OAK HARBOR, Wash., April 22, 2010 (GLOBE NEWSWIRE) -- Washington Banking Company (Nasdaq:WBCO), the holding company for Whidbey Island Bank, today reported that its strong capital ratios, stable credit quality and healthy core deposit growth contributed to another profitable quarter. Washington Banking earned $2.0 million in the first quarter of 2010, compared to $1.7 million in the preceding quarter and $1.6 million for the first quarter a year ago. Net income available to common shareholders totaled $1.6 million, or $0.10 per diluted share in the first quarter, compared to $1.3 million, or $0.11 per diluted common share, in the preceding quarter, and $1.2 million, or $0.13 per diluted common share, in the first quarter a year ago, when there were fewer shares outstanding.
"The highlight of the year so far is the successful bid for the FDIC-assisted acquisition of City Bank of Lynnwood, which we announced last Friday," said Jack Wagner, President and Chief Executive Officer. "The FDIC excluded approximately $328 million in brokered deposits, $180 million in other real estate owned and $132 million of non-performing loans from the bidding process, which was instrumental in reducing the risk and allowing us to proceed with this transaction. The successful campaign that raised a net $49 million in new capital last November laid the groundwork for this acquisition, which is expected to be accretive to earnings almost immediately."
With the completion of this transaction, Washington Banking now has, on a pro forma basis and before any fair value adjustments, $1.7 billion in assets, $1.5 billion in deposits, and $1.3 billion in loans. As part of its competitive bid, Washington Banking agreed to assume all non-brokered deposits and 56% of the assets of City Bank. The accepted bid included a 1% deposit premium on non-brokered deposits, a first loss tranche of 2% and a negative bid of $49.7 million on net assets acquired.
"The 8-branch network of City Bank is an excellent extension of our 18-branch Northwest footprint and brings a strong customer base, with some really good assets. We believe the terms of this transaction will allow us to integrate the City franchise into our own, while bringing our hallmark strength and service to the customers," Wagner continued. "Prior to Friday we had only two branches in Snohomish County, and now with six more branches in Snohomish and two in north King County, we are well positioned along the I-5 corridor between Seattle and the Canadian border."
"We also are excited to welcome the skilled banking professionals that have served in the City branch network for many years. We anticipate that the transition for customers will be seamless and straightforward," Wagner added.
Conference Call Information
Management will host a conference call on Friday, April 23 at 10:00 a.m. PDT (1:00 p.m. EDT) to discuss the quarterly financial results and the acquisition. The call will also be broadcast live via the internet. Investment professionals and all current and prospective shareholders are invited to access the live call by dialing (480) 629-9722 at 10:00 a.m. PDT for conference ID #4276650. To listen to the call online, either live or archived, visit the Investor Relations page of Whidbey Island Bank's website at www.wibank.com. Shortly after the call concludes, the replay will also be available at (303) 590-3030, using access code #4276650, where it will be archived for ninety days.
First Quarter 2010 Financial Highlights (March 31, 2010 compared to March 31, 2009)
- Capital ratios continue to exceed the regulatory requirements for well-capitalized institutions, with Total Risk Based Capital to risk-adjusted assets of 21.59% compared to 16.19%. To be considered well-capitalized, a bank must have over 10% Total Risk-based Capital.
- Tangible common equity to tangible assets stood at 12.94% compared to 9.03%.
- Asset quality remains better than average for the region and the nation with nonperforming assets to total assets at 0.83%, down from 1.12%.
- Deposits increased 11% to $846 million with noninterest-bearing demand deposits up 14% year-over-year, representing 13% of total deposits.
- Low cost money market, savings and NOW accounts increased 28% to $397 million.
- Total loans were $822 million, down slightly from $829 million, and increased $7.8 million from year end '09.
- The provision for loan losses was $2.2 million in the first quarter, down from the $2.5 million provision of a year ago.
- Loan loss reserves increased to 2.0% of total loans up from 1.61% a year ago.
- Pretax pre-provision income climbed slightly to $4.9 million compared to $4.8 million.
- Tangible book value per common share increased to $8.85 compared to $8.71.
