GAINESVILLE, Ga., Oct. 18, 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 of $4.2 million for the third quarter of 2006, an 8.0 percent increase over the $3.9 million reported for the third quarter of 2005. Third quarter 2006 results reflect solid loan growth from a combination of organic sources and its recent acquisition of Mountain State Bank, supported by a net interest margin of continuing strength, with disciplined cost controls in place. Diluted earnings per share for the third quarter of 2006 were $0.30, compared to $0.30 for the prior-year third quarter.
Richard A. Hunt, President and CEO of GB&T Bancshares, Inc., commented, "Our third quarter results reflect the substantial additions we have made this quarter to our loan loss reserve. Year-to-date, we have increased our reserves to 1.15 percent of loans, from its year-end 2005 level of 1.04 percent. We believe the present lending environment calls for a higher level of reserves, and we have been moving proactively to position our balance sheet more conservatively."
For the first nine months of 2006, the Company reported earnings of $11.4 million, or $0.83 per diluted share, compared with $8.3 million, or $0.65 per diluted share, for the first nine months of 2005. The acquisition of Mountain State Bank was a success and results have been accretive to diluted earnings per share. Additionally, the relatively large increase in year-to-date earnings compared with the prior-year period reflects the inclusion in second quarter 2005 results of 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.
At a meeting held October 16, 2006, the board of directors of GB&T Bancshares declared a fourth quarter cash dividend of $0.09 per share on the Company's common stock. The dividend is payable on November 13, 2006 to shareholders of record at the close of business on October 30, 2006.
Total revenue, defined as net interest income plus other income, increased 16.4 percent year over year, from $18.1 million for the third quarter of 2005 to $21.1 million for the third quarter of this year. Net interest income increased 25.2 percent to $18.3 million, reflecting 19.8 percent growth in average earning assets and an 18 basis point improvement in the net interest margin, to 4.38 percent.
For the first nine months of 2006, total revenue was $58.9 million, up 16.4 percent from the comparable 2005 period. Net interest income grew 23.1 percent, to $51.1 million, from a combination of growth in average earning assets, up 19.2 percent, and a 13 basis point margin expansion, to 4.39 percent.
Mr. Hunt continued, "As is the case throughout the industry, we have seen a shift in our deposit mix from lower-cost transaction accounts to higher-cost time deposits, resulting in substantially higher funding costs. However, the strength of our market has allowed us to retain pricing discipline as we continue building our loan portfolio, resulting in a strong and steady net interest margin. It is a credit to our lenders and our ALCO managers that GB&T has improved its net interest margin 13 basis points year-to-date."
Other income for the third quarter of 2006 was $2.8 million compared with $3.5 million for the third quarter of 2005, a decline of $712,000, or 20.5 percent. Third quarter 2005 other income included $552,000 of securities gains and $149,000 of insurance commissions generated by Community Loan Company, which was sold by the Company in the fourth quarter of 2005. Excluding these items, other income was essentially unchanged compared to the third quarter of 2005 as the $149,000 or 24.0 percent increase in mortgage origination fees was offset by declines in service charges and other income. Other income, as compared to the second quarter ended June 30, 2006, increased $153,000 or 5.9 percent.
"Expense management has been excellent," Mr. Hunt added, "and for the first time ever, we improved our efficiency ratio to below 60 percent. We successfully completed the integration of Mountain State Bank and our expense level this quarter -- the first full quarter to include the operations of Mountain State Bank -- actually declined as a percentage of average assets." For the third quarter of 2006, other expense was $12.9 million, an increase of 11.3 percent over the $11.6 million reported for the third quarter of 2005; compared with the second quarter, other expense increased $282,000 or 2.2 percent. As a percentage of average assets, operating expenses have been trending downward throughout 2006; for the 2006 nine-month period, operating expenses were 2.87 percent of average assets, compared with 3.05 percent for the prior-year period, and for the third quarter of 2006, operating expenses reached a low of 2.75 percent of average assets.
Dynamic growth in revenue also contributed to the vastly improved efficiency ratio this quarter; at 59.84 percent for the third quarter of 2006, the ratio improved 485 basis points from 64.69 percent for the prior-year third quarter and 219 basis points from 62.03 percent in the second quarter of 2006.
