GAINESVILLE, Ga., Feb. 20, 2007 (PRIME NEWSWIRE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB) today announced that it will increase its allowance for loan losses through an additional provision of approximately $9.7 million in the fourth quarter ended December 31, 2006. The approximate after tax effect of this provision is expected to result in a reduction in net income of $5.9 million for the fourth quarter and year ended December 31, 2006 from the amounts that were previously reported in the Company's press release issued January 24, 2007. After giving effect to the additional provision for loan losses, the Company's net loss for the fourth quarter of 2006 was ($1.9 million), or ($0.13) per diluted share, compared to previously reported net income of $4.0 million, or $0.28 per diluted share. After giving effect to the additional provision for loan losses, the Company's net income for the fiscal year ended December 31, 2006 was $9.5 million, or $0.68 per diluted share, compared to previously reported net income of $15.5 million, or $1.11 per diluted share. With the additional provision of $9.7 million, the Company's allowance for loan losses totaled $24.7 million at December 31, 2006, or 1.65% of total loans, compared to 1.17% as previously reported. Nonperforming assets at December 31, 2006 were $30.2 million, or 1.59% of total assets, compared to $19.5 million, or 1.02% of total assets as previously reported. This adjustment is not expected to affect prior quarters.
The increase in the allowance for loan losses arises out of a recent examination conducted by the Federal Deposit Insurance Corporation ("FDIC") at one of the Company's wholly owned banking subsidiaries, HomeTown Bank of Villa Rica, and relates primarily to several loan relationships originated by the president of that bank in which it is apparent that this officer did not follow numerous bank loan policies and procedures, including loan approval authorities, collateral requirements, inadequate documentation, and other underwriting guidelines. This officer is no longer employed by the bank. Management, along with the assistance of its external loan reviewer, has conducted a review of all loans within this officer's portfolio and does not expect further significant adjustments or reclassifications to the loan portfolio. Management has also consulted with the FDIC following the conclusion of its examination regarding its recommendations as to the appropriate amount for the increase in the reserve. The Company is also conducting an investigation into the facts surrounding the violations of these loan policies.
The Company is actively pursuing several courses of action to improve its position on the impaired loans and to mitigate any actual losses on these loans. However, it is currently too early to determine the success of these actions.
As previously reported, the Company has been engaged in an ongoing process of tightening its internal controls and implementing more stringent credit administration policies. As a result of its discovery of these actions, the Company will further enhance its controls by centralizing its approval policies and loan documentation processes at the holding company level to ensure that similar incidents do not occur.
To date, the Company has not incurred any material out-of-pocket expenditures (including legal, accounting and external loan review fees) in connection with the resolution of the matters described above. The actual amount of such expenditures in the future could vary, depending on the length of time and number of hours of professional assistance required to fully resolve the matters, the nature of the proceedings in which the matters are resolved, and other factors that cannot be precisely estimated at this time.
Forward-Looking Statements
Some of the statements in this press release, including, without limitation, statements regarding the expected impairment in connection with the increase in the loan loss reserves and the expected effects of the impairment on the Company's financial results, the Company's ability to recover on the impaired loans, the results of the Company's review of the officer's loan portfolio, and the enhancement of the Company's internal controls and credit administration policies are "forward-looking statements" within the meaning of the federal securities laws. In addition, when we use words like "anticipate," "believe," "intend," "expect," "estimate," "could," "should," "plan," "will," and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our current beliefs and assumptions. Factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements include estimates as to the value of collateral securing these impaired loans, the financial circumstances and business prospects of the borrowers on these impaired loans as well as the following factors which affect our business more generally: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) changes in the interest rate environment may reduce margins or the volumes or values of loans held or made by us; (3) general economic conditions may be less favorable than expected (both generally and in our markets), resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (4) economic, governmental or other factors may prevent the projected population and commercial growth in the counties in which we operate; (5) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which we are engaged; (6) costs or difficulties related to the integration of our businesses may be greater than expected; (7) deposit attrition, customer loss or revenue loss following the acquisitions may be greater than expected; (8) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than us; (9) adverse changes may occur in the equity markets, and other risks and factors identified in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2005. Many of these factors are beyond our ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements contained in this release.
