GREENWOOD, S.C., Jan. 29, 2010 (GLOBE NEWSWIRE) -- Community Capital Corporation (Nasdaq:CPBK) reports operating results for the twelve months and quarter ended December 31, 2009, which included the following significant balance sheet restructuring actions:
- Completed capital raise with gross proceeds exceeding $14.7 million
- Remained well-capitalized by regulatory definitions with Total Risk Based Capital exceeding 12% and Tier 1 Leverage Capital exceeding 8%
- Incurred almost $25 million in write downs on nonaccrual loans during the quarter ended December 31, 2009
- Reduced non-performing assets $12 million, or 19%, since September 30, 2009
- Reduced nonaccrual loans to $41 million as of December 31, 2009, which represents 55% of these loans' original balances
- Impaired loans declined by approximately $30 million since September 30, 2009
- Increased noninterest bearing deposits by $10 million during the fourth quarter and these deposits now comprise nearly 20% of total deposits
- Reduced brokered deposits to 4.6% of total deposits as of December 31, 2009
- Prepaid $10 million in FHLB advances during the quarter ended December 31, 2009 incurring a prepayment penalty of approximately $530,000
- Reduced noncore funding totals to $95 million as of December 31, 2009 down from a peak of $207 million
- Reduced the carrying value of three parcels of other real estate by a total of $800,000
- Prepaid $4.6 million to the FDIC for deposit insurance during the quarter ended December 31, 2009
- Decided to defer future interest payments on our trust preferred subordinated debt for the foreseeable future to maintain cash levels at the parent company
- Increased the market value of accounts maintained in our Wealth Management division to over a half billion dollars
Community Capital Corporation today reported a net loss for the three months ended December 31, 2009 of $1,382,000, or $0.15 per diluted share, compared to net income of $4,000, or $0.001 per diluted share, for the same period in 2008. The company recorded a provision for loan losses of $1 million during the fourth quarter of 2009 compared to $3.7 million during the fourth quarter of 2008. Return on average assets for the quarter was (0.73)% for 2009 compared to 0.00% for the same period in 2008. Return on average equity was (9.45)% for the quarter ended December 31, 2009, compared to 0.03% for the same period in 2008.
Net losses for the twelve months ended December 31, 2009 were $25,245,000, or $4.34 per diluted share. Net income for the twelve months ended December 31, 2008 was $2,409,000, or $0.54 per diluted share. The company recorded a provision for loan losses of $32.8 million during 2009, compared to $9.3 million for the same period in 2008.
Non-performing assets decreased $11.6 million, or 18.87%, to $50 million at December 31, 2009 from $61.6 million at September 30, 2009 and increased $18.0 million, or 56.48%, from $31.9 million at December 31, 2008. Return on average assets for the twelve months was (3.28)% for 2009 compared to 0.30% for the same period in 2008. Return on average equity for the twelve months was (40.26)% in 2009 compared to 3.69% for the same period in 2008.
Total assets decreased 5.21% to $749,442,000 at December 31, 2009 from $790,600,000 as of December 31, 2008, and increased 0.16% from $748,224,000 at September 30, 2009. Total loans decreased $74,559,000, or 11.62%, to $567,178,000 at December 31, 2009 from $641,737,000 at December 31, 2008, and decreased $34,668,000 from $601,846,000 at September 30, 2009. Total deposits increased $69,882,000, or 13.61%, to $583,483,000 at December 31, 2009 from $513,601,000 at December 31, 2008, and increased $8,613,000, or 1.50%, from $574,870,000 at September 30, 2009.
William G. Stevens, President/CEO of Community Capital Corporation, stated, "While we remain cautious, we see indications that the credit cycle bottomed and has begun to stabilize in recent months. Although our non-accrual loan balances remain at an elevated level, we were successful in reducing them by 34% to $41 million since September 30, 2009, and believe that we have significantly reduced the risk of future losses related to this portfolio. We also believe that we have aggressively identified and dealt with our problem loans, and that we will continue to apply the most conservative analysis to and have unwavering focus on the balance of our loan portfolio."
