GAINESVILLE, Ga., Jan. 24, 2007 (PRIME NEWSWIRE) -- GB&T Bancshares, Inc. (Nasdaq:GBTB), a multi-bank holding company operating seven community banks in fast-growing markets surrounding metropolitan Atlanta, reported net income of $15.5 million for the fiscal year 2006 compared with $12.0 million for the fiscal year 2005, an increase of 28.9 percent over the prior year. Diluted earnings per share were $1.11 compared with $0.93 for 2005, an increase of 19.4 percent. Fiscal year 2006 results reflect solid loan growth from a combination of organic sources and the second quarter 2006 acquisition of Mountain State Bank, combined with disciplined expense management. Per share results also reflect additional shares issued in connection with the Mountain State Bank acquisition, which increased 2006 average diluted shares outstanding by 1,018,000, or 7.9 percent.
Richard A. Hunt, President and CEO of GB&T Bancshares, Inc., commented, "This has been a strong year for GB&T, with double-digit growth in assets and income, derived from a combination of organic growth and the acquisition of Mountain State Bank in the second quarter of 2006. Throughout this challenging twelve-month period, our net interest margin has remained stable within a narrow band, improving eight basis points year over year. We believe that the strength of our markets will enable us to successfully sustain double-digit asset growth and a net interest margin in excess of four percent, as we have done for the past five years. Combined with a continuation of disciplined expense control and a continued focus on asset quality, we anticipate that GB&T will perform and meet the aggressive goals we have set for growth and profitability."
For the fourth quarter of 2006, the Company reported earnings of $4.0 million compared with $3.7 million for the fourth quarter of 2005, an increase of 8.8 percent. Diluted earnings per share for the fourth quarter were $0.28, the same as the prior-year quarter. Fourth quarter 2006 results reflect a higher loan loss provision taken and additional shares issued during 2006 in connection with the Mountain State Bank acquisition. When compared to the fourth quarter of 2005, average diluted shares outstanding increased by 1,277,000, or 9.7 percent.
At a meeting held January 22, 2007, the board of directors of GB&T Bancshares, Inc. declared a first quarter cash dividend of $0.09 per share on the Company's common stock. The dividend is payable on February 9, 2007 to shareholders of record at the close of business on January 31, 2007.
Total revenue, defined as net interest income plus other income, increased 16.2 percent year-over-year, from $68.6 million for the fiscal year 2005 to $79.7 million for the fiscal year 2006. Net interest income increased 21.4 percent to $69.2 million for the fiscal year 2006, reflecting 19.1 percent growth in average earning assets and an eight basis point improvement in the net interest margin, to 4.34 percent. Mr. Hunt noted, "Our net interest margin held steady throughout most of the year, but the lower volume of loans booked in the second half of 2006 reduced loan fee income. Combined with rising funding costs, this contributed to a 16 basis point decline in the net interest margin from the third to the fourth quarter of 2006."
Other income declined 9.6 percent, from $11.6 million reported for the fiscal year 2005 to $10.5 million for the fiscal year 2006. Excluding a 2005 nonrecurring gain of $553,000 from the sale of securities as well as a securities loss of $16,000 in 2006, the year-over-year decline in other income was 5.0 percent. The decline in other income was primarily attributable to the loss in 2006 of $475,000 of insurance commissions generated by Community Loan Company in 2005 as well as a decline in service charges and other income. These declines were only partially offset by a $398,000 or 17.6 percent increase in mortgage origination fees.
Total revenue for the fourth quarter of 2006 was $20.8 million compared with $18.0 million for the fourth quarter of 2005, an increase of 15.6 percent. Net interest income for the fourth quarter of 2006 increased 16.9 percent to $18.1 million, reflecting 18.7 percent growth in average earning assets partially offset by a six basis point decline in the net interest margin to 4.22 percent. Other income was $2.7 million for the fourth quarter of 2006 compared with $2.5 million for the fourth quarter of 2005, primarily due to an increase in mortgage origination fees of $231,000 or 4.5 percent.