GB&T Bancshares Inc.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
-------------------------
(Dollars in thousands
except per share 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
amounts) 2006 2006 2006 2006
----------------------- ---------- -------------------- ----------
EARNINGS
Net interest income
(fully tax equivalent) $ 18,171 18,397 17,374 15,517
Provision for loan loss $ 11,475 1,789 1,274 1,206
Other income $ 2,675 2,764 2,611 2,463
Other expense $ 12,977 12,860 12,578 11,744
Net income $ (1,925) 4,215 3,954 3,277
Non-recurring (income)
/expense (after-tax) $ 0 0 0 0
Operating income $ (1,925) 4,215 3,954 3,277
PER SHARE DATA
Basic earnings per
share $ (0.14) 0.30 0.29 0.26
Diluted earnings per
share $ (0.13) 0.30 0.28 0.25
Operating diluted
earnings per share $ (0.13) 0.30 0.28 0.25
Book value per share $ 16.51 16.66 16.41 15.59
Tangible book value
per share $ 9.95 10.05 9.74 10.45
Cash dividend per
share $ 0.090 0.090 0.090 0.085
PERFORMANCE RATIOS
Return on average
assets -0.40% 0.90% 0.91% 0.83%
Return on average
tangible assets -0.42% 0.95% 0.95% 0.87%
Return on average
equity -3.22% 7.21% 7.23% 6.60%
Return on average
tangible equity -5.29% 12.02% 11.72% 9.87%
Net interest margin
(fully tax equivalent) 4.23% 4.38% 4.43% 4.35%
Other expense / Average
assets 2.71% 2.75% 2.88% 2.98%
Efficiency Ratio 61.34% 59.84% 62.03% 64.48%
Other income/Total
operating revenue 12.96% 13.10% 13.11% 13.74%
MARKET DATA
Market value per share
-- Period end $ 22.17 21.05 21.76 22.35
Market as a % of book 1.34 1.26 1.33 1.43
Cash dividend yield 1.62% 1.71% 1.65% 1.52%
Common stock dividend
payout ratio -69.23% 30.00% 32.14% 34.00%
Period-end common
shares outstanding
(000) 14,132 14,054 13,926 12,939
Common stock market
capitalization
($Millions) $ 313.30 295.83 303.03 289.18
CAPITAL & LIQUIDITY
RATIOS
Period-end equity to
assets 12.28% 12.48% 12.49% 12.34%
Period-end tangible
equity to tangible
assets 7.78% 7.92% 7.81% 8.62%
Total risk-based
capital ratio N/A 12.31% 12.26% 13.57%
Average loans to
average deposits 99.86% 99.18% 100.92% 101.48%
ASSET QUALITY
Net charge-offs $ 3,520 526 607 276
(Ann.) Net loan
charge-offs/ Average
loans 0.948% 0.146 0.178 0.090%
Nonaccrual loans $ 14,790 14,934 13,819 7,114
Foreclosed assets $ 4,673 3,047 4,229 3,348
90-day past dues $ 10 12 7 --
Nonperforming assets/
Total assets** 1.59% 0.96% 0.99% 0.64%
Allowance for loan
losses/ Total loans 1.65% 1.15% 1.09% 1.08%
Allowance for loan
losses/Nonperforming
assets** 81.59% 92.93% 85.63% 130.98%
END OF PERIOD BALANCES
Total loans, net of
unearned fees $1,497,701 1,457,873 1,421,176 1,273,719
Total assets $1,900,376 1,876,062 1,829,700 1,634,741
Total deposits $1,480,168 1,457,237 1,414,029 1,276,456
Total stockholders'
equity $ 233,338 234,196 228,470 201,769
Full-time equivalent
employees 505 497 475 454
AVERAGE BALANCES
Total loans, net of
unearned fees $1,472,742 1,432,361 1,366,170 1,244,261
Total interest-earning
assets $1,706,123 1,666,388 1,573,013 1,447,571
Total assets $1,902,510 1,856,968 1,748,798 1,596,879
