GAINESVILLE, Ga., July 19, 2006 (PRIMEZONE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company with seven community banks in fast-growing markets surrounding metropolitan Atlanta, Georgia, reported net income for the second quarter of 2006 of $4.0 million, a 184.9 percent increase over the $1.4 million reported for the second quarter of 2005. Diluted earnings per share for the second quarter of 2006 were $0.28 compared with $0.11 for the prior-year period. Second quarter 2006 results reflect a continuation of strong loan and deposit growth, an expanding margin and improved efficiencies compared to the second quarter of 2005. Also contributing to the relatively large increase is the fact that the second quarter 2005 results included an isolated $2.9 million provision made to the Company's loan loss reserves due to the impairment of an inherited single loan relationship at an affiliate bank, as discussed in the Company's press release dated July 19, 2005.
For the first six months of 2006, the Company reported earnings of $7.2 million, or $0.53 per diluted share, compared with $4.4 million, or $0.35 per diluted share, for the first six months in 2005.
Commenting on the quarter, Richard A. Hunt, President and CEO of GB&T Bancshares, Inc., noted that he was very pleased. "We delivered strong results from a combination of sources: organic loans and deposits generated within our strong markets; the acquisition of our newest affiliate, Mountain State Bank, on April 28th; the strengthening of our net interest margin in a challenging rate environment, and improved efficiencies as we increase in asset size.
"Based on the first two months with our company, we anticipate that Mountain State Bank will make a meaningful contribution to 2006 earnings, and management is optimistic that it will exceed our twelve-month goal for earnings per share accretion. Mountain State Bank operates in one of the most vibrant and growing markets in the country: Forsyth and Dawson counties, and we expect its contribution should further improve GB&T's consolidated performance going forward."
Mr. Hunt continued, "The quality and consistency of our performance this quarter was tempered only by the spike in nonperforming assets we experienced, which is discussed in more detail below. We believe we are well-secured by property and personal guaranties for the overwhelming majority of nonperforming assets, and we do not see any significant exposures. We have already resolved $1.8 million of the total since quarter-end, and we expect to see further reductions shortly. Despite this diversion of corporate resources, earnings growth is on target for the year."
At a meeting held July 17, 2006, the board of directors of GB&T Bancshares declared a third quarter cash dividend of $0.09 per share on the Company's common stock. The dividend is payable on August 11, 2006 to shareholders of record at the close of business on July 28, 2006.
Total revenue, defined as net interest income plus other income, increased 17.0 percent year-over-year, from $17.0 million for the second quarter of 2005 to $19.9 million for the 2006 second quarter. Net interest income increased 22.6 percent from the second quarter of 2005 to $17.3 million, reflecting 17.5 percent growth in average earning assets and a 17 basis point improvement in the net interest margin, to 4.43 percent. For the first six months of 2006, total revenue was $37.8 million, up 16.3 percent from the comparable 2005 period. Net interest income grew 22.0 percent, to $32.8 million, from a combination of growth in average earning assets, up 18.8 percent, and 10 basis points of margin expansion, to 4.39 percent. Mr. Hunt added that pricing discipline was a significant element of GB&T's success with respect to its expanding net interest margin.
Other income for the second quarter of 2006 was $2.6 million compared with $2.9 million for the prior-year quarter, a decline of $295,000, or 10.2 percent. The majority of the decline resulted from the fourth quarter of 2005 sale of Community Loan Company, which had contributed $145,000 of insurance commissions in the year-ago quarter. The remaining declines were distributed across-the-board: service charges on deposit accounts, down $47,000 or 2.8 percent; mortgage origination fees, down $42,000 or 6.4 percent; and other operating income, down $65,000 or 14.4 percent.
Mr. Hunt commented, "We continue to leverage our excellent top-line performance with good expense controls; the impact is evident in our gradually improving efficiency ratio. So far this year, we've improved nearly 300 basis points compared to the first half of 2005. Even as we have acquired additional high-touch community banks with separate charters, local boards and management teams, we have been able to streamline their operations and workforce, such that revenue growth has consistently outpaced our expense base." For the second quarter of 2006, other expense was $12.6 million, an increase of 11.6 percent over the $11.3 million reported for the second quarter of 2005. Salaries and employee benefits expense, the largest component of other expense, increased 13.6 percent. The efficiency ratio improved to 62.03 percent for the second quarter of 2006 from 65.11 percent for the prior-year second quarter and 64.48 percent in the first quarter of 2006.
