GREENWOOD, S.C., July 27, 2009 (GLOBE NEWSWIRE) -- Community Capital Corporation (Nasdaq:CPBK) reports operating results for the six months and quarter ending June 30, 2009.
* Noninterest DDAs exceed $105 million, up 43% since December 2008
and now comprise 19% of total deposits.
* Total deposits excluding brokered grew $58 million, or 12%
since March 31, 2009.
* Mortgage fee income was $493,000 for the quarter which was a
record for the company.
* Wealth Management fees increased 17% over the first quarter of
2009.
* Eliminated bank and holding company Board of Director fees,
effective July 1, 2009.
* Net interest margin was 3.29% for Q2, while down from prior
quarter our margin continues to be healthy despite strong
CD growth during the quarter.
* Bank liquidity significantly increased as company had no
overnight wholesale borrowings and $58 million held in Federal
Reserve correspondent account at June 30, 2009.
* Announced effort to raise capital.
* Remain "well capitalized" with total risk based capital at
11.6% and Tier 1 leverage at 8.1%.
* Increased our allowance for loan losses from 1.89% of gross
loans at March 31, 2009 to 2.41% at June 30, 2009.
* During the second quarter we incurred one time expenses of
$350,000 related to our equity raising efforts, a $375,000
expense for the special FDIC assessment, and wrote down other
real estate by $1.2 million.
Community Capital Corporation today reported a net loss for the three months ended June 30, 2009 of $2,941,000, or $0.66 per diluted share, compared to net income of $427,000, or $0.10 per diluted share for the same period in 2008. The company recorded provision for loan losses of $5.8 million during the second quarter of 2009 compared to $2.5 million during the second quarter of 2008. Non-performing assets decreased $2.3 million to $34.4 million at June 30, 2009 from $36.6 million at March 31, 2009 and increased $1,735,000 from $32.6 million at December 31, 2008.
Return on average assets for the quarter was (1.51)% for 2009 compared to 0.22% for the same period in 2008 and 0.45% for the first quarter of 2009. Return on average equity was (18.46)% for the quarter ended June 30, 2009 compared to 2.63% for the same period in 2008, and 5.36% for the quarter ended March 31, 2009.
Total assets increased 3.05% to $814,712,000 at June 30, 2009 from $790,600,000 as of December 31, 2008, and 5.52% from $772,103,000 at March 31, 2009. Total loans decreased $26,751,000 or 4.17% to $614,986,000 at June 30, 2009 from $641,737,000 at December 31, 2008, and decreased $11,083,000 from $626,069,000 at March 31, 2009. Total deposits increased $55,751,000 or 10.85% to $569,352,000 at June 30, 2009 from $513,601,000 at December 31, 2008, and increased $50,949,000 or 9.83% from $518,403,000 at March 31, 2009.
William G. Stevens, President/CEO of Community Capital Corporation, stated, "While we are disappointed with our bottom line results, we are encouraged by our company's ability to generate pretax preprovision core earnings. Our strategy of focusing on shifting the mix of funding sources has been enhanced by our cash management calling efforts which were begun in early 2008. As a result, noninterest bearing demand deposit balances have increased 43% since December 31, 2008 and now total $105 million. We also improved our liquidity position as we have over 9% of total assets in cash or near-cash assets and virtually no reliance on short term volatile funding sources. While maintaining highly liquid assets on our balance sheet will reduce margin, we believe this stance lowers our risk profile during a turbulent economic period and will also allow us to quickly invest in higher yielding assets as the economy recovers. Furthermore, we continue to be 'well capitalized'."
Community Capital Corporation is the parent company of CapitalBank, which operates 18 community oriented branches throughout upstate South Carolina that offer a full array of banking services, including a diverse wealth management group. Additional information on CapitalBank's locations and the products and services offered are available at www.capitalbanksc.com.
