GAINESVILLE, Ga., Jan. 18, 2006 (PRIMEZONE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company with six community banks in markets surrounding Atlanta, Georgia, reported fiscal year 2005 net income of $12.0 million compared with $9.8 million for 2004, an increase of 21.9 percent. Over the last twelve months, loans and deposits increased 28.7 percent and 28.8 percent, respectively, generating recurring revenue growth of 33.1 percent for 2005 compared with the prior year.
Diluted earnings per share for 2005 were $0.93 compared with $1.04 for the prior-year period. Earnings per share were impacted by the $2.9 million increase in loan loss provision taken in the second quarter of 2005 to reserve for the charge-off of a deteriorated loan inherited with our acquisition of HomeTown Bank of Villa Rica ("HTB"). The additional provision lowered net income by $1.8 million after-tax, or $0.15 per diluted share. Per share results were also impacted by a 36.6 percent increase in average shares to 12,938,000 arising from shares issued in connection with three bank acquisitions over the past 18 months and a public offering of 1,651,680 shares of the Company's common stock completed in the fourth quarter of 2004.
For the fourth quarter of 2005, the Company reported net income of $3.7 million, an increase of 24.0 percent above the $3.0 million reported for the prior-year period. Diluted earnings per share for the fourth quarter of 2005 were $0.28 versus $0.27 for the prior-year period, an increase of 3.7 percent. The per share comparison reflects a 19.1 percent increase in average diluted shares to 13,103,000; the increase arose from shares issued in connection with the acquisition of First National Bank of Gwinnett ("FNBG") and the public offering.
At a meeting held on January 16, 2006, the board of directors of GB&T Bancshares declared a first quarter cash dividend of $0.085 per share on the Company's common stock. The dividend is payable on February 10, 2006, to stockholders of record at the close of business on January 31, 2006.
The returns on average assets ("ROA") and average equity ("ROE") for fiscal 2005 were 0.80 percent and 6.06 percent, respectively, compared with 0.91 percent and 8.32 percent for fiscal 2004. Adjusted to exclude intangibles, the returns on average tangible assets ("ROTA") and average tangible equity ("ROTE") were 0.84 percent and 9.44 percent, respectively, for 2005 compared with 0.95 percent and 12.90 percent for 2004.
Richard A. Hunt, President and CEO, commented, "We are pleased to report another record year of growth, highlighted by strong organic loan and deposit growth, the completed acquisition of the $142 million-asset FNBG Bancshares, Inc. and the sale of Community Loan Company, our consumer finance company in Northern Georgia. We have also recently announced an agreement to acquire the $130 million-asset Mountain Bancshares Inc. and its bank subsidiary, Mountain State Bank. Management believes that the FNBG and Mountain State Bank acquisitions expand our reach into other attractive markets and will prove to increase the value of our franchise. Gwinnett County, home to FNBG, has the high population growth that is a hallmark of the GB&T franchise, as do Dawson and Forsyth Counties, the primary market areas of Mountain State Bank. Both of these acquisitions are expected to be accretive to earnings within twelve months after closing, and FNBG is tracking to that target.
"We are particularly gratified with our loan growth in our highly competitive marketplace," continued Mr. Hunt. "Our revenue growth has been exceptional throughout 2005, far outdistancing growth in expenses. This performance reflects both the strength of our markets and the advantages of a local community banking presence in these markets. Most importantly, our improved operating efficiencies reflect the success of our integration efforts as we grow our portfolio of community banks."
Total revenue, defined as net interest income plus non-interest income, was $68.6 million for the fiscal year 2005, an increase of 31.7 percent over the $52.1 million reported in fiscal 2004. Net interest income increased 41.3 percent from the year-ago period, to $57.0 million, reflecting 38.0 percent growth in average earning assets and a ten basis point improvement in the net interest margin to 4.24 percent. "Our margin has modestly strengthened this year despite the challenge of funding our strong loan growth," added Mr. Hunt. "Our net interest margin has remained within an eleven basis point band as a result of the deposit-gathering initiatives of our community branch network and the success of our ALCO strategies."
Excluding securities gains of $553 thousand and $609 thousand in 2005 and 2004, respectively, non-interest income remained essentially unchanged for the two years, at $11.1 million. Despite increased service charges on deposit accounts, up 4.8 percent in 2005, and mortgage origination fees, up 13.8 percent, overall growth remained flat due to a one-time $371 thousand gain on the sale of land in the fourth quarter of 2004.
