Attached files
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| 8-K - FORM 8-K - FIRST SOUTH BANCORP INC /VA/ | v245422_8k.htm |
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EXHIBIT 99.1
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PRESS RELEASE
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FOR IMMEDIATE RELEASE
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January 13, 2012
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For more information contact:
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First South Bancorp, Inc.
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Bill Wall (CFO) (252-940-5017) or
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Tom Vann (CEO) 252-940-4916
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Website: www.firstsouthnc.com
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First South Bancorp, Inc. Reports Increase in December 31, 2011 Quarterly and
Year End Operating Results
Washington, North Carolina - First South Bancorp, Inc. (NASDAQ: FSBK) (the “Company”), the parent holding company of First South Bank (the “Bank”), reports its unaudited operating results for the quarter and year ended December 31, 2011.
For the 2011 fourth quarter, net income increased 9.4% to $441,000 or $0.05 per diluted common share, from net income of $403,000 or $0.04 per diluted common share earned in the linked 2011 third quarter, compared to a net operating loss of $6.5 million or ($0.67) per diluted common share for the 2010 fourth quarter.
Net income for the year ended December 31, 2011 increased to $1.6 million or $0.16 per diluted common share, compared to a net operating loss of $2.4 million or ($0.24) per diluted common share for the year ended December 31, 2010.
Tom Vann, President and CEO, commented, “I am pleased to report the Company’s operating results for the fourth quarter of 2011. The Company continues to generate solid core earnings. Fourth quarter 2011 net earnings were $441,000, after recording $2.6 million of credit loss provisions. In the 2011 fourth quarter, we continued evaluating the credit quality of the Bank’s loan portfolio and market values of foreclosed properties. While the volume of our nonperforming assets increased during 2011, based on our current analysis we continue to remain cautiously optimistic about the financial stress some of our borrowers are facing. Consequently, we are provisioning accordingly to replenish net charge-offs and to maintain our allowance for loan and lease losses at an adequate level. Mitigating our nonperforming assets will continue to be a top priority for the Bank during 2012,” said Mr. Vann.
Asset Quality
Total nonperforming assets, including loans on non-accrual status, restructured loans on non-accrual status and other real estate owned, increased to $60.0 million at December 31, 2011, from $52.9 million at December 31, 2010. Loans on non-accrual status increased to $21.6 million at December 31, 2011, from $14.3 million at December 31, 2010. At December 31, 2011, $10.6 million of these loans were earning interest, compared to $5.1 million at December 31, 2010.
Restructured loans on non-accrual status, declined to $21.4 million at December 31, 2011, from $27.0 million at December 31, 2010. At December 31, 2011, $12.2 million of these restructured loans were current and making scheduled payments according to the terms of their restructure, compared to $14.6 million at December 31, 2010. Performing restructured loans on full accrual status totaled $25.4 million at December 31, 2011, compared to $31.3 million at December 31, 2010.
Other real estate owned increased to $17.0 million at December 31, 2011, from $11.6 million at December 31, 2010, reflecting foreclosure activity net of sales of certain real estate properties.
“The stabilization of property values continues to be an issue in the markets we serve. We will continue monitoring these values and mitigate nonperforming assets as quickly as feasible,” said Mr. Vann.
The Bank recorded $2.6 million of provisions for credit losses in both the 2011 fourth quarter and the linked 2011 third quarter, compared to $13.7 million in the 2010 fourth quarter. Credit loss provisions were necessary to replenish net charge-offs and to maintain the allowance for loan and lease losses (ALLL) at a level that management believes is adequate to absorb probable future losses in the loan portfolio. The ALLL was $15.2 million at December 31, 2011 (2.8% of total loans), compared to $18.8 million at December 31, 2010 (3.0% of total loans). Net charge offs were $5.8 million in the 2011 fourth quarter, compared to $3.0 million in the linked 2011 third quarter and $3.4 million in the 2010 fourth quarter.
