BELLINGHAM, Wash., Oct. 18, 2007 (PRIME NEWSWIRE) -- Horizon Financial Corp. (Nasdaq:HRZB) today reported that continuing strength in the North Puget Sound economy produced strong loan growth and near record profits in the second quarter of fiscal 2008, ended September 30, 2007. Horizon earned $4.9 million, or $0.40 per diluted share, up 6% from $4.7 million, or $0.37 per diluted share for the same period a year ago. Horizon's earnings were down slightly from the record $5.0 million, or $0.41 per share, earned in 1Q08. In the first half of fiscal 2008, earnings grew 8% to $9.9 million, or $0.81 per share, compared to $9.2 million, or $0.74 per share in the first half of fiscal 2007.
Second Quarter Fiscal 2008 Highlights (for the quarter ended September 30, 2007 compared to September 30, 2006):
* Earnings per share increased 8% to $0.40, up from $0.37.
* Net income grew 6% to $4.9 million from $4.7 million.
* Tangible book value per share grew 10% to $10.50 from $9.54.
* Profitability remained strong with excellent performance metrics:
-- Return on average equity (ROE) was 15.49% compared to 16.02%.
-- Return on average assets (ROA) was 1.48%, compared to 1.53%.
-- The efficiency ratio was 47.91%, compared to 47.19%.
* Asset quality continues to be superior:
-- Non-performing assets were just 0.05% of total assets compared to
0.18% a year ago.
-- Loan loss reserves are 1.48% of net loans receivable compared to
1.50%.
"Washington State's economy continues to out-perform the national average on many levels, including population growth, employment growth and home appreciation, although housing inventories are building and the length of time homes are on the market is expanding," stated V. Lawrence Evans, Chairman and CEO. "Overall state job growth continues to be strong with overall employment growing 3.7% year over year. Statewide unemployment in September fell to 4.3% (not seasonally adjusted) from 4.6% a year ago. Bellingham's unemployment was only 3.9%, one of the lowest rates we've seen in many years. Tacoma and Mt. Vernon-Anacortes also are showing excellent job growth, with unemployment dropping to 4.1% in September from 4.6% a year ago. Snohomish County saw unemployment fall to 4.2% from 4.6% and Pierce County saw unemployment fall to 4.6% from 4.8% a year ago."
"Closer to home, the City of Bellingham released the results of its survey of local businesses that shows a very high level of business confidence for revenue and employment growth and very strong satisfaction regarding the business climate in the city," Evans continued. "As a community bank that specializes in providing services to small businesses, we are headquartered in a market where the average business has just 16 employees and about half of all businesses employ 5 people or less. This report provides additional support for our continued optimism for future growth."
Conference Call Information
Management will host a conference call today, October 18, at 1:30 pm PDT (4:30 pm EDT) to discuss the second quarter and fiscal 2008 year-to-date results. The live call can be accessed by dialing (303) 262-2140. The replay, which will be available for a month beginning shortly after the call concludes, can be heard at (303) 590-3000 using access code 11097592#.
Review of Operations
In the second quarter of fiscal 2008, net revenues totaled $15.6 million, up 3% from $15.1 million in fiscal 1Q08 and 7% from $14.6 million in fiscal 2Q07. For the first half of fiscal 2008, revenue increased 7% to $30.7 million from $28.7 million in the year ago period. Interest income grew 13% in the quarter and 15% year-to-date, while interest expense increased 21% in the quarter and 27% year-to-date. Second quarter non-interest income grew 12% to $1.6 million compared to $1.4 million in the second quarter last year, primarily from growth in service fees. In the first six months of fiscal 2008, non-interest income grew 14% to $3.3 million from $2.9 million in the year-ago period. During the second quarter, growth in service fees helped offset lower gains on sale of loans. "While residential mortgage originations were strong in the quarter, we chose to retain certain short term mortgage loans in our portfolio rather than sell them into the secondary market, which impacted gain on sale of loans," said Dennis Joines, President and COO. "The housing market in our region continues to appreciate, although the length of time houses are on the market has lengthened to more normal levels than in the past few years, when homes sold very quickly."