Credit Quality
"Our loan portfolio continues to outperform that of our peers in the region and nationally, however further deterioration is possible in our asset quality metrics, and we did acquire a portion of the nonperforming assets of City Bank," said Joe Niemer, Chief Credit Officer. "We continued to build reserves in the first quarter, which reflects our concern for the overall economy. Our provision for loan losses of $2.2 million exceeded net charge-offs of $1.9 million. The reserve for loan losses remained at 2.00% of total loans and was 446% of nonperforming loans at the end of March."
Nonperforming loans totaled $3.7 million compared to $3.4 million at the end of December and $8.5 million a year ago. Other real estate owned (OREO) totaled $4.9 million, up from $4.6 million at the end of the preceding quarter and up from $1.8 million a year ago. Nonperforming assets totaled $8.6 million, or 0.83% of total assets at quarter end, compared to $7.9 million, or 0.76% of total assets at the end of 2009, and $10.3 million, or 1.12% of total assets, a year ago. Nonperforming assets consist of nonaccrual loans, accruing loans 90 days or more past due, restructured loans and OREO.
Net charge-offs in the first quarter were unchanged from the preceding quarter at $1.9 million, or 94 basis points of average loans on an annualized basis, compared to $1.4 million, or 68 basis points of average loans for the first quarter a year ago. Net charge-offs in the indirect lending portfolio were down to $406,000 in the first quarter, compared to $635,000 in the preceding quarter, and $649,000 in the first quarter a year ago.
Balance Sheet
Total assets increased 14% to $1.05 billion at March 31, 2010, compared to $918.7 million a year ago. Total loans increased slightly to $822 million from $814 million at the end of December, but down from $829 million a year ago. The portfolio is well diversified with commercial and industrial loans making up 16% of total loans and residential mortgages accounting for 6% of the portfolio. Owner-occupied commercial real estate loans represent 20% of the portfolio and non-owner occupied commercial real estate account for 22% of loans. Indirect consumer loans, mostly made through local automobile dealers, account for 12% of the portfolio and other consumer loans account for 11%. Construction and land development loans for residential properties represent 9% of loans and commercial construction and land development loans represent 4% of the portfolio.
Total deposits were basically unchanged in the quarter and increased 11% year-over-year to $846 million at March 31, 2010, compared to $847 million at the end of December and $763 million a year ago. Noninterest-bearing demand deposits increased 14% year-over-year, now representing 13% of total deposits. Year-over-year, money market accounts increased 43% and now comprise 24% of total deposits. Time deposits decreased 4% in the quarter to $336 million and accounted for 40% of total deposits. Core deposits, excluding brokered CDs and time deposits over $100,000 represent 83% of all deposits, up from 78% a year ago. "Outside of the CDARS (Certificate of Deposit Account Registry Service) program, which provides additional sources of insurance for local customers, we have minimal deposits from brokered sources," said Shields. "Because we only take CDARS from customers in our existing footprint, we consider them as part of our core deposit base."
Shareholders' equity increased 50% to $161 million compared to $108 million a year ago. The increase in shareholders' equity is primarily due to the $49.0 million secondary common stock offering completed in November 2009. Included in shareholders' equity is the $26.4 million from the preferred shares issued to the U.S. Treasury in January of 2009. As a result of the equity offering in November 2009, one half of the warrants issued with the preferred shares were cancelled. Retained earnings increased 11% to $52.4 million, bringing tangible common shareholder equity to $8.85 per share at March 31, 2010, compared to $8.71 per share a year ago.
Operating Results
Revenue for the first quarter of 2010 was $12.9 million, compared to $12.7 million in the preceding quarter and $11.5 million a year ago. Net interest income, before the provision for loan losses, increased 2% to $11.0 million in the first quarter from the linked quarter of $10.8 million, and grew 18% from $9.3 million a year ago.
Noninterest income totaled $1.7 million in the first quarter, flat with the preceding quarter but down 13% from $2.0 million a year ago, reflecting lower income from the sale of loans, reduced commission income from investment products, and lower service charges and fees on deposit accounts.
Washington Banking's net interest margin was 4.66% in the first quarter, a decrease of just 3 basis points from the preceding quarter, and up 15 basis points from the year ago quarter. "Our cost of funds has benefitted from lower interest rates over the past few quarters and almost all of our higher-cost certificates of deposit have now repriced," said Shields.