The Company continues to focus on asset quality, although improvement from elevated second quarter levels has been slow. Mr. Hunt commented, "Although the significant nonperforming asset we reported last quarter is still on our books, I am pleased to report that we have made substantial progress on its eventual collection, and continue to have a high level of confidence in the value of the collateral securing the credit. We have reached an agreement with the borrower that we expect to result in full payment by the end of this calendar year." Reserves now stand at 1.15 percent of loans compared with 1.04 percent at year-end 2005; GB&T has added nearly $4.3 million to its loan loss reserves this year, compared to year-to-date net charge-offs of $1.4 million.
Nonperforming assets at September 30, 2006 were $18.0 million, or 0.96 percent of total assets, compared with $18.1 million or 0.99 percent at June 30, 2006, and $9.1 million or 0.57 percent at September 30, 2005. Annualized net charge-offs for the third quarter of 2006 were $526,000 or 0.15 percent of average loans compared with $607,000 or 0.18 percent of average loans for the second quarter of 2006, and $2.9 million or 1.00 percent for the third quarter of 2005.
Asset growth remains strong. At September 30, 2006, GB&T Bancshares had total assets of $1.9 billion compared with $1.6 billion at September 30, 2005; this represents an increase of $262.3 million or 16.3 percent over the past twelve months. Excluding the $165.5 million of assets acquired with Mountain State Bank, organic asset growth was $96.8 million or 6.0 percent. Year-to-date, total assets increased $292.0 million or 18.4 percent (24.6 percent annualized), with organic growth accounting for $126.5 million or 8.0 percent (10.6 percent annualized) of this increase.
Total loans increased $249.8 million since September 30, 2005, or 20.7 percent, reaching $1.46 billion at September 30, 2006. Of this total, $107.5 million was derived from the acquisition of Mountain State Bank; the remaining $142.3 million, representing loan growth of 11.8 percent, was obtained from within GB&T's market area. Year-to-date, loans grew $226.5 million, or 18.4 percent (24.5 percent annualized), of which $119.0 million was organic (up 9.7 percent year-to-date or 12.9 percent annualized). Compared to the June 30, 2006 quarter, total loan growth has moderated to an annualized rate of 10.3 percent.
Mr. Hunt continued, "In light of the serious price competition we are seeing in our markets, we have moderated our loan growth to a level where profitability can be sustained. We place a great deal of importance on achieving a balance of loan growth and profitability."
Total deposits were $1.46 billion at September 30, 2006, up $223.5 million or 18.1 percent from year-ago levels; excluding $124.0 million of deposits acquired with Mountain State Bank, organic deposit growth was $99.5 million, or 8.1 percent, year-over-year. For the nine-month period year-to-date, total deposits grew $260.2 million, or 21.7 percent; compared to the June 30, 2006 quarter, total deposits increased $43.2 million. Transaction deposits (DDA & Savings) were 41.2 percent of total deposits as of September 30, 2006 compared to 47.9 percent at year-end 2005 and 43.2 percent as of June 30, 2006. Time deposits were 58.8 percent of total deposits as of September 30, 2006 compared to 52.1 percent at year-end 2005 and 56.8 percent as of June 30, 2006.
