BLOOMINGTON, Ind., Oct. 27, 2009 (GLOBE NEWSWIRE) -- Monroe Bancorp (the "Company") (Nasdaq:MROE), the independent Bloomington-based holding company for Monroe Bank (the "Bank"), today reported net income of $710,000 or $0.114 per diluted common share for the quarter ended September 30, 2009 compared to $735,000 or $0.118 per diluted common share for the same period in 2008. Net income for the second quarter was $776,000 or $0.125 per diluted common share.
The expense associated with the Company's $13 million of subordinated debt, which was issued on July 17, 2009 was significant to the third quarter results. The subordinated debt added $271,000 of interest expense and $16,000 of amortized expense to the third quarter of 2009. The impact of the subordinated debt is discussed in greater detail later in this release.
Return on average assets and return on average equity for the third quarter of 2009 were 0.34 percent and 4.95 percent, respectively, compared to 0.37 percent and 5.20 percent, respectively, for the third quarter of 2008.
Net income for the first nine months of 2009 totaled $2,592,000 or $0.417 per diluted common share compared to $4,188,000 or $0.673 per diluted common share for the same period of 2008. This represents a 38.1 percent decrease in net income and a 38.0 percent decrease in diluted earnings per share. The decrease in net income and diluted earnings per share was primarily due to a $2,270,000 or 48.0 percent increase in the provision for loan losses in the first nine months of 2009 compared to the same period in 2008. Return on average assets and return on average equity were 0.42 percent and 6.14 percent, respectively, for the first nine months of 2009 compared to 0.71 percent and 10.01 percent, respectively, for the first nine months of 2008.
The provision for loan losses totaled $2,200,000 for the third quarter of 2009 compared to $2,800,000 for the same period of 2008. The $600,000 lower provision during the third quarter of 2009 compared to the same period of 2008 was offset by net losses on foreclosed assets (other real estate owned and repossessions) of $761,000 during the third quarter of 2009 compared to a net gain of $4,000 during the third quarter of 2008. Additional asset quality information is presented in the section of this release titled Asset Quality.
The provision for loan losses in the third quarter of 2009 matched the $2,200,000 for the second quarter of 2009.
"I am pleased we were again able to produce over $700,000 of net income during a quarter where we continued to focus on the resolution of problem assets," said Mark D. Bradford, President and Chief Executive Officer. "Our efforts to contain and manage our problem assets, control costs and actively build business have helped us achieve this positive result. We are also pleased by the successful completion of our subordinated debt offering through which we were able to strengthen the capital levels of the Company and the Bank."
Subordinated Debt
On July 17, 2009, the Company raised $13 million of Tier 2 capital through the issuance of subordinated debentures. The subordinated debentures were issued as the result of a public offering underwritten by Howe Barnes Hoefer & Arnett, Inc. The debentures carry an interest rate of 10 percent and will mature on June 30, 2019. The Company has the right to call the debt at any time after three years. The subordinated debentures were issued pursuant to the prospectus filed as part of the Company's registration statement under the Securities Act of 1933. The net proceeds from the offering allowed the Company to provide an additional $10 million of capital to the Bank in order to solidify its balance sheet against future credit losses. Proceeds from the offering will also be used for general corporate purposes at the holding company level.
The subordinated debt increased interest expense during the third quarter by $287,000 including $16,000 of debt issuance amortization expense. The impact of this transaction on the Company's third quarter net interest margin is illustrated below. As shown below, excluding the impact of the subordinated debt, the Company's net interest margin for the third quarter of 2009 would have been 0.17 percent higher than the second quarter of 2009 and 0.07 percent higher than the same period of 2008.
--------------------------------------------
Subordinated Debt Issued 13,000,000
--------------------------------------------
Net Proceeds From Issuance 12,229,000
--------------------------------------------
Date Issued July 17, 2009
--------------------------------------------
-------------------------------------
Actual Adjusted Change
----------------------------------------------------------------------
Average Proceeds from Sub Debt 10,102,000 -- 10,102,000
----------------------------------------------------------------------
Average Fed Funds Sold 33,927,000 23,825,000 10,102,000
----------------------------------------------------------------------
Average Yield on Fed Funds Sold 0.13% 0.13% 0.00%
----------------------------------------------------------------------
Interest Earned on Fed Funds Sold 11,000 8,000 3,000
----------------------------------------------------------------------
Sub Debt Interest Expense 287,000 -- 287,000
----------------------------------------------------------------------
----------------------------------------------------------------------
Margin
----------------------------------------------------------------------
Average Earning Assets 760,949,000 750,847,000 10,102,000
----------------------------------------------------------------------
Tax Adjusted Net Interest Income 6,132,000 6,397,000 (265,000)
----------------------------------------------------------------------
Annualized Margin 3.20% 3.38% -0.18%
----------------------------------------------------------------------
Tax Adjusted Net Interest Margin - Second Quarter 2009 3.21%
Tax Adjusted Net Interest Margin - Third Quarter 2008 3.31%
Financial Performance
Net interest income before the provision for loan losses increased 1.7 percent to $6,084,000 for the three months ended September 30, 2009 compared to $5,980,000 for the same period in 2008. The increase is largely attributable to lower funding costs (mostly deposits) which largely offset the impact of the subordinated debt. The tax-equivalent net interest margin as a percentage of average earning assets for the quarter ended September 30, 2009 was 3.20 percent, compared to 3.21 percent for the quarter ended June 30, 2009 and 3.31 percent for the third quarter of 2008.
Net interest income before the provision for loan losses, increased $460,000 or 2.6 percent to $18,071,000 for the nine months ended September 30, 2009 compared to $17,611,000 for the same period in 2008. The tax-equivalent net interest margin for the first nine months of 2009 was 3.20 percent, compared to 3.33 percent for the first nine months of 2008. A reconciliation of the non-GAAP tax-equivalent net interest margin to the GAAP net interest margin is provided in a table entitled "Reconciliation of GAAP Net Interest Margin to Non-GAAP Net Interest Margin on a Tax-Equivalent Basis," included at the end of the attached financial summary.
Noninterest income totaled $2,413,000 for the third quarter of 2009 compared to $2,549,000 for the same period of 2008. Excluding the effect of the Company's deferred compensation plan, discussed in the "Use of Non-GAAP Financial Information" section of this release, noninterest income totaled $2,237,000 for the third quarter of 2009 compared to $2,771,000 for the same period of 2008, a decrease of $534,000 or 19.3 percent. The decrease in noninterest income was driven by the previously discussed $761,000 of net losses on foreclosed assets. Other noninterest income categories worth noting are fees from the sale of loans (increased $172,000), gains on sales of available for sale securities (increased $54,000), trust fees (increased $45,000) and deposit related service charges (decreased $91,000).
