FRESNO, CA--(Marketwire - October 21, 2010) - The Board of Directors of Central Valley
Community Bancorp (Company) (
NASDAQ:
CVCY), the parent company of Central
Valley Community Bank (Bank), reported today unaudited consolidated net
income of $2,660,000, and diluted earnings per common share of $0.26 for
the nine months ended September 30, 2010, compared to $2,102,000 and $0.23
per diluted common share for the nine months ended September 30, 2009. The
increase in net income was primarily driven by lower provision for credit
losses, partially offset by decreases in net interest income and
non-interest income, and an increase in non-interest expenses in 2010
compared to 2009.
During the first three quarters of 2010, the Company's total assets
decreased 0.1% and total liabilities decreased 1.1% while shareholders'
equity increased 8.0%. Annualized return on average equity (ROE) for the
nine months ended September 30, 2010 was 3.71%, compared to 3.41% for the
same period in 2009. The increase in this ratio reflects an increase in net
income and an increase in capital from an increase in other comprehensive
income, an increase in retained earnings, and the issuance of common and
preferred stock. Annualized return on average assets (ROA) was 0.47% for
the first nine months of 2010, compared to 0.37% for the same period in
2009. The ROA increase is due to an increase in net income partially offset
by an increase in average assets.
During the nine months ended September 30, 2010, the Company recorded a
provision for credit losses of $2,900,000, compared to $7,650,000 for the
same period in 2009. During the nine months ended September 30, 2010, the
Company recorded $1,994,000 in net loan charge-offs, compared to $4,846,000
for the same period in 2009. The annualized net charge-off ratio, which
reflects net charge-offs to average loans for the nine months ended
September 30, 2010, was 0.58% compared to 1.32% for the same period in
2009. The Company also recorded OREO related expenses of $759,000 during
the first three quarters of 2010 compared to $116,000 for the same period
in 2009.
At September 30, 2010, the allowance for credit losses stood at
$11,106,000, compared to $10,200,000 at December 31, 2009, a net increase
of $906,000. The allowance for credit losses as a percentage of total loans
was 2.42% at September 30, 2010, and 2.22% at December 31, 2009. The
Company believes the allowance for credit losses is adequate to provide for
probable losses inherent within the loan portfolio at September 30, 2010.
Total non-performing assets were $22,119,000, or 2.89% of total assets, as
of September 30, 2010 compared to $21,838,000 or 2.85% of total assets as
of December 31, 2009. Total non-performing assets as of June 30, 2010 were
of $18,496,000 or 2.45% of total assets.
The following provides a reconciliation of the change in non-accrual loans
for the first three quarters of 2010.
Transfers
to
Additions Foreclosed Returns
Balances to Non- Collate- to Balances
(Dollars in December accrual Net Pay eral Accrual Charge September
thousands) 31, 2009 Loans Downs - OREO Status Offs 30, 2010
-------- -------- ------- ------- ------- ------- --------
Non-accrual
loans:
Commercial
and
industrial $ 3,386 $ 1,293 $(1,105) $ - $ (437) $(1,499) $ 1,638
Real estate 3,183 4,252 (1,904) (1,811) (126) (243) 3,351
Real estate
construction
and land
development 7,474 51 (134) (1,656) - - 5,735
Consumer 348 14 - - - (40) 322
Equity loans
and lines of
credit - 509 (15) - - - 494
Restructured
loans (non-
accruing):
Commercial
and
industrial 28 900 (28) - - - 900
Real estate 4,540 3,084 (1,222) - - - 6,402
-------- -------- ------- ------- ------- ------- --------
Total
non-
accrual $ 18,959 $ 10,103 $(4,408) $(3,467) $ (563) $(1,782) $ 18,842
======== ======== ======= ======= ======= ======= ========
The following provides a summary of the change in the OREO balance for the
nine months ended September 30, 2010:
Nine Months
Ended September
(Dollars in thousands) 30, 2010
----------------
Balance, December 31, 2009 $ 2,832
Additions 3,467
Dispositions (2,569)
Write-downs (453)
----------------
Balance, September 30, 2010 $ 3,277
================
The Company's annualized net interest margin (fully tax equivalent basis)
was 5.05% for the nine months ended September 30, 2010, compared to 5.39%
for the same period in 2009. The 2010 net interest margin decrease in the
period-to-period comparison resulted primarily from a decrease in the yield
on the Company's investment portfolio partially offset by a decrease in the
Company's cost of funds. For the nine months ended September 30, 2010, the
effective yield on total earning assets decreased 71 basis points to 5.72%
compared to 6.43% for the same period in 2009, while the cost of total
interest-bearing liabilities decreased 48 basis points to 0.89% compared to
1.37% for the same period in 2009. Average investment securities increased
while the effective yield on average investment securities decreased to
4.66% for the nine months ended September 30, 2010 compared to 6.66% for
the same period in 2009. Average loans, which generally yield higher rates
than investment securities, decreased and the effective yield on average
loans decreased to 6.30% from 6.40% over the same periods. The decrease in
yield in the Company's investment securities during the first nine months
of 2010 resulted primarily from the purchase of lower yielding investment
securities along with higher average balances in interest bearing deposits
in other banks. The cost of total deposits decreased 37 basis points to
0.62% for the nine months ended September 30, 2010 compared to 0.99% for
the same period in 2009. Net interest income for the nine months ended
September 30, 2010 was $24,089,000, compared to $25,887,000 for the same
period in 2009, a decrease of $1,798,000 or 6.95%. Net interest income
decreased as a result of these yield changes combined with a slight
decrease in the levels of average earning assets and interest-bearing
liabilities.
