Attached files
| file | filename |
|---|---|
| 8-K - THE BANCORP, INC. FORM 8-K - Bancorp, Inc. | bancorp8k.htm |
Exhibit 99.1
The Bancorp, Inc. Reports Third Quarter 2011 Financial Results
Wilmington, Delaware – October 20, 2011 – The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported results for the quarter ended September 30, 2011.
Financial Highlights
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-
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Core operating earnings for third quarter 2011 increased by 40% to $8.6 million over third quarter 2010. For those respective periods, GAAP diluted earnings per share increased to $0.07 from $0.02 based on 33.2 million and 26.6 million shares outstanding respectively. For the nine month period ended September 30, 2011 diluted earnings per share amounted to $0.18 compared to a loss per share of $0.12 in the comparable prior year period.
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Key factors driving these results were:
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-
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Tax equivalent net interest income increased 15% in third quarter 2011 to $19.9 million from $17.3 million in third quarter 2010.
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-
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The provision for loan and lease losses increased $1.6 million year to date, over the prior year to date but decreased $1.9 million from the quarter ended June 30, 2011.
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-
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Year to date prepaid card fee income increased 62% to $13.2 million from $8.1 million in 2010, reflecting a 45% increase in third quarter 2011 over third quarter 2010.
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-
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Year to date non-interest income, excluding security gains and OTTI but including prepaid card fee income, increased 53% to $21.6 million compared to $14.2 million in 2010, reflecting a 35% increase in third quarter 2011 over third quarter 2010.
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-
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At September 30, 2011 the portfolio of loans and securities had grown to $2.2 billion, an increase of $294 million, or 16% over the prior year. Outstanding loans increased 8% year over year.
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-
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Year to date average deposits for 2011 totaled $2.5 billion, an increase of $525 million or 27% over 2010, reflecting a 20% increase in third quarter 2011 over third quarter 2010. The interest paid on deposits between those respective periods decreased to 0.45% from 0.68%.
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Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “The third quarter saw a continuation of the growth in operating leverage as expressed by the 40% increase in core operating earnings and the 5.5 point decrease or 8% improvement in the efficiency ratio. Loans and securities grew by an aggregate of 16% over the prior year including growth in our SBA loan initiative and our pipeline for new SBA loans continues to increase. Another initiative, vehicle leasing, also exhibited strong growth of 25% on a year over year basis. These are areas in which we are comfortable in a difficult lending environment. Our focus on increasing non-interest income is also evident, especially for prepaid cards for which fee income increased 62% on a year to date basis over the prior year. Our positioning as a leader in providing services in the prepaid card space continues to drive the increase. Book value per share increased from $7.69 at September 30, 2010 to $8.09, or an increase of 5%, while outstanding shares increased to 33 million from 26 million.”
Financial Results
Bancorp reported net income available to common shareholders for the three months ended September 30, 2011 of $2.3 million or diluted earnings per share of $0.07, based on 33,203,662 weighted average shares outstanding, compared to net income available to common shareholders of $588,000 or diluted earnings per share of $0.02, based on 26,569,565 weighted average shares outstanding, for the three months ended September 30, 2010. Core operating earnings, a non-GAAP measure, increased to $8.6 million for the three months ended September 30, 2011 compared to $6.1 million for the three months ended September 30, 2010. The following is a reconciliation of core operating earnings to net income available to common shareholders (for the three month period):
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September 30,
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September 30,
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2011
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2010
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Net income available to common shareholders
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$ | 2,282 | $ | 588 | ||||
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Income tax expense
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1,209 | 156 | ||||||
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Gains on sales of investment securities
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(20 | ) | (2 | ) | ||||
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Other than temporary impairment in securities
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- | 135 | ||||||
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Losses on other real estate owned
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64 | 22 | ||||||
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Provision for loan and lease losses and other credit costs
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5,019 | 5,219 | ||||||
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Core operating earnings (1)
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$ | 8,554 | $ | 6,118 | ||||
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(1)
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As a supplement to GAAP, Bancorp has provided this non-GAAP performance result. The Bancorp believes that this non-GAAP financial measure is useful because it allows investors to assess its operating performance. Management utilizes core operating earnings to measure the combined impact of changes in net interest income, non-interest income and certain other expenses. Other companies may calculate core earnings differently. Although this non-GAAP financial measure is intended to enhance investors’ understanding of Bancorp’s business and performance, it should not be considered, and is not intended to be, a substitute for GAAP.
