AmericanWest Bancorporation Announces 2005 Third Quarter Results.SPOKANE Spokane, city, United States Spokane (spōkăn`), city (1990 pop. 177,196), seat of Spokane co., E Wash., at the spectacular falls of the Spokane River; inc. 1881. , Wash. -- AmericanWest Bancorporation (Nasdaq:AWBC AWBC Australian Wine Brandy Corporation ) today announced that net income for the nine months ended September September: see month. 30, 2005 was $9.9 million or $0.94 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, which is 13% higher than $8.8 million or $0.84 per diluted share for the nine months ended September 30, 2004. The net income for the third quarter of 2005 was $3.2 million or $0.30 per diluted share as compared to $4.0 million or $0.38 per diluted share for the third quarter of 2004. AWBC also announced that, in a letter dated October October: see month. 24, 2005, the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) notified the Company's wholly-owned subsidiary, AmericanWest Bank (AWB See House Air Waybill. or Bank), that, following the recently completed Compliance Examination of the Bank by the FDIC, the FDIC has terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: the memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) between AWB and the FDIC relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Bank's compliance controls, processes and training, and that the Bank is no longer restricted by that supervisory enforcement action. The MOU had been issued based upon AWB's operations under prior management. "With $77 million in core deposit growth this past quarter, clearly our growth initiatives in both lending and deposit gathering have gained significant traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. . Now that we are free to expand following termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the MOU, we expect this traction and growth trend to accelerate with the immediate addition of planned de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. branches in some rapidly growing areas in both existing and adjacent market areas," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. M. Daugherty Daugherty can refer to: People
An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. did not improve as much during the third quarter as we had hoped due to the deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of one credit during the quarter. However, final resolution of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5 million of our nonperforming assets is presently scheduled to occur during the fourth quarter. We remain confident of our ultimate success based upon performance year to date and planned growth, both organically and through expansion, during 2006," he continued. "The resolution of the compliance issues on which the MOU was based," he said, "was distracting dis·tract tr.v. dis·tract·ed, dis·tract·ing, dis·tracts 1. To cause to turn away from the original focus of attention or interest; divert. 2. To pull in conflicting emotional directions; unsettle. and also expensive but we are pleased to now have that behind us and, with our new compliance procedures, we are poised to move forward aggressively with a well-founded well-found·ed adj. Based on sound judgment, reasoning, or evidence; adequately substantiated: well-founded suspicions. growth plan." LOAN GROWTH AND CREDIT QUALITY: Gross loans increased $11.5 million during the third quarter of 2005, resulting in an increase of $69.8 million or 7.5% from the prior year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . At September 30, 2005 total gross loans were $997.7 million compared to $927.9 million at December December: see month. 31, 2004. This includes an increase of commercial and industrial loans of $27.8 million and commercial real estate loans of $25.0 million. Commercial real estate loans continue to be a significant percentage of the total portfolio at 52.3% as of September 30, 2005 compared to 53.6% at December 31, 2004. Total nonperforming loans were $17.2 million or 1.73% of total gross loans at September 30, 2005 as compared to $15.5 million or 1.57% of total gross loans at June June: see month. 30, 2005. The increase during the quarter is primarily due to management's reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of a $2.4 million loan during the quarter to nonaccrual status due to operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and deterioration in collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although values as evidenced by an updated appraisal. The loan remains current as of September 30, 2005 and management is exploring options for collection of the account in full. Despite the slight deterioration in the current quarter, the nonperforming loans have decreased approximately $7.0 million or 29.0% compared to $24.3 million which was 2.62% of total gross loans at December 31, 2004. The decrease from the prior year is due mainly to management's continued efforts to collect on past due loans and to improve the overall credit quality of the portfolio. The Company's total nonperforming assets, including foreclosed real estate and other foreclosed assets, were $20.5 million or 1.79% of total assets at September 30, 2005 compared to $28.5 million or 2.71% of total assets at December 31, 2004. This decrease is due to the decrease in nonperforming loans discussed above and a decrease of approximately $1.0 million in foreclosed assets and other foreclosed real estate related mainly to the sale of one property. Total loans delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. 