UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
Current report pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
April 27, 2010
TriCo Bancshares
(Exact name of registrant as specified in its charter)
|
California |
0-10661 |
94-2792841 |
|
(State or other jurisdiction of
incorporation or organization) |
(Commission File No.) |
(I.R.S. Employer
Identification No.) |
|
63 Constitution Drive, Chico, California |
95973 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code: (530) 898-0300
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01: Other Events
On April 27, 2010, TriCo Bancshares announced its quarterly earnings for the period ended March 31, 2010. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
Item 9.01: Financial Statements and Exhibits
(c) Exhibits
|
99.1 |
Press release dated April 27, 2010 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
TRICO BANCSHARES | ||
|
Date: April 27, 2010 |
By |
/s/Thomas J. Reddish |
|
Thomas J. Reddish, Executive Vice President and Chief FinancialOfficer (Principal Financial and Accounting Officer |
TRICO BANCSHARES ANNOUNCES QUARTERLY EARNINGS
|
PRESS RELEASE |
Contact: Richard P. Smith |
|
FOR IMMEDIATE RELEASE |
President & CEO (530) 898-0300 |
CHICO, Calif. – (April 27, 2010) – TriCo Bancshares (NASDAQ: TCBK) (the "Company"), parent company of Tri Counties Bank, today announced quarterly earnings of $1,558,000 for the quarter ended March 31, 2010. This represents a decrease of $1,324,000 (45.9%) when compared with earnings of $2,882,000 for the quarter
ended March 31, 2009. Diluted earnings per share for the quarter ended March 31, 2010 decreased 44.4% to $0.10 compared to $0.18 for the quarter ended March 31, 2009. Total assets of the Company increased $91,235,000 (4.4%) to $2,169,587,000 at March 31, 2010 from $2,078,352,000 at March 31, 2009. Total loans of the Company decreased $111,767,000 (7.1%) to $1,455,189,000 at March 31, 2010 from $1,566,956,000 at March 31, 2009. Total deposits of the Company increased $106,591,000
(6.2%) to $1,833,297,000 at March 31, 2010 from $1,726,706,000 at March 31, 2009.
The $1,324,000 decrease in earnings for the quarter ended March 31, 2010 over the year-ago quarter was due to a $1,020,000 (4.4%) decrease in net interest income, a $700,000 (9.0%) increase in provision for loan losses and a $1,602,000 (9.3%) increase in noninterest expense, that were partially offset by a $932,000 (14.1%) increase in
noninterest income and a $1,066,000 (61.6%) decrease in tax expense.
The $1,020,000 decrease in net interest income to $21,978,000 was mainly due to a 51 basis point decrease in the fully tax-equivalent net interest margin to 4.40% during the quarter ended March 31, 2010 versus 4.91% during the quarter ended March 31, 2009. Much of the 51 basis point decrease in net interest margin was due to
the fact that despite historically low deposit rates, deposit balances continue to grow while the ability to deploy these growing deposits into some interest-earning asset other than short-term low-yield interest-earning cash at the Federal Reserve Bank has been limited. This limitation is the result of weak loan demand and investment yields that have been unattractive due to their interest rate risk profile.