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Capital Ratios
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Tier 1 capital
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Tier 1 capital
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Total capital
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to average
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to risk-weighted
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to risk-weighted
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assets ratio
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assets ratio
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assets ratio
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As of September 30, 2011
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The Company
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9.60 | % | 14.90 | % | 16.16 | % | ||||||
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The Bancorp Bank
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6.76 | % | 10.52 | % | 11.77 | % | ||||||
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"Well capitalized" institution (under FDIC regulations)
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5.00 | % | 6.00 | % | 10.00 | % | ||||||
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As of December 31, 2010
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The Company
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8.37 | % | 11.99 | % | 13.24 | % | ||||||
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The Bancorp Bank
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7.39 | % | 10.60 | % | 11.85 | % | ||||||
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"Well capitalized" institution (under FDIC regulations)
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5.00 | % | 6.00 | % | 10.00 | % | ||||||
Balance Sheet Summary
At September 30, 2011, Bancorp's total assets were $3.4 billion, an increase of $733 million or 28% over total assets at September 30, 2010. During that period, investments increased to $440 million, an increase of $169 million or 62%; loans increased to $1.7 billion, an increase of $125 million or 8%; and deposits increased to $3.1 billion, an increase of $651 million or 27%. Total assets increased compared to June 30, 2011, primarily as a result of seasonal deposit variations.
Conference Call Webcast
You may access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 8:30 AM EDT Friday, October 21, 2011 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 888.396.2369 using access code 74604081. You may listen to the replay of the webcast following the live call on Bancorp's investor relations website or telephonically until Friday, October 28, 2011 by dialing 888.286.8010, access code 91908919.
2
About Bancorp
The Bancorp, Inc. is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services both directly and through private-label affinity programs nationwide. The Bancorp Bank’s regional community bank operations serve the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.
Forward Looking Statements
Statements in this earnings release regarding The Bancorp, Inc.’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “estimate,” “continue,” or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp, Inc.’s filings with the SEC, including the “Risk Factors” sections of The Bancorp Inc.’s filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Bancorp, Inc. does not undertake to publicly revise or update forward-looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.
The Bancorp, Inc. Contact
Andres Viroslav
215-861-7990
andres.viroslav@thebancorp.com
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The Bancorp, Inc.
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Financial highlights
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(unaudited)
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Three months ended
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Nine months ended
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September 30,
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September 30,
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2011
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2010
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2011
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2010
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(dollars in thousands except per share data)
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Condensed income statement
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Net interest income
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$ | 19,595 | $ | 17,050 | $ | 56,050 | $ | 50,019 | ||||||||
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Provision for loan and lease losses
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5,019 | 5,121 | 16,654 | 15,075 | ||||||||||||
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Non-interest income
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||||||||||||||||
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Gain on sales of investment securities
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20 | 2 | 623 | 1,221 | ||||||||||||
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Other than temporary impairment of investment securities
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- | (135 | ) | (75 | ) | (135 | ) | |||||||||