First quarter noninterest expense increased 2% in the quarter and 19% year-over-year primarily related to increased employee expense, data processing and the higher FDIC premiums. Cost associated with OREO management declined in the first quarter to $193,000 from $549,000 in the prior quarter and $238,000 a year ago. Operating expenses were $7.8 million in the first quarter compared to $7.6 million in the preceding quarter and $6.5 million in the first quarter of 2009.
The efficiency ratio during the first quarter of 2010 was 60.12% compared to 59.90% reported in the linked quarter, and 57.07% in the like quarter a year ago. Return on average assets was 0.78% in the quarter, compared to 0.71% in the like quarter a year earlier. Return on equity, which was impacted by the additional equity capital raised in November 2009, was 4.77%, compared to 6.10% in the first quarter a year ago.
Annual Meeting
Shareholders, customers, employees and interested investors are cordially invited to attend the Washington Banking Company Annual Shareholders Meeting to be held on Thursday, May 13, 2010 at 3:00 p.m. The meeting will be held at the Best Western Harbor Plaza, located at 33175 State Route 20, Oak Harbor, Washington.
ABOUT WASHINGTON BANKING COMPANY
Washington Banking Company is a bank holding company based in Oak Harbor, Washington, that operates Whidbey Island Bank, a state-chartered full-service commercial bank. Founded in 1961, Whidbey Island Bank provides various deposit, loan and investment services to meet customers' financial needs. Whidbey Island Bank operates 26 full-service branches located in six counties in Northwestern Washington. In June 2009, Washington Banking was added to the Russell 2000 Index, a subset of the Russell 3000 Index. Both indices are widely used by professional money managers as benchmarks for investment strategies.
This news release may contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future events and developments such as the transition of City Bank operations, employees and customers, future operating results, BOLI contributions to revenue, availability of acquisition opportunities, growth in loans and deposits, credit quality and loan losses, and continued success of the Company's business plan. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The words "anticipate," "expect," "will," "believe," and words of similar meaning are intended, in part, to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risk and uncertainty that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company's filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic condition; (2) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislation or regulatory requirements; (5) the ability to realize the efficiencies expected from investment in personnel and infrastructure; and (6) the inability to retain City Bank customers or employees and expenses associated with the integration of acquired City Bank operations. Washington Banking Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.
| CONSOLIDATED BALANCE SHEETS (unaudited) | |||||
| ($ in thousands except per share data) | |||||
|
March 31, 2010 |
December 31, 2009 |
Three Month Change |
March 31, 2009 |
One Year Change |
|
| Assets | |||||
| Cash and Due from Banks | $ 15,040 | $ 14,950 | 1% | $ 16,990 | -11% |
| Interest-Bearing Deposits with Banks | 64,203 | 86,891 | -26% | 303 | 21101% |
| Fed Funds Sold | -- | -- | 100% | 7,675 | -100% |
