BRYN MAWR, Pa., April 28, 2009 (GLOBE NEWSWIRE) -- Bryn Mawr Bank Corporation (Nasdaq:BMTC), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced financial results for the first quarter ended March 31, 2009. The Corporation reported first quarter 2009 diluted earnings per share of $0.31 and net income of $2.6 million compared to fourth quarter 2008 results of $0.12 and $1.0 million. The Corporation had an increase of $0.19 per diluted share or 160% over fourth quarter 2008 results.
On April 20, 2009, the Corporation sold 150,061 shares of its common stock in a private placement to an accredited investor. The aggregate purchase price for the shares sold was $2.5 million. The shares sold constitute 1.7% of the number of outstanding shares of the Corporation's common stock, as determined immediately after the closing of the sale.
Additionally, the Bank raised $7.5 million in subordinated debt on April 20, 2009 which is intended to qualify as Tier II capital to enhance the Tier II regulatory capital ratios of the Corporation and the Bank.
The Corporation and Bank intend to use the proceeds of the stock sale and subordinated debt issuance to support earning asset growth and for other corporate purposes.
For more information on these transactions refer to the 8-K filed with the SEC on April 21, 2009.
Ted Peters, Chairman and Chief Executive Officer, stated, "We are pleased with the results for the first quarter of 2009, and look forward to the balance of the year. Deposit growth and revenue from mortgage refinance activity were among the highlights for the quarter, partially offset by continued weakness in our small ticket national leasing company and an additional market value adjustment of our mortgage servicing rights due to strong refinance activity."
Mr. Peters continued, "We are also pleased to report the sale of $2.5 million of common shares and the issuance of $7.5 million in subordinated debt which serve to further enhance our capital position, all without government assistance."
HIGHLIGHTS FOR THE QUARTER
* First quarter 2009 deposit levels were $886.8 million, up $129.8
million or 17.2% from March 31, 2008 and up $17.3 million or 2.0%
from December 31, 2008.
* Total quarter end portfolio loans and leases were down less than 1%
to $893.5 million compared to $899.6 million at December 31, 2008
as construction loans decreased $14.7 million or 25% and leases
declined $1.6 million or 3%.
* Revenue from Wealth Management services (which includes Lau
Associates revenue) for the first quarter 2009 was $3.5 million,
compared with fourth quarter 2008 revenue of $3.7 million
reflecting the impact of further declines in the market value of
financial assets in the first quarter of 2009.
* Mortgage originations for the first quarter of 2009 were $96.5
million compared with $25.8 million in the fourth quarter of 2008
and $28.8 million in the first quarter of 2008. The net gain on
the sale of residential mortgage loans of approximately $1.9
million was up significantly from approximately $300 thousand in
the fourth quarter of 2008. Operating expenses include variable
costs associated with this revenue of approximately 40%.
* The value of our Mortgage Servicing Rights (MSR's) increased to
$2.7 million, up from $2.2 million on December 31, 2008. This
increase is the result of mortgage refinancing activity during the
first quarter of 2009 due to the current low rate environment.
However, this increase was partially offset by the continued
decline in the market value of MSR's on the higher rate mortgages
in the mortgage servicing portfolio. As a result of the continued
decline in conforming mortgage rates, a market value adjustment of
approximately $200 thousand was recognized in the first quarter of
2009.
* The net interest margin was 3.62% for the first quarter 2009, down
one basis point from the fourth quarter 2008.
* The provision for loan and lease losses for the quarter ended March
31, 2009 was $1.59 million, primarily due to the continued weakness
of our small-ticket national leasing portfolio.
* At March 31, 2009, the allowance for loan and lease losses of
$10.14 million was 1.13% of portfolio loans and leases, compared
with $10.33 million or 1.15% of portfolio loans and leases at
December 31, 2008. The allowance as a percentage of non-performing
loans and leases increased to 254% at March 31, 2009 from 178% at
December 31, 2008, due to the foreclosure of a site development
loan and its transfer into other real estate owned at its estimated
net realizable value.
