WARSAW, Ind., Jan. 25, 2010 (GLOBE NEWSWIRE) -- Lakeland Financial Corporation (Nasdaq:LKFN), parent company of Lake City Bank, today reported record net income of $5.4 million for the fourth quarter of 2009. This record net income performance represents a 21% increase versus $4.4 million for the fourth quarter of 2008. Diluted net income per share for the quarter was $0.32 versus $0.35 for the comparable period of 2008. On a linked quarter basis, net income increased 2% compared to net income of $5.3 million, or $0.36 per diluted share, for the third quarter of 2009.
Michael L. Kubacki, Chairman, President and Chief Executive Officer, commented, "We're very proud that our net income in the quarter was the highest in the Bank's 138 year history. 2009 was full of challenges for the banking industry and we were not immune to them. Yet, Lake City Bank managed through these challenges to finish with a very strong quarter and year."
Kubacki continued, "Our industry has been under intense scrutiny this year due to both political and economic pressures. Many of the critics of the banking industry have placed a significant focus on the industry's unwillingness to lend. I am pleased to say that we grew our average loan portfolio by $237 million in 2009, an increase of 14% over 2008's levels. We recognize that community banks have an important role to play in the economic recovery of Indiana, and we're using our balance sheet to fulfill that role."
"While our earnings performance is gratifying, our successful issuance of common stock during the quarter provided $58 million of additional capital, which has further strengthened our balance sheet. Our business plan is built around lending money in Indiana and we believe that this additional capital puts us in a great position to continue the growth in our loan portfolio," added Kubacki.
The Company reported net income of $19.0 million for 2009 versus $19.7 million for 2008. Diluted net income per common share was $1.26 for 2009 versus $1.58 for 2008. Earnings per share for 2009 were impacted by the Company's participation in the U.S. Treasury Capital Purchase Program in the first quarter and the issuance of 3.6 million common shares during the fourth quarter.
The Company also announced that the Board of Directors approved a cash dividend for the fourth quarter of $0.155 per share, payable on February 5, 2010 to shareholders of record as of January 25, 2010. The quarterly dividend is unchanged from the dividends paid in 2008 and in the first three quarters of 2009.
"We recognize that the dividend is an important component of shareholder value for many of our shareholders and that it is also a reflection of our overall financial health. We are pleased that our good performance supported these payments at a level consistent with prior years," observed Kubacki.
Average total loans for the fourth quarter of 2009 were $1.96 billion versus $1.77 billion for the fourth quarter of 2008 and $1.91 billion for the linked third quarter of 2009. Average total loans for the full year were $1.90 billion versus $1.67 billion in 2008. The year-over-year average loan growth represented an increase of 14%, or $237 million. On a linked quarter basis, average loans increased by $56 million versus the third quarter of 2009. Total gross loans as of December 31, 2009 were $2.01 billion compared to $1.83 billion as of December 31, 2008, an increase of 10%. Total gross loans at September 30, 2009 were $1.94 billion.
The Company's net interest margin was 3.74% in the fourth quarter versus 3.69% in the third quarter and 2.98% for the fourth quarter of 2008. This margin improvement, in conjunction with strong growth in loans, contributed to an increase of 40% in the Company's net interest income to $22.5 million in the fourth quarter of 2009 versus $16.0 million in the fourth quarter of 2008. On a linked quarter basis, net interest income increased by 6% versus the third quarter of 2009.
The Company's provision for loan losses in the quarter of $6.3 million represented an increase of $3.9 million, or 169%, versus $2.3 million in the same period of 2008. In the third quarter of 2009, the provision was $5.5 million. The provision increases in 2009 were generally driven by increased levels of net charge offs, the difficult economic conditions in the Company's markets and the related possible weaknesses in our borrowers' future performance and prospects, as well as by continued loan growth.
Total revenue for the fourth quarter of 2009 was $27.8 million versus $21.4 million for the comparable period of 2008, an increase of 30%. On a linked quarter basis, total revenue increased by 5% versus the third quarter of 2009.
