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8-K - FORM 8-K - NEWBRIDGE BANCORP | g26866e8vk.htm |
Exhibit 99.1
Contact:
Ramsey Hamadi, EVP and Chief Financial Officer
336-369-0900
Ramsey Hamadi, EVP and Chief Financial Officer
336-369-0900
NEWBRIDGE BANCORP REPORTS $1.0 MILLION FIRST QUARTER PROFIT
| Net income increases $639,000, or 171%, over the prior years first quarter |
||
| Net interest income improves $140,000 over the prior years first quarter |
||
| Net interest margin reaches 4.28% for quarter, 31 basis points over the prior years
first quarter |
||
| Nonperforming assets decline for 4th straight quarter; potential problem
loans down 13% from year end |
||
| Cumulative loan charge-offs for cycle reaches $123.2 million, 7.6% of peak loan level,
as aggressive loss recognition continues |
||
| Total risk based capital increases to 14.02% and tier one leverage capital to 9.91% |
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| Core deposits grow 3% in first quarter; account for 68% of total deposits |
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| Non-interest expense declines $1.2 million compared to the prior years first quarter;
third party engaged to perform efficiency studies |
||
| Trust assets under management increase 50%, or $40 million, following addition of
wealth management professionals |
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| Talented in-market bankers being added |
GREENSBORO, N.C., April 21, 2011 NewBridge Bancorp (NASDAQ: NBBC), parent of NewBridge Bank,
today reported results for its first quarter ended March 31, 2011.
For the three months, net income totaled $1.0 million compared to $373,000 for the quarter ended
March 31, 2010. After dividends and accretion on preferred stock, the Company reported net income
available to common shareholders of $282,000, or $0.02 per diluted share. After dividends and
accretion on preferred stock in the prior year period, the Company had a net loss available to
common shareholders of ($357,000), or ($0.02) per diluted share.
Results for the quarter included a $2.0 million gain on the sale of investments and a $1.3 million
additional write-down of the previously discussed subordinated debt loan to a financial
institution. At March 31, 2011 the Company exchanged $5 million of the loan balance for shares of
preferred stock and forgave $5 million of the debt in order to better protect the remaining value
of the Companys interest. The Company has no other financial institution loans in the portfolio.
At March 31, 2011, the shares of preferred stock were valued at 50% of their par value.
Pressley A. Ridgill, President and Chief Executive Officer of NewBridge Bancorp, commented: We
were pleased with another profitable quarter during this slow economic recovery. While credit
costs increased $2.4 million, over the same period a year ago, asset quality continued to improve.
We experienced declines in nonperforming loans, other real estate owned, other past due loans and
other potential problem loans. Notably, other potential problem loans fell 13% and 18% over the
last two quarters. In addition, nonperforming loans, excluding changes in troubled debt
restructured loans, decreased $3.8 million for the quarter and have declined 50%, or $29.7 million,
since they peaked in the June quarter of 2009.
Ridgill continued, While signs of improving asset quality are evident, it is also gratifying to
see positive efficiency trends, which underscore our rising core earnings stream, including an
expanded net interest margin, lower cost and higher balances in core deposits, lower non-interest
expense and expanded sources of non-interest income.
Net interest income, net interest margin continued to grow
Net interest income increased $140,000, or 0.8%, to $17.4 million for the quarter compared to $17.2
million a year ago. The Companys average earning assets declined $157 million, primarily in
loans, to $1.66 billion for the March 2011 quarter compared to the same period a year ago; however
the increased net interest margin more than offset the decline in earning assets, resulting in a
smaller but more profitable financial institution. The net interest margin improved 31 basis
points from the prior years same quarter to 4.28%. The improvement was due primarily to the
Companys success growing low cost deposits, which allowed for displacement of higher cost
borrowings, brokered deposits and retail time deposits. Interest bearing liabilities averaged
$1.46 billion and cost 0.98%, which compared favorably to the interest bearing liabilities for the
same period a year ago, which averaged $1.61 billion and cost 1.51%. From the prior quarter ending
December 31, 2010, the net interest margin improved 28 basis points. The improved margin was also
due to a shift away from lower yielding cash balances to higher yielding investment balances. The
rise in the yield curve over the prior six months afforded the Company the opportunity to reinvest
cash balances at higher yields.
