GREENWOOD, S.C., Jan. 26, 2011 (GLOBE NEWSWIRE) -- Community Capital Corporation (Nasdaq:CPBK) reports operating results for the twelve months and quarter ended December 31, 2010.
- Total risk based capital of 12.17% remains above the regulatory definition to be well capitalized of 10%
- Allowance for loan losses coverage increased to 3.58% of gross loans as of December 31, 2010 from 2.64% at September 30, 2010
- Loans past due 30 to 89 days to gross loans remains low at 0.32% at December 31, 2010, compared to 0.28% at September 30, 2010
- Net interest margin increased 47 basis points from 2.79% for the quarter ended September 30, 2010 to 3.26% for the quarter ended December 31, 2010
- Noninterest bearing deposits increased 2.09% in the fourth quarter of 2010 and comprise 20.82% of total deposits
- Brokered deposits declined from $11.8 million at September 30, 2010 to $7.8 million at December 31, 2010 and now represent 1.6% of total deposits
- Balance sheet contraction continues as we are utilizing cash on hand to fund the run off of higher priced CDs
-
Wealth Management Group assets increased 8.40% to $659 million at December 31, 2010 versus $607 million at September 30, 2010.
Community Capital Corporation today reported a net loss for the three months ended December 31, 2010 of $6,960,000, or $(0.70) per diluted share, compared to a net loss of $1,382,000, or $(0.15) per diluted share, for the same period in 2009. The company recorded provision for loan losses of $12 million during the fourth quarter of 2010 compared to $1 million during the fourth quarter of 2009.
Net loss for the twelve months ended December 31, 2010 was $5,485,000, or $(0.55) per diluted share, compared to $25,245,000, or $(4.34) per diluted share for the twelve months ended December 31, 2009. The company recorded a provision for loan losses of $18.4 million during 2010, compared to $32.8 million for the same period in 2009.
Total assets decreased 12.48% to $655,934,000 at December 31, 2010 from $749,442,000 as of December 31, 2009, and decreased $31,770,000, or 4.62%, from $687,704,000 at September 30, 2010. Total loans decreased $87,785,000, or 15.48%, to $479,393,000 at December 31, 2010 from $567,178,000 at December 31, 2009, and decreased $25,115,000, or 4.98%, from $504,508,000 at September 30, 2010. Total deposits decreased $88,301,000, or 15.13%, to $495,182,000 at December 31, 2010 from $583,483,000 at December 31, 2009, and decreased $24,456,000, or 4.71%, from $519,638,000 at September 30, 2010.
William G. Stevens, President/CEO of Community Capital Corporation, stated, "Our company has endured another challenging year. As compared to December 31, 2009, we ended 2010 with a significantly lower dollar amount of nonaccrual loans, an increase in loan loss reserve in excess of 20%, and an increase in total risk based and tangible capital to assets ratios. We are fortunate to have strong non-interest earning capabilities primarily with our rapidly growing wealth management function that now has $659 million in assets. Along with these balance sheet enhancements and consistent core earnings, we will continue our daily efforts to improve our asset quality and return our company to profitability."
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 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; (2) our ability and success in resolving troubled loans; (3) adverse conditions in the stock market, the public debt market, and other capital markets (including changes in interest rate conditions); (4) changes in deposit rates, the net interest margin, and funding sources; (5) 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; (6) the challenges, costs and complications associated with the continued development of our branches; (7) changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry; (8) our dependence on senior management; (9) 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; (10) risks inherent in making loans including repayment risks and value of collateral; (11) fluctuations in consumer spending and saving habits; (12) the demand for our products and services; (13) the challenges and uncertainties in the implementation of our expansion and development strategies; (14) the adequacy of expense projections and estimates of impairment loss; (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 December 31, 2009 are derived from our Annual Report on Form 10-K for the year ended December 31, 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.