Stockholders' equity at September 30, 2006, was $234.2 million, a twelve-month increase of $30.6 million, or 15.0 percent. Stockholders' equity was 12.5 percent of period-end assets. The Company had 14,054,000 shares of common stock outstanding at September 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 September 30, 2006, GB&T Bancshares had total assets of $1.9 billion, with 31 banking offices located in fourteen 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 Company's collateral position for its nonperforming assets and the expected repayment of certain nonperforming loans, 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 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
except per 2006 2006 2006 2005 2005
share amounts)
-------------- ------------------- -------- -------- --------
EARNINGS
Net interest
income
(fully tax
equivalent) $ 18,397 17,374 15,517 15,532 14,717
Provision
for loan
loss $ 1,789 1,274 1,206 977 635
Other income $ 2,764 2,611 2,463 2,492 3,476
Other
expense $ 12,860 12,578 11,744 11,406 11,551
Net income $ 4,215 3,954 3,277 3,689 3,903
Non-recurring
(income)/
expense
(after-tax) $ 0 0 0 190 0
Operating
income $ 4,215 3,954 3,277 3,879 3,903
PER SHARE DATA
Basic earnings
per share $ 0.30 0.29 0.26 0.29 0.31
Diluted
earnings
per share $ 0.30 0.28 0.25 0.28 0.30
Operating
diluted
earnings
per share $ 0.30 0.28 0.25 0.30 0.30
Book value
per share $ 16.66 16.41 15.59 15.54 15.99
Tangible
book value
per share $ 10.05 9.74 10.45 10.32 10.16
Cash dividend
per share $ 0.090 0.090 0.085 0.085 0.085
PERFORMANCE RATIOS
Return on
average
assets 0.90% 0.91% 0.83% 0.92% 1.00%
Return on
average
tangible
assets 0.95% 0.95% 0.87% 0.96% 1.05%
Return on
average
equity 7.21% 7.23% 6.60% 7.16% 7.64%
Return on
average
tangible
equity 12.02% 11.72% 9.87% 11.20% 12.07%
Net interest
margin
(fully tax
equivalent) 4.38% 4.43% 4.35% 4.28% 4.20%
Other
expense/
Average
assets 2.75% 2.88% 2.98% 2.84% 2.96%
Efficiency
Ratio 59.84% 62.03% 64.48% 60.76% 64.69%
Other
income/Total
operating
revenue 13.10% 13.11% 13.74% 13.88% 16.64%
MARKET DATA
Market value
per share --
Period end $ 21.05 21.76 22.35 21.41 21.23
Market as a
% of book 1.26 1.33 1.43 1.38 1.33
Cash dividend
yield 1.71% 1.65% 1.52% 1.59% 1.60%
Common stock
dividend
payout
ratio 30.00% 32.14% 34.00% 30.36% 28.33%
Period-end
common
shares
outstanding
(000) 14,054 13,926 12,939 12,784 12,729
Common stock
market
capitalization
($Millions) $ 295.83 303.03 289.18 273.71 270.24
CAPITAL & LIQUIDITY RATIOS
Period-end
equity to
assets 12.48% 12.49% 12.34% 12.54% 12.62%
Period-end
tangible
equity to
tangible
assets 7.92% 7.81% 8.62% 8.70% 8.40%
Total risk-
based
capital
ratio N/A 12.26% 13.57% 13.80% 13.72%
Average loans
to average
deposits 99.18% 100.92% 101.48% 100.72% 100.53%
ASSET QUALITY
Net charge-
offs $ 526 607 276 307 2,949
(Ann.) Net
loan charge-
offs/Average
loans 0.146% 0.178% 0.090% 0.100% 0.996%
Nonaccrual
loans $ 14,934 13,819 7,114 6,562 5,957
Foreclosed
assets $ 3,047 4,229 3,348 3,431 2,887
90-day past
dues $ 12 7 -- 17 297
Nonperforming
assets/Total
assets 0.96% 0.99% 0.64% 0.63% 0.57%
Allowance for
loan
losses/Total
loans 1.15% 1.09% 1.08% 1.04% 1.02%
Allowance
for loan
losses/
Nonperforming
assets 92.93% 85.63% 130.98% 127.60% 134.20%
END OF PERIOD BALANCES
Total loans,
net of
unearned
fees $ 1,457,873 1,421,176 1,273,719 1,231,410 1,208,031
Total assets $ 1,876,062 1,829,700 1,634,741 1,584,094 1,613,806
Total
deposits $ 1,457,237 1,414,029 1,276,456 1,197,026 1,233,729
Total
stockholders'
equity $ 234,196 228,470 201,769 198,711 203,597
Full-time
equivalent
employees 497 475 454 452 469
AVERAGE BALANCES
Total loans,
net of
unearned
fees $ 1,432,361 1,366,170 1,244,261 1,218,896 1,175,083
Total
interest-
earning
assets $ 1,666,388 1,573,013 1,447,571 1,439,033 1,390,897
Total assets $ 1,856,968 1,748,798 1,596,879 1,593,014 1,546,761
Total
deposits $ 1,444,246 1,353,758 1,226,141 1,210,205 1,168,863
Total
interest-
bearing
liabilities $ 1,437,952 1,343,727 1,220,332 1,195,088 1,176,016
Total
stockholders'
equity $ 231,831 219,387 201,292 204,481 202,586
The following table provides a detailed analysis of Non-GAAP measures.
