Bank of the Ozarks, Inc. Announces Third Quarter Earnings.Business Editors LITTLE ROCK, Ark.--(BUSINESS WIRE)--Oct. 9, 2000 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 net income for the third quarter ended September September: see month. 30, 2000 was $893,000, a 47.7% decrease from net income of $1,706,000 for the third quarter of 1999. 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 $0.24 for the third quarter of 2000 compared to $0.45 for the third quarter of 1999, a decrease of 46.7%. The third quarter 2000 earnings are consistent with the Company's expectations as reported in its press release on September 22, 2000. These lower earnings are primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an additional provision to the allowance for loan losses related to loans to a single 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 and a continued decline in the Company's net interest margin. For the nine months ended September 30, 2000, net income totaled $4,494,000, an 8.1% decrease from net income of $4,891,000 for the first nine months of 1999. Diluted earnings per share for the first nine months of 2000 were $1.19, compared to $1.29 for the same period in 1999, a 7.8% decrease. 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 third quarter of 2000 were 0.43% and 7.61%, respectively, compared with 0.93% and 15.86%, respectively, for the comparable quarter in 1999. Annualized returns on average assets and average stockholders' equity for the nine months ended September 30, 2000 were 0.74% and 13.21%, respectively, compared with 0.95% and 15.79%, respectively, for the nine months ended September 30, 1999. Total assets were $829 million at September 30, 2000, a 9.5% increase from $757 million at September 30, 1999. Loans were $498 million at September 30, 2000, compared to $449 million at September 30, 1999, an increase of 10.9%. Deposits were $662 million at September 30, 2000, compared to $594 million at September 30, 1999, an increase of 11.4%. Stockholders' equity increased from $42.7 million at September 30, 1999 to $47.2 million at September 30, 2000, resulting in book value per share increasing from $11.30 to $12.50. 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 "While we are very disappointed with our third quarter results, it is important to keep in mind that our increased provision to the allowance for loan losses was primarily a result of loans to a single borrower. This credit is an unusual situation and we believe our overall loan quality continues to be very good. We believe we have recognized our loss on this credit and do not presently foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. any adverse asset quality trends developing. In fact, our ratio of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. to total loans is the most favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. ratio we have reported in over ten quarters and our ratio of past due loans at September 30, 2000 is the most favorable ratio we have had at the end of any quarter since becoming a public company in 1997. During the third quarter we continued to grow our core customer base achieving solid loan and deposit growth. We are pleased to report record non-interest income during the third quarter, led by improved mortgage lending and trust income compared to the previous quarter. Our efforts to grow and diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our sources of non-interest income are achieving good results. The third quarter was difficult, but we are continuing to build and improve our franchise with a goal of creating 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. shareholder value." NET INTEREST INCOME Net interest income for the third quarter of 2000 decreased 10.5% to $5,569,000 compared to $6,222,000 for the third quarter of 1999. Net interest margin, on a fully taxable equivalent basis, declined to 3.04% in the third quarter of 2000 compared to 3.79% in the third quarter of 1999. Net interest income for the nine months ended September 30, 2000 increased 2.6% to $17,868,000 compared to $17,418,000 for the nine months ended September 30, 1999. Net interest margin, on a fully taxable equivalent basis, declined to 3.33% for the first nine months in 2000 compared to 3.79% for the comparable nine month period in 1999. "Our net interest margin has been significantly impacted by rising interest rates and intense competition," said Gleason. "Competitive pressures have been increasing our cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. and making it very difficult to achieve commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. increases in loan yields. We are encouraged by the fact that our net interest margin was relatively stable throughout the third quarter. While still intense, competitive pressures on both deposit costs and loan yields seem to be moderating somewhat. Barring further increases in interest rates, we expect our net interest margin to remain relatively stable in the fourth quarter of 2000. We also hope to continue to increase 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 with a goal of restoring a positive trend in net interest income." NON-INTEREST INCOME AND EXPENSE Non-interest income for the third quarter of 2000 was $1,552,000 compared with $1,293,000 for the third quarter of 1999, an increase of 20.0%. Non-interest income for the nine months ended September 30, 2000 was $4,219,000 compared to $3,864,000 for the nine months ended September 30, 1999, a 9.2% increase. In the first nine months of 2000, the Company benefited from strong growth in service charges on deposits which increased 41.3% from the comparable period in 1999. The increase in service charge income resulted from continued growth in the number of retail checking, savings and money market accounts, growth in the number of commercial checking accounts and cash management customers, increased service charge rates and improved collection and waiver The voluntary surrender of a known right; conduct supporting an inference that a particular right has been relinquished. The term waiver is used in many