Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BANCORP RHODE ISLAND INC | form8k42811.htm |
Exhibit 99.1Contacts: Linda H. Simmons Debbie Mandeville
Chief Financial Officer Investor Relations Officer
(401) 574-1652 (401) 574-1547
lsimmons@bankri.com dmandeville@bankri.com
BancorpRI Announces First Quarter 2011 Results
Continued Earnings Growth
Net Interest Margin Improvement
Providence, R.I. – April 28, 2011 – Bancorp Rhode Island, Inc. (NASDAQ: BARI), the parent company of Bank Rhode Island, today reported net income of $2.3 million for the quarter ended March 31, 2011, an increase of 4.0 percent compared to the first quarter 2010 net income of $2.2 million and a 8.5 percent increase from net income of $2.1 million in the fourth quarter 2010. The Company’s diluted earnings per share (EPS) was $0.49 for the first quarter 2011 compared to $0.48 for the prior year first quarter and $0.45 for the fourth quarter 2010.
“We have maintained a disciplined operating approach in what continues to be a less than favorable economic environment,” commented President and CEO, Merrill W. Sherman. “We are pleased to be off to a solid start in 2011.”
The Company’s commercial loan and lease portfolio continued its upward trend, growing to $783.7 million as of March 31, 2011. This represented increases of $3.4 million from year-end 2010 and $31.5 million, or 4.2 percent, from March 31, 2010. Consumer loans were $210.1 million at March 31, 2011, flat compared to December 31, 2010 and up 4.3 percent from a year ago. Residential mortgage loans were $160.7 million as of March 31, 2011, down 2.6 percent from year-end 2010.
Core deposit (demand deposits, NOW, money market and savings accounts) trends remain positive at March 31, 2011. The growth from year-end was driven primarily by money market and savings accounts, partly offset by a decline in demand deposits which posted record annual growth in the fourth quarter 2010. At the end of the first quarter, core deposits stood at 70.4 percent of total deposits compared to 65.8 percent a year ago and 69.0 percent at year-end 2010. Higher cost time deposits continue to decline as expected, consistent with the Company’s objective to lower its funding costs. Total deposits were $1.1 billion at March 31, 2011, a decrease of $18.5 million from December 31, 2010.
BancorpRI Q1 Results
Page Two
Net interest income for the first quarter 2011 increased to $13.5 million from $13.1 million in the first quarter 2010 and $13.2 million in the fourth quarter 2010. Net interest margin for the first quarter 2011 rose to 3.58 percent, representing an improvement of 6 basis points from the first quarter 2010 and 9 basis points from the fourth quarter 2010.
Noninterest income was $2.3 million for the first quarter 2011, unchanged from the first quarter 2010 and down $341,000 from $2.7 million in the fourth quarter 2010. The latter decline was primarily due to a reduction in loan related fees and service charges on deposit accounts.
Noninterest expense was $11.3 million in the first quarter 2011, up $781,000 compared to the first quarter 2010 and up $1.3 million from the fourth quarter 2010. The increase compared to the prior periods was largely attributable to an accrual related to a judgment issued with respect to a previously disclosed jury verdict against the Bank. Excluding this accrual, noninterest expenses were flat compared to the first quarter 2010.
Nonperforming assets at March 31, 2011 totaled $17.5 million or 1.09 percent of total assets. This represented a slight decrease from $17.6 million, or 1.10 percent of total assets, at December 31, 2010. Net charge-offs were $1.6 million, or 0.55 percent of average loans and leases, for the first quarter 2011, up slightly from $1.5 million, or 0.55 percent of average loans and leases, in the first quarter 2010 but down from $2.0 million, or 0.69 percent of average loans and leases, in the fourth quarter 2010.
The provision for loan and lease losses was $1.1 million for the first quarter 2011, compared to $1.6 million in the first quarter 2010 and $2.4 million on a linked-quarter basis. The allowance for loan and lease losses was $18.2 million at March 31, 2011, a decrease of $432,000, or 2.3 percent, from year-end 2010. The allowance for loan and lease losses as a percent of total loans and leases was 1.58 percent at March 31, 2011 compared to 1.61 percent at December 31, 2010.
Total assets at March 31, 2011 were $1.6 billion, up slightly from year-end 2010.