| Financial Highlights | Three Months | Three Months | Twelve Months | Twelve Months |
| (Dollars in thousands, except per share data) | Ended | Ended | Ended | Ended |
| December 31, | December 31, | December 31, | December 31, | |
| 2010 | 2009 | 2010 | 2009 | |
| Earnings Summary | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
| Interest income | $7,218 | $8,502 | $31,010 | $36,233 |
| Interest expense | 2,198 | 3,225 | 10,903 | 13,867 |
| Net interest income | 5,020 | 5,277 | 20,107 | 22,366 |
| Provision for loan losses | 12,000 | 1,000 | 18,350 | 32,800 |
| Non-interest income | 2,160 | 1,805 | 10,701 | 7,530 |
| Non-interest expense | 5,908 | 6,941 | 21,397 | 31,774 |
| Income (loss) before taxes | (10,728) | (859) | (8,939) | (34,678) |
| Income tax expense (benefit) | (3,768) | 523 | (3,454) | (9,433) |
| Net income (loss) | $(6,960) | $(1,382) | $(5,485) | $(25,245) |
| Per Shares Ratios: | ||||
| Basic earnings (loss) per share | $ (0.70) | $ (0.15) | $ (0.55) | $ (4.34) |
| Diluted earnings (loss) per share | $ (0.70) | $ (0.15) | $ (0.55) | $ (4.34) |
| Dividends declared per share | -- | -- | -- | $0.15 |
| Book value per share | $4.73 | $5.47 | $4.73 | $5.47 |
| Common Share Data: | ||||
| Outstanding at period end | 10,016,648 | 9,875,823 | 10,016,648 | 9,875,823 |
| Weighted average outstanding | 9,971,939 | 9,327,208 | 9,914,218 | 5,820,044 |
| Diluted weighted average outstanding | 9,971,939 | 9,327,208 | 9,914,218 | 5,820,044 |
| Capital Ratios: | ||||
| Tier 1 leverage ratio | 7.77% | 8.31% | 7.77% | 8.31% |
| Tier 1 risk-based capital ratio | 10.89% | 10.88% | 10.89% | 10.88% |
| Total risk-based capital ratio | 12.17% | 12.15% | 12.17% | 12.15% |
| Tangible equity to tangible assets (period end) | 7.12% | 6.99% | 7.12% | 6.99% |
| Balance Sheet Highlights | Three Months | Three Months | Three Months | Twelve Months | Twelve Months |
| (Dollars in thousands) | Ended | Ended | Ended | Ended | Ended |
| December 31, | September 30, | December 31, | December 31, | December 31, | |
| 2010 | 2010 | 2009 | 2010 | 2009 | |
| Average Balances: | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) |
| Total assets | $677,334 | $734,956 | $749,170 | $728,346 | $774,665 |
| Earning assets | 615,280 | 673,392 | 708,038 | 666,856 | 716,220 |
| Loans | 497,550 | 517,941 | 596,492 | 528,403 | 617,311 |
| Deposits | 509,186 | 566,325 | 572,368 | 560,297 | 550,035 |
| Interest bearing deposits | 408,113 | 460,761 | 467,712 | 455,101 | 451,022 |
| Noninterest bearing deposits | 101,073 | 105,564 | 104,656 | 105,196 | 99,013 |
| Other borrowings | 95,400 | 95,400 | 99,748 | 95,400 | 143,470 |
| Junior subordinated debentures | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 |
| Shareholders' equity | 55,316 | 55,976 | 58,028 | 55,293 | 62,711 |
| Performance Ratios: | |||||
| Return on average assets | (4.08)% | (0.26)% | (0.73)% | (0.75)% | (3.28)% |
| Return on average shareholders' equity | (49.92)% | (3.39)% | (9.45)% | (9.92)% | (40.26)% |