Nonperforming assets at June 30, 2006 were $18.4 million, or 1.00 percent of total assets, compared with $10.5 million or 0.64 percent at March 31, 2006, and $9.9 million or 0.65 percent at June 30, 2005. Annualized net charge-offs for the second quarter of 2006 were $607,000 or 0.18 percent of average loans compared with $276,000 or 0.09 percent of average loans for the first quarter of 2006, and $1.7 million or 0.61 percent for the second quarter of 2005. Loan loss reserves at June 30, 2006, were 1.09 percent of total loans compared with 1.08 percent at March 31, 2006 and 1.26 percent at June 30, 2005. According to Mr. Hunt, "We believe that the spike in nonperforming assets will be short-term and that the spike is not related to any changes in the strength of our markets. Still, we believe it is prudent to position ourselves more conservatively. Actions we began in the first quarter, including tightening of our lending policies and increased provisioning to reserves, have us well-positioned to address any decline in market conditions."
At June 30, 2006, GB&T Bancshares' had total assets of $1.8 billion, an increase of 19.4 percent over the past twelve months, from $1.5 billion at June 30, 2005. Excluding the $165.5 million of assets acquired with Mountain State Bank, organic asset growth was 8.6 percent. Total loans increased $268.4 million since June 30, 2005, or 23.3 percent, reaching $1.42 billion at June 30, 2006. Of this total, $107.5 million was due to the acquisition of Mountain State with organic loan growth contributing the remaining $160.9 million, or 14.0 percent. Mr. Hunt noted that the construction pipeline is strong, as are other real estate-related areas of the portfolio. Total deposits were $1.41 billion, an increase of $254.9 million or 22.0 percent from year-ago levels; excluding Mountain State Bank deposits of $124.0 million, organic deposit growth was 11.3 percent.
Stockholders' equity at June 30, 2006, was $228.5 million, a twelve-month increase of $27.2 million, or 13.5 percent. Stockholders' equity was 12.5 percent of period-end assets. The Company had 13,926,166 shares of common stock outstanding at June 30, 2006.
About GB&T Bancshares, Inc.
Based in Gainesville, Georgia, GB&T Bancshares, Inc. is a multi-bank holding company operating seven community banks: Gainesville Bank & Trust, United Bank & Trust, Community Trust Bank, HomeTown Bank of Villa Rica, First National Bank of the South, First National Bank of Gwinnett, and Mountain State Bank. As of June 30, 2006, GB&T Bancshares had assets of $1.8 billion, with 30 full-service banking offices located in thirteen Georgia counties. GB&T Bancshares' common stock is listed on the Nasdaq Global Select 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, the expected contribution of Mountain State Bank to earnings growth, the anticipated reduction in nonperforming assets, the Company's collateral position for its nonperforming assets, 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) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which we are engaged; (6) costs or difficulties related to the integration of our businesses may be greater than expected; (7) deposit attrition, customer loss or revenue loss following the acquisitions may be greater than expected; (8) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than us; and (9) 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.
