AmericanWest Bancorporation Announces 2005 Year End 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 year ended December December: see month. 31, 2005 was $13.9 million or $1.31 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 45.9% higher than the $9.5 million or $0.91 per diluted share earned for the year ended December 31, 2004. On November November: see month. 30, 2005, AWBC and Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. Trust Bancorp (CTB CTB Council Tax Benefit (UK) CTB Coopération Technique Belge (French: Belgian Technical Cooperation) CTB Commonwealth Transportation Board (Virginia Department of Transportation) ) jointly announced that they had entered into a definitive agreement pursuant to which AWBC will acquire CTB, the holding company for Columbia Trust Bank, based in Pasco, Washington Pasco (IPA: [ˈpæs ko]) is a city located in Franklin County, in the state of Washington, USA. Pasco is the county seat of Franklin CountyGR6. , in a transaction valued at $37.75 million. Columbia Trust Bank had total assets of $209 million and total deposits of $179 million as of September September: see month. 30, 2005. CTB has branches located in Pasco Pasco (păs`kō), city (1990 pop. 20,337), seat of Franklin co., SE Wash., on the Columbia River near its confluence with the Snake and Yakima rivers. It is a trade and shipping center for the Columbia basin project. , Kennewick Kennewick (kĕn`əwĭk), city (1990 pop. 42,155), Benton co., SE Wash., on the Columbia River near the influx of the Snake River, in an irrigated farm and vineyard region; inc. 1904. , Sunnyside Sunnyside may refer to the following: Communities and neighborhoods in the United States
Yakima (IPA: [ˈjæ.kɪ. through which it provides commercial banking services. Upon completion of the merger, AWBC is expected to have approximately $1.4 billion in assets and $1.1 billion in deposits and will operate, through its wholly-owned banking subsidiary AmericanWest Bank (AWB See House Air Waybill. or the Bank), 46 branches throughout Central and Eastern Washington
regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . Closing on this transaction is expected during the last half of the first quarter of 2006 and it is expected to be accretive to earnings within the first twelve months after closing. AWBC also announced during the final quarter of 2005 the filing of two applications by AWB with the Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. Department of Financial Institutions (DFI See Direct foreign investment. ) and 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). ) for approval for AWB to open 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 the fast growing markets of Coeur d'Alene Coeur d'Alene, city, United States Coeur d'Alene (kûrdəlān`), city (1990 pop. 24,563), seat of Kootenai co., N Idaho, near the Wash. line; inc. 1907. and Sandpoint, Idaho Sandpoint is a city in and the county seat of Bonner County, Idaho, United States.GR6 Its population was 6,835 at the 2000 census. Sandpoint's major industry is tourism and recreation, thanks to its proximity to scenic Lake Pend Oreille and . AWBC previously announced that the DFI and the FDIC had terminated their supervisory directive following the recently completed joint Safety and Soundness Examination of the Bank. AWBC has also previously announced that, following the most recently completed Compliance Examination of the Bank by the FDIC, the FDIC had terminated 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 any supervisory enforcement action. Both the MOU and the supervisory directive had been issued based upon AWB's operations under prior management. "Our organization has been very successful in its tremendous efforts toward improvements in our credit quality and culture, processes and compliance that have cleared the way for our future expansion," 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
1. . We anticipate that our ability to provide enhanced service Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; and products in these locations will attract new business and ultimately contribute to loan and deposit growth leading to greater profitability," he continued. "While 2005 saw only modest loan and deposit growth, this was a period of significant restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our business toward a heightened focus on relationship banking vs. transactional business. We anticipate that this ongoing effort will also contribute to enhanced profitability and generate a more predictable rate of earnings growth." LOAN GROWTH AND CREDIT QUALITY: Despite a significant reduction of unwanted credit lines and the resolution and repayment of a number of substandard substandard, adj below an acceptable level of performance. loans, gross loans increased $38.4 million to $966.3 million compared to $927.9 million at December 31, 2004. This includes an increase of commercial and industrial loans of $29.1 million and real estate mortgage loans of $29.5 million. Commercial real estate loans continue to be a significant percentage of the total portfolio at 51.9% as of December 31, 2005 compared to 53.6% at December 31, 2004. Total nonperforming loans were $14.5 million or 1.50% of total