The Company's non-interest income was $5.4 million in both the fourth quarters of 2009 and 2008. For the full year, non-interest income of $22.2 million represented a decrease of $1.1 million, or 5%, versus $23.3 million in 2008. Contributing to the lower noninterest income performance in 2009 was a change related to the processing of merchant credit card activities. Prior to the third quarter of 2009, transaction-driven revenue and expenses related to this category were reported on a gross basis in merchant card fee income in non-interest income and credit card interchange fees in non-interest expense. Beginning in the second quarter of 2009, the Company began converting clients to a new third-party processor for this activity. As a result, only net revenues with the new processor are being recognized in merchant card fee income in noninterest income. Several other factors affected non-interest income in 2009 versus 2008, including recognition of a non-cash other than temporary impairment of $225,000 on available-for-sale securities and an increase in mortgage banking income of $1.3 million. In addition, results for 2008 were positively impacted by a $642,000 gain related to the VISA initial public offering.
The Company's non-interest expense was $13.5 million for the fourth quarter of 2009 compared to $12.6 million for the same period in 2008 and $13.1 million for the third quarter of 2009. On a year over year basis, salaries and employee benefits increased by $880,000, or 14%, versus the fourth quarter of 2008, primarily as a result of staff additions in lending positions, higher incentive-based compensation resulting from increased revenue and net income and overall improved performance, normal merit increases company-wide and increased health insurance costs. In addition, regulatory expense increased by $213,000 due to higher FDIC insurance premiums, including a one-time assessment, that have been levied on all financial institutions. For the full year, non-interest expense of $53.5 million compared to $47.5 million in 2008. The Company's efficiency ratio for the fourth quarter of 2009 was 49%, compared to 59% for the fourth quarter of 2008 and 49% for the third quarter of 2009. The efficiency ratio for the full year was 52% versus 55% in 2008.
For the three months ended December 31, 2009, Lakeland Financial's tangible equity to tangible assets ratio was 8.65% compared to 6.17% for the fourth quarter of 2008 and 6.56% for the third quarter of 2009. Equity was positively impacted by the sale of common stock during the fourth quarter of 2009, resulting in net proceeds to the Company of $57.9 million. Average total capital to average assets for the quarter ended December 31, 2009 was 9.82% versus 6.56% for the fourth quarter of 2008 and 8.83% for the third quarter of 2009. Average total deposits for the quarter ended December 31, 2009 were $1.90 billion versus $1.82 billion for the third quarter of 2009 and $1.84 billion for the fourth quarter of 2008.
Net charge-offs totaled $3.0 million in the fourth quarter of 2009, versus $1.6 million during the fourth quarter of 2008 and $1.8 million during the third quarter of 2009. Lakeland Financial's allowance for loan losses as of December 31, 2009 was $32.1 million, compared to $18.9 million as of December 31, 2008 and $28.8 million as of September 30, 2009. The allowance for loan losses increased to 1.59% of total loans as of December 31, 2009 versus 1.03% at December 31, 2008 and 1.48% as of September 30, 2009.
Kubacki commented, "The combination of the issuance of $58 million in common stock, the $13 million growth in our allowance for loan losses and our continued earnings performance have combined to represent a real strengthening of our balance sheet. We have weathered the economic challenges of the past several years and have emerged with a much stronger balance sheet."
Nonperforming assets increased to $31.6 million as of December 31, 2009 compared to $30.0 million as of September 30, 2009. The increase during the fourth quarter resulted primarily from the addition of a single credit involved in real estate development. The ratio of nonperforming assets to total assets remained stable at 1.23% on December 31, 2009 compared to 1.22% on September 30, 2009.
Nonperforming assets on December 31, 2008 were $22.4 million. The increase in nonperforming assets during 2009 was influenced by the addition of three commercial relationships totaling $10.6 million. One of the credits is engaged in commercial real estate development and the other two are real estate holding companies which leased facilities to affiliated companies involved in the recreational vehicle industry and automobile sales, respectively. The ratio of nonperforming assets to total assets was 0.94% at December 31, 2008.
The allowance for loan losses represented 104% of nonperforming loans as of December 31, 2009 versus 98% at September 30, 2009 and 89% at December 31, 2008.
Lakeland Financial Corporation is a $2.6 billion bank holding company headquartered in Warsaw, Indiana. Lake City Bank serves Northern Indiana with 43 branches located in the following Indiana counties: Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Huntington, LaGrange, Marshall, Noble, Pulaski and Whitley. The Company also has a Loan Production Office in Indianapolis, Indiana.