| Net interest margin | 3.26% | 2.79% | 3.00% | 3.05% | 3.18% |
| (fully tax equivalent at 38%) | |||||
| Efficiency ratio | 81.89% | 82.45% | 94.54% | 73.87% | 105.37% |
| Three Months | Three Months | Three Months | Twelve Months | Twelve Months | |
| Ended | Ended | Ended | Ended | Ended | |
| December 31, | September 30, | December 31, | December 31, | December 31, | |
| 2010 | 2010 | 2009 | 2010 | 2009 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| Asset Quality: | |||||
| Nonperforming loans | $27,531 | $27,896 | $42,826 | $27,531 | $42,826 |
| Other real estate | 13,496 | 14,452 | 7,165 | 13,496 | 7,165 |
| Total nonperforming assets | 41,027 | 42,348 | 49,991 | 41,027 | 49,991 |
| Total impaired loans | 39,385 | 78,104 | 71,956 | 39,385 | 71,956 |
| Total performing troubled debt restructurings | 3,436 | 6,147 | 1,588 | 3,436 | 1,588 |
| Net charge-offs/write-downs | 8,148 | 2,614 | 24,783 | 15,345 | 32,257 |
| Net charge-offs/write-downs to average loans | 1.64% | 0.50% | 4.15% | 2.90% | 5.23% |
| Allowance for loan losses to nonperforming loans | |||||
| 62.35% | 47.72% | 33.06% | 62.35% | 33.06% | |
| Nonperforming loans to total loans | 5.74% | 5.53% | 7.55% | 5.74% | 7.55% |
| Nonperforming assets to total assets | 6.25% | 6.16% | 6.67% | 6.25% | 6.67% |
| Allowance for loan losses to period end loans | 3.58% | 2.64% | 2.50% | 3.58% | 2.50% |
| Other Selected Ratios: | |||||
| Average equity to average assets | 8.17% | 7.61% | 7.75% | 7.59% | 8.10% |
| Average loans to average deposits | 97.71% | 91.46% | 104.21% | 94.31% | 112.23% |
| Average loans to average earning assets | 80.87% | 76.92% | 84.25% | 79.24% | 86.19% |
| Balance Sheet Data | |||
| (Dollars in thousands) | December 31, | September 30, | December 31, |
| 2010 | 2010 | 2009 | |
| (Unaudited) | (Unaudited) | (Audited) | |
| Assets: | |||
| Cash and cash equivalents: | |||
| Cash and due from banks | $9,315 | $11,332 | $10,141 |
| Interest bearing deposit accounts | 27,860 | 49,237 | 38,990 |
| Total cash and cash equivalents | 37,175 | 60,569 | 49,131 |
| Investment securities: | |||
| Securities held-for-sale | 74,025 | 55,422 | 68,826 |
| Securities held-to-maturity | -- | -- | 160 |
| Nonmarketable equity securities | 9,626 | 9,930 | 10,186 |
| Total investment securities | 83,651 | 65,352 | 79,172 |
| Loans held for sale | 5,516 | 5,419 | 1,103 |
| Loans receivable | 479,393 | 504,508 | 567,178 |
| Allowance for loan losses | (17,165) | (13,313) | (14,160) |
| Other real estate owned | 13,496 | 14,452 | 7,165 |
| Premises and equipment, net | 15,342 | 15,521 | 16,150 |
| Prepaid expenses | 3,349 | 3,662 | 4,873 |
| Intangible assets | 1,259 | 1,360 | 1,663 |
| Cash surrender value of life insurance | 17,397 | 17,211 | 16,689 |
| Deferred tax asset | 8,992 | 6,093 | 6,622 |
| Income tax receivable | -- | -- | 9,634 |
| Other assets | 7,529 | 6,870 | 4,222 |
| Total assets | $655,934 | $687,704 | $749,442 |
| Liabilities and shareholders' equity: | |||
| Deposits: | |||