"We continue to achieve improved efficiencies as we integrate our prior acquisitions," Mr. Hunt added, "and throughout 2006, expense levels as a percentage of average assets declined. We anticipate this trend to continue." For the fiscal year 2006, other expense was $50.2 million, an increase of 11.9 percent over the $44.8 million reported for the fiscal year 2005. Operating expenses as a percentage of average assets trended downward throughout 2006, averaging 2.82 percent of average assets for fiscal year 2006, compared with 2.99 percent for the 2005 fiscal year, and 2.71 percent for the fourth quarter of 2006. Year-over-year strong revenue growth also contributed to an improved efficiency ratio; the ratio improved 252 basis points, from 64.34 percent for 2005 to 61.82 percent for fiscal year 2006.
"Credit quality did not show the improvement we were hoping for," noted Hunt. "We have been working with a major borrower to foreclose on property supporting $7.0 million in nonperforming loans, and were able to take possession of one of two properties; we charged off $1.1 million during the fourth quarter of 2006 and believe that we have a strong collateral position for the remainder of the loans in this relationship."
Nonperforming assets at December 31, 2006 were $19.5 million, or 1.02 percent of total assets, compared with $10.0 million or 0.63 percent of total assets at December 31, 2005 and $18.0 million or 0.96 percent at September 30, 2006. Mr. Hunt continued, "We hired an experienced chief credit officer at the holding company level last quarter to oversee our affiliate bank's loan portfolios. He is currently in the process of implementing more stringent credit administration policies designed to incorporate the holding company more proactively in the affiliate loan approval process, and also, to accelerate the resolution of problem assets. We expect to see results from the implementation of these policies later this year." Net charge-offs were $2.3 million or 0.17 percent of average loans for 2006, substantially lower than 2005 despite the addition of $6.1 million to loan loss reserves. Reserves were 1.17 percent of total loans at December 31, 2006 compared with 1.04 percent at year-end 2005.
Asset growth remains strong. At December 31, 2006, GB&T Bancshares had total assets of $1.9 billion compared with $1.6 billion at December 31, 2005; this represents an increase of $323.2 million or 20.4 percent over the past twelve months. Excluding the $165.5 million of assets acquired with Mountain State Bank, organic asset growth was $157.7 million or 10.0 percent.
Total loans increased $268.9 million since December 31, 2005, or 21.8 percent, reaching $1.5 billion at December 31, 2006. Of this total, $107.5 million was derived from the acquisition of Mountain State Bank; the remaining $161.4 million, representing loan growth of 13.1 percent, was obtained from within our market areas. "We moderated our growth in recent quarters and decided to be more selective," Mr. Hunt added, "Pricing has become highly competitive and we want to preserve our margins to achieve our profit goals." The Company continues to leverage its real estate expertise; at December 31, 2006, $702.8 million, or 46.8 percent of its portfolio, was centered on construction and land development, while commercial real estate accounted for an additional $384.4 million or 25.6 percent of loans outstanding. This compares with $481.3 million and $349.9 million, respectively, at year-end 2005.
Total deposits were $1.5 billion at December 31, 2006, up $283.1 million or 23.7 percent from December 31, 2005. Excluding $124.0 million of deposits acquired with Mountain State Bank, organic deposit growth was $159.1 million, or 13.3 percent, year-over-year. Transaction deposits (DDA & Savings) were 40.5 percent of total deposits as of December 31, 2006 compared to 47.9 percent twelve months ago. Time deposits were 59.5 percent of total deposits as of December 31, 2006 compared to 52.1 percent last year.
Stockholders' equity at December 31, 2006 was $239.3 million, a twelve-month increase of $40.6 million, or 20.4 percent. Stockholders' equity was 12.55 percent of period-end assets. The Company had 14,132,000 shares of common stock outstanding at December 31, 2006. Mr. Hunt concluded, "The strong demographics of our market areas have supported the double-digit loan growth that has been the driver of our performance in the past. We are planning for a continuation of comparable growth in 2007, and believe we are prepared to address the challenge successfully once again."
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 December 31, 2006, GB&T Bancshares had total assets of $1.9 billion, with 31 banking offices located in 14 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 and profitability, continued improvement in efficiencies, the Company's collateral position for certain of its nonperforming assets and the expected repayment of certain nonperforming loans, 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," "plan," "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.