30 or more days and still accruing were $2.2 million or 0.22% of total gross loans at September 30, 2005, as compared to $2.7 million or 0.28% at June 30, 2005; $4.2 million or 0.45% at December 31, 2004; and $10.0 million or 1.05% at September 30, 2004. The decrease is due to management's continued emphasis on portfolio management and the shift in the credit culture of the Company. The allowance for loan losses was $16.0 million at September 30, 2005 compared to $18.5 million at December 31, 2004. At September 30, 2005 the allowance for loan losses as a percentage of total gross loans was 1.60% as compared to the December 31, 2004 allowance of 1.99% and the September 30, 2004 allowance of 1.57%. The decline from the prior year-end is due to the resolution of various nonperforming loans in line with the provisions provided during the nine months ended September 30, 2005. Provision for loan losses for the three and nine months ended September 30, 2005 was $1.1 million and $2.4 million, respectively. These are compared to $1.8 million and $8.5 million for the three and nine months ended September 30, 2004, respectively. The 2004 provision included a specific provision of $4.0 million related to one borrower BORROWER, contracts. He to whom a thing is lent at his request. 2. The contract of loan confers rights, and imposes duties on the borrower' 1. In general, he has the right to use the thing borrowed, during the time and for the purpose intended between the relationship. Loan charge offs for the three months ended September 30, 2005 were $0.5 million compared to $1.0 million for the three months ended September 30, 2004. Loan charge offs for the nine months ended September 30, 2005 were $5.0 million compared to $6.7 million for the nine months ended September 30, 2004. DEPOSIT AND BORROWING BALANCES: Deposits were $963.0 million as of September 30, 2005, which is an increase of $68.2 million or 7.6% from $894.8 million at December 31, 2004. Most of this increase has occurred during this quarter as a result of cultivation cultivation, tilling or manipulation of the soil, done primarily to eliminate weeds that compete with crops for water and nutrients. Cultivation may be used in crusted soils to increase soil aeration and infiltration of water; it may also be used to move soil to or of a retail branch sales culture, including a new line-up line-up Noun 1. people or things assembled for a particular purpose: Christmas TV line-up 2. of retail products, training and targeted marketing efforts. Time deposits increased 22.2% and noninterest bearing deposits increased 15.1% from December 31, 2004. NOW and savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: decreased 4.0% during this same period. These new deposits are replacing borrowings that had been increasing to support loan growth. The cost of deposits increased to 2.07% for the nine month period ended September 30, 2005 compared to 1.61% for the similar period ended September 30, 2004 due to higher interest rates reflecting increases in rates by the Federal Reserve Board. Short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. borrowings were $38.1 million as of September 30, 2005, an increase of $13.6 million from $24.5 million at December 31, 2004. Long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. borrowings were $3.2 million at September 30, 2005, which is a decrease of $2.4 million from December 31, 2004. NET INTEREST MARGIN: Net interest margin was 5.68% for the nine month period through September 30, 2005 compared to 6.25% for the similar period of 2004. The primary reason is higher costs of deposits and borrowings due to rising market rates. The overall cost of interest bearing liabilities has increased 57 basis points during the nine month period. In addition, the Bank's efforts to decrease the risk profile of its overall loan portfolio have resulted in slightly decreased loan yields even though market rates have increased. The Bank is booking new business at competitive rates while maintaining profitable margins. The investments yield is also lower due to sales and maturities as there have been minimal purchases during 2005. The overall yield on earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin has decreased by 20 basis points. Net interest income decreased $2.3 million for the three months ended September 30, 2005 compared to September 30, 2004. The net interest income for the nine months ended September 30, 2005 has decreased $4.1 million from the nine months ended September 30, 2004 due to the decline in the net interest margin. NONINTEREST INCOME AND EXPENSE: Noninterest income decreased $0.2 million to $1.7 million for the three months ended September 30, 2005 as compared to $1.9 million for the three months ended September 