Bank of the Ozarks, Inc. Announces Record Second Quarter Earnings.LITTLE ROCK, Ark. -- Bank of the Ozarks, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OZRK) today announced record earnings for the quarter ended June June: see month. 30, 2005. Net income for the quarter was $7,713,000, a 23.2% increase over net income of $6,260,000 for the second quarter of 2004. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.46 for the second quarter of 2005 compared to $0.38 for the second quarter of 2004, an increase of 21.1%. For the six months ended June 30, 2005, net income totaled $15,035,000, a 23.0% increase over net income of $12,225,000 for the first six months of 2004. Diluted earnings per share for the first six months of 2005 were $0.90, compared to $0.74 for the comparable period in 2004, an increase of 21.6%. The Company's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. returns on average assets and average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. for the second quarter of 2005 were 1.66% and 23.07%, respectively, compared with 1.67% and 24.63%, respectively, for the second quarter of 2004. Annualized returns on average assets and average stockholders' equity for the six months ended June 30, 2005 were 1.67% and 23.37%, respectively, compared with 1.68% and 24.03%, respectively, for the six months ended June 30, 2004. Loans and leases were $1.22 billion at June 30, 2005 compared to $1.02 billion at June 30, 2004, an increase of 19.6%. Deposits were $1.47 billion at June 30, 2005 compared to $1.19 billion at June 30, 2004, an increase of 23.4%. Total assets were $1.90 billion at June 30, 2005, a 25.5% increase from $1.52 billion at June 30, 2004. Stockholders' equity was $139.7 million at June 30, 2005 compared to $100.3 million at June 30, 2004, an increase of 39.3%. Book value per share was $8.40 at June 30, 2005 compared to $6.12 at June 30, 2004, a 37.3% increase. Changes in stockholders' equity and book value per share reflect earnings, dividends paid, exercise of stock options and changes in unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. and losses on investment securities available for sale. The Company's ratio of common equity to assets was 7.34% as of June 30, 2005 compared to 6.62% as of June 30, 2004, and its ratio of tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. common equity to tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. was 7.03% as of June 30, 2005 compared to 6.19% as of June 30, 2004. In commenting on these results, George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Gleason Glea·son , Herbert John Known as "Jackie." 1916-1987. American entertainer best remembered for his portrayal of Ralph Kramden on the television comedy The Honeymooners (1952-1957). , Chairman and Chief Executive Officer, stated, "Record net interest income, record income from service charges, a record efficiency ratio and excellent asset quality were each important contributors to our favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. second quarter results. The quarter just ended was our 18th consecutive quarter of record net income and earnings per share. We have now reported record net income in 32 of the last 34 quarters." NET INTEREST INCOME Net interest income for the second quarter of 2005 increased 14.2% to $16,811,000 compared to $14,721,000 for the second quarter of 2004. The Company has now achieved 17 consecutive quarters of record net interest income. Net interest margin, on a fully taxable equivalent basis, was 4.22% in the quarter just ended compared to 4.43% in the second quarter of 2004, a decrease of 21 basis points. The Company's second quarter 2005 net interest margin of 4.22% reflected a decrease of 11 basis points from the first quarter's 4.33%. A number of factors contributed to this decrease, including continuing competitive pressures and the flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. yield curve between short and long term interest rates. Net interest income for the six months ended June 30, 2005 increased 16.2% to $33,271,000 compared with $28,640,000 for the six months ended June 30, 2004. The Company's net interest margin for the first half of 2005 was 4.28%, a decrease of 18 basis points from 4.46% in the first half of 2004. NON-INTEREST INCOME Non-interest income for the second quarter of 2005 was $4,913,000 compared with $5,204,000 for the second quarter of 2004, a 5.6% decline. Non-interest income for the six months ended June 30, 2005 was $9,284,000 compared to $9,197,000 for the six months ended June 30, 2004, a 0.9% increase. Income from service charges on deposit accounts and trust income for both the first and second quarters of 2005 improved from the levels achieved during the comparable quarters of 2004. Mortgage lending income in the first and second quarters of 2005 was below the levels achieved during the comparable quarters of 2004. Lower volumes of mortgage refinancing Refinancing An extension and/or increase in amount of existing debt. contributed significantly to this decline. During the second quarter of 2005, the Company realized net gains on sales of assets of $335,000. NON-INTEREST EXPENSE Non-interest expense for the second quarter of 2005 was $10,008,000 compared with $9,610,000 for the second quarter of 2004, an increase of 4.1%. The Company's efficiency ratio for the quarter ended June 30, 2005 improved to a record 43.9% compared to 46.9% for the second quarter of 2004. Non-interest expense for the first six months of 2005 was $19,504,000 compared with $17,993,000 for the first six months of 2004, an increase of 8.4%. The Company's efficiency ratio for the first six months of 2005 was 43.9% compared to 46.1% for the first six months of 2004. A number of factors contributed to the Company's growth in non-interest expense in the first half of 2005 compared to the first half of 2004, but the most significant was the Company's continued growth and expansion. From June 30, 2004 to June 30, 2005, the Company continued to pursue its growth and 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. branching strategy, resulting in the addition of ten new banking offices. Two of these offices opened in the second quarter of 2005, including the Company's first Fayetteville, Arkansas
