||||||||||||||||||
|
Interest
and fees on loans
|
$ | 12,958 | $ | 13,083 | $ | 13,047 | $ | 12,874 | $ | 13,837 | (1.0 | ) % | (6.4 | ) % | ||||||||||||||
|
Interest
and dividends on investment securities:
|
||||||||||||||||||||||||||||
|
Taxable
|
804 | 677 | 846 | 882 | 860 | 18.8 | (6.5 | ) | ||||||||||||||||||||
|
Tax-exempt
|
47 | 50 | 56 | 59 | 60 | (6.0 | ) | (21.7 | ) | |||||||||||||||||||
|
Interest
on federal funds sold
|
13 | 21 | 14 | 12 | 23 | (38.1 | ) | (43.5 | ) | |||||||||||||||||||
|
Interest
on deposits with other banks
|
7 | 6 | 4 | 1 | - | 16.7 | - | |||||||||||||||||||||
|
Total
interest income
|
13,829 | 13,837 | 13,967 | 13,828 | 14,780 | (0.1 | ) | (6.4 | ) | |||||||||||||||||||
|
INTEREST
EXPENSE
|
||||||||||||||||||||||||||||
|
Interest
on deposits
|
2,937 | 3,117 | 3,242 | 3,385 | 3,924 | (5.8 | ) | (25.2 | ) | |||||||||||||||||||
|
Interest
on short-term borrowings
|
15 | 17 | 19 | 32 | 31 | (11.8 | ) | (51.6 | ) | |||||||||||||||||||
|
Interest
on long-term debt
|
11 | 16 | 15 | 16 | 19 | (31.3 | ) | (42.1 | ) | |||||||||||||||||||
|
Total
interest expense
|
2,963 | 3,150 | 3,276 | 3,433 | 3,974 | (5.9 | ) | (25.4 | ) | |||||||||||||||||||
|
NET
INTEREST INCOME
|
10,866 | 10,687 | 10,691 | 10,395 | 10,806 | 1.7 | 0.6 | |||||||||||||||||||||
|
Provision
for credit losses
|
4,392 | 4,193 | 4,917 | 7,617 | 3,668 | 4.7 | 19.7 | |||||||||||||||||||||
|
NET
INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
|
6,474 | 6,494 | 5,774 | 2,778 | 7,138 | (0.3 | ) | (9.3 | ) | |||||||||||||||||||
|
NONINTEREST
INCOME
|
||||||||||||||||||||||||||||
|
Service
charges on deposit accounts
|
799 | 841 | 831 | 786 | 866 | (5.0 | ) | (7.7 | ) | |||||||||||||||||||
|
Trust
and investment fee income
|
358 | 357 | 372 | 416 | 350 | 0.3 | 2.3 | |||||||||||||||||||||
|
Investment
securities gains (losses)
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Insurance
agency commissions
|
2,116 | 2,513 | 2,595 | 2,889 | 2,159 | (15.8 | ) | (2.0 | ) | |||||||||||||||||||
|
Other
noninterest income
|
675 | 932 | 770 | 791 | 750 | (27.6 | ) | (10.0 | ) | |||||||||||||||||||
|
Total
noninterest income
|
3,948 | 4,643 | 4,568 | 4,882 | 4,125 | (15.0 | ) | (4.3 | ) | |||||||||||||||||||
|
NONINTEREST
EXPENSE
|
||||||||||||||||||||||||||||
|
Salaries
and wages
|
4,220 | 4,404 | 4,363 | 4,490 | 4,424 | (4.2 | ) | (4.6 | ) | |||||||||||||||||||
|
Employee
benefits
|
893 | 897 | 758 | 1,281 | 840 | (0.4 | ) | 6.3 | ||||||||||||||||||||
|
Occupancy
expense
|
562 | 547 | 597 | 622 | 572 | 2.7 | (1.7 | ) | ||||||||||||||||||||
|
Furniture
and equipment expense
|
262 | 325 | 313 | 300 | 268 | (19.4 | ) | (2.2 | ) | |||||||||||||||||||
|
Data
processing
|
620 | 696 | 660 | 631 | 598 | (10.9 | ) | 3.7 | ||||||||||||||||||||
|
Directors'
fees
|
68 | 118 | 105 | 121 | 84 | (42.4 | ) | (19.0 | ) | |||||||||||||||||||
|
Goodwill
and other intangible assets impairment
|
- | 3,051 | - | - | - | (100.0 | ) | - | ||||||||||||||||||||
|
Amortization
of intangible assets
|
129 | 128 | 129 | 129 | 129 | 0.8 | - | |||||||||||||||||||||
|
Insurance
agency commissions expense
|
339 | 338 | 464 | 428 | 398 | 0.3 | (14.8 | ) | ||||||||||||||||||||
|
FDIC
insurance premium expense