Reconciliation Table
-------- -------- -------- -------- --------
(Dollars in 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
thousands) 2006 2006 2006 2005 2005
-------------- -------- -------- -------- -------- --------
Book value
per share $ 16.66 16.41 15.59 15.54 15.99
Effect of
intangible
assets per
share $ (6.61) (6.67) (5.14) (5.22) (5.83)
Tangible
book value
per share $ 10.05 9.74 10.45 10.32 10.16
Return on
average
assets 0.90% 0.91% 0.83% 0.92% 1.00%
Effect of
intangible
assets 0.05% 0.04% 0.04% 0.04% 0.05%
Return on
average
tangible
assets 0.95% 0.95% 0.87% 0.96% 1.05%
Return on
average
equity 7.21% 7.23% 6.60% 7.16% 7.64%
Effect of
intangible
assets 4.81% 4.49% 3.27% 4.04% 4.43%
Return on
average
tangible
equity 12.02% 11.72% 9.87% 11.20% 12.07%
Period end
equity to
assets 12.48% 12.49% 12.34% 12.54% 12.62%
Effect of
intangible
assets -4.56% -4.68% -3.72% -3.84% -4.22%
Period-end
tangible
equity to
tangible
assets 7.92% 7.81% 8.62% 8.70% 8.40%
G B & T Bancshares Inc.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
--------------------------------------- ----------- -----------
(Dollars in thousands YTD YTD
except per share amounts) 9/30/2006 9/30/2005
--------------------------------------- ----------- -----------
EARNINGS
Net interest income (fully tax
equivalent) 51,288 41,739
Provision for loan loss 4,269 4,939
Other income 7,838 9,139
Other expense 37,182 33,419
Net income 11,446 8,302
Non-recurring (income)/expense
(after-tax) 0 0
Operating income 11,446 8,302
PER SHARE DATA
Basic earnings per share 0.85 0.66
Diluted earnings per share 0.83 0.65
Operating diluted earnings per share 0.83 0.65
Book value per share 16.66 15.99
Tangible book value per share 10.05 10.16
Cash dividend per share 0.265 0.246
PERFORMANCE RATIOS
Return on average assets 0.88% 0.76%
Return on average tangible assets 0.93% 0.80%
Return on average equity 7.01% 5.67%
Return on average tangible equity 11.15% 8.82%
Net interest margin (fully tax
equivalent) 4.39% 4.26%
Other expense/Average assets 2.87% 3.05%
Efficiency Ratio 61.99% 65.62%
Other income/Total operating revenue 13.30% 17.14%
MARKET DATA
Market value per share -- Period end 21.05 21.23
Market as a % of book 1.26 1.33
Cash dividend yield 1.26% 1.16%
Common stock dividend payout ratio 31.93% 37.85%
Period-end common shares outstanding
(000) 14,054 12,729
Common stock market capitalization
($Millions) 295.83 270.24
CAPITAL & LIQUIDITY RATIOS
Period-end equity to assets 12.48% 12.62%
Period-end tangible equity to tangible
assets 7.92% 8.40%
Total risk-based capital ratio N/A 13.72%
Average loans to average deposits 100.53% 100.75%
ASSET QUALITY
Net charge-offs 1,409 5,002
(Ann.) Net loan charge-offs/Average
loans 0.140% 0.607%
Nonaccrual loans 14,934 5,957
Foreclosed assets 3,047 2,887
90-day past dues 12 297
Nonperforming assets/Total assets 0.96% 0.57%
Allowance for loan losses/Total loans 1.15% 1.02%
Allowance for loan losses/
Nonperforming assets 92.93% 134.20%
END OF PERIOD BALANCES
Total loans, net of unearned fees 1,457,873 1,208,031
Total assets 1,876,062 1,613,806
Total deposits 1,457,237 1,233,729
Total stockholders' equity 234,196 203,597
Full-time equivalent employees 497 469
AVERAGE BALANCES
Total loans,net of unearned fees 1,347,891 1,102,641
Total interest-earning assets 1,562,721 1,311,192
Total assets 1,734,574 1,464,466
Total deposits 1,340,818 1,094,460
Total interest-bearing liabilities 1,333,455 1,107,746
Total stockholders' equity 218,384 195,836
The following table provides a detailed analysis of Non-GAAP measures.