| Noninterest bearing | $103,080 | $100,965 | $112,333 |
| Interest bearing | 392,102 | 418,673 | 471,150 |
| Total deposits | 495,182 | 519,638 | 583,483 |
| FHLB advances | 95,400 | 95,400 | 95,400 |
| Junior subordinated debentures | 10,310 | 10,310 | 10,310 |
| Other liabilities | 7,638 | 7,227 | 6,492 |
| Total liabilities | $608,530 | $632,575 | $695,685 |
| Shareholders' equity: | |||
| Common stock: $1 par value; 20 million shares authorized | $10,721 | $10,721 | $10,721 |
| Nonvested restricted stock | (116) | (175) | (364) |
| Capital surplus | 64,679 | 65,244 | 66,473 |
| Accumulated other comprehensive income (loss) | (460) | 352 | 909 |
| Retained earnings (deficit) | (17,190) | (10,230) | (11,705) |
| Treasury stock, at cost | (10,231) | (10,783) | (12,277) |
| Total shareholders' equity | 47,404 | 55,129 | 53,757 |
| Total liabilities and shareholders' equity | $655,934 | $687,704 | $749,442 |
| Income Statement Data |
Three Months Ended |
Three Months Ended |
Three Months Ended |
Twelve Months Ended |
Twelve Months Ended |
| (Dollars in thousands) | December 31, | September 30, | December 31, | December 31, | December 31, |
| 2010 | 2010 | 2009 | 2010 | 2009 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| Interest income: | |||||
| Interest and fees on loans | $6,722 | $6,995 | $7,644 | $28,559 | $32,722 |
| Interest on investment securities | 458 | 422 | 839 | 2,286 | 3,460 |
| Interest on federal funds sold and interest-bearing deposits | 38 | 66 | 19 | 165 | 51 |
| Total interest income | 7,218 | 7,483 | 8,502 | 31,010 | 36,233 |
| Interest expense: | |||||
| Interest on deposits | 1,171 | 1,758 | 2,031 | 6,832 | 7,894 |
| Interest on borrowings | 1,027 | 1,033 | 1,194 | 4,071 | 5,973 |
| Total interest expense | 2,198 | 2,791 | 3,225 | 10,903 | 13,867 |
| Net interest income | 5,020 | 4,692 | 5,277 | 20,107 | 22,366 |
| Provision for loan loss | 12,000 | 2,750 | 1,000 | 18,350 | 32,800 |
| Net interest income (loss) after provision | |||||
| (6,980) | 1,942 | 4,277 | 1,757 | (10,434) | |
| Non-interest income: | |||||
| Service charges on deposit accounts | 408 | 441 | 583 | 1,822 | 2,313 |
| Gain on sale of loans held for sale | 648 | 519 | 276 | 1,875 | 1,450 |
| Fees from brokerage services | 116 | 69 | 78 | 329 | 263 |
| Income from fiduciary activities | 508 | 507 | 451 | 1,936 | 1,623 |
| Gain on sale of securities held-for-sale | |||||
| 6 | 728 | -- | 1,999 | 224 | |
| Gain on sale of fixed assets | -- | -- | 1 | -- | -- |
| Other operating income | 474 | 478 | 416 | 2,740 | 1,657 |
| Total non-interest income | 2,160 | 2,742 | 1,805 | 10,701 | 7,530 |
| Non-interest expense: | |||||
| Salaries and employee benefits | 2,650 | 2,521 | 2,578 | 10,090 | 10,389 |
| Net occupancy expense | 302 | 334 | 342 | 1,260 | 1,298 |
| Amortization of intangible assets | 101 | 101 | 106 | 404 | 427 |
| Goodwill impairment | -- | -- | -- | -- | 7,418 |
| Furniture and equipment expense | 174 | 179 | 209 | 764 | 875 |
| FDIC banking assessments | 454 | 516 | 1,009 | 1,694 | 1,863 |