| Total Cash and Cash Equivalents | 79,243 | 101,841 | -22% | 24,969 | 217% |
| Investment Securities Available for Sale | 96,217 | 80,833 | 19% | 20,481 | 370% |
| FHLB Stock | 2,430 | 2,430 | 0% | 2,430 | 0% |
| Loans Held for Sale | 3,297 | 3,232 | 2% | 2,665 | 24% |
| Loans Receivable | 821,617 | 813,852 | 1% | 829,142 | -1% |
| Less: Allowance for Loan Losses | (16,464) | (16,212) | 2% | (13,323) | 24% |
| Loans, Net | 805,153 | 797,640 | 1% | 815,819 | -1% |
| Premises and Equipment, Net | 25,672 | 25,495 | 1% | 25,365 | 1% |
| Bank Owned Life Insurance | 17,058 | 16,976 | 0% | 16,916 | 1% |
| Other Real Estate Owned | 4,937 | 4,549 | 9% | 1,799 | 174% |
| Other Assets | 12,648 | 12,875 | -2% | 8,227 | 54% |
| Total Assets | $ 1,046,655 | $ 1,045,871 | 0% | $ 918,671 | 14% |
| Liabilities and Shareholders' Equity | |||||
| Deposits: | |||||
| Noninterest-Bearing Demand | $ 112,338 | $ 104,070 | 8% | $ 98,563 | 14% |
| NOW Accounts | 140,794 | 141,121 | 0% | 124,736 | 13% |
| Money Market | 202,665 | 202,144 | 0% | 142,176 | 43% |
| Savings | 53,364 | 49,003 | 9% | 43,024 | 24% |
| Time Deposits | 336,479 | 350,333 | -4% | 354,490 | -5% |
| Total Deposits | 845,640 | 846,671 | 0% | 762,989 | 11% |
| FHLB Overnight Borrowings | -- | -- | 100% | -- | 100% |
| Other Borrowed Funds | 10,000 | 10,000 | 0% | 20,000 | -50% |
| Junior Subordinated Debentures | 25,774 | 25,774 | 0% | 25,774 | 0% |
| Other Liabilities | 4,049 | 3,905 | 4% | 2,187 | 85% |
| Total Liabilities | 885,463 | 886,350 | 0% | 810,950 | 9% |
| Shareholders' Equity: | |||||
|
Preferred Stock, no par value, 26,380 shares authorized Series A (Liquidation preference $1,000 per shares); issued and outstanding: 26,380 at 3/31/10, 12/31/2009, and 3/31/09. |
25,065 | 24,995 | 3% | 24,744 | 4% |
|
Common Stock (no par value) authorized 35,000,000; shares issued and outstanding 15,303,124 at 3/31/10, 15,297,801 at 12/31/09, and 9,529,322 at 3/31/09 |
83,174 | 83,094 | 0% | 35,552 | 134% |
| Retained Earnings | 52,397 | 51,183 | 1% | 47,162 | 10% |
| Other Comprehensive Income | 556 | 249 | 124% | 263 | 112% |
| Total Shareholders' Equity | 161,192 | 159,521 | 1% | 107,721 | 50% |
| Total Liabilities and Shareholders' Equity | $ 1,046,655 | $ 1,045,871 | 0% | $ 918,671 | 14% |
| CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | |||||
| ($ in thousands, except per share data) | |||||
|
Quarter Ended March 31, 2010 |
Quarter Ended December 31, 2009 |
Three Month Change |
Quarter Ended March 31, 2009 |
One Year Change |
|
| Interest Income | |||||
| Loans | $ 13,085 | $ 13,345 | -2% | $ 13,000 | 1% |
| Taxable Investment Securities | 413 | 275 | 50% | 136 | 204% |
| Tax Exempt Securities | 158 | 176 | -10% | 67 | 136% |
| Other | 36 | 25 | 44% | 2 | 1700% |
| Total Interest Income | 13,692 | 13,821 | -1% | 13,205 | 4% |
| Interest Expense | |||||
| Deposits | 2,503 | 2,813 | -11% | 3,519 | -29% |
| Other Borrowings | 91 | 93 | -2% | 133 | -31% |
| Junior Subordinated Debentures | 117 | 122 | -4% | 224 | -48% |
| Total Interest Expense | 2,711 | 3,028 | -10% | 3,876 | -30% |
| Net Interest Income | 10,981 | 10,793 | 2% | 9,329 | 18% |
| Provision for Loan Losses | 2,150 | 2,250 | -4% | 2,450 | -12% |
| Net Interest Income after Provision for Loan Losses | 8,831 | 8,543 | 3% | 6,879 | 28% |
| Noninterest Income | |||||
| Service Charges and Fees | 735 | 806 | -9% | 858 | -14% |
| Electronic Banking Income | 367 | 363 | 1% | 310 | 18% |