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Other non-interest income
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6,653 | 4,918 | 21,595 | 14,152 | ||||||||||||
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Total non-interest income
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6,673 | 4,785 | 22,143 | 15,238 | ||||||||||||
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Non-interest expense
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Loss on other real estate owned
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64 | 22 | 555 | 22 | ||||||||||||
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Other non-interest expense
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17,694 | 15,948 | 52,425 | 45,393 | ||||||||||||
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Total non-interest expense
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17,758 | 15,970 | 52,980 | 45,415 | ||||||||||||
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Net income before income tax expense
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3,491 | 744 | 8,559 | 4,767 | ||||||||||||
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Income tax expense
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1,209 | 156 | 2,929 | 1,586 | ||||||||||||
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Net income
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2,282 | 588 | 5,630 | 3,181 | ||||||||||||
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Less preferred stock dividends
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- | - | - | (433 | ) | |||||||||||
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Less preferred stock accretion
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- | - | - | (5,809 | ) | |||||||||||
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Net income (loss) available to common shareholders
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$ | 2,282 | $ | 588 | $ | 5,630 | $ | (3,061 | ) | |||||||
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Basic earnings (loss) per share
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$ | 0.07 | $ | 0.02 | $ | 0.18 | $ | (0.12 | ) | |||||||
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Diluted earnings (loss) per share
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$ | 0.07 | $ | 0.02 | $ | 0.18 | $ | (0.12 | ) | |||||||
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Weighted average shares - basic
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33,196,281 | 26,181,281 | 31,500,347 | 26,181,281 | ||||||||||||
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Weighted average shares - diluted
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33,203,662 | 26,569,565 | 31,506,808 | 26,181,281 | ||||||||||||
4
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Balance sheet
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September 30,
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June 30,
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December 31,
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September 30,
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2011
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2011
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2010
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2010
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(dollars in thousands)
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Assets:
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Cash and cash equivalents
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Cash and due from banks
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$ | 259,116 | $ | 168,957 | $ | 157,411 | $ | 164,948 | ||||||||
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Interest bearing deposits
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932,152 | 199,866 | 314,908 | 584,857 | ||||||||||||
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Total cash and cash equivalents
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1,191,268 | 368,823 | 472,319 | 749,805 | ||||||||||||
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Investment securities, available-for-sale, at fair value
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421,716 | 353,099 | 231,165 | 249,342 | ||||||||||||
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Investment securities, held-to-maturity
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18,095 | 18,102 | 21,364 | 21,354 | ||||||||||||
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Loans, net of deferred costs
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1,715,648 | 1,678,660 | 1,619,195 | 1,590,507 | ||||||||||||
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Allowance for loan and lease losses
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(27,671 | ) | (27,685 | ) | (24,063 | ) | (21,798 | ) | ||||||||
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Loans, net of deferred costs
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1,687,977 | 1,650,975 | 1,595,132 | 1,568,709 | ||||||||||||
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Premises and equipment, net
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8,307 | 8,296 | 8,767 | 8,602 | ||||||||||||
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Accrued interest receivable
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8,541 | 7,839 | 8,878 | 8,396 | ||||||||||||