Noninterest income totaled $8,861,000 for the first nine months of 2009 compared to $7,937,000 for the same period of 2008. Excluding the effect of the Company's deferred compensation plan, noninterest income totaled $8,595,000 for the first nine months of 2009 compared to $8,393,000 for the same period of 2008. The $202,000 or 2.4 percent increase over the same period of 2008 was primarily the result of an $881,000 increase in gains on sales of available for sale securities and a $545,000 increase in net gains on loan sales offsetting an $807,000 increase in net losses on foreclosed assets.
Noninterest expense was $5,429,000 for the three months ended September 30, 2009, compared to $5,069,000 for the same period of 2008. Noninterest expense, adjusted to remove the effect of the Company's deferred compensation plan, was $5,242,000 for the three months ended September 30, 2009, compared to $5,269,000 for the same period of 2008. A reconciliation of the non-GAAP noninterest income and expense, adjusted to remove the effect of the Company's deferred compensation plan, is provided in a table entitled "Reconciliation of GAAP Noninterest Income & Expense to Noninterest Income & Expense Without the Financial Impact of the Deferred Compensation Plan", included at the end of the attached financial summary. The $27,000 or 0.5 percent decrease in noninterest expense is largely the result of Management's efforts to control compensation expense (salary, incentive compensation and employee benefits for the third quarter of 2009 are $182,000 or 6.0 percent lower than those of the same period of 2008) and marketing expense (down $49,000) offsetting the $140,000 increase in FDIC expense.
Noninterest expense totaled $16,775,000 for the first nine months of 2009 compared to $15,830,000 for the same period of 2008. Noninterest expense, excluding the effect of the Company's deferred compensation plan, was $16,462,000 for the first nine months of 2009, compared to $16,210,000 for the same period of 2008. The $252,000, or 1.6 percent increase was driven by an $871,000 increase in FDIC expense which more than offset Management's efforts to reduce expenses in all other expense categories.
Asset Quality
Nonperforming assets and 90-day past due loans totaled $21,622,000 (2.62 percent of total assets) at September 30, 2009 compared to $22,959,000 (2.79 percent of total assets) at June 30, 2009 and $14,565,000 (1.78 percent of total assets) at September 30, 2008.
Net charge-offs for the third quarter of 2009 totaled $1,979,000 or 1.30 percent of total loans compared to $1,576,000 (1.01 percent of total loans) for the second quarter of 2009 and $1,151,000 (0.75 percent of total loans) for the third quarter of 2008.
The Bank employs an internal system called the "Watch List" to bring attention to credits with varying degrees of concern over the prospects of complete repayment, including both principal and all interest. These concerns may be objectively based on the borrower's financial and payment performance or on subjective concerns that Bank management has with the markets and conditions that the borrower operates within. Loans on this list include:
-- Loans with well defined weaknesses where the prospect of
complete repayment of principal and interest is remote and
loans placed on non-accrual where specific reserves and
charge-offs are applied as needed, and
-- Loans with potential weaknesses (whether borrower specific or
due to market/economic considerations) that need to be resolved
in order to avoid jeopardizing the complete repayment of
principal and interest and the loan is subjected to additional
scrutiny and assessment and internal documentation.
Loans on the Watch List tend to be more dependent on collateral if the borrower's repayment capacity is diminished and the Bank devotes additional attention to revaluing the collateral as appropriate in assessing the probability of loss.
Watch List Data 9/30/2009 6/30/2009 03/31/2009 12/31/2008 9/30/2008 --------- ----------- ----------- ----------- ----------- ----------- Total Loans $ 608,667,000 624,018,000 630,842,000 633,091,000 616,226,000 Total Watch List Loans 79,571,000 76,720,000 79,073,000 59,172,000 34,531,000 Number of Watch List Customers 73 69 67 52 43 Total Watch List $ > 30 Days Past Due 21,823,000 17,368,000 22,370,000 14,751,000 15,821,000 Total Watch List $ Customers Secured by Real Estate 73,704,000 70,697,000 72,005,000 55,507,000 31,886,000 Total Watch List $ Secured by Non R/E 4,196,000 5,855,000 6,878,000 3,268,000 2,446,000 Total Watch List $ Unsecured 1,671,000 168,000 190,000 397,000 199,000 Total Non Perform- ing Loans $ 16,993,000 18,576,000 13,696,000 14,329,000 14,000,000
As of September 30, 2009, 72.6 percent of the Watch List exposure was less than thirty days past due, compared to 77.4 percent as of June 30, 2009 and 54.2 percent as of September 30, 2008. Of the $79,571,000 of loans on the watch list on September 30, 2009, $58,155,000 (73.1 percent) were originated out of our Central Indiana (greater Indianapolis) offices.
The chart that follows provides details of watch list loans by collateral type.