The following table details the components of the net interest income and net interest margin on a fully tax-equivalent basis for the quarters ended March 31, 2010 and 2009:
|
Quarter ended March 31, 2010 |
Quarter ended March 31, 2009 |
|||||||||||||||||||||||
|
Average |
Yield/ |
Average |
Yield/ |
|||||||||||||||||||||
|
(Dollars in thousands) |
Balance |
Income |
Rate |
Balance |
Income |
Rate |
||||||||||||||||||
|
Assets: |
||||||||||||||||||||||||
|
Loans |
$ | 1,469,685 | $ | 22,813 | 6.21 | % | $ | 1,566,350 | $ | 25,513 | 6.52 | % | ||||||||||||
|
Securities |
282,487 | 3,092 | 4.38 | % | 275,040 | 3,500 | 5.09 | % | ||||||||||||||||
|
Cash at Fed and other banks |
256,724 | 154 | 0.24 | % | 45,731 | 22 | 0.19 | % | ||||||||||||||||
|
Total earning assets |
2,008,896 | 26,059 | 5.19 | % | 1,887,121 | 29,035 | 6.15 | % | ||||||||||||||||
|
Other assets |
160,242 | 162,072 | ||||||||||||||||||||||
|
Total assets |
2,169,138 | 2,049,193 | ||||||||||||||||||||||
|
Liabilities and shareholders' equity: |
||||||||||||||||||||||||
|
Interest-bearing demand |
||||||||||||||||||||||||
|
deposits |
$ | 368,660 | $ | 615 | 0.67 | % | $ | 258,137 | $ | 342 | 0.53 | % | ||||||||||||
|
Savings deposits |
522,246 | 642 | 0.49 | % | 408,749 | 893 | 0.87 | % | ||||||||||||||||
|
Time deposits |
560,266 | 1,801 | 1.29 | % | 655,343 | 3,967 | 2.42 | % | ||||||||||||||||
|
Junior sub debt |
41,238 | 306 | 2.97 | % | 41,238 | 440 | 4.27 | % | ||||||||||||||||
|
Other borrowings |
61,843 | 594 | 3.84 | % | 78,349 | 242 | 1.24 | % | ||||||||||||||||
|
Total interest-bearing |
||||||||||||||||||||||||
|
liabilities |
$ | 1,554,253 | 3,958 | 1.02 | % | $ | 1,441,816 | 5,884 | 1.63 | % | ||||||||||||||
|
Noninterest-bearing |
||||||||||||||||||||||||
|
deposits |
374,018 | 366,475 | ||||||||||||||||||||||
|
Other liabilities |
36,667 | 38,776 | ||||||||||||||||||||||
|
Shareholders' equity |
204,200 | 202,126 | ||||||||||||||||||||||
|
Total liabilities and |
||||||||||||||||||||||||
|
shareholders' equity |
$ | 2,169,138 | $ | 2,049,193 | ||||||||||||||||||||
|
Net interest rate spread |
4.17 | % | 4.52 | % | ||||||||||||||||||||
|
Net interest income/net |
||||||||||||||||||||||||
|
interest margin (FTE) |
22,101 | 4.40 | % | 23,151 | 4.91 | % | ||||||||||||||||||
|
FTE adjustment |
(123 | ) | (153 | ) | ||||||||||||||||||||
|
Net interest income before FTE adjustment |
$ | 21,978 | $ | 22,998 | ||||||||||||||||||||
The Company provided $8,500,000 for loan losses in the first quarter of 2010 versus $7,800,000 in the fourth quarter of 2009 and $7,800,000 in the first quarter of 2009. In the first quarter of 2010, the Company recorded $8,101,000 in loan charge-offs less $468,000 in recoveries resulting in $7,633,000 of net loan charge-offs
versus $2,616,000 of net loan charge-offs in the first quarter of 2009. Primary causes of the charges taken in the first quarter of 2010 were gross charge-offs of $455,000 on five residential real estate loans, $2,567,000 on eight commercial real estate loans, $2,650,000 on 42 home equity lines and loans, $526,000 on 91 auto indirect loans, $340,000 on other consumer loans and overdrafts, $526,000 on 20 C&I loans, and $1,037,000 on six residential construction loans.
Nonperforming assets, net of guarantees of the U.S. Government, including its agencies and its government-sponsored agencies, increased $22,388,000 (46.0%) to $71,010,000 at March 31, 2010 compared to $48,622,000 at December 31, 2009. The $22,388,000 increase in nonperforming assets during the first quarter of 2010 was the
result of new nonperforming loans of $33,563,000, advances on existing nonperforming loans of $148,000, recoveries on existing nonperforming loans of $253,000, less charge-offs of $7,826,000, less paydowns or upgrades to performing status totaling $3,557,000, and less disposals of OREO of $193,000. The primary causes of the $33,563,000 in new nonperforming loans during the first quarter of 2010 were increases of $1,183,000 on seven residential real estate loans, $21,612,000 on 18 commercial real estate
loans, $5,805,000 on 67 home equity lines and loans, $628,000 on 68 indirect auto loans, $70,000 on 26 other consumer loans, $953,000 on 30 Commercial (C&I) loans, $670,000 on three residential construction loans, and $2,639,000 on three commercial construction loans.
At March 31, 2010, the Company’s allowance for losses, which consists of the allowance for loan losses ($36,340,000) and the reserve for unfunded commitments ($3,640,000), was $39,980,000 or 2.75% of total loans outstanding and 61% of nonperforming loans, net of guarantees of the U.S government, including its agencies and its government-sponsored
agencies, versus $39,113,000 or 2.61% of total loans outstanding and 87% of nonperforming loans, net of guarantees of the U.S government, including its agencies and its government-sponsored agencies, at December 31, 2009.