Advisory Note Regarding Forward-Looking Statements
Some of our statements contained in this news release are "forward-looking statements" within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of invoking these safe harbor provisions. Forward-looking statements are not guarantees of performance or results. When we use words like "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "target," "could," "is likely," "should," "would," "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 beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. These forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors, including, but not limited to, the following: the challenges, costs and complications associated with the continued development of our branches; the potential that loan charge-offs may exceed the allowance for loan losses or that such allowance will be increased as a result of factors beyond the control of us; our dependence on senior management; competition from existing financial institutions operating in our market areas as well as the entry into such areas of new competitors with greater resources, broader branch networks and more comprehensive services; adverse conditions in the stock market, the public debt market, and other capital markets (including changes in interest rate conditions); changes in deposit rates, the net interest margin, and funding sources; inflation, interest rate, and market fluctuations; risks inherent in making loans including repayment risks and value of collateral; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on our loan portfolio and allowance for loan losses; fluctuations in consumer spending and saving habits; the demand for our products and services; technological changes; the challenges and uncertainties in the implementation of our expansion and development strategies; the ability to increase market share; the adequacy of expense projections and estimates of impairment loss; the impact of changes in accounting policies by the Securities and Exchange Commission; unanticipated regulatory or judicial proceedings; the potential negative effects of future legislation affecting financial institutions (including without limitation laws concerning taxes, banking, securities, and insurance); the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the timely development and acceptance of products and services, including products and services offered through alternative delivery channels such as the Internet; the impact on our business, as well as on the risks set forth above, of various domestic or international military or terrorist activities or conflicts; other factors described in this news release and in other reports filed by the Company with the Securities and Exchange Commission; and our success at managing the risks involved in the foregoing.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this Advisory Note. Our actual results may differ significantly from those we discuss in these forward-looking statements. For other factors, risks and uncertainties that could cause our actual results to differ materially from estimates and projections contained in these forward-looking statements, please read the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2009. Any forward-looking statement speaks only as of the date which such statement was made, and, except as required by law, we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
Financial Highlights Three Three Six Six
(Dollars in thousands, Months Months Months Months
except per share Ended Ended Ended Ended
data) June 30 June 30 June 30 June 30
2009 2008 2009 2008
Earnings Summary (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Interest income $ 9,239 $ 10,944 $ 18,705 $ 22,807
Interest expense 3,482 4,522 6,997 10,181
----------- ----------- ----------- -----------
Net interest
income 5,757 6,422 11,708 12,626
Provision for
loan losses 5,800 2,500 7,800 4,500
Non-interest
income 2,238 1,816 4,097 3,674
Non-interest
expense 7,022 5,329 11,773 10,405
----------- ----------- ----------- -----------
Income (loss)
before taxes (4,827) 409 (3,768) 1,395
Income tax
expense
(benefit) (1,886) (18) (1,690) 187
----------- ----------- ----------- -----------
Net income (loss) $ (2,941) $ 427 $ (2,078) $ 1,208
