Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VIST FINANCIAL CORP | a11-28473_18k.htm |
Exhibit 99.1
|
|
For additional information, contact:
Edward C. Barrett Executive Vice President Chief Financial Officer Daytime: 610.603.7251
NASDAQ: VIST www.VISTfc.com |
For Immediate Release
VIST Financial Corp.
Announces Third Quarter 2011 Earnings & Cash Dividend
Wyomissing, Pennsylvania, October 25, 2011. VIST Financial Corp. (NASDAQ: VIST) reported net income of $1.4 million for the third quarter of 2011, as compared to a net loss of $602,000 for the same period in 2010. Basic and diluted earnings per common share were $0.15 for the third quarter of 2011, as compared to basic and diluted losses per common share of $0.16 for the same period in 2010.
For the first nine months of 2011, the Company reported net income of $3.2 million, as compared to $2.6 million for the same period in 2010. Basic and diluted earnings per common share were $0.30 for the first nine months of 2011, as compared to basic and diluted earnings per common share of $0.22 for the same period in 2010.
The improved operating results for the third quarter and the first nine months of 2011, as compared to the same periods in 2010, resulted from a significant increase in net interest income, a reduction of loan loss provision and fewer losses on the sale of other real estate owned. The operating results for the first nine months of 2010 reflected a gain of approximately $1.9 million on the sale of a 25% equity interest in First HSA, LLC related to the transfer of approximately $89.0 million of health savings account deposits.
Commenting on the third quarter 2011 results, Robert D. Davis, President and Chief Executive Officer of VIST Financial Corp. said, “We are pleased with the progress we are making this year on a linked quarter basis through September 30, 2011 with both our core operating results and reported net income of $1.4 million for the third quarter. Our financial results will continue to be influenced for the balance of the year with elevated asset quality costs and the potential of additional OTTI charges. Our near term forecast contemplates a slow but steady improvement in our regional business climate.”
Davis stated, “As we entered the third quarter of this year at VIST Bank, our commercial loan pipeline was strong which suggested we would experience growth in the third quarter. This growth did not materialize due in great part to the turmoil this summer in the capital markets, which clearly eroded both business and consumer confidence. Our asset quality metrics remain stable with non-performing assets to total assets of 2.46%. At September 30, 2011, our allowance for loan losses provided adequate coverage of both total loans and non-performing loans.”
Davis continued, “In July of this year, VIST Financial filed an S-1 Registration statement with the SEC. The Company’s existing capital ratios continue to exceed all regulatory guidelines for a well-capitalized institution; and given the present volatility and uncertainty of the equity markets, we are evaluating capital alternatives both in terms of timing and the amount of capital to be raised.”
Davis concluded, “We are pleased that our board of directors has declared a cash dividend. By this action, our board respects both the need to preserve capital while demonstrating confidence in our future operating results.”
Net interest income increased $4.6 million, or 15%, to $34.6 million for the first nine months of 2011, as compared to $30.0 million for the same period in 2010. The increase in net interest income was primarily the result of a higher level of loans, which was attributable to the covered loans acquired in the Allegiance acquisition and strong commercial loan growth during the fourth quarter of 2010. The average balance of loans (including covered loans) for the first nine months of 2011 increased by $88.2 million or 10%, to $993.7 million, as compared to $905.4 million for the same period in 2010. The cost of interest-bearing deposits for the first nine months of 2011 decreased to 1.45%, as compared to 1.80% for same period in 2010. The Corporation’s taxable-equivalent net interest margin percentage for the first nine months of 2011, improved to 3.63% as compared to 3.44% for same period in 2010.
The provision for loan losses was $6.1 million for the first nine months of 2011, as compared to $8.2 million for the same period in 2010. The elevated provision for loan losses for the first nine months of 2010 was reflective of higher charge-offs in 2010 and an increase in the specific allowance required on impaired loans due to underlying collateral values being more depressed in 2010. The allowance for loan losses as a percentage of total loans increased to 1.67% at September 30, 2011, as compared to 1.55% at December 31, 2010 and September 30, 2010. The increased level of the allowance for loan losses reflects continued credit risk related to certain commercial credits that remain stressed as a result of the prolonged economic downturn. The Corporation closely monitors the loan portfolio and the adequacy of the loan loss reserve by regularly evaluating borrower financial performance, underlying collateral values and other relevant factors. At September 30, 2011, non-covered non-performing loans were $32.2 million or 3.5% of non-covered loans compared to $27.1 million or 2.8% of non-covered loans at December 31, 2010.