Mr. Vann stated, “Management continues to feel it is prudent to take a conservative posture in provisioning for credit losses during these weak economic conditions as we mitigate problem assets. We believe the current level of our ALLL is adequate, however, there is no assurance in the future that regulators, increased risks in the loan portfolio, or changes in economic conditions will not require additional adjustments to the ALLL.”
Net Interest Income
Net interest income remained relatively consistent at $7.8 million for the 2011 fourth quarter, compared to $8.0 million for the linked 2011 third quarter and $7.8 million for the 2010 fourth quarter. The change in levels of net interest income is influenced by the volume of interest-earning assets and interest-bearing liabilities and the management of rates earned and paid during each respective reporting period. The net interest margin on average earning assets also remained relatively consistent at 4.5% for the 2011 fourth quarter, compared to 4.6% for the linked 2011 third quarter and 4.3% for the 2010 fourth quarter.
Non-Interest Income
Total non-interest income increased to $2.6 million for the 2011 fourth quarter, from $2.3 million for the linked 2011 third quarter and $1.9 million for the comparative 2010 fourth quarter. Revenue from loan and deposit service offerings (loan fees, deposit fees and service charges and servicing fee income) also remained relatively consistent at $1.7 million for both the 2011 fourth quarter and the linked 2011 third quarter, compared to $1.9 million for the comparative 2010 fourth quarter.
Net gains from mortgage loan sales increased to $467,000 in the 2011 fourth quarter, from $165,000 in the linked 2011 third quarter and $311,000 in the comparative 2010 fourth quarter. Net gains from mortgage-backed securities sales increased to $262,000 in the 2011 fourth quarter, from $204,000 in the linked 2011 third quarter and $51,000 in the comparative 2010 fourth quarter.
In its efforts of mitigating nonperforming assets, the Bank recognized $24,000 of net losses on the sale of other real estate owned properties during the 2011 fourth quarter, compared to net losses of $16,000 in the linked 2011 third quarter and $597,000 in the 2010 fourth quarter.
Non-Interest Expense
Total non-interest expense increased to $7.2 million for the 2011 fourth quarter, from $7.0 million for the linked 2011 third quarter and $6.7 million for the 2010 fourth quarter. The largest component of non-interest expense, compensation and fringe benefits, declined to $3.6 million for the 2011 fourth quarter, from $3.7 million for the linked 2011 third quarter and $3.8 million for the comparative 2010 fourth quarter, reflecting the Bank’s efforts of managing human resources cost.
Expenses attributable to valuation adjustments, renovating, maintenance and property taxes paid for the current volume of other real estate owned properties increased to $977,000 for the 2011 fourth quarter, from $579,000 for the linked 2011 third quarter, and $220,000 for the comparative 2010 fourth quarter.
FDIC insurance premiums declined to $261,000 for the 2011 fourth quarter, from $388,000 for the linked 2011 third quarter and $290,000 for the comparative 2010 fourth quarter, reflecting a new change in the FDIC’s deposit insurance assessment calculation based on assets and tier one capital versus deposits.
Other noninterest expenses including premises and equipment, advertising, data processing, repairs and maintenance, office supplies, professional fees, taxes and insurance, etc., remained relatively consistent during the respective reporting periods.
Income tax expense was $142,000 for the 2011 fourth quarter and $256,000 for the linked 2011 third quarter, compared to a $4.3 million income tax benefit for the 2010 fourth quarter that resulted from a net pre-tax operating loss. Changes in the amount of income tax expense reflects changes in pretax income, deductible expenses, the application of permanent and temporary differences and the applicable income tax rates in effect during each period.