legal contexts. practices. In addition to this improvement, the Company achieved good growth in trust income and mortgage lending income during the third quarter compared to the previous quarter. Although mortgage lending income continues to be well below the level achieved in 1999, this category of non-interest income has increased in each of the last two quarters. The Company's efficiency ratio for the quarter ended September 30, 2000 was 58.8% compared to 54.1% for the same quarter in 1999. Non-interest expense for the third quarter of 2000 was $4,351,000 compared with $4,195,000 for the third quarter of 1999, an increase of 3.7%. The Company's efficiency ratio for the nine months ended September 30, 2000 was 55.8% compared to 55.6% for the comparable period in 1999. Non-interest expense for the nine months ended September 30, 2000 was $12,782,000 compared with $12,203,000 for the nine months ended September 30, 1999, a 4.7% increase. ASSET QUALITY, CHARGE-OFFS AND RESERVES Nonperforming loans as a percent of total loans were 0.34% at September 30, 2000, compared to 0.59% as of September 30, 1999. 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 0.61% as of September 30, 2000, compared to 0.62% as of September 30, 1999. Gleason added, "In September we completed foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. on our largest non-performing credit, transferred these assets to other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most and commenced marketing efforts. While our ratio of non-performing assets to total assets continues at a moderate level, our ratio of non-performing loans to total loans of 0.34% is the best ratio at the end of any quarter since December December: see month. 1997. Our ratio of past due loans at September 30, 2000 of 0.90% is the best past due loan ratio we have achieved at the end of any quarter since becoming a public company in 1997. We believe these measures reflect good asset quality." For the third quarter of 2000, the Company's annualized net charge-offs were 0.87% of average outstanding loans compared to 0.20% for the third quarter of 1999. For the first nine months of 2000, annualized net charge-offs were 0.43% of average loans compared to 0.27% for the same period in 1999. The Company's allowance for loan losses increased to $6.4 million at September 30, 2000, or 1.29% of total loans, compared with $5.6 million, or 1.25% of total loans, at September 30, 1999. The Company's net charge-offs for the third quarter and the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. were significantly increased by the Company's previously reported third quarter 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. in the amount of $787,000 related to loans to a single customer. Excluding the charge-offs related to this one large credit, net charge-offs for the third quarter of 2000 would have been $301,000, or 0.24% of average outstanding loans on an annualized basis, and net charge-offs for the first nine months of 2000 would have been $765,000, or 0.21% of average outstanding loans on an annualized basis. OTHER MATTERS During the third quarter the Company continued to achieve significant customer growth in its 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 On-Line Banking program launched in May of this year. As of September 30, the Company had 1,900 customers enrolled. Randy The name Randy generally derives from the names Randall or Randolph (meaning wolf with a shield). Randy is used as a given name primarily in the US and Canada. Men known as Randy
Also during the third quarter the Company broke ground for a new banking office at 2520 South Zero Street in Fort Smith, Arkansas Fort Smith is a city that lies on the Arkansas-Oklahoma state border, situated at the junction of the Arkansas and Poteau Rivers, also known as Belle Point. The city began as a western frontier military post in 1817 and would later become well-known for its role in the settling of . This will be the Company's second office in Fort Smith and is expected to open during the first quarter of 2001. The Company also plans to open a new office at 10300 Stagecoach stagecoach, heavy, closed vehicle on wheels, usually drawn by horses, formerly used to transport passengers and goods overland. Throughout the Middle Ages and until about the end of the 18th cent. Road, Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry in the second quarter of 2001. 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 Tuesday Tuesday: see week. , October October: see month. 10, 2000. 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 should call 800/990-4845 up to ten minutes prior to the beginning of the conference and ask for Bank of the Ozarks conference call. A recorded playback Playback could mean:
The process by which the corporation communicates with its investors. ". GENERAL This release contains forward looking statements regarding future events, including statements regarding the Company's goals and expectations for net interest margin, net interest income and earnings, efforts to grow and diversify sources of non-interest income, statements regarding asset quality and non-performing loans, non-performing assets and charge-offs, as well as other forecasts and statements of expectations regarding efficiency and operating performance. 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 effect on the credit worthiness wor·thy adj. wor·thi·er, wor·thi·est 1. Having worth, merit, or value; useful or valuable. 2. Honorable; admirable: a worthy fellow. 3. of borrowers and 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, the ability to attract new deposits and loans, as well as, other factors identified 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 1999 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 24 offices in seventeen Seventeen novel of young love. [Am. Lit.: Booth Tarkington Seventeen in Magill I, 882] See : Adolescence 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. . The Company may be contacted at 501/978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231. The Company's website is: www.bankozarks.com.