---------------------------------------------------
Total Bank % on Total $
Owned Watch Watch Non > 30 Days
Balance List List Accrual Late
---------------------------------------------------------------------
Total Loans at
9/30/09 608,667,000 79,571,000 13.1% 15,493,000 22,696,000
---------------------------------------------------------------------
Recently Closed
Loans in Process
of Booking 3,849,000 NA NA NA NA
=====================================================================
---------------------------------------------------------------------
Loans Analyzed
Below: 604,818,000 79,571,000 13.2% 15,493,000 22,696,000
---------------------------------------------------------------------
---------------------------------------------------------------------
Secured by Real
Estate
---------------------------------------------------------------------
---------------------------------------------------------------------
Construction &
Development
---------------------------------------------------------------------
Spec 1-4
Residential
Construction 15,750,000 9,850,000 62.5% 2,373,000 2,373,000
---------------------------------------------------------------------
Pre Sold 1-4
Residential
Construction 1,557,000 868,000 55.7% -- 91,000
---------------------------------------------------------------------
Land Development
Residential 32,715,000 25,897,000 79.2% 2,199,000 2,199,000
=====================================================================
Total 1-4
Residential
Construction and
Development: 50,022,000 36,615,000 73.2% 4,572,000 4,663,000
---------------------------------------------------------------------
---------------------------------------------------------------------
Other CRE Owner
Occupied
Construction 3,626,000 -- -- -- --
---------------------------------------------------------------------
Other CRE
Non-Owner
Occupied
Construction 11,898,000 -- -- -- --
---------------------------------------------------------------------
Land Development
Commercial 1,525,000 328,000 21.5% 328,000 328,000
=====================================================================
Total Commercial
Construction
and
Development: 17,049,000 328,000 1.9% 328,000 328,000
---------------------------------------------------------------------
=====================================================================
---------------------------------------------------------------------
Total
Construction
and
Development: 67,071,000 36,943,000 55.1% 4,900,000 4,991,000
---------------------------------------------------------------------
1-4 Family
---------------------------------------------------------------------
1-4 Family Owner
Occupied 78,146,000 1,622,000 2.1% 64,000 237,000
---------------------------------------------------------------------
1-4 Family Non
-Owner Occupied
(Rental & Other) 51,924,000 4,555,000 8.8% 1,131,000 1,493,000
=====================================================================
Total 1-4
Family: 130,070,000 6,177,000 4.7% 1,195,000 1,730,000
---------------------------------------------------------------------
Multi Family -
Other than
Construction 88,755,000 4,890,000 -- 2,900,000
---------------------------------------------------------------------
---------------------------------------------------------------------
Other CRE
Owner Occupied -
Other Than
Construction 97,781,000 11,216,000 11.5% 471,000 2,262,000
---------------------------------------------------------------------
Other CRE Non-
Owner Occupied -
Other Than
Construction 110,827,000 13,120,000 11.8% 7,016,000 8,024,000
---------------------------------------------------------------------
Other CRE
Non-Development
Land -
Other Than
Construction 14,796,000 1,358,000 9.2% 1,276,000 1,366,000
=====================================================================
Total Other CRE
Loans - Other
Than
Construction: 223,404,000 25,694,000 11.5% 8,763,000 11,652,000
---------------------------------------------------------------------
=====================================================================
Total Secured
by Real
Estate: 509,300,000 73,704,000 14.5% 14,858,000 21,273,000
---------------------------------------------------------------------
---------------------------------------------------------------------
Other Secured
Loans
---------------------------------------------------------------------
Business Assets 58,686,000 3,821,000 6.5% 251,000 727,000
---------------------------------------------------------------------
Consumer Products 10,630,000 27,000 0.3% 25,000 159,000
---------------------------------------------------------------------
Financial Assets 10,962,000 348,000 3.2% 347,000 500,000
=====================================================================
Sub Total:
Other Secured
Loans: 80,278,000 4,196,000 5.2% 623,000 1,386,000
---------------------------------------------------------------------
Unsecured Loans
---------------------------------------------------------------------
Unsecured Loans 15,240,000 1,671,000 11.0% 12,000 37,000
---------------------------------------------------------------------
"While I am pleased that the watch list has stabilized over the past three quarters, I remain disappointed with the Company's overall level of problem assets and the impact that they are having on our income. Problem asset resolution remains our number one priority," said Mr. Bradford.
Financial Condition
Total assets grew 0.6 percent from September 30, 2008, reaching $823,881,000 on September 30, 2009. Loans, including loans held for sale, totaled $608,667,000 on September 30, 2009, a 1.2 percent decrease from total loans on September 30, 2008, which were $616,226,000. Deposits decreased 3.6 percent to $654,807,000 at September 30, 2009 compared to $679,421,000 a year earlier.
About Monroe Bancorp
Monroe Bancorp, headquartered in Bloomington, Indiana, is an Indiana bank holding company with Monroe Bank as its wholly owned subsidiary. Monroe Bank was established in Bloomington in 1892, and offers a full range of financial, trust and investment services through its locations in Central and South Central Indiana. The Company's common stock is traded on the NASDAQ(R) Global Stock Market under the symbol MROE.
The Monroe Bancorp logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4316
See attachments for additional financial information. For further information, contact: Mark D. Bradford, President and Chief Executive Officer, (812) 331-3455.
Use of Non-GAAP Financial Information
To supplement the Company's consolidated condensed financial statements presented on a GAAP basis, the Company has used the following non-GAAP measures of reporting:
(1) The net interest margin is reported on a tax equivalent basis. The tax equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and assumes a marginal income tax rate of 34 percent. Management believes that it is a standard practice in the banking industry to present net interest margin and net interest income on a fully tax equivalent basis. Therefore, management believes these measures provide useful information to investors by allowing them to make peer comparisons. A table entitled "Reconciliation of GAAP Net Interest Margin to Non-GAAP Net Interest Margin on a Tax-Equivalent Basis," included at the end of the attached financial summary, reconciles the non-GAAP financial measure "net interest income (tax-equivalent)" with net interest income calculated and presented in accordance with GAAP. The table also reconciles the non-GAAP financial measure "net interest margin (tax-equivalent)" with net interest margin calculated and presented in accordance with GAAP.
(2) Noninterest income and noninterest expense are reported without the effect of income and expenses related to securities held in a rabbi trust for the deferred compensation plan. A table entitled "Reconciliation of GAAP Noninterest Income & Expense to Noninterest Income & Expense Without the Financial Impact of the Deferred Compensation Plan", included at the end of the attached financial summary, details all the items included in noninterest income and expense associated with the deferred compensation plan / rabbi trust and reconciles the GAAP numbers to the non-GAAP numbers. The activity in the rabbi trust has no effect on the Company's net income, therefore, management believes a more accurate comparison of current and prior year noninterest income and noninterest expense can be made if items related to the rabbi trust are removed.
The Company believes these adjustments are appropriate to enhance an overall understanding of the Company's past financial performance and also its prospects for the future. These adjustments to the Company's GAAP results are made with the intent of providing both management and investors a more complete understanding of the underlying operational results and trends and the Company's marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with generally accepted accounting principles in the United States.
Forward-Looking Statements
This release contains forward-looking statements about the Company which we believe are within the meaning of the Private Securities Litigation Reform Act of 1995. This release contains certain forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may" or words of similar meaning. These forward-looking statements, by their nature, are subject to risks and uncertainties. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) changes in competitive pressures among depository institutions; (2) changes in the interest rate environment; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) changes in general economic conditions, either national or in the markets in which the Company does business; (5) legislative or regulatory changes adversely affecting the business of the Company; (6) changes in real estate values or the real estate markets; and (7) the Company's business development efforts in new markets in and around Hendricks and Hamilton Counties. Further information on other factors which could affect the financial results of the Company is included in the Company's filings with the Securities and Exchange Commission.