| Investment Products | 50 | 164 | -69% | 170 | -71% |
| Bank Owned Life Insurance Income | 82 | (158) | -152% | 94 | -13% |
| Income from the Sale of Loans | 141 | 157 | -10% | 270 | -48% |
| SBA Premium Income | 46 | 98 | -53% | 18 | 156% |
| Other Income | 322 | 307 | 5% | 283 | 14% |
| Total Noninterest Income | 1,743 | 1,737 | 0% | 2,003 | -13% |
| Noninterest Expense | |||||
| Compensation and Employee Benefits | 4,329 | 3,875 | 12% | 3,424 | 26% |
| Occupancy and Equipment | 1,027 | 1,041 | -1% | 1,033 | -1% |
| Office Supplies and Printing | 210 | 223 | -6% | 171 | 23% |
| Data Processing | 211 | 137 | 54% | 131 | 61% |
| FDIC Premiums | 252 | 268 | -6% | 147 | 71% |
| OREO & Repossession Expenses | 193 | 549 | -65% | 238 | -19% |
| Consulting and Professional Fees | 268 | 246 | 9% | 256 | 5% |
| Other | 1,285 | 1,284 | 0% | 1,146 | 12% |
| Total Noninterest Expense | 7,775 | 7,623 | 2% | 6,546 | 19% |
| Income Before Income Taxes | 2,799 | 2,657 | 5% | 2,336 | 20% |
| Provision for Income Taxes | 804 | 921 | -13% | 762 | 6% |
| Net Income Before Preferred Dividends | 1,995 | 1,736 | 15% | 1,574 | 27% |
| Preferred Dividends | 414 | 414 | 0% | 359 | 15% |
| Net Income available to common shareholders | $ 1,581 | $ 1,322 | 20% | $ 1,215 | 30% |
| Earnings per Common Share | |||||
| Net Income per Common Share, Basic | $ 0.10 | $ 0.12 | -8% | $ 0.13 | -15% |
| Net Income per Common Share, Diluted | $ 0.10 | $ 0.11 | 0% | $ 0.13 | -15% |
| Average Number of Common Shares Outstanding | 15,297,000 | 11,481,000 | 9,507,000 | ||
| Fully Diluted Average Common and Equivalent Shares Outstanding | 15,430,000 | 11,672,000 | 9,527,000 |
| FINANCIAL STATISTICS (unaudited) | |||||
| ($ in thousands, except per share data) | |||||
|
Quarter Ended March 31, 2010 |
Quarter Ended December 31, 2009 |
Quarter Ended March 31, 2009 |
|||
| Revenues (1) (2) | $ 12,932 | $ 12,724 | $ 11,473 | ||
| Averages | |||||
| Total Assets | $ 1,031,197 | $ 983,955 | $ 904,437 | ||
| Loans and Loans Held for Sale | 820,578 | 816,218 | 825,694 | ||
| Interest Earning Assets | 973,250 | 929,287 | 851,100 | ||
| Deposits | 833,314 | 818,880 | 750,807 | ||
| Common Shareholders' Equity | $ 134,333 | $ 102,037 | $ 80,897 | ||
| Financial Ratios | |||||
| Return on Average Assets, Annualized | 0.78% | 0.70% | 0.71% | ||
| Return on Average Common Equity, Annualized (3) | 4.77% | 5.16% | 6.10% | ||
| Efficiency Ratio (2) | 60.12% | 59.90% | 57.07% | ||
| Yield on Earning Assets (2) | 5.79% | 5.99% | 6.36% | ||
| Cost of Interest Bearing Liabilities | 1.44% | 1.61% | 2.23% | ||
| Net Interest Spread | 4.35% | 4.38% | 4.13% | ||
| Net Interest Margin (2) | 4.66% | 4.69% | 4.51% | ||
| Tangible Book Value Per Common Share | $ 8.85 | $ 8.79 | $ 8.71 | ||
| Tangible Common Equity | 12.94% | 12.86% | 9.03% | ||
| Regulatory Requirements | |||||
|
March 31, 2010 |
December 31, 2009 |
March 31, 2009 |
Adequately- capitalized |
Well- capitalized |
|
| Period End | |||||
| Total Risk-Based Capital Ratio - Consolidated | 21.59% (4) | 22.15% | 16.19% | 8.00% | N/A |
| Tier 1 Risk-Based Capital Ratio - Consolidated | 20.35% (4) | 20.89% | 14.94% | 4.00% | N/A |
| Tier 1 Leverage Ratio - Consolidated | 18.08% (4) | 18.73% | 14.66% | 4.00% | N/A |
| Total Risk-Based Capital Ratio - Whidbey Island Bank | 21.39% (4) | 21.55% | 16.01% | 8.00% | 10.00% |
| Tier 1 Risk-Based Capital Ratio - Whidbey Island Bank | 20.13% (4) | 20.29% | 14.76% | 4.00% | 6.00% |