Total deposits $1,474,740 1,444,246 1,353,758 1,226,141
Total interest-bearing
liabilities $1,470,151 1,437,952 1,343,727 1,220,332
Total stockholders'
equity $ 237,313 231,831 219,387 201,292
---------- ---------- ----------
4th Qtr YTD YTD
2005 12/31/2006 12/31/2005
---------- ---------- ----------
EARNINGS
Net interest income (fully tax
equivalent) $ 15,532 69,459 57,271
Provision for loan loss $ 977 15,744 5,916
Other income $ 2,492 10,513 11,631
Other expense $ 11,406 50,159 44,825
Net income $ 3,689 9,521 11,991
Non-recurring (income)/expense
(after-tax) $ 190 0 190
Operating income $ 3,879 9,521 12,181
PER SHARE DATA
Basic earnings per share $ 0.29 0.70 0.96
Diluted earnings per share $ 0.28 0.68 0.93
Operating diluted earnings per
share $ 0.30 0.68 0.95
Book value per share $ 15.54 16.51 15.54
Tangible book value per share $ 10.32 9.95 10.32
Cash dividend per share $ 0.085 0.355 0.330
PERFORMANCE RATIOS
Return on average assets 0.92% 0.54% 0.80%
Return on average tangible assets 0.96% 0.56% 0.84%
Return on average equity 7.16% 4.27% 6.06%
Return on average tangible equity 11.20% 6.85% 9.44%
Net interest margin (fully tax
equivalent) 4.28% 4.34% 4.26%
Other expense / Average assets 2.84% 2.82% 2.99%
Efficiency Ratio 60.76% 61.82% 64.34%
Other income/Total operating
revenue 13.88% 13.21% 16.28%
MARKET DATA
Market value per share -- Period
end $ 21.41 22.17 21.41
Market as a % of book 1.38 1.34 1.38
Cash dividend yield 1.59% 1.60% 1.54%
Common stock dividend payout
ratio 30.36% 52.21% 35.48%
Period-end common shares
outstanding (000) 12,784 14,132 12,784
Common stock market
capitalization ($Millions) $ 273.71 313.30 273.71
CAPITAL & LIQUIDITY RATIOS
Period-end equity to assets 12.54% 12.28% 12.54%
Period-end tangible equity to
tangible assets 8.70% 7.78% 8.70%
Total risk-based capital ratio 13.80% N/A 13.80%
Average loans to average deposits 100.72% 100.35% 100.74%
ASSET QUALITY
Net charge-offs $ 307 4,929 5,309
(Ann.) Net loan charge-offs/
Average loans 0.100 0.357 0.469%
Nonaccrual loans $ 6,562 14,790 6,562
Foreclosed assets $ 3,431 4,673 3,431
90-day past dues $ 17 10 17
Nonperforming assets/ Total
assets** 0.63% 1.59% 0.63%
Allowance for loan losses/ Total
loans 1.04% 1.65% 1.04%
Allowance for loan losses/
Nonperforming assets** 127.60% 81.59% 127.60%
END OF PERIOD BALANCES
Total loans, net of unearned fees $1,231,410 1,497,701 1,231,410
Total assets $1,584,094 1,900,376 1,584,094
Total deposits $1,197,026 1,480,168 1,197,026
Total stockholders' equity $ 198,711 233,338 198,711
Full-time equivalent employees 452 505 452
AVERAGE BALANCES
Total loans, net of unearned fees $1,218,896 1,379,203 1,131,883
Total interest-earning assets $1,439,033 1,598,719 1,343,345
Total assets $1,593,014 1,776,709 1,496,792
Total deposits $1,210,205 1,374,419 1,123,577
Total interest-bearing
liabilities $1,195,088 1,367,761 1,129,707
Total stockholders' equity $ 204,481 223,112 198,004
** Nonperforming assets includes nonaccrual loans, other impaired
loans, foreclosed assets and 90-day past dues.
The following table provides a detailed analysis of
Non-GAAP measures.