G B & T Bancshares Inc.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
---------------------------------
(Dollars in thousands except per share amounts)
---------- --------- --------- --------- ---------
2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
2006 2006 2005 2005 2005
---------- --------- --------- --------- ---------
EARNINGS
Net interest
income (fully
tax
equivalent) $ 17,374 15,517 15,532 14,717 14,198
Provision for
loan loss $ 1,274 1,206 977 635 3,822
Other income $ 2,611 2,463 2,492 3,476 2,906
Other expense $ 12,578 11,744 11,406 11,551 11,273
Net income $ 3,954 3,277 3,689 3,903 1,388
Non-recurring
(income)/
expense
(after-tax) $ 0 0 190 0 0
Operating
income $ 3,954 3,277 3,879 3,903 1,388
PER SHARE DATA
Basic earnings
per share $ 0.29 0.26 0.29 0.31 0.11
Diluted earnings
per share $ 0.28 0.25 0.28 0.30 0.11
Operating di-
luted earnings
per share $ 0.28 0.25 0.30 0.30 0.11
Book value
per share $ 16.41 15.59 15.54 15.99 15.81
Tangible book
value per
share $ 9.74 10.45 10.32 10.16 9.97
Cash dividend
per share $ 0.090 0.085 0.085 0.085 0.085
PERFORMANCE
RATIOS
Return on
average
assets 0.91% 0.83% 0.92% 1.00% 0.37%
Return on
average
tangible
assets 0.95% 0.87% 0.96% 1.05% 0.39%
Return on
average equity 7.23% 6.60% 7.16% 7.64% 2.76%
Return on
average
tangible equity 11.72% 9.87% 11.20% 12.07% 4.37%
Net interest
margin (fully
tax equivalent) 4.43% 4.35% 4.28% 4.20% 4.26%
Other expense/
Average assets 2.88% 2.98% 2.84% 2.96% 3.02%
Efficiency Ratio 62.03% 64.48% 60.76% 64.69% 65.11%
Other income/
Total operating
revenue 13.11% 13.74% 13.88% 16.64% 17.07%
MARKET DATA
Market value
per share -
Period end $ 21.76 22.35 21.41 21.23 23.76
Market as a
% of book 1.33 1.43 1.38 1.33 1.50
Cash dividend
yield 1.65% 1.52% 1.59% 1.60% 1.43%
Common stock
dividend
payout ratio 32.14% 34.00% 30.36% 28.33% 77.27%
Period-end
common shares
outstanding
(000) 13,926 12,939 12,784 12,729 12,716
Common stock
market
capitalization
($Millions) $ 303.03 289.18 273.71 270.24 302.13
CAPITAL &
LIQUIDITY RATIOS
Period-end
equity to
assets 12.49% 12.34% 12.54% 12.62% 13.13%
Period-end
tangible equity
to tangible
assets 7.81% 8.62% 8.70% 8.40% 8.70%
Total risk-based
capital ratio N/A 13.57% 13.80% 13.72% 14.39%
Average loans
to average
deposits 100.92% 101.48% 100.72% 100.53% 100.57%
ASSET QUALITY
Net charge-
offs $ 607 276 307 2,949 1,707
(Ann.) Net
loan charge-
offs/Average
loans 0.178% 0.090% 0.100% 0.996% 0.607%
Nonaccrual
loans $ 14,152 7,114 6,562 5,957 6,811
Foreclosed
assets $ 4,229 3,348 3,431 2,887 2,965
90-day past
dues $ 7 -- 17 297 126
Nonperforming
assets/Total
assets 1.00% 0.64% 0.63% 0.57% 0.65%
Allowance for
loan losses/
Total loans 1.09% 1.08% 1.04% 1.02% 1.26%
Allowance for
loan losses/
Nonperforming
assets 84.08% 130.98% 127.60% 134.20% 147.25%
END OF PERIOD
BALANCES
Total loans,
net of
unearned
fees $1,421,176 1,273,719 1,231,410 1,208,031 1,152,737
Total assets $1,829,700 1,634,741 1,584,094 1,613,806 1,532,935
Total
deposits $1,414,029 1,276,456 1,197,026 1,233,729 1,159,109