Second quarter operating (non-interest) expense grew 8% to $7.5 million, from $6.9 million in the second quarter of fiscal 2007. Year-to-date operating expense increased 10% to $14.7 million from $13.4 million in the first half of fiscal 2007, reflecting new branch expansion over the year and overall growth of the franchise.
The net interest margin was 4.63% in the second quarter, up 2 basis points from the immediate prior quarter and off 14 basis points from the same period a year ago. The yield on earning assets was 8.60% in the second quarter of fiscal 2008, up from 8.53% in the preceding quarter and 8.35% in the second quarter of last year. In the second quarter, the cost of interest-bearing liabilities was 4.10%, up just 5 basis points from the preceding quarter and up 41 basis points from the year ago quarter. Year to date, the net interest margin was 4.62% compared to 4.80% in the like period a year ago. For the first six months of fiscal 2008, the yield on interest-earning assets was 8.56% compared to 8.21% in the first half of fiscal 2007. Year-to-date, the cost of interest-bearing liabilities was 4.08% compared to 3.53% in the year-ago period. The recent cut in the prime lending rate will impact revenues and net interest margin in the near term as approximately $674 million of our loan portfolio is tied to prime. However, this will be partially offset by an improvement in wholesale liability costs, with over $138 million in prime-based and short term borrowings. In addition, as our portfolio of CD's reprice, we will see benefits on the deposit cost side, with more than $350 million in fixed rate deposits maturing in the next six months.
Second quarter return on average equity was 15.49% compared to 16.08% in the linked quarter and 16.02% in the year ago period. Return on average assets was 1.48% in 2Q08, compared to 1.56% in 1Q08 and 1.53% in 2Q07. Year-to-date, return on average equity was 15.78% and the return on average assets was 1.52%, compared to 16.03% and 1.56% respectively, in the first half of fiscal 2007. The efficiency ratio was 47.91% in both the first and second quarters and the first half of fiscal 2008, compared to 47.19% in the 2Q07 and 46.74% in the first half of last year. "The numbers for the September 2007 quarter end included costs related to our new Puyallup office and home loan center, which were both opened this summer, contributing to the uptick in the efficiency ratio for this period," Joines said.
Balance Sheet Review
Total assets grew 9% to $1.35 billion at September 30, 2007, from $1.23 billion at September 30, 2006. The healthy small business community in western Washington continues to generate solid demand for commercial loans and for commercial real estate loans. Net loans increased 11% to $1.15 billion at the end of September 2007 compared to $1.04 billion a year earlier. The loan mix continues to reflect the business banking focus of the lending team, with commercial real estate loans representing 69% of net loans, commercial loans representing 14%, residential 12%, and consumer 5% of net loans. "We will continue to manage our loan growth to protect our profitability metrics and credit quality," Evans said.
"We regularly review our loan portfolio and our loan officers stay in close communication with our customers, particularly with our builders and developers," Evans continued. With the sales cycle lengthening in the new housing market, we anticipate that we may hold these loans a bit longer than in the recent past, but we do not foresee any unusual situations at this time."
Asset quality remains excellent with non-performing loans (NPLs) down to $6,000 at September 30, 2007, and non-performing assets (NPAs) of $731,000, or 0.05% of total assets. At the end of June 2007, NPLs were $157,000, or 0.01% of net loans, and NPAs were $882,000, representing 0.07% of assets. A year ago, both NPLs and NPAs were $2.2 million, or 0.21% of net loans and 0.18% of total assets.
"The performance of our loan portfolio reflects the discipline we adhere to in our lending business," said Rich Jacobson, EVP and CFO. "However, we continue to set aside adequate loan loss reserves, commensurate with the growth and risks in the loan portfolio." The provision for loan losses was $800,000 in 2Q08, $400,000 in 1Q08 and $700,000 in 2Q07. Year-to-date the provision for loan losses totaled $1.2 million compared to $1.4 million a year ago. Net charge-offs were $39,000 in 2Q08, $27,000 in 1Q08 and $43,000 in 2Q07. In the first half of fiscal 2008, net charge-offs totaled $66,000 compared to $73,000 a year ago. The reserve for loan losses totaled $17.0 million at September 30, 2007, representing 1.48% of net loans receivable compared to 1.50% at September 30, 2006.