Community Capital Corporation is the parent company of CapitalBank, which operates 18 community oriented branches throughout upstate South Carolina and offers 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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to our plans, objectives, expectations and intentions and other statements that are not historical facts, and (3) other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the challenges, costs and complications associated with the continued development of our branches; (2) 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 our control; (3) our ability and success in resolving troubled loans; (4) our dependence on senior management; (5) 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; (6) adverse conditions in the stock market, the public debt market, and other capital markets (including changes in interest rate conditions); (7) changes in deposit rates, the net interest margin, and funding sources; (8) risks inherent in making loans including repayment risks and value of collateral; (9) 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; (10) fluctuations in consumer spending and saving habits; (11) the demand for our products and services; (12) the challenges and uncertainties in the implementation of our expansion and development strategies; (13) the adequacy of expense projections and estimates of impairment loss; (14) changes in the U.S. legal and regulatory framework; (15) unanticipated regulatory or judicial proceedings; and (16) the timely development and acceptance of products and services, including products and services offered through alternative delivery channels such as the Internet.
Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in Community Capital Corporation's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (http://www.sec.gov). All references to financial information as of September 30, 2009 are derived from our amended Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2009. All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
SUMMARY CONSOLIDATED FINANCIAL DATA
The summary consolidated financial data as of and for the three and twelve months ended December 31, 2009 and 2008 has not been audited yet but, in the opinion of our management, contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly our financial positions and results of operations for such periods in accordance with generally accepted accounting principles.
|
Financial Highlights (Dollars in thousands, except per share data) |
Three Months Ended December 31 |
Three Months Ended December 31 |
Twelve Months Ended December 31 |
Twelve Months Ended December 31 |
| 2009 | 2008 | 2009 | 2008 | |
| Earnings Summary | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
| Interest income | $8,502 | $10,380 | $36,233 | $43,594 |
| Interest expense | 3,225 | 4,065 | 13,867 | 18,656 |
| Net interest income | 5,277 | 6,315 | 22,366 | 24,938 |
| Provision for loan losses | 1,000 | 3,700 | 32,800 | 9,300 |
| Non-interest income | 1,981 | 1,722 | 7,772 | 7,247 |
| Non-interest expense | 7,117 | 4,646 | 32,016 | 20,192 |
| Income (loss) before taxes | (859) | (309) | (34,678) | 2,693 |
| Income tax expense (benefit) | 523 | (313) | (9,433) | 284 |
| Net income (loss) | $(1,382) | $4 | $(25,245) | $2,409 |
| Per Shares Ratios: | ||||