|
445 | 448 | 460 | 481 | 457 | (0.7 | ) | (2.6 | ) | |||||||||||||||||||
|
Other
noninterest expenses
|
1,544 | 1,677 | 1,839 | 1,838 | 1,605 | (7.9 | ) | (3.8 | ) | |||||||||||||||||||
|
Total
noninterest expense
|
9,082 | 12,629 | 9,688 | 10,321 | 9,375 | (28.1 | ) | (3.1 | ) | |||||||||||||||||||
|
Income
(loss) before income taxes
|
1,340 | (1,492 | ) | 654 | (2,661 | ) | 1,888 | 189.8 | (29.0 | ) | ||||||||||||||||||
|
Income
tax expense (benefit)
|
490 | (92 | ) | 209 | (1,099 | ) | 672 | 632.6 | (27.1 | ) | ||||||||||||||||||
|
NET
INCOME (LOSS)
|
850 | (1,400 | ) | 445 | (1,562 | ) | 1,216 | 160.7 | (30.1 | ) | ||||||||||||||||||
|
Preferred
stock dividends and discount accretion
|
- | - | - | - | - | - | - | |||||||||||||||||||||
|
Net
income (loss) available to common shareholders
|
$ | 850 | $ | (1,400 | ) | $ | 445 | $ | (1,562 | ) | $ | 1,216 | 160.7 | (30.1 | ) | |||||||||||||
|
Weighted
average shares outstanding - basic
|
8,443 | 8,443 | 8,443 | 8,436 | 8,419 | - | 0.3 | |||||||||||||||||||||
|
Weighted
average shares outstanding - diluted
|
8,443 | 8,443 | 8,443 | 8,436 | 8,421 | - | 0.3 | |||||||||||||||||||||
|
Basic
net income (loss) per share
|
$ | 0.10 | $ | (0.17 | ) | $ | 0.05 | $ | (0.19 | ) | $ | 0.14 | 158.8 | (28.6 | ) | |||||||||||||
|
Basic
net income (loss) per common share
|
0.10 | (0.17 | ) | 0.05 | (0.19 | ) | 0.14 | 158.8 | (28.6 | ) | ||||||||||||||||||
|
Diluted
net income (loss) per share
|
0.10 | (0.17 | ) | 0.05 | (0.19 | ) | 0.14 | 158.8 | (28.6 | ) | ||||||||||||||||||
|
Diluted
net income (loss) per common share
|
0.10 | (0.17 | ) | 0.05 | (0.19 | ) | 0.14 | 158.8 | (28.6 | ) | ||||||||||||||||||
|
Dividends
paid per common share
|
0.06 | 0.06 | 0.06 | 0.06 | 0.16 | - | (62.5 | ) | ||||||||||||||||||||
|
Shore
Bancshares, Inc.
|
Page
10 of 10
|
Consolidated
Average Balance Sheets By Quarter
(Dollars
in thousands)
|
Average balance
|
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|
4Q 10
|
4Q 10
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
compared to
|
compared to
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
4Q 10
|
3Q 10
|
2Q 10
|
1Q 10
|
4Q 09
|
3Q 10
|
4Q 09
|
||||||||||||||||||||||||||||||||||||||||||
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||||||||||||||||||||
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
|||||||||||||||||||||||||||||||||||||||
|
Earning
assets
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Loans
|
$ | 903,075 | 5.71 | % | $ | 904,293 | 5.76 | % | $ | 909,295 | 5.77 | % | $ | 910,374 | 5.75 | % | $ | 921,908 | 5.97 | % | (0.1 | ) % | (2.0 | ) % | ||||||||||||||||||||||||
|
Investment
securities
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Taxable
|
98,378 | 3.24 | 99,572 | 2.70 | 103,284 | 3.29 | 103,488 | 3.45 | 97,595 | 3.50 | (1.2 | ) | 0.8 | |||||||||||||||||||||||||||||||||||
|
Tax-exempt
|
5,222 | 5.40 | 5,894 | 5.16 | 6,460 | 5.30 | 6,764 | 5.39 | 6,966 | 4.96 | (11.4 | ) | (25.0 | ) | ||||||||||||||||||||||||||||||||||
|
Federal
funds sold
|
34,018 | 0.16 | 40,638 | 0.20 | 38,001 | 0.15 | 46,553 | 0.11 | 77,782 | 0.11 | (16.3 | ) | (56.3 | ) | ||||||||||||||||||||||||||||||||||
|
Interest-bearing
deposits
|