Total assets increased by approximately $125.0 million or 9%, to $1.49 billion at September 30, 2011 from $1.36 billion at September 30, 2010. Total deposits increased by approximately $137.1 million or 13%, to $1.22 billion at September 30, 2011 from $1.08 billion at September 30, 2010. In addition to the deposits assumed in the Allegiance acquisition, deposit growth has been attributable to our ability to attract and retain lower cost core deposits.
Declaration of Cash Dividend
The Corporation reported that the Board of Directors declared a cash dividend of $0.05 per share on the Company’s common stock to shareholders of record on November 3, 2011 payable November 15, 2011.
VIST Financial Corp. is diversified financial services company headquartered in Wyomissing, PA, offering banking, insurance, investments, and wealth management services throughout Berks, Southern Schuylkill, Montgomery, Delaware, Philadelphia and Chester Counties.
This release may contain forward-looking statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Quarterly Shareholder and Investor Conference Call
VIST Financial Corp. will host a quarterly investor conference call on Wednesday, October 26, 2011 at 8:30 a.m. ET. Interested parties can join the conference call and ask questions by dialing 877.317.6789 or listening through the computer by clicking on the following link:
https://services.choruscall.com/links/vist111026.html
The conference call can also be accessed through a link located under the Investor Relations page within VIST Financial Corp’s website: www.VISTfc.com.
To replay the conference call, dial 877.344.7529 (Conference # 10004931) which will be available one hour after the end of the call on October 26, 2011. The conference call will be archived for 90 days and will be available at the link above and on the Company’s Investor Relations webpage.
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except share data)
|
|
|
September 30, |
|
December 31, |
|
September 30, |
| |||
|
|
|
2011 |
|
2010 |
|
2010 |
| |||
|
|
|
|
|
|
|
|
| |||
|
ASSETS |
|
|
|
|
|
|
| |||
|
Cash and due from banks |
|
$ |
16,067 |
|
$ |
15,443 |
|
$ |
15,163 |
|
|
Federal funds sold |
|
— |
|
1,500 |
|
54,050 |
| |||
|
Interest-bearing deposits in banks |
|
39,428 |
|
872 |
|
31 |
| |||
|
Total cash and cash equivalents |
|
55,495 |
|
17,815 |
|
69,244 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Securities available for sale |
|
347,522 |
|
279,755 |
|
270,049 |
| |||
|
Securities held to maturity, fair value of $2,491 at September 30, 2011; $1,888 at December 31, 2010; and $1,955 at September 30, 2010 |
|
2,584 |
|
2,022 |
|
2,090 |
| |||
|
Federal Home Loan Bank stock |
|
6,100 |
|
7,099 |
|
5,715 |
| |||
|
Mortgage loans held for sale |
|
1,772 |
|
3,695 |
|
3,390 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Loans |
|
927,850 |
|
954,363 |
|
927,579 |
| |||
|
Allowance for loan losses |
|
(15,458 |
) |
(14,790 |
) |
(14,418 |
) | |||
|
Net loans |
|
912,392 |
|
939,573 |
|
913,161 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Covered loans |
|
57,032 |
|
66,770 |
|
— |
| |||
|
Premises and equipment, net |
|
6,515 |
|
5,639 |
|
5,781 |
| |||
|
Other real estate owned |
|
2,849 |
|
5,303 |
|
3,531 |
| |||
|
Covered other real estate owned |
|