Total deposits increased 8% to $998 million at the end of September 2007, compared to $922 million a year earlier. Transaction accounts grew 5% to $391 million, compared to $371 million a year ago, while time deposits increased 10% to $607 million versus $550 million at September 30, 2006. "Competitive pressures in the deposit market remain strong and we remain focused on building our core deposit base," Joines noted.
At September 30, 2007, Horizon's book value was $10.56 per share, compared to $9.61 a year earlier, and tangible book value was $10.50, up from $9.54 a year ago. In the first half of fiscal 2008, Horizon repurchased 147,200 shares at an average price of $21.23 per share.
Horizon Financial Corp. is a $1.3 billion, state-chartered bank holding company headquartered in Bellingham, Washington. Its primary subsidiary, Horizon Bank, is a state-chartered commercial bank that operates 19 full-service offices, four commercial loan centers and four real estate loan centers throughout Whatcom, Skagit, Snohomish and Pierce counties, Washington.
Safe Harbor Statement: Except for the historical information in this news release, the matters described herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the ability to successfully expand existing relationships, deposit pricing and the ability to gather low-cost deposits, success in new markets and expansion plans, expense management and the efficiency ratio, expanding or maintaining the net interest margin, interest rate risk, loan quality and the loss levels expected on non-performing loans, the local and national economic environment, and other risks and uncertainties discussed from time to time in Horizon Financial's SEC filings. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Horizon undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Economic data was derived from reports by the Washington State Employment Security Department, Labor Market and Economic Analysis at www.workforceexplorer.com, The City of Bellingham 2007 Survey of Business Leaders at www.cob.org, and other real estate data at www.wcrer.wsu.edu.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited) Quarter Quarter Quarter
(in 000s, Ended Three Ended One Ended
except share Sept. 30, Month June 30, Year Sept. 30,
data) 2007 Change 2007 Change 2006
---------------------------------------------------------------------
Interest
income:
Interest
on loans $ 24,881 4% $ 23,884 13% $ 21,981
Interest and
dividends on
securities 1,011 0% 1,014 0% 1,012
----------- ----------- -----------
Total
interest
income 25,892 4% 24,898 13% 22,993
Interest
expense:
Interest on
deposits 9,818 4% 9,466 24% 7,932
Interest on
borrowings 2,131 7% 1,991 11% 1,928
----------- ----------- -----------
Total
interest
expense 11,949 4% 11,457 21% 9,860
----------- ----------- -----------
Net
interest
income 13,943 4% 13,441 6% 13,133
Provision
for loan
losses 800 100% 400 14% 700
----------- ----------- -----------
Net
interest
income
after
provision
for loan
losses 13,143 1% 13,041 6% 12,433
Non-interest
income:
Service fees 918 4% 881 17% 784
Net gain on
sales of
loans -
servicing
released 173 -45% 314 -16% 206
Net gain on
sales of
loans -
servicing
retained 5 -62% 13 25% 4
Net gain/
(loss) on
sales of
investment
securities -- NA -- NA 14
Other 516 4% 495 20% 429
----------- ----------- -----------
Total
non-interest
income 1,612 -5% 1,703 12% 1,437
Non-interest
expense:
Compensation
and employee
benefits 4,296 4% 4,132 5% 4,107
Building
occupancy 1,177 9% 1,084 16% 1,014
Other
expenses 1,532 -4% 1,593 12% 1,366
Data
processing 238 -1% 241 12% 213
Advertising 209 2% 205 19% 176