Mr. Gleason stated, "While the continued execution of our growth and de novo branching strategy necessarily entails increases in non-interest expense, we have maintained our strong focus on both revenue growth and expense control. As a result, even as we have added a large number of new offices, our total revenue has grown faster than our non-interest expense. We are very proud to have achieved record efficiency ratios in both the first and second quarters of 2005." ASSET QUALITY, CHARGE-OFFS AND RESERVES Nonperforming loans and leases as a percent of total loans and leases were 0.26% at June 30, 2005 compared to 0.25% as of June 30, 2004. 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. as a percent of total assets were 0.21% as of both June 30, 2005 and June 30, 2004. The Company's ratio of loans and leases past due 30 days or more, including past due non-accrual loans and leases, to total loans and leases, was 0.45% at June 30, 2005 compared to 0.44% at June 30, 2004. The Company's annualized net charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. ratio for the second quarter of 2005 was 0.06% compared to 0.16% for the second quarter of 2004. The Company's annualized net charge-off ratio was 0.07% for the first six months of 2005 compared to 0.10% for the first six months of 2004. Mr. Gleason stated, "Our second quarter asset quality ratios were outstanding. Our ratio of nonperforming assets as a percent of total assets was the best we have achieved at the end of any quarter since becoming a public company in 1997. Our 30-day past due ratio of 0.45% was our second best as a public company and just one basis point from the best. Our 0.06% annualized net charge-off ratio was the second best we have achieved in any quarter as a public company and just one basis point from our best. These ratios reflect our significant emphasis on asset quality." The Company's allowance for loan and lease losses increased to $16.7 million at June 30, 2005, or 1.37% of total loans and leases, compared to $15.1 million, or 1.48% of total loans and leases, at June 30, 2004. The increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1.6 million in the allowance for loan and lease losses over the past twelve months is a result of the growth in the Company's loan and lease portfolio. As of June 30, 2005, the Company's allowance for loan and lease losses equaled 527% of its total nonperforming loans and leases. CONFERENCE CALL Management will conduct a conference call to review announcements made in this press release at 10:00 a.m. CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT (11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) on Wednesday Wednesday: see week. , July July: see month. 13, 2005. The call will be available live or in recorded version on the Company's website www.bankozarks.com under "Investor Relations Investor relations The process by which the corporation communicates with its investors. " or interested parties calling from locations within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of may call 1-800-990-4845 up to ten minutes prior to the beginning of the conference and ask for the Bank of the Ozarks conference call. A recorded playback Playback could mean:
GENERAL This release contains forward looking statements regarding the Company's plans, expectations, goals and outlook for the future. Actual results may differ materially from those projected in such forward looking statements, due, among other things, to continued interest rate changes, competitive factors, general economic conditions and their effects on the creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. of borrowers, 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 and the value of securities, the ability to attract new deposits and loans, delays in identifying, acquiring and opening satisfactory sites, delays in or inability to obtain required 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. approvals, the ability to generate future revenue growth or to control future growth in non-interest expense, as well as other factors identified in this press release or in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial under the caption "Forward Looking Information" contained in the Company's 2004 Annual Report to Stockholders and the most recent 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. filed with the Securities and Exchange Commission. Bank of the Ozarks, Inc. trades on the NASDAQ National Market under the symbol "OZRK". The Company owns a state-chartered subsidiary bank that conducts banking operations through 53 offices in 29 communities throughout northern, western and central Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , three Texas banking offices, and loan production offices in Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry and Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. . The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is: www.bankozarks.com.
Bank of the Ozarks, Inc.