596 |
|
247 |
|
— |
| |||
|
Goodwill |
|
42,108 |
|
41,858 |
|
40,249 |
| |||
|
Identifiable intangible assets, net |
|
3,385 |
|
3,795 |
|
4,265 |
| |||
|
Bank owned life insurance |
|
19,710 |
|
19,373 |
|
19,252 |
| |||
|
FDIC prepaid deposit insurance |
|
2,911 |
|
3,985 |
|
4,429 |
| |||
|
FDIC indemnification asset |
|
6,816 |
|
7,003 |
|
— |
| |||
|
Other assets |
|
17,947 |
|
21,080 |
|
19,544 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Total assets |
|
$ |
1,485,734 |
|
$ |
1,425,012 |
|
$ |
1,360,700 |
|
|
|
|
|
|
|
|
|
| |||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
| |||
|
Deposits: |
|
|
|
|
|
|
| |||
|
Non-interest bearing |
|
$ |
116,543 |
|
$ |
122,450 |
|
$ |
110,378 |
|
|
Interest bearing |
|
1,098,961 |
|
1,026,830 |
|
968,024 |
| |||
|
Total deposits |
|
1,215,504 |
|
1,149,280 |
|
1,078,402 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Repurchase agreements |
|
103,917 |
|
106,843 |
|
108,885 |
| |||
|
Federal funds purchased |
|
— |
|
— |
|
— |
| |||
|
Borrowings |
|
— |
|
10,000 |
|
10,000 |
| |||
|
Junior subordinated debt, at fair value |
|
18,591 |
|
18,437 |
|
18,012 |
| |||
|
Other liabilities |
|
6,708 |
|
8,005 |
|
9,611 |
| |||
|
Total liabilities |
|
1,344,720 |
|
1,292,565 |
|
1,224,910 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Shareholders’ equity: |
|
|
|
|
|
|
| |||
|
Preferred stock: $0.01 par value; authorized 1,000,000 shares; $1,000 liquidation preference per share; 25,000 shares of Series A 5% (increasing to 9% in 2014) cumulative preferred stock issued and outstanding; Less: discount of $1,136 at September 30, 2011; $1,480 at December 31, 2010 ; and $1,587 at September 30, 2010 |
|
23,864 |
|
23,520 |
|
23,413 |
| |||
|
Common stock, $5.00 par value; authorized 20,000,000 shares; issued: 6,593,435 shares at September 30, 2011; 6,546,273 shares at December 31, 2010; and 6,525,010 shares at September 30, 2010 |
|
32,968 |
|
32,732 |
|
32,625 |
| |||
|
Stock warrant |
|
2,307 |
|
2,307 |
|
2,307 |
| |||
|
Surplus |
|
65,741 |
|
65,506 |
|
65,521 |
| |||
|
Retained earnings |
|
13,928 |
|
12,960 |
|
12,359 |
| |||
|
Accumulated other comprehensive income (loss) |
|
2,397 |
|
(4,387 |
) |
(244 |
) | |||
|
Treasury stock: 10,484 shares at cost |
|
(191 |
) |
(191 |
) |
(191 |
) | |||
|
Total shareholders’ equity |
|
141,014 |
|
132,447 |
|
135,790 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Total liabilities and shareholders’ equity |
|
$ |
1,485,734 |
|
$ |
1,425,012 |
|
$ |
1,360,700 |
|
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except share data)
|
|
|
Three Months Ended |
|
Nine Months Ended |
| ||||||||
|
|
|
September 30, |
|
September 30, |
| ||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
| ||||
|
Interest and fees on loans |
|
$ |
13,434 |
|
$ |
12,638 |
|
$ |
40,920 |
|
$ |
37,496 |
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
| ||||
|
Taxable |
|
3,134 |
|
2,691 |
|
8,796 |
|
8,532 |
| ||||
|
Tax-exempt |
|
311 |
|
423 |
|
979 |
|
1,269 |
| ||||
|
Dividend income |
|
21 |
|
21 |
|
65 |
|
39 |
| ||||
|
Other interest income |
|
21 |
|
15 |
|
36 |
|
289 |
| ||||
|
Total interest and dividend income |
|
16,921 |
|
15,788 |
|
50,796 |
|
47,625 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest expense: |
|
|
|
|
|
|
|