Total stock-
holders'
equity $ 228,470 201,769 198,711 203,597 201,269
Full-time
equivalent
employees 475 454 452 469 463
AVERAGE BALANCES
Total loans,
net of unearned
fees $1,366,170 1,244,261 1,218,896 1,175,083 1,128,442
Total
interest-
earning
assets $1,573,013 1,447,571 1,439,033 1,390,897 1,338,276
Total assets $1,748,798 1,596,879 1,593,014 1,546,761 1,498,217
Total
deposits $1,353,758 1,226,141 1,210,205 1,168,863 1,122,061
Total
interest-
bearing
liabilities $1,343,727 1,220,332 1,195,088 1,176,016 1,131,022
Total stock-
holders'
equity $ 219,387 201,292 204,481 202,586 201,727
---------- ---------
YTD YTD
6/30/2006 6/30/2005
---------- ---------
EARNINGS
Net interest income (fully tax equivalent) $ 32,891 27,022
Provision for loan loss $ 2,480 4,304
Other income $ 5,074 5,663
Other expense $ 24,322 21,868
Net income $ 7,231 4,399
Non-recurring (income)/expense (after-tax) $ 0 0
Operating income $ 7,231 4,399
PER SHARE DATA
Basic earnings per share $ 0.54 0.36
Diluted earnings per share $ 0.53 0.35
Operating diluted earnings per share $ 0.53 0.35
Book value per share $ 16.41 15.81
Tangible book value per share $ 9.74 9.97
Cash dividend per share $ 0.175 0.161
PERFORMANCE RATIOS
Return on average assets 0.87% 0.62%
Return on average tangible assets 0.91% 0.65%
Return on average equity 6.93% 4.61%
Return on average tangible equity 10.81% 7.12%
Net interest margin (fully tax equivalent) 4.39% 4.29%
Other expense / Average assets 2.93% 3.10%
Efficiency Ratio 63.19% 66.13%
Other income/Total operating revenue 13.41% 17.41%
MARKET DATA
Market value per share -- Period end $ 21.76 23.76
Market as a % of book 1.33 1.50
Cash dividend yield 3.22% 2.71%
Common stock dividend payout ratio 33.02% 46.00%
Period-end common shares outstanding (000) 13,926 12,716
Common stock market capitalization
($Millions) $ 303.03 302.13
CAPITAL & LIQUIDITY RATIOS
Period-end equity to assets 12.49% 13.13%
Period-end tangible equity to tangible assets 7.81% 8.70%
Total risk-based capital ratio N/A 14.39%
Average loans to average deposits 101.18% 100.87%
ASSET QUALITY
Net charge-offs $ 883 2,053
(Ann.) Net loan charge-offs/ Average loans 0.136% 0.388%
Nonaccrual loans $ 14,152 6,811
Foreclosed assets $ 4,229 2,965
90-day past dues $ 7 126
Nonperforming assets/ Total assets 1.00% 0.65%
Allowance for loan losses/ Total loans 1.09% 1.26%
Allowance for loan losses/Nonperforming
assets 84.08% 147.25%
END OF PERIOD BALANCES
Total loans, net of unearned fees $1,421,176 1,152,737
Total assets $1,829,700 1,532,935
Total deposits $1,414,029 1,159,109
Total stockholders' equity $ 228,470 201,269
Full-time equivalent employees 475 463
AVERAGE BALANCES
Total loans, net of unearned fees $1,305,354 1,066,041
Total interest-earning assets $1,510,409 1,270,936
Total assets $1,672,952 1,422,919
Total deposits $1,290,074 1,056,851
Total interest-bearing liabilities $1,282,150 1,073,269
Total stockholders' equity $ 210,315 192,465
The following table provides a detailed analysis of Non-GAAP measures.