* First quarter 2009 non-interest expense increased approximately
$1.0 million or 9.8% over the fourth quarter of 2008 due in part to
the variable costs associated with higher residential mortgage
activity, the MSR market value adjustment, an approximate 130%
increase in the FDIC insurance base rate and increased pension
costs, primarily related to the decrease in the market value of the
qualified retirement plan's assets.
* Receipt of approximately $15.6 million in cash relating to the bank-
owned life insurance contracts that were surrendered in August 2008.
* Regulatory capital levels at March 31, 2009 exceed the regulatory
minimum for "well capitalized" at both the Bank and Corporate level
by over $10 million ($20 million proforma). Proforma capital ratios
are presented below to reflect the issuance of 150,061 shares of
common stock and $7.5 million in subordinated debt on April 20,
2009:
Regulatory
Minimum to be Actual Proforma
Well Capitalized 3/31/09 3/31/09
---------------- ------- -------
Bryn Mawr Trust Company
Consolidated
-----------------------
Tier I Capital to Risk
Weighted Assets (RWA) 6.00% 8.56% 8.56%
Total (Tier II) Capital to RWA 10.00% 11.01% 11.75%
Tier I Leverage Ratio 5.00% 7.68% 7.68%
Bryn Mawr Bank Corporation
--------------------------
Tier I Capital to Risk
Weighted Assets (RWA) 6.00% 8.91% 9.17%
Total (Tier II) Capital to RWA 10.00% 11.36% 12.34%
Tier I Leverage Ratio 5.00% 8.01% 8.24%
Tangible Common Equity to
Assets 7.20% 7.34%
DIVIDEND DECLARED
On April 22, 2009, the Corporation's Board of Directors declared a quarterly dividend of $0.14 per share, payable June 1, 2009 to shareholders of record as of May 7, 2009.
The Corporation will hold an earnings conference call at 8:30 a.m. EDT on Wednesday, April 29, 2009. Interested parties may participate by calling 800-860-2442 at 8:30 a.m. EDT. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through Thursday, May 7, 2009. The number to call for the taped replay is 877-344-7529 and the Replay Passcode is 429460.
The conference call will be simultaneously broadcast live over the Internet through a web cast on the investor relations portion of the Bryn Mawr Bank Corporation's website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm. An online archive of the web cast will be available within two hours of the conclusion of the call. The Corporation has also recently expanded its Investor Relations website to include added resources and information for shareholders and interested investors. Interested parties are encouraged to utilize the expanded resources of the site for more information on Bryn Mawr Bank Corporation.
This press release contains statements which, to the extent that they are not recitations of historical fact may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements may include financial and other projections as well as statements regarding the Corporation's future plans, objectives, performance, revenues, growth, profits, operating expenses or the Corporation's underlying assumptions. The words "may", "would", "could", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases may identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Corporation's actual future results or performance may be materially different.