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Intangible assets, net
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8,254 | 8,504 | 9,005 | 9,255 | ||||||||||||
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Other real estate owned
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6,415 | 3,764 | 2,115 | 225 | ||||||||||||
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Deferred tax asset, net
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19,902 | 21,960 | 24,365 | 19,434 | ||||||||||||
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Other assets
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22,538 | 24,477 | 22,613 | 24,554 | ||||||||||||
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Total assets
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$ | 3,393,013 | $ | 2,465,839 | $ | 2,395,723 | $ | 2,659,676 | ||||||||
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Liabilities:
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Deposits
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Demand (non-interest bearing)
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$ | 1,866,259 | $ | 1,073,228 | $ | 945,605 | $ | 1,402,538 | ||||||||
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Savings, money market and interest checking
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1,171,349 | 1,076,654 | 975,973 | 1,001,959 | ||||||||||||
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Time deposits
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25,552 | 1,394 | 90,862 | 9,218 | ||||||||||||
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Time deposits, $100,000 and over
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10,341 | 11,427 | 11,657 | 8,672 | ||||||||||||
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Total deposits
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3,073,501 | 2,162,703 | 2,024,097 | 2,422,387 | ||||||||||||
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Securities sold under agreements to repurchase
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25,057 | 20,258 | 14,383 | 9,429 | ||||||||||||
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Short-term borrowings
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- | - | 87,000 | - | ||||||||||||
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Federal funds purchased
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- | - | 49,000 | - | ||||||||||||
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Accrued interest payable
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113 | 131 | 124 | 109 | ||||||||||||
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Subordinated debenture
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13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
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Other liabilities
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12,262 | 7,109 | 8,812 | 12,918 | ||||||||||||
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Total liabilities
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$ | 3,124,334 | $ | 2,203,602 | $ | 2,196,817 | $ | 2,458,244 | ||||||||
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Shareholders' equity:
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Common stock - authorized, 50,000,000 shares of $1.00 par value; 33,196,281 and 26,181,281 shares issued and outstanding at September 30, 2011 and 2010, respectively
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33,196 | 33,196 | 26,181 | 26,181 | ||||||||||||
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Additional paid-in capital
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241,473 | 241,011 | 192,711 | 192,492 | ||||||||||||
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Accumulated deficit
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(12,565 | ) | (14,847 | ) | (18,195 | ) | (20,236 | ) | ||||||||
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Accumulated other comprehensive (loss) gain
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6,575 | 2,877 | (1,791 | ) | 2,995 | |||||||||||
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Total shareholders' equity
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268,679 | 262,237 | 198,906 | 201,432 | ||||||||||||
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Total liabilities and shareholders' equity
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$ | 3,393,013 | $ | 2,465,839 | $ | 2,395,723 | $ | 2,659,676 | ||||||||
5
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Average balance sheet and net interest income
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Three months ended September 30, 2011
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Three months ended September 30, 2010
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(dollars in thousands)
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Average
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Average
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Average
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Average
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||||||||||||||||||||
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Assets:
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Balance
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Interest
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Rate