gross loans at December 31, 2005 as compared to $24.3 million or 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 Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. , including foreclosed real estate and other foreclosed assets, were $16.7 million or 1.51% of total assets at December 31, 2005 compared to $28.5 million or 2.71% of total assets at December 31, 2004. This decrease is due mainly to the sales of three foreclosed real estate assets with a total value of approximately $3.5 million during the year and the full repayment of a $6.2 million nonperforming loan. The Company's accruing loans that were 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. in excess of 30 days were $9.8 million or 1.02% of total loans at December 31, 2005 compared to $4.2 million or 0.45% of total loans at December 31, 2004. This increase is due mainly to one relationship that was 60 days past due at December 31, 2005. The Company is currently attempting to collect on this relationship. The allowance for loan losses was $14.4 million at December 31, 2005 compared to $18.5 million at December 31, 2004. At December 31, 2005 the allowance for loan losses as a percentage of total gross loans was 1.49% as compared to the December 31, 2004 allowance of 1.99%. The decline 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. is due to the resolution of various nonperforming loans in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the provisions provided for the years ended December 31, 2005 and December 31, 2004. Provision for loan losses for the year ended December 31, 2005 was $2.4 million as compared to $13.0 million for the year ended December 31, 2004. The 2004 provision included two specific provisions of $4.0 million each related to single borrower relationships. Loan charge offs for the year ended December 31, 2005 were in line with expectations at $6.9 million compared to $8.1 million for the year ended December 31, 2004. DEPOSIT AND BORROWING BALANCES: Deposits were $897.4 million as of December 31, 2005, which is an increase of $2.6 million from $894.8 million at December 31, 2004. The Bank is continuing to cultivate cul·ti·vate tr.v. cul·ti·vat·ed, cul·ti·vat·ing, cul·ti·vates 1. a. To improve and prepare (land), as by plowing or fertilizing, for raising crops; till. b. a retail branch sales culture, including a significantly expanded line-up line-up Noun 1. people or things assembled for a particular purpose: Christmas TV line-up 2. of retail products, staff sales training and targeted marketing efforts. Time deposits increased 15.2% and noninterest bearing deposits increased 12.7% from December 31, 2004. NOW, MMDA MMDA See: Money Market Demand Account. Same as Money Market Deposit Account 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 13.4% during this same period. 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 $67.9 million as of December 31, 2005, an increase of $43.4 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 December 31, 2005, which is a decrease of $2.4 million from December 31, 2004. The overall increased borrowing levels support the loan growth experienced in the current year. NET INTEREST MARGIN: Net interest margin was 5.47% for the year ended December 31, 2005 compared to 6.04% for the similar period of 2004. This net interest margin reduction was in line with expectations as the Bank focused in 2005 on reducing the overall risk profile in its loan portfolio. This should reduce the Bank staff's future time spent and expenses related to loan workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. matters. The Bank is continuing to book new business at competitive rates while maintaining profitable margins. The yield on securities is also slightly lower due to changes in the mix of the portfolio as a result of the sale of some longer term investments in late 2004 and the lack of dividends on FHLB FHLB Federal Home Loan Bank stock. 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 12 basis points. The cost of borrowings and deposits were higher in 2005 due to higher interest rates reflecting increases in rates by the Federal Reserve Board. The cost of deposits increased to 2.19% for 2005 compared to 1.62% for 2004. The cost of borrowings increased to 4.12% for 2005 compared to 2.47% for 2004. The overall cost of interest bearing liabilities has increased 67 basis points during the year. Net interest income decreased $5.7 million to $54.0 million for the year ended December 31, 2005 as compared to $59.7 million for the year ended December 31, 2004. This decrease is due mainly to the increase in interest expense on deposits by $3.4 million from the prior year and the decrease in interest income of $1.4 million from the prior year. The average balance of taxable and nontaxable adj. 1. Not subject to taxation; - of goods imported into a country or sold at retail outlets; as, most laws imposing sales taxes make food nontaxable s>. Opposite of taxable nt>. Adj. 1. securities decreased $38.7 million from the prior year while the average balance of loans increased $38.3 million from the prior year. The interest income decrease is due mainly to the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of lower risk loans compared