Lakeland Financial Corporation may be accessed on its home page at www.lakecitybank.com. The Company's common stock is traded on the Nasdaq Global Select Market under "LKFN". Market makers in Lakeland Financial Corporation common shares include Automated Trading Desk Financial Services, LLC, B-Trade Services, LLC, Citadel Derivatives Group, LLC, Citigroup Global Markets Holdings, Inc., Domestic Securities, Inc., E*TRADE Capital Markets LLC, FTN Financial Securities Corp., FTN Equity Capital Markets Corp., Goldman Sachs & Company, Howe Barnes Hoefer & Arnett, Inc., Keefe, Bruyette & Woods, Inc., Knight Equity Markets, L.P., Morgan Stanley & Co., Inc., Stifel Nicolaus & Company, Inc., Susquehanna Capital Group and UBS Securities LLC.
In addition to the results presented in accordance with generally accepted accounting principles in the United States of America, this press release contains certain non-GAAP financial measures. Lakeland Financial believes that providing non-GAAP financial measures provides investors with information useful to understanding Lakeland Financial's financial performance. Additionally, these non-GAAP measures are used by management for planning and forecasting purposes, including measures based on "tangible equity" which is "common stockholders' equity" excluding intangible assets, net of deferred tax. A reconciliation of these non-GAAP measures to the most comparable GAAP equivalent is included in the attached financial tables where the non-GAAP measure is presented.
This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. Additional information concerning the Company and its business, including factors that could materially affect the Company's financial results, is included in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on form 10-K.
LAKELAND FINANCIAL CORPORATION
FOURTH QUARTER 2009 FINANCIAL HIGHLIGHTS
(Unaudited – Dollars in thousands except share and per share data)
| Three Months Ended | Twelve Months Ended | |||||||||
| Dec. 31, | Sep. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||
| 2009 | 2009 | 2008 | 2009 | 2008 | ||||||
| END OF PERIOD BALANCES | ||||||||||
| Assets | $2,571,505 | $2,469,882 | $2,377,445 | $2,571,505 | $2,377,445 | |||||
| Deposits | 1,851,125 | 1,821,031 | 1,885,299 | 1,851,125 | 1,885,299 | |||||
| Loans | 2,012,010 | 1,941,111 | 1,833,334 | 2,012,010 | 1,833,334 | |||||
| Allowance for Loan Losses | 32,073 | 28,778 | 18,860 | 32,073 | 18,860 | |||||
| Total Equity | 280,083 | 219,714 | 149,969 | 280,083 | 149,969 | |||||
| Tangible Common Equity | 222,023 | 161,659 | 146,304 | 222,023 | 146,304 | |||||
| AVERAGE BALANCES | ||||||||||
| Total Assets | $2,534,584 | $2,439,847 | $2,305,789 | $2,446,953 | $2,170,673 | |||||
| Earning Assets | 2,416,796 | 2,322,134 | 2,175,121 | 2,325,259 | 2,047,783 | |||||
| Investments | 410,969 | 401,192 | 384,096 | 399,342 | 368,578 | |||||
| Loans | 1,962,840 | 1,906,496 | 1,767,818 | 1,901,746 | 1,665,024 | |||||
| Total Deposits | 1,903,434 | 1,816,697 | 1,839,717 | 1,870,231 | 1,637,794 | |||||
| Interest Bearing Deposits | 1,657,270 | 1,587,103 | 1,618,173 | 1,641,222 | 1,418,032 | |||||
| Interest Bearing Liabilities | 2,022,418 | 1,974,106 | 1,916,463 | 1,986,239 | 1,782,714 | |||||
| Total Equity | 248,839 | 215,508 | 151,293 | 212,352 | 151,062 | |||||
| INCOME STATEMENT DATA | ||||||||||