GB&T Bancshares Inc.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands except per share amounts)
---------- --------- --------- --------- ---------
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
2006 2006 2006 2006 2005
---------- --------- --------- --------- ---------
EARNINGS
Net interest
income (fully
tax
equivalent) $ 18,171 18,397 17,374 15,517 15,532
Provision for
loan loss $ 1,791 1,789 1,274 1,206 977
Other income $ 2,675 2,764 2,611 2,463 2,492
Other
expense $ 12,977 12,860 12,578 11,744 11,406
Net income $ 4,013 4,215 3,954 3,277 3,689
Non-recurring
(income)/
expense
(after-tax) $ 0 0 0 0 190
Operating
income $ 4,013 4,215 3,954 3,277 3,879
PER SHARE DATA
Basic earnings
per share $ 0.28 0.30 0.29 0.26 0.29
Diluted earnings
per share $ 0.28 0.30 0.28 0.25 0.28
Operating diluted
earnings per
share $ 0.28 0.30 0.28 0.25 0.30
Book value per
share $ 16.93 16.66 16.41 15.59 15.54
Tangible book
value per
share $ 10.37 10.05 9.74 10.45 10.32
Cash dividend
per share $ 0.090 0.090 0.090 0.085 0.085
PERFORMANCE RATIOS
Return on
average
assets 0.84% 0.90% 0.91% 0.83% 0.92%
Return on
average
tangible
assets 0.88% 0.95% 0.95% 0.87% 0.96%
Return on
average
equity 6.71% 7.21% 7.23% 6.60% 7.16%
Return on
average
tangible
equity 11.02% 12.02% 11.72% 9.87% 11.20%
Net interest
margin (fully
tax equivalent) 4.22% 4.38% 4.43% 4.35% 4.28%
Other expense/
Average assets 2.71% 2.75% 2.88% 2.98% 2.84%
Efficiency Ratio 61.34% 59.84% 62.03% 64.48% 60.76%
Other income/
Total operating
revenue 12.96% 13.10% 13.11% 13.74% 13.88%
MARKET DATA
Market value
per share --
Period end $ 22.17 21.05 21.76 22.35 21.41
Market as a
% of book 1.31 1.26 1.33 1.43 1.38
Cash dividend
yield 1.62% 1.71% 1.65% 1.52% 1.59%
Common stock
dividend payout
ratio 32.14% 30.00% 32.14% 34.00% 30.36%
Period-end
common shares
outstanding
(000) 14,132 14,054 13,926 12,939 12,784
Common stock
market
capitalization
($Millions) $ 313.30 295.83 303.03 289.18 273.71
CAPITAL &
LIQUIDITY RATIOS
Period-end
equity to
assets 12.55% 12.48% 12.49% 12.34% 12.54%
Period-end
tangible equity
to tangible
assets 8.07% 7.92% 7.81% 8.62% 8.70%
Total risk-based
capital ratio N/A 12.31% 12.26% 13.57% 13.80%
Average loans
to average
deposits 99.87% 99.18% 100.92% 101.48% 100.72%
ASSET QUALITY
Net charge-
offs $ 919 526 607 276 307
(Ann.) Net loan
charge-offs/
Average loans 0.248% 0.146% 0.178% 0.090% 0.100%
Nonaccrual
loans $ 14,790 14,934 13,819 7,114 6,562
Foreclosed
assets $ 4,673 3,047 4,229 3,348 3,431
90-day past
dues $ 10 12 7 - 17
Nonperforming
assets/Total
assets 1.02% 0.96% 0.99% 0.64% 0.63%
Allowance for
loan losses/
Total loans 1.17% 1.15% 1.09% 1.08% 1.04%
Allowance for
loan losses/
Nonperforming
assets 90.35% 92.93% 85.63% 130.98% 127.60%
END OF PERIOD
BALANCES
Total loans,
net of unearned
fees $1,500,302 1,457,873 1,421,176 1,273,719 1,231,410
Total assets $1,907,321 1,876,062 1,829,700 1,634,741 1,584,094
Total
deposits $1,480,168 1,457,237 1,414,029 1,276,456 1,197,026
Total
stockholders'
equity $ 239,276 234,196 228,470 201,769 198,711
Full-time
equivalent
employees 505 497 475 454 452
AVERAGE BALANCES
Total loans,
net of unearned
fees $1,472,770 1,432,361 1,366,170 1,244,261 1,218,896
Total interest-
earning
assets $1,709,738 1,666,388 1,573,013 1,447,571 1,439,033
Total assets $1,902,585 1,856,968 1,748,798 1,596,879 1,593,014
Total
deposits $1,474,740 1,444,246 1,353,758 1,226,141 1,210,205
Total interest-
bearing
liabilities $1,470,151 1,437,952 1,343,727 1,220,332 1,195,088
Total
stockholders'
equity $ 237,378 231,831 219,387 201,292 204,481
The following table provides a detailed analysis of Non-GAAP measures.