|
| ||||
|
Interest on deposits |
|
3,793 |
|
3,954 |
|
11,409 |
|
12,694 |
| ||||
|
Interest on short-term borrowings |
|
1 |
|
— |
|
1 |
|
18 |
| ||||
|
Interest on repurchase agreements |
|
1,201 |
|
1,205 |
|
3,564 |
|
3,585 |
| ||||
|
Interest on borrowings |
|
— |
|
90 |
|
7 |
|
277 |
| ||||
|
Interest on junior subordinated debt |
|
410 |
|
363 |
|
1,223 |
|
1,052 |
| ||||
|
Total interest expense |
|
5,405 |
|
5,612 |
|
16,204 |
|
17,626 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest income |
|
11,516 |
|
10,176 |
|
34,592 |
|
29,999 |
| ||||
|
Provision for loan losses |
|
1,977 |
|
3,550 |
|
6,067 |
|
8,160 |
| ||||
|
Net interest income after provision for loan losses |
|
9,539 |
|
6,626 |
|
28,525 |
|
21,839 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-interest income: |
|
|
|
|
|
|
|
|
| ||||
|
Commissions and fees from insurance sales |
|
3,139 |
|
3,024 |
|
9,152 |
|
9,192 |
| ||||
|
Customer service fees |
|
427 |
|
478 |
|
1,277 |
|
1,610 |
| ||||
|
Mortgage banking activities |
|
209 |
|
266 |
|
527 |
|
631 |
| ||||
|
Brokerage and investment advisory commissions and fees |
|
152 |
|
279 |
|
489 |
|
565 |
| ||||
|
Earnings on bank owned life insurance |
|
119 |
|
111 |
|
337 |
|
302 |
| ||||
|
Other commissions and fees |
|
448 |
|
402 |
|
1,364 |
|
1,464 |
| ||||
|
Gain on sale of equity interest |
|
— |
|
— |
|
— |
|
1,875 |
| ||||
|
Loss on sale of other real estate owned |
|
(168 |
) |
(838 |
) |
(1,180 |
) |
(1,432 |
) | ||||
|
Other (loss) income |
|
(91 |
) |
223 |
|
(114 |
) |
464 |
| ||||
|
Net realized gains on sales of securities |
|
490 |
|
179 |
|
872 |
|
465 |
| ||||
|
Total other-than-temporary impairment losses: |
|
|
|
|
|
|
|
|
| ||||
|
Total other-than-temporary impairment losses on investments |
|
507 |
|
(785 |
) |
309 |
|
(783 |
) | ||||
|
Portion of loss recognized in other comprehensive income |
|
(1,113 |
) |
163 |
|
(1,221 |
) |
12 |
| ||||
|
Net credit impairment loss recognized in earnings |
|
(606 |
) |
(622 |
) |
(912 |
) |
(771 |
) | ||||
|
Total non-interest income |
|
4,119 |
|
3,502 |
|
11,812 |
|
14,365 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-interest expense: |
|
|
|
|
|
|
|
|
| ||||
|
Salaries and employee benefits |
|
6,102 |
|
5,584 |
|
18,002 |
|
16,422 |
| ||||
|
Occupancy expense |
|
1,173 |
|
1,057 |
|
3,666 |
|
3,274 |
| ||||
|
Furniture and equipment expense |
|
670 |
|
655 |
|
2,064 |
|
1,941 |
| ||||
|
Outside processing services |
|
926 |
|
1,036 |
|
2,923 |
|
2,921 |
| ||||
|
Professional services |
|
863 |
|
750 |
|
2,666 |
|
2,104 |
| ||||
|
Marketing and advertising expense |
|
339 |
|
285 |
|
1,224 |
|
792 |
| ||||
|
FDIC deposit and other insurance expense |
|
215 |
|
612 |
|
1,440 |
|
1,668 |
| ||||
|
Amortization of identifiable intangible assets |
|
135 |
|
146 |
|
410 |
|
417 |
| ||||
|
Other real estate owned expense |
|
589 |
|
687 |
|
1,413 |
|
1,785 |
| ||||
|
Other expense |
|
957 |
|
967 |
|
2,680 |
|
2,816 |
| ||||
|
Total non-interest expense |
|
11,969 |
|
11,779 |
|
36,488 |
|
34,140 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Income (loss) before income taxes |
|
1,689 |
|
(1,651 |
) |
3,849 |
|
2,064 |
| ||||
|
Income tax expense (benefit) |
|
270 |
|
(1,049 |
) |
616 |
|
(573 |
) | ||||
|
Net income (loss) |
|