At March 31, 2011, the Company’s tier 1 capital ratio was approximately 8.10 percent and its total risk-based capital ratio was approximately 12.60 percent.
The Company’s Board of Directors approved a dividend of $0.19 per share. The dividend will be paid on June 8, 2011, to shareholders of record on May 18, 2011.
BancorpRI Q1 Results
Page Three
About BancorpRI
Bancorp Rhode Island, Inc. is the parent company of Bank Rhode Island, a full-service, FDIC-insured, state-chartered financial institution. The Bank, headquartered in Providence, Rhode Island, operates 17 branches and more than 60 ATMs throughout Providence, Kent and Washington Counties. As of March 31, 2011, BankRI had $1.6 billion in assets and $1.1 billion in deposits. For more information, visit www.bankri.com.
This release may contain “forward-looking statements” within the meaning of section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic conditions and changing competition which could cause actual future results to differ materially from those indicated herein. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.
On April 19, 2011, the Company entered into a merger agreement with Brookline Bancorp, Inc. (“Brookline Bancorp”) pursuant to which the Company will merge with and into Brookline Bancorp, whereupon the separate corporate existence of the Company will cease and its subsidiary, Bank Rhode Island will become a wholly owned subsidiary of Brookline Bancorp. In connection with the merger, Brookline Bancorp intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4, which will include a proxy statement of the Company and a prospectus of Brookline Bancorp, as well as other relevant materials concerning the merger. Investors and security holders of the Company are urged to read the proxy statement/prospectus and the other relevant materials when they become available because they will contain important information about Brookline Bancorp, the Company and the proposed transaction. The proxy statement/prospectus and other relevant materials (when they become available), and any and all documents filed by Brookline Bancorp or the Company with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors may obtain free copies of the documents filed by Brookline Bancorp with the SEC by directing a written request to Paul R. Bechet, Chief Financial Officer, Brookline Bancorp, 160 Washington Street, Brookline, MA 02445. Investors may obtain free copies of the documents filed by the Company with the SEC by directing a written request to Linda H. Simmons, Chief Financial Officer, One Turks Head Place, Providence, Rhode Island 02903. The Company and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in connection with the merger. Information about the directors and executive officers of the Company is set forth in the proxy statement for the Company’s 2011 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on April 15, 2011. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement regarding the merger when it becomes available.
###
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BANCORP RHODE ISLAND, INC.
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Selected Financial Highlights (unaudited)
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Three Months Ended
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March 31,
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2011
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2010
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(In thousands, except per share data)
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FINANCIAL DATA:
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Net interest income
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$ | 13,515 | $ | 13,088 | |||||
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Provision for loan and lease losses
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1,125 | 1,600 | |||||||
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Noninterest income
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2,332 | 2,315 | |||||||
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Noninterest expense
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11,269 | 10,488 | |||||||
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Net income
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2,307 | 2,219 | |||||||
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FINANCIAL PERFORMANCE RATIOS:
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Return on assets (3) (6)
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0.59 | % | 0.57 | % | |||||
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Return on equity (4) (6)
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7.25 | % | 7.32 | % | |||||
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Net interest margin (2) (6)
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3.58 | % | 3.52 | % | |||||
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Efficiency ratio (5) (6)
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71.11 | % | 68.09 | % | |||||
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PER SHARE DATA:
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Earnings per share - basic
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$ | 0.49 | $ | 0.48 | |||||
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Earnings per share - diluted
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0.49 | 0.48 | |||||||
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Book value per share of common stock
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27.77 | 26.69 | |||||||
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Tangible book value per share of common stock
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25.15 | 24.05 | |||||||
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Market value (at period end)
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30.87 | 27.35 | |||||||
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Dividends per share
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0.19 | 0.17 | |||||||
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CAPITAL RATIOS:
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Tier 1 capital ratio (7)
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8.10 | % | 7.80 | % | |||||
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Total risk-based capital ratio (7)
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12.60 | % | 12.03 | % | |||||
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Tangible common equity ratio (1) (6)
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7.40 | % | 7.08 | % | |||||
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Three Months Ended
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Mar 31, 2011
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Dec 31, 2010