Selected Consolidated Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
Quarters Ended
June 30,
--------------------------------
2005 2004 % Change
---------- ---------- ---------
Income statement data:
----------------------
Net interest income $ 16,811 $ 14,721 14.2%
Provision for loan and lease losses 500 1,045 (52.2)
Non-interest income 4,913 5,204 (5.6)
Non-interest expense 10,008 9,610 4.1
Net income 7,713 6,260 23.2
Common stock data:
------------------
Net income per share - diluted $ 0.46 $ 0.38 21.1%
Net income per share - basic 0.46 0.38 21.1
Cash dividends per share 0.09 0.07 28.6
Book value per share 8.40 6.12 37.3
Diluted shares outstanding
(thousands) 16,770 16,616
End of period shares outstanding
(thousands) 16,639 16,391
Balance sheet data at period end:
---------------------------------
Total assets $1,902,603 $1,516,175 25.5%
Total loans and leases 1,221,840 1,021,199 19.6
Allowance for loan and lease losses 16,745 15,113 10.8
Total investment securities 506,058 371,675 36.2
Goodwill 5,243 5,243 -
Other intangibles - net of
amortization 1,290 1,577 (18.2)
Total deposits 1,466,541 1,188,675 23.4
Repurchase agreements with
customers 24,306 39,227 (38.0)
Other borrowings 219,031 155,702 40.7
Subordinated debentures 44,331 28,867 53.6
Stockholders' equity 139,746 100,322 39.3
Loan and lease to deposit ratio 83.31% 85.91%
Selected ratios:
----------------
Return on average assets(a) 1.66% 1.67%
Return on average stockholders'
equity(a) 23.07 24.63
Average equity to total average
assets 7.19 6.79
Net interest margin - FTE(a) 4.22 4.43
Overhead ratio(a) 2.15 2.57
Efficiency ratio 43.86 46.86
Allowance for loan and lease losses
to total loans and leases 1.37 1.48
Nonperforming loans and leases to
total loans and leases 0.26 0.25
Nonperforming assets to total
assets 0.21 0.21
Net charge-offs to average loans
and leases(a) 0.06 0.16
Other information:
------------------
Non-accrual loans and leases $ 3,180 $ 2,587
Accruing loans and leases - 90 days
past due - -
ORE and repossessions 727 624
Six Months Ended
June 30,
--------------------------------
2005 2004 % Change
---------- ---------- ---------
Income statement data:
----------------------
Net interest income $ 33,271 $ 28,640 16.2%
Provision for loan and lease losses 1,000 1,790 (44.1)
Non-interest income 9,284 9,197 0.9
Non-interest expense 19,504 17,993 8.4
Net income 15,035 12,225 23.0
Common stock data:
------------------
Net income per share - diluted $ 0.90 $ 0.74 21.6%
Net income per share - basic 0.90 0.75 20.0
Cash dividends per share 0.17 0.14 21.4
Book value per share 8.40 6.12 37.3
Diluted shares outstanding
(thousands) 16,752 16,599
End of period shares outstanding
(thousands) 16,639 16,391
Balance sheet data at period end:
---------------------------------
Total assets $1,902,603 $1,516,175 25.5%
Total loans and leases 1,221,840 1,021,199 19.6
Allowance for loan and lease losses 16,745 15,113 10.8
Total investment securities 506,058 371,675 36.2
Goodwill 5,243 5,243 -
Other intangibles - net of
amortization 1,290 1,577 (18.2)
Total deposits 1,466,541 1,188,675 23.4
Repurchase agreements with
customers 24,306 39,227 (38.0)
Other borrowings 219,031 155,702 40.7
Subordinated debentures 44,331 28,867 53.6
Stockholders' equity 139,746 100,322 39.3
Loan and lease to deposit ratio 83.31% 85.91%
Selected ratios:
----------------
Return on average assets(a) 1.67% 1.68%
Return on average stockholders'
equity(a) 23.37 24.03
Average equity to total average
assets 7.15 7.01
Net interest margin - FTE(a) 4.28 4.46
Overhead ratio(a) 2.17 2.48
Efficiency ratio 43.91 46.12
Allowance for loan and lease losses
to total loans and leases 1.37 1.48
Nonperforming loans and leases to
total loans and leases 0.26 0.25
Nonperforming assets to total
assets 0.21 0.21
Net charge-offs to average loans
and leases(a) 0.07 0.10
Other information:
------------------
Non-accrual loans and leases $ 3,180 $ 2,587
Accruing loans and leases - 90 days
past due - -
ORE and repossessions 727 624
(a) Ratios annualized based on actual days
Bank of the Ozarks, Inc.