Monroe Bancorp (MROE)
Financial Summary
(dollar amounts in thousands except per share data)
-------------------------------------------------
Quarters Ended
-------------------------------------------------
Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
-------------------------------------------------
BALANCE SHEET*
---------------------------------------------------------------------
Cash and Interest-
Earning Deposits $ 22,447 $ 25,030 $ 28,038 $ 15,058 $ 33,675
---------------------------------------------------------------------
Federal Funds Sold 44,089 30,238 16,150 8,663 26,593
---------------------------------------------------------------------
Securities 108,301 102,291 108,087 121,530 99,795
---------------------------------------------------------------------
Total Loans 608,667 624,018 630,842 633,091 616,226
---------------------------------------------------------------------
Loans Held for Sale 3,725 8,640 4,659 3,389 2,406
---------------------------------------------------------------------
Commercial &
Industrial 90,150 92,778 103,306 104,779 97,373
---------------------------------------------------------------------
Real Estate:
---------------------------------------------------------------------
Commercial &
Residential 391,362 393,308 392,414 398,896 368,363
---------------------------------------------------------------------
Construction &
Vacant Land 76,620 82,212 84,697 80,917 103,459
---------------------------------------------------------------------
Home Equity 30,908 31,205 29,781 28,976 27,305
---------------------------------------------------------------------
Installment Loans 15,902 15,875 15,985 16,134 17,320
---------------------------------------------------------------------
Reserve for Loan
Losses 13,181 12,960 12,336 11,172 9,397
---------------------------------------------------------------------
Bank Premises and
Equipment 20,127 20,312 20,605 20,750 20,836
---------------------------------------------------------------------
Federal Home Loan
Bank Stock 2,353 2,353 2,312 2,312 2,312
---------------------------------------------------------------------
Interest Receivable
and Other Assets 31,078 31,396 30,004 29,567 28,969
---------------------------------------------------------------------
Total Assets $ 823,881 $ 822,678 $ 823,702 $ 819,799 $ 819,009
---------------------------------------------------------------------
---------------------------------------------------------------------
Total Deposits $ 654,807 $ 672,992 $ 676,557 $ 665,179 $ 679,421
---------------------------------------------------------------------
Noninterest
Checking 88,724 83,404 78,676 84,317 88,264
---------------------------------------------------------------------
Interest Bearing
Checking & NOW 209,937 214,998 118,421 107,124 125,407
---------------------------------------------------------------------
Regular Savings 18,381 18,404 17,990 16,619 16,844
---------------------------------------------------------------------
Money Market
Savings 40,249 40,110 122,080 108,246 106,808
---------------------------------------------------------------------
CDs & CDARs Less
than $100,000 141,912 142,114 149,380 155,127 142,648
---------------------------------------------------------------------
CDARs Greater than
$100,000 &
Brokered CDs 49,896 65,354 70,612 67,949 23,101
---------------------------------------------------------------------
CDs Greater than
$100,000 105,143 108,246 119,298 125,741 175,906
---------------------------------------------------------------------
Other Time 565 362 101 56 443
---------------------------------------------------------------------
Total Borrowings 103,388 86,403 85,070 93,203 75,954
---------------------------------------------------------------------
Federal Funds
Purchased -- -- -- -- --
---------------------------------------------------------------------
Securities Sold
Under Repurchase
Agreement 61,810 58,737 58,686 59,404 46,569
---------------------------------------------------------------------
FHLB Advances 17,430 17,498 17,511 25,523 20,186
---------------------------------------------------------------------
Loans Sold Under
Repurchase
Agreement & Other
Debt 2,900 1,920 625 28 951
---------------------------------------------------------------------
Subordinated
Debentures 13,000 -- -- -- --
---------------------------------------------------------------------
Subordinated
Debentures - Trust
Preferred 8,248 8,248 8,248 8,248 8,248
---------------------------------------------------------------------
Interest Payable and
Other Liabilities 8,465 6,828 6,098 5,496 7,942
---------------------------------------------------------------------
Total Liabilities 766,660 766,223 767,725 763,878 763,317
---------------------------------------------------------------------
Shareholders' Equity 57,221 56,455 55,977 55,921 55,692
---------------------------------------------------------------------
Total Liabilities
and Shareholders'
Equity $ 823,881 $ 822,678 $ 823,702 $ 819,799 $ 819,009
---------------------------------------------------------------------
---------------------------------------------------------------------
Book Value Per
Share $ 9.19 $ 9.07 $ 9.00 $ 8.99 $ 8.95
---------------------------------------------------------------------
End of Period
Shares Issued
and Outstanding 6,227,550 6,227,550 6,227,550 6,227,550 6,227,550
---------------------------------------------------------------------
Less: Unearned ESOP
Shares 3,477 4,852 6,226 7,601 5,900
---------------------------------------------------------------------
End of Period Shares
Used to Calculate
Book Value 6,224,073 6,222,699 6,221,324 6,219,949 6,221,650
---------------------------------------------------------------------
---------------------------------------------------------------------
Years Ended
---------------------------------------------------------------------
Dec 2008 Dec 2007
---------------------------------------------------------------------
BALANCE SHEET*
---------------------------------------------------------------------
Cash and Interest-Earning Deposits $ 15,058 $ 24,563
---------------------------------------------------------------------
Federal Funds Sold 8,663 1,077
---------------------------------------------------------------------
Securities 121,530 125,658
---------------------------------------------------------------------
Total Loans 633,091 584,831
---------------------------------------------------------------------
Loans Held for Sale 3,389 2,974
---------------------------------------------------------------------
Commercial & Industrial 104,779 104,611
---------------------------------------------------------------------
Real Estate:
---------------------------------------------------------------------
Commercial & Residential 398,896 332,664
---------------------------------------------------------------------
Construction & Vacant Land 80,917 101,011
---------------------------------------------------------------------
Home Equity 28,976 25,222
---------------------------------------------------------------------
Installment Loans 16,134 18,349
---------------------------------------------------------------------
Reserve for Loan Losses 11,172 6,654
---------------------------------------------------------------------
Bank Premises and Equipment 20,750 20,029
---------------------------------------------------------------------
Federal Home Loan Bank Stock 2,312 2,312
---------------------------------------------------------------------
Interest Receivable and Other Assets 29,567 26,264
---------------------------------------------------------------------
Total Assets $ 819,799 $778,080
---------------------------------------------------------------------
---------------------------------------------------------------------
Total Deposits $ 665,179 $ 619,717
---------------------------------------------------------------------
Noninterest Checking 84,317 81,542
---------------------------------------------------------------------
Interest Bearing Checking & NOW 107,124 131,295
---------------------------------------------------------------------
Regular Savings 16,619 17,712
---------------------------------------------------------------------
Money Market Savings 108,246 99,135
---------------------------------------------------------------------
CDs & CDARs Less than $100,000 155,127 150,422
---------------------------------------------------------------------
CDARs Greater than $100,000 & Brokered CDs 67,949 10,034