Balance Sheet
Total assets declined to $745.2 million at December 31, 2011, from $797.2 million at December 31, 2010. Net loans and leases receivable declined to $525.2 million at December 31, 2011, from $606.1 million at December 31, 2010, reflecting the net of principal repayments, the volume of loans originated, foreclosures, sales, and securitizations of loans into mortgage-backed securities during the current year. Mortgage-backed securities increased to $135.8 million at December 31, 2011, from $98.9 million at December 31, 2010, reflecting the net of purchases, sales, principal repayments and securitizations of certain mortgage loans during the current year. Cash and overnight investments declined to $32.8 million at December 31, 2011, from $44.4 million at December 31, 2010, reflecting net changes in the Bank’s cash flow and liquidity position, including the repayment of borrowings.
Total deposits declined to $642.6 million at December 31, 2011, from $689.5 million at December 31, 2010. Borrowings declined to $2.1 million at December 31, 2011, from $11.5 million at December 31, 2010, reflecting the repayment of a $10.0 million fixed-rate FHLB advance. The cost of funds improved to 1.0% for the 2011 fourth quarter, from 1.1% for the linked 2011 third quarter and from 1.2% for the comparative 2010 fourth quarter. The Bank manages its cost of funds by a combination of pricing new deposits, the renewal of maturing time deposits and the repositioning of borrowings in the current lower interest rate environment.
Stockholders' equity increased to $82.4 million at December 31, 2011, from $79.5 million at December 31, 2010, reflecting year-to-date net income and changes in accumulated other comprehensive income. The equity to assets ratio increased to 11.1% at December 31, 2011, from 10.0% at December 31, 2010. There were 9,751,271 common shares outstanding at both December 31, 2011 and December 31, 2010. The book value per common share increased to $8.45 at December 31, 2011, from $8.15 at December 31, 2010.
First South Bancorp, Inc. may be accessed on its website at www.firstsouthnc.com. The Company’s common stock symbol as traded on the NASDAQ Global Select Market is “FSBK”.
First South Bank has been serving the citizens of eastern North Carolina since 1902 and offers a variety of financial products and services, including a leasing company. Securities brokerage services are made available through an affiliation with an independent broker/dealer. The Bank operates through its main office headquartered in Washington, North Carolina, and has 26 full service branch offices located throughout central, eastern, northeastern and southeastern North Carolina.
Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, the effects of competition, and including without limitation to other factors that could cause actual results to differ materially as discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
(More)
First South Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
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December 31
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December 31
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* | ||||||
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2011
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2010
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Assets
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(unaudited)
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Cash and due from banks
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$ | 14,298,146 | $ | 14,684,377 | ||||
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Interest-bearing deposits in financial institutions
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18,476,173 | 29,749,236 | ||||||
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Mortgage-backed securities - available for sale, at fair value
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85,309,481 | 98,637,742 | ||||||
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Mortgage-backed securities - held for investment
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50,524,724 | 244,836 | ||||||
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Loans and leases receivable:
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Held for sale
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6,435,983 | 4,464,040 | ||||||
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Held for investment
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533,960,226 | 620,440,530 | ||||||
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Allowance for loan and lease losses
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(15,194,014 | ) | (18,830,288 | ) | ||||
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Loans and leases receivable, net
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525,202,195 | 606,074,282 | ||||||
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Premises and equipment, net
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11,679,430 | 9,162,538 | ||||||
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Other real estate owned
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17,004,874 | 11,616,390 | ||||||
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Stock in Federal Home Loan Bank of Atlanta, at cost
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1,886,900 | 3,474,900 | ||||||
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Accrued interest receivable
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2,210,314 | 2,336,527 | ||||||
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Goodwill
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4,218,576 | 4,218,576 | ||||||
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Mortgage servicing rights
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1,237,161 | 1,357,659 | ||||||
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Identifiable intangible assets
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70,740 | 102,180 | ||||||
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Income tax receivable
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2,205,941 | 2,864,993 | ||||||
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Prepaid expenses and other assets
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10,897,815 | 12,721,610 | ||||||