Supplemental Quarterly Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
9/30/03 12/31/03 3/31/04 6/30/04
-------- --------- -------- --------
Earnings Summary:
-----------------
Net interest income $ 12,658 $ 13,469 $ 13,919 $ 14,721
Federal tax (FTE) adjustment 312 479 591 582
-------- --------- -------- --------
Net interest income (FTE) 12,970 13,948 14,510 15,303
Loan and lease loss
provision (1,050) (970) (745) (1,045)
Non-interest income 5,147 4,128 3,993 5,204
Non-interest expense (8,629) (8,855) (8,384) (9,610)
-------- --------- -------- --------
Pretax income (FTE) 8,438 8,251 9,374 9,852
FTE adjustment (312) (479) (591) (582)
Provision for taxes (2,852) (2,160) (2,818) (3,010)
-------- --------- -------- --------
Net income $ 5,274 $ 5,612 $ 5,965 $ 6,260
======== ========= ======== ========
Earnings per share -
diluted(a) $ 0.32 $ 0.34 $ 0.36 $ 0.38
Non-interest Income:
--------------------
Trust income $ 493 $ 523 $ 301 $ 358
Service charges on deposit
accounts 2,043 2,063 2,107 2,441
Mortgage lending income 1,958 922 815 985
Gain (loss) on sales of
assets 8 8 100 20
Security gains (losses) 36 11 - 752
Bank owned life insurance
income 299 258 253 254
Other 310 343 417 394
-------- --------- -------- --------
Total non-interest income $ 5,147 $ 4,128 $ 3,993 $ 5,204
Non-interest Expense:(b)
------------------------
Salaries and employee
benefits $ 5,194 $ 4,697 $ 4,901 $ 5,023
Net occupancy expense 1,179 1,152 1,213 1,254
Write-off of deferred debt
costs - - - 852
Other operating expenses 2,194 2,944 2,208 2,416
Amortization of intangibles 62 62 62 65
-------- --------- -------- --------
Total non-interest expense $ 8,629 $ 8,855 $ 8,384 $ 9,610
Allowance for Loan and Lease
Losses:
----------------------------
Balance beginning of period $ 12,579 $ 13,100 $ 13,820 $ 14,460
Net charge-offs (529) (250) (105) (392)
Loan and lease loss
provision 1,050 970 745 1,045
-------- --------- -------- --------
Balance at end of period $ 13,100 $ 13,820 $ 14,460 $ 15,113
Selected Ratios:
----------------
Net interest margin - FTE(c) 4.48% 4.45% 4.48% 4.43%
Overhead expense ratio(c) 2.75 2.61 2.39 2.57
Efficiency ratio 47.63 48.99 45.31 46.86
Nonperforming loans and
leases/total loans and
leases 0.50 0.47 0.36 0.25
Nonperforming assets/total
assets 0.41 0.36 0.28 0.21
Loans and leases past due 30
days or more, including
past due non-accrual loans
and leases, to total loans
and leases 0.64 0.77 0.46 0.44
9/30/04 12/31/04 3/31/05 6/30/05
-------- --------- -------- --------
Earnings Summary:
-----------------
Net interest income $ 15,908 $ 16,075 $ 16,459 $ 16,811
Federal tax (FTE) adjustment 625 702 767 1,095
-------- --------- -------- --------
Net interest income (FTE) 16,533 16,777 17,226 17,906
Loan and lease loss
provision (1,040) (500) (500) (500)
Non-interest income 4,631 4,397 4,371 4,913
Non-interest expense (9,766) (9,845) (9,495) (10,008)
-------- --------- -------- --------
Pretax income (FTE) 10,358 10,829 11,602 12,311
FTE adjustment (625) (702) (767) (1,095)
Provision for taxes (3,086) (3,116) (3,513) (3,503)
-------- --------- -------- --------
Net income $ 6,647 $ 7,011 $ 7,322 $ 7,713
======== ========= ======== ========
Earnings per share -
diluted(a) $ 0.40 $ 0.42 $ 0.44 $ 0.46
Non-interest Income:
--------------------
Trust income $ 390 $ 427 $ 389 $ 394
Service charges on deposit
accounts 2,520 2,411 2,204 2,564
Mortgage lending income 863 629 671 712
Gain (loss) on sales of
assets 108 13 131 335
Security gains (losses) 22 - - -
Bank owned life insurance
income 258 448 449 455
Other 470 469 527 453
-------- --------- -------- --------
Total non-interest income $ 4,631 $ 4,397 $ 4,371 $ 4,913
Non-interest Expense:(b)
------------------------
Salaries and employee
benefits $ 5,550 $ 5,358 $ 5,445 $ 5,866
Net occupancy expense 1,286 1,436 1,447 1,502
Write-off of deferred debt
costs - - - -
Other operating expenses 2,865 2,985 2,538 2,574
Amortization of intangibles 65 66 65 66
-------- --------- -------- --------