30, 2004. The noninterest income for the nine months ended September 30, 2005 of $4.8 million is $1.2 million lower than for the same period of 2004. This is due mainly to a $0.6 million gain recorded in 2004 related to the divesture Di`ves´ture n. 1. Divestiture. of a branch and smaller gains on sales of foreclosed real estate and other foreclosed assets than in the prior year. Noninterest expense increased $0.5 million to $10.5 million for the three months ended September 30, 2005 from $10.0 million for the three months ended September 30, 2004. The increase is due to the loss on an exchange of bank owned life insurance policies of $0.6 million during the third quarter of 2005. In addition, occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expense increased as a result of rent costs at executive offices that were placed into service late in 2004. Equipment expenses for the quarter also increased over the prior year as the Company continues to update and improve technology bankwide. These increases were partially offset by $0.7 million in write-offs of deferred compensation and salary continuation continuation - continuation passing style agreements during the third quarter of 2005 due to the unfortunate passing of a prior bank executive and lower write downs taken during the third quarter of 2005 on foreclosed assets and other foreclosed real estate than taken during the comparable period in 2004. INCOME TAXES: The effective tax rate for the nine months ended September 30, 2005 was 28.1% as compared to 31.5% for the nine months ended September 30, 2004. The decrease in the tax rate is due mainly to the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of a $0.9 million tax reserve recorded in 2004 for the anticipated surrender To give up, return, or yield. The word surrender presupposes the possession or ownership of the thing that is to be returned or given up. It indicates a transfer of title as well as possession, but it does not express or in any way suggest the transaction of a sale of some bank owned life insurance policies. These policies were exchanged, rather than surrendered, in the third quarter of 2005 and this resulted in a $0.6 million write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the asset rather than a tax loss. AmericanWest Bancorporation is a community bank holding company with 42 locations in Eastern and Central Washington Central Washington is a region of the United States defined as the western half of Eastern Washington, or those counties lying east of the Cascade Mountains but west of the 119th meridian. and Northern Idaho Idaho (ī`dəhō), one of the Rocky Mt. states in the NW United States. It is bordered by Montana and Wyoming (E), Utah and Nevada (S), Oregon and Washington (W), and the Canadian province of British Columbia (N). . For further information on the Company or to access Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking, please visit our web site at www.awbank.net. FORWARD LOOKING STATEMENTS: This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (PSLRA PSLRA Private Securities Litigation Reform Act PSLRA Public Service Labour Relations Act (Canada) ). Such forward looking statements include but are not limited to, that both lending and deposit growth will continue, that resolution of $5 million in nonperforming assets will be resolved during the fourth quarter, and that growth and expansion will continue in 2006. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Those factors include, but are not limited to, impact of the current national and regional economy on small business loan demand in the Company's market, loan delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rates, changes in portfolio composition, the bank's ability to attract quality commercial business, interest rate movements and the impact on margins such movement may cause, changes in the demographic make-up Make-up The amount of deficiency when a cash flow or capital item is deficient. For example, an interest make-up relates to the interest amount above a ceiling percentage. of the Company's market, fluctuation Fluctuation A price or interest rate change. in demand for the Company's products and services, the Company's ability to attract and retain qualified people, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes, competition with other banks and financial institutions, and other factors. For a discussion of factors that could cause actual results to differ, please see the Company's reports on Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. Words such as "targets," "expects," "anticipates," "believes," other similar expressions or future or conditional Subject to change; dependent upon or granted based on the occurrence of a future, uncertain event. A conditional payment is the payment of a debt or obligation contingent upon the performance of a certain specified act. verbs such as "will," "may," "should," "would," and "could" are intended to identify such forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . This statement is included for the express purpose of protecting the Company under PSLRA's safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions.