| Net Interest Income | $22,466 | $21,262 | $15,992 | $80,281 | $63,268 | |||||
| Net Interest Income-Fully Tax Equivalent | 22,779 | 21,565 | 16,271 | 81,528 | 64,419 | |||||
| Provision for Loan Losses | 6,250 | 5,500 | 2,323 | 21,202 | 10,207 | |||||
| Noninterest Income | 5,373 | 5,279 | 5,385 | 22,244 | 23,328 | |||||
| Noninterest Expense | 13,538 | 13,097 | 12,550 | 53,475 | 47,481 | |||||
| Net Income | 5,382 | 5,267 | 4,433 | 18,979 | 19,701 | |||||
| Net Income Available to Common Shareholders | 4,579 | 4,466 | 4,433 | 16,285 | 19,701 | |||||
| PER SHARE DATA | ||||||||||
| Basic Net Income Per Common Share | $0.33 | $0.36 | $0.36 | $1.27 | $1.61 | |||||
| Diluted Net Income Per Common Share | 0.32 | 0.36 | 0.35 | 1.26 | 1.58 | |||||
| Cash Dividends Declared Per Common Share | 0.155 | 0.155 | 0.155 | 0.62 | 0.605 | |||||
| Book Value Per Common Share (equity per share issued) | 14.06 | 13.32 | 12.17 | 14.06 | 12.17 | |||||
| Market Value – High | 22.24 | 22.49 | 24.10 | 23.87 | 30.09 | |||||
| Market Value – Low | 16.35 | 17.80 | 14.93 | 14.14 | 14.93 | |||||
| Basic Weighted Average Common Shares Outstanding | 14,142,414 | 12,432,135 | 12,318,204 | 12,851,845 | 12,271,927 | |||||
| Diluted Weighted Average Common Shares Outstanding | 14,233,713 | 12,531,264 | 12,476,884 | 12,952,444 | 12,459,802 | |||||
| KEY RATIOS | ||||||||||
| Return on Average Assets | 0.84 | % | 0.86 | % | 0.77 | % | 0.78 | % | 0.91 | % |
| Return on Average Total Equity | 8.58 | 9.70 | 11.67 | 8.94 | 13.04 | |||||
| Efficiency (Noninterest Expense / Net Interest Income plus Noninterest Income) | 48.63 | 49.35 | 58.68 | 52.16 | 54.83 | |||||
| Average Equity to Average Assets | 9.82 | 8.83 | 6.56 | 8.68 | 6.96 | |||||
| Net Interest Margin | 3.74 | 3.69 | 2.98 | 3.51 | 3.14 | |||||
| Net Charge Offs to Average Loans | 0.60 | 0.38 | 0.36 | 0.42 | 0.43 | |||||
| Loan Loss Reserve to Loans | 1.59 | 1.48 | 1.03 | 1.59 | 1.03 | |||||
| Nonperforming Loans to Loans | 1.53 | 1.51 | 1.16 | 1.53 | 1.16 | |||||
| Nonperforming Assets to Assets | 1.23 | 1.22 | 0.94 | 1.23 | 0.94 | |||||
| Tier 1 Leverage | 12.28 | 10.26 | 8.10 | 12.28 | 8.10 | |||||
| Tier 1 Risk-Based Capital | 14.13 | 11.72 | 9.27 | 14.13 | 9.27 | |||||
| Total Capital | 15.38 | 12.98 | 10.20 | 15.38 | 10.20 | |||||
| Tangible Capital | 8.65 | 6.56 | 6.17 | 8.65 | 6.17 | |||||
| ASSET QUALITY | ||||||||||
| Loans Past Due 30 - 89 Days | $1,972 | $5,240 | $2,265 | $1,972 | $2,265 | |||||
| Loans Past Due 90 Days or More | 190 | 5,547 | 478 | 190 | 478 | |||||
| Non-accrual Loans | 30,518 | 23,708 | 20,810 | 30,518 | 20,810 | |||||
| Nonperforming Loans | 30,708 | 29,255 | 21,288 | 30,708 | 21,288 | |||||
| Other Real Estate Owned | 872 | 723 | 953 | 872 | 953 | |||||
| Other Nonperforming Assets | 2 | 36 | 150 | 2 | 150 | |||||
| Total Nonperforming Assets | 31,582 | 30,014 | 22,391 | 31,582 | 22,391 | |||||
| Impaired Loans | 31,838 | 28,236 | 20,304 | 31,838 | 20,304 | |||||
| Net Charge Offs/(Recoveries) | 2,956 | 1,812 | 1,587 | 7,990 | 7,148 | |||||
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS
As of December 31, 2009 and 2008
(in thousands, except share data)
| December 31, 2009 | December 31, 2008 | ||
| (Unaudited) | |||
| ASSETS | |||
| Cash and due from banks | $48,964 | $57,149 | |
| Short-term investments | 7,019 | 6,858 | |
| Total cash and cash equivalents | 55,983 | 64,007 | |