| Basic earnings (losses) per share | $(0.15) | $0.001 | $(4.34) | $0.54 |
| Diluted earnings (losses) per share | $(0.15) | $0.001 | $(4.34) | $0.54 |
| Dividends declared per share | $0.00 | $0.15 | $0.15 | $0.60 |
| Book value per share | $5.47 | $14.54 | $5.47 | $14.54 |
| Common Share Data: | ||||
| Outstanding at period end | 9,875,823 | 5,666,760 | 9,875,823 | 5,666,760 |
| Weighted average outstanding | 9,327,208 | 4,436,549 | 5,820,044 | 4,427,379 |
| Diluted weighted average outstanding | 9,327,208 | 4,467,605 | 5,820,044 | 4,464,263 |
| Capital Ratios: | ||||
| Tier 1 leverage ratio | 8.19% | 8.44% | 8.19% | 8.44% |
| Tier 1 risk-based capital ratio | 10.86% | 10.43% | 10.86% | 10.43% |
| Total risk-based capital ratio | 12.12% | 11.69% | 12.12% | 11.69% |
| Tangible equity to tangible assets (period end) | 6.99% | 7.10% | 6.99% | 7.10% |
| Balance Sheet Highlights (Dollars in Thousands) | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| December 31 2009 | September 30 2009 | December 31 2008 | December 31 2009 | December 31 2008 | |
| Average Balances: | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
| Total assets | $749,170 | $780,420 | $787,243 | $774,665 | $790,939 |
| Earning assets | 708,038 | 723,501 | 730,659 | 716,220 | 730,958 |
| Loans | 596,492 | 609,033 | 642,478 | 617,311 | 649,454 |
| Deposits | 572,368 | 579,280 | 522,895 | 550,035 | 520,179 |
| Interest bearing deposits | 467,712 | 474,718 | 448,141 | 451,022 | 452,468 |
| Noninterest bearing deposits | 104,656 | 104,562 | 74,754 | 99,013 | 67,711 |
| Other borrowings | 99,748 | 119,455 | 180,997 | 143,470 | 187,546 |
| Junior subordinated debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 |
| Shareholders' equity | 58,028 | 63,676 | 65,633 | 62,711 | 65,261 |
| Performance Ratios: | |||||
| Return on average assets | (0.73)% | (11.08)% | 0.00% | (3.28)% | 0.30% |
| Return on average shareholders' equity | (9.45)% | (135.74)% | 0.03% | (40.26)% | 3.69% |
| Net interest margin (fully tax equivalent at 38%) | 3.00% | 3.00% | 3.51% | 3.18% | 3.48% |
| Efficiency ratio | 94.54% | 180.87% | 56.93% | 105.37% | 61.91% |
| Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended | |
| December 31 2009 | September 30 2009 | December 31 2008 | December 31 2009 | December 31 2008 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| Asset Quality: | |||||
| Nonperforming loans | $42,826 | $55,438 | $26,827 | $42,826 | $26,827 |
| Other real estate | 7,165 | 6,181 | 5,121 | 7,165 | 5,121 |
| Total nonperforming assets | 49,991 | 61,619 | 31,948 | 49,991 | 31,948 |
| Total Impaired Loans | 71,956 | 102,001 | 107,426 | 71,956 | 107,426 |
| Net charge-offs/write-downs | 24,783 | 908 | 936 | 32,257 | 2,442 |
| Net charge-offs/write-downs to average loans | 4.15% | 0.15% | 0.15% | 5.23% | 0.38% |
| Allowance for loan losses to nonperforming loans | 33.06% | 68.44% | 50.76% | 33.06% | 50.76% |
| Nonperforming loans to total loans | 7.55% | 9.21% | 4.18% | 7.55% | 4.18% |
| Nonperforming assets to total assets | 6.67% | 8.23% | 4.04% | 6.67% | 4.04% |
| Allowance for loan losses to period end loans | 2.50% | 6.30% | 2.12% | 2.50% | 2.12% |
| Other Selected Ratios: | |||||
| Average equity to average assets | 7.75% | 8.16% | 8.34% | 8.10% | 8.25% |
| Average loans to average deposits | 104.21% | 105.14% | 122.87% | 112.23% | 124.85% |