--------------------- ------ ------ ------ ------ ------
Reconciliation Table 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
(Dollars in thousands) 2006 2006 2005 2005 2005
--------------------- ------ ------ ------ ------ ------
Book value per share $16.41 15.59 15.54 15.99 15.81
Effect of intangible
assets per share $(6.67) (5.14) (5.22) (5.83) (5.84)
Tangible book value
per share $ 9.74 10.45 10.32 10.16 9.97
Return on average
assets 0.91% 0.83% 0.92% 1.00% 0.37%
Effect of intangible
assets 0.04% 0.04% 0.04% 0.05% 0.02%
Return on average
tangible assets 0.95% 0.87% 0.96% 1.05% 0.39%
Return on average
equity 7.23% 6.60% 7.16% 7.64% 2.76%
Effect of intangible
assets 4.49% 3.28% 4.04% 4.44% 1.61%
Return on average
tangible equity 11.72% 9.87% 11.20% 12.07% 4.37%
Period end equity
to assets 12.49% 12.34% 12.54% 12.62% 13.13%
Effect of intangible
assets -4.68% -3.72% -3.85% -4.22% -4.43%
Period-end tangible
equity to tangible
assets 7.81% 8.62% 8.70% 8.40% 8.70%
--------- ---------
YTD YTD
6/30/2006 6/30/2005
--------- ---------
Book value per share 16.41 15.81
Effect of intangible assets per share (6.67) (5.84)
Tangible book value per share 9.74 9.97
Return on average assets 0.87% 0.62%
Effect of intangible assets 0.04% 0.03%
Return on average tangible assets 0.91% 0.65%
Return on average equity 6.93% 4.61%
Effect of intangible assets 3.89% 2.51%
Return on average tangible equity 10.81% 7.12%
Period end equity to assets 12.49% 13.13%
Effect of intangible assets -4.68% -4.43%
Period-end tangible equity to tangible assets 7.81% 8.70%
GB&T Bancshares, Inc. and Subsidiaries
Consolidated Statements of Condition
6/30/2006 6/30/2005
(Unaudited) (Unaudited)
Assets (in thousands): ----------- -----------
Cash and due from banks $ 29,632 $ 31,934
Interest-bearing deposits in banks 1,596 5,849
Federal funds sold 10,970 13,702
Securities available-for-sale 198,602 194,509
Restricted equity securities, at cost 10,445 9,003
Loans, net of unearned income 1,421,176 1,152,737
Less allowance for loan losses 15,460 14,581
----------- -----------
Loans, net 1,405,716 1,138,156
----------- -----------
Premises and equipment, net 42,641 37,335
Goodwill 86,689 68,469
Intangible assets 6,151 5,907
Other assets 37,258 28,071
----------- -----------
Total assets $ 1,829,700 $ 1,532,935
=========== ===========
Liabilities and Stockholders' Equity
(in thousands):
Deposits:
Noninterest-bearing $ 168,772 $ 156,486
Interest-bearing demand & savings 441,823 418,907
Time deposits 803,434 583,716
----------- -----------
Total deposits 1,414,029 1,159,109
Federal funds purchased and securities
sold under repurchase agreements 29,364 28,664
Federal Home Loan Bank advances 110,723 101,787
Other borrowings 543 649
Other liabilities 16,673 11,559
Subordinated debt 29,898 29,898
----------- -----------
Total liabilities 1,601,230 1,331,666
----------- -----------
Stockholders' equity:
Capital stock 184,244 163,999
Retained earnings 48,378 37,976
Accumulated other comprehensive loss (4,152) (706)
----------- -----------
Total stockholders' equity 228,470 201,269
----------- -----------
Total liabilities and
stockholders' equity $ 1,829,700 $ 1,532,935
=========== ===========
GB&T BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three months ended Six months ended
June 30, June 30,
----------------- -----------------
2006 2005 2006 2005
------- ------- ------- -------
(Dollars in thousands, except
per share amounts)
Interest income:
Loans, including fees $28,529 $20,024 $53,061 $36,983
Taxable securities 1,978 1,777 3,890 3,476
Nontaxable securities 133 165 250 330
Federal funds sold 97 57 196 103
Interest-bearing deposits
in banks 37 6 45 16
------- ------- ------- -------
Total interest income 30,774 22,029 57,442 40,908
------- ------- ------- -------
Interest expense:
Deposits 11,523 6,268 20,955 10,899
Federal funds purchased and
securities sold under
repurchase agreements 304 153 528 308
Federal Home Loan Bank advances 989 991 1,952 1,865
Other borrowings 647 497 1,234 970
------- ------- ------- -------
Total interest expense 13,463 7,909 24,669 14,042
------- ------- ------- -------
Net interest income 17,311 14,120 32,773 26,866
Provision for loan losses 1,274 3,822 2,480 4,304
------- ------- ------- -------
Net interest income after
provision for loan losses 16,037 10,298 30,293 22,562
------- ------- ------- -------
Other income:
Service charges on deposit
accounts 1,605 1,652 3,126 3,164
Mortgage origination fees 616 658 1,141 1,123
Insurance commissions 5 146 7 293
Gain on sale of securities -- -- -- 1
Other operating income 385 450 800 1,082
------- ------- ------- -------
Total other income 2,611 2,906 5,074 5,663
------- ------- ------- -------
Other expense:
Salaries and employee benefits 7,461 6,566 14,641 12,881
Occupancy and equipment
expenses, net 1,710 1,578 3,339 3,017
Other operating expenses 3,407 3,129 6,342 5,970
------- ------- ------- -------
Total other expense 12,578 11,273 24,322 21,868
------- ------- ------- -------
Income before income taxes 6,070 1,931 11,045 6,357
Income tax expense 2,116 543 3,814 1,958
------- ------- ------- -------
Net income $ 3,954 $ 1,388 $ 7,231 $ 4,399
======= ======= ======= =======
Earnings per share:
Basic $ 0.29 $ 0.11 $ 0.54 $ 0.36
======= ======= ======= =======
Diluted $ 0.28 $ 0.11 $ 0.53 $ 0.35
======= ======= ======= =======
Weighted average shares
Basic 13,666 12,686 13,263 12,380
======= ======= ======= =======
Diluted 14,000 13,078 13,563 12,756
======= ======= ======= =======
Cash dividends per
common share $ 0.090 $ 0.085 $ 0.175 $ 0.161
======= ======= ======= =======
GB&T Bancshares, Inc.