----------- ----------- ----------- -----------
Per Shares
Ratios:
Basic earnings
per share $(0.66) $0.10 $(0.47) $0.27
Diluted earnings
per share $(0.66) $0.10 $(0.47) $0.27
Dividends
declared per
share $0.00 $0.15 $0.15 $0.30
Book value per
share $13.74 $14.44 $13.74 $14.44
Common Share
Data:
Outstanding at
period end 4,523,966 4,468,235 4,523,966 4,468,235
Weighted average
outstanding 4,451,987 4,426,205 4,447,240 4,420,705
Diluted weighted
average
outstanding 4,451,987 4,468,235 4,447,240 4,461,106
Balance Sheet Highlights Three Months Three Months Three Months
Ended Ended Ended
June 30 March 31 December 31
2009 2009 2008
Average Balances: (Unaudited) (Unaudited) (Unaudited)
Total assets $ 782,430 $ 783,405 $ 787,243
Earning assets 715,954 717,556 730,659
Loans 626,961 637,298 642,478
Deposits 529,001 518,575 522,895
Interest bearing deposits 428,957 432,046 448,141
Noninterest bearing deposits 100,044 86,529 74,754
Other borrowings 172,840 183,018 180,997
Junior subordinated
debentures 10,310 10,310 10,310
Shareholders' equity 63,935 65,274 65,633
Performance Ratios:
Return on average assets (1.51)% 0.45% 0.00%
Return on average
shareholders' equity (18.46)% 5.36% 0.03%
Net interest margin (fully
tax equivalent at 38%) 3.29% 3.44% 3.51%
Efficiency ratio 89.05% 60.96% 56.93%
Three Months Six Months Six Months
Ended Ended Ended
June 30 June 30 June 30
2008 2009 2008
Average Balances: (Unaudited) (Unaudited) (Unaudited)
Total assets $ 791,088 $ 782,915 $ 795,765
Earning assets 731,253 716,751 733,790
Loans 653,252 632,101 655,017
Deposits 518,587 523,817 525,116
Interest bearing deposits 451,860 430,492 460,918
Noninterest bearing deposits 66,727 93,325 64,198
Other borrowings 190,362 177,902 188,152
Junior subordinated
debentures 10,310 10,310 10,310
Shareholders' equity 65,409 63,832 65,316
Performance Ratios:
Return on average assets 0.22% (0.46)% 0.31%
Return on average
shareholders' equity 2.63% (6.49)% 3.72%
Net interest margin (fully
tax equivalent at 38%) 3.61% 3.36% 3.53%
Efficiency ratio 64.17% 75.06% 63.18%
Three Months Three Months Three Months
Ended Ended Ended
June 30 March 31 December 31
2009 2009 2008
(Unaudited) (Unaudited) (Unaudited)
Asset Quality:
Nonperforming loans $ 28,826 $ 28,174 $ 27,524
Other real estate 5,554 8,473 5,121
Total nonperforming
assets 34,380 36,647 32,645
Net charge-offs/write-downs 2,790 3,775 936
Net charge-offs/write-downs
to average loans 0.45% 0.59% 0.15%
Allowance for loan losses
to nonperforming loans 51.52% 42.03% 49.47%
Nonperforming loans to
total loans 4.69% 4.50% 4.29%
Nonperforming assets to
total assets 4.22% 4.75% 4.13%
Allowance for loan losses
to period end loans 2.41% 1.89% 2.12%
Other Selected Ratios:
Average equity to average
assets 8.17% 8.33% 8.34%
Average loans to average
deposits 118.52% 122.89% 122.87%
Average loans to average
earning assets 87.57% 88.82% 87.93%
Three Months Six Months Six Months
Ended Ended Ended
June 30 June 30 June 30
2008 2009 2008
(Unaudited) (Unaudited) (Unaudited)
Asset Quality:
Nonperforming loans $ 17,464 $ 28,826 $ 17,464
Other real estate 1,255 5,554 1,255
Total nonperforming
assets 18,719 34,380 18,719
Net charge-offs/write-downs 107 6,566 1,383
Net charge-offs/write-downs
to average loans 0.02% 1.04% 0.21%
Allowance for loan losses
to nonperforming loans 56.55% 51.52% 56.55%
Nonperforming loans to
total loans 2.71% 4.69% 2.71%
Nonperforming assets to
total assets 2.39% 4.22% 2.39%
Allowance for loan losses
to period end loans 1.53% 2.41% 1.53%
Other Selected Ratios:
Average equity to average
assets 8.27% 8.15% 8.21%
Average loans to average
deposits 125.97% 120.67% 124.74%
Average loans to average
earning assets 89.33% 88.19% 89.26%
Balance Sheet Data Period Period Period Period
(Dollars in thousands, Ended Ended Ended Ended
except per share data) June 30 March 31 Dec. 31 June 30
2009 2009 2008 2008
(Unaudited)(Unaudited) (Unaudited)
Assets:
Cash and cash equivalents:
Cash and due from banks $ 16,114 $ 11,680 $ 11,970 $ 15,110
Interest bearing deposit
accounts 58,101 466 1,642 188
-------- -------- -------- --------
Total cash and cash
equivalents 74,215 12,146 13,612 15,298
Investment securities:
Securities held-for-sale 65,409 72,569 78,828 67,492
Securities held-to-