Bank of the Ozarks, Inc.
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
Third Quarter Ended
September 30,
--------------------------
2000 1999 % Change
---- ---- --------
Earnings Summary:
Net interest income $ 5,569 $ 6,222 (10.5)%
Provision for possible loan losses 1,225 578 111.9
Non-interest income 1,552 1,293 20.0
Non-interest expenses 4,351 4,195 3.7
Distribution on trust preferred
securities 397 397 --
Net income to common shareholders 893 1,706 (47.7)
Common Stock Data:
Net income per share - basic $ 0.24 $ 0.45 (46.7)%
Net income per share - diluted 0.24 0.45 (46.7)
Cash dividends per share 0.11 0.10
Book value per share 12.50 11.30
Diluted shares outstanding 3,780 3,789
End of period shares outstanding 3,780 3,780
Balance Sheet Summary - End of Period:
Total assets $829,154 $757,313 9.5%
Total loans 498,033 448,944 10.9
Allowance for loan losses 6,447 5,611 14.9
Total investment securities 267,530 247,815 8.0
Goodwill - net of amortization 1,920 2,010 4.5
Other intangibles - net of amortization 1,209 1,378 12.3
Total deposits 662,278 594,341 11.4
Repurchase agreements with customers 15,948 7,714 106.7
Other borrowings 83,174 92,613 (10.2)
Stockholders' equity 47,231 42,716 10.6
Selected Ratios:
Return on average assets(a) 0.43% 0.93%
Return on average stockholders' equity(a) 7.61 15.86
Average equity to total average assets 5.65 5.85
Net interest margin - FTE(a) 3.04 3.79
Overhead ratio(a) 2.09 2.28
Efficiency ratio 58.84 54.07
Allowance for possible loan
losses to total loans 1.29 1.25
Nonperforming loans to total loans 0.34 0.59
Nonperforming assets to total assets 0.61 0.62
Net charge-offs to average loans, net of
unearned income(a) 0.87 0.20
Other Information:
Non-accrual loans $ 1,694 $ 2,670
Accruing loans - 90 days past due -- --
ORE and repossessions 3,381 2,035
Nine Months Ended
September 30,
---------------------------
2000 1999 % Change
---- ---- --------
Earnings Summary:
Net interest income $ 17,868 $ 17,418 2.6%
Provision for possible loan losses 1,927 1,769 8.9
Non-interest income 4,219 3,864 9.2
Non-interest expenses 12,782 12,203 4.7
Distribution on trust preferred
securities 1,190 449 165.0
Net income to common shareholders 4,494 4,891 (8.1)
Common Stock Data:
Net income per share - basic $ 1.19 $ 1.29 (7.8)%
Net income per share - diluted 1.19 1.29 (7.8)
Cash dividends per share 0.31 0.30
Book value per share 12.50 11.30
Diluted shares outstanding 3,781 3,792
End of period shares outstanding 3,780 3,780
Balance Sheet Summary - End of Period:
Total assets $829,154 $757,313 9.5%
Total loans 498,033 448,944 10.9
Allowance for loan losses 6,447 5,611 14.9
Total investment securities 267,530 247,815 8.0
Goodwill - net of amortization 1,920 2,010 4.5
Other intangibles - net of
amortization 1,209 1,378 12.3
Total deposits 662,278 594,341 11.4
Repurchase agreements with customers 15,948 7,714 106.7
Other borrowings 83,174 92,613 (10.2)
Stockholders' equity 47,231 42,716 10.6
Selected Ratios:
Return on average assets (a) 0.74% 0.95%
Return on average stockholders'
equity(a) 13.21 15.79
Average equity to total average
assets 5.60 6.01
Net interest margin - FTE(a) 3.33 3.79
Overhead ratio (a) 2.11 2.37
Efficiency ratio 55.80 55.56
Allowance for possible loan
losses to total loans 1.29 1.25
Nonperforming loans to total loans 0.34 0.59
Nonperforming assets to total assets 0.61 0.62
Net charge-offs to average loans,
net of unearned income(a) 0.43 0.27
Other Information:
Non-accrual loans $ 1,694 $ 2,670
Accruing loans - 90 days past due -- --
ORE and repossessions 3,381 2,035
(a) Ratios annualized based on actual days
Bank of the Ozarks, Inc.