------- ------- ------- -------
Reconciliation Table 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
(Dollars in thousands) 2006 2006 2006 2006
----------------------------------- ------- ------- ------- -------
Book value per share $ 16.51 16.66 16.41 15.59
Effect of intangible assets per
share $ (6.56) (6.61) (6.67) (5.14)
Tangible book value per share $ 9.95 10.05 9.74 10.45
Return on average assets -0.40% 0.90% 0.91% 0.83%
Effect of intangible assets -0.02% 0.05% 0.04% 0.04%
Return on average tangible assets -0.42% 0.95% 0.95% 0.87%
Return on average equity -3.22% 7.21% 7.23% 6.60%
Effect of intangible assets -2.07% 4.81% 4.49% 3.27%
Return on average tangible equity -5.29% 12.02% 11.72% 9.87%
Period end equity to assets 12.28% 12.48% 12.49% 12.34%
Effect of intangible assets -4.50% -4.56% -4.68% -3.72%
Period-end tangible equity to
tangible assets 7.78% 7.92% 7.81% 8.62%
---------- ---------- ----------
Reconciliation Table 4th Qtr YTD YTD
(Dollars in thousands) 2005 12/31/2006 12/31/2005
------------------------------ ---------- ---------- ----------
Book value per share $ 15.54 16.51 15.54
Effect of intangible assets
per share $ (5.22) (6.56) (5.22)
Tangible book value per share $ 10.32 9.95 10.32
Return on average assets 0.92% 0.54% 0.80%
Effect of intangible assets 0.04% 0.02% 0.04%
Return on average tangible
assets 0.96% 0.56% 0.84%
Return on average equity 7.16% 4.27% 6.06%
Effect of intangible assets 4.04% 2.58% 3.38%
Return on average tangible
equity 11.20% 6.85% 9.44%
Period end equity to assets 12.54% 12.28% 12.54%
Effect of intangible assets -3.84% -4.50% -3.84%
Period-end tangible equity to
tangible assets 8.70% 7.78% 8.70%
GB&T Bancshares, Inc. and Subsidiaries
Consolidated Statements of Condition
12/31/2006 12/31/2005
Assets (in thousands): (Unaudited) (Unaudited)
Cash and due from banks $ 25,876 $ 30,748
Interest-bearing deposits in banks 1,848 728
Federal funds sold 1,445 568
Securities available-for-sale 210,249 188,127
Restricted equity securities, at cost 9,869 9,277
Loans, net of unearned income 1,497,701 1,231,410
Less allowance for loan losses 24,676 12,773
----------- -----------
Loans, net 1,473,025 1,218,637
----------- -----------
Premises and equipment, net 41,776 37,014
Goodwill 87,116 61,164
Intangible assets 5,678 5,586
Other assets 43,494 32,245
----------- -----------
Total assets $ 1,900,376 $ 1,584,094
=========== ===========
Liabilities and Stockholders' Equity
(in thousands):
Deposits:
Noninterest-bearing $ 151,529 $ 158,487
Interest-bearing demand & savings 447,994 414,542
Time deposits 880,645 623,997
----------- -----------
Total deposits 1,480,168 1,197,026
Federal funds purchased and securities
sold under repurchase agreements 41,061 45,510
Federal Home Loan Bank advances 96,498 97,298
Other borrowings 939 968
Other liabilities 18,474 14,683
Subordinated debt 29,898 29,898
----------- -----------
Total liabilities 1,667,038 1,385,383
----------- -----------
Stockholders' equity:
Capital stock 186,539 157,875
Retained earnings 48,148 43,404
Accumulated other comprehensive loss (1,349) (2,568)
----------- -----------
Total stockholders' equity 233,338 198,711
----------- -----------
Total liabilities and stockholders'
equity $ 1,900,376 $ 1,584,094
=========== ===========
GB&T BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three months ended Twelve months ended
December 31, December 31,
2006 2005 2006 2005
------------------------------------------
Dollars in thousands, except per share amounts)
Interest income:
Loans, including fees $ 32,028 $ 23,725 $ 116,593 $ 82,541
Taxable securities 2,378 1,927 8,436 7,287
Nontaxable securities 197 135 589 618
Federal funds sold 322 92 812 327
Interest-bearing
deposits in banks 60 7 145 42
--------- --------- --------- ---------
Total interest income 34,985 25,886 126,575 90,815
--------- --------- --------- ---------
Interest expense:
Deposits 14,713 8,607 49,438 27,153
Federal funds purchased
and securities sold
under repurchase
agreements 482 271 1,367 740
Federal Home Loan Bank
advances 1,056 976 4,058 3,879
Other borrowings 656 564 2,530 2,064
--------- --------- --------- ---------
Total interest expense 16,907 10,418 57,393 33,836
--------- --------- --------- ---------
Net interest income 18,078 15,468 69,182 56,979
Provision for loan losses 11,475 977 15,744 5,916
--------- --------- --------- ---------
Net interest income
after provision for
loan losses 6,603 14,491 53,438 51,063
--------- --------- --------- ---------
Other income:
Service charges on
deposit accounts 1,564 1,590 6,278 6,413