| Average loans to average earning assets | 84.25% | 84.18% | 87.93% | 86.19% | 88.85% |
|
Balance Sheet Data (Dollars in thousands, except per share data) |
Period Ended December 31 2009 |
Period Ended September 30 2009 |
Period Ended December 31 2008 |
| (Unaudited) | (Unaudited) | (Audited) | |
| Assets: | |||
| Cash and cash equivalents: | |||
| Cash and due from banks | $10,141 | $10,183 | $11,970 |
| Interest bearing deposit accounts | 38,990 | 27,210 | 1,642 |
| Total cash and cash equivalents | 49,131 | 37,393 | 13,612 |
| Investment securities: | |||
| Securities held-for-sale | 68,826 | 73,410 | 78,828 |
| Securities held-to-maturity | 160 | 215 | 215 |
| Nonmarketable equity securities | 10,186 | 10,186 | 10,815 |
| Total investment securities | 79,172 | 83,811 | 89,858 |
| Loans held for sale | 1,103 | 815 | 303 |
| Loans receivable | 567,178 | 601,846 | 641,737 |
| Allowance for loan losses | (14,160) | (37,943) | (13,617) |
| Premises and equipment, net | 16,150 | 16,373 | 17,243 |
| Intangible assets | 1,663 | 1,769 | 2,089 |
| Goodwill | -- | -- | 7,418 |
| Other assets | 49,205 | 44,160 | 31,957 |
| Total assets | $749,442 | $748,224 | $790,600 |
| Liabilities and shareholders' equity: | |||
| Deposits: | |||
| Noninterest bearing | $112,333 | $102,906 | $73,663 |
| Interest bearing | 471,150 | 471,964 | 439,938 |
| Total deposits | 583,483 | 574,870 | 513,601 |
| Federal funds purchased, securities sold under agreements to repurchase and other short term borrowings | -- | -- | 33,838 |
| FHLB advances | 95,400 | 105,400 | 161,185 |
| Junior subordinated debentures | 10,310 | 10,310 | 10,310 |
| Other liabilities | 6,492 | 7,301 | 6,709 |
| Total liabilities | $695,685 | $697,881 | $725,643 |
| Shareholders' equity: | |||
| Common stock: $1 par value; 10 million shares authorized | 10,721 | 8,903 | 5,667 |
| Nonvested restricted stock | (364) | (460) | (445) |
| Capital surplus | 70,597 | 67,721 | 62,405 |
| Accumulated other comprehensive income | 910 | 1,000 | 527 |
| Retained earnings | (11,704) | (10,323) | 14,218 |
| Treasury stock, at cost | (16,403) | (16,498) | (17,415) |
| Total shareholders' equity | 53,757 | 50,343 | 64,957 |
| Total liabilities and shareholders' equity | $749,442 | $748,224 | $790,600 |
| Income Statement Data | Three Months Ended | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| (Dollars in thousands, except per share data) | December 31 2009 | September 30 2009 | December 31 2008 | December 31 2009 | December 31 2008 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| Interest income: | |||||
| Interest and fees on loans | $7,644 | $8,186 | $9,385 | $32,722 | $39,710 |
| Interest on investment securities | 839 | 816 | 994 | 3,460 | 3,878 |
| Interest on federal funds sold and | |||||
| Interest-bearing deposits | 19 | 24 | 1 | 51 | 6 |
| Total interest income | 8,502 | 9,026 | 10,380 | 36,233 | 43,594 |
| Interest expense: | |||||
| Interest on deposits | 2,031 | 2,199 | 2,284 | 7,894 | 10,835 |
| Interest on borrowings | 1,194 | 1,446 | 1,781 | 5,973 | 7,821 |
| Total interest expense | 3,225 | 3,645 | 4,065 | 13,867 | 18,656 |
| Net interest income | 5,277 | 5,381 | 6,315 | 22,366 | 24,938 |
| Provision for loan loss | 1,000 | 24,000 | 3,700 | 32,800 | 9,300 |
| Net interest income after provision | 4,277 | (18,619) | 2,615 | (10,434) | 15,638 |
| Non-interest income: | |||||