For the 2005 fourth quarter, total revenue was $18.0 million compared with $15.0 million for the prior-year fourth quarter, an increase of 20.1 percent. Net interest income increased 32.0 percent to $15.5 million, reflecting 29.4 percent growth in average earning assets and a seven basis point increase in the net interest margin, to 4.26 percent. Non-interest income was $2.5 million for the fourth quarter of 2005 compared with $3.2 million for the prior-year period, again due in part to the one-time gain on the sale of land in 2004.
Non-interest expense remains well-controlled; for fiscal year 2005, non-interest expense was $44.8 million, an increase of 23.9 percent over the $36.2 million reported for the prior-year fiscal period. Salaries and employee benefits expense, the largest component of non-interest expense, increased 25.6 percent. The increase in non-interest expense was also affected by a $306 thousand loss on the sale of Community Loan Company. The efficiency ratio improved to 64.34 percent for fiscal 2005 from 69.46 percent for the prior year.
For the fourth quarter of 2005, non-interest expense was $11.4 million, an increase of 15.2 percent over the $9.9 million reported in the fourth quarter of 2004. Salaries and employee benefits, the largest component of the increase, grew 15.1 percent. The efficiency ratio improved to 60.76 percent from 66.78 percent for the prior-year period.
"The charge we took this last year to resolve a deteriorating legacy loan at HTB was our one disappointment in a year of asset quality improvement," commented Mr. Hunt. An additional $2.9 million provision was made to the Company's loan loss reserves in the second quarter of 2005 as a result of this relationship. Net charge-offs for 2005 were $5.3 million, or 0.47 percent of average loans, of which $3.4 million was attributable to the one loan relationship at HTB. This compares with net charge-offs of $1.1 million, or 0.14 percent of average loans for fiscal 2004. Nonperforming assets plus delinquencies at December 31, 2005, were $10.0 million or 0.63 percent of assets, compared with $11.0 million, or 0.86 percent of assets, twelve months ago. Loan loss reserves at December 31, 2005, were 1.04 percent of total loans.
Total assets were $1.6 billion at December 31, 2005, an increase of $315.3 million, or 24.7 percent over twelve months ago. The FNBG Bancshares, Inc. acquisition, completed in March, 2005, accounted for $141.9 million, or 45.0 percent, of the increase.
Excluding this acquisition, organic growth during this period was $173.4 million or 13.6 percent. Loans increased $274.1 million, or 28.7 percent, to $1.2 billion at December 31, 2005, compared with $955.9 million at December 31, 2004. Growth in construction loans, driven by the strong demographics of GB&T's franchise, accounted for $186.5 million of the $274.1 million increase. Exclusive of the FNBG Bancshares, Inc. acquisition, which accounted for $101.5 million of this increase, loans grew $172.6 million, or 18.1 percent. Total deposits were $1.2 billion, an increase of $267.0 million or 28.8 percent from year-ago levels. Excluding the acquisition, total deposits increased $157.3 million, or 16.9 percent. Core deposits comprise 47.9 percent of total deposits compared with 53.0 percent a year earlier.
Stockholders' equity at December 31, 2005, was $205.5 million, a twelve-month increase of $30.7 million, or 17.6 percent, reflecting the impact of the FNBG Bancshares, Inc. acquisition. Stockholders' equity was 12.9 percent of period-end assets. The Company had 12,784,397 shares of common stock outstanding at December 31, 2005.
About GB&T Bancshares, Inc.
Based in Gainesville, Georgia, GB&T Bancshares, Inc. is a multi-bank holding company operating six community banks: Gainesville Bank & Trust, United Bank & Trust, Community Trust Bank, HomeTown Bank of Villa Rica, First National Bank of the South and First National Bank of Gwinnett. As of December 31, 2005, GB&T Bancshares had assets of $1.6 billion, with 26 full-service banking offices located in eleven Georgia counties. GB&T Bancshares' common stock is listed on the Nasdaq National market under the symbol "GBTB." Visit the Company's website www.gbtbancshares.com for additional information about GB&T.