Total non-interest expense $ 9,766 $ 9,845 $ 9,495 $ 10,008
Allowance for Loan and Lease
Losses:
----------------------------
Balance beginning of period $ 15,113 $ 15,888 $ 16,133 $ 16,437
Net charge-offs (265) (255) (196) (192)
Loan and lease loss
provision 1,040 500 500 500
-------- --------- -------- --------
Balance at end of period $ 15,888 $ 16,133 $ 16,437 $ 16,745
Selected Ratios:
----------------
Net interest margin - FTE(c) 4.47% 4.34% 4.33% 4.22%
Overhead expense ratio(c) 2.44 2.33 2.18 2.15
Efficiency ratio 46.14 46.50 43.96 43.86
Nonperforming loans and
leases/total loans and
leases 0.27 0.57 0.36 0.26
Nonperforming assets/total
assets 0.23 0.39 0.39 0.21
Loans and leases past due 30
days or more, including
past due non-accrual loans
and leases, to total loans
and leases 0.46 0.76 0.49 0.45
(a) Adjusted to give effect to 2-for-1 stock split effective December
10, 2003
(b) Prior quarters' employee stock-based compensation expenses have
been reclassified from other operating expenses to salaries and
employee benefits to conform to the current quarter presentation
of expense recorded pursuant to SFAS No. 123, as amended.
(c) Annualized
Note: All data adjusted to comply to FASB Interpretation No. 46
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheet and Net Interest Analysis
(Dollars in Thousands)
Unaudited
Quarter Ended
June 30, 2005
---------------------------
Average Income/ Yield/
Balance Expense Rate
----------- -------- ------
ASSETS
Earnings assets:
Interest bearing deposits and federal
funds sold $ 349 $ 3 3.78%
Investment securities:
Taxable 316,291 4,203 5.33
Tax-exempt - FTE 178,356 3,058 6.88
Loans and leases - FTE 1,205,594 20,679 6.88
---------- -------
Total earnings assets 1,700,590 27,943 6.59
Non-earning assets 164,172
----------
Total assets $1,864,762
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction $ 461,837 $ 1,639 1.42%
Time deposits of $100,000 or more 532,633 3,691 2.78
Other time deposits 293,663 1,864 2.55
---------- -------
Total interest bearing deposits 1,288,133 7,194 2.24
Repurchase agreements with customers 24,266 95 1.58
Other borrowings 228,495 2,105 3.69
Subordinated debentures 44,331 644 5.83
---------- -------
Total interest bearing liabilities 1,585,225 10,038 2.54
Non-interest bearing liabilities:
Non-interest bearing deposits 137,680
Other non-interest bearing liabilities 7,769
----------
Total liabilities 1,730,674
Stockholders' equity 134,088
----------
Total liabilities and stockholders'
equity $1,864,762
==========
Interest rate spread - FTE 4.05%
-------
Net interest income - FTE $17,905
=======
Net interest margin - FTE 4.22%
Six Months Ended
June 30, 2005
---------------------------
Average Income/ Yield/
Balance Expense Rate
----------- -------- ------
ASSETS
Earnings assets:
Interest bearing deposits and federal
funds sold $ 388 $ 8 4.08%
Investment securities:
Taxable 323,844 8,618 5.37
Tax-exempt - FTE 150,884 5,179 6.92
Loans and leases - FTE 1,181,891 39,668 6.77
---------- -------
Total earnings assets 1,657,007 53,473 6.51
Non-earning assets 158,229
----------
Total assets $1,815,236
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Deposits:
Savings and interest bearing transaction $ 451,463 $ 2,968 1.33%
Time deposits of $100,000 or more 521,483 6,665 2.58
Other time deposits 287,889 3,457 2.42
---------- -------
Total interest bearing deposits 1,260,835 13,090 2.09
Repurchase agreements with customers 28,494 213 1.50
Other borrowings 211,783 3,810 3.63
Subordinated debentures 44,331 1,228 5.59
---------- -------
Total interest bearing liabilities 1,545,443 18,341 2.39
Non-interest bearing liabilities:
Non-interest bearing deposits 134,414
Other non-interest bearing liabilities 5,646
----------
Total liabilities 1,685,503
Stockholders' equity 129,733
----------
Total liabilities and stockholders'
equity $1,815,236
==========
Interest rate spread - FTE 4.12%
-------
Net interest income - FTE $35,132
=======
Net interest margin - FTE 4.28%
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