---------------------------------------------------------------------
CDs Greater than $100,000 125,741 128,602
---------------------------------------------------------------------
Other Time 56 975
---------------------------------------------------------------------
Total Borrowings 93,203 96,421
---------------------------------------------------------------------
Federal Funds Purchased -- 24,850
---------------------------------------------------------------------
Securities Sold Under Repurchase Agreement 59,404 43,195
---------------------------------------------------------------------
FHLB Advances 25,523 18,273
---------------------------------------------------------------------
Loans Sold Under Repurchase Agreement & Other Debt 28 1,855
---------------------------------------------------------------------
Subordinated Debentures -- --
---------------------------------------------------------------------
Subordinated Debentures - Trust Preferred 8,248 8,248
---------------------------------------------------------------------
Interest Payable and Other Liabilities 5,496 7,490
---------------------------------------------------------------------
Total Liabilities 763,878 723,628
---------------------------------------------------------------------
Shareholders' Equity 55,921 54,452
---------------------------------------------------------------------
Total Liabilities and Shareholders' Equity $ 819,799 $ 778,080
---------------------------------------------------------------------
---------------------------------------------------------------------
Book Value Per Share $ 8.99 $ 8.76
---------------------------------------------------------------------
End of Period Shares Issued and Outstanding 6,227,550 6,227,550
---------------------------------------------------------------------
Less: Unearned ESOP Shares 7,601 13,100
---------------------------------------------------------------------
End of Period Shares Used to Calculate Book Value 6,219,949 6,214,450
---------------------------------------------------------------------
* period end numbers
Monroe Bancorp (MROE)
Financial Summary
(dollar amounts in thousands except per share data)
------------------------------------------------
Quarters Ended
------------------------------------------------
INCOME STATEMENT Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
---------------------------------------------------------------------
Interest Income $ 9,175 $ 9,177 $ 9,378 $ 10,141 $ 10,472
---------------------------------------------------------------------
Interest Expense 3,091 3,132 3,436 4,152 4,492
---------------------------------------------------------------------
Net Interest Income 6,084 6,045 5,942 5,989 5,980
---------------------------------------------------------------------
Loan Loss Provision 2,200 2,200 2,600 4,150 2,800
---------------------------------------------------------------------
Total Noninterest
Income 2,413 3,186 3,262 2,096 2,549
---------------------------------------------------------------------
Service Charges on
Deposit Accounts 905 887 811 946 996
---------------------------------------------------------------------
Trust Fees 637 529 527 553 592
---------------------------------------------------------------------
Commission Income 225 230 171 201 208
---------------------------------------------------------------------
Gains on Sales of
Loans 361 454 290 141 189
---------------------------------------------------------------------
Gains on Sales of
Available for Sale
Securities 264 364 1,028 176 210
---------------------------------------------------------------------
Gains (Losses) on
Sales of Trading
Securities Associated
with Directors'
Deferred Comp Plan (201) -- -- (1) --
---------------------------------------------------------------------
Unrealized Gains
(Losses) on Trading
Securities
Associated with
Directors' Deferred
Comp Plan 377 222 (132) (354) (222)
---------------------------------------------------------------------
BOLI Income 163 163 151 163 140
---------------------------------------------------------------------
Net Gain (Loss) on
Foreclosed Assets (761) (102) (10) (160) 4
---------------------------------------------------------------------
Other Operating
Income 443 439 426 431 432
---------------------------------------------------------------------
Total Noninterest
Expense 5,429 6,123 5,223 4,901 5,069
---------------------------------------------------------------------
Salaries & Wages 2,075 2,073 2,069 2,160 2,175
---------------------------------------------------------------------
Commissions, Options
& Incentive
Compensation 311 458 304 337 339
---------------------------------------------------------------------
Employee Benefits 463 540 591 343 517
---------------------------------------------------------------------
Premises & Equipment 899 930 928 826 844
---------------------------------------------------------------------
Advertising 138 160 129 138 187
---------------------------------------------------------------------
Legal Fees 115 111 126 158 121
---------------------------------------------------------------------
FDIC expense 280 650 283 138 140
---------------------------------------------------------------------
Appreciation
(Depreciation) in
Directors' Deferred
Compensation Plan 184 237 (118) (317) (203)
---------------------------------------------------------------------
Other Operating
Expenses 964 964 911 1,118 949
---------------------------------------------------------------------
Income (Loss) Before
Income Tax 868 908 1,381 (966) 660
---------------------------------------------------------------------
Income Tax Expense
(Benefit) 158 132 274 (757) (75)
---------------------------------------------------------------------
Net Income (Loss)
After Tax & Before
Extraordinary Items 710 776 1,107 (209) 735
---------------------------------------------------------------------
Extraordinary Items -- -- -- -- --
---------------------------------------------------------------------
Net Income (Loss) $ 710 $ 776 $ 1,107 $ (209) $ 735
---------------------------------------------------------------------
Basic Earnings Per
Share $ 0.114 $ 0.125 $ 0.178 $ (0.034) $ 0.118
---------------------------------------------------------------------
Diluted Earnings Per
Share $ 0.114 $ 0.125 $ 0.178 $ (0.034) $ 0.118
---------------------------------------------------------------------
------------------
Years Ended
------------------
INCOME STATEMENT Dec 2008 Dec 2007
---------------------------------------------------------------------
Interest Income $ 42,462 $ 48,474
---------------------------------------------------------------------
Interest Expense 18,861 25,435
---------------------------------------------------------------------
Net Interest Income 23,601 23,039
---------------------------------------------------------------------
Loan Loss Provision 8,880 2,035
---------------------------------------------------------------------
Total Noninterest Income 10,033 10,251
---------------------------------------------------------------------
Service Charges on Deposit Accounts 3,796 3,680
---------------------------------------------------------------------
Trust Fees 2,387 2,243
---------------------------------------------------------------------
Commission Income 874 910
---------------------------------------------------------------------
Gains on Sales of Loans 703 817
---------------------------------------------------------------------
Gains on Sales of Available for Sale Securities 951 48
---------------------------------------------------------------------
Gains (Losses) on Sales of Trading Securities
Associated with Directors' Deferred Comp Plan 13 1
---------------------------------------------------------------------
Unrealized Gains (Losses) on Trading Securities
Associated with Directors' Deferred Comp Plan (843) 17
---------------------------------------------------------------------
BOLI Income 552 489
---------------------------------------------------------------------
Net Gain (Loss) on Foreclosed Assets (226) 7
---------------------------------------------------------------------
Other Operating Income 1,826 2,039
---------------------------------------------------------------------
Total Noninterest Expense 20,732 20,626
---------------------------------------------------------------------
Salaries & Wages 8,743 8,621
---------------------------------------------------------------------