----------- ----------- -----------
Total
non-interest
expense 7,452 3% 7,255 8% 6,876
Income before
provision for
income taxes 7,303 -2% 7,489 4% 6,994
Provision for
income taxes 2,390 -3% 2,473 2% 2,344
----------- ----------- -----------
Net Income $ 4,913 -2% $ 5,016 6% $ 4,650
=========== =========== ===========
Earnings per
share:
Basic
earnings
per share $ 0.40 -2% $ 0.41 5% $ 0.38
Diluted
earnings
per share $ 0.40 -2% $ 0.41 8% $ 0.37
Weighted
average
shares
outstanding:
Basic 12,155,532 -1% 12,227,372 -1% 12,285,606
Common stock
equivalents 101,265 -10% 112,480 -20% 125,965
----------- ----------- -----------
Diluted 12,256,797 -1% 12,339,852 -1% 12,411,571
=========== =========== ===========
CONSOLIDATED STATEMENTS OF INCOME
Six Months Six Months
Ended Ended
(unaudited) (in 000s, Sept. 30, Sept. 30,
except per share data) 2007 Change 2006
---------------------------------------------------------------------
Interest income:
Interest on loans $ 48,765 16% $ 42,152
Interest and dividends on
securities 2,026 0% 2,024
----------- -----------
Total interest income 50,791 15% 44,176
Interest expense:
Interest on deposits 19,285 33% 14,524
Interest on borrowings 4,122 7% 3,837
----------- -----------
Total interest expense 23,407 27% 18,361
----------- -----------
Net interest income 27,384 6% 25,815
Provision for loan losses 1,200 -14% 1,400
----------- -----------
Net interest income after
provision for loan losses 26,184 7% 24,415
Non-interest income:
Service fees 1,799 9% 1,651
Net gain on sales of loans -
servicing released 487 13% 432
Net gain on sales of loans -
servicing retained 17 113% 8
Net gain on sales of investment
securities -- -100% 19
Other 1,012 26% 801
----------- -----------
Total non-interest income 3,315 14% 2,911
Non-interest expense:
Compensation and employee benefits 8,427 6% 7,974
Building occupancy 2,262 15% 1,968
Other expenses 3,124 16% 2,704
Data processing 479 11% 430
Advertising 415 18% 351
----------- -----------
Total non-interest expense 14,707 10% 13,427
Income before provision for income
taxes 14,792 6% 13,899
Provision for income taxes 4,863 4% 4,667
----------- -----------
Net Income $ 9,929 8% $ 9,232
=========== ===========
Earnings per share:
Basic earnings per share $ 0.81 8% $ 0.75
Diluted EPS $ 0.81 9% $ 0.74
Weighted average shares outstanding:
Basic 12,191,256 -1% 12,312,727
Common stock equivalents 108,149 -7% 116,590
----------- -----------
Diluted 12,299,405 -1% 12,429,317
=========== ===========
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
(in 000s, Three One
except share Sept. 30, Month June 30, Year Sept. 30,
data) 2007 Change 2007 Change 2006
---------------------------------------------------------------------
Assets:
Cash and
due from
banks $ 18,457 -47% $ 35,000 -35% $ 28,341
Interest-
bearing
deposits 6,836 -21% 8,665 119% 3,122
Investment
securities -
available
for sale 51,652 -4% 54,041 -9% 56,889
Investment
securities -
held to
maturity 370 0% 370 0% 370
Mortgage-backed
securities -
available
for sale 31,865 5% 30,374 18% 27,031
Mortgage-backed
securities -
held to
maturity 78 -34% 118 -73% 288
Federal Home
Loan Bank
stock 7,247 0% 7,247 0% 7,247
Gross loans
receivable 1,163,436 6% 1,100,810 11% 1,052,218
Reserve
for loan
losses (17,023) 5% (16,262) 10% (15,511)
----------- ----------- -----------
Net loans
receivable 1,146,413 6% 1,084,548 11% 1,036,707
Loans held
for sale 1,571 -52% 3,240 -13% 1,806
Investment
in real
estate in
a joint
venture 17,406 1% 17,302 2% 17,028
Accrued
interest and
dividends
receivable 7,691 8% 7,134 25% 6,159
Property and
equipment,
net 28,551 0% 28,673 5% 27,284
Net deferred
income tax
assets 3,683 -1% 3,736 78% 2,069