Balance Sheet
Total deposits were largely unchanged from December 31, 2010 at $1.46 billion. Growth in low cost
core deposits was offset by declines in higher cost time deposits. The Company continues to focus
on growing profitable, low-cost core deposits, which include demand, savings, NOW and money market
deposit accounts. Core deposits represented 68% of total deposits at March 31, 2011 and grew 3%,
or $31.9 million, to $989.3 million during the quarter. The weighted average rate on core deposits
(including noninterest bearing balances) was 0.56% at March 31, 2011. Retail and brokered time
deposits represent the other 32%, or $466 million, of total deposits. The weighted average rate on
time deposits was 1.13% at March 31, 2011. In May the Company anticipates completing the sale of
its Harrisonburg, Virginia operations to Union Bank as previously announced. The sale includes
$54.1 million of deposits, of which $24.9 million are core deposits and $29.2 million are time
deposits.
Net loan balances declined $5.7 million to $1.30 billion during the quarter ended March 31, 2011,
which compares favorably to a $118 million decline in the loan portfolio during 2010. New
portfolio loan production totaled $55 million for the three-months ended March 31, 2011,
representing a 25% improvement over the three-months ended December 31, 2010 and a 67% improvement
over the three-months ended March 31, 2010. Management anticipates opening several loan production
offices in close proximity to the Piedmont Triad MSA of North Carolina that will be staffed with
talented, seasoned bankers from other institutions. Management anticipates continued improvements
in loan demand due to gradual growth in the economy, improvements in the Companys sales processes
and culture, and additions to sales staff. Loans held for sale increased $590,000 to $77.6
million, with $73.9 million related to the planned Virginia operations sale.
Investment securities declined $48.7 million to $276.5 million during the first quarter due
primarily to the Companys decision to sell $31.5 million of investments for a gain of $2.0
million. The Company elected to sell shorter-duration, odd-lot mortgage backed securities and
corporate bonds that had significant gain positions.
The Companys available liquidity was extensive during the March quarter due to strong core deposit
growth, coupled with modest lending opportunities. Available borrowings, unencumbered investments
and access to wholesale deposits exceeded $490 million at March 31, 2011. Brokered and wholesale
deposits total 3.4% of deposits at March 31, 2011.
Shareholders equity decreased $1.8 million for the quarter to $161.4 million. The decline in
equity was due to a $2.2 million reduction in accumulated comprehensive income resulting from the
sales of securities during the quarter and changes in the value of investments. Total risk based,
tier one risk based and tier one leverage capital levels increased to 14.02%, 12.75% and 9.91%,
respectively.
Noninterest Income
Operating noninterest income was largely unchanged at $2.5 million for the three months ending
March 31, 2011 compared to the same period a year ago. However, including gains on sale of
investments, total noninterest income of $4.5 million was $2.0 million higher than the same period
a year ago. Deposit service fee income declined $295,000 to $1.6 million for the current quarter.
The decline was fully offset by higher mortgage and other noninterest income. The Company
continues to look for opportunities to expand noninterest income and on March 7th was
successful in enhancing its trust and wealth management services through the hiring of a new wealth
management team. Assets under management increased 50%, or $40 million, to $120 million during the
quarter. As a result, we anticipate that this will benefit noninterest income later this year and
beyond.
Mr. Ridgill commented, Growth in fee income is important in the future of banking; consequently,
we are actively exploring opportunities to grow noninterest income through complementary additions
such as Bradford Mortgage and the additions to the wealth management team.