maturity 215 215 215 270
Nonmarketable equity
securities 10,186 9,635 10,815 9,659
-------- -------- -------- --------
Total investment
securities 75,810 82,419 89,858 77,421
Loans held for sale 3,394 1,774 303 1,014
Loans receivable 614,986 626,069 641,737 644,895
Allowance for loan losses (14,851) (11,842) (13,617) (9,876)
Premises and equipment,
net 16,593 16,997 17,243 17,696
Intangible assets 9,294 9,399 9,507 9,731
Other assets 35,271 35,141 31,957 26,469
-------- -------- -------- --------
Total assets $814,712 $772,103 $790,600 $782,648
======== ======== ======== ========
Liabilities and
shareholders' equity:
Deposits:
Noninterest bearing $105,696 $ 89,384 $ 73,663 $ 69,020
Interest bearing 463,657 429,019 439,938 430,271
-------- -------- -------- --------
Total deposits 569,352 518,403 513,601 499,291
Federal funds purchased,
securities sold under
agreements to repurchase
and other short term
borrowings 30,109 36,006 33,838 66,580
FHLB advances 135,400 135,400 161,185 135,475
Junior subordinated
debentures 10,310 10,310 10,310 10,310
Other liabilities 7,470 6,453 6,709 6,468
-------- -------- -------- --------
Total liabilities $752,641 $706,572 $725,643 $718,124
======== ======== ======== ========
Shareholders' equity:
Common stock: $1 par value;
10 million shares
authorized 5,716 5,716 5,667 5,668
Nonvested restricted stock (556) (651) (445) (661)
Capital surplus 62,658 62,658 62,405 62,425
Accumulated other
comprehensive income 167 820 527 151
Retained earnings 11,463 14,403 14,218 14,356
Treasury stock, at cost (17,377) (17,415) (17,415) (17,415)
-------- -------- -------- --------
Total shareholders' equity 62,071 65,531 64,957 64,524
-------- -------- -------- --------
Total liabilities and
shareholders' equity $814,712 $772,103 $790,600 $782,648
======== ======== ======== ========
Income Statement Data Three Months Three Months Three Months
(Dollars in thousands, Ended Ended Ended
except per share data) June 30 March 31 December 31
2009 2009 2008
(Unaudited) (Unaudited) (Unaudited)
Interest income:
Interest and fees on
loans $ 8,401 $ 8,490 $ 9,385
Interest on
investment securities 831 974 994
Interest on federal funds
sold and Interest-bearing
deposits 7 2 1
------------- ------------- -------------
Total interest income 9,239 9,466 10,380
Interest expense:
Interest on deposits 1,823 1,842 2,284
Interest on borrowings 1,659 1,672 1,781
------------- ------------- -------------
Total interest expense 3,482 3,514 4,065
Net interest income 5,757 5,952 6,315
Provision for loan loss 5,800 2,000 3,700
------------- ------------- -------------
Net interest income after
provision (43) 3,952 2,615
Non-interest income:
Service charges on
deposit accounts 573 563 651
Gain on sale of loans
held for sale 493 322 221
Fees from brokerage
services 74 37 53
Income from fiduciary
activities 406 348 327
Gain on sale of securities
held-for-sale 248 145 --
Gain on sale of premises
and equipment -- 3 6
Other operating income 444 444 464
------------- ------------- -------------
Total non-interest
income 2,238 1,862 1,722
Non-interest expense:
Salaries and employee
benefits 2,617 2,594 2,209
Net occupancy expense 320 320 320
Amortization of
intangible assets 105 108 112
Furniture and
equipment expense 223 233 231
Loss on sale of fixed
assets 21 -- --
Other operating expenses 3,736 1,498 1,774
------------- ------------- -------------
Total non-interest
expense 7,022 4,753 4,646
Income (loss) before taxes (4,827) 1,059 (309)
Income tax expense (benefit) (1,886) 196 (313)
------------- ------------- -------------
Net income (loss) $ (2,941) $ 863 $ 4
------------- ------------- -------------
Three Months Six Months Six Months
Ended Ended Ended
June 30 June 30 June 30
2008 2009 2008
(Unaudited) (Unaudited) (Unaudited)
Interest income:
Interest and fees on
loans $ 9,981 $ 16,891 $ 20,853
Interest on investment
securities 962 1,806 1,950
Interest on federal
funds sold and Interest-
bearing deposits 1 8 4
------------- ------------- -------------
Total interest income 10,944 18,705 22,807
Interest expense:
Interest on deposits 2,574 3,664 6,127
Interest on borrowings 1,948 3,333 4,054
------------- ------------- -------------
Total interest expense 4,522 6,997 10,181
Net interest income 6,422 11,708 12,626