Reconciliation Table
(Dollars in thousands)
-------------------------- ------ ------ ------ ------
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr
2006 2006 2006 2006 2005
------ ------ ------ ------ ------
Book value per
share $16.93 16.66 16.41 15.59 15.54
Effect of in-
tangible assets
per share $(6.56) (6.61) (6.67) (5.14) (5.22)
Tangible book
value per share $10.37 10.05 9.74 10.45 10.32
Return on
average assets 0.84% 0.90% 0.91% 0.83% 0.92%
Effect of in-
tangible assets 0.04% 0.05% 0.04% 0.04% 0.04%
Return on average
tangible assets 0.88% 0.95% 0.95% 0.87% 0.96%
Return on
average equity 6.71% 7.21% 7.23% 6.60% 7.16%
Effect of in-
tangible assets 4.31% 4.81% 4.49% 3.27% 4.04%
Return on average
tangible equity 11.02% 12.02% 11.72% 9.87% 11.20%
Period end equity
to assets 12.55% 12.48% 12.49% 12.34% 12.54%
Effect of in-
tangible assets -4.48% -4.56% -4.68% -3.72% -3.84%
Period-end
tangible equity
to tangible
assets 8.07% 7.92% 7.81% 8.62% 8.70%
---------- ----------
(Dollars in thousands except YTD YTD
per share amounts) 12/31/2006 12/31/2005
------------------------------------------- ---------- ----------
EARNINGS
Net interest income (fully tax equivalent) $ 69,459 57,271
Provision for loan loss $ 6,060 5,916
Other income $ 10,513 11,631
Other expense $ 50,159 44,825
Net income $ 15,459 11,991
Non-recurring (income)/expense (after-tax) $ 0 190
Operating income $ 15,459 12,181
PER SHARE DATA
Basic earnings per share $ 1.13 0.96
Diluted earnings per share $ 1.11 0.93
Operating diluted earnings per share $ 1.11 0.95
Book value per share $ 16.93 15.54
Tangible book value per share $ 10.37 10.32
Cash dividend per share $ 0.355 0.330
PERFORMANCE RATIOS
Return on average assets 0.87% 0.80%
Return on average tangible assets 0.91% 0.84%
Return on average equity 6.93% 6.06%
Return on average tangible equity 11.12% 9.44%
Net interest margin (fully tax equivalent) 4.34% 4.26%
Other expense / Average assets 2.82% 2.99%
Efficiency Ratio 61.82% 64.34%
Other income/Total operating revenue 13.21% 16.28%
MARKET DATA
Market value per share -- Period end $ 22.17 21.41
Market as a % of book 1.31 1.38
Cash dividend yield 1.60% 1.54%
Common stock dividend payout ratio 31.98% 35.48%
Period-end common shares outstanding (000) 14,132 12,784
Common stock market capitalization
($Millions) $ 313.30 273.71
CAPITAL & LIQUIDITY RATIOS
Period-end equity to assets 12.55% 12.54%
Period-end tangible equity to tangible
assets 8.07% 8.70%
Total risk-based capital ratio N/A 13.80%
Average loans to average deposits 100.35% 100.74%
ASSET QUALITY
Net charge-offs $ 2,328 5,309
(Ann.) Net loan charge-offs/ Average loans 0.169% 0.469%
Nonaccrual loans $ 14,790 6,562
Foreclosed assets $ 4,673 3,431
90-day past dues $ 10 17
Nonperforming assets/ Total assets 1.02% 0.63%
Allowance for loan losses/ Total loans 1.17% 1.04%
Allowance for loan losses/Nonperforming
assets 90.35% 127.60%
END OF PERIOD BALANCES
Total loans, net of unearned fees $ 1,500,302 1,231,410
Total assets $ 1,907,321 1,584,094
Total deposits $ 1,480,168 1,197,026
Total stockholders' equity $ 239,276 198,711
Full-time equivalent employees 505 452
AVERAGE BALANCES
Total loans, net of unearned fees $ 1,379,210 1,131,883
Total interest-earning assets $ 1,599,622 1,343,345
Total assets $ 1,776,728 1,496,792
Total deposits $ 1,374,419 1,123,577
Total interest-bearing liabilities $ 1,367,761 1,129,707
Total stockholders' equity $ 223,128 198,004
The following table provides a detailed analysis of Non-GAAP measures.