Noninterest Expense
Noninterest expense declined $1.2 million, or 8%, to $14.4 million for the quarter just ended
compared to $15.6 million for the prior years first quarter. Over the last two years, the Company
has reduced annual recurring operating expenses by more than $13 million. In the first quarter,
the declines in personnel, occupancy, furniture and equipment, technology and data processing,
legal and professional and FDIC assessments ranged from 7% to 21%. The Company remains focused on
improving efficiencies and controlling costs. With that goal in mind, the Company recently engaged
a third party expert to review the entire organization to improve efficiency and reduce unnecessary
spending.
Mr. Ridgill stated, As we have previously discussed, our goal is to attain a level of efficiency
that measures well with our peers. We have made progress; however, I believe this efficiency study
will help us reduce costs in areas we would not identify on our own. Given our dual effort to grow
revenues through the new loan production offices, we also believe this is an effective way of
holding our costs in line while pursuing organic growth opportunities.
Asset Quality
Nonperforming loans declined $600,000 during the quarter to $50.0 million, with an overall
reduction of $14.0 million since nonperforming loans peaked in June of 2009. Nonperforming loans
represent 3.98% of total loans held for investment. Including other real estate owned (OREO),
total nonperforming assets declined $1.0 million to $76.3 million, or 4.28% of total assets at
March 31, 2011. Since the peak level of nonperforming assets, the Company has added $17.8 million
to troubled debt restructured loans, which was offset by a $29.7 million reduction in non-accruing
loans. The Companys highest risk and most closely monitored non-performing assets are
non-accruing loans excluding troubled debt restructures. These loans totaled $30.2 million at
March 31, 2011, down $29.7 million, or 50%, since June 30, 2009. OREO balances declined $400,000
during the quarter. Potential problem loans crested later than many of the Companys other credit
metrics, rising until the September quarter of 2010. In the March quarter, potential problem
credits declined 13%, as several large relationships migrated to more favorable credit grades. In
the last two quarters, potential problem credits declined 18%. Ridgill commented, Our expected
default rates and our anticipated loss based on our default experience is 5% of the potential
problem portfolio. We expect the migration into this portfolio to reverse as the economy improves,
so the declines the last two quarters have been encouraging.
At March 31, 2011, the allowance for credit losses totaled $29.1 million, 2.32% of loans held for
investment. The provision for credit losses increased $2.4 million to $6.1 million for the current
quarter compared to the same period a year ago. The higher provision was in part due to the added
$1.3 million charge-off on the previously discussed financial institution loan. The Companys
allowance for credit loss as a percentage of nonperforming loans (the coverage percentage)
increased to 58.1% in the March 2011 quarter, compared to 56.8% at December 31, 2010. The
Companys coverage percentage may not be comparable with other
banking institutions due to its practice of charging off specific estimated losses on all loans at
the time they become measurable. Consequently, the Companys allowance for loan loss consists
largely of general reserves, with 92% being general and 8% specific. The majority of estimated
losses from the Companys $50.0 million of non-performing loans have been previously recognized
through charge-offs. Since the current adverse credit cycle began in 2007, the Company has charged
off $123.2 million of loans and other real estate owned, or 7.6% of our highest/peak level of loan
balances. Consequently, the Companys allowance for loan loss is available almost in its entirety
for the potential losses that exist in the Companys watch list and other performing loans
portfolio.
The Company is materially below the FFIEC high CRE concentration guidelines in land acquisition,
development and construction (the AD&C portfolio) loans as well as total commercial real estate
loans. At March 31, 2011, the Companys concentrations were 62% of total regulatory capital and
175% of total regulatory capital, respectively, which compares favorably to the interagency
regulatory guidance of 100% and 300%, respectively. The AD&C portfolio totals $133.8 million at
March 31, 2011 and includes just $45 million of speculative residential construction and
residential acquisition and development. This portfolio is largely graded as impaired or potential
problem loans.