Yield Analysis - June 30, 2006
(Dollars in thousands)
For the Six Months Ended
June 30, 2006
------------------------------
Average Yields
balances Interest /Rates
------------------------------
Assets
Interest earning assets:
Taxable securities $ 194,189 $ 3,890 4.04%
Nontaxable securities(a) 10,459 368 7.10%
Federal funds sold 8,699 196 4.54%
Interest bearing deposits in banks 1,151 45 7.88%
Loans, net of unearned income 1,295,911 53,061 8.26%
--------------------
Total interest earning assets $1,510,409 $ 57,560 7.68%
--------------------
Noninterest earning assets:
Unrealized gains (losses)
on securities (4,752)
Allowance for loan losses (13,812)
Nonaccrual loans 9,443
Cash and due from banks 23,213
Other assets 148,451
------------------------------
Total noninterest earning assets 162,543
------------------------------
Total assets $1,672,952
------------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 425,456 5,753 2.73%
Time 701,143 15,202 4.37%
Borrowings 155,551 3,714 4.81%
--------------------
Total interest bearing liabilities 1,282,150 24,669 3.88%
--------------------
Noninterest bearing liabilities
& shareholders' equity:
Noninterest bearing deposits 163,474
Other liabilities 17,013
Shareholder's equity 210,315
------------------------------
Total liabilities &
shareholders' equity $1,672,952
------------------------------
Interest rate differential 3.80%
------------------------------
Net interest income(a) 32,891
------------------------------
Net interest margin(a) 4.39%
------------------------------
For the Three Months Ended
June 30, 2006
------------------------------
Average Yields
balances Interest /Rates
------------------------------
Assets
Interest earning assets:
Taxable securities $ 198,344 $ 1,978 4.00%
Nontaxable securities(a) 10,587 196 7.43%
Federal funds sold 7,964 97 4.89%
Interest bearing deposits in banks 1,629 37 9.11%
Loans, net of unearned income 1,354,489 28,529 8.45%
--------------------
Total interest earning assets $1,573,013 $ 30,837 7.86%
--------------------
Noninterest earning assets:
Unrealized gains (losses)
on securities (5,351)
Allowance for loan losses (14,601)
Nonaccrual loans 11,681
Cash and due from banks 23,576
Other assets 160,480
------------------------------
Total noninterest earning assets 175,785
------------------------------
Total assets $1,748,798
------------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 437,974 3,107 2.85%
Time 747,910 8,416 4.51%
Borrowings 157,843 1,940 4.93%
--------------------
Total interest bearing liabilities 1,343,727 13,463 4.02%
--------------------
Noninterest bearing liabilities
& shareholders' equity:
Noninterest bearing deposits 167,873
Other liabilities 17,811
Shareholder's equity 219,387
------------------------------
Total liabilities &
shareholders' equity $1,748,798
------------------------------
Interest rate differential 3.84%
------------------------------
Net interest income(a) 17,374
------------------------------
Net interest margin(a) 4.43%
------------------------------
(a) fully tax equivalent