to the higher risk loans with higher yields that were originated under prior management. The competition for loans is also contributing to lower loan yields. NONINTEREST INCOME AND EXPENSE: Noninterest income decreased $0.9 million to $8.4 million for the year ended December 31, 2005 as compared to $9.2 million for the year ended December 31, 2004. The decrease is due mainly to gains on sales of foreclosed real estate and other foreclosed assets in the prior year which were not repeated in 2005. In 2004, a $0.6 million gain was recorded on the divesture Di`ves´ture n. 1. Divestiture. of a branch which was included in noninterest income. During the fourth quarter of 2005, a $0.7 million gain was recorded on the sale of the Bank's credit card portfolio. Noninterest expense decreased $1.6 million to $41.1 million for the year ended December 31, 2005 from $42.7 million for the year ended December 31, 2004. Foreclosed real estate and other foreclosed assets expense decreased $4.6 million from the prior year as there were significant write-downs which occurred during 2004 and no meaningful write-downs occurred during 2005. This improvement was partially offset by increases in the other expense categories. Salaries and employee benefits expense increased over the prior year by $0.5 million due to an increase in the number of employees which was partially offset by write-offs of deferred compensation and salary continuation agreements during 2005 due to the unfortunate passing of a prior executive of the Bank. Occupancy expense increased over the prior year by $0.5 million as a result of rent costs at executive offices that were placed into service late in 2004. Equipment expense increased $0.4 million over the prior year as the Company continues to update and improve technology bankwide. Lastly, other operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. increased $1.6 million from the prior year due to the loss on an exchange of bank owned life insurance policies of $0.6 million during 2005, higher other professional fees of $0.5 million and increases in training and travel related expenses of $0.4 million. The efficiency ratio rose to 65.95% during 2005 compared to 61.98% for the prior year. Expenses were higher than normal in 2005 due to the costs associated with bringing the organization back into compliance with regulatory directives, the training and marketing expenses related to our rollout of new products, upgrading our infrastructure with new technology, and redirecting the culture of the organization toward a relationship vs. transaction business focus. Management believes that these initiatives have laid the groundwork for an improved efficiency ratio going forward. INCOME TAXES: The effective tax rate for the year ended December 31, 2005 was 26.5% as compared to 27.9% for the year ended December 31, 2004. The slight decrease in the tax rate is due mainly to the reversal of a $0.9 million tax reserve recorded in 2004 for the anticipated surrender of some bank owned life insurance policies. These policies were exchanged, rather than surrendered, during 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. 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 the Company's ability to acquire CTB and to achieve expected financial results from the merger with CTB, as well as the timing of the closing of the transaction and the ability to obtain regulatory approval on a timely basis or at all, the ability to attract new business and increase profitability, and that the Company will be able to generate a more predictable rate of earnings growth. 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 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 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. Additional Information and Where to Find It This press release may be deemed to be offering materials of AWBC and CTB in connection with AWBC's proposed acquisition of CTB, on the terms and subject to the conditions in the Agreement and Plan of Merger, dated November 29, 2005, between AWBC and CTB. AWBC and CTB shareholders and other investors are urged to read the proxy statement/prospectus that is included in the registration statement on Form S-4, which AWBC filed with the SEC in connection with the proposed merger, because it contains important information about AWBC, CTB, the merger and related matters. Investors and security holders are urged to carefully review and consider AWBC's public filings with the SEC, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004 and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the first three quarters of 2005. The documents filed by AWBC with the SEC may be obtained free of charge at AWBC's website at www.awbank.net or at the SEC's website at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . These documents may also be obtained free of charge from AWBC by requesting them in writing at AmericanWest Bank, 41 W. Riverside Avenue, Suite 400, Spokane, Washington Spokane (pronounced [spoʊ̯ˈkæn]) is a city located in Eastern Washington. The seat of Spokane County, Spokane is the metropolitan center of the Inland Northwest, the second largest city in Washington state, and 99201, or by telephone at 509-232-1536.