| Service charges on deposit accounts | 583 | 594 | 651 | 2,313 | 2,492 |
| Gain on sale of loans held for sale | 276 | 359 | 221 | 1,450 | 1,139 |
| Fees from brokerage services | 78 | 74 | 53 | 263 | 180 |
| Income from fiduciary activities | 451 | 418 | 327 | 1,623 | 1,725 |
| Gain on sale of securities held-for-sale | -- | 3 | -- | 224 | 98 |
| Gain on sale of fixed assets | 1 | 6 | -- | 6 | |
| Other operating income | 592 | 419 | 464 | 1,899 | 1,607 |
| Total non-interest income | 1,981 | 1,867 | 1,722 | 7,772 | 7,247 |
| Non-interest expense: | |||||
| Salaries and employee benefits | 2,578 | 2,601 | 2,209 | 10,389 | 10,853 |
| Net occupancy expense | 342 | 316 | 320 | 1,298 | 1,316 |
| Amortization of intangible assets | 106 | 106 | 112 | 7,845 | 449 |
| Goodwill impairment | -- | 7,418 | -- | -- | -- |
| Furniture and equipment expense | 209 | 212 | 231 | 875 | 975 |
| Loss on sale of fixed assets | -- | 20 | -- | 38 | -- |
| Loss on sale of securities held for sale | 172 | ||||
| Other operating expenses | 3,710 | 2,627 | 1,774 | 11,571 | 6,599 |
| Total non-interest expense | 7,117 | 13,300 | 4,646 | 32,016 | 20,192 |
| Income (loss) before taxes | (859) | (30,051) | (309) | (34,678) | 2,693 |
| Income tax expense (benefit) | 523 | (8,266) | (313) | (9,433) | 284 |
| Net income (loss) | $(1,382) | $(21,785) | $4 | $(25,245) | $2,409 |
| December 31, 2009 | September 30, 2009 | December 31, 2008 | ||||
| (Dollars in thousands) | Balance | Percent | Balance | Percent | Balance | Percent |
| Loans: | ||||||
| Commercial and agricultural | $35,082 | 6.18% | $36,956 | 6.14% | $43,442 | 6.77% |
| Real estate – construction | 145,130 | 25.59% | 177,584 | 29.51% | 185,414 | 28.89% |
| Real estate – mortgage and commercial | 316,571 | 55.82% | 319,026 | 53.01% | 344,457 | 53.68% |
| Home equity | 47,409 | 8.36% | 47,315 | 7.86% | 47,830 | 7.45% |
| Consumer – Installment | 21,564 | 3.80% | 19,538 | 3.25% | 19,073 | 2.97% |
| Other | 1,422 | 0.25% | 1,427 | 0.23% | 1,521 | 0.24% |
| Total | $567,178 | 100.00% | $601,846 | 100.00% | $641,737 | 100.00% |
| December 31, 2009 | September 30, 2009 | December 31, 2008 | ||||
| (Dollars in thousands) | Balance | Percent | Balance | Percent | Balance | Percent |
| Deposits: | ||||||
| Noninterest bearing demand | $112,333 | 19.25% | $102,906 | 17.90% | $73,663 | 14.35% |
| Interest bearing demand | 66,807 | 11.45% | 61,098 | 10.63% | 65,699 | 12.79% |
| Money market and savings | 166,086 | 28.47% | 167,967 | 29.22% | 133,807 | 26.05% |
| Brokered deposits | 27,200 | 4.66% | 29,417 | 5.12% | 49,828 | 9.70% |
| Certificates of deposit | 211,057 | 36.17% | 213,482 | 37.13% | 190,604 | 37.11% |
| Total | $583,483 | 100.00% | $574,870 | 100.00% | $513,601 | 100.00% |
|
Wealth Management Group Fiduciary and Related Services:(Dollars in thousands, except number of accounts) |
December 31, 2009 | September 30, 2009 | December 31, 2008 |
| Market value of accounts | $505,031 | $477,414 | $396,596 |
| Market value of discretionary accounts | $188,663 | $180,703 | $160,488 |
| Market value of non-discretionary accounts | $316,368 | $296,711 | $236,108 |
| Total number of accounts | 1,440 | 1,397 | 1,334 |
|
Yield/Rate Analysis YTD |
Three Months Ended | Three Months Ended | ||||
| December 31, 2009 | December 31, 2008 | |||||
| Average | Yield/ | Average | Yield/ | |||