The following table details the components of noninterest income during the quarters ended March 31, 2010 and 2009:
|
(Dollars in thousands) |
Q1'10 |
Q1'09 |
||||||
|
Noninterest income: |
||||||||
|
Service charges on deposit accounts |
$ | 3,778 | $ | 3,585 | ||||
|
ATM fees and interchange |
1,368 | 1,098 | ||||||
|
Other service fees |
331 | 273 | ||||||
|
Mortgage banking service fees |
307 | 269 | ||||||
|
Change in value of mortgage servicing rights |
(49 | ) | (173 | ) | ||||
|
Service charges and fees |
$ | 5,735 | $ | 5,052 | ||||
|
Gain on sale of loans |
585 | 641 | ||||||
|
Commission on sale on NDIP |
267 | 489 | ||||||
|
Increase in CV of life insurance |
426 | 280 | ||||||
|
Other |
534 | 153 | ||||||
|
Total noninterest income |
$ | 7,547 | $ | 6,615 | ||||
As shown in the table above, noninterest income for the first quarter of 2010 increased $932,000 (14.1%) to $7,547,000 from $6,615,000 in the first quarter of 2009. Service charges on deposit accounts increased $193,000 (5.4%) to $3,778,000 due primarily to an increase in non-sufficient funds per item fees that took effect
in April 2009. ATM fees and interchange revenue increased $270,000 (24.6%) to $1,368,000 due to increased customer point-of -sale transactions that are the result of incentives for such usage. The improvement in change in value of mortgage servicing rights and the decrease in gain on sale of loans are due primarily to increased residential mortgage rates that have slowed the pace of mortgage refinancing. The decrease in commissions on sale of nondeposit investment products,
which includes annuity products, is the result of the current economic and interest rate environment. The improvement in increase in cash value of life insurance is due to increased earnings rates from such insurance policies. Other noninterest income increased $381,000 (249%) to $534,000 due to the receipt of $400,000 by the Company under the terms of a legal settlement.
The following table summarizes the components of noninterest expense for the quarters ended December 31, 2010 and 2009:
|
(Dollars in thousands) |
Q1'10 |
Q1'09 |
||||||
|
Salaries and benefits expense: |
||||||||
|
Base salaries net of deferred origination costs |
$ | 6,974 | $ | 6,576 | ||||
|
Incentive compensation expense |
546 | 588 | ||||||
|
Benefits and other compensation costs |
2,630 | 2,625 | ||||||
|
Total salaries and benefits expense |
10,150 | 9,789 | ||||||
|
Other noninterest expense: |
||||||||
|
Occupancy |
1,329 | 1,235 | ||||||
|
Equipment |
974 | 917 | ||||||
|
Change in reserve for unfunded commitments |
- | 175 | ||||||
|
Data processing and software |
675 | 618 | ||||||
|
Telecommunications |
413 | 332 | ||||||
|
ATM network charges |
458 | 516 | ||||||
|
Professional fees |
716 | 311 | ||||||
|
Advertising and marketing |
521 | 398 | ||||||
|
Postage |
247 | 279 | ||||||
|
Courier service |
197 | 173 | ||||||
|
Intangible amortization |
65 | 134 | ||||||
|
Operational losses |
67 | 37 | ||||||
|
Provision for foreclosed asset losses |
- | 162 | ||||||
|
Net foreclosed assets expense |
197 | 26 | ||||||
|
Assessments |
784 | 302 | ||||||
|
Other |
2,010 | 1,797 | ||||||
|
Total other noninterest expense |
8,653 | 7,412 | ||||||
|
Total noninterest expense |
$ | 18,803 | $ | 17,201 | ||||
|
Average full time equivalent employees |
651 | 621 | ||||||
Noninterest expense for the first quarter of 2010 increased $1,602,000 (9.3%) compared to the first quarter of 2009. Salaries and benefits expense increased $361,000 (3.7%) to $10,150,000 due to an increase in the number of full-time equivalent employees related to the opening of new branches. Other noninterest expense
increased $1,241,000 (16.7%) to $8,653,000 primarily due to a $482,000 (160%) increase in deposit insurance assessments to $784,000 and a $405,000 (130%) increase in professional fees to $716,000 related primarily to loan collection efforts.
The effective tax rate in the quarter ended March 31, 2010 was 29.9% versus 37.5% in the year-ago quarter due to a higher percentage of tax free revenue to total net income before taxes in the first quarter of 2010 versus the year-ago quarter. The main components of tax free revenue include the increase in cash value of life
insurance, which is federal and state tax free, interest on municipal bonds which is federal tax free, and interest earned on loans that qualify for the state tax deduction related to enterprise zones.