Total average assets for the nine months ended September 30, 2010 were
$752,883,000, compared to $751,163,000 for the same period in 2009, an
increase of $1,720,000 or 0.23%. Total average loans were $458,361,000 for
the first three quarters of 2010, compared to $487,681,000 for the same
period in 2009, representing a decrease of $29,320,000 or 6.01%. Total
average investments increased to $222,965,000 for the nine months ended
September 30, 2010 from $192,110,000 for the same period in 2009,
representing an increase of $30,855,000 or 16.06%. Total average deposits
increased $918,000 or 0.15% to $630,833,000 for the nine months ended
September 30, 2010, compared to $629,915,000 for the same period in 2009.
Average interest-bearing deposits increased $5,367,000, or 1.12% and
average non-interest bearing demand deposits decreased $4,449,000 or 2.91%
for the nine months ended September 30, 2010 compared to the same period in
2009. The Company's ratio of average non-interest bearing deposits to total
deposits was 23.5% for the nine months ended September 30, 2010 compared to
24.2% for the same period in 2009.
Non-interest income for the nine months ended September 30, 2010 decreased
$1,372,000, or 28.90% to $3,375,000, compared to $4,747,000 for the same
period in 2009, mainly due to an increase in other than temporary
impairment charges of $700,000 and a decrease in net realized gains on
sales and calls of investment securities of $716,000.
Non-interest expense for the nine months ended September 30, 2010 increased
$840,000, or 4.02% to $21,755,000 compared to $20,915,000 for the same
period in 2009, primarily due to increases in OREO expenses of $643,000,
legal fees of $107,000, and salaries and employee benefits of $763,000,
partially offset by decreases in regulatory assessments of $418,000 and
data processing expenses of $166,000. The 2009 period included a $353,000
FDIC one-time special assessment in addition to the recurring regulatory
assessments.
The Company recorded a provision for income taxes of $149,000 for the nine
months ended September 30, 2010, compared to a tax benefit of $33,000 for
the same period in 2009. The effective tax rate for the first nine months
of 2010 was 5.30% compared to (1.59%) for the same period in 2009.
Quarter Ended September 30, 2010
For the quarter ended September 30, 2010, the Company reported unaudited
consolidated net income of $864,000 and diluted earnings per common share
of $0.08, compared to $379,000 and $0.03 per diluted share, for the same
period in 2009, and $504,000 and $0.04 per diluted share, for the quarter
ended June 30, 2010. The increase in net income during the third quarter of
2010 compared to the same period in 2009 is primarily due to decreases in
the provision for credit losses partially offset by decreases in net
interest income and non-interest income, and increases in salary expenses
and OREO expenses.
Annualized return on average equity for the third quarter of 2010 was
3.53%, compared to 1.82% for the same period of 2009. This increase is
reflective of an increase in net income partially offset by an increase in
capital. Annualized return on average assets was 0.46% for the third
quarter of 2010 compared to 0.20% for the same period in 2009. This
increase is due to an increase in net income partially offset by an
increase in average assets.