---------- ----------
Reconciliation Table YTD YTD
(Dollars in thousands) 12/31/2006 12/31/2005
-------------------------------------------- ---------- ----------
Book value per share $ 16.93 15.54
Effect of intangible assets per share $ (6.56) (5.22)
Tangible book value per share $ 10.37 10.32
Return on average assets 0.87% 0.80%
Effect of intangible assets 0.04% 0.04%
Return on average tangible assets 0.91% 0.84%
Return on average equity 6.93% 6.06%
Effect of intangible assets 4.19% 3.38%
Return on average tangible equity 11.12% 9.44%
Period end equity to assets 12.55% 12.54%
Effect of intangible assets -4.48% -3.84%
Period-end tangible equity to tangible
assets 8.07% 8.70%
GB&T Bancshares, Inc. and Subsidiaries
Consolidated Statements of Condition
12/31/2006 12/31/2005
Assets (in thousands): (Unaudited) (Unaudited)
Cash and due from banks $ 25,876 $ 30,748
Interest-bearing deposits in banks 1,848 728
Federal funds sold 1,445 568
Securities available-for-sale 210,249 188,127
Restricted equity securities, at cost 9,869 9,277
Loans, net of unearned income 1,500,302 1,231,410
Less allowance for loan losses 17,593 12,773
----------- -----------
Loans, net 1,482,709 1,218,637
----------- -----------
Premises and equipment, net 41,776 37,014
Goodwill 87,116 61,164
Intangible assets 5,678 5,586
Other assets 40,755 32,245
----------- -----------
Total assets $ 1,907,321 $ 1,584,094
=========== ===========
Liabilities and Stockholders' Equity
(in thousands):
Deposits:
Noninterest-bearing $ 151,529 $ 158,487
Interest-bearing demand & savings 447,994 414,542
Time deposits 880,645 623,997
----------- -----------
Total deposits 1,480,168 1,197,026
Federal funds purchased and
securities sold under
repurchase agreements 41,061 45,510
Federal Home Loan Bank advances 96,498 97,298
Other borrowings 939 968
Other liabilities 19,481 14,683
Subordinated debt 29,898 29,898
----------- -----------
Total liabilities 1,668,045 1,385,383
----------- -----------
Stockholders' equity:
Capital stock 186,539 157,875
Retained earnings 54,086 43,404
Accumulated other comprehensive loss (1,349) (2,568)
----------- -----------
Total stockholders' equity 239,276 198,711
----------- -----------
Total liabilities and
stockholders' equity $ 1,907,321 $ 1,584,094
=========== ===========
GB&T BANCSHARES, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
Three months ended Twelve months ended
December 31, December 31,
2006 2005 2006 2005
-------- -------- -------- ---------
(Dollars in thousands,
except per share amounts)
Interest income:
Loans, including fees $ 32,028 $ 23,725 $116,593 $ 82,541
Taxable securities 2,378 1,927 8,436 7,287
Nontaxable securities 197 135 589 618
Federal funds sold 322 92 812 327
Interest-bearing deposits
in banks 60 7 145 42
-------- -------- -------- ---------
Total interest income 34,985 25,886 126,575 90,815
-------- -------- -------- ---------
Interest expense:
Deposits 14,713 8,607 49,438 27,153
Federal funds purchased and
securities sold under
repurchase agreements 482 271 1,367 740
Federal Home Loan Bank
advances 1,056 976 4,058 3,879
Other borrowings 656 564 2,530 2,064
-------- -------- -------- ---------
Total interest expense 16,907 10,418 57,393 33,836
-------- -------- -------- ---------
Net interest income 18,078 15,468 69,182 56,979
Provision for loan losses 1,791 977 6,060 5,916
-------- -------- -------- ---------
Net interest income after
provision for loan
losses 16,287 14,491 63,122 51,063
-------- -------- -------- ---------
Other income:
Service charges on deposit
accounts 1,564 1,590 6,278 6,413
Mortgage origination fees 750 519 2,661 2,263
Insurance commissions 3 46 11 488
Gain on sale of securities (16) -- (16) 553
Other operating income 374 337 1,579 1,914
-------- -------- -------- ---------
Total other income 2,675 2,492 10,513 11,631
-------- -------- -------- ---------
Other expense:
Salaries and employee
benefits 7,735 6,502 29,979 26,248
Occupancy and equipment
expenses, net 1,908 1,686 7,055 6,334
Other operating expenses 3,334 3,218 13,125 12,243
-------- -------- -------- ---------
Total other expense 12,977 11,406 50,159 44,825
-------- -------- -------- ---------
Income before income taxes 5,985 5,577 23,476 17,869
Income tax expense 1,972 1,888 8,017 5,878
-------- -------- -------- ---------
Net income $ 4,013 $ 3,689 $ 15,459 $ 11,991
======== ======== ======== =========
Earnings per share:
Basic $ 0.28 $ 0.29 $ 1.13 $ 0.96
======== ======== ======== =========
Diluted $ 0.28 $ 0.28 $ 1.11 $ 0.93
======== ======== ======== =========
Weighted average shares
Basic 14,097 12,764 13,652 12,562
======== ======== ======== =========
Diluted 14,380 13,103 13,956 12,938
======== ======== ======== =========
Cash dividends per common
share $ 0.090 $ 0.085 $ 0.355 $ 0.331
======== ======== ======== =========
GB&T Bancshares, Inc.