| Securities available for sale (carried at fair value) | 410,028 | 387,030 | |
| Real estate mortgage loans held for sale | 1,521 | 401 | |
| Loans, net of allowance for loan losses of $32,073 and $18,860 | 1,979,937 | 1,814,474 | |
| Land, premises and equipment, net | 29,576 | 30,519 | |
| Bank owned life insurance | 36,639 | 33,966 | |
| Accrued income receivable | 8,600 | 8,599 | |
| Goodwill | 4,970 | 4,970 | |
| Other intangible assets | 207 | 413 | |
| Other assets | 44,044 | 33,066 | |
| Total assets | $2,571,505 | $2,377,445 | |
| LIABILITIES AND EQUITY | |||
| LIABILITIES | |||
| Noninterest bearing deposits | $259,415 | $230,716 | |
| Interest bearing deposits | 1,591,710 | 1,654,583 | |
| Total deposits | 1,851,125 | 1,885,299 | |
| Short-term borrowings | |||
| Federal funds purchased | 9,600 | 19,000 | |
| Securities sold under agreements to repurchase | 127,118 | 137,769 | |
| U.S. Treasury demand notes | 2,333 | 840 | |
| Other short-term borrowings | 215,000 | 45,000 | |
| Total short-term borrowings | 354,051 | 202,609 | |
| Accrued expenses payable | 14,040 | 17,163 | |
| Other liabilities | 1,236 | 1,434 | |
| Long-term borrowings | 40,042 | 90,043 | |
| Subordinated debentures | 30,928 | 30,928 | |
| Total liabilities | 2,291,422 | 2,227,476 | |
| EQUITY | |||
| Cumulative perpetual preferred stock:1,000,000 shares authorized, no par value, $1 liquidation value 56,044 shares issued and outstanding as of December 31, 2009 | 54,095 | 0 | |
| Common stock:90,000,000 shares authorized, no par value | |||
| 16,078,461 shares issued and 15,977,352 outstanding as of December 31, 2009 | |||
| 12,373,080 shares issued and 12,266,849 outstanding as of December 31, 2008 | 83,487 | 22,085 | |
| Retained earnings | 149,945 | 141,371 | |
| Accumulated other comprehensive loss | (5,993) | (12,024) | |
| Treasury stock, at cost (2009 – 101,109 shares, 2008 - 106,231 shares) | (1,540) | (1,552) | |
| Total stockholders' equity | 279,994 | 149,880 | |
| Noncontrolling interest | 89 | 89 | |
| Total equity | 280,083 | 149,969 | |
| Total liabilities and equity | $2,571,505 | $2,377,445 |
LAKELAND FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months and Twelve Months Ended December 31, 2009 and 2008
(in thousands except for share and per share data)
(unaudited)
| Three Months Ended | Twelve Months Ended | ||||||
| December 31, | December 31, | ||||||
| 2009 | 2008 | 2009 | 2008 | ||||
| NET INTEREST INCOME | |||||||
| Interest and fees on loans | |||||||
| Taxable | $25,050 | $23,865 | $96,151 | $99,538 | |||
| Tax exempt | 22 | 26 | 148 | 113 | |||
| Interest and dividends on securities | |||||||
| Taxable | 4,331 | 4,409 | 17,562 | 16,202 | |||
| Tax exempt | 617 | 591 | 2,421 | 2,411 | |||
| Interest on short-term investments | 22 | 23 | 61 | 220 | |||
| Total interest income | 30,042 | 28,914 | 116,343 | 118,484 | |||
| Interest on deposits | 6,783 | 10,988 | 32,247 | 44,580 | |||
| Interest on borrowings | |||||||
| Short-term | 248 | 456 | 1,089 | 5,620 | |||
| Long-term | 545 | 1,478 | 2,726 | 5,016 | |||
| Total interest expense | 7,576 | 12,922 | 36,062 | 55,216 | |||
| NET INTEREST INCOME | 22,466 | 15,992 | 80,281 | 63,268 | |||
| Provision for loan losses | 6,250 | 2,323 | 21,202 | 10,207 | |||
| NET INTEREST INCOME AFTER PROVISION FOR | |||||||
| LOAN LOSSES | 16,216 | 13,669 | 59,079 | 53,061 | |||