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Balance
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Interest
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Rate
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||||||||||||||||||
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Interest-earning assets:
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Loans net of unearned discount
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$ | 1,693,500 | $ | 18,927 | 4.47 | % | $ | 1,581,924 | $ | 18,406 | 4.65 | % | ||||||||||||
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Leases - bank qualified*
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5,328 | 128 | 9.61 | % | 1,284 | 14 | 4.36 | % | ||||||||||||||||
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Investment securities-taxable
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320,239 | 2,732 | 3.41 | % | 159,617 | 1,641 | 4.11 | % | ||||||||||||||||
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Investment securities-nontaxable*
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70,049 | 1,003 | 5.73 | % | 55,819 | 784 | 5.62 | % | ||||||||||||||||
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Interest earning deposits at Federal Reserve Bank
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456,260 | 296 | 0.26 | % | 325,513 | 176 | 0.22 | % | ||||||||||||||||
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Net interest-earning assets
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2,545,376 | 23,086 | 3.63 | % | 2,124,157 | 21,021 | 3.96 | % | ||||||||||||||||
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Allowance for loan and lease losses
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(28,415 | ) | (23,003 | ) | ||||||||||||||||||||
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Other assets
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253,171 | 198,534 | ||||||||||||||||||||||
| $ | 2,770,132 | $ | 2,299,688 | |||||||||||||||||||||
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Liabilities and Shareholders' Equity:
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Deposits:
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Demand (non-interest bearing)**
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$ | 1,321,031 | $ | 314 | 0.10 | % | $ | 992,474 | $ | 395 | 0.16 | % | ||||||||||||
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Interest bearing deposits
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Interest checking
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757,087 | 1,553 | 0.82 | % | 660,094 | 2,055 | 1.25 | % | ||||||||||||||||
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Savings and money market
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354,189 | 822 | 0.93 | % | 294,171 | 878 | 1.19 | % | ||||||||||||||||
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Time
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29,690 | 94 | 1.27 | % | 105,197 | 142 | 0.54 | % | ||||||||||||||||
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Total interest bearing deposits
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1,140,966 | 2,469 | 0.87 | % | 1,059,462 | 3,075 | 1.16 | % | ||||||||||||||||
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Total deposits
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2,461,997 | 2,783 | 0.45 | % | 2,051,936 | 3,470 | 0.68 | % | ||||||||||||||||
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Short-term borrowings
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- | - | 0.00 | % | 11,576 | 17 | 0.59 | % | ||||||||||||||||
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Repurchase agreements
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23,271 | 96 | 1.65 | % | 9,424 | 5 | 0.21 | % | ||||||||||||||||
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Subordinated debt
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13,401 | 216 | 6.45 | % | 13,401 | 218 | 6.51 | % | ||||||||||||||||
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Net interest bearing liabilities
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1,177,638 | 2,781 | 0.94 | % | 1,093,863 | 3,315 | 1.21 | % | ||||||||||||||||
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Total deposits and interest bearing liabilities
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2,498,669 | 3,095 | 0.50 | % | 2,086,337 | 3,710 | 0.71 | % | ||||||||||||||||
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Other liabilities
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7,757 | 9,617 | ||||||||||||||||||||||
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Total liabilities
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2,506,426 | 2,095,954 | ||||||||||||||||||||||
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Shareholders' equity
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263,706 | 203,734 | ||||||||||||||||||||||
| $ | 2,770,132 | $ | 2,299,688 | |||||||||||||||||||||
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Net interest income on tax equivalent basis*
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$ | 19,991 | $ | 17,311 | ||||||||||||||||||||
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Tax equivalent adjustment
|
396 | 261 | ||||||||||||||||||||||
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Net interest income
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$ | 19,595 | $ | 17,050 | ||||||||||||||||||||