Yield Analysis - December 31, 2006 For the Twelve Months Ended
(Dollars in thousands) December 31, 2006
----------------------------
Average Yields
balances Interest /Rates
----------------------------
Assets
Interest earning assets:
Taxable securities $200,983 $8,436 4.20%
Nontaxable securities* 13,516 866 6.41%
Federal funds sold 16,014 812 5.07%
Interest bearing deposits in banks 2,176 145 6.66%
Loans, net of unearned income 1,366,933 116,593 8.53%
---------------------
Total interest earning assets $1,599,622 $126,852 7.93%
---------------------
Noninterest earning assets:
Unrealized gains (losses)
on securities (4,483)
Allowance for loan losses (15,228)
Nonaccrual loans 12,278
Cash and due from banks 23,566
Other assets 160,973
----------------------------
Total noninterest earning assets 177,106
----------------------------
Total assets $1,776,728
----------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $430,143 12,786 2.97%
Time 776,798 36,652 4.72%
Borrowings 160,820 7,955 4.95%
---------------------
Total interest bearing liabilities 1,367,761 57,393 4.20%
---------------------
Noninterest bearing liabilities
& shareholders' equity:
Noninterest bearing deposits 167,477
Other liabilities 18,362
Shareholders' equity 223,128
----------------------------
Total liabilities &
shareholders' equity $1,776,728
----------------------------
Interest rate differential 3.73%
----------------------------
Net interest income* 69,459
----------------------------
Net interest margin* 4.34%
----------------------------
----------------------------
For the Three Months Ended
December 31, 2006
----------------------------
Average Yields
balances Interest /Rates
----------------------------
Assets
Interest earning assets:
Taxable securities $215,342 $2,378 4.38%
Nontaxable securities* 18,160 290 6.34%
Federal funds sold 16,716 322 7.64%
Interest bearing deposits in banks 2,901 60 8.21%
Loans, net of unearned income 1,456,619 32,028 8.72%
-----------------------
Total interest earning assets $1,709,738 $35,078 8.14%
-----------------------
Noninterest earning assets:
Unrealized gains (losses) on securities (2,952)
Allowance for loan losses (17,511)
Nonaccrual loans 16,151
Cash and due from banks 23,208
Other assets 173,951
----------------------------
Total noninterest earning assets 192,847
----------------------------
Total assets $1,902,585
----------------------------
Liabilities & Shareholders' Equity
Interest bearing liabilities:
Interest bearing demand & savings $ 430,414 3,484 3.21%
Time 869,933 11,229 5.12%
Borrowings 169,804 2,194 5.13%
---------------------
Total interest bearing liabilities 1,470,151 16,907 4.56%
---------------------
Noninterest bearing liabilities
& shareholders' equity:
Noninterest bearing deposits 174,393
Other liabilities 20,663
Shareholders' equity 237,378
----------------------------
Total liabilities &
shareholders' equity $1,902,585
----------------------------
Interest rate differential 3.58%
----------------------------
Net interest income* 18,171
----------------------------
Net interest margin* 4.22%
----------------------------
* fully tax equivalent