Forward-Looking Statements
Some of the statements in this press release, including, without limitation, statements regarding projected growth , our proposed acquisitions, our efficiency, loan loss reserves, loan portfolio, net interest margin, revenue growth and other statements regarding our future results of operations are "forward-looking statements" within the meaning of the federal securities laws. In addition, when we use words like "anticipate", "believe", "intend", "expect", "estimate", "could", "should", "will", and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our current beliefs and assumptions. Factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) changes in the interest rate environment may reduce margins or the volumes or values of loans held or made by us; (3) general economic conditions may be less favorable than expected (both generally and in our markets), resulting in, among other things, a deterioration in credit quality and/or a reduction in demand for credit; (4) economic, governmental or other factors may prevent the projected population and commercial growth in the counties in which we operate; (5) we may be unable to obtain required shareholder or regulatory approval for our proposed acquisitions; (6) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which we are engaged; (7) costs or difficulties related to the integration of our businesses may be greater than expected; (8) deposit attrition, customer loss or revenue loss following the acquisitions may be greater than expected; (9) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than us; and (10) adverse changes may occur in the equity markets. Many of these factors are beyond our ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements contained in this release.
GB&T Bancshares Inc.
CONSOLIDATED FINANCIAL
HIGHLIGHTS
(Unaudited)
---------------------- ---------- ---------- ---------- ----------
(Dollars in thousands
except per share 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
amounts) 2005 2005 2005 2005
---------------------- ---------- ---------- ---------- ----------
EARNINGS
Net interest income $ 15,468 14,645 14,120 12,746
Provision for loan
loss $ 977 635 3,822 482
Other income $ 2,492 3,476 2,906 2,757
Other expense $ 11,406 11,551 11,273 10,595
Net income $ 3,689 3,903 1,388 3,011
Non-recurring
(income)
/ expense (after-
tax) $ 190 0 0 0
Operating income $ 3,879 3,903 1,388 3,011
PER SHARE DATA
Basic earnings per
share $ 0.29 0.31 0.11 0.25
Diluted earnings per
share $ 0.28 0.30 0.11 0.25
Operating diluted
earnings per share $ 0.30 0.30 0.11 0.25
Book value per share $ 16.07 15.99 15.81 15.77
Tangible book value
per share $ 10.32 10.16 9.97 9.90
Cash dividend per
share $ 0.085 0.085 0.085 0.076
PERFORMANCE RATIOS
Return on average
assets 0.92% 1.00% 0.37% 0.91%
Return on average
tangible assets 0.96% 1.05% 0.39% 0.95%
Return on average
equity 7.16% 7.64% 2.76% 6.65%
Return on average
tangible equity 11.20% 12.07% 4.37% 9.98%
Net interest margin 4.26% 4.18% 4.23% 4.29%
Other expense/Average
assets 2.84% 2.96% 3.02% 3.19%
Efficiency Ratio 60.76% 64.69% 65.11% 67.25%
Other income/Total
operating revenue 13.88% 16.64% 17.07% 17.78%
MARKET DATA
Market value per
share -- Period end $ 21.41 21.23 23.76 21.66
Market as a % of book 1.33 1.33 1.50 1.37
Cash dividend yield 1.59% 1.60% 1.43% 1.40%
Common stock dividend
payout ratio 30.36% 28.33% 77.27% 30.40%
Period-end common
shares outstanding
(000) 12,784 12,729 12,716 12,641
Common stock market
capitalization
($ Millions) $ 273.71 270.24 302.13 273.81
CAPITAL & LIQUIDITY
Equity to assets 12.93% 12.62% 13.13% 13.56%
Period-end tangible
equity to tangible
assets 8.71% 8.40% 8.70% 8.97%
Total risk-based
capital ratio 13.89% 13.72% 14.39% 14.70%
Average loans to