Supplemental Quarterly Financial Data
(Dollars in Thousands, Except Per Share Amounts)
Unaudited
12/31/98 3/31/99 6/30/99 9/30/99 12/31/99
-------- ------- ------- ------- --------
Earnings Summary:
Net interest income $ 5,137 $ 5,309 $ 5,887 $ 6,222 $ 6,375
Federal tax (FTE)
adjustment 56 193 242 244 267
------- ------- ------- ------- -------
Net interest margin (FTE) 5,193 5,502 6,129 6,466 6,642
Loan loss provision (804) (611) (580) (578) (716)
Non-interest income 1,451 1,269 1,303 1,293 1,282
Non-interest expense (3,599) (3,768) (4,241) (4,195) (4,261)
------- ------- ------- ------- -------
Pretax income (FTE) 2,241 2,392 2,611 2,986 2,947
FTE adjustment (56) (193) (242) (244) (267)
Provision for taxes (738) (673) (658) (639) (539)
Distribution on trust
preferred securities -- -- (52) (397) (397)
------- ------- ------- ------- -------
Net income $ 1,447 $ 1,526 $ 1,659 $ 1,706 $ 1,744
======= ======= ======= ======= =======
Earnings per share
- diluted $ 0.38 $ 0.40 $ 0.44 $ 0.45 $ 0.46
Non-interest Income
Detail:
Trust income $ 96 $ 128 $ 115 $ 113 $ 124
Service charges on
deposit accounts 399 502 599 674 724
Mortgage lending
income 748 449 351 316 190
Gain (loss) on sale
of assets 6 (5) (5) 16 7
Security gains -- 25 50 -- (6)
Other 202 170 193 174 243
------- ------- ------- ------- -------
Total non-interest
income $ 1,451 $ 1,269 $ 1,303 $ 1,293 $ 1,282
Non-interest Expense
Detail:
Salaries and employee
benefits $ 1,913 $ 2,000 $ 2,322 $ 2,273 $ 2,158
Net occupancy expense 553 636 619 681 719
Other operating expenses 1,045 1,065 1,234 1,176 1,320
Goodwill charges 44 22 23 23 22
Amortization of other
intangibles - pretax 44 45 43 42 42
------- ------- ------- ------- -------
Total non-interest
expense $ 3,599 $ 3,768 $ 4,241 $ 4,195 $ 4,261
Allowance for Loan
Losses:
Balance beginning
of period $ 4,392 $ 4,689 $ 4,850 $ 5,248 $ 5,611
Net charge offs (507) (450) (182) (215) (255)
Loan loss provision 804 611 580 578 716
------- ------- ------- ------- -------
Balance at end
of period $ 4,689 $ 4,850 $ 5,248 $ 5,611 $ 6,072
Selected Ratios:
Net interest margin
- FTE(a) 3.77% 3.77% 3.81% 3.79% 3.71%
Overhead expense
ratio(a) 2.41 2.38 2.45 2.28 2.20
Efficiency ratio 54.17 55.65 57.06 54.07 53.77
Non-performing loans
to total loans 0.70 1.04 1.01 0.59 0.42
Non-performing assets
to total assets 0.50 0.75 0.70 0.62 0.53
3/31/00 6/30/00 9/30/00
------- ------- -------
Earnings Summary:
Net interest income $ 6,206 $ 6,093 $ 5,569
Federal tax (FTE)
adjustment 273 272 274
------- ------- -------
Net interest margin (FTE) 6,479 6,365 5,843
Loan loss provision (378) (324) (1,225)
Non-interest income 1,250 1,417 1,552
Non-interest expense (4,187) (4,244) (4,351)
------- ------- -------
Pretax income (FTE) 3,164 3,214 1,819
FTE adjustment (273) (272) (274)
Provision for taxes (708) (730) (255)
Distribution on trust
preferred securities (397) (397) (397)
------- ------- -------
Net income $ 1,786 $ 1,815 $ 893
======= ======= =======
Earnings per share
- diluted $ 0.47 $ 0.48 $ 0.24
Non-interest Income
Detail:
Trust income $ 130 $ 131 $ 162