1,419 |
|
(602 |
) |
3,233 |
|
2,637 |
| ||||
|
Preferred stock dividends and discount accretion |
|
427 |
|
420 |
|
1,282 |
|
1,259 |
| ||||
|
Net income (loss) available to common shareholders |
|
$ |
992 |
|
$ |
(1,022 |
) |
$ |
1,951 |
|
$ |
1,378 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
EARNINGS PER SHARE DATA |
|
|
|
|
|
|
|
|
| ||||
|
Average shares outstanding for basic earnings per common share |
|
6,579,850 |
|
6,511,195 |
|
6,571,411 |
|
6,192,250 |
| ||||
|
Basic earnings per common share |
|
$ |
0.15 |
|
$ |
(0.16 |
) |
$ |
0.30 |
|
$ |
0.22 |
|
|
Average shares outstanding for diluted earnings per common share |
|
6,603,398 |
|
6,551,278 |
|
6,612,204 |
|
6,236,889 |
| ||||
|
Diluted earnings per common share |
|
$ |
0.15 |
|
$ |
(0.16 |
) |
$ |
0.30 |
|
$ |
0.22 |
|
|
Cash dividends declared per actual common shares outstanding |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.15 |
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest margin |
|
3.50 |
% |
3.48 |
% |
3.63 |
% |
3.44 |
% | ||||
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA
(Unaudited; Dollars in thousands)
|
|
|
As Of and For The Three-Month Period Ended |
| |||||||||||||
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
| |||||
|
|
|
2011 |
|
2011 |
|
2011 |
|
2010 |
|
2010 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Loans outstanding |
|
$ |
927,850 |
|
$ |
933,068 |
|
$ |
926,194 |
|
$ |
954,363 |
|
$ |
927,579 |
|
|
Covered loans outstanding |
|
57,032 |
|
58,954 |
|
62,818 |
|
66770 |
|
n/a |
| |||||
|
Troubled debt restructurings (accruing) |
|
6,683 |
|
8,790 |
|
11,115 |
|
10,772 |
|
12,975 |
| |||||
|
Allowance for loan losses |
|
15,458 |
|
15,439 |
|
15,283 |
|
14,790 |
|
14,418 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Non-accrual loans |
|
$ |
31,919 |
|
$ |
30,273 |
|
$ |
28,120 |
|
$ |
26,513 |
|
$ |
25,938 |
|
|
Loans past due 90 days or more still accruing |
|
306 |
|
215 |
|
456 |
|
594 |
|
196 |
| |||||
|
Total non-performing loans |
|
32,225 |
|
30,488 |
|
28,576 |
|
27,107 |
|
26,134 |
| |||||
|
Other real estate owned |
|
2,849 |
|
2,337 |
|
1,769 |
|
5,303 |
|
3,531 |
| |||||
|
Total non-performing assets |
|
$ |
35,074 |
|
$ |
32,825 |
|
$ |
30,345 |
|
$ |
32,410 |
|
$ |
29,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
ASSET QUALITY STATISTICS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net charge-offs to average loans (annualized) |
|
0.84 |
% |
0.74 |
% |
0.74 |
% |
0.75 |
% |
0.77 |
% | |||||
|
Allowance for loan losses as a percent of loans |
|
1.67 |
% |
1.65 |
% |
1.65 |
% |
1.55 |
% |
1.55 |
% | |||||
|
Allowance for loan losses as a percent of non-performing loans |
|
47.97 |
% |
50.64 |
% |
53.48 |
% |
54.56 |
% |
55.17 |
% | |||||
|
Allowance for loan losses as a percent of non-performing assets |
|
44.07 |
% |
47.03 |
% |
50.36 |
% |
45.63 |
% |
48.60 |
% | |||||
|
Net charge-offs |
|
1,958 |
|
1,704 |
|
1,737 |
|
1,678 |
|
1,957 |
| |||||
|
Non-performing assets to total assets * |
|
2.46 |
% |
2.35 |
% |
2.25 |
% |
2.39 |
% |
2.18 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NON-PERFORMING COVERED ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Covered non-accrual loans |
|
$ |
5,739 |
|
$ |
5,805 |
|
$ |
4,036 |
|
$ |
4,408 |
|
n/a |
| |
|