| (Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate |
| ASSETS | ||||||
| Loans(1)(3) | $596,492 | $7,652 | 5.09% | $642,478 | $9,396 | 5.82% |
| Securities, taxable(2) | 50,438 | 585 | 4.60% | 48,238 | 645 | 5.32% |
| Securities, nontaxable(2)(3) | 20,192 | 295 | 5.80% | 29,030 | 436 | 5.97% |
| Nonmarketable Equity Securities | 10,186 | 39 | 1.52% | 10,348 | 32 | 1.23% |
| Fed funds sold and other (incl. FHLB) | 30,730 | 19 | 0.25% | 565 | 1 | 0.70% |
| Total earning assets | $708,038 | $8,590 | 4.81% | $730,659 | $10,510 | 5.72% |
| Non-earning assets | 41,132 | 56,584 | ||||
| Total assets | $749,170 | $787,243 | ||||
| LIABILITIES AND | ||||||
| STOCKHOLDERS' EQUITY | ||||||
| Transaction accounts | $186,748 | $523 | 1.11% | $215,733 | $386 | 0.71% |
| Regular savings accounts | 42,120 | 151 | 1.42% | 37,677 | 197 | 2.08% |
| Certificates of deposit | 238,844 | 1,357 | 2.25% | 194,731 | 1,700 | 3.47% |
| Other short term borrowings | -- | -- | 0.00% | 30,311 | 82 | 1.08% |
| FHLB Advances | 99,748 | 1,013 | 4.03% | 150,686 | 1,515 | 4.00% |
| Junior subordinate debentures | 10,310 | 181 | 6.97% | 10,310 | 183 | 7.06% |
| Total interest-bearing liabilities | $577,770 | $ 3,225 | 2.21% | $639,448 | $4,063 | 2.53% |
| Non-interest bearing liabilities | 113,372 | 82,162 | ||||
| Stockholders' equity | 58,028 | 65,633 | ||||
| Total liabilities & equity | $749,170 | $787,243 | ||||
| Net interest income/ | ||||||
| interest rate spread | $5,365 | 2.60% | $6,447 | 3.19% | ||
| Net yield on earning assets | 3.00% | 3.51% | ||||
| Yield/Rate Analysis YTD | Twelve Months Ended | Twelve Months Ended | ||||
| December 31, 2009 | December 31, 2008 | |||||
| Average | Yield/ | Average | Yield/ | |||
| (Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate |
| ASSETS | ||||||
| Loans(1)(3) | $617,311 | $32,753 | 5.31% | $649,454 | $39,754 | 6.12% |
| Securities, taxable(2) | 46,768 | 2,254 | 4.82% | 41,906 | 2,189 | 5.22% |
| Securities, nontaxable(2)(3) | 23,806 | 1,461 | 6.14% | 29,289 | 1,772 | 6.05% |
| Nonmarketable Equity Securities | 6,111 | 147 | 2.41% | 9,959 | 404 | 4.06% |
| Fed funds sold and other (incl. FHLB) | 22,224 | 51 | 0.23% | 350 | 6 | 1.71% |
| Total earning assets | $716,220 | $36,666 | 5.12% | $730,958 | $44,125 | 6.04% |
| Non-earning assets | 58,445 | 59,981 | ||||
| Total assets | $774,665 | $790,939 | ||||
| LIABILITIES AND | ||||||
| STOCKHOLDERS' EQUITY | ||||||
| Transaction accounts | $192,222 | $1,615 | 0.84% | $224,924 | $2,902 | 1.29% |
| Regular savings accounts | 40,125 | 655 | 1.63% | 36,656 | 835 | 2.28% |
| Certificates of deposit | 218,675 | 5,624 | 2.57% | 190,888 | 7,098 | 3.72% |
| Other short term borrowings | 17,901 | 57 | 0.32% | 44,610 | 1,061 | 2.38% |
| FHLB Advances | 125,569 | 5,190 | 4.13% | 142,936 | 6,034 | 4.22% |
| Junior subordinate debentures | 10,310 | 726 | 7.04% | 10,310 | 726 | 7.04% |
| Total interest-bearing liabilities | $604,802 | $13,867 | 2.29% | $650,324 | $18,656 | 2.87% |
| Non-interest bearing liabilities | 107,152 | 75,354 | ||||
| Stockholders' equity | 62,711 | 65,261 | ||||
| Total liabilities & equity | $774,665 | $790,939 | ||||
| Net interest income/ | ||||||
| interest rate spread | $22,799 | 2.83% | $25,469 | 3.17% | ||
| Net yield on earning assets | 3.18% | 3.48% | ||||
(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.