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Total assets
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$ | 745,222,470 | $ | 797,245,846 | ||||
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Liabilities and Stockholders' Equity
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Deposits:
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Demand
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$ | 243,719,526 | $ | 234,501,026 | ||||
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Savings
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28,988,522 | 24,498,789 | ||||||
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Large denomination certificates of deposit
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195,429,182 | 222,578,449 | ||||||
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Other time
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174,479,477 | 207,886,450 | ||||||
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Total deposits
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642,616,707 | 689,464,714 | ||||||
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Borrowed money
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2,096,189 | 11,503,110 | ||||||
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Junior subordinated debentures
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10,310,000 | 10,310,000 | ||||||
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Other liabilities
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7,804,688 | 6,454,818 | ||||||
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Total liabilities
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662,827,584 | 717,732,642 | ||||||
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Common stock, $.01 par value, 25,000,000 shares authorized; 11,254,222 shares issued; 9,751,271 shares outstanding
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97,513 | 97,513 | ||||||
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Additional paid-in capital
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35,815,098 | 35,795,586 | ||||||
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Retained earnings, substantially restricted
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76,510,081 | 74,956,772 | ||||||
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Treasury stock, at cost
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(31,967,269 | ) | (31,967,269 | ) | ||||
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Accumulated other comprehensive income, net
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1,939,463 | 630,602 | ||||||
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Total stockholders' equity
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82,394,886 | 79,513,204 | ||||||
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Total liabilities and stockholders' equity
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$ | 745,222,470 | $ | 797,245,846 | ||||
*Derived from audited consolidated financial statements
First South Bancorp, Inc. and Subsidiary
Consolidated Statements of Operations
(unaudited)
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Three Months Ended
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Year Ended
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December 31
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December 31
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2011
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2010
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2011
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2010
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Interest income:
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Interest and fees on loans
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$ | 8,110,354 | $ | 8,971,629 | $ | 34,422,548 | $ | 38,843,771 | ||||||||
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Interest and dividends on investments and deposits
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1,252,652 | 956,429 | 4,880,827 | 4,027,268 | ||||||||||||
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Total interest income
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9,363,006 | 9,928,058 | 39,303,375 | 42,871,039 | ||||||||||||
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Interest expense:
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Interest on deposits
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1,520,771 | 2,002,600 | 7,189,999 | 8,301,551 | ||||||||||||
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Interest on borrowings
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1,485 | 82,079 | 31,965 | 384,161 | ||||||||||||
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Interest on junior subordinated notes
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85,968 | 81,884 | 334,219 | 333,689 | ||||||||||||
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Total interest expense
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1,608,224 | 2,166,563 | 7,556,183 | 9,019,401 | ||||||||||||
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Net interest income
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7,754,782 | 7,761,495 | 31,747,192 | 33,851,638 | ||||||||||||
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Provision for credit losses
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2,639,461 | 13,700,000 | 10,812,754 | 22,151,787 | ||||||||||||
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Net interest income after provision for credit losses
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5,115,321 | (5,938,505 | ) | 20,934,438 | 11,699,851 | |||||||||||
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Non-interest income:
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Fees and service charges
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1,512,785 | 1,665,795 | 6,067,185 | 6,864,083 | ||||||||||||
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Loan servicing fees
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191,472 | 192,315 | 781,881 | 747,387 | ||||||||||||
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Gain (loss) on sale of other real estate, net