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Sep 30, 2010
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Jun 30, 2010
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Mar 31, 2010
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(In thousands)
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BALANCE SHEET:
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Total assets
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$ | 1,606,508 | $ | 1,603,759 | $ | 1,573,323 | $ | 1,613,520 | $ | 1,586,778 | ||||||||||
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Total loans and leases
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1,154,448 | 1,155,489 | 1,135,227 | 1,136,524 | 1,123,838 | |||||||||||||||
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Total deposits
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1,101,661 | 1,120,166 | 1,115,683 | 1,174,020 | 1,107,071 | |||||||||||||||
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Shareholders' equity
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130,192 | 128,678 | 130,769 | 129,127 | 123,679 | |||||||||||||||
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ASSET QUALITY:
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Total nonperforming assets
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$ | 17,473 | $ | 17,643 | $ | 15,152 | $ | 16,759 | $ | 16,392 | ||||||||||
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Nonperforming assets / total assets
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1.09 | % | 1.10 | % | 0.96 | % | 1.04 | % | 1.03 | % | ||||||||||
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Allowance for loans and leases
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$ | 18,222 | $ | 18,654 | $ | 18,212 | $ | 17,396 | $ | 16,625 | ||||||||||
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Allowance to total loans and leases
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1.58 | % | 1.61 | % | 1.60 | % | 1.53 | % | 1.48 | % | ||||||||||
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Net charge-offs
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$ | 1,557 | $ | 1,993 | $ | 459 | $ | 779 | $ | 1,511 | ||||||||||
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Net charge-offs to average loans
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0.55 | % | 0.69 | % | 0.16 | % | 0.28 | % | 0.55 | % | ||||||||||
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BANCORP RHODE ISLAND, INC.
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Selected Financial Highlights (unaudited)
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Mar 31, 2011
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Dec 31, 2010
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Sep 30, 2010
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Jun 30, 2010
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Mar 31, 2010
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(in thousands)
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LOAN AND LEASE PORTFOLIO:
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Commercial loans and leases:
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Commercial real estate - non-owner occupied
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$ | 196,353 | $ | 200,809 | $ | 202,342 | $ | 191,345 | $ | 193,868 | |||||||||||||
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Commercial real estate - owner occupied
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183,111 | 179,766 | 177,526 | 179,109 | 172,174 | ||||||||||||||||||
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Commercial & industrial
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161,004 | 157,879 | 156,042 | 163,088 | 164,448 | ||||||||||||||||||
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Multifamily
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84,772 | 79,934 | 73,375 | 67,588 | 66,716 | ||||||||||||||||||
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Small business
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62,233 | 62,841 | 59,756 | 59,833 | 57,911 | ||||||||||||||||||
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Construction
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28,273 | 30,349 | 31,035 | 30,675 | 30,105 | ||||||||||||||||||
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Leases and other
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72,156 | 73,054 | 76,417 | 77,688 | 72,969 | ||||||||||||||||||
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Subtotal
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787,902 | 784,632 | 776,493 | 769,326 | 758,191 | ||||||||||||||||||
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Unearned lease income
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(5,962 | ) | (6,159 | ) | (6,516 | ) | (6,777 | ) | (7,039 | ) | |||||||||||||
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Net deferred loan origination costs
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1,756 | 1,791 | 1,777 | 1,825 | 1,041 | ||||||||||||||||||
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Total commercial loans and leases
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783,696 | 780,264 | 771,754 | 764,374 | 752,193 | ||||||||||||||||||
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Residential mortgages
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160,658 | 164,877 | 161,106 | 164,750 | 170,200 | ||||||||||||||||||
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Consumer loans
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210,094 | 210,348 | 202,367 | 207,400 | 201,445 | ||||||||||||||||||
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Total loans and leases
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$ | 1,154,448 | $ | 1,155,489 | $ | 1,135,227 | $ | 1,136,524 | $ | 1,123,838 | |||||||||||||
| (1) |
Calculated by dividing common shareholders’ equity less goodwill by total assets less goodwill.
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| (2) |
Calculated by dividing annualized net interest income by average interest-earning assets.
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| (3) |
Calculated by dividing annualized net income by average total assets.
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| (4) |
Calculated by dividing annualized net income applicable to common shares by average common shareholders’ equity.
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| (5) |
Calculated by dividing noninterest expense by net interest income plus noninterest income.
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| (6) |
Non-GAAP performance measure.
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| (7) |
Tier 1 capital and total risk-based capital ratio are estimated for March 31, 2011.