----------- -----------
Reconciliation Table YTD YTD
(Dollars in thousands) 9/30/2006 9/30/2005
--------------------------------------- ----------- -----------
Book value per share 16.66 15.99
Effect of intangible assets per share (6.61) (5.83)
Tangible book value per share 10.05 10.16
Return on average assets 0.88% 0.76%
Effect of intangible assets 0.05% 0.04%
Return on average tangible assets 0.93% 0.80%
Return on average equity 7.01% 5.67%
Effect of intangible assets 4.14% 3.15%
Return on average tangible equity 11.15% 8.82%
Period end equity to assets 12.48% 12.62%
Effect of intangible assets -4.56% -4.22%
Period-end tangible equity to tangible
assets 7.92% 8.40%
GB&T Bancshares, Inc. and Subsidiaries
Consolidated Statements of Condition
9/30/2006 9/30/2005
Assets (in thousands): (Unaudited) (Unaudited)
Cash and due from banks $ 20,255 $ 24,953
Interest-bearing deposits in banks 3,502 871
Federal funds sold 23,287 49,622
Securities available-for-sale 206,390 192,561
Restricted equity securities, at cost 9,725 8,730
Loans, net of unearned income 1,457,873 1,208,031
Less allowance for loan losses 16,720 12,267
---------- ----------
Loans, net 1,441,153 1,195,764
---------- ----------
Premises and equipment, net 42,279 37,420
Goodwill 87,047 68,469
Intangible assets 5,913 5,756
Other assets 36,511 29,660
---------- ----------
Total assets $1,876,062 $1,613,806
========== ==========
Liabilities and Stockholders' Equity (in thousands):
Deposits:
Noninterest-bearing $ 167,510 $ 173,504
Interest-bearing demand & savings 433,452 446,372
Time deposits 856,275 613,853
---------- ----------
Total deposits 1,457,237 1,233,729
Federal funds purchased and securities
sold under repurchase agreements 43,442 30,631
Federal Home Loan Bank advances 92,636 101,691
Other borrowings 851 838
Other liabilities 17,802 13,422
Subordinated debt 29,898 29,898
---------- ----------
Total liabilities 1,641,866 1,410,209
---------- ----------
Stockholders' equity:
Capital stock 185,313 164,118
Retained earnings 51,339 40,798
Accumulated other comprehensive loss (2,456) (1,319)
---------- ----------
Total stockholders' equity 234,196 203,597
---------- ----------
Total liabilities and
stockholders' equity $1,876,062 $1,613,806
========== ==========
GB&T BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
2006 2005 2006 2005
(Dollars in thousands, except per share amounts)
Interest income:
Loans, including fees $ 31,504 $ 21,833 $ 84,565 $ 58,816
Taxable securities 2,168 1,884 6,058 5,360
Nontaxable securities 142 153 392 483
Federal funds sold 294 132 490 236
Interest-bearing
deposits in banks 39 19 84 34
-------- -------- -------- --------
Total interest
income 34,147 24,021 91,589 64,929
-------- -------- -------- --------
Interest expense:
Deposits 13,769 7,647 34,724 18,545
Federal funds purchased
and securities sold
under repurchase
agreements 287 161 815 470
Federal Home Loan Bank
advances 1,050 1,038 3,002 2,903
Other borrowings 710 530 1,944 1,500
-------- -------- -------- --------
Total interest
expense 15,816 9,376 40,485 23,418
-------- -------- -------- --------
Net interest income 18,331 14,645 51,104 41,511
Provision for loan losses 1,789 635 4,269 4,939
-------- -------- -------- --------
Net interest income
after provision
for loan losses 16,542 14,010 46,835 36,572
-------- -------- -------- --------
Other income:
Service charges on
deposit accounts 1,588 1,659 4,714 4,823
Mortgage origination
fees 770 621 1,911 1,744
Insurance commissions 1 149 8 442
Gain on sale of