Such forward-looking statements involve known and unknown risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments expressed, implied or anticipated by such forward-looking statements, and so our business and financial condition and results of operations could be materially and adversely affected. Such factors include, among others, our need for capital; the impact of economic conditions on our business; changes in banking regulation and the possibility that any banking agency approvals we might require for certain activities will not be obtained in a timely manner or at all or will be conditioned in a manner that would impair our ability to implement our business plans; our ability to attract and retain key personnel; competition in our marketplace; and other factors as described in our securities filings. All forward-looking statements and information made herein are based on our current expectations as of the date hereof and speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
For a complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, as well as any changes in risk factors that we may identify in our quarterly or other reports filed with the SEC.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
March 31, 2009
(unaudited)
For The Three Months Ended
Mar 31, Dec 31, Sept 30, June 30, Mar 31,
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
Interest
income $ 14,293 $ 14,838 $ 14,802 $ 14,232 $ 14,062
Interest
expense 4,446 5,050 4,955 4,929 5,454
Subordinated
debt 221 257 151 -- --
---------- ---------- ---------- ---------- ----------
Net interest
income 9,626 9,531 9,696 9,303 8,608
Provision for
loan and
lease losses 1,591 2,898 1,063 781 854
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision
for loan and
lease losses 8,035 6,633 8,633 8,522 7,754
Fees for
wealth
management
services 3,504 3,695 3,544 3,291 3,312
Loan
servicing
and late
fees 291 281 298 305 310
Service
charges on
deposits 463 455 409 429 392
Net gain on
sale of
residential
mortgage
loans 1,877 293 287 363 332
Net gain on
sale of
investments 472 8 -- -- 222
BOLI income -- 1 -- 117 143
Interest rate
floor income -- -- -- -- 268
Other
operating
income 878 532 807 727 651
---------- ---------- ---------- ---------- ----------
Noninterest
income 7,485 5,265 5,345 5,232 5,630
Salaries and
wages 5,479 4,700 5,278 4,532 4,479
Employee
benefits 1,582 912 981 947 1,332
Occupancy and
bank
premises 927 922 778 715 750
Furniture
fixtures and
equipment 586 632 578 565 549
Advertising 232 356 265 222 272
Market value
adjustment-
mortgage
servicing
rights 204 638 11 (30) 49
Amortization
of mortgage
servicing
rights 195 81 91 119 76
Intangible
asset
expense 77 77 64 -- --
FDIC
insurance 322 138 121 122 91
Professional
fees 343 441 426 364 319
Other
expenses 1,521 1,549 1,555 1,447 1,162
---------- ---------- ---------- ---------- ----------
Noninterest
expense 11,468 10,446 10,148 9,003 9,079
Income before
income taxes 4,052 1,452 3,830 4,751 4,305
Income tax
expense 1,420 445 1,575 1,586 1,407
---------- ---------- ---------- ---------- ----------
Net income $ 2,632 $ 1,007 $ 2,255 $ 3,165 $ 2,898
========== ========== ========== ========== ==========
Per share
data:
Weighted
average
shares
outstanding 8,602,406 8,585,914 8,575,904 8,571,143 8,534,467
Dilutive
potential
common
shares 18,498 41,254 35,428 31,836 28,413
---------- ---------- ---------- ---------- ----------
Adjusted
weighted
average
dilutive
shares 8,620,904 8,627,168 8,611,332 8,602,979 8,562,880
========== ========== ========== ========== ==========
Basic
earnings per
common share $ 0.31 $ 0.12 $ 0.26 $ 0.37 $ 0.34
Diluted
earnings per
common share $ 0.31 $ 0.12 $ 0.26 $ 0.37 $ 0.34
Dividend
declared per
share $ 0.14 $ 0.14 $ 0.14 $ 0.13 $ 0.13
Effective tax
rate 35.0% 30.6% 41.1% 33.4% 32.7%
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands, except per share data)
March 31, 2009
(unaudited)
For the period end: 2009 2008 2008 2008 2008
1Q 4Q 3Q 2Q 1Q
Asset Quality Data
Nonaccrual loans
and leases 3,251 5,303 1,961 1,697 1,065
90 + days past due