Covered other real estate owned |
|
596 |
|
520 |
|
711 |
|
247 |
|
n/a |
| |||||
* Excludes covered assets
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA
(Unaudited; Dollars in thousands)
|
|
|
Average Balance Sheet |
| ||||||||||
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
| ||||||||
|
|
|
September 30, |
|
September 30, |
| ||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
Assets |
|
|
|
|
|
|
|
|
| ||||
|
Federal funds sold |
|
$ |
— |
|
$ |
43,386 |
|
$ |
7,281 |
|
$ |
26,439 |
|
|
Interest bearing deposits in banks |
|
18,722 |
|
113 |
|
8,369 |
|
23,650 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Securities |
|
345,700 |
|
263,657 |
|
310,405 |
|
268,585 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Mortgage loans held for sale |
|
1,808 |
|
2,645 |
|
1,423 |
|
1,896 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans: |
|
|
|
|
|
|
|
|
| ||||
|
Commercial loans |
|
772,297 |
|
732,026 |
|
771,780 |
|
727,123 |
| ||||
|
Consumer loans |
|
106,974 |
|
122,261 |
|
110,821 |
|
126,346 |
| ||||
|
Mortgage loans |
|
47,935 |
|
53,120 |
|
50,340 |
|
50,076 |
| ||||
|
Total loans |
|
927,206 |
|
907,407 |
|
932,941 |
|
903,545 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Covered loans |
|
58,013 |
|
— |
|
59,290 |
|
— |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest earning assets |
|
1,351,449 |
|
1,217,208 |
|
1,319,709 |
|
1,224,115 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Goodwill and intangible assets |
|
45,328 |
|
44,357 |
|
45,463 |
|
44,157 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non interest-earning assets |
|
64,086 |
|
65,396 |
|
70,616 |
|
71,714 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total assets |
|
$ |
1,460,863 |
|
$ |
1,326,961 |
|
$ |
1,435,788 |
|
$ |
1,339,986 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
| ||||
|
Deposits: |
|
|
|
|
|
|
|
|
| ||||
|
Non-interest bearing |
|
$ |
118,465 |
|
$ |
114,340 |
|
$ |
119,023 |
|
$ |
109,257 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest bearing: |
|
|
|
|
|
|
|
|
| ||||
|
NOW, money market and savings |
|
608,012 |
|
475,332 |
|
573,883 |
|
502,360 |
| ||||
|
Time deposits |
|
465,592 |
|
453,310 |
|
475,716 |
|
442,492 |
| ||||
|
Total interest bearing deposits |
|
1,073,604 |
|
928,642 |
|
1,049,599 |
|
944,852 |
| ||||
|
Total deposits |
|
1,192,069 |
|
1,042,982 |
|
1,168,622 |
|
1,054,109 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Repurchase agreements |
|
104,606 |
|
110,499 |
|
105,502 |
|
112,135 |
| ||||
|
Federal funds purchased |
|
178 |
|
20 |
|
|
|
4,880 |
| ||||
|
Borrowings |
|
— |
|
10,000 |
|
518 |
|
10,366 |
| ||||
|
Junior subordinated debt |
|
18,472 |
|
19,294 |
|
18,501 |
|
19,553 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total interest bearing liabilities |
|
1,196,860 |
|
1,068,455 |
|
1,174,120 |
|
1,091,786 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-interest bearing liabilities |
|
7,127 |
|
8,265 |
|
7,660 |
|
8,177 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shareholders’ equity |
|
138,411 |
|
135,901 |
|
134,985 |
|
130,766 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total liabilties and shareholders equity |
|
$ |
1,460,863 |
|
$ |
1,326,961 |
|
$ |
1,435,788 |
|
$ |
1,339,986 |
|