securities -- 552 -- 553
Other operating income 405 495 1,205 1,577
-------- -------- -------- --------
Total other income 2,764 3,476 7,838 9,139
-------- -------- -------- --------
Other expense:
Salaries and employee
benefits 7,603 6,865 22,244 19,746
Occupancy and equipment
expenses, net 1,808 1,631 5,147 4,648
Other operating expenses 3,449 3,055 9,791 9,025
-------- -------- -------- --------
Total other expense 12,860 11,551 37,182 33,419
-------- -------- -------- --------
Income before income
taxes 6,446 5,935 17,491 12,292
Income tax expense 2,231 2,032 6,045 3,990
-------- -------- -------- --------
Net income $ 4,215 $ 3,903 $ 11,446 $ 8,302
======== ======== ======== ========
Earnings per share:
Basic $ 0.30 $ 0.31 $ 0.85 $ 0.66
======== ======== ======== ========
Diluted $ 0.30 $ 0.30 $ 0.83 $ 0.65
======== ======== ======== ========
Weighted average shares
Basic 13,970 12,723 13,501 12,494
======== ======== ======== ========
Diluted 14,304 13,089 13,813 12,868
======== ======== ======== ========
Cash dividends per
common share $ 0.090 $ 0.085 $ 0.265 $ 0.246
======== ======== ======== ========
GB&T Bancshares, Inc.
Yield Analysis - September 30, 2006
(Dollars in thousands)
For the Nine Months Ended For the Three Months Ended
September 30, 2006 September 30, 2006
--------------------------- --------------------------
Average Yields Average Yields
balances Interest /Rates balances Interest /Rates
=========================== ==========================
Assets
Interest earning
assets:
Taxable
securities $ 197,053 $ 6,058 4.11% $ 201,472 $ 2,168 4.27%
Nontaxable
securities(a) 11,067 576 6.96% 13,591 208 6.07%
Federal
funds sold 15,760 490 4.16% 29,650 294 3.93%
Interest
bearing
deposits
in banks 1,937 84 5.80% 3,500 39 4.42%
Loans, net
of unearned
income 1,336,904 84,565 8.46% 1,418,175 31,504 8.81%
------------------- -------------------
Total
interest
earning
assets $1,562,721 $91,773 7.85% $1,666,388 $34,213 8.15%
------------------- -------------------
Noninterest
earning assets:
Unrealized
gains
(losses)
on
securities (4,998) (5,482)
Allowance
for loan
losses (14,460) (15,742)
Nonaccrual
loans 10,987 14,186
Cash and due
from banks 23,684 24,623
Other assets 156,640 172,995
-------------------------- --------------------------
Total
noninterest
earning
assets 171,853 190,580
-------------------------- --------------------------
Total
assets $1,734,574 $1,856,968
========================== ==========================
Liabilities & Shareholders' Equity
Interest
bearing
liabilities:
Interest
bearing
demand &
savings $ 430,133 9,302 2.89% $ 442,386 3,549 3.18%
Time 745,537 25,422 4.56% 833,394 10,220 4.87%
Borrowings 157,785 5,761 4.88% 162,172 2,047 5.01%
------------------- -------------------
Total
interest
bearing
liabilities 1,333,455 40,485 4.06% 1,437,952 15,816 4.36%
------------------- -------------------
Noninterest
bearing
liabilities &
shareholders'
equity:
Noninterest
bearing
deposits 165,148 168,465
Other
liabilities 17,587 18,720
Shareholder's
equity 218,384 231,831
-------------------------- --------------------------
Total
liabilities &
shareholders'
equity $1,734,574 $1,856,968
========================== ==========================
Interest rate
differential 3.79% 3.79%
========================== ==========================
Net interest
income(a) 51,288 18,397
========================== ==========================
Net interest
margin(a) 4.39% 4.38%
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(a)fully tax equivalent