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Three Months Ended Nine Months Ended
--------------------------------------------
Statement of Income Data 9/30/2005 9/30/2004 9/30/2005 9/30/2004
Interest Income
Interest and fees on
loans $ 18,697 $ 18,849 $ 53,193 $ 53,538
Interest on securities 242 930 913 1,943
Other interest income 11 10 42 57
---------- ---------- ---------- ----------
Total Interest Income 18,950 19,789 54,148 55,538
---------- ---------- ---------- ----------
Interest Expense
Interest on deposits 4,110 2,993 10,597 8,696
Interest on borrowings 1,132 744 2,312 1,469
---------- ---------- ---------- ----------
Total Interest Expense 5,242 3,737 12,909 10,165
---------- ---------- ---------- ----------
Net Interest Income 13,708 16,052 41,239 45,373
Provision for loan losses 1,100 1,788 2,365 8,498
---------- ---------- ---------- ----------
Net Interest Income After
Provision for Loan Losses 12,608 14,264 38,874 36,875
---------- ---------- ---------- ----------
Noninterest Income
Fees and service charges 1,253 1,294 3,589 3,645
Other 438 582 1,232 2,424
---------- ---------- ---------- ----------
Total Noninterest Income 1,691 1,876 4,821 6,069
---------- ---------- ---------- ----------
Noninterest Expense
Salaries and employee
benefits 5,775 5,870 16,878 17,290
Occupancy expense, net 820 770 2,637 2,239
Equipment expense 740 595 2,259 1,900
State business and
occupation tax 244 321 693 720
Foreclosed real estate
and other foreclosed
assets expense 125 504 544 2,280
Other 2,819 1,916 6,904 5,695
---------- ---------- ---------- ----------
Total Noninterest Expense 10,523 9,976 29,915 30,124
---------- ---------- ---------- ----------
Income Before Provision
for Income Tax 3,776 6,164 13,780 12,820
Provision for Income Tax 552 2,186 3,875 4,037
----------------------------------------
Net Income $ 3,224 $ 3,978 $ 9,905 $ 8,783
========== ========== ========== ==========
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Three Months Ended Nine Months Ended
--------------------------------------------
Share Data: 9/30/2005 9/30/2004 9/30/2005 9/30/2004
Basic earnings per share $0.31 $0.39 $0.95 $0.86
Diluted earnings per share $0.30 $0.38 $0.94 $0.84
Basic weighted average
shares outstanding 10,425,258 10,191,775 10,388,358 10,177,990
Diluted weighted average
shares outstanding 10,633,733 10,438,276 10,566,666 10,477,819
Nine Months Ended
------------------------
Financial Ratios, annualized: 9/30/2005 9/30/2004
Return on average assets 1.25% 1.10%
Return on average equity 11.94% 11.70%
Efficiency ratio 64.95% 58.56%
Noninterest expenses to average assets 3.77% 3.76%
Net interest margin to average earning assets 5.68% 6.25%
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Consolidated Statement
of Condition 9/30/2005 12/31/2004 $ Change % Change
Cash and due from banks $ 46,843 $ 26,915 $ 19,928 74.0%
Overnight interest
bearing deposits with
other banks 10,620 2,302 8,318 361.3%
---------- -----------
Cash and cash
equivalents 57,463 29,217 28,246 96.7%
Securities 28,347 33,886 (5,539) -16.3%
Loans, net of allowance
for loan losses of
$16,013 981,284 909,255 72,029 7.9%
and $18,475, respectively
Accrued interest
receivable 7,348 6,520 828 12.7%
Premises and equipment,
net 21,938 23,955 (2,017) -8.4%
Foreclosed real estate
and other foreclosed
assets 3,210 4,201 (991) -23.6%
Life insurance and
salary continuation
assets 16,911 18,912 (2,001) -10.6%
Goodwill 12,050 12,050 - 0.0%
Intangible assets 2,454 2,642 (188) -7.1%
Other assets 8,756 8,356 400 4.8%
---------- -----------
Total Assets $1,139,761 $ 1,048,994 $ 90,767 8.7%
========== ===========
Liabilities
Noninterest bearing -
demand deposits $ 195,154 $ 169,579 $ 25,575 15.1%
Interest bearing
deposits:
NOW and savings
accounts 434,376 452,357 (17,981) -4.0%
Time, $100,000 and
over 167,884 123,006 44,878 36.5%
Other time 165,573 149,856 15,717 10.5%
---------- -----------
Total Deposits 962,987 894,798 68,189 7.6%
Short-term borrowings 38,099 24,539 13,560 55.3%
Long-term borrowings 3,248 5,668 (2,420) -42.7%
Capital lease
obligations 380 416 (36) -8.7%