loans and leases 744 504 116 8 15
-------- -------- -------- -------- --------
Nonperforming
loans and leases 3,995 5,807 2,077 1,705 1,080
Other non-
performing assets 1,311 -- 136 155 64
Nonperforming
assets $ 5,306 $ 5,807 $ 2,213 $ 1,860 $ 1,144
======== ======== ======== ======== ========
Nonperforming
loans and leases
/ portfolio loans 0.45% 0.65% 0.24% 0.20% 0.13%
Nonperforming
assets / assets 0.45% 0.50% 0.20% 0.18% 0.11%
Non performing
loans and leases
by category
Residential
mortgages $ 1,054 $ 1,388 $ 1,417 $ 1,012 $ 776
Commercial
mortgages -- -- -- -- --
Construction loans 1,391 3,150 -- -- --
Commercial loans 47 48 48 49 50
Consumer 744 504 116 8 15
Leases 759 717 496 636 239
-------- -------- -------- -------- --------
Nonperforming
loans and leases $ 3,995 $ 5,807 $ 2,077 $ 1,705 $ 1,080
======== ======== ======== ======== ========
Delinquency rate
- including
nonperforming 1.01% 0.97% 0.35% 0.52% 0.46%
Changes in the
Allowance for
loan and lease
losses
Balance, beginning
of period $ 10,332 $ 9,014 $ 8,672 $ 8,358 $ 8,124
Charge-offs:
Residential
mortgages -- -- -- -- --
Commercial
mortgages -- -- -- -- --
Construction loans (216) -- -- -- --
Commercial loans (182) (4) -- -- --
Consumer (9) (9) (26) (20) (17)
Leases (1,451) (1,598) (770) (527) (645)
-------- -------- -------- -------- --------
Total (1,858) (1,611) (796) (547) (662)
Recoveries:
Residential
mortgages -- -- -- 24 --
Commercial
mortgages -- -- -- -- --
Construction loans -- -- -- -- --
Commercial loans -- -- -- -- --
Consumer 3 16 5 1 6
Leases 69 15 70 55 36
-------- -------- -------- -------- --------
Total 72 31 75 80 42
Net (charge-offs)
/ recoveries (1,786) (1,580) (721) (467) (620)
Provision for loan
and lease losses 1,591 2,898 1,063 781 854
-------- -------- -------- -------- --------
Balance, end of
period $ 10,137 $ 10,322 $ 9,014 $ 8,672 $ 8,358
======== ======== ======== ======== ========
Allowance for loan
and lease losses
/ loans and lease 1.13% 1.15% 1.03% 1.02% 1.02%
Allowance for loan
and lease losses
/ nonperforming
loans and leases 253.7% 177.9% 434.0% 508.6% 773.9%
Net loan and lease
charge-offs
(annualized)/
average loans
Residential
mortgages 0.00% 0.00% 0.00% 0.00% 0.00%
Commercial
mortgages 0.00% 0.00% 0.00% 0.00% 0.00%
Construction loans 1.70% 0.00% 0.00% 0.00% 0.00%
Commercial loans 0.38% 0.01% 0.00% 0.00% 0.00%
Consumer 0.01% 0.02% 0.06% 0.05% 0.03%
Leases 9.50% 10.74% 5.06% 3.56% 5.06%
Total 0.79% 0.71% 0.33% 0.22% 0.31%
For the period
and period
end: 2009 2008 2008 2008 2008
1Q 4Q 3Q 2Q 1Q
Selected
ratios
(annualized):
Return on
average
assets 0.92% 0.35% 0.83% 1.24% 1.23%
Return on
average
shareholders'
equity 11.54% 4.23% 9.55% 13.65% 12.83%
Yield on
interest
earning
assets* 5.37% 5.63% 5.94% 6.05% 6.46%
Cost of
interest
bearing
funds 2.15% 2.42% 2.47% 2.58% 3.14%
Net interest
margin* 3.62% 3.63% 3.90% 3.97% 3.97%
Tier 1
leverage
ratio 8.10% 8.03% 8.76% 9.70% 10.23%
Book value
per share $ 10.99 $ 10.76 $ 10.97 $ 10.97 $ 10.89
Tangible
book value
per share $ 9.78 $ 9.55 $ 10.29 $ 10.97 $ 10.89
Period end
shares
outstanding 8,615,296 8,592,259 8,583,377 8,572,277 8,563,402
Selected
data:
Mortgage
loans
originated $ 96,523 $ 25,826 $ 24,019 $ 30,594 $ 28,780
Mortgage
loans sold -
servicing
retained $ 93,071 $ 10,653 $ 5,985 $ 12,642 $ 14,294
Mortgage
loans
sold -
servicing
released $ 1,225 $ 5,837 $ 7,215 $ 10,149 $ 11,058
Mortgage
loans
serviced
for
others $ 411,493 $ 350,199 $ 353,833 $ 358,802 $ 357,734
Brokerage
assets (1) $ 78,707 $ 75,720 $ 86,376 $ 88,904 $ 87,759
Wealth
assets
under
management /
supervision
(Lau) 456,909 506,637 615,796 -- --
Wealth
assets
under
management /
admin-
istration
(BMTC) $1,421,868 $1,564,042 $1,964,149 $2,105,376 $2,053,207
---------- ---------- ---------- ---------- ----------
Total Wealth
assets under
management
/admin-
istration /
supervision
/ brokerage $1,957,484 $2,146,399 $2,666,321 $2,194,280 $2,140,966
========== ========== ========== ========== ==========
* Yield on Interest earning assets and net interest margin are
calculated on a tax equivalent basis.