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Consolidated Statements of Income
Year Ended
-----------------------
12/31/2005 12/31/2004 $ Change % Change
Interest Income
Interest and fees on
loans $70,898 $70,565 $333 0.5%
Interest on securities 1,198 3,030 (1,832) -60.5%
Other interest income 224 84 140 166.7%
----------- -----------
Total Interest Income 72,320 73,679 (1,359) -1.8%
----------- -----------
Interest Expense
Interest on deposits 15,223 11,813 3,410 28.9%
Interest on borrowings 3,110 2,146 964 44.9%
----------- -----------
Total Interest Expense 18,333 13,959 4,374 31.3%
----------- -----------
Net Interest Income 53,987 59,720 (5,733) -9.6%
Provision for loan losses 2,365 13,046 (10,681) -81.9%
----------- -----------
Net Interest Income After
Provision for Loan Losses 51,622 46,674 4,948 10.6%
----------- -----------
Noninterest Income
Fees and service charges 4,942 4,925 17 0.3%
Other 3,441 4,322 (881) -20.4%
----------- -----------
Total Noninterest Income 8,383 9,247 (864) -9.3%
----------- -----------
Noninterest Expense
Salaries and employee
benefits 23,439 22,936 503 2.2%
Occupancy expense, net 3,534 3,078 456 14.8%
Equipment expense 2,657 2,232 425 19.0%
State business and
occupation tax 960 936 24 2.6%
Foreclosed real estate
and other foreclosed
assets expense 669 5,281 (4,612) -87.3%
Intangible assets
amortization 251 251 - 0.0%
Other 9,625 8,032 1,593 19.8%
----------- -----------
Total Noninterest Expense 41,135 42,746 (1,611) -3.8%
----------- -----------
Income Before Provision for
Income Tax 18,870 13,175 5,695 43.2%
Provision for Income Tax 4,998 3,670 1,328 36.2%
----------- -----------
Net Income $13,872 $9,505 4,367 45.9%
=========== ===========
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Year Ended
-----------------------
Share Data: 12/31/2005 12/31/2004
Basic earnings per share $1.33 $0.93
Diluted earnings per share $1.31 $0.91
Basic weighted average shares outstanding 10,407,180 10,185,246
Diluted weighted average shares outstanding 10,593,903 10,478,969
Year Ended
-----------------------
Financial Ratios, annualized: 12/31/2005 12/31/2004
Return on average assets 1.29% 0.88%
Return on average equity 12.34% 9.37%
Efficiency ratio 65.95% 61.98%
Noninterest expenses to average assets 3.84% 3.94%
Net interest margin to average earning assets 5.47% 6.04%
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Consolidated Statement of Condition
2005 2004 $ Change % Change
ASSETS
Cash and due from banks $ 40,825 $ 26,915 $ 13,910 51.7%
Overnight interest bearing
deposits with other banks 11,119 2,302 8,817 383.0%
---------- ----------
Cash and cash
equivalents 51,944 29,217 22,727 77.8%
Securities 36,761 33,886 2,875 8.5%
Loans, net of allowance
for loan losses of
$14,361 and $18,475,
respectively 951,288 909,255 42,033 4.6%
Accrued interest
receivable 6,969 6,520 449 6.9%
Premises and equipment,
net 21,762 23,955 (2,193) -9.2%
Foreclosed real estate and
other foreclosed assets 2,221 4,201 (1,980) -47.1%
Life insurance and salary
continuation assets 16,987 18,912 (1,925) -10.2%
Goodwill 12,050 12,050 - 0.0%
Intangible assets 2,391 2,642 (251) -9.5%
Other assets 6,761 8,356 (1,595) -19.1%
---------- ----------
TOTAL ASSETS $1,109,134 $1,048,994 60,140 5.7%
========== ==========
LIABILITIES
Noninterest bearing demand
deposits $ 191,192 $ 169,579 21,613 12.7%
Interest bearing deposits:
NOW, MMDA and savings
accounts 391,876 452,357 (60,481) -13.4%
Time, $100,000 and
over 149,101 123,006 26,095 21.2%
Other time 165,261 149,856 15,405 10.3%
---------- ----------
Total Deposits 897,430 894,798 2,632 0.3%
Short-term borrowings 67,931 24,539 43,392 176.8%
Long-term borrowings 3,238 5,668 (2,430) -42.9%
Capital lease obligations 368 416 (48) -11.5%
Junior subordinated debt 10,310 10,310 - 0.0%
Accrued interest payable 1,754 1,000 754 75.4%
Other liabilities 6,626 7,188 (562) -7.8%
---------- ----------
TOTAL LIABILITIES 987,657 943,919 43,738 4.6%
STOCKHOLDERS' EQUITY
Common stock, no par,
shares authorized 15
million; issued and
outstanding 10,547,407
and 10,269,454,
respectively 104,667 100,812 3,855 3.8%
Retained earnings 17,967 4,057 13,910 342.9%
Unearned compensation (1,095) - (1,095) -100.0%
Accumulated other
comprehensive income, net
of tax (62) 206 (268) -130.1%