As of March 31, 2010, the Company has repurchased 166,600 shares of its common stock under its stock repurchase plan adopted on August 21, 2007, which left 333,400 shares available for repurchase under the plan.
Richard Smith, President and Chief Executive Officer commented, “Our net income in the first quarter was impacted by higher levels of provisioning for loan losses as market conditions remain fluid and the economic conditions in our marketplace and throughout California remain recessionary. We continue to remain profitable throughout
this difficult economic period as we continue to strengthen and increase our levels of capital and liquidity.”
In addition to the historical information contained herein, this press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The reader of this press release should understand that all such forward-looking statements are subject to various uncertainties
and risks that could affect their outcome. The Company’s actual results could differ materially from those suggested by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, variances in the actual versus projected growth in assets, return on assets, interest rate fluctuations, economic conditions in the Company's primary market area, demand for loans, regulatory and accounting changes, loan losses, expenses, rates
charged on loans and earned on securities investments, rates paid on deposits, competition effects, fee and other noninterest income earned as well as other factors detailed in the Company's reports filed with the Securities and Exchange Commission which are incorporated herein by reference, including the Form 10-K for the year ended December 31, 2009. These reports and this entire press release should be read to put such forward-looking statements in context and to gain a more complete understanding
of the uncertainties and risks involved in the Company's business. Any forward-looking statement may turn out to be wrong and cannot be guaranteed. The Company does not intend to update any of the forward-looking statements after the date of this release.
TriCo Bancshares and Tri Counties Bank are headquartered in Chico, California. Tri Counties Bank has a 35-year history in the banking industry. It operates 32 traditional branch locations and 26 in-store branch locations in 23 California counties. Tri Counties Bank offers financial services and provides a diversified line of products
and services to consumers and businesses, which include demand, savings and time deposits, consumer finance, online banking, mortgage lending, and commercial banking throughout its market area. It operates a network of 66 ATMs and a 24-hour, seven days-a-week telephone customer service center. Brokerage services are provided by the Bank’s investment services affiliate, Raymond James Financial Services, Inc. For further information please visit the Tri Counties Bank web site at http://www.tricountiesbank.com.
|
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA |
||||||||||||||||||||
|
(Unaudited. Dollars in thousands, except share data) |
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|
Three months ended |
||||||||||||||||||||
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||||||||||||
|
2010 |
2009 |
2009 |
2009 |
2009 |
||||||||||||||||
|
Statement of Income Data |
||||||||||||||||||||
|
Interest income |
$ | 25,936 | $ | 27,130 | $ | 27,889 | $ | 28,432 | $ | 28,882 | ||||||||||
|
Interest expense |
3,958 | 4,661 | 4,784 | 5,286 | 5,884 | |||||||||||||||
|
Net interest income |
21,978 | 22,469 | 23,105 | 23,146 | 22,998 | |||||||||||||||
|
Provision for loan losses |
8,500 | 7,800 | 8,000 | 7,850 | 7,800 | |||||||||||||||
|
Noninterest income: |
||||||||||||||||||||