19,952 | 0.12 | 15,666 | 0.15 | 14,075 | 0.12 | 8,246 | 0.06 | 668 | 0.45 | 27.4 | 2,886.8 | ||||||||||||||||||||||||||||||||||||
|
Total
earning assets
|
1,060,645 | 5.20 | % | 1,066,063 | 5.18 | % | 1,071,115 | 5.26 | % | 1,075,425 | 5.24 | % | 1,104,919 | 5.33 | % | (0.5 | ) | (4.0 | ) | |||||||||||||||||||||||||||||
|
Cash
and due from banks
|
19,867 | 21,865 | 9,997 | 14,422 | 17,312 | (9.1 | ) | 14.8 | ||||||||||||||||||||||||||||||||||||||||
|
Other
assets
|
62,305 | 65,081 | 67,860 | 67,914 | 58,543 | (4.3 | ) | 6.4 | ||||||||||||||||||||||||||||||||||||||||
|
Allowance
for credit losses
|
(14,300 | ) | (13,966 | ) | (14,310 | ) | (12,154 | ) | (11,437 | ) | 2.4 | 25.0 | ||||||||||||||||||||||||||||||||||||
|
Total
assets
|
$ | 1,128,517 | $ | 1,139,043 | $ | 1,134,662 | $ | 1,145,607 | $ | 1,169,337 | (0.9 | ) | (3.5 | ) | ||||||||||||||||||||||||||||||||||
|
Interest-bearing
liabilities
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Demand
deposits
|
$ | 128,592 | 0.22 | % | $ | 132,023 | 0.24 | % | $ | 132,563 | 0.25 | % | $ | 127,986 | 0.25 | % | $ | 127,537 | 0.26 | % | (2.6 | ) | 0.8 | |||||||||||||||||||||||||
|
Money
market and savings deposits
|
258,713 | 0.84 | 259,511 | 0.81 | 259,273 | 0.72 | 256,818 | 0.68 | 249,393 | 0.66 | (0.3 | ) | 3.7 | |||||||||||||||||||||||||||||||||||
|
Certificates
of deposit $100,000 or more
|
256,167 | 1.77 | 258,542 | 1.91 | 251,340 | 2.09 | 259,538 | 2.24 | 276,390 | 2.51 | (0.9 | ) | (7.3 | ) | ||||||||||||||||||||||||||||||||||
|
Other
time deposits
|
208,808 | 2.23 | 212,098 | 2.37 | 215,987 | 2.56 | 219,731 | 2.67 | 228,020 | 2.91 | (1.6 | ) | (8.4 | ) | ||||||||||||||||||||||||||||||||||
|
Interest-bearing
deposits
|
852,280 | 1.37 | 862,174 | 1.44 | 859,163 | 1.51 | 864,073 | 1.59 | 881,340 | 1.77 | (1.2 | ) | (3.3 | ) | ||||||||||||||||||||||||||||||||||
|
Short-term
borrowings
|
15,381 | 0.39 | 16,092 | 0.38 | 15,771 | 0.48 | 18,032 | 0.71 | 18,994 | 0.63 | (4.4 | ) | (19.0 | ) | ||||||||||||||||||||||||||||||||||
|
Long-term
debt
|
932 | 4.46 | 1,429 | 4.36 | 1,429 | 4.40 | 1,429 | 4.45 | 1,429 | 5.28 | (34.8 | ) | (34.8 | ) | ||||||||||||||||||||||||||||||||||
|
Total
interest-bearing liabilities
|
868,593 | 1.35 | % | 879,695 | 1.42 | % | 876,363 | 1.50 | % | 883,534 | 1.58 | % | 901,763 | 1.75 | % | (1.3 | ) | (3.7 | ) | |||||||||||||||||||||||||||||
|
Noninterest-bearing
deposits
|
126,164 | 121,844 | 117,586 | 118,192 | 121,642 | 3.6 | 3.7 | |||||||||||||||||||||||||||||||||||||||||
|
Accrued
expenses and other liabilities
|
10,419 | 12,196 | 15,043 | 15,800 | 17,217 | (14.6 | ) | (39.5 | ) | |||||||||||||||||||||||||||||||||||||||
|
Stockholders'
equity
|
123,341 | 125,308 | 125,670 | 128,081 | 128,715 | (1.6 | ) | (4.2 | ) | |||||||||||||||||||||||||||||||||||||||
|
Total
liabilities and stockholders' equity
|
$ | 1,128,517 | $ | 1,139,043 | $ | 1,134,662 | $ | 1,145,607 | $ | 1,169,337 | (0.9 | ) | (3.5 | ) | ||||||||||||||||||||||||||||||||||
|
Net
interest spread
|
3.85 | % | 3.76 | % | 3.76 | % | 3.66 | % | 3.58 | % | ||||||||||||||||||||||||||||||||||||||
|
Net
interest margin
|
4.09 | % | 4.00 | % | 4.03 | % | 3.95 | % | 3.90 | % | ||||||||||||||||||||||||||||||||||||||