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BANCORP RHODE ISLAND, INC.
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Consolidated Balance Sheet (unaudited)
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March 31,
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December 31,
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2011
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2010
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(In thousands)
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ASSETS:
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Cash and due from banks
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$ | 16,573 | $ | 14,384 | ||||
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Overnight investments
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551 | 395 | ||||||
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Total cash and cash equivalents
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17,124 | 14,779 | ||||||
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Available for sale securities (amortized cost of $359,299 and
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$357,402, respectively)
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361,579 | 360,025 | ||||||
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Stock in Federal Home Loan Bank of Boston
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16,274 | 16,274 | ||||||
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Loans and leases receivable:
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Commercial loans and leases
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783,696 | 780,264 | ||||||
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Residential mortgage loans
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160,658 | 164,877 | ||||||
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Consumer and other loans
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210,094 | 210,348 | ||||||
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Total loans and leases receivable
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1,154,448 | 1,155,489 | ||||||
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Allowance for loan and lease losses
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(18,222 | ) | (18,654 | ) | ||||
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Net loans and leases receivable
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1,136,226 | 1,136,835 | ||||||
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Premises and equipment, net
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11,677 | 11,889 | ||||||
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Goodwill
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12,262 | 12,262 | ||||||
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Accrued interest receivable
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4,411 | 4,842 | ||||||
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Investment in bank-owned life insurance
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31,580 | 31,277 | ||||||
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Prepaid expenses and other assets
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15,375 | 15,576 | ||||||
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Total assets
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$ | 1,606,508 | $ | 1,603,759 | ||||
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LIABILITIES:
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Deposits:
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Demand deposit accounts
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$ | 254,291 | $ | 264,274 | ||||
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NOW accounts
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65,127 | 70,327 | ||||||
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Money market accounts
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113,126 | 96,285 | ||||||
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Savings accounts
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343,286 | 341,667 | ||||||
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Certificates of deposit accounts
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325,831 | 347,613 | ||||||
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Total deposits
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1,101,661 | 1,120,166 | ||||||
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Overnight and short-term borrowings
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36,068 | 40,997 | ||||||
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Wholesale repurchase agreements
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19,801 | 20,000 | ||||||
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Federal Home Loan Bank of Boston borrowings
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273,582 | 260,889 | ||||||
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Subordinated deferrable interest debentures
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13,403 | 13,403 | ||||||
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Other liabilities
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31,801 | 19,626 | ||||||
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Total liabilities
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1,476,316 | 1,475,081 | ||||||
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SHAREHOLDERS’ EQUITY:
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Common stock, par value $0.01 per share, authorized 11,000,000 shares:
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Issued: (5,074,192 shares and 5,047,942 shares, respectively)