Outlook
Mr. Ridgill stated that, credit costs were somewhat higher than anticipated this quarter, due in
large in part to continued write-downs of the one financial institution loan. We anticipate that
credit costs will decline from this level during the balance of the year and that 2011 will be
profitable as core operating earnings are expected to exceed credit costs. As we look forward, we
expect our net interest margin to decline from its current level, but we anticipate that it will
remain above 4%. We are encouraged by the stronger loan demand and believe our investments in the
new loan production offices will help us grow earning assets. Banking is a relational business,
and we are finding there are a number of talented bankers in and near our markets who are looking
for new opportunities that afford them the means to meet the needs and exceed the expectations of
their clients. We believe these bankers are capable of making a meaningful difference in our
organization, which is illustrated by the addition of our new wealth management team. There is an
initial start up cost associated with these additions; however, our continued focus on managing
costs should lead to better overall efficiency.
We previously discussed our belief that sweeping consolidation will occur among financial
institutions in North Carolina and that our Company is positioned to benefit from that eventuality.
We believe this is occurring; however, at the present time our best and most efficient
opportunities are in acquiring relational and talented personnel. We will continue to evaluate the
advisability of whole bank acquisitions.
Many have speculated about our need to raise capital and repay TARP funds. I reiterate our
previous comments that we do not believe this is in the best interest of our shareholders at this
time. We have applied to participate in the Small Business Lending Fund. The application gives us
the flexibility to continue the evaluation process to determine the benefits, if any, from
participating in the program. Over the last year, our stock price has continued to perform well
and has begun to garner increased attention from the investment community. As our financial
condition continues to improve, we believe there will be an opportunity to repay TARP funds by
raising capital at a more attractive price.
About NewBridge Bancorp
NewBridge Bancorp is the parent company of NewBridge Bank, a full service state chartered community
bank with headquarters in Greensboro, North Carolina. NewBridge Bank also offers financial planning
and investment alternatives, such as mutual funds and annuities, through Raymond James Financial
Services, Inc., a registered broker dealer.
With approximately $1.8 billion of total assets, NewBridge Bank is one of the largest community
banks in North Carolina, and based on deposit market share is the largest community bank in the
Piedmont Triad region of
North Carolina. The Bank has 30 offices in the Piedmont Triad and Wilmington region of North
Carolina and one office in Harrisonburg, VA. The Company anticipates completing the sale of the
Harrisonburg, VA office in May 2011.
Disclosures About Forward Looking Statements
The discussions included in this document and its exhibits may contain forward looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, including Section 21E
of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such
statements involve known and unknown risks, uncertainties and other factors that may cause actual
results to differ materially. For the purposes of these discussions, any statements that are not
statements of historical fact may be deemed to be forward looking statements. Such statements are
often characterized by the use of qualifying words such as expects, anticipates, believes,
estimates, plans, projects, or other statements concerning opinions or judgments of NewBridge
and its management about future events. The accuracy of such forward looking statements could be
affected by factors including, but not limited to, the financial success or changing conditions or
strategies of NewBridge Bancorps customers or vendors, fluctuations in interest rates, actions of
government regulators, the availability of capital and personnel or general economic conditions.
Additional factors that could cause actual results to differ materially from those anticipated by
forward looking statements are discussed in NewBridges filings with the Securities and Exchange
Commission, including without limitation its annual report on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K. NewBridge undertakes no obligation to revise or update these
statements following the date of this press release.