deposits 100.72% 100.53% 100.57% 101.38%
ASSET QUALITY
Net charge-offs $ 307 2,949 1,707 346
(Ann.) Net loan
charge-offs/
Average loans 0.100% 0.996% 0.607% 0.140%
Non-performing loans $ 6,562 5,957 6,811 10,213
OREOs $ 3,431 2,887 2,965 1,451
90-day past dues $ 17 297 126 364
NPAs + 90 day past
due/ Total assets 0.63% 0.57% 0.65% 0.82%
Allowance for loan
losses/ Total loans 1.04% 1.02% 1.26% 1.13%
Allowance for loan
losses/ NPA's + 90
days past due 127.60% 134.20% 147.25% 103.64%
END OF PERIOD BALANCES
Total loans, net of
unearned fees $1,229,981 1,208,031 1,152,737 1,099,344
Total assets $1,589,413 1,613,806 1,532,935 1,470,574
Deposits $1,195,597 1,233,729 1,159,109 1,096,190
Stockholders' equity $ 205,459 203,597 201,269 199,367
Full-time equivalent
employees 452 469 463 457
AVERAGE BALANCES
Loans $1,218,896 1,175,083 1,128,442 1,004,588
Interest-earning
assets $1,439,033 1,390,897 1,338,276 1,204,489
Total assets $1,593,014 1,546,761 1,498,217 1,347,362
Deposits $1,210,205 1,168,863 1,122,061 990,944
Interest-bearing
liabilities $1,195,088 1,176,016 1,131,022 1,015,305
Stockholders' equity $ 204,481 202,586 201,727 183,586
---------- ---------- ----------
4th Qtr YTD YTD
2004 2005 2004
---------- ---------- ----------
EARNINGS
Net interest income $ 11,716 56,979 40,322
Provision for loan loss $ 465 5,916 1,406
Other income $ 3,238 11,631 11,778
Other expense $ 9,901 44,825 36,180
Net income $ 2,975 11,991 9,838
Non-recurring
(income)/expense
(after-tax) $ (230) 190 (103)
Operating income $ 2,745 12,181 9,735
PER SHARE DATA
Basic earnings per share $ 0.28 0.96 1.05
Diluted earnings per
share $ 0.27 0.93 1.04
Operating diluted
earnings per share $ 0.25 0.94 1.03
Book value per share $ 14.84 16.07 14.84
Tangible book value per
share $ 10.19 10.32 10.19
Cash dividend per share $ 0.076 0.331 0.300
PERFORMANCE RATIOS
Return on average
assets 0.95% 0.80% 0.91%
Return on average
tangible assets 0.99% 0.84% 0.95%
Return on average equity 7.74% 6.06% 8.32%
Return on average
tangible equity 12.06% 9.44% 12.90%
Net interest margin 4.19% 4.24% 4.14%
Other expense / Average
assets 3.16% 2.99% 3.34%
Efficiency Ratio 66.78% 64.34% 69.46%
Other income/Total
operating revenue 19.65% 16.28% 21.12%
MARKET DATA
Market value per share
-- Period end $ 24.12 21.41 24.12
Market as a % of book 1.63 1.33 1.63
Cash dividend yield 1.26% 1.55% 1.24%
Common stock dividend
payout ratio 28.15% 35.59% 28.85%
Period-end common shares
outstanding (000) 11,772 12,784 11,772
Common stock market
capitalization
($ Millions) $ 283.95 273.71 283.95
CAPITAL & LIQUIDITY
Equity to assets 13.71% 12.93% 13.71%
Period-end tangible
equity to tangible assets 9.84% 8.71% 9.84%
Total risk-based capital
ratio 16.27% 13.89% 16.27%
Average loans to deposits 97.99% 100.74% 96.79%
ASSET QUALITY
Net charge-offs $ 666 5,309 1,146
(Ann.) Net loan charge-offs/
Average loans 0.285% 0.47% 0.14%
Non-performing loans $ 10,059 6,562 10,059
OREOs $ 620 3,431 620
90-day past dues $ 328 17 328
NPAs + 90 day past due/
Total assets 0.86% 0.63% 0.86%
Allowance for loan
losses/ Total loans 1.16% 1.04% 1.16%
Allowance for loan
losses/NPA's + 90 days
past due 100.49% 127.60% 100.49%
END OF PERIOD BALANCES
Total loans, net of
unearned fees $ 955,880 1,229,981 955,880
Total assets $1,274,136 1,589,413 1,274,136
Deposits $ 928,603 1,195,597 928,603
Stockholders' equity $ 174,715 205,459 174,715
Full-time equivalent
employees 453 452 453
AVERAGE BALANCES
Loans $ 928,935 1,131,883 807,340
Interest-earning assets $1,111,717 1,343,345 973,246
Total assets $1,246,184 1,496,792 1,082,701
Deposits $ 947,975 1,123,577 834,100
Interest-bearing
liabilities $ 945,777 1,129,707 844,642
Stockholders' equity $ 152,932 198,004 118,271
The following table provides a detailed analysis
of Non-GAAP measures.