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Net interest margin *
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3.14 | % | 3.26 | % | ||||||||||||||||||||
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* Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 35% statutory tax rate
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** Interest includes fees paid to affinity groups.
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6
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Average balance sheet and net interest income
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Nine months ended September 30, 2011
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Nine months ended September 30, 2010
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(Dollars in thousands)
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Average
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Average
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Average
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Average
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||||||||||||||||||||
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Assets:
|
Balance
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Interest
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Rate
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Balance
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Interest
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Rate
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||||||||||||||||||
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Interest-earning assets:
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Loans net of unearned discount
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$ | 1,655,013 | $ | 55,252 | 4.45 | % | $ | 1,557,950 | $ | 54,693 | 4.68 | % | ||||||||||||
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Leases - bank qualified*
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4,174 | 302 | 9.65 | % | 497 | 15 | 4.02 | % | ||||||||||||||||
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Investment securities-taxable
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259,301 | 6,629 | 3.41 | % | 154,632 | 4,651 | 4.01 | % | ||||||||||||||||
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Investment securities-nontaxable*
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74,560 | 3,066 | 5.48 | % | 39,649 | 1,890 | 6.36 | % | ||||||||||||||||
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Interest earning deposits at Federal Reserve Bank
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558,333 | 1,041 | 0.25 | % | 326,562 | 610 | 0.25 | % | ||||||||||||||||
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Net interest-earning assets
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2,551,381 | 66,290 | 3.46 | % | 2,079,290 | 61,859 | 3.97 | % | ||||||||||||||||
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Allowance for loan and lease losses
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(26,597 | ) | (21,335 | ) | ||||||||||||||||||||
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Other assets
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270,301 | 182,135 | ||||||||||||||||||||||
| $ | 2,795,085 | $ | 2,240,090 | |||||||||||||||||||||
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Liabilities and Shareholders' Equity:
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Deposits:
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||||||||||||||||||||||||
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Demand (non-interest bearing)**
|
$ | 1,396,438 | $ | 1,047 | 0.10 | % | $ | 982,437 | $ | 894 | 0.12 | % | ||||||||||||
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Interest bearing deposits
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||||||||||||||||||||||||
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Interest checking
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742,087 | 4,536 | 0.81 | % | 601,011 | 6,075 | 1.35 | % | ||||||||||||||||
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Savings and money market
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337,422 | 2,414 | 0.95 | % | 313,779 | 3,098 | 1.32 | % | ||||||||||||||||
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Time
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29,608 | 241 | 1.09 | % | 82,544 | 394 | 0.64 | % | ||||||||||||||||
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Total interest bearing deposits
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1,109,117 | 7,191 | 0.86 | % | 997,334 | 9,567 | 1.28 | % | ||||||||||||||||
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Total deposits
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2,505,555 | 8,238 | 0.44 | % | 1,979,771 | 10,461 | 0.70 | % | ||||||||||||||||
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Short-term borrowings
|
996 | 3 | 0.40 | % | 16,562 | 81 | 0.65 | % | ||||||||||||||||
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Repurchase agreements
|
20,067 | 173 | 1.15 | % | 7,461 | 19 | 0.34 | % | ||||||||||||||||
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Subordinated debt
|
13,401 | 647 | 6.44 | % | 13,211 | 648 | 6.54 | % | ||||||||||||||||
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Net interest bearing liabilities
|
1,143,581 | 8,014 | 0.93 | % | 1,034,568 | 10,315 | 1.33 | % | ||||||||||||||||