In comparing the third quarter of 2010 to the third quarter of 2009,
average total loans decreased $21,151,000, or 4.35%. During the third
quarter of 2010, the Company recorded a $1,300,000 provision for credit
losses, compared to $3,233,000 for the same period in 2009. During the
third quarter of 2010, the Company recorded $1,662,000 in net loan
charge-offs compared to $1,798,000 for the same period in 2009. The net
charge-off ratio, which reflects annualized net charge-offs to average
loans, was 1.43% for the quarter ended September 30, 2010 compared to 1.48%
for the quarter ended September 30, 2009.
The following provides a reconciliation of the change in non-accrual loans
for the quarter ended September 30, 2010.
Transfers
to
Additions Foreclosed Returns
Balances to Non- Collate- to Balances
(Dollars in December accrual Net Pay eral Accrual Charge September
thousands) 31, 2009 Loans Downs - OREO Status Offs 30, 2010
-------- -------- ------- ------- ------- ------- --------
Non-accrual
Loans:
Commercial
and
industrial $ 3,035 $ 513 $ (154) $ - $ (272) $(1,484) $ 1,638
Real Estate 1,738 3,674 (1,585) (333) - (143) 3,351
Real estate
construction
and land
development 5,836 - (101) - - - 5,735
Consumer 336 - - - - (14) 322
Equity loans
and lines of
credit 502 - (8) - - - 494
Restructured
loans (non-
accruing):
Commercial
and
industrial 23 900 (23) - - - 900
Real Estate 3,524 3,084 (206) - - - 6,402
-------- -------- ------- ------- ------- ------- --------
Total
non-
accrual $ 14,994 $ 8,171 $(2,077) $ (333) $ (272) $(1,641) $ 18,842
======== ======== ======= ======= ======= ======= ========
The following provides a summary of the change in the OREO balance for the
quarter ended September 30, 2010:
Three Months
Ended September
(Dollars in thousands) 30, 2010
-----------------
Balance, June 30, 2010 $ 3,502
Additions 333
Dispositions (388)
Write-downs (170)
-----------------
Balance, September 30, 2010 $ 3,277
=================
Average total deposits for the third quarter of 2010 increased $3,938,000
or 0.62% to $634,881,000 compared to $630,943,000 for the same period of
2009.
The Company's net interest margin (fully tax equivalent basis) decreased 33
basis points to 5.10% for the three months ended September 30, 2010, from
5.43% for the three months ended September 30, 2009. Net interest income,
before provision for credit losses, decreased $481,000 or 5.56% to
$8,173,000 for the third quarter of 2010, compared to $8,654,000 for the
same period in 2009. The decreases in net interest margin and in net
interest income are primarily due to a decrease in the yield and average
balance of interest-earning assets, partially offset by a decrease in the
rate on average interest-bearing liabilities. Over the same periods, the
cost of total deposits decreased 31 basis points to 0.55% compared to 0.86%
in 2009.
Non-interest income decreased $315,000 or 19.59% to $1,293,000 for the
third quarter of 2010 compared to $1,608,000 for the same period in 2009,
driven primarily by decreases in customer service charges and net gains on
sales and calls of investment securities. Non-interest expense increased
$463,000 or 6.67% for the same periods mainly due to increases in salaries
and OREO expenses, partially offset by a decrease in data processing
expense.
"We continue to be hopeful that the economy is shifting in a more positive
direction; however proof of a strong economic recovery for the nation and
specifically California's Central Valley has yet to be seen. In spite of
this, our Company showed a positive increase in earnings for both the
current quarter and the first nine months of 2010. The Company's 30-year
strength was evidenced by expanding our existing Modesto loan production
office opened in 2007, into a larger full-service branch in September,
taking advantage of another community bank exiting the marketplace," stated
Daniel J. Doyle, president and CEO for Central Valley Community Bancorp and
Central Valley Community Bank.
"While still profitable and showing a positive increase in earnings, the
Company is still well short of our earnings goals primarily due to adding
to the provision for loan losses, the soft loan demand, and the current low
interest rate environment. While we believe that progress is being made
working with our borrowers in the current economic environment, the Company
did experience a change in the declining trend of non-performing loans in
the third quarter -- a development we will continue to work hard to improve
going forward. In the third quarter one large real estate relationship
showing financial stress was added to our non-performing loans," concluded
Doyle.
Central Valley Community Bancorp trades on the NASDAQ stock exchange under
the symbol CVCY. Central Valley Community Bank, headquartered in Fresno,
California, was founded in 1979 and is the sole subsidiary of Central
Valley Community Bancorp. Central Valley Community Bank currently operates
17 full service offices in Clovis, Fresno, Kerman, Lodi, Madera, Oakhurst,
Prather, Merced, Sacramento, Stockton, Tracy, and Modesto, California.