(1) Brokerage Assets represent assets held at a registered broker
dealer under a networking agreement.
Investment Portfolio as of March 31, 2009
($'s in thousands)
Amortized Fair Unrealized
SECURITY DESCRIPTION Cost Value Gain / Loss
-------------------- ---- ----- -----------
U.S. government agency securities 7,999 8,121 122
State, county & municipal
securities 11,907 11,968 61
FNMA/FHLMC mortgage backed
securities 58,470 60,270 1,800
GNMA mortgage backed securities 9,503 9,571 68
Foreign debt securities 1,450 1,450 --
Corporate bonds 15,866 14,811 (1,055)
-------- -------- --------
Totals 105,195 106,191 996
======== ======== ========
* Note: Other assets as of March 31, 2009 include approximately $7.9
million of FHLB of Pittsburgh common stock at cost.
Capital Ratios
Bryn Mawr Trust Regulatory
Company Minimum
Consolidated To Be Well 3/31/ 12/31/ 9/30/ 6/30/ 3/31/
------------- Capitalized 2009 2008 2008 2008 2008
Tier I Capital
to Risk
Weighted
Assets (RWA) 6.00% 8.56% 8.49% 9.07% 9.43% 9.69%
Total (Tier II)
Capital to RWA 10.00% 11.01% 10.98% 11.46% 10.32% 10.59%
Tier I Leverage
Ratio 5.00% 7.68% 7.70% 8.53% 9.09% 9.59%
Bryn Mawr Bank
Corporation
--------------
Tier I Capital
to Risk
Weighted
Assets (RWA) 6.00% 8.91% 8.81% 9.35% 10.05% 10.32%
Total (Tier II)
Capital to RWA 10.00% 11.36% 11.29% 11.72% 10.94% 11.22%
Tier I Leverage
Ratio 5.00% 8.01% 8.03% 8.76% 9.70% 10.23%
Common Equity
Ratio 8.10% 8.03% 8.31% 8.96% 9.29%
Tangible Common
Equity Ratio 7.20% 7.13% 7.80% 8.96% 9.29%
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data (GAAP)
(Dollars in thousands)
March 31, 2009
(unaudited)
Balance Sheet
For the period
ended: Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,
2009 2008 2008 2008 2008
---- ---- ---- ---- ----
Assets
Interest
bearing
deposits
with banks $ 30,283 $ 45,100 $ 11,413 $ 621 $ 513
Fed funds
sold -- -- 6,000 -- 10,500
Money market
funds 72,433 5,109 10,172 163 161
Investment
securities 106,191 108,329 107,048 111,707 96,691
Loans held
for sale 2,896 3,024 1,987 2,304 4,496
Portfolio
loans:
Consumer 8,396 8,518 8,319 8,574 8,236
Commercial &
industrial 237,440 236,469 232,096 228,810 221,125
Commercial
mortgages 256,631 249,730 240,996 241,597 224,604
Construction 43,746 58,446 62,299 66,861 67,283
Residential
mortgages 124,552 132,536 127,798 114,924 118,117
Home equity
lines &
loans 165,044 154,576 149,707 138,445 126,159
Leases 57,668 59,302 56,979 54,144 51,241
---------- ---------- ---------- ---------- ----------
Total
portfolio
loans and
leases 893,477 899,577 878,194 853,355 816,765
Earning assets 1,105,280 1,061,139 1,014,814 968,150 929,126
Cash and due
from banks 9,342 18,776 52,124 25,901 23,043
Allowance for
loan and
lease losses (10,137) (10,332) (9,014) (8,672) (8,358)
Bank owned
life
insurance -- 15,585 15,585 15,684 15,567
Intangible
assets 10,476 10,358 5,805 -- --
Other assets 54,856 55,820 53,050 48,189 44,736
---------- ---------- ---------- ---------- ----------
Total assets $1,169,817 $1,151,346 $1,132,364 $1,049,252 $1,004,114
========== ========== ========== ========== ==========
Liabilities
and
shareholders'
equity
Interest-
bearing
checking $ 132,354 $ 135,513 $ 134,557 $ 139,392 $ 140,467