Subordinated debentures 10,310 10,310 - 0.0%
Accrued interest
payable 1,506 1,000 506 50.6%
Other liabilities 6,713 7,188 (475) -6.6%
---------- -----------
Total Liabilities 1,023,243 943,919 79,324 8.4%
Stockholders' Equity
Common stock, no par,
shares authorized $15
million;issued and
oustanding 10,483,623
and 10,269,454,
respectively 103,324 100,812 2,512 2.5%
Retained earnings 14,000 4,057 9,943 245.1%
Accumulated other
comprehensive income
(loss), net of tax (16) 206 (222) -107.8%
Unearned employee
common stock awards (790) - (790) -100.0%
---------- -----------
Total
Stockholders'
Equity 116,518 105,075 11,443 10.9%
---------- -----------
Total Liabilities
and Stockholders'
Equity $1,139,761 $ 1,048,994 $ 90,767 8.7%
========== ===========
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Loan Portfolio: 9/30/2005 12/31/2004
Commercial real estate $522,283 $497,253
Commercial and industrial 225,761 197,912
Agricultural 124,111 122,735
Real estate mortgage 56,279 32,703
Real estate construction 40,921 45,908
Installment 18,545 22,454
Bankcards and other 9,796 8,909
---------- -----------
Total loans, gross $997,696 $927,874
---------- -----------
Allowance for loan losses (16,013) (18,475)
Deferred loan fees, net of deferred costs (399) (144)
---------- -----------
Total loans, net $981,284 $909,255
---------- -----------
Three Months Ended Nine Months Ended
Allowance for loan losses: 9/30/2005 9/30/2004 9/30/2005 9/30/2004
Balance, beginning of period $15,377 $14,011 $18,475 $12,453
Provision for loan losses 1,100 1,788 2,365 8,498
Loan charge-offs (517) (983) (5,024) (6,726)
Loan recoveries 53 162 197 753
-------------------- --------------------
Balance, end of period $16,013 $14,978 $16,013 $14,978
-------------------- --------------------
Allowance for loan loss to
total gross loans 1.60% 1.57% 1.60% 1.57%
Nonperforming assets: 9/30/2005 6/30/2005 3/31/2005 12/31/2004
Accruing loans over 90 days
past due $1 $74 $46 $53
Nonaccrual loans 17,241 15,441 31,314 24,222
-----------------------------------------
Total nonperforming loans $17,242 $15,515 $31,360 $24,275
Foreclosed real estate and
other foreclosed assets 3,210 3,222 1,940 4,201
-----------------------------------------
Total nonperforming assets $20,452 $18,737 $33,300 $28,476
Ratio of total nonperforming
assets to total assets 1.79% 1.69% 3.26% 2.71%
Ratio of total nonperforming
loans to total gross loans 1.73% 1.57% 3.46% 2.62%
Ratio of allowance for loan
loss to nonperforming loans 92.87% 99.11% 53.96% 76.10%
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Nine Months Ended September 30,
2005 2004
($ in thousands) Average Average
Assets Balance Interest % Balance Interest %
Loans, gross $ 941,025 $53,193 7.56% $ 903,669 $53,538 7.91%
Taxable
Investments 22,849 654 3.83% 52,682 1,663 4.22%
Nontaxable
Investments 8,680 409 6.30% 9,063 423 6.23%
Overnight
deposits with
other banks 1,606 31 2.58% 6,982 57 1.09%
---------- ------- ---------- -------
Total earning
assets 974,160 $54,287 7.45% 972,396 $55,681 7.65%
---------- ------- ---------- -------
Other assets 82,490 95,691
---------- ----------
Total assets $1,056,650 $1,068,087
---------- ----------
Liabilities
Interest bearing
deposits $ 684,854 $10,597 2.07% $ 721,660 $ 8,696 1.61%
Borrowings 78,196 2,312 3.95% 83,928 1,469 2.34%
---------- ------- ---------- -------
Total
interestbearing
liabilities 763,050 $12,909 2.26% 805,588 $10,165 1.69%
---------- ------- ---------- -------
Noninterest
bearing deposits 173,711 154,884
Other liabilities 9,273 7,555
---------- ----------
Total
liabilities 946,034 968,027
---------- ----------
Stockholders'
equity 110,616 100,060
---------- ----------
Total
liabilities and
stockholders'
equity $1,056,650 $1,068,087
---------- ----------
Net interest
income and
spread 5.19% 5.96%
Net interest
margin to
average earning
assets 5.68% 6.25%
The above table includes nonaccrual loans in the average loan
balances. Tax exempt securities income has been presented using a tax
equivalent basis and an assumed tax rate of 34%.
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