Additionally, the Bank operates Commercial Real Estate Lending, SBA Lending
and Agribusiness Lending Departments. Investment services are provided by
Investment Centers of America and insurance services are offered through
Central Valley Community Insurance Services LLC. Members of Central Valley
Community Bancorp's and the Bank's Board of Directors are: Daniel N.
Cunningham (Chairman), Sidney B. Cox, Edwin S. Darden, Jr., Daniel J.
Doyle, Steven D. McDonald, Louis McMurray, Wanda L. Rogers (Director
Emeritus), William S. Smittcamp, and Joseph B. Weirick.
More information about Central Valley Community Bancorp and Central Valley
Community Bank can be found at
www.cvcb.com.
Forward-looking Statements - Certain matters discussed in this press
release constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements contained
herein that are not historical facts, such as statements regarding the
Company's current business strategy and the Company's plans for future
development and operations, are based upon current expectations. These
statements are forward-looking in nature and involve a number of risks and
uncertainties. Such risks and uncertainties include, but are not limited to
(1) significant increases in competitive pressure in the banking industry;
(2) the impact of changes in interest rates, a decline in economic
conditions at the international, national or local level on the Company's
results of operations, the Company's ability to continue its internal
growth at historical rates, the Company's ability to maintain its net
interest margin, and the quality of the Company's earning assets; (3)
changes in the regulatory environment; (4) fluctuations in the real estate
market; (5) changes in business conditions and inflation; (6) changes in
securities markets; and (7) the other risks set forth in the Company's
reports filed with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 31, 2009. Therefore,
the information set forth in such forward-looking statements should be
carefully considered when evaluating the business prospects of the Company.
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
------------- ------------
(In thousands, except share amounts) 2010 2009
------------- ------------
ASSETS
Cash and due from banks $ 24,403 $ 13,857
Interest-earning deposits in other banks 36,607 34,544
Federal funds sold 562 279
------------- ------------
Total cash and cash equivalents 61,572 48,680
Available-for-sale investment securities
(Amortized cost of $184,633 at September
30, 2010 and $199,744 at December 31, 2009) 189,079 197,319
Loans, less allowance for credit losses of
$11,106 at September 30, 2010 and $10,200 at
December 31, 2009 448,046 449,007
Bank premises and equipment, net 5,837 6,525
Other real estate owned 3,277 2,832
Bank owned life insurance 11,291 10,998
Federal Home Loan Bank stock 3,050 3,140
Goodwill 23,577 23,577
Core deposit intangibles 1,301 1,612
Accrued interest receivable and other assets 18,007 21,798
------------- ------------
Total assets $ 765,037 $ 765,488
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 161,690 $ 159,630
Interest bearing 474,827 480,537
------------- ------------
Total deposits 636,517 640,167
Short-term borrowings 10,000 5,000
Long-term debt 4,000 14,000
Junior subordinated deferrable interest
debentures 5,155 5,155
Accrued interest payable and other liabilities 10,871 9,943
------------- ------------
Total liabilities 666,543 674,265
------------- ------------
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value, $1,000 per
share liquidation preference; 10,000,000
shares authorized;
Series A, no par value, 7,000 shares issued
and outstanding 6,853 6,819
Series B, no par value, issued and
outstanding none at September 30, 2010 and
1,359 at December 31, 2009 - 1,317
Common stock, no par value; 80,000,000
authorized; issued and outstanding 9,082,154
at September 30, 2010 and 8,949,754 at
December 31, 2009 38,361 37,611
Non-voting common stock, 1,000,000 authorized;
issued and outstanding 258,862 at September
30, 2010 and none at December 31, 2009 1,317 -
Retained earnings 49,296 46,931
Accumulated other comprehensive income