Income tax
receivable 794 NA -- 66% 477
Other real
estate
owned 725 0% 725 NA 0
Other
assets 22,792 2% 22,368 24% 18,380
----------- ----------- -----------
Total
assets $ 1,346,131 3% $ 1,303,541 9% $ 1,233,198
=========== =========== ===========
Liabilities:
Deposits $ 997,555 1% $ 987,704 8% $ 921,512
Other
borrowed
funds 189,738 21% 157,100 16% 163,973
Borrowing
related to
investment
in real
estate in
a joint
venture 21,419 4% 20,689 12% 19,193
Accounts
payable
and other
liabilities 6,955 -8% 7,588 -16% 8,315
Advances by
borrowers
for taxes
and
insurance 417 113% 196 -3% 430
Deferred
compensation 1,982 -1% 2,001 3% 1,925
Federal
income tax
payable -- -100% 2,628 0% --
----------- ----------- -----------
Total
liabil-
ities $ 1,218,066 3% $ 1,177,906 9% $ 1,115,348
Stockholders'
equity:
Serial
preferred
stock,
$1.00 par
value;
10,000,000
shares
authorized;
none issued
or
outstanding -- -- --
Common stock,
$1.00 par
value;
30,000,000
shares
authorized;
12,123,595,
12,186,224, and
12,268,054
shares
outstand-
ing $ 12,124 -1% $ 12,186 -1% 12,268
Paid-in
capital 51,199 0% 51,283 0% 51,318
Retained
earnings 61,207 4% 58,850 21% 50,557
Accumulated
other
comprehensive
income 3,535 7% 3,316 -5% 3,707
----------- ----------- -----------
Total
stockholders'
equity 128,065 2% 125,635 9% 117,850
----------- ----------- -----------
Total
liabilities
and
stockholders'
equity $ 1,346,131 3% $ 1,303,541 9% $ 1,233,198
=========== =========== ===========
Intangible
assets:
Goodwill $ 545 0% $ 545 0% $ 545
Mortgage
servicing
asset 233 -4% 242 -3% 240
----------- ----------- -----------
Total
intangible
assets $ 778 -1% $ 787 -1% $ 785
=========== =========== ===========
LOANS
(unaudited) Sept. 30, June 30, Sept. 30,
(in 000s) 2007 2007 2006
---------------------------------------------------------------------
1-4 Mortgage
1-4 Family
residential $ 159,824 $ 148,692 $ 151,720
1-4 Family
construction 34,032 27,963 24,268
Participations
sold (50,655) (52,686) (53,186)
---------- ---------- ----------
Subtotal 143,201 123,969 122,802
Construction
and land
development 458,838 422,634 344,193
Multi family
residential 46,631 48,148 68,093
Commercial
real estate 296,453 291,705 309,675
Commercial
loans 165,356 164,405 154,490
Home equity
secured 44,971 43,144 46,900
Other consumer
loans 7,986 6,805 6,065
---------- ---------- ----------
Subtotal 1,020,235 976,841 929,416
---------- ---------- ----------
Subtotal 1,163,436 1,100,810 1,052,218
Less:
Reserve for
loan losses (17,023) (16,262) (15,511)
---------- ---------- ----------
Net loans
receivable $1,146,413 $1,084,548 $1,036,707
========== ========== ==========
Net residential
loans $ 142,031 12% $ 122,950 11% 121,785
Net commercial
loans 162,402 14% 161,452 15% 151,689
Net commercial
real estate
loans 789,882 69% 750,995 69% 711,095
Net consumer
loans 52,098 5% 49,151 5% 52,138
----------------- ----------------- ----------
$1,146,413 100% $1,084,548 100% $1,036,707
================= ================= ==========
DEPOSITS
(unaudited) Sept. 30, June 30, Sept. 30,
(in 000s) 2007 2007 2006
---------------------------------------------------------------------
Demand
Deposits
Savings $ 19,183 2% $ 19,665 2% $ 24,066
Checking 77,341 8% 80,358 8% 76,850
Checking -
non interest
bearing 76,260 7% 89,145 9% 94,028
Money market 217,790 22% 199,656 20% 176,384
----------------- ----------------- ----------
Subtotal 390,574 39% 388,824 39% 371,328
Certificates
of Deposit
Under
$100,000 277,848 28% 282,726 29% 262,714
$100,000 and
above 260,534 26% 247,888 25% 225,963
Brokered
Certificates
of Deposit 68,599 7% 68,266 7% 61,507
----------------- ----------------- ----------