---------- ----------
TOTAL STOCKHOLDERS'
EQUITY 121,477 105,075 16,402 15.6%
---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $1,109,134 $1,048,994 60,140 5.7%
========== ==========
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Loan Portfolio: 12/31/2005 12/31/2004
Commercial real estate $ 501,328 $ 497,253
Commercial and industrial 226,964 197,912
Agricultural 119,355 122,735
Real estate mortgage 62,198 32,703
Real estate construction 33,906 45,908
Installment 17,341 22,454
Bankcards and other 5,186 8,909
----------- -----------
Total loans 966,278 927,874
Allowance for loan losses (14,361) (18,475)
Deferred loan fees, net of deferred costs (629) (144)
----------- -----------
Net loans $ 951,288 $ 909,255
=========== ===========
Year Ended
Allowance for Loan Losses: 12/31/2005 12/31/2004
Balance, beginning of year $ 18,475 $ 12,453
Provision charged to operations 2,365 13,046
Loans charged-off (6,925) (8,122)
Recoveries 446 1,098
----------- -----------
Balance, end of year $ 14,361 $ 18,475
=========== ===========
Allowance for loan loss to total gross loans 1.49% 1.99%
Nonperforming assets: 12/31/2005 12/31/2004
Accruing loans over 90 days past due $ 31 $ 53
Nonaccrual loans 14,452 24,222
----------- -----------
Total nonperforming loans $ 14,483 $ 24,275
Foreclosed real estate and other foreclosed
assets 2,221 4,201
----------- -----------
Total nonperforming assets $ 16,704 $ 28,476
Ratio of total nonperforming assets to total
assets 1.51% 2.71%
Ratio of total nonperforming loans to total
gross loans 1.50% 2.62%
Ratio of allowance for loan loss to
nonperforming loans 99.16% 76.11%
AmericanWest Bancorporation
Selected Consolidated Financial Highlights
($ in thousands, except per share data and ratios; unaudited)
Average Balances, Interest and Yields Year Ended December 31,
2005
Average
Assets Balance Interest %
Loans $ 952,151 $70,898 7.45%
Taxable securities 23,197 842 3.63%
Nontaxable securities 8,536 538 6.30%
Overnight deposits with other banks and
other 5,533 224 4.05%
---------- ------- -----
Total interest earning assets 989,417 72,502 7.33%
---------- ======= =====
Noninterest earning assets 81,872
----------
Total assets $1,071,289
==========
Liabilities
Interest bearing demand deposits $ 67,700 $ 278 0.41%
Savings deposits 343,574 6,858 2.00%
Time deposits 283,639 8,086 2.85%
---------- -------
Total interest bearing deposits 694,913 15,222 2.19%
---------- -------
Overnight borrowings 30,727 970 3.16%
Other borrowings 44,737 2,140 4.78%
---------- ------- -----
Total interest bearing liabilities 770,377 18,332 2.38%
---------- ======= =====
Noninterest bearing demand deposits 179,115
Other noninterest bearing liabilities 9,341
----------
Total liabilities 958,833
Stockholders' Equity 112,456
----------
Total liabilities and stockholders'
equity $1,071,289
==========
Net interest income and spread $54,170 4.95%
======= =====
Net interest margin to average earning assets 5.47%
=====
Average Balances, Interest and Yields Year Ended December 31,
2004
Average
Assets Balance Interest %
Loans $ 913,844 $70,565 7.72%
Taxable securities 61,315 2,639 4.30%
Nontaxable securities 9,070 523 5.77%
Overnight deposits with other banks and
other 6,118 84 1.37%
---------- ------- -----
Total interest earning assets 990,347 73,811 7.45%
---------- ======= =====
Noninterest earning assets 93,777
----------
Total assets $1,084,124
==========
Liabilities
Interest bearing demand deposits $ 62,046 $ 159 0.26%
Savings deposits 384,064 5,544 1.44%
Time deposits 282,182 6,110 2.17%
---------- -------
Total interest bearing deposits 728,292 11,813 1.62%
---------- -------
Overnight borrowings 34,187 501 1.47%
Other borrowings 52,786 1,645 3.12%
---------- ------- -----
Total interest bearing liabilities 815,265 13,959 1.71%
---------- ======= =====
Noninterest bearing demand deposits 159,704
Other noninterest bearing liabilities 7,665
----------
Total liabilities 982,634
Stockholders' Equity 101,490
----------
Total liabilities and stockholders'
equity $1,084,124
==========
Net interest income and spread $59,852 5.74%
======= =====
Net interest margin to average earning assets 6.04%
=====
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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