Commissions, Options & Incentive Compensation 1,472 1,737
---------------------------------------------------------------------
Employee Benefits 2,076 1,774
---------------------------------------------------------------------
Premises & Equipment 3,373 3,100
---------------------------------------------------------------------
Advertising 724 667
---------------------------------------------------------------------
Legal Fees 566 566
---------------------------------------------------------------------
FDIC expense 481 67
---------------------------------------------------------------------
Appreciation (Depreciation) in Directors'
Deferred Compensation Plan (707) 267
---------------------------------------------------------------------
Other Operating Expenses 4,004 3,827
---------------------------------------------------------------------
Income (Loss) Before Income Tax 4,022 10,629
---------------------------------------------------------------------
Income Tax Expense (Benefit) 43 2,823
---------------------------------------------------------------------
Net Income (Loss) After Tax & Before Extraordinary
Items 3,979 7,806
---------------------------------------------------------------------
Extraordinary Items -- --
---------------------------------------------------------------------
Net Income (Loss) $ 3,979 $ 7,806
---------------------------------------------------------------------
Basic Earnings Per Share $ 0.640 $ 1.240
---------------------------------------------------------------------
Diluted Earnings Per Share $ 0.639 $ 1.235
---------------------------------------------------------------------
Monroe Bancorp (MROE)
Financial Summary
(dollar amounts in thousands except per share data)
-------------------------------------------------
Quarters Ended
-------------------------------------------------
ASSET QUALITY Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
----------------------------------------------------------------------
Net Charge-Offs
(Recoveries) $ 1,979 $ 1,576 $ 1,436 $ 2,375 $ 1,151
----------------------------------------------------------------------
OREO Expenses 795 140 47 121 4
----------------------------------------------------------------------
Total Credit
Charges $ 2,774 $ 1,716 $ 1,483 $ 2,496 $ 1,155
----------------------------------------------------------------------
----------------------------------------------------------------------
Nonperforming Loans $ 16,993 $ 18,576 $ 13,696 $ 14,329 $ 14,000
----------------------------------------------------------------------
OREO 3,225 3,979 3,158 3,257 438
----------------------------------------------------------------------
Nonperforming Assets 20,218 22,555 16,854 17,586 14,438
----------------------------------------------------------------------
90 Day Past Due Loans
Net of Nonperforming
Loans 1,404 404 435 1,194 127
----------------------------------------------------------------------
Nonperforming Assets
+ 90 Day Past Due $ 21,622 $ 22,959 $ 17,289 $ 18,780 $ 14,565
----------------------------------------------------------------------
RATIO ANALYSIS -
CREDIT QUALITY*
----------------------------------------------------------------------
NCO/Loans 1.30% 1.01% 0.91% 1.50% 0.75%
----------------------------------------------------------------------
Credit Charges/Loans
& OREO 1.81% 1.09% 0.94% 1.57% 0.75%
----------------------------------------------------------------------
Nonperforming Loans/
Loans 2.79% 2.98% 2.17% 2.26% 2.27%
----------------------------------------------------------------------
Nonperforming Assets/
Loans & OREO 3.30% 3.59% 2.66% 2.76% 2.34%
----------------------------------------------------------------------
Nonperforming Assets/
Assets 2.45% 2.74% 2.05% 2.15% 1.76%
----------------------------------------------------------------------
Nonperforming Assets
+ 90 Day PD/Assets 2.62% 2.79% 2.10% 2.29% 1.78%
----------------------------------------------------------------------
Reserve/Nonperforming
Loans 77.57% 69.77% 90.07% 77.97% 67.12%
----------------------------------------------------------------------
Reserve/Total Loans 2.17% 2.08% 1.96% 1.76% 1.52%
----------------------------------------------------------------------
Equity & Reserves/
Nonperforming Assets 348.21% 307.76% 405.32% 381.51% 450.82%
----------------------------------------------------------------------
OREO/Nonperforming
Assets 15.95% 17.64% 18.74% 18.52% 3.03%
----------------------------------------------------------------------
RATIO ANALYSIS -
CAPITAL ADEQUACY*
----------------------------------------------------------------------
Equity/Assets 6.95% 6.86% 6.80% 6.82% 6.80%
----------------------------------------------------------------------
Equity/Loans 9.40% 9.05% 8.87% 8.83% 9.04%
----------------------------------------------------------------------
RATIO ANALYSIS -
PROFITABILITY
----------------------------------------------------------------------
Return on Average
Assets 0.34% 0.38% 0.54% -0.10% 0.37%
----------------------------------------------------------------------
Return on Average
Equity 4.95% 5.53% 8.00% -1.49% 5.20%
----------------------------------------------------------------------
Net Interest Margin
(Tax-Equivalent)(1) 3.20% 3.21% 3.20% 3.23% 3.31%
----------------------------------------------------------------------
------------------
Years Ended
------------------
ASSET QUALITY Dec 2008 Dec 2007
----------------------------------------------------------------------
Net Charge-Offs (Recoveries) $ 4,362 $ 1,525
----------------------------------------------------------------------
OREO Expenses 229 67
----------------------------------------------------------------------
Total Credit Charges $ 4,591 $ 1,592
----------------------------------------------------------------------
----------------------------------------------------------------------
Nonperforming Loans $ 14,329 $ 6,938
----------------------------------------------------------------------
OREO 3,257 841
----------------------------------------------------------------------
Nonperforming Assets 17,586 7,779
----------------------------------------------------------------------
90 Day Past Due Loans Net of Nonperforming
Loans 1,194 435
----------------------------------------------------------------------
Nonperforming Assets + 90 Day Past Due $ 18,780 $ 8,214
----------------------------------------------------------------------
RATIO ANALYSIS - CREDIT QUALITY *
----------------------------------------------------------------------
NCO/Loans 0.69% 0.26%
----------------------------------------------------------------------
Credit Charges/Loans & OREO 0.72% 0.27%
----------------------------------------------------------------------
Nonperforming Loans/Loans 2.26% 1.19%
----------------------------------------------------------------------
Nonperforming Assets/Loans & OREO 2.76% 1.33%
----------------------------------------------------------------------
Nonperforming Assets/Assets 2.15% 1.00%
----------------------------------------------------------------------
Nonperforming Assets + 90 Day PD/Assets 2.29% 1.06%
----------------------------------------------------------------------
Reserve/Nonperforming Loans 77.97% 95.91%
----------------------------------------------------------------------
Reserve/Total Loans 1.76% 1.14%
----------------------------------------------------------------------
Equity & Reserves/Nonperforming Assets 381.51% 785.53%
----------------------------------------------------------------------
OREO/Nonperforming Assets 18.52% 10.81%
----------------------------------------------------------------------
RATIO ANALYSIS - CAPITAL ADEQUACY*
----------------------------------------------------------------------
Equity/Assets 6.82% 7.00%
----------------------------------------------------------------------
Equity/Loans 8.83% 9.31%
----------------------------------------------------------------------
RATIO ANALYSIS - PROFITABILITY
----------------------------------------------------------------------
Return on Average Assets 0.50% 1.04%
----------------------------------------------------------------------
Return on Average Equity 7.11% 14.79%
----------------------------------------------------------------------
Net Interest Margin (Tax-Equivalent)(1) 3.30% 3.37%
----------------------------------------------------------------------
* Based on period end numbers
(1) Interest income on tax-exempt securities has been adjusted to a
tax-equivalent basis using a marginal income tax rate of 34%.