| Service charges and fees | 5,735 | 5,943 | 5,645 | 6,182 | 5,052 | |||||||||||||||
| Other income | 1,812 | 1,982 | 2,148 | 1,814 | 1,563 | |||||||||||||||
|
Total noninterest income |
7,547 | 7,925 | 7,793 | 7,996 | 6,615 | |||||||||||||||
|
Noninterest expense: |
||||||||||||||||||||
| Base salaries net of deferred loan origination costs | 6,974 | 7,031 | 6,827 | 6,568 | 6,576 | |||||||||||||||
| Incentive compensation expense | 546 | 308 | 980 | 1,024 | 588 | |||||||||||||||
| Employee benefits and other compensation expense | 2,630 | 2,350 | 2,456 | 2,477 | 2,625 | |||||||||||||||
| Total salaries and benefits expense | 10,150 | 9,689 | 10,263 | 10,069 | 9,789 | |||||||||||||||
| Intangible amortization | 65 | 65 | 65 | 64 | 134 | |||||||||||||||
| Provision for losses - unfunded commitments | - | - | 500 | 400 | 175 | |||||||||||||||
| Other expense | 8,588 | 9,774 | 8,549 | 8,811 | 7,103 | |||||||||||||||
|
Total noninterest expense |
18,803 | 19,528 | 19,377 | 19,344 | 17,201 | |||||||||||||||
|
Income before taxes |
2,222 | 3,066 | 3,521 | 3,948 | 4,612 | |||||||||||||||
|
Net income |
$ | 1,558 | $ | 2,313 | $ | 2,255 | $ | 2,512 | $ | 2,882 | ||||||||||
|
Share Data |
||||||||||||||||||||
|
Basic earnings per share |
$ | 0.10 | $ | 0.15 | $ | 0.14 | $ | 0.16 | $ | 0.18 | ||||||||||
|
Diluted earnings per share |
$ | 0.10 | $ | 0.14 | $ | 0.14 | $ | 0.16 | $ | 0.18 | ||||||||||
|
Book value per common share |
$ | 12.63 | $ | 12.71 | $ | 12.79 | $ | 12.67 | $ | 12.71 | ||||||||||
|
Tangible book value per common share |
$ | 11.63 | $ | 11.71 | $ | 11.78 | $ | 11.66 | $ | 11.69 | ||||||||||
|
Shares outstanding |
15,860,138 | 15,787,753 | 15,787,753 | 15,782,753 | 15,782,753 | |||||||||||||||
|
Weighted average shares |
15,822,789 | 15,787,753 | 15,787,264 | 15,782,753 | 15,774,624 | |||||||||||||||
|
Weighted average diluted shares |
16,073,875 | 16,012,078 | 16,015,952 | 15,997,437 | 16,019,488 | |||||||||||||||
|
Credit Quality |
||||||||||||||||||||
|
Non-performing loans, net of |
||||||||||||||||||||
| government agency guarantees | $ | 65,431 | $ | 44,896 | $ | 46,607 | $ | 43,373 | $ | 34,360 | ||||||||||
|
Foreclosed assets, net of allowance |
5,579 | 3,726 | 2,372 | 2,622 | 2,407 | |||||||||||||||
|
Loans charged-off |
8,101 | 7,258 | 7,471 | 7,308 | 3,001 | |||||||||||||||
|
Loans recovered |
$ | 468 | $ | 380 | $ | 398 | $ | 308 | $ | 385 | ||||||||||
|
Allowance for losses to total loans(1) |
2.75 | % | 2.61 | % | 2.49 | % | 2.37 | % | 2.27 | % | ||||||||||
|
Allowance for losses to NPLs(1) |
61 | % | 87 | % | 82 | % | 85 | % | 103 | % | ||||||||||
|
Allowance for losses to NPAs(1) |
56 | % | 80 | % | 78 | % | 80 | % | 97 | % | ||||||||||
|
Selected Financial Ratios |
||||||||||||||||||||
|
Return on average total assets |
0.29 | % | 0.43 | % | 0.43 | % | 0.48 | % | 0.56 | % | ||||||||||
|
Return on average equity |
3.05 | % | 4.51 | % | 4.43 | % | 4.94 | % | 5.70 | % | ||||||||||
|
Average yield on loans |
6.21 | % | 6.46 | % | 6.48 | % | 6.48 | % | 6.52 | % | ||||||||||
|
Average yield on interest-earning assets |
5.19 | % | 5.48 | % | 5.70 | % | 5.91 | % | 6.15 | % | ||||||||||
|
Average rate on interest-bearing liabilities |
1.02 | % | 1.22 | % | 1.27 | % | 1.42 | % | 1.63 | % | ||||||||||
|
Net interest margin (fully tax-equivalent) |
4.40 | % | 4.55 | % | 4.72 | % | 4.82 | % | 4.91 | % | ||||||||||
|
(1) |
Allowance for losses includes allowance for loan losses and reserve for unfunded commitments. |
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|
TRICO BANCSHARES - CONSOLIDATED FINANCIAL DATA |
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|
(Unaudited. Dollars in thousands) |