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Total deposits and interest bearing liabilities
|
2,540,019 | 9,061 | 0.48 | % | 2,017,005 | 11,209 | 0.74 | % | ||||||||||||||||
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Other liabilities
|
8,944 | 9,916 | ||||||||||||||||||||||
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Total liabilities
|
2,548,963 | 2,026,921 | ||||||||||||||||||||||
|
Shareholders' equity
|
246,122 | 213,169 | ||||||||||||||||||||||
| $ | 2,795,085 | $ | 2,240,090 | |||||||||||||||||||||
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Net interest income on tax equivalent basis*
|
57,229 | 50,650 | ||||||||||||||||||||||
|
Tax equivalent adjustment
|
1,179 | 631 | ||||||||||||||||||||||
|
Net interest income
|
$ | 56,050 | $ | 50,019 | ||||||||||||||||||||
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Net interest margin *
|
2.99 | % | 3.25 | % | ||||||||||||||||||||
|
* Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 35% statutory tax rate
|
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** Interest includes fees paid to affinity groups.
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7
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Allowance for loan and lease losses:
|
Nine months ended
|
For year ended
|
||||||||||
|
September 30,
|
September 30,
|
December 31,
|
||||||||||
|
2011
|
2010
|
2010
|
||||||||||
|
(dollars in thousands)
|
||||||||||||
|
Balance in the allowance for loan and lease losses at beginning of period
|
$ | 24,063 | $ | 19,123 | $ | 19,123 | ||||||
|
Loans charged-off:
|
||||||||||||
|
Commercial
|
7,371 | 12,260 | 13,513 | |||||||||
|
Construction
|
3,003 | - | - | |||||||||
|
Lease financing
|
- | - | 3 | |||||||||
|
Residential mortgage
|
1,876 | 760 | 1,254 | |||||||||
|
Consumer
|
815 | 372 | 618 | |||||||||
|
Total
|
13,065 | 13,392 | 15,388 | |||||||||
|
Recoveries:
|
||||||||||||
|
Commercial
|
16 | 230 | 279 | |||||||||
|
Construction
|
3 | 4 | 4 | |||||||||
|
Lease financing
|
- | 10 | 10 | |||||||||
|
Residential mortgage
|
- | 742 | 742 | |||||||||
|
Consumer
|
- | 6 | 6 | |||||||||
|
Total
|
19 | 992 | 1,041 | |||||||||
|
Net charge-offs
|
13,046 | 12,400 | 14,347 | |||||||||
|
Provision charged to operations
|
16,654 | 15,075 | 19,287 | |||||||||
|
Balance in allowance for loan and lease losses at end of period
|
$ | 27,671 | $ | 21,798 | $ | 24,063 | ||||||
|
Net charge-offs/average loans
|
0.79 | % | 0.80 | % | 0.92 | % | ||||||
|
Loan portfolio:
|
September 30,
|
June 30,
|
December 31,
|
September 30,
|
||||||||||||
|
2011
|
2011
|
2010
|
2010
|
|||||||||||||
|
(dollars in thousands)
|
||||||||||||||||
|
Commercial
|
$ | 461,679 | $ | 450,916 | $ | 441,799 | $ | 409,697 | ||||||||
|
Commercial mortgage (1)
|
577,237 | 593,842 | 580,780 | 580,491 | ||||||||||||
|
Construction
|
242,806 | 205,730 | 203,120 | 206,551 | ||||||||||||
|
Total commercial loans
|
1,281,722 | 1,250,488 | 1,225,699 | 1,196,739 | ||||||||||||
|
Direct financing leases
|
129,400 | 127,016 | 103,289 | 103,278 | ||||||||||||
|
Residential mortgage
|
96,139 | 98,113 | 93,004 | 93,833 | ||||||||||||
|
Consumer loans and others
|
205,243 | 200,132 | 194,320 | 193,968 | ||||||||||||
| 1,712,504 | 1,675,749 | 1,616,312 | 1,587,818 | |||||||||||||
|
Unamortized costs (fees)
|
3,144 | 2,911 | 2,883 | 2,689 | ||||||||||||
|
Total loans, net of deferred loan costs
|
$ | 1,715,648 | $ | 1,678,660 | $ | 1,619,195 | $ | 1,590,507 | ||||||||
|
Supplemental loan data:
|
||||||||||||||||
|
Construction 1-4 family
|
$ | 91,783 | $ | 93,422 | $ | 92,190 | $ | 100,848 | ||||||||
|
Construction commercial, acquisition and development
|
151,023 | 112,308 | 110,930 | 105,703 | ||||||||||||
| $ | 242,806 | $ | 205,730 | $ | 203,120 | $ | 206,551 | |||||||||
|
(1) At September 30, 2011 our owner-occupied loans amounted to $128 million, or 22.1% of commercial mortgages.
|
||||||||||||||||
8
|
September 30,
|
June 30,
|
December 31,
|
September 30,
|
|||||||||||||
|
2011
|
2011
|
2010
|
2010
|
|||||||||||||
|
Asset quality ratios:
|
||||||||||||||||
|
Nonperforming loans to total loans (1)
|
1.33 | % | 1.43 | % | 1.08 | % | 1.51 | % | ||||||||
|
Nonperforming assets to total assets (1)
|
0.86 | % | 1.12 | % | 0.82 | % | 0.91 | % | ||||||||
|
Allowance for loan and lease losses to total loans
|
1.61 | % | 1.65 | % | 1.49 | % | 1.37 | % | ||||||||
|
Nonaccrual loans
|
$ | 17,201 | $ | 19,526 | $ | 15,298 | $ | 19,640 | ||||||||
|
Total nonperforming loans
|
17,201 | 19,526 | 15,298 | 19,640 | ||||||||||||
|
Other real estate owned
|
6,415 | 3,764 | 2,115 | 225 | ||||||||||||
|
Total nonperforming assets
|
$ | 23,616 | $ | 23,290 | $ | 17,413 | $ | 19,865 | ||||||||
|
Loans 90 days past due still accruing interest
|
$ | 5,550 | $ | 4,397 | $ | 2,219 | $ | 4,352 | ||||||||
|
(1) Nonperforming loans are defined as nonaccrual loans and restructure loans. Loans 90 days past due and still accruing interest are also included in these ratios.
|
||||||||||||||||
|
Three months ended
|
Nine months ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
Selected operating ratios:
|
||||||||||||||||
|
Return on average assets
|
0.33 | % | 0.10 | % | 0.27 | % | 0.19 | % | ||||||||
|
Return on average equity
|
3.47 | % | 1.15 | % | 3.06 | % | 1.98 | % | ||||||||
|
Net interest margin
|
3.14 | % | 3.26 | % | 2.99 | % | 3.25 | % | ||||||||
|
Efficiency ratio
|
67.65 | % | 73.21 | % | 68.30 | % | 70.95 | % | ||||||||
|
Book value per share
|
$ | 8.09 | $ | 7.69 | $ | 8.09 | $ | 7.69 | ||||||||
9