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50 | 50 | ||||||
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Additional paid-in capital
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74,556 | 73,866 | ||||||
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Treasury stock, at cost (385,950 shares and 373,850 shares, respectively)
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(12,897 | ) | (12,527 | ) | ||||
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Retained earnings
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67,001 | 65,584 | ||||||
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Accumulated other comprehensive income, net
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1,482 | 1,705 | ||||||
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Total shareholders’ equity
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130,192 | 128,678 | ||||||
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Total liabilities and shareholders’ equity
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$ | 1,606,508 | $ | 1,603,759 | ||||
| BANCORP RHODE ISLAND, INC. | ||||||||
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Consolidated Statements of Operations (unaudited)
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Three Months Ended
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March 31,
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2011
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2010
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(In thousands, except per share data)
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Interest and dividend income:
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Overnight investments
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$ | - | $ | 5 | ||||
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Mortgage-backed securities
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2,625 | 3,229 | ||||||
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Investment securities
|
397 | 550 | ||||||
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Federal Home Loan Bank of Boston stock dividends
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12 | - | ||||||
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Loans and leases
|
14,550 | 14,568 | ||||||
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Total interest and dividend income
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17,584 | 18,352 | ||||||
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Interest expense:
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||||||||
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Deposits
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1,459 | 2,278 | ||||||
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Overnight and short-term borrowings
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10 | 18 | ||||||
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Wholesale repurchase agreements
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139 | 139 | ||||||
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Federal Home Loan Bank of Boston borrowings
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2,296 | 2,665 | ||||||
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Subordinated deferrable interest debentures
|
165 | 164 | ||||||
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Total interest expense
|
4,069 | 5,264 | ||||||
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Net interest income
|
13,515 | 13,088 | ||||||
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Provision for loan and lease losses
|
1,125 | 1,600 | ||||||
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Net interest income after provision for loan and lease losses
|
12,390 | 11,488 | ||||||
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Noninterest income:
|
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Total other-than-temporary impairment losses on
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available for sale securities
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- | (1,592 | ) | |||||
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Non-credit component of other-than-temporary impairment losses
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recognized in other comprehensive income
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- | 1,021 | ||||||
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Credit component of other-than-temporary impairment losses on
|
- | (571 | ) | |||||
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available for sale securities
|
||||||||
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Service charges on deposit accounts
|
1,140 | 1,264 | ||||||
|
Income from bank-owned life insurance
|
303 | 315 | ||||||
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Loan related fees
|
220 | 189 | ||||||
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Gain on sale of available for sale securities
|
212 | 475 | ||||||
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Commissions on nondeposit investment products
|
194 | 237 | ||||||
|
Net (loss) gain on lease sales and commissions on loans
|
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|
originated for others
|
(4 | ) | 36 | |||||
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Other income
|
267 | 370 | ||||||
|
Total noninterest income
|
2,332 | 2,315 | ||||||
|
Noninterest expense:
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||||||||
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Salaries and employee benefits
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5,934 | 5,843 | ||||||
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Occupancy
|
907 | 861 | ||||||