--------- --------- --------- ---------
Reconciliation Table 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
(Dollars in thousands) 2005 2005 2005 2005
---------------------------- --------- --------- --------- ---------
Book value per share $ 16.07 15.99 15.81 15.77
Effect of intangible assets
per share $ (5.75) (5.83) (5.84) (5.87)
Tangible book value per
share $ 10.32 10.16 9.97 9.90
Return on average assets 0.92% 1.00% 0.37% 0.91%
Effect of intangible assets 0.04% 0.05% 0.02% 0.04%
Return on average tangible
assets 0.96% 1.05% 0.39% 0.95%
Return on average equity 7.16% 7.64% 2.76% 6.65%
Effect of intangible assets 4.04% 4.43% 1.61% 3.33%
Return on average tangible
equity 11.20% 12.07% 4.37% 9.98%
Equity to assets 12.93% 12.62% 13.13% 13.56%
Effect of intangible assets -4.22% -4.22% -4.43% -4.59%
Period-end tangible equity
to tangible assets 8.71% 8.40% 8.70% 8.97%
--------- --------- ---------
4th Qtr YTD YTD
2004 2005 2004
--------- --------- ---------
Book value per share $ 14.84 16.07 14.84
Effect of intangible assets
per share $ (4.65) (5.75) (4.65)
Tangible book value per
share $ 10.19 10.32 10.19
Return on average assets 0.95% 0.80% 0.91%
Effect of intangible assets 0.04% 0.04% 0.04%
Return on average tangible
assets 0.99% 0.84% 0.95%
Return on average equity 7.74% 6.06% 8.32%
Effect of intangible assets 4.32% 3.38% 4.58%
Return on average tangible
equity 12.06% 9.44% 12.90%
Equity to assets 13.71% 12.93% 13.71%
Effect of intangible assets -3.88% -4.22% -3.87%
Period-end tangible equity
to tangible assets 9.84% 8.71% 9.84%
GB&T Bancshares, Inc. and Subsidiaries
Consolidated Statements of Condition
12/31/2005 12/31/2004
Assets (in thousands): (Unaudited) (Audited)
Cash and due from banks $ 30,748 $ 20,723
Interest-bearing deposits in banks 728 700
Federal funds sold 568 93
Securities available-for-sale 188,127 190,636
Restricted equity securities, at cost 9,277 7,226
Loans, net of unearned income 1,229,981 955,880
Less allowance for loan losses 12,773 11,061
----------- -----------
Loans, net 1,217,208 944,819
----------- -----------
Premises and equipment, net 37,014 31,548
Goodwill 67,912 49,127
Intangible assets 5,586 5,618
Other assets 32,245 23,646
----------- -----------
Total assets $ 1,589,413 $ 1,274,136
=========== ===========
Liabilities and Stockholders' Equity
(in thousands):
Deposits:
Non interest-bearing $ 157,058 $ 125,704
Interest-bearing demand & savings 414,542 367,078
Time deposits 623,997 435,821
----------- -----------
Total deposits 1,195,597 928,603
Federal funds purchased and securities
sold under repurchase agreements 45,510 47,582
Federal Home Loan Bank advances 97,298 80,992
Other borrowings 968 934
Other liabilities 14,683 11,412
Subordinated debt 29,898 29,898
----------- -----------
Total liabilities 1,383,954 1,099,421
----------- -----------
Stockholders' equity:
Capital stock 164,623 139,207
Retained earnings 43,404 35,550
Accumulated other comprehensive
income (2,568) (42)
----------- -----------
Total stockholders' equity 205,459 174,715
----------- -----------
Total liabilities and
stockholders' equity $ 1,589,413 $ 1,274,136
=========== ===========
GB&T BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three months ended Twelve months ended
December 31, December 31,
2005 2004 2005 2004
--------------------------------------------
(Dollars in thousands, except per share amounts)
Interest income:
Loans, including fees $23,725 $15,381 $82,541 $52,642
Taxable securities 1,927 1,431 7,287 4,706
Nontaxable securities 135 182 618 736
Federal funds sold 92 48 327 163
Interest-bearing
deposits in banks 7 10 42 27
------- ------- ------- -------
Total interest income 25,886 17,052 90,815 58,274
------- ------- ------- -------
Interest expense:
Deposits 8,607 4,042 27,153 13,379
Federal funds purchased
and securities sold
under repurchase
agreements 271 98 740 248
Federal Home Loan Bank
advances 976 770 3,879 3,131
Other borrowings 564 426 2,064 1,194
------- ------- ------- -------
Total interest expense 10,418 5,336 33,836 17,952
------- ------- ------- -------
Net interest income 15,468 11,716 56,979 40,322
Provision for loan losses 977 465 5,916 1,406
------- ------- ------- -------
Net interest income
after provision for
loan losses 14,491 11,251 51,063 38,916
------- ------- ------- -------
Other income:
Service charges on
deposit accounts 1,590 1,642 6,413 6,121