Provision for loan loss 2,500 7,800 4,500
------------- ------------- -------------
Net interest income after
provision 3,922 3,908 8,126
Non-interest income:
Service charges on
deposit accounts 583 1,136 1,169
Gain on sale of loans
held for sale 329 815 603
Fees from brokerage
services 48 111 93
Income from fiduciary
activities 488 754 956
Gain on sale of securities
held-for-sale 1 393 98
Gain on sale of premises
and equipment -- -- --
Other operating income 367 888 755
------------- ------------- -------------
Total non-interest
income 1,816 4,097 3,674
Non-interest expense:
Salaries and employee
benefits 2,992 5,211 5,908
Net occupancy expense 327 640 656
Amortization of
intangible assets 111 213 225
Furniture and equipment
expense 243 455 478
Loss on sale of fixed
assets -- 18 --
Other operating expenses 1,656 5,236 3,138
------------- ------------- -------------
Total non-interest
expense 5,329 11,773 10,405
Income (loss) before taxes 409 (3,768) 1,395
Income tax expense (benefit) (18) (1,690) 187
------------- ------------- -------------
Net income (loss) $ 427 $ (2,078) $ 1,208
------------- ------------- -------------
June 30, 2009 March 31, 2009
(Dollars in thousands) Balance Percent Balance Percent
Loans:
Commercial and agricultural $ 38,705 6.29% $ 39,678 6.34%
Real estate - construction 176,534 28.71% 176,668 28.22%
Real estate - mortgage and
commercial 330,782 53.79% 336,304 53.72%
Home equity 48,634 7.91% 48,266 7.71%
Consumer - Installment 18,840 3.06% 23,622 3.77%
Other 1,491 0.24% 1,531 0.24%
--------- --------- --------- ---------
Total $614,986 100.00% $626,069 100.00%
--------- --------- --------- ---------
June 30, 2009 March 31, 2009
(Dollars in thousands) Balance Percent Balance Percent
Deposits:
Noninterest bearing demand $105,696 18.56% $ 89,384 17.24%
Interest bearing demand 62,559 10.99% 68,803 13.27%
Money market and savings 139,677 24.53% 136,294 26.29%
Brokered deposits 46,561 8.18% 53,139 10.25%
Certificates of deposit 214,859 37.74% 170,783 32.95%
--------- --------- --------- ---------
Total $569,352 100.00% $518,403 100.00%
--------- --------- --------- ---------
December 31, 2008 June 30, 2008
(Dollars in thousands) Balance Percent Balance Percent
Loans:
Commercial and agricultural $ 43,442 6.77% $ 44,202 6.85%
Real estate - construction 185,414 28.89% 202,239 31.36%
Real estate - mortgage and
commercial 344,457 53.68% 332,295 51.53%
Home equity 47,830 7.45% 44,066 6.83%
Consumer - Installment 19,073 2.97% 20,689 3.21%
Other 1,521 0.24% 1,404 0.22%
--------- --------- ---------- --------
Total $641,737 100.00% $644,895 100.00%
--------- --------- --------- ---------
December 31, 2008 June 30, 2008
(Dollars in thousands) Balance Percent Balance Percent
Deposits:
Noninterest bearing demand $ 73,663 14.35% $ 69,020 13.82%
Interest bearing demand 65,699 12.79% 64,057 12.83%
Money market and savings 133,807 26.05% 151,758 30.39%
Brokered deposits 49,828 9.70% 43,264 8.67%
Certificates of deposit 190,604 37.11% 171,192 34.29%
--------- --------- --------- ---------
Total $513,601 100.00% $499,291 100.00%
--------- --------- --------- ---------
Wealth Management
Group Fiduciary
and Related
Services:(Dollars
in thousands,
except number of June 30, March 31, December 31, June 30,
accounts) 2009 2009 2008 2008
------------ ------------ ------------ ------------
Market value of
accounts $438,929 $392,777 $396,596 $471,603
Market value of
discretionary
accounts $167,760 $155,553 $160,488 $198,753
Market value of
non-discretionary
accounts $271,169 $237,224 $236,108 $272,850
Total number of
accounts 1,315 1,373 1,334 1,227
Yield/Rate Analysis YTD Three Months Ended
June 30, 2009
-----------------------------
Average Yield/
(Dollars in thousands) Balance Interest Rate
-----------------------------
ASSETS
Loans(1)(3) $ 626,961 $ 8,410 5.38%
Securities, taxable(2) 42,183 518 4.93%
Securities, nontaxable(2)(3) 25,150 393 6.27%
Nonmarketable Equity Securities 2,041 31 6.09%
Fed funds sold and other (incl. FHLB) 19,619 7 0.14%
-------------------
Total earning assets $ 715,954 $ 9,359 5.24%
Non-earning assets 66,476
---------
Total assets $ 782,430
=========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Transaction accounts $ 189,041 $ 329 0.70%
Regular savings accounts 38,947 162 1.67%