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Data processing
|
681 | 654 | ||||||
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Professional services
|
606 | 632 | ||||||
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FDIC insurance
|
477 | 475 | ||||||
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Operating
|
454 | 462 | ||||||
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Marketing
|
353 | 258 | ||||||
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Equipment
|
276 | 255 | ||||||
|
Loan workout and other real estate owned
|
206 | 336 | ||||||
|
Loan servicing
|
144 | 176 | ||||||
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Other expenses
|
1,231 | 536 | ||||||
|
Total noninterest expense
|
11,269 | 10,488 | ||||||
|
Income before income taxes
|
3,453 | 3,315 | ||||||
|
Income tax expense
|
1,146 | 1,096 | ||||||
|
Net income
|
$ | 2,307 | $ | 2,219 | ||||
|
Per share data:
|
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|
Basic earnings per common share
|
$ | 0.49 | $ | 0.48 | ||||
|
Diluted earnings per common share
|
$ | 0.49 | $ | 0.48 | ||||
|
Cash dividends declared per common share
|
$ | 0.19 | $ | 0.17 | ||||
|
Weighted average common shares outstanding – basic
|
4,683 | 4,622 | ||||||
|
Weighted average common shares outstanding – diluted
|
4,715 | 4,650 | ||||||
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BANCORP RHODE ISLAND, INC.
|
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Asset Quality Analysis (unaudited)
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Three Months Ended
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Mar 31, 2011
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Dec 31, 2010
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Sep 30, 2010
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Jun 30, 2010
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Mar 31, 2010
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(Dollars in thousands)
|
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NONPERFORMING ASSETS:
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Nonperforming loans & leases:
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Commercial real estate
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$ | 4,792 | $ | 5,273 | $ | 5,384 | $ | 5,131 | $ | 4,952 | ||||||||||
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Commercial & industrial
|
2,255 | 2,462 | 1,455 | 1,155 | 1,544 | |||||||||||||||
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Multifamily
|
1,050 | 717 | - | - | - | |||||||||||||||
|
Small business
|
1,059 | 1,090 | 1,158 | 986 | 957 | |||||||||||||||
|
Construction
|
232 | 469 | 469 | 469 | 710 | |||||||||||||||
|
Leases
|
591 | 581 | 1,115 | 2,252 | 1,415 | |||||||||||||||
|
Residential mortgage
|
4,926 | 5,045 | 3,570 | 3,737 | 4,349 | |||||||||||||||
|
Consumer
|
993 | 876 | 871 | 1,081 | 442 | |||||||||||||||
|
Total nonperforming loans & leases
|
15,898 | 16,513 | 14,022 | 14,811 | 14,369 | |||||||||||||||
|
Other real estate owned
|
1,575 | 1,130 | 1,130 | 1,948 | 2,023 | |||||||||||||||
|
Total nonperforming assets
|
$ | 17,473 | $ | 17,643 | $ | 15,152 | $ | 16,759 | $ | 16,392 | ||||||||||
|
Total nonperforming loans & leases / total loans & leases
|
1.38 | % | 1.43 | % | 1.24 | % | 1.30 | % | 1.28 | % | ||||||||||
|
Total nonperforming assets / total assets
|
1.09 | % | 1.10 | % | 0.96 | % | 1.04 | % | 1.03 | % | ||||||||||
|
PROVISION AND ALLOWANCE FOR LOAN LOSSES:
|
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|
Balance at beginning of period
|
$ | 18,654 | $ | 18,212 | $ | 17,396 | $ | 16,625 | $ | 16,536 | ||||||||||
|
Charged-off loans & leases
|
(1,686 | ) | (2,154 | ) | (487 | ) | (909 | ) | (1,612 | ) | ||||||||||
|
Recoveries on charged-off loans & leases
|
129 | 161 | 28 | 130 | 101 | |||||||||||||||
|
Net loans & leases charged-off
|
(1,557 | ) | (1,993 | ) | (459 | ) | (779 | ) | (1,511 | ) | ||||||||||
|
Provision for loan and lease losses
|
1,125 | 2,435 | 1,275 | 1,550 | 1,600 | |||||||||||||||
|
Balance at end of period
|
$ | 18,222 | $ | 18,654 | $ | 18,212 | $ | 17,396 | $ | 16,625 | ||||||||||
|
Allowance to nonperforming loans & leases
|
114.62 | % | 112.97 | % | 129.88 | % | 117.45 | % | 115.70 | % | ||||||||||
|
Allowance to total loans & leases
|
1.58 | % | 1.61 | % | 1.60 | % | 1.53 | % | 1.48 | % | ||||||||||
|
NET CHARGE-OFFS:
|
||||||||||||||||||||
|
Commercial real estate
|
$ | 532 | $ | 726 | $ | - | $ | (100 | ) | $ | 549 | |||||||||
|
Commercial & industrial
|
- | 487 | (5 | ) | (4 | ) | (11 | ) | ||||||||||||
|
Construction
|
237 | - | - | - | - | |||||||||||||||
|
Other commercial loans & leases
|
397 | 565 | 226 | 387 | 529 | |||||||||||||||
|
Residential mortgages
|
379 | 141 | 89 | 490 | 347 | |||||||||||||||
|
Consumer
|
12 | 74 | 149 | 6 | 97 | |||||||||||||||
|
Total net charge-offs
|
$ | 1,557 | $ | 1,993 | $ | 459 | $ | 779 | $ | 1,511 | ||||||||||
|
Net charge-offs to average loans & leases
|
0.55 | % | 0.69 | % | 0.16 | % | 0.28 | % | 0.55 | % | ||||||||||
|
DELINQUENCIES AND NON-ACCRUING LOANS AND LEASES AS % OF TOTAL LOANS:
|
||||||||||||||||||||
|
Loans & leases 30-59 days past due
|
0.83 | % | 0.56 | % | 0.47 | % | 0.90 | % | 0.90 | % | ||||||||||
|
Loans & leases 60-89 days past due
|
0.28 | % | 0.21 | % | 0.22 | % | 0.21 | % | 0.22 | % | ||||||||||
|
Loans & leases 90+ days past due and still accruing
|
0.06 | % | - | - | 0.08 | % | - | |||||||||||||
|
Total accruing past due loans & leases
|
1.17 | % | 0.77 | % | 0.69 | % | 1.19 | % | 1.12 | % | ||||||||||
|
Non-accrual loans & leases
|
1.32 | % | 1.43 | % | 1.24 | % | 1.22 | % | 1.28 | % | ||||||||||
|
Total delinquent and nonaccrual loans & leases
|
2.49 | % | 2.20 | % | 1.93 | % | 2.41 | % | 2.40 | % | ||||||||||
|
BANCORP RHODE ISLAND, INC.