Monroe Bancorp (MROE)
Reconciliation of GAAP Net Interest Margin to Non-GAAP Net Interest
Margin on a Tax-Equivalent Basis
(dollar amounts in thousands except per share data)
-------------------------------------------------
Quarters Ended
-------------------------------------------------
Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
----------------------------------------------------------------------
Net Interest Income $ 6,084 $ 6,045 $ 5,942 $ 5,989 $ 5,980
----------------------------------------------------------------------
Tax Equivalent
Adjustment 48 95 131 167 166
----------------------------------------------------------------------
Net Interest Income -
Tax Equivalent $ 6,132 $ 6,140 $ 6,073 $ 6,156 $ 6,146
----------------------------------------------------------------------
Average Earning
Assets $760,949 $767,876 $769,735 $759,173 $738,927
----------------------------------------------------------------------
Net Interest Margin 3.17% 3.16% 3.13% 3.14% 3.22%
----------------------------------------------------------------------
Net Interest Margin -
Tax Equivalent 3.20% 3.21% 3.20% 3.23% 3.31%
----------------------------------------------------------------------
-------------------
Years Ended
-------------------
Dec 2008 Dec 2007
----------------------------------------------------------------------
Net Interest Income $ 23,601 $ 23,039
----------------------------------------------------------------------
Tax Equivalent
Adjustment 717 696
----------------------------------------------------------------------
Net Interest Income - Tax Equivalent $ 4,318 $ 23,735
----------------------------------------------------------------------
Average Earning Assets $736,903 $703,675
----------------------------------------------------------------------
Net Interest Margin 3.20% 3.27%
----------------------------------------------------------------------
Net Interest Margin - Tax Equivalent 3.30% 3.37%
----------------------------------------------------------------------
-------------------------------------------------
Year-to-Date
-------------------------------------------------
Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
----------------------------------------------------------------------
Net Interest Income $ 18,071 $ 11,987 $ 5,942 $ 23,601 $ 17,611
----------------------------------------------------------------------
Tax Equivalent
Adjustment 274 227 131 717 550
----------------------------------------------------------------------
Net Interest Income
- Tax Equivalent $ 18,345 $ 12,214 $ 6,073 $ 24,318 $ 18,161
----------------------------------------------------------------------
Average Earning
Assets $766,154 $768,800 $769,735 $736,903 $729,425
----------------------------------------------------------------------
Net Interest Margin 3.15% 3.14% 3.13% 3.20% 3.23%
----------------------------------------------------------------------
Net Interest Margin -
Tax Equivalent 3.20% 3.20% 3.20% 3.30% 3.33%
----------------------------------------------------------------------
Monroe Bancorp (MROE)
Financial Impact on Net Income of Deferred Compensation Plan
(dollar amounts in thousands except per share data)
-------------------------------------------------
Quarters Ended
-------------------------------------------------
Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
----------------------------------------------------------------------
Interest and Dividend
Income $ 11 $ 18 $ 18 $ 29 $ 22
----------------------------------------------------------------------
Realized and
Unrealized Gains
(Losses) 176 222 (132) (355) (222)
----------------------------------------------------------------------
Other Income -- -- -- 12 --
----------------------------------------------------------------------
Total Income (Loss)
From Plan: 187 240 (114) (314) (200)
----------------------------------------------------------------------
Change in Deferred
Compensation
Liability 184 237 (118) (317) (203)
----------------------------------------------------------------------
Trustee Fees 3 3 4 3 3
----------------------------------------------------------------------
Total Expense of
Plan: 187 240 (114) (314) (200)
----------------------------------------------------------------------
Net Impact of
Plan: $ -- $ -- $ -- $ -- $ --
----------------------------------------------------------------------
-------------------
Years Ended
-------------------
Dec 2008 Dec 2007
----------------------------------------------------------------------
Interest and Dividend Income $ 106 $ 117
----------------------------------------------------------------------
Realized and Unrealized Gains (Losses) (829) 66
----------------------------------------------------------------------
Other Income 30 99
----------------------------------------------------------------------
Total Income (Loss) From Plan: (693) 282
----------------------------------------------------------------------
Change in Deferred Compensation Liability (707) 267
----------------------------------------------------------------------
Trustee Fees 14 15
----------------------------------------------------------------------
Total Expense of Plan: (693) 282
----------------------------------------------------------------------
Net Impact of Plan: $ -- $ --
----------------------------------------------------------------------
Reconciliation of GAAP Noninterest Income & Expense to Noninterest
Income & Expense Without the Financial Impact of the Deferred
Compensation Plan
(dollar amounts in thousands except per share data)
-------------------------------------------------
Quarters Ended
-------------------------------------------------
Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
----------------------------------------------------------------------
Total Noninterest
Income $ 2,413 $ 3,186 $ 3,262 $ 2,096 $ 2,549
----------------------------------------------------------------------
Income of Deferred
Comp Plan Incl. in
Noninterest Income 176 222 (132) (343) (222)
----------------------------------------------------------------------
Adjusted
Noninterest
Income: 2,237 2,964 3,394 2,439 2,771
----------------------------------------------------------------------
Total Noninterest
Expense 5,429 6,123 5,223 4,901 5,069
----------------------------------------------------------------------
Expense of Deferred
Compensation Plan 187 240 (114) (314) (200)
----------------------------------------------------------------------
Adjusted
Noninterest
Expense: 5,242 5,883 5,337 5,215 5,269
----------------------------------------------------------------------
-------------------
Years Ended
-------------------
Dec 2008 Dec 2007
----------------------------------------------------------------------
Total Noninterest Income $ 10,033 $ 10,251
----------------------------------------------------------------------
Income of Deferred Comp Plan Incl. in Noninterest
Income (799) 165
----------------------------------------------------------------------
Adjusted Noninterest Income: 10,832 10,086