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(23,947 | ) | (596,751 | ) | (68,365 | ) | (523,173 | ) | ||||||||
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Gain on sale of mortgage loans
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467,287 | 311,169 | 864,233 | 1,155,690 | ||||||||||||
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Gain on sale of mortgage-backed securities
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262,220 | 50,562 | 518,614 | 1,682,453 | ||||||||||||
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Gain on sale of investment securities
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- | - | - | 2,406 | ||||||||||||
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Other income
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238,403 | 296,282 | 1,256,477 | 915,022 | ||||||||||||
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Total non-interest income
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2,648,220 | 1,919,372 | 9,420,025 | 10,843,868 | ||||||||||||
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Non-interest expense:
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Compensation and fringe benefits
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3,557,057 | 3,783,196 | 14,946,438 | 15,583,817 | ||||||||||||
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Federal deposit insurance premiums
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260,914 | 289,626 | 1,233,377 | 1,158,544 | ||||||||||||
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Premises and equipment
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430,140 | 425,962 | 1,703,121 | 1,741,462 | ||||||||||||
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Advertising
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50,066 | 36,798 | 181,121 | 148,380 | ||||||||||||
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Payroll and other taxes
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300,320 | 326,526 | 1,392,526 | 1,392,624 | ||||||||||||
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Data processing
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635,901 | 677,019 | 2,558,390 | 2,576,386 | ||||||||||||
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Amortization of intangible assets
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100,660 | 145,659 | 542,698 | 493,785 | ||||||||||||
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Other real estate owned expense
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977,139 | 219,616 | 2,040,741 | 533,512 | ||||||||||||
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Other
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868,171 | 833,855 | 3,354,936 | 3,096,324 | ||||||||||||
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Total non-interest expense
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7,180,368 | 6,738,257 | 27,953,348 | 26,724,834 | ||||||||||||
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Income before income tax expense
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583,173 | (10,757,390 | ) | 2,401,115 | (4,181,115 | ) | ||||||||||
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Income tax expense
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142,007 | (4,259,923 | ) | 847,806 | (1,801,319 | ) | ||||||||||
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Net income
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$ | 441,166 | $ | (6,497,467 | ) | $ | 1,553,309 | $ | (2,379,796 | ) | ||||||
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Per share data:
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Basic earnings per share
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$ | 0.05 | $ | (0.67 | ) | $ | 0.16 | $ | (0.24 | ) | ||||||
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Diluted earnings per share
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$ | 0.05 | $ | (0.67 | ) | $ | 0.16 | $ | (0.24 | ) | ||||||
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Dividends per share
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$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.49 | ||||||||
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Average basic shares outstanding
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9,751,271 | 9,748,948 | 9,751,271 | 9,744,870 | ||||||||||||
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Average diluted shares outstanding
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9,751,271 | 9,748,948 | 9,751,271 | 9,745,047 | ||||||||||||
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First South Bancorp, Inc.
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Supplemental Financial Data (Unaudited)
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Quarterly
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Year to Date
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12/31/2011
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9/30/2011
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6/30/2011
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3/31/2011
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12/31/2010
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12/31/2011
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12/31/2010
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(dollars in thousands except per share data)
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Consolidated balance sheet data:
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Total assets
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$ | 745,222 | $ | 768,411 | $ | 784,538 | $ | 791,154 | $ | 797,246 | $ | 745,222 | $ | 797,246 | ||||||||||||||
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Loans receivable (net):
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Mortgage
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$ | 66,249 | $ | 80,453 | $ | 56,564 | $ | 53,925 | $ | 55,450 | $ | 66,249 | $ | 55,450 | ||||||||||||||
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Commercial
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378,823 | 405,712 | 428,141 | 445,930 | 463,155 | 378,823 | 463,155 | |||||||||||||||||||||
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Consumer
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72,821 | 74,097 | 76,459 | 79,517 | 79,469 | 72,821 | 79,469 | |||||||||||||||||||||