|
||||||||||||||||||||||||
|
Consolidated Average Balances, Yields and Costs (unaudited)
|
||||||||||||||||||||||||
|
Three Months Ended March 31,
|
||||||||||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
|
2011
|
2010
|
|||||||||||||||||||||||
|
Average Balance
|
Interest Earned/Paid
|
Average Yield
|
Average Balance
|
Interest Earned/Paid
|
Average Yield
|
|||||||||||||||||||
|
ASSETS:
|
||||||||||||||||||||||||
|
Earning assets:
|
||||||||||||||||||||||||
|
Overnight investments
|
$ | 762 | $ | - | 0.19 | % | $ | 2,292 | $ | 5 | 0.87 | % | ||||||||||||
|
Available for sale securities
|
355,404 | 3,022 | 3.40 | % | 372,516 | 3,779 | 4.06 | % | ||||||||||||||||
|
Stock in the FHLB
|
16,274 | 12 | 0.31 | % | 16,274 | - | 0.00 | % | ||||||||||||||||
|
Loans and leases receivable:
|
||||||||||||||||||||||||
|
Commercial loans and leases
|
777,681 | 10,656 | 5.54 | % | 730,907 | 10,311 | 5.71 | % | ||||||||||||||||
|
Residential mortgages loans
|
163,640 | 1,699 | 4.15 | % | 172,408 | 2,029 | 4.71 | % | ||||||||||||||||
|
Consumer and other loans
|
210,548 | 2,195 | 4.23 | % | 203,840 | 2,228 | 4.43 | % | ||||||||||||||||
|
Total earning assets
|
1,524,309 | 17,584 | 4.65 | % | 1,498,237 | 18,352 | 4.94 | % | ||||||||||||||||
|
Cash and due from banks
|
17,117 | 13,451 | ||||||||||||||||||||||
|
Allowance for loans and leases
|
(18,528 | ) | (17,225 | ) | ||||||||||||||||||||
|
Premises and equipment
|
11,797 | 12,359 | ||||||||||||||||||||||
|
Goodwill, net
|
12,262 | 12,179 | ||||||||||||||||||||||
|
Accrued interest receivable
|
4,269 | 4,372 | ||||||||||||||||||||||
|
Bank-owned life insurance
|
31,388 | 30,118 | ||||||||||||||||||||||
|
Prepaid expenses and other assets
|
15,366 | 18,579 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,597,980 | $ | 1,572,070 | ||||||||||||||||||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
NOW accounts
|
$ | 68,042 | $ | 46 | 0.27 | % | $ | 68,669 | $ | 15 | 0.08 | % | ||||||||||||
|
Money market accounts
|
105,289 | 172 | 0.66 | % | 71,387 | 149 | 0.85 | % | ||||||||||||||||
|
Savings accounts
|
343,366 | 270 | 0.32 | % | 369,750 | 531 | 0.58 | % | ||||||||||||||||
|
Certificate of deposit accounts
|
335,236 | 971 | 1.17 | % | 385,599 | 1,583 | 1.67 | % | ||||||||||||||||
|
Overnight and short-term borrowings
|
39,769 | 10 | 0.10 | % | 39,161 | 18 | 0.19 | % | ||||||||||||||||
|
Wholesale repurchase agreements
|
20,045 | 139 | 2.77 | % | 18,222 | 139 | 3.06 | % | ||||||||||||||||
|
FHLB borrowings
|
272,971 | 2,296 | 3.37 | % | 271,742 | 2,665 | 3.92 | % | ||||||||||||||||
|
Subordinated deferrable interest debentures
|
13,403 | 165 | 4.94 | % | 13,403 | 164 | 4.90 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
1,198,121 | 4,069 | 1.38 | % | 1,237,933 | 5,264 | 1.72 | % | ||||||||||||||||
|
Noninterest-bearing deposits
|
254,722 | 199,735 | ||||||||||||||||||||||
|
Other liabilities
|
16,076 | 11,427 | ||||||||||||||||||||||
|
Total liabilities
|
1,468,919 | 1,449,095 | ||||||||||||||||||||||
|
Shareholders' equity:
|
129,061 | 122,975 | ||||||||||||||||||||||
|
Total liabilities and shareholders' equity
|
$ | 1,597,980 | $ | 1,572,070 | ||||||||||||||||||||
|
Net interest income
|
$ | 13,515 | $ | 13,088 | ||||||||||||||||||||
|
Net interest spread
|
3.27 | % | 3.22 | % | ||||||||||||||||||||
|
Net interest margin
|
3.58 | % | 3.52 | % | ||||||||||||||||||||