| FHLB prepayment penalties | -- | -- | 537 | -- | 896 |
| Net cost of operation of other real estate owned | |||||
| 884 | 543 | 767 | 2,287 | 3,532 | |
| Loss on sale of securities available for sale | -- | -- | 172 | -- | -- |
| Loss on sale of fixed assets | -- | -- | -- | -- | 38 |
| Other operating expenses | 1,343 | 1,362 | 1,221 | 4,898 | 5,038 |
| Total non-interest expense | 5,908 | 5,556 | 6,941 | 21,397 | 31,774 |
| Income (loss) before taxes | (10,728) | (872) | (859) | (8,939) | (34,678) |
| Income tax expense (benefit) | (3,768) | (394) | 523 | (3,454) | (9,433) |
| Net income (loss) | $ (6,960) | $ (478) | $ (1,382) | $ (5,485) | $ (25,245) |
| Loan Composition: | December 31, 2010 | September 30, 2010 | December 31, 2009 | |||
| (Dollars in thousands) | Balance | Percent | Balance | Percent | Balance | Percent |
| Commercial and agricultural | $39,720 | 8.29% | $42,177 | 8.36% | $35,082 | 6.18% |
| Real estate – construction | 99,076 | 20.66% | 105,812 | 20.97% | 145,130 | 25.59% |
| Real estate – mortgage and commercial | 279,560 | 58.32% | 294,036 | 58.28% | 316,571 | 55.82% |
| Home equity | 42,167 | 8.79% | 43,158 | 8.56% | 47,409 | 8.36% |
| Consumer – Installment | 17,636 | 3.68% | 18,009 | 3.57% | 21,564 | 3.80% |
| Other | 1,234 | 0.26% | 1,316 | 0.26% | 1,422 | 0.25% |
| Total | $479,393 | 100.00% | $504,508 | 100.00% | $567,178 | 100.00% |
| Deposits: | December 31, 2010 | September 30, 2010 | December 31, 2009 | |||
| (Dollars in thousands) | Balance | Percent | Balance | Percent | Balance | Percent |
| Noninterest bearing demand | $103,080 | 20.82% | $100,965 | 19.43% | $112,333 | 19.25% |
| Interest bearing demand | 63,024 | 12.73% | 70,800 | 13.62% | 66,807 | 11.45% |
| Money market and savings | 175,890 | 35.52% | 180,553 | 34.75% | 166,086 | 28.47% |
| Brokered deposits | 7,849 | 1.58% | 11,849 | 2.28% | 27,200 | 4.66% |
| Certificates of deposit | 145,339 | 29.35% | 155,471 | 29.92% | 211,057 | 36.17% |
| Total | $495,182 | 100.00% | $519,638 | 100.00% | $583,483 | 100.00% |
| Wealth Management Group | December 31, 2010 | September 30, 2010 | December 31, 2009 |
|
Fiduciary and Related Services: (Dollars in thousands, except number of accounts) |
|||
| Market value of accounts | $658,502 | $607,433 | $505,031 |
| Market value of discretionary accounts | $219,628 | $207,498 | $188,663 |
| Market value of non-discretionary accounts | $438,874 | $399,935 | $316,368 |
| Total number of accounts | 1,473 | 1,441 | 1,440 |
| Yield/Rate Analysis QTD | Three Months Ended | Three Months Ended | ||||
| December 31, 2010 | December 31, 2009 | |||||
| Average | Yield/ | Average | Yield/ | |||
| (Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate |
| ASSETS | ||||||
| Loans(1)(3) | $497,550 | $6,729 | 5.37% | $596,492 | $7,652 | 5.09% |
| Securities, taxable(2) | 56,175 | 336 | 2.37% | 50,438 | 585 | 4.60% |
| Securities, nontaxable(2)(3) | 10,918 | 122 | 4.43% | 20,192 | 295 | 5.80% |
| Nonmarketable Equity Securities | 9,772 | 33 | 1.34% | 10,186 | 39 | 1.52% |