| Tier 1 Leverage Ratio - Whidbey Island Bank | 17.55% (4) | 18.17% | 14.48% | 4.00% | 5.00% |
| (1) Revenues is the fully tax-equivalent net interest income before provision for loan losses plus noninterest income. | |||||
| (2) Fully tax-equivalent is a non-GAAP performance measurement that management believes provides investors with a more accurate picture of the net interest margin, revenues and efficiency ratio for comparative purposes. The calculation involves grossing up interest income on tax-exempt loans and investments by an amount that makes it comparable to taxable income. | |||||
| (3) Return on average common equity adjusted for preferred stock dividends | |||||
| (4) Capital ratios for the most recent period are an estimate pending filing of the Company's regulatory reports. | |||||
| ASSET QUALITY (unaudited) | |||
| ($ in thousands, except per share data) | |||
|
Quarter Ended March 31, 2010 |
Quarter Ended December 31, 2009 |
Quarter Ended March 31, 2009 |
|
| Allowance for Loan Losses Activity: | |||
| Balance at Beginning of Period | $ 16,212 | $ 15,882 | $ 12,250 |
| Indirect Loans: | |||
| Charge-offs | (406) | (635) | (649) |
| Recoveries | 218 | 182 | 204 |
| Indirect Net Charge-offs | (188) | (453) | (445) |
| Other Loans: | |||
| Charge-offs | (1,914) | (1,674) | (1,132) |
| Recoveries | 204 | 207 | 200 |
| Other Net Charge-offs | (1,710) | (1,467) | (932) |
| Total Net Charge-offs | (1,898) | (1,920) | (1,377) |
| Provision for Loan Losses | 2,150 | 2,250 | 2,450 |
| Balance at End of Period | $ 16,464 | $ 16,212 | $ 13,323 |
| Net Charge-offs to Average Loans: | |||
| Indirect Loans Net Charge-Offs, to Avg Indirect Loans, Annualized (1) | 0.77% | 1.71% | 1.68% |
| Other Loans Net Charge-Offs, to Avg Other Loans, Annualized (1) | 0.97% | 0.82% | 0.53% |
| Net Charge-offs to Average Total Loans (1) | 0.94% | 0.94% | 0.68% |
|
March 31, 2010 |
December 31, 2009 |
March 31, 2009 |
|
| Nonperforming Assets | |||
| Nonperforming Loans (2) | $ 3,692 | $ 3,395 | $ 8,474 |
| Other Real Estate Owned | $ 4,937 | 4,549 | 1,799 |
| Total Nonperforming Assets | $ 8,629 | $ 7,944 | $ 10,273 |
| Nonperforming Loans to Loans (1) | 0.45% | 0.42% | 1.02% |
| Nonperforming Assets to Assets | 0.83% | 0.76% | 1.12% |
| Allowance for Loan Losses to Nonperforming Loans | 445.92% | 477.51% | 157.22% |
| Allowance for Loan Losses to Loans | 2.00% | 1.99% | 1.61% |
| Loan Composition | |||
| Commercial | $ 132,569 | $ 93,295 | $ 98,503 |
| Real Estate Mortgages | |||
| One-to-Four Family Residential | 51,605 | 53,313 | 61,946 |
| Commercial | 345,925 | 360,745 | 334,236 |
| Real Estate Construction | |||
| One-to-Four Family Residential | 71,665 | 76,046 | 93,587 |
| Commercial | 34,459 | 34,231 | 44,206 |
| Consumer | |||
| Indirect | 96,569 | 100,697 | 106,139 |
| Direct | 86,432 | 93,051 | 87,877 |
| Deferred Fees | 2,393 | 2,474 | 2,648 |
| Total Loans | $ 821,617 | $ 813,852 | $ 829,142 |
| Time Deposit Composition | |||
| Time Deposits $100,000 and more | 144,768 | 151,018 | 162,698 |
| All other time deposits | 169,146 | 170,399 | 172,188 |
| Brokered Deposits | |||
| CDARS (Certificate of Deposit Account Registry Service) | 22,565 | 21,416 | 12,104 |
| Non-CDARS | -- | 7,500 | 7,500 |
| Total Time Deposits | $ 336,479 | $ 350,333 | $ 354,490 |
| (1) Excludes Loans Held for Sale. | |||
| (2) Nonperforming loans includes nonaccrual loans plus accruing loans 90 or more days past due. | |||