Mortgage origination fees 750 519 2,661 2,263
Insurance commissions 3 46 11 488
Gain on sale of
securities (16) -- (16) 553
Other operating income 374 337 1,579 1,914
--------- --------- --------- ---------
Total other income 2,675 2,492 10,513 11,631
--------- --------- --------- ---------
Other expense:
Salaries and employee
benefits 7,735 6,502 29,979 26,248
Occupancy and equipment
expenses, net 1,908 1,686 7,055 6,334
Other operating expenses 3,334 3,218 13,125 12,243
--------- --------- --------- ---------
Total other expense 12,977 11,406 50,159 44,825
--------- --------- --------- ---------
Income (loss) before
income taxes (3,699) 5,577 13,792 17,869
Income tax expense
(benefit) (1,774) 1,888 4,271 5,878
--------- --------- --------- ---------
Net income (loss) $ (1,925) $ 3,689 $ 9,521 $ 11,991
========= ========= ========= =========
Earnings per share:
Basic $ (0.14) $ 0.29 $ 0.70 $ 0.96
========= ========= ========= =========
Diluted $ (0.13) $ 0.28 $ 0.68 $ 0.93
========= ========= ========= =========
Weighted average shares
Basic 14,097 12,764 13,652 12,562
========= ========= ========= =========
Diluted 14,380 13,103 13,956 12,938
========= ========= ========= =========
Cash dividends per common
share $ 0.090 $ 0.085 $ 0.355 $ 0.331
========= ========= ========= =========
GB&T Bancshares, Inc.
Yield Analysis - December 31, 2006 For the Twelve Months Ended
(Dollars in thousands) December 31, 2006
--------------------------------
Average Yields
balances Interest /Rates
--------------------------------
Assets Interest earning assets:
Taxable securities $ 200,983 $ 8,436 4.20%
Nontaxable securities(a) 13,516 866 6.41%
Federal funds sold 16,014 812 5.07%
Interest bearing deposits in banks 2,176 145 6.66%
Loans, net of unearned income 1,366,030 116,593 8.54%
----------------------
Total interest earning assets $1,598,719 $ 126,852 7.93%
----------------------
Noninterest earning assets:
Unrealized gains (losses) on
securities (4,483)
Allowance for loan losses (15,247)
Nonaccrual loans 13,174
Cash and due from banks 23,566
Other assets 160,980
--------------------------------
Total noninterest earning assets 177,990
--------------------------------
Total assets $1,776,709
--------------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 430,143 12,786 2.97%
Time 776,798 36,652 4.72%
Borrowings 160,820 7,955 4.95%
----------------------
Total interest bearing liabilities 1,367,761 57,393 4.20%
----------------------
Noninterest bearing liabilities &
shareholders' equity:
Noninterest bearing deposits 167,477
Other liabilities 18,359
Shareholder's equity 223,112
--------------------------------
Total liabilities & shareholders'
equity $1,776,709
--------------------------------
Interest rate differential 3.73%
--------------------------------
Net interest income(a) 69,459
--------------------------------
Net interest margin(a) 4.34%
--------------------------------
For the Three Months Ended
(Dollars in thousands) December 31, 2006
--------------------------------
Average Yields
balances Interest /Rates
--------------------------------
Assets Interest earning assets:
Taxable securities $ 215,342 $ 2,378 4.38%
Nontaxable securities(a) 18,160 290 6.34%
Federal funds sold 16,716 322 7.64%
Interest bearing deposits in banks 2,901 60 8.21%
Loans, net of unearned income 1,453,004 32,028 8.75%
---------------------
Total interest earning assets $1,706,123 $ 35,078 8.16%
---------------------
Noninterest earning assets:
Unrealized gains (losses) on
securities (2,952)
Allowance for loan losses (17,588)
Nonaccrual loans 19,738
Cash and due from banks 23,208
Other assets 173,981
--------------------------------
Total noninterest earning assets 196,387
--------------------------------
Total assets $1,902,510
--------------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 430,414 3,484 3.21%
Time 869,933 11,229 5.12%
Borrowings 169,804 2,194 5.13%
---------------------
Total interest bearing liabilities 1,470,151 16,907 4.56%
---------------------
Noninterest bearing liabilities &
shareholders' equity:
Noninterest bearing deposits 174,393
Other liabilities 20,653
Shareholder's equity 237,313
--------------------------------
Total liabilities & shareholders'
equity $1,902,510
--------------------------------
Interest rate differential 3.60%
--------------------------------
Net interest income(a) 18,171
--------------------------------
Net interest margin(a) 4.23%
--------------------------------
(a)fully tax equivalent
--------------------------------
GB&T Bancshares, Inc.