####
FINANCIAL
SUMMARY
Three Months Ended March 31, 2011 | Three Months Ended March 31, 2010 | |||||||||||||||||||||||
Average | Interest Income/ | Average Yield/ | Average | Interest Income/ | Average Yield/ | |||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||
(Fully taxable equivalent basis, dollars in thousands) |
||||||||||||||||||||||||
Earning Assets |
||||||||||||||||||||||||
Loans receivable |
$ | 1,335,001 | $ | 17,236 | 5.24 | % | $ | 1,452,707 | $ | 19,431 | 5.42 | % | ||||||||||||
Investment securities |
314,394 | 3,756 | 4.85 | % | 340,397 | 4,309 | 5.13 | % | ||||||||||||||||
Other earning assets |
7,579 | 4 | 0.21 | % | 21,450 | 20 | 0.38 | % | ||||||||||||||||
Total Earning Assets |
1,656,974 | 20,996 | 5.14 | % | 1,814,554 | 23,760 | 5.31 | % | ||||||||||||||||
Non-Earning Assets |
143,979 | 139,690 | ||||||||||||||||||||||
Total Assets |
$ | 1,800,953 | 20,996 | $ | 1,954,244 | 23,760 | ||||||||||||||||||
Interest-Bearing Liabilities |
||||||||||||||||||||||||
Deposits |
$ | 1,270,805 | 2,687 | 0.86 | % | $ | 1,366,765 | 4,302 | 1.28 | % | ||||||||||||||
Borrowings |
186,886 | 840 | 1.82 | % | 244,157 | 1,711 | 2.84 | % | ||||||||||||||||
Total Interest-Bearing Liabilities |
1,457,691 | 3,527 | 0.98 | % | 1,610,922 | 6,013 | 1.51 | % | ||||||||||||||||
Noninterest-bearing deposits |
163,633 | 159,568 | ||||||||||||||||||||||
Other liabilities |
17,121 | 19,185 | ||||||||||||||||||||||
Shareholders equity |
162,508 | 164,569 | ||||||||||||||||||||||
Total
Liabilities and Shareholders Equity |
$ | 1,800,953 | 3,527 | $ | 1,954,244 | 6,013 | ||||||||||||||||||
Net Interest Income |
$ | 17,469 | $ | 17,747 | ||||||||||||||||||||
Net Interest Margin |
4.28 | % | 3.97 | % | ||||||||||||||||||||
Interest Rate Spread |
4.16 | % | 3.80 | % |
FINANCIAL
SUMMARY
2011 | 2010 | |||||||||||||||||||||||
First | Fourth | Third | Second | First | ||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||
Period-End Balances |
||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||
Assets |
$ | 1,781,653 | $ | 1,807,161 | $ | 1,862,912 | $ | 1,930,842 | $ | 1,954,292 | ||||||||||||||
Loans held for investment |
1,254,630 | 1,260,585 | 1,355,634 | 1,407,808 | 1,425,727 | |||||||||||||||||||
Loans held for sale |
77,584 | 76,994 | 17,793 | 10,893 | 8,716 | |||||||||||||||||||
Investment securities |
276,458 | 325,129 | 275,570 | 349,643 | 352,582 | |||||||||||||||||||
Earning assets |
1,617,735 | 1,668,303 | 1,724,433 | 1,795,072 | 1,806,625 | |||||||||||||||||||
Noninterest-bearing deposits |
165,534 | 161,734 | 158,290 | 165,160 | 168,414 | |||||||||||||||||||
Savings deposits |
41,510 | 38,898 | 39,653 | 40,513 | 41,565 | |||||||||||||||||||
NOW accounts |
445,455 | 440,190 | 414,976 | 391,333 | 326,751 | |||||||||||||||||||
Money market accounts |
336,784 | 316,608 | 337,406 | 347,024 | 349,538 | |||||||||||||||||||
Time deposits |
466,013 | 495,565 | 560,267 | 607,318 | 658,985 | |||||||||||||||||||
Interest-bearing liabilities |
1,439,236 | 1,465,735 | 1,521,776 | 1,581,663 | 1,603,813 | |||||||||||||||||||
Shareholders equity |