Money market 171,986 142,707 137,911 124,431 137,420
Savings 83,834 54,333 67,884 38,157 37,691
IND deposits 29,541 30,185 20,045 3,551 --
Wholesale
deposits 86,746 120,761 134,726 140,498 123,775
Time deposits 205,164 211,542 208,890 166,679 179,136
---------- ---------- ---------- ---------- ----------
Interest-
bearing
deposits 709,625 695,041 704,013 612,708 618,489
Non-interest
bearing
deposits 177,153 174,449 152,304 141,114 138,465
---------- ---------- ---------- ---------- ----------
Total deposits 886,778 869,490 856,317 753,822 756,954
Subordinated
debt 15,000 15,000 15,000 -- --
Borrowed funds 152,442 154,939 147,414 182,293 110,500
Other
liabilities 20,899 19,504 19,511 19,102 43,423
Shareholders'
equity 94,698 92,413 94,122 94,035 93,237
---------- ---------- ---------- ---------- ----------
Total
liabilities
and share-
holders'
equity $1,169,817 $1,151,346 $1,132,364 $1,049,252 $1,004,114
========== ========== ========== ========== ==========
Balance Sheet
(average)
2009 2008 2008 2008 2008
1Q 4Q 3Q 2Q 1Q
-- -- -- -- --
Assets
Interest
bearing
deposits
with banks $ 29,434 $ 45,503 $ 5,894 $ 2,386 $ 5,507
Fed funds
sold 2,222 272 11,668 3,200 7,318
Money market
funds 40,903 10,713 2,609 162 225
Investment
securities 108,413 105,902 110,004 104,983 56,726
Loans held
for sale 6,478 2,814 1,994 3,604 4,175
Portfolio
loans and
leases 897,215 886,793 864,460 836,180 806,410
---------- ---------- ---------- ---------- ----------
Earning assets 1,084,665 1,051,997 996,629 950,515 880,361
Cash and due
from banks 11,706 13,882 22,418 19,727 22,306
Allowance for
loan and
lease losses (10,353) (9,085) (8,732) (8,451) (8,179)
Bank owned
life
insurance -- 15,585 15,644 15,612 15,474
Intangible
assets 10,399 5,824 4,962 -- --
Other assets 58,775 51,677 48,099 45,731 39,434
---------- ---------- ---------- ---------- ----------
Total assets $1,155,192 $1,129,800 $1,079,020 $1,023,134 $ 949,396
========== ========== ========== ========== ==========
Liabilities
and
shareholders'
equity
Interest-
bearing
checking $ 133,955 $ 133,654 $ 134,347 $ 138,539 $ 143,027
Money market 160,372 139,564 127,805 130,222 124,799
Savings 74,590 61,684 51,640 38,472 36,862
IND deposits 29,287 29,339 9,637 1,171 --
Wholesale
deposits 103,562 123,905 139,871 140,288 131,505
Time deposits 207,964 213,004 200,707 169,562 195,413
---------- ---------- ---------- ---------- ----------
Interest-
bearing
deposits 709,730 701,150 664,007 618,254 631,606
Non-interest
bearing
deposits 160,295 143,897 145,686 143,563 142,532
---------- ---------- ---------- ---------- ----------
Total deposits 870,025 845,047 809,693 761,817 774,138
Subordinated
debt 15,000 15,000 8,607 -- --
Borrowed funds 154,114 156,023 148,815 150,567 66,071
Other
liabilities 23,559 19,128 17,964 17,531 18,361
Shareholders'
equity 92,494 94,682 93,941 93,228 90,826
---------- ---------- ---------- ---------- ----------
Total
liabilities
and
shareholders'
equity $1,155,192 $1,129,880 $1,079,020 $1,023,143 $ 949,396
========== ========== ========== ========== ==========
Quarterly Average Balances and Tax Equivalent Income and Expense
and Tax Equivalent Yields