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Leases
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7,309 | 7,972 | 7,825 | 7,829 | 8,000 | 7,309 | 8,000 | |||||||||||||||||||||
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Total loans (net)
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$ | 525,202 | $ | 568,234 | $ | 568,989 | $ | 587,201 | $ | 606,074 | $ | 525,202 | $ | 606,074 | ||||||||||||||
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Cash and investments
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$ | 32,774 | $ | 32,909 | $ | 44,565 | $ | 34,537 | $ | 44,434 | $ | 32,774 | $ | 44,434 | ||||||||||||||
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Mortgage-backed securities
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135,834 | 119,764 | 124,539 | 120,565 | 98,883 | 135,834 | 98,883 | |||||||||||||||||||||
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Premises and equipment
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11,679 | 11,209 | 10,753 | 10,196 | 9,163 | 11,679 | 9,163 | |||||||||||||||||||||
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Goodwill
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4,219 | 4,219 | 4,219 | 4,219 | 4,219 | 4,219 | 4,219 | |||||||||||||||||||||
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Mortgage servicing rights
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1,237 | 1,091 | 1,197 | 1,284 | 1,358 | 1,237 | 1,358 | |||||||||||||||||||||
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Deposits:
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Savings
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$ | 28,988 | $ | 27,551 | $ | 26,999 | $ | 26,251 | $ | 24,499 | $ | 28,988 | $ | 24,499 | ||||||||||||||
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Checking
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243,720 | 243,582 | 240,048 | 237,605 | 234,501 | 243,720 | 234,501 | |||||||||||||||||||||
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Certificates
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369,909 | 394,007 | 416,855 | 429,772 | 430,465 | 369,909 | 430,465 | |||||||||||||||||||||
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Total deposits
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$ | 642,617 | $ | 665,140 | $ | 683,902 | $ | 693,628 | $ | 689,465 | $ | 642,617 | $ | 689,465 | ||||||||||||||
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Borrowings
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$ | 2,096 | $ | 1,986 | $ | 2,349 | $ | 2,363 | $ | 11,503 | $ | 2,096 | $ | 11,503 | ||||||||||||||
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Junior subordinated debentures
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10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | |||||||||||||||||||||
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Stockholders' equity
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82,395 | 82,061 | 80,894 | 79,648 | 79,513 | 82,395 | 79,513 | |||||||||||||||||||||
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Consolidated earnings summary:
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Interest income
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$ | 9,363 | $ | 9,861 | $ | 10,188 | $ | 9,891 | $ | 9,928 | $ | 39,303 | $ | 42,871 | ||||||||||||||
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Interest expense
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1,608 | 1,852 | 2,010 | 2,086 | 2,166 | 7,556 | 9,019 | |||||||||||||||||||||
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Net interest income
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7,755 | 8,009 | 8,178 | 7,805 | 7,762 | 31,747 | 33,852 | |||||||||||||||||||||
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Provision for credit losses
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2,640 | 2,643 | 3,080 | 2,450 | 13,700 | 10,813 | 22,152 | |||||||||||||||||||||
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Noninterest income
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2,648 | 2,292 | 2,498 | 1,982 | 1,919 | 9,420 | 10,844 | |||||||||||||||||||||
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Noninterest expense
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7,180 | 6,999 | 6,988 | 6,786 | 6,738 | 27,953 | 26,725 | |||||||||||||||||||||
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Income tax expense (benefit)
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142 | 256 | 226 | 225 | (4,260 | ) | 848 | (1,801 | ) | |||||||||||||||||||
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Net income (loss)
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$ | 441 | $ | 403 | $ | 382 | $ | 326 | $ | (6,497 | ) | $ | 1,553 | $ | (2,380 | ) | ||||||||||||
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Per Share Data:
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Basic earnings (loss) per share
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$ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.03 | $ | (0.67 | ) | $ | 0.16 | $ | (0.24 | ) | ||||||||||||
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Diluted earnings (loss) per share
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$ | 0.05 | $ | 0.04 | $ | 0.04 | $ | 0.03 | $ | (0.67 | ) | $ | 0.16 | $ | (0.24 | ) | ||||||||||||
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Dividends per share
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$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.49 | ||||||||||||||
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Book value per share
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$ | 8.45 | $ | 8.42 | $ | 8.30 | $ | 8.17 | $ | 8.15 | $ | 8.45 | $ | 8.15 | ||||||||||||||
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Average basic shares
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9,751,271 | 9,751,271 | 9,751,271 | 9,751,271 | 9,748,948 | 9,751,271 | 9,744,870 | |||||||||||||||||||||
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Average diluted shares
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9,751,271 | 9,751,271 | 9,751,271 | 9,751,271 | 9,748,948 | 9,751,271 | 9,745,047 | |||||||||||||||||||||
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First South Bancorp, Inc.