(loss), net of tax 2,667 (1,455)
------------- ------------
Total shareholders' equity 98,494 91,223
------------- ------------
Total liabilities and
shareholders' equity $ 765,037 $ 765,488
============= ============
CENTRAL VALLEY COMMUNITY BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Nine Months
Ended September 30,
--------------------
(In thousands, except earnings per share amounts) 2010 2009
--------- ---------
INTEREST INCOME:
Interest and fees on loans $ 20,816 $ 22,715
Interest on Federal funds sold 1 29
Interest and dividends on investment securities: - -
Taxable 4,344 6,087
Exempt from Federal income taxes 2,277 2,292
--------- ---------
Total interest income 27,438 31,123
--------- ---------
INTEREST EXPENSE:
Interest on deposits 2,912 4,650
Interest on junior subordinated deferrable
interest debentures 84 105
Other 353 481
--------- ---------
Total interest expense 3,349 5,236
--------- ---------
Net interest income before provision for
credit losses 24,089 25,887
PROVISION FOR CREDIT LOSSES 2,900 7,650
--------- ---------
Net interest income after provision for
credit losses 21,189 18,237
--------- ---------
NON-INTEREST INCOME:
Service charges 2,487 2,578
Appreciation in cash surrender value of bank
owned life insurance 294 291
Loan placement fees 193 164
Net realized gains on sales and calls of
investment securities 32 748
Total other-than-temporary impairment on
available-for-sale-investment securities 1,196 -
Change in fair value recognized in other
comprehensive income (1,896) -
--------- ---------
Net other-than-temporary impairment loss on
available-for-sale investment securities (700) -
Federal Home Loan Bank dividends 8 7
Other income 1,061 959
--------- ---------
Total non-interest income 3,375 4,747
--------- ---------
NON-INTEREST EXPENSES:
Salaries and employee benefits 11,544 10,781
Occupancy and equipment 2,890 2,866
Regulatory assessments 887 1,305
Data processing expense 878 1,044
Advertising 557 551
Audit and accounting fees 342 339
Legal fees 367 260
Other real estate owned 759 116
Amortization of core deposit intangibles 311 311
Loss on sale of assets 10 67
Other expense 3,210 3,275
--------- ---------
Total non-interest expenses 21,755 20,915
--------- ---------
Income before provision for income taxes 2,809 2,069
PROVISION FOR (BENEFIT FROM) INCOME TAXES 149 (33)
--------- ---------
Net income $ 2,660 $ 2,102
========= =========
Net income $ 2,660 $ 2,102
Preferred stock dividends and accretion 296 295
--------- ---------
Net income available to common
shareholders $ 2,364 $ 1,807
========= =========
Net income per common share:
Basic earnings per common share $ 0.26 $ 0.24
========= =========
Weighted average common shares used in basic
computation 9,156,561 7,653,084
========= =========
Diluted earnings per common share $ 0.26 $ 0.23
========= =========
Weighted average common shares used in diluted
computation 9,244,289 7,771,048
========= =========
CENTRAL VALLEY COMMUNITY BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the three months Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
ended 2010 2010 2010 2009 2009
--------- ---------- ---------- --------- ---------
(In thousands,
except share and
per share amounts)
Net interest income $ 8,173 $ 7,930 $ 7,986 $ 8,220 $ 8,654
Provision for credit
losses 1,300 1,000 600 2,864 3,233
--------- ---------- ---------- --------- ---------
Net interest
income after
provision for
credit losses 6,873 6,930 7,386 5,356 5,421
Total non-interest
income 1,293 747 1,334 1,103 1,608
Total non-interest
expense 7,409 7,142 7,204 6,616 6,946
(Benefit from)
provision for
income taxes (107) 31 224 (643) (296)
--------- ---------- ---------- --------- ---------
Net income $ 864 $ 504 $ 1,292 $ 486 $ 379
========= ========== ========== ========= =========
Net income available
to common
shareholders $ 765 $ 405 $ 1,193 $ 416 $ 268
========= ========== ========== ========= =========
Basic earnings per
common share $ 0.08 $ 0.04 $ 0.13 $ 0.05 $ 0.04
========= ========== ========== ========= =========
Weighted average
common shares
used in basic
computation 9,363,908 9,131,753 8,969,687 7,782,841 7,664,802