--------------------------------------------------------
1st Quarter 2009 4th Quarter 2008
Average Average
Interest Rates Interest Rates
(dollars in Average Income/ Earned/ Average Income/ Earned/
thousands) Balance Expense Paid Balance Expense Paid
Assets:
Interest-
bearing
deposits
with
other banks $ 29,434 $ 17 0.23% $ 45,503 $ 62 0.54%
Federal
funds sold 2,222 1 0.18% 272 1 1.46%
Money market
funds 40,903 82 0.81% 10,713 8 0.30
Investment
securities
available
for sale:
Taxable 98,240 1,116 4.61% 98,966 1,193 4.80%
Tax-exempt 10,173 107 4.27% 6,936 85 4.88%
--------------------- ---------------------
Investment
securities
available
for sale 108,413 1,223 4.58% 105,902 1,278 4.80%
Loans and
leases * 903,693 13,035 5.85% 889,607 13,551 6.06%
--------------------- ---------------------
Total
interest
earning
assets 1,084,665 14,358 5.37% 1,051,997 14,900 5.63%
Cash and due
from banks 11,706 13,882
Less
allowance
for loan
and lease
losses (10,353) (9,085)
Other assets 69,174 73,086
---------- ----------
Total
assets $1,155,192 $1,129,880
========== ==========
Liabilities:
Savings, NOW
and market
rate
deposits $ 368,917 $ 816 0.90% $ 334,902 $ 932 1.11%
IND deposits 29,287 28 0.39% 29,339 53 0.72%
Wholesale
deposits 103,562 785 3.07% 123,905 1,016 3.26%
Time
deposits 207,964 1,554 3.03% 213,004 1,725 3.22%
--------------------- ---------------------
Total
interest-
bearing
deposits 709,730 3,183 1.82% 701,150 3,726 2.11%
Subordinated
debt 15,000 221 5.98% 15,000 257 6.82%
Borrowed
funds 154,114 1,263 3.32% 156,023 1,324 3.38%
--------------------- ---------------------
Total
interest-
bearing
liabilities 878,844 4,667 2.15% 872,173 5,307 2.42%
Noninterest-
bearing
deposits 160,295 143,897
Other
liabilities 23,559 19,128
---------- ----------
Total
non-
interest-
bearing
liabilities 183,854 163,025
Total
liabilities 1,062,698 1,035,198
Shareholders'
equity 92,494 94,682
---------- ----------
Total
liabilities
and
share-
holders'
equity $1,155,192 $1,129,880
---------- ----------
Interest
income
to earning
assets 5.37% 5.63%
Net interest
spread 3.22 3.21
Effect of
noninterest-
bearing
sources 0.40 0.42
---------- ---- ---------- ----
Net interest
income/
margin on
earning
assets $ 9,691 3.62% $ 9,593 3.63%
=============== ===============
Tax
equivalent
adjustment $ 65 0.02% $ 62 0.03%
--------------------------------------------------------
--------------------------------------------------------
3rd Quarter 2008 2nd Quarter 2008
Average Average
Interest Rates Interest Rates
(dollars in Average Income/ Earned/ Average Income/ Earned/
thousands) Balance Expense Paid Balance Expense Paid
Assets:
Interest-
bearing
deposits
with other
banks $ 5,894 $ 28 1.89% $ 2,386 $ 13 2.19%
Federal
funds sold 11,668 57 1.94% 3,200 18 2.26%
Money market
funds
Investment
securities
available
for sale:
Taxable 104,877 1,208 4.58% 97,360 1,120 4.63%
Tax-exempt 7,736 93 4.78% 7,785 94 4.86%
--------------------- ---------------------
Investment
securities
available
for sale 112,613 1,301 4.60% 105,145 1,214 4.64%
Loans and
leases * 866,454 13,484 6.19% 839,784 13,055 6.25%
--------------------- ---------------------
Total
interest
earning
assets 996,629 14,870 5.94% 950,515 14,300 6.05%