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Three months ended |
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March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
||||||||||||||||
|
2010 |
2009 |
2009 |
2009 |
2009 |
||||||||||||||||
|
Cash and due from banks |
$ | 308,664 | $ | 346,589 | $ | 234,570 | $ | 182,923 | $ | 137,241 | ||||||||||
|
Securities, available-for-sale |
292,065 | 211,622 | 230,962 | 252,104 | 279,122 | |||||||||||||||
|
Federal Home Loan Bank Stock |
9,274 | 9,274 | 9,274 | 9,274 | 9,235 | |||||||||||||||
|
Loans |
||||||||||||||||||||
| Commercial loans | 147,988 | 163,181 | 171,583 | 172,732 | 169,765 | |||||||||||||||
| Consumer loans | 444,831 | 458,083 | 473,411 | 486,548 | 499,168 | |||||||||||||||
| Real estate mortgage loans | 813,770 | 820,016 | 814,132 | 813,898 | 813,889 | |||||||||||||||
| Real estate construction loans | 48,600 | 58,931 | 72,086 | 79,057 | 84,134 | |||||||||||||||
|
Total loans, gross |
1,455,189 | 1,500,211 | 1,531,212 | 1,552,235 | 1,566,956 | |||||||||||||||
|
Allowance for loan losses |
(36,340 | ) | (35,473 | ) | (34,551 | ) | (33,624 | ) | (32,774 | ) | ||||||||||
|
Premises and equipment |
19,178 | 18,742 | 18,102 | 18,208 | 18,537 | |||||||||||||||
|
Cash value of life insurance |
49,120 | 48,694 | 47,635 | 47,365 | 47,095 | |||||||||||||||
|
Goodwill |
15,519 | 15,519 | 15,519 | 15,519 | 15,519 | |||||||||||||||
|
Intangible assets |
260 | 325 | 389 | 454 | 519 | |||||||||||||||
|
Other assets |
56,658 | 55,017 | 42,554 | 43,383 | 36,902 | |||||||||||||||
|
Total assets |
2,169,587 | 2,170,520 | 2,095,666 | 2,087,841 | 2,078,352 | |||||||||||||||
|
Deposits |
||||||||||||||||||||
| Noninterest-bearing demand deposits | 378,695 | 377,334 | 349,949 | 358,618 | 371,639 | |||||||||||||||
| Interest-bearing demand deposits | 375,313 | 359,179 | 314,160 | 291,641 | 269,807 | |||||||||||||||
| Savings deposits | 533,115 | 511,671 | 473,915 | 431,424 | 426,001 | |||||||||||||||
| Time certificates | 546,174 | 580,328 | 613,871 | 655,702 | 659,259 | |||||||||||||||
|
Total deposits |
1,833,297 | 1,828,512 | 1,751,895 | 1,737,385 | 1,726,706 | |||||||||||||||
|
Federal funds purchased |
- | - | - | - | - | |||||||||||||||
|
Reserve for unfunded commitments |
3,640 | 3,640 | 3,640 | 3,140 | 2,740 | |||||||||||||||
|
Other liabilities |
30,176 | 29,728 | 30,759 | 32,201 | 31,041 | |||||||||||||||
|
Other borrowings |
60,952 | 66,753 | 66,197 | 73,898 | 76,081 | |||||||||||||||
|
Junior subordinated debt |
41,238 | 41,238 | 41,238 | 41,238 | 41,238 | |||||||||||||||
|
Total liabilities |
1,969,303 | 1,969,871 | 1,893,729 | 1,887,862 | 1,877,806 | |||||||||||||||
|
Total shareholders' equity |
200,284 | 200,649 | 201,937 | 199,979 | 200,546 | |||||||||||||||
|
Accumulated other comprehensive gain (loss) |
2,053 | 2,278 | 3,934 | 2,322 | 3,474 | |||||||||||||||
|
Average loans |
1,469,685 | 1,508,472 | 1,538,239 | 1,555,778 | 1,566,350 | |||||||||||||||
|
Average interest-earning assets |
2,008,896 | 1,988,011 | 1,969,043 | 1,933,633 | 1,887,121 | |||||||||||||||
|
Average total assets |
2,169,138 | 2,135,622 | 2,099,053 | 2,088,875 | 2,049,193 | |||||||||||||||
|
Average deposits |
1,825,190 | 1,784,271 | 1,744,336 | 1,735,434 | 1,688,704 | |||||||||||||||
|
Average total equity |
$ | 204,200 | $ | 205,256 | $ | 203,452 | $ | 203,596 | $ | 202,126 | ||||||||||
|
Total risk based capital ratio |
13.5 | % | 13.4 | % | 13.2 | % | 12.9 | % | 12.7 | % | ||||||||||
|
Tier 1 capital ratio |
12.3 | % | 12.1 | % | 11.9 | % | 11.6 | % | 11.4 | % | ||||||||||
|
Tier 1 leverage ratio |
10.3 | % | 10.5 | % | 10.6 | % | 10.7 | % | 10.9 | % | ||||||||||
|
Tangible capital ratio |
8.6 | % | 8.6 | % | 8.9 | % | 8.9 | % | 8.9 | % | ||||||||||