Mortgage origination
fees 519 513 2,263 1,988
Insurance commissions 46 165 488 621
Gain on sale of
securities -- -- 553 609
Other operating income 337 918 1,914 2,439
------- ------- ------- -------
Total other income 2,492 3,238 11,631 11,778
------- ------- ------- -------
Other expense:
Salaries and employee
benefits 6,502 5,651 26,248 20,893
Occupancy and equipment
expenses, net 1,686 1,381 6,334 5,099
Other operating expenses 3,218 2,869 12,243 10,188
------- ------- ------- -------
Total other expense 11,406 9,901 44,825 36,180
------- ------- ------- -------
Income before income
taxes 5,577 4,588 17,869 14,514
Income tax expense 1,888 1,613 5,878 4,676
------- ------- ------- -------
Net income $ 3,689 $ 2,975 $11,991 $ 9,838
======= ======= ======= =======
Earnings per share:
Basic $ 0.29 $ 0.28 $ 0.96 $ 1.05
======= ======= ======= =======
Diluted $ 0.28 $ 0.27 $ 0.93 $ 1.04
======= ======= ======= =======
Weighted average shares
Basic 12,764 10,784 12,562 9,340
======= ======= ======= =======
Diluted 13,103 11,004 12,938 9,472
======= ======= ======= =======
Cash dividends per common
share $ 0.085 $ 0.076 $ 0.331 $ 0.300
======= ======= ======= =======
GB&T Bancshares, Inc.
Yield Analysis -- December 31, 2005 For the Twelve Months Ended
(Dollars in thousands) December 31, 2005
---------------------------------
Average Yields
balances Interest /Rates
---------------------------------
Assets
Interest earning assets:
Taxable securities $ 194,093 $ 7,287 3.75%
Nontaxable securities 14,023 618 4.41%
Federal funds sold 9,842 327 3.32%
Interest bearing deposits in banks 1,077 42 3.90%
Loans, net of unearned income 1,124,310 82,541 7.34%
------------------------
Total interest earning assets $ 1,343,345 $ 90,815 6.76%
------------------------
Noninterest earning assets:
Unrealized gains (losses) on
securities (2,175)
Allowance for loan losses (12,499)
Nonaccrual loans 7,573
Cash and due from banks 24,996
Other assets 135,552
---------------------------------
Total noninterest earning assets 153,447
---------------------------------
Total assets $ 1,496,792
---------------------------------
Liabilities & Stockholders'
Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 407,551 8,337 2.05%
Time 560,786 18,816 3.36%
Borrowings 161,370 6,683 4.14%
Total interest bearing
liabilities 1,129,707 33,836 3.00%
------------------------
Noninterest bearing
liabilities & shareholders'
equity:
Noninterest bearing deposits 155,241
Other liabilities 13,840
Stockholder's equity 198,004
---------------------------------
Total liabilities & stockholders'
equity $ 1,496,792
---------------------------------
Interest rate differential 3.76%
---------------------------------
Net interest income 56,979
---------------------------------
Net interest margin 4.24%
For the Three Months Ended
December 31, 2005
---------------------------------
Average Yields
balances Interest /Rates
---------------------------------
Assets
Interest earning assets:
Taxable securities $ 203,079 $ 1,927 3.76%
Nontaxable securities 12,099 135 4.43%
Federal funds sold 10,269 92 3.55%
Interest bearing deposits in banks 639 7 4.35%
Loans, net of unearned income 1,212,947 23,725 7.76%
------------------------
Total interest earning assets $ 1,439,033 $ 25,886 7.14%
------------------------
Noninterest earning assets:
Unrealized gains (losses)
on securities (3,414)
Allowance for loan losses (12,552)
Nonaccrual loans 5,949
Cash and due from banks 21,917
Other assets 142,081
---------------------------------
Total noninterest earning assets 153,981
---------------------------------
Total assets $ 1,593,014
---------------------------------
Liabilities & Stockholders'
Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 414,968 2,479 2.37%
Time 617,197 6,128 3.94%
Borrowings 162,923 1,811 4.41%
------------------------
Total interest bearing
liabilities 1,195,088 10,418 3.46%
------------------------
Noninterest bearing
liabilities & shareholders'
equity:
Noninterest bearing deposits 178,040
Other liabilities 15,405
Stockholder's equity 204,481
---------------------------------
Total liabilities & stockholders'
equity $ 1,593,014
---------------------------------
Interest rate differential 3.68%
---------------------------------
Net interest income 15,468
---------------------------------
Net interest margin 4.26%
---------------------------------