| Fed funds sold and other (incl. FHLB) | 40,864 | 39 | 0.38% | 30,370 | 19 | 0.25% |
| Total earning assets | $615,279 | $7,259 | 4.68% | $708,038 | $8,590 | 4.81% |
| Non-earning assets | 62,055 | 41,132 | ||||
| Total assets | $677,334 | $749,170 | ||||
| LIABILITIES AND | ||||||
| STOCKHOLDERS' EQUITY | ||||||
| Transaction accounts | $204,400 | $397 | 0.77% | $186,748 | $523 | 1.11% |
| Regular savings accounts | 42,942 | 100 | 0.92% | 42,120 | 151 | 1.42% |
| Certificates of deposit | 160,771 | 674 | 1.66% | 238,844 | 1,357 | 2.25% |
| Other short term borrowings | -- | -- | -- | -- | -- | 0.00% |
| FHLB Advances | 95,400 | 833 | 3.46% | 99,748 | 1,013 | 4.03% |
| Junior subordinate debentures | 10,310 | 194 | 7.47% | 10,310 | 181 | 6.97% |
| Total interest-bearing liabilities | $513,823 | $2,198 | 1.70% | $577,770 | $3,225 | 2.21% |
| Non-interest bearing liabilities | 98,195 | 113,372 | ||||
| Stockholders' equity | 55,316 | 58,028 | ||||
| Total liabilities & equity | $667,334 | $749,170 | ||||
| Net interest income/ | ||||||
| interest rate spread | $5,061 | 2.98% | $5,365 | 2.60% | ||
| Net yield on earning assets | 3.26% | 3.00% | ||||
| Yield/Rate Analysis YTD | Twelve Months Ended | Twelve Months Ended | ||||
| December 31, 2010 | December 31, 2009 | |||||
| Average | Yield/ | Average | Yield/ | |||
| (Dollars in thousands) | Balance | Interest | Rate | Balance | Interest | Rate |
| ASSETS | ||||||
| Loans(1)(3) | $528,403 | $25,587 | 5.41% | $617,311 | $32,753 | 5.31% |
| Securities, taxable(2) | 51,443 | 1,650 | 3.21% | 46,768 | 2,254 | 4.82% |
| Securities, nontaxable(2)(3) | 13,355 | 684 | 5.12% | 23,806 | 1,461 | 6.14% |
| Nonmarketable Equity Securities | 10,131 | 140 | 1.38% | 6,111 | 147 | 2.41% |
| Fed funds sold and other (incl. FHLB) | 63,524 | 165 | 0.26% | 22,224 | 51 | 0.23% |
| Total earning assets | $666,856 | $31,226 | 4.68% | $716,220 | $36,666 | 5.12% |
| Non-earning assets | 61,490 | 58,445 | ||||
| Total assets | $728,346 | $774,665 | ||||
| LIABILITIES AND | ||||||
| STOCKHOLDERS' EQUITY | ||||||
| Transaction accounts | $200,331 | $2,060 | 1.03% | $192,222 | $1,615 | 0.84% |
| Regular savings accounts | 44,325 | 519 | 1.17% | 40,125 | 655 | 1.63% |
| Certificates of deposit | 210,450 | 4,253 | 2.02% | 218,675 | 5,624 | 2.57% |
| Other short term borrowings | -- | -- | -- | 17,901 | 57 | 0.32% |
| FHLB Advances | 95,400 | 3,323 | 3.48% | 125,569 | 5,190 | 4.13% |
| Junior subordinate debentures | 10,310 | 748 | 7.26% | 10,310 | 726 | 7.04% |
| Total interest-bearing liabilities | $560,816 | $10,903 | 1.94% | $604,802 | $13,867 | 2.29% |
| Non-interest bearing liabilities | 112,237 | 107,152 | ||||
| Stockholders' equity | 55,293 | 62,711 | ||||
| Total liabilities & equity | $728,346 | $774,665 | ||||
| Net interest income/ | ||||||
| interest rate spread | $20,323 | 2.74% | $22,799 | 2.83% | ||
| Net yield on earning assets | 3.05% | 3.18% | ||||
| (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. | ||||||