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Supplemental Financial Data (Unaudited)
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Quarterly
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Year to Date
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12/31/2011
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9/30/2011
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6/30/2011
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3/31/2011
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12/31/2010
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12/31/2011
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12/31/2010
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(dollars in thousands except per share data)
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Performance ratios:
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Yield on average earning assets
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5.44 | % | 5.64 | % | 5.78 | % | 5.59 | % | 5.51 | % | 5.61 | % | 5.81 | % | ||||||||||||||
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Cost of funds
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0.96 | % | 1.08 | % | 1.14 | % | 1.18 | % | 1.21 | % | 1.09 | % | 1.26 | % | ||||||||||||||
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Net interest spread
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4.48 | % | 4.56 | % | 4.64 | % | 4.41 | % | 4.30 | % | 4.52 | % | 4.55 | % | ||||||||||||||
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Net interest margin/average earning assets
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4.51 | % | 4.58 | % | 4.64 | % | 4.41 | % | 4.31 | % | 4.54 | % | 4.59 | % | ||||||||||||||
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Earning assets to total assets
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91.09 | % | 90.47 | % | 88.61 | % | 89.85 | % | 89.94 | % | 91.09 | % | 89.94 | % | ||||||||||||||
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Return on average assets (annualized)
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0.23 | % | 0.21 | % | 0.19 | % | 0.16 | % | -3.21 | % | 0.20 | % | -0.29 | % | ||||||||||||||
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Return on average equity (annualized)
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2.13 | % | 1.97 | % | 1.90 | % | 1.63 | % | -30.31 | % | 1.91 | % | -2.74 | % | ||||||||||||||
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Efficiency ratio
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68.95 | % | 67.77 | % | 65.38 | % | 69.25 | % | 69.52 | % | 67.83 | % | 59.72 | % | ||||||||||||||
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Average assets
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$ | 757,905 | $ | 774,383 | $ | 791,644 | $ | 794,615 | $ | 810,459 | $ | 757,905 | $ | 810,459 | ||||||||||||||
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Average earning assets
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$ | 688,457 | $ | 698,984 | $ | 704,792 | $ | 707,982 | $ | 727,718 | $ | 688,457 | $ | 727,718 | ||||||||||||||
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Average equity
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$ | 82,708 | $ | 81,757 | $ | 80,517 | $ | 79,978 | $ | 85,746 | $ | 82,708 | $ | 85,746 | ||||||||||||||
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Equity/Assets
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11.06 | % | 10.68 | % | 10.31 | % | 10.07 | % | 9.97 | % | 11.06 | % | 9.97 | % | ||||||||||||||
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Tangible Equity/Assets
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10.48 | % | 10.12 | % | 9.76 | % | 9.52 | % | 9.43 | % | 10.48 | % | 9.43 | % | ||||||||||||||
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Asset quality data and ratios:
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Loans on nonaccrual status:
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Nonaccrual loans
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Earning
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$ | 10,601 | $ | 3,179 | $ | 3,853 | $ | 4,954 | $ | 5,143 | $ | 10,601 | $ | 5,143 | ||||||||||||||
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Non-Earning
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$ | 11,007 | $ | 15,107 | $ | 15,657 | $ | 11,769 | $ | 9,150 | $ | 11,007 | $ | 9,150 | ||||||||||||||
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Total Non-Accrual Loans
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$ | 21,608 | $ | 18,286 | $ | 19,510 | $ | 16,723 | $ | 14,293 | $ | 21,608 | $ | 14,293 | ||||||||||||||