Total
Certificates
of Deposit 606,981 61% 598,880 61% 550,184
----------------- ----------------- ----------
Total $ 997,555 100% $ 987,704 100% $ 921,512
================= ================= ==========
WEIGHTED AVERAGE INTEREST RATES:
Six Six
Quarter Quarter Quarter Months Months
Ended Ended Ended Ended Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
(unaudited) 2007 2007 2006 2007 2006
------------------------------------------------ ----------------
Yield on loans 8.93% 8.88% 8.72% 8.90% 8.58%
Yield on investments 4.47% 4.46% 4.35% 4.46% 4.32%
----- ----- ----- ----- -----
Yield on interest-
earning assets 8.60% 8.53% 8.35% 8.56% 8.21%
Cost of deposits 3.96% 3.90% 3.50% 3.93% 3.32%
Cost of borrowings 4.93% 4.95% 4.78% 4.94% 4.62%
----- ----- ----- ----- -----
Cost of interest-
bearing liabilities 4.10% 4.05% 3.69% 4.08% 3.53%
AVERAGE BALANCES
Quarter Quarter Quarter Six Months Six Months
Ended Ended Ended Ended Ended
(unaudited) Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
(in 000s) 2007 2007 2006 2007 2006
---------------------------------------------------------------------
Loans $1,114,386 $1,076,239 $1,008,100 $1,095,313 $ 982,481
Invest-
ments 90,469 91,004 93,101 90,736 93,827
---------- ---------- ---------- ---------- ----------
Total
interest-
earning
assets 1,204,855 1,167,243 1,101,201 1,186,049 1,076,308
Deposits 992,531 970,704 906,228 981,618 874,962
Borrowings 172,738 160,819 161,466 166,779 166,065
---------- ---------- ---------- ---------- ----------
Total
interest-
bearing
liabil-
ities $1,165,269 $1,131,523 1,067,694 1,148,397 1,041,027
Average
assets $1,324,836 $1,286,934 $1,211,989 $1,306,667 $1,180,235
Average
stockholders'
equity $ 126,850 $ 124,744 $ 116,125 $ 125,852 $ 115,191
CONSOLIDATED FINANCIAL RATIOS
Quarter Quarter Quarter Six Months Six Months
Ended Ended Ended Ended Ended
Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
(unaudited) 2007 2007 2006 2007 2006
---------------------------------------------------------------------
Return on
average
assets 1.48% 1.56% 1.53% 1.52% 1.56%
Return on
average
equity 15.49% 16.08% 16.02% 15.78% 16.03%
Efficiency
ratio 47.91% 47.91% 47.19% 47.91% 46.74%
Net interest
spread 4.49% 4.48% 4.66% 4.49% 4.68%
Net interest
margin 4.63% 4.61% 4.77% 4.62% 4.80%
Equity-to-
assets ratio 9.51% 9.64% 9.56%
Equity-to-
deposits
ratio 12.84% 12.72% 12.79%
Book value
per share $ 10.56 $ 10.31 $ 9.61
Tangible
book value
per share $ 10.50 $ 10.24 $ 9.54
RESERVE FOR LOAN LOSSES
Quarter Quarter Quarter Six Months Six Months
(unaudited) Ended Ended Ended Ended Ended
(dollars Sept. 30, June 30, Sept. 30, Sept. 30, Sept. 30,
in 000s) 2007 2007 2006 2007 2006
---------------------------------------------------------------------
Balance at
beginning
of period $ 16,262 $ 15,889 $ 14,854 $ 15,889 $ 14,184
Provision
for loan
losses 800 400 700 1,200 1,400
Charge offs -
net of
recoveries (39) (27) (43) (66) (73)
---------- ---------- ---------- ---------- ----------
Balance at
end of
period $ 17,023 $ 16,262 $ 15,511 $ 17,023 $15,511
Reserves/
Loans
Receivable 1.48% 1.50% 1.50%
NON-PERFORMING ASSETS
(unaudited)
(dollars Sept. 30, June 30, Sept. 30,
in 000s) 2007 2007 2006
---------------------------------------------
Accruing
loans -
90 days
past due $ -- $ -- $ 611
Non-accrual
loans 6 157 1,557
Restructured
loans -- -- --
---------- ---------- ----------
Total
non-performing
loans $ 6 $ 157 2,168
Total
non-performing
loans/net
loans 0.00% 0.01% 0.21%
Real estate
owned $ 725 $ 725 --
---------- ---------- ----------
Total
non-performing
assets $ 731 $ 882 $ 2,168
Total
non-performing
assets/
total assets 0.05% 0.07% 0.18%