----------------------------------------------------------------------
Total Noninterest Expense 20,732 20,626
----------------------------------------------------------------------
Expense of Deferred Compensation Plan (693) 282
----------------------------------------------------------------------
Adjusted Noninterest Expense: 21,425 20,344
----------------------------------------------------------------------
-------------------------------------------------
Year-to-Date
-------------------------------------------------
Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
----------------------------------------------------------------------
Total Noninterest
Income $ 8,861 $ 6,448 $ 3,262 $ 10,033 $ 7,937
----------------------------------------------------------------------
Income of Deferred
Comp Plan Incl. in
Noninterest Income 266 90 (132) (799) (456)
----------------------------------------------------------------------
Adjusted
Noninterest
Income: 8,595 6,358 3,394 10,832 8,393
----------------------------------------------------------------------
Total Noninterest
Expense 16,775 11,346 5,223 20,732 15,830
----------------------------------------------------------------------
Expense of Deferred
Compensation Plan 313 126 (114) (693) (380)
----------------------------------------------------------------------
Adjusted
Noninterest
Expense: 16,462 11,220 5,337 21,425 16,210
----------------------------------------------------------------------
Monroe Bancorp (MROE)
Select Average Balance Sheet Information
(dollar amounts in thousands except per share data)
------------------------------------------------
Quarters Ended
------------------------------------------------
Sep 2009 Jun 2009 Mar 2009 Dec 2008 Sep 2008
---------------------------------------------------------------------
Total Average Loans $616,125 $628,831 $632,878 $624,421 $609,184
---------------------------------------------------------------------
Average Commercial &
Industrial 91,479 101,992 103,046 101,347 97,911
---------------------------------------------------------------------
Average Real Estate: 508,690 510,759 513,886 506,315 493,567
---------------------------------------------------------------------
Average Commercial
& Residential 398,418 394,439 397,507 379,409 365,942
---------------------------------------------------------------------
Average
Construction &
Vacant Land 79,152 85,310 86,966 98,531 101,162
---------------------------------------------------------------------
Average Home Equity 31,120 31,010 29,413 28,375 26,463
---------------------------------------------------------------------
Average Installment
Loans 15,956 16,080 15,946 16,759 17,706
---------------------------------------------------------------------
Average Federal Funds
Sold 33,927 26,975 16,028 11,444 9,161
---------------------------------------------------------------------
Average Federal Home
Loan Bank Stock 2,353 2,353 2,312 2,312 2,312
---------------------------------------------------------------------
---------------------------------------------------------------------
Total Average
Deposits $650,301 $673,216 $678,377 $669,074 $652,031
---------------------------------------------------------------------
Average Noninterest
Checking 85,037 83,321 79,257 81,805 81,425
---------------------------------------------------------------------
Average Interest
Bearing Checking &
NOW 200,756 199,693 113,465 120,196 129,898
---------------------------------------------------------------------
Average Regular
Savings 18,558 18,538 17,132 16,658 17,733
---------------------------------------------------------------------
Average Money Market
Savings 39,977 47,434 118,577 104,398 110,292
---------------------------------------------------------------------
Average CDs Less
than $100,000 184,132 189,998 209,036 197,271 149,907
---------------------------------------------------------------------
Average CDs Greater
than $100,000 104,817 118,057 125,152 132,340 147,051
---------------------------------------------------------------------
Average IRAs and
Other Time 17,024 16,175 15,758 16,406 15,725
---------------------------------------------------------------------
Average Federal Funds
Purchased 43 185 974 321 2,892
---------------------------------------------------------------------
Average Securities
Sold Under
Repurchase Agreement 59,341 58,783 54,210 55,674 42,768
---------------------------------------------------------------------
Average FHLB Advances 17,484 17,506 19,364 19,486 21,215
---------------------------------------------------------------------
------------------
Years Ended
------------------
Dec 2008 Dec 2007
---------------------------------------------------------------------
Total Average Loans $601,875 $564,483
---------------------------------------------------------------------
Average Commercial & Industrial 99,353 99,884
---------------------------------------------------------------------
Average Real Estate: 484,841 446,144
---------------------------------------------------------------------
Average Commercial & Residential 357,018 316,578
---------------------------------------------------------------------
Average Construction & Vacant Land 101,380 104,088
---------------------------------------------------------------------
Average Home Equity 26,443 25,478
---------------------------------------------------------------------
Average Installment Loans 17,681 18,455
---------------------------------------------------------------------
Average Federal Funds Sold 8,754 11,102
---------------------------------------------------------------------
Average Federal Home Loan Bank Stock 2,312 2,312
---------------------------------------------------------------------
---------------------------------------------------------------------
Total Average Deposits $649,540 $611,907
---------------------------------------------------------------------
Average Noninterest Checking 79,503 77,725
---------------------------------------------------------------------
Average Interest Bearing Checking & NOW 127,282 129,887
---------------------------------------------------------------------
Average Regular Savings 17,618 17,940
---------------------------------------------------------------------
Average Money Market Savings 107,723 101,123
---------------------------------------------------------------------
Average CDs Less than $100,000 159,120 152,609
---------------------------------------------------------------------
Average CDs Greater than $100,000 142,126 118,124
---------------------------------------------------------------------
Average IRAs and Other Time 16,168 14,499
---------------------------------------------------------------------
Average Federal Funds Purchased 3,149 2,085
---------------------------------------------------------------------
Average Securities Sold Under Repurchase Agreement 45,686 49,884
---------------------------------------------------------------------
Average FHLB Advances 18,698 19,120
---------------------------------------------------------------------