161,386 | 163,188 | 166,600 | 166,679 | 164,732 | |||||||||||||||||||
Asset Quality Data |
||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||
Nonperforming loans: |
||||||||||||||||||||||||
Commercial nonaccrual loans, not restructured |
$ | 18,528 | $ | 23,453 | $ | 28,699 | $ | 38,326 | $ | 42,869 | ||||||||||||||
Commercial
nonaccrual loans which have been restructured |
12,215 | 11,190 | 8,338 | 8,915 | 4,406 | |||||||||||||||||||
Non-commercial nonaccrual loans |
11,680 | 8,537 | 7,828 | 6,184 | 4,566 | |||||||||||||||||||
Total nonaccrual loans |
42,423 | 43,180 | 44,865 | 53,425 | 51,841 | |||||||||||||||||||
Loans past due 90 days or more and
still accruing |
31 | 27 | 1,290 | 649 | 2,571 | |||||||||||||||||||
Accruing restructured loans |
7,532 | 7,378 | 5,865 | 5,379 | 2,300 | |||||||||||||||||||
Total nonperforming loans |
49,986 | 50,585 | 52,020 | 59,453 | 56,712 | |||||||||||||||||||
Other real estate owned |
26,329 | 26,718 | 29,571 | 25,966 | 29,316 | |||||||||||||||||||
Total nonperforming assets |
$ | 76,315 | $ | 77,303 | $ | 81,591 | $ | 85,419 | $ | 86,028 | ||||||||||||||
Net chargeoffs |
5,768 | 11,438 | 5,493 | 7,370 | 4,042 | |||||||||||||||||||
Allowance for credit losses |
29,057 | 28,752 | 35,554 | 33,081 | 35,524 | |||||||||||||||||||
Allowance for credit losses
to loans held for investment |
2.32 | % | 2.28 | % | 2.62 | % | 2.35 | % | 2.49 | % | ||||||||||||||
Nonperforming loans to loans held for investment |
3.98 | 4.01 | 3.84 | 4.22 | 3.98 | |||||||||||||||||||
Nonperforming assets to total assets |
4.28 | 4.28 | 4.38 | 4.42 | 4.40 | |||||||||||||||||||
Nonperforming loans to total assets |
2.81 | 2.80 | 2.79 | 3.08 | 2.90 | |||||||||||||||||||
Net charge-off percentage (annualized) |
1.86 | 3.63 | 1.62 | 2.09 | 1.15 | |||||||||||||||||||
Allowance for credit losses to nonperforming loans |
58.13 | 56.84 | 68.35 | 55.64 | 62.64 | |||||||||||||||||||
Loans identified as impaired |
$ | 36,497 | $ | 38,303 | $ | 40,621 | $ | 38,677 | $ | 39,328 | ||||||||||||||
Other nonperforming loans |
13,489 | 12,282 | 11,399 | 20,776 | 17,384 | |||||||||||||||||||
Total nonperforming loans |
49,986 | 50,585 | 52,020 | 59,453 | 56,712 | |||||||||||||||||||
Other potential problem loans |
96,509 | 110,924 | 118,067 | 100,912 | 84,936 | |||||||||||||||||||
Total impaired and potential problem loans |
$ | 146,495 | $ | 161,509 | $ | 170,087 | $ | 160,365 | $ | 141,648 | ||||||||||||||
Gross loan chargeoffs, and writedowns and losses
on other real estate owned to peak loans
during the credit cycle beginning January 1, 2007: |
2007 | 2008 | 2009 | 2010 | 2011 | TOTAL | ||||||||||||||||||
Gross loan chargeoffs |
$ | 9,412 | $ | 22,468 | $ | 38,494 | $ | 30,720 | $ | 6,210 | $ | 107,304 | ||||||||||||
Other real estate owned writedowns and losses |
4,001 | 3,571 | 1,294 | 5,508 | 1,486 | 15,860 | ||||||||||||||||||
Total chargeoffs, writedowns and losses |
$ | 13,413 | $ | 26,039 | $ | 39,788 | $ | 36,228 | $ | 7,696 | $ | 123,164 | ||||||||||||
Peak loans at September 30, 2008 |
$ | 1,626,504 | ||||||||||||||||||||||
Chargeoffs, writedowns and losses to peak loans |
7.57 | % |
FINANCIAL