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Nonaccrual restructured loans
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Past Due TDRs
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$ | 9,170 | $ | 12,568 | $ | 11,228 | $ | 15,024 | $ | 12,407 | $ | 9,170 | $ | 12,407 | ||||||||||||||
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Current TDRs
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$ | 12,247 | $ | 11,172 | $ | 10,421 | $ | 8,780 | $ | 14,566 | $ | 12,247 | $ | 14,566 | ||||||||||||||
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Total TDRs
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$ | 21,417 | $ | 23,740 | $ | 21,649 | $ | 23,804 | $ | 26,973 | $ | 21,417 | $ | 26,973 | ||||||||||||||
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Total loans on nonaccrual status
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$ | 43,025 | $ | 42,026 | $ | 41,159 | $ | 40,527 | $ | 41,266 | $ | 43,025 | $ | 41,266 | ||||||||||||||
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Other real estate owned
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$ | 17,005 | $ | 12,886 | $ | 11,387 | $ | 12,069 | $ | 11,616 | $ | 17,005 | $ | 11,616 | ||||||||||||||
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Total nonperforming assets
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$ | 60,030 | $ | 54,912 | $ | 52,546 | $ | 52,596 | $ | 52,882 | $ | 60,030 | $ | 52,882 | ||||||||||||||
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Performing restructured loans on accrual status
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$ | 25,388 | $ | 19,820 | $ | 22,831 | $ | 16,055 | $ | 31,334 | $ | 25,388 | $ | 31,334 | ||||||||||||||
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Allowance for loan and lease losses
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$ | 15,194 | $ | 18,307 | $ | 18,667 | $ | 19,320 | $ | 18,830 | $ | 15,194 | $ | 18,830 | ||||||||||||||
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Allowance for unfunded loan commitments
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$ | 254 | $ | 256 | $ | 251 | $ | 231 | $ | 237 | $ | 254 | $ | 237 | ||||||||||||||
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Allowance for credit losses
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$ | 15,448 | $ | 18,563 | $ | 18,918 | $ | 19,551 | $ | 19,067 | $ | 15,448 | $ | 19,067 | ||||||||||||||
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Allowance for loan and lease losses to loans
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2.81 | % | 3.12 | % | 3.17 | % | 3.18 | % | 3.01 | % | 2.81 | % | 3.01 | % | ||||||||||||||
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Allowance for unfunded loan commitments to unfunded commitments
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0.38 | % | 0.39 | % | 0.36 | % | 0.30 | % | 0.30 | % | 0.38 | % | 0.30 | % | ||||||||||||||
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Allowance for credit losses to loans
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2.85 | % | 3.16 | % | 3.21 | % | 3.22 | % | 3.04 | % | 2.85 | % | 3.04 | % | ||||||||||||||
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Net charge-offs (recoveries)
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$ | 5,752 | $ | 3,018 | $ | 3,713 | $ | 1,966 | $ | 3,407 | $ | 14,449 | $ | 16,829 | ||||||||||||||
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Net charge-offs (recoveries) to loans
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1.10 | % | 0.53 | % | 0.65 | % | 0.32 | % | 0.54 | % | 2.75 | % | 2.78 | % | ||||||||||||||
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Nonaccrual loans to loans
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8.19 | % | 7.40 | % | 7.23 | % | 6.90 | % | 6.81 | % | 8.19 | % | 6.81 | % | ||||||||||||||
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Nonperforming assets to assets
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8.06 | % | 7.15 | % | 6.69 | % | 6.65 | % | 6.63 | % | 8.06 | % | 6.63 | % | ||||||||||||||
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Loans to deposits
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84.26 | % | 88.35 | % | 86.10 | % | 87.63 | % | 90.83 | % | 84.26 | % | 90.83 | % | ||||||||||||||
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Loans to assets
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72.66 | % | 76.48 | % | 75.06 | % | 76.82 | % | 78.55 | % | 72.66 | % | 78.55 | % | ||||||||||||||
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Loans serviced for others
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$ | 319,363 | $ | 302,307 | $ | 314,220 | $ | 317,816 | $ | 318,218 | $ | 319,363 | $ | 318,218 | ||||||||||||||