Certificates of deposit 200,969 1,332 2.66%
Other short term borrowings 35,619 23 0.26%
FHLB Advances 137,221 1,459 4.26%
Junior subordinate debentures 10,310 177 6.89%
-------------------
Total interest-bearing liabilities $ 612,107 $ 3,482 2.28%
Non-interest bearing liabilities 106,388
Stockholders' equity 63,935
---------
Total liabilities & equity $ 782,430
=========
Net interest income/
interest rate spread $ 5,877 2.96%
===================
Net yield on earning assets 3.29%
=========
Three Months Ended
June 30, 2008
-----------------------------
Average Yield/
(Dollars in thousands) Balance Interest Rate
-----------------------------
ASSETS
Loans(1)(3) $ 653,252 $ 9,991 6.15%
Securities, taxable(2) 38,811 500 5.18%
Securities, nontaxable(2)(3) 29,262 446 6.13%
Nonmarketable Equity Securities 9,661 139 5.79%
Fed funds sold and other (incl. FHLB) 266 2 3.02%
-------------------
Total earning assets $ 731,252 $ 11,078 6.09%
Non-earning assets 59,836
---------
Total assets $ 791,088
=========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Transaction accounts $ 230,424 $ 709 1.24%
Regular savings accounts 36,285 205 2.27%
Certificates of deposit 185,149 1,663 3.61%
Other short term borrowings 54,835 306 2.24%
FHLB Advances 135,527 1,459 4.33%
Junior subordinate debentures 10,310 180 7.02%
-------------------
Total interest-bearing liabilities $ 652,530 $ 4,522 2.79%
Non-interest bearing liabilities 73,149
Stockholders' equity 65,409
---------
Total liabilities & equity $ 791,088
=========
Net interest income/
interest rate spread $ 6,556 3.30%
===================
Net yield on earning assets 3.61%
=========
Yield/Rate Analysis YTD Six Months Ended
June 30, 2009
-----------------------------
Average Yield/
(Dollars in thousands) Balance Interest Rate
-----------------------------
ASSETS
Loans(1)(3) $ 632,101 $ 16,907 5.39%
Securities, taxable(2) 44,689 1,133 5.11%
Securities, nontaxable(2)(3) 26,643 846 6.40%
Nonmarketable Equity Securities 2,041 61 6.03%
Fed funds sold and other (incl. FHLB) 11,277 8 0.14%
-------------------
Total earning assets $ 716,751 $ 18,955 5.33%
Non-earning assets 66,164
---------
Total assets $ 782,915
=========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Transaction accounts $ 198,031 $ 619 0.63%
Regular savings accounts 38,158 330 1.74%
Certificates of deposit 194,303 2,715 2.82%
Other short term borrowings 35,918 58 0.33%
FHLB Advances 141,984 2,916 4.14%
Junior subordinate debentures 10,310 359 7.02%
-------------------
Total interest-bearing liabilities $ 618,704 $ 6,997 2.28%
Non-interest bearing liabilities 100,379
Stockholders' equity 63,832
---------
Total liabilities & equity $ 782,915
=========
Net interest income/
interest rate spread $ 11,958 3.05%
===================
Net yield on earning assets 3.36%
=========
Six Months Ended
June 30, 2008
-----------------------------
Average Yield/
(Dollars in thousands) Balance Interest Rate
-----------------------------
ASSETS
Loans(1)(3) $ 655,017 $ 20,876 6.41%
Securities, taxable(2) 39,619 1,023 5.19%
Securities, nontaxable(2)(3) 29,287 891 6.12%
Nonmarketable Equity Securities 9,587 281 5.89%
Fed funds sold and other (incl. FHLB) 280 4 2.87%
-------------------
Total earning assets $ 733,790 $ 23,075 6.32%
Non-earning assets 61,975
---------
Total assets $ 795,765
=========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Transaction accounts $ 235,081 $ 1,883 1.61%
Regular savings accounts 36,059 441 2.46%
Certificates of deposit 189,778 3,803 4.03%
Other short term borrowings 52,635 737 2.82%
FHLB Advances 135,518 2,956 4.39%
Junior subordinate debentures 10,310 361 7.04%
-------------------
Total interest-bearing liabilities $ 659,381 $ 10,181 3.11%
Non-interest bearing liabilities 71,068
Stockholders' equity 65,316
---------
Total liabilities & equity $ 795,765
=========
Net interest income/
interest rate spread $ 12,894 3.21%
===================
Net yield on earning assets 3.53%
=========
(1) The effect of loans in nonaccrual status and fees collected is
not significant to the computations.
(2) Average investment securities exclude the valuation allowance on
securities available-for-sale.
(3) Fully tax-equivalent basis at 38% tax rate for nontaxable
securities and loans.