========= ========== ========== ========= =========
Diluted earnings
per common share $ 0.08 $ 0.04 $ 0.13 $ 0.05 $ 0.03
========= ========== ========== ========= =========
Weighted average
common shares
used in diluted
computation 9,432,301 9,210,838 9,082,070 7,900,679 7,781,789
========= ========== ========== ========= =========
CENTRAL VALLEY COMMUNITY BANCORP
SELECTED RATIOS
(Unaudited)
As of and for the three Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30,
months ended 2010 2010 2010 2009 2009
-------- -------- -------- -------- --------
(Dollars in thousands,
except per share
amounts)
Allowance for credit
losses to total loans 2.42% 2.45% 2.34% 2.22% 2.09%
Nonperforming loans to
total loans 4.10% 3.20% 3.99% 4.13% 2.46%
Total nonperforming
assets $ 22,119 $ 18,496 $ 20,646 $ 21,838 $ 15,002
Net loan charge offs $ 1,662 $ 127 $ 205 $ 2,691 $ 1,798
Net charge offs to
average loans 1.43% 0.11% 0.18% 2.31% 1.48%
Book value per share $ 9.78 $ 9.46 $ 9.47 $ 9.28 $ 10.28
Tangible book value per
share $ 7.13 $ 6.80 $ 6.71 $ 6.47 $ 6.96
Tangible common equity $ 66,763 $ 63,628 $ 60,928 $ 57,898 $ 53,332
Interest and dividends on
investment securities
exempt from Federal
income taxes $ 761 $ 759 $ 757 $ 765 $ 779
Net interest margin
(calculated on a fully
tax equivalent basis)
(1) 5.10% 5.06% 4.98% 5.09% 5.43%
Return on average assets
(2) 0.46% 0.27% 0.68% 0.26% 0.20%
Return on average equity
(2) 3.53% 2.11% 5.53% 2.24% 1.82%
Tier 1 leverage - Bancorp 10.07% 9.94% 9.59% 9.30% 8.64%
Tier 1 leverage - Bank 9.93% 9.80% 9.44% 9.20% 8.49%
Tier 1 risk-based capital
- Bancorp 13.75% 12.96% 12.91% 12.28% 10.76%
Tier 1 risk-based capital
- Bank 13.55% 12.77% 12.68% 12.12% 10.58%
Total risk-based capital
- Bancorp 15.03% 14.24% 14.17% 13.54% 12.02%
Total risk based capital
- Bank 14.82% 14.05% 13.94% 13.38% 11.84%
(1) Net Interest Margin is computed by dividing annualized quarterly net
interest income by quarterly average interest-bearing assets.
(2) Computed by annualizing quarterly net income.
CENTRAL VALLEY COMMUNITY BANCORP
AVERAGE BALANCES AND RATES
(Unaudited)
For the Three Months For the Nine Months
AVERAGE AMOUNTS Ended September 30, Ended September 30,
-------------------- --------------------
(Dollars in thousands) 2010 2009 2010 2009
--------- --------- --------- ---------
Federal funds sold $ 357 $ 19,496 $ 715 $ 13,290
Interest-bearing deposits in
other banks 33,409 5 31,609 795
Investments 186,410 170,189 190,641 178,025
Loans (1) 449,191 474,354 441,614 474,414
Federal Home Loan Bank stock 3,050 3,140 3,095 3,140
--------- --------- --------- ---------
Earning assets 672,417 667,184 667,674 669,664
Allowance for credit losses (11,180) (8,749) (10,796) (8,030)
Non-accrual loans 15,919 11,907 16,747 13,267
Other real estate owned 3,643 3,042 3,089 2,376
Other non-earning assets 77,681 72,282 76,169 73,886
--------- --------- --------- ---------
Total assets $ 758,480 $ 745,666 $ 752,883 $ 751,163
========= ========= ========= =========
Interest bearing deposits $ 483,459 $ 480,802 $ 482,580 $ 477,213
Other borrowings 19,155 24,916 19,796 31,952
--------- --------- --------- ---------
Total interest-bearing
liabilities 502,614 505,718 502,376 509,165
Non-interest bearing demand
deposits 151,422 150,141 148,253 152,702
Non-interest bearing
liabilities 6,551 6,637 6,675 7,026
--------- --------- --------- ---------
Total liabilities 660,587 662,496 657,304 668,893
--------- --------- --------- ---------
Total equity 97,893 83,170 95,579 82,270
--------- --------- --------- ---------
Total liabilities and equity $ 758,480 $ 745,666 $ 752,883 $ 751,163
========= ========= ========= =========
AVERAGE RATES
--------- --------- --------- ---------
Federal funds sold 0.25% 0.31% 0.19% 0.29%
Investments 5.27% 6.88% 5.41% 7.16%
Loans 6.28% 6.41% 6.30% 6.40%
Earning assets 5.71% 6.36% 5.72% 6.43%
Interest bearing deposits 0.72% 1.13% 0.81% 1.30%
Other borrowings 3.13% 2.85% 2.95% 2.45%
Total interest-bearing
liabilities 0.81% 1.21% 0.89% 1.37%
Net interest margin (calculated
on a fully tax equivalent
basis) 5.10% 5.43% 5.05% 5.39%
(1) Average loans do not include non-accrual loans.