Yield Analysis - December 31, 2006 For the Twelve Months Ended
(Dollars in thousands) December 31, 2006
--------------------------------
Average Yields
balances Interest /Rates
--------------------------------
Assets Interest earning assets:
Taxable securities $ 200,983 $ 8,436 4.20%
Nontaxable securities* 13,516 866 6.41%
Federal funds sold 16,014 812 5.07%
Interest bearing deposits in banks 2,176 145 6.66%
Loans, net of unearned income 1,366,030 116,593 8.54%
----------------------
Total interest earning assets $1,598,719 $ 126,852 7.93%
----------------------
Noninterest earning assets:
Unrealized gains (losses) on
securities (4,483)
Allowance for loan losses (15,247)
Nonaccrual loans 13,174
Cash and due from banks 23,566
Other assets 160,980
--------------------------------
Total noninterest earning assets 177,990
--------------------------------
Total assets $1,776,709
--------------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 430,143 12,786 2.97%
Time 776,798 36,652 4.72%
Borrowings 160,820 7,955 4.95%
----------------------
Total interest bearing liabilities 1,367,761 57,393 4.20%
----------------------
Noninterest bearing liabilities &
shareholders' equity:
Noninterest bearing deposits 167,477
Other liabilities 18,359
Shareholder's equity 223,112
--------------------------------
Total liabilities & shareholders'
equity $1,776,709
--------------------------------
Interest rate differential 3.73%
--------------------------------
Net interest income* 69,459
--------------------------------
Net interest margin* 4.34%
--------------------------------
For the Three Months Ended
(Dollars in thousands) December 31, 2006
--------------------------------
Average Yields
balances Interest /Rates
--------------------------------
Assets Interest earning assets:
Taxable securities $ 215,342 $ 2,378 4.38%
Nontaxable securities* 18,160 290 6.34%
Federal funds sold 16,716 322 7.64%
Interest bearing deposits in banks 2,901 60 8.21%
Loans, net of unearned income 1,453,004 32,028 8.75%
---------------------
Total interest earning assets $1,706,123 $ 35,078 8.16%
---------------------
Noninterest earning assets:
Unrealized gains (losses) on
securities (2,952)
Allowance for loan losses (17,588)
Nonaccrual loans 19,738
Cash and due from banks 23,208
Other assets 173,981
--------------------------------
Total noninterest earning assets 196,387
--------------------------------
Total assets $1,902,510
--------------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 430,414 3,484 3.21%
Time 869,933 11,229 5.12%
Borrowings 169,804 2,194 5.13%
---------------------
Total interest bearing liabilities 1,470,151 16,907 4.56%
---------------------
Noninterest bearing liabilities &
shareholders' equity:
Noninterest bearing deposits 174,393
Other liabilities 20,653
Shareholder's equity 237,313
--------------------------------
Total liabilities & shareholders'
equity $1,902,510
--------------------------------
Interest rate differential 3.60%
--------------------------------
Net interest income* 18,171
--------------------------------
Net interest margin* 4.23%
--------------------------------
*fully tax equivalent
--------------------------------