Cash and
due from
banks 22,418 19,727
Less
allowance
for loan
and lease
losses (8,732) (8,451)
Other assets 68,705 61,352
---------- ----------
Total
assets $1,079,020 $1,023,143
========== ==========
Liabilities:
Savings, NOW
and market
rate
deposits $ 313,792 $ 860 1.09% $ 307,233 $ 794 1.04%
IND deposits 9,637 51 2.11% 1,171 6 2.06%
Wholesale
deposits 139,871 1,253 3.56% 140,288 1,585 4.54%
Time
deposits 200,707 1,598 3.17% 169,562 1,353 3.21%
--------------------- ---------------------
Total
interest-
bearing
deposits 664,007 3,762 2.25% 618,254 3,738 2.43%
Subordinated
debt 8,607 151 6.98% -- -- --
Borrowed
funds 148,815 1,194 3.19% 150,567 1,191 3.18%
--------------------- ---------------------
Total
interest-
bearing
liabilities 821,429 5,107 2.47% 768,821 4,929 2.58%
Noninterest-
bearing
deposits 145,686 143,563
Other
liabilities 17,964 17,531
---------- ----------
Total
non-
interest-
bearing
liabilities 163,650 161,094
Total
liabilities 985,079 929,915
Shareholders'
equity 93,941 93,228
---------- ----------
Total
liabilities
and
share-
holders'
equity $1,079,020 $1,023,143
---------- ----------
Interest
income to
earning
assets 5.94% 6.05%
Net
interest
spread 3.47 3.47
Effect of
noninterest-
bearing
sources 0.43 0.50
---------- ---- ---------- ----
Net interest
income/
margin on
earning
assets $ 9,763 3.90% $ 9,371 3.97%
=============== ===============
Tax
equivalent
adjustment $ 68 0.03% $ 68 0.03%
--------------------------------------------------------
------------------------------
1st Quarter 2008
Average
Interest Rates
Average Income/ Earned/
(dollars in thousands) Balance Expense Paid
Assets:
Interest-bearing deposits with other
banks $ 5,507 $ 42 3.07%
Federal funds sold 7,318 60 3.30%
Money market funds
Investment securities available for
sale:
Taxable 49,251 617 5.04%
Tax-exempt 7,700 93 4.86%
------------------
Investment securities available for
sale 56,951 710 5.01%
Loans and leases * 810,585 13,321 6.61%
------------------
Total interest earning assets 880,361 14,133 6.46%
Cash and due from banks 22,306
Less allowance for loan and lease
losses (8,179)
Other assets 54,908
--------
Total assets $949,396
========
Liabilities:
Savings, NOW and market rate deposits $304,688 $ 1,057 1.40%
IND deposits
Wholesale deposits 131,505 1,646 5.03%
Time deposits 195,413 2,115 4.35%
------------------
Total interest-bearing deposits 631,606 4,818 3.07%
Subordinated debt
Borrowed funds 66,071 636 3.87%
------------------
Total interest-bearing liabilities 697,677 5,454 3.14%
Noninterest-bearing deposits 142,532
Other liabilities 18,361
--------
Total noninterest-bearing liabilities 160,893
Total liabilities 858,570
Shareholders' equity 90,826
--------
Total liabilities and shareholders'
equity $949,396
--------
Interest income to earning assets 6.46%
Net interest spread 3.32
Effect of noninterest-bearing sources 0.65
-------- ----
Net interest income/ margin on earning
assets $ 8,679 3.97%
=================
Tax equivalent adjustment $ 71 0.03%
------------------
* Average loans and leases include portfolio loans and leases, and
loans held for sale. Non-accrual loans are also included in the
average loan and leases balances.