SUMMARY
Three Months Ended March 31 | ||||||||
2011 | 2010 | |||||||
Income Statement Data |
||||||||
(Dollars in thousands, except share data) |
||||||||
Interest income: |
||||||||
Loans |
$ | 17,236 | $ | 19,430 | ||||
Investment securities |
3,665 | 3,799 | ||||||
Other |
4 | 21 | ||||||
Total interest income |
20,905 | 23,250 | ||||||
Interest expense: |
||||||||
Deposits |
2,687 | 4,302 | ||||||
Borrowings from the FHLB |
348 | 1,101 | ||||||
Other |
492 | 609 | ||||||
Total interest expense |
3,527 | 6,012 | ||||||
Net interest income |
17,378 | 17,238 | ||||||
Provision for credit losses |
6,073 | 3,723 | ||||||
Net interest income after provision for credit losses |
11,305 | 13,515 | ||||||
Noninterest income: |
||||||||
Service charges on deposit account |
1,570 | 1,865 | ||||||
Fee income |
980 | 987 | ||||||
Mortgage banking services |
425 | 214 | ||||||
Gain on sale of investment securities |
1,961 | | ||||||
Writedowns and loss on sale of real estate
acquired in settlement of loans |
(1,486 | ) | (1,442 | ) | ||||
Other |
1,084 | 889 | ||||||
Total noninterest income |
4,534 | 2,513 | ||||||
Noninterest expense |
||||||||
Personnel |
7,290 | 7,814 | ||||||
Occupancy |
1,043 | 1,135 | ||||||
Furniture and equipment |
964 | 1,182 | ||||||
Technology and data processing |
918 | 1,154 | ||||||
FDIC insurance |
795 | 900 | ||||||
Other |
3,384 | 3,367 | ||||||
Total noninterest expense |
14,394 | 15,552 | ||||||
Income before income taxes |
1,445 | 476 | ||||||
Income taxes |
433 | 103 | ||||||
Net income |
1,012 | 373 | ||||||
Dividends and accretion on preferred stock |
(730 | ) | (730 | ) | ||||
Net income (loss) available to common shareholders |
$ | 282 | ($357 | ) | ||||
Net income (loss) per share basic and diluted |
$ | 0.02 | ($0.02 | ) | ||||
Other Data |
||||||||
Return on average assets |
0.23 | % | 0.08 | % | ||||
Return on average equity |
2.49 | 0.91 | ||||||
Net yield on earning assets |
4.28 | 3.97 | ||||||
Efficiency |
65.40 | 77.52 | ||||||
Average loans to assets |
74.13 | 74.34 | ||||||
Average loans to deposits |
93.07 | 95.18 | ||||||
Average noninterest bearing deposits
to total deposits |
11.41 | 10.45 | ||||||
Average equity to assets |
9.02 | 8.42 | ||||||
Total capital as a percentage of total risk weighted assets |
14.02 | 12.44 | ||||||
Tangible common equity as a percentage
of total risk weighted assets |
7.54 | 6.86 |
COMMON
STOCK DATA
2011 | 2010 | |||||||||||||||||||
First | Fourth | Third | Second | First | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Market value: |
||||||||||||||||||||
End of period |
$ | 4.96 | $ | 4.70 | $ | 3.57 | $ | 3.51 | $ | 3.56 | ||||||||||
High |
5.50 | 5.00 | 4.00 | 5.28 | 4.34 | |||||||||||||||
Low |
4.54 | 3.40 | 2.94 | 3.46 | 2.08 | |||||||||||||||
Book value |
6.96 | 7.08 | 7.30 | 7.30 | 7.18 | |||||||||||||||
Tangible book value |
6.69 | 6.79 | 7.00 | 6.99 | 6.85 | |||||||||||||||
Shares outstanding at period-end |
15,655,868 | 15,655,868 | 15,655,868 | 15,655,868 | 15,655,868 | |||||||||||||||
Average shares outstanding |
15,655,868 | 15,655,868 | 15,655,868 | 15,655,868 | 15,655,868 |