| NONINTEREST INCOME | |||||||
| Wealth advisory fees | 767 | 737 | 2,980 | 3,278 | |||
| Investment brokerage fees | 376 | 393 | 1,676 | 1,872 | |||
| Service charges on deposit accounts | 2,092 | 2,248 | 8,245 | 8,603 | |||
| Loan, insurance and service fees | 991 | 790 | 3,540 | 3,186 | |||
| Merchant card fee income | 285 | 825 | 2,464 | 3,471 | |||
| Other income | 408 | 373 | 1,867 | 1,826 | |||
| Mortgage banking income | 454 | 19 | 1,695 | 411 | |||
| Net securities gains (losses) | 0 | 0 | 2 | 39 | |||
| Gain on redemption of Visa shares | 0 | 0 | 0 | 642 | |||
| Impairment on available-for-sale securities (includes total losses of $2,925, net of $2,700 recognized in other comprehensive income, pre-tax) | 0 | 0 | (225) | 0 | |||
| Total noninterest income | 5,373 | 5,385 | 22,244 | 23,328 | |||
| NONINTEREST EXPENSE | |||||||
| Salaries and employee benefits | 7,249 | 6,369 | 27,765 | 25,482 | |||
| Occupancy expense | 814 | 856 | 3,206 | 3,082 | |||
| Equipment costs | 559 | 597 | 2,147 | 1,941 | |||
| Data processing fees and supplies | 975 | 984 | 3,944 | 3,645 | |||
| Credit card interchange | 95 | 556 | 1,448 | 2,321 | |||
| Other expense | 3,846 | 3,188 | 14,965 | 11,010 | |||
| Total noninterest expense | 13,538 | 12,550 | 53,475 | 47,481 | |||
| INCOME BEFORE INCOME TAX EXPENSE | 8,051 | 6,504 | 27,848 | 28,908 | |||
| Income tax expense | 2,669 | 2,071 | 8,869 | 9,207 | |||
| NET INCOME | $5,382 | $4,433 | $18,979 | $19,701 | |||
| Dividends and accretion of discount on preferred stock | 803 | 0 | 2,694 | 0 | |||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $4,579 | $4,433 | $16,285 | $19,701 | |||
| BASIC WEIGHTED AVERAGE COMMON SHARES | 14,142,414 | 12,318,204 | 12,851,845 | 12,271,927 | |||
| BASIC EARNINGS PER COMMON SHARE | $0.33 | $0.36 | $1.27 | $1.61 | |||
| DILUTED WEIGHTED AVERAGE COMMON SHARES | 14,233,713 | 12,476,884 | 12,952,444 | 12,459,802 | |||
| DILUTED EARNINGS PER COMMON SHARE | $0.32 | $0.35 | $1.26 | $1.58 | |||
| LAKELAND FINANCIAL CORPORATION | |||||||||||
| LOAN DETAIL | |||||||||||
| FOURTH QUARTER 2009 | |||||||||||
| (unaudited in thousands) | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2009 | 2009 | 2008 | |||||||||
| Commercial and industrial loans | $693,579 | 34.5 | % | $691,012 | 35.6 | % | $652,107 | 35.6 | % | ||
| Commercial real estate - owner occupied | 348,812 | 17.3 | 340,899 | 17.5 | 337,060 | 18.4 | |||||
| Commercial real estate - nonowner occupied | 257,374 | 12.8 | 242,278 | 12.4 | 212,444 | 11.6 | |||||
| Commercial real estate - multifamily loans | 26,558 | 1.3 | 25,651 | 1.3 | 25,428 | 1.4 | |||||
| Commercial real estate construction loans | 166,959 | 8.3 | 153,426 | 7.9 | 116,970 | 6.4 | |||||
| Agri-business and agricultural loans | 206,252 | 10.2 | 178,683 | 9.2 | 189,007 | 10.3 | |||||
| Residential real estate mortgage loans | 95,211 | 4.7 | 95,095 | 4.9 | 117,230 | 6.4 | |||||
| Home equity loans | 161,594 | 8.0 | 158,706 | 8.2 | 128,219 | 7.0 | |||||
| Installment loans and other consumer loans | 57,478 | 2.9 | 57,504 | 3.0 | 55,102 | 2.9 | |||||
| Subtotal | 2,013,817 | 100.0 | % | 1,943,254 | 100.0 | % | 1,833,567 | 100.0 | % | ||
| Less:Allowance for loan losses | (32,073) | (28,778) | (18,860) | ||||||||
| Net deferred loan (fees)/costs | (1,807) | (2,143) | (233) | ||||||||
| Loans, net | $1,979,937 | $1,912,333 | $1,814,474 | ||||||||