Service charges on
deposit accounts 763 877 868
Mortgage lending
income 175 208 278
Gain (loss) on sale
of assets (12) 2 30
Security gains -- -- --
Other 194 199 214
------- ------- -------
Total non-interest
income $ 1,250 $ 1,417 $ 1,552
Non-interest Expense
Detail:
Salaries and employee
benefits $ 2,246 $ 2,285 $ 2,220
Net occupancy expense 700 703 748
Other operating expenses 1,177 1,192 1,319
Goodwill charges 22 22 22
Amortization of other
intangibles - pretax 42 42 42
------- ------- -------
Total non-interest
expense $ 4,187 $ 4,244 $ 4,351
Allowance for Loan
Losses:
Balance beginning
of period $ 6,072 $ 6,139 $ 6,310
Net charge offs (311) (153) (1,088)
Loan loss provision 378 324 1,225
------- ------- -------
Balance at end
of period $ 6,139 $ 6,310 $ 6,447
Selected Ratios:
Net interest margin
- FTE(a) 3.55% 3.42% 3.04%
Overhead expense
ratio(a) 2.12 2.11 2.09
Efficiency ratio 54.17 54.54 58.84
Non-performing loans
to total loans 0.42 0.88 0.34
Non-performing assets
to total assets 0.47 0.78 0.61
(a) Annualized
Bank of the Ozarks, Inc.
Average Consolidated Balance Sheet and Net Interest Analysis
(Dollars in Thousands)
Three Months Ended
----------------------
September 30, 2000
----------------------
Average Income/ Yield/
Balance Expense Rate
------- ------- ------
ASSETS
Earnings assets:
Interest bearing deposits $ 34 $ 1 3.31%
Federal funds sold -- -- --
Investment securities:
Taxable 225,552 3,794 6.69
Tax-exempt - FTE 39,597 741 7.45
Loans -FTE (net of
unearned income) 499,668 11,163 8.89
--------- --------
Total earnings
assets 764,851 15,699 8.17
Non-earning assets 62,132
---------
Total assets $826,983
=========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Deposits:
Savings and interest
bearing transaction $109,905 $ 838 3.03%
Time deposits of
$100,000 or more 237,297 3,736 6.26
Other time deposits 230,024 3,353 5.80
-------- --------
Total interest bearing deposits 577,226 7,927 5.46
Repurchase agreements
with customers 15,208 217 5.67
Other borrowings 106,423 1,712 6.40
-------- --------
Total interest bearing
liabilities 698,857 9,856 5.61
Non-interest liabilities:
Non-interest bearing deposits 60,797
Other non-interest bearing liabilities 3,386
--------
Total liabilities 763,040
Trust preferred securities 17,250
Stockholders' equity 46,693
--------
Total liabilities and
stockholders' equity $826,983
========
Interest rate spread - FTE 2.56%
--------
Net interest income - FTE $ 5,843
========
Net interest margin - FTE 3.04%
Nine Months Ended
---------------------
September 30, 2000
---------------------
Average Income/ Yield/
Balance Expense Rate
------- ------- ------
ASSETS
Earnings assets:
Interest bearing deposits $ 82 $ 4 5.94%
Federal funds sold 130 6 6.17
Investment securities:
Taxable 224,579 11,427 6.80
Tax-exempt - FTE 39,559 2,203 7.44
Loans -FTE (net of
unearned income) 485,005 31,913 8.79
-------- --------
Total earnings assets 749,355 45,553 8.12
Non-earning assets 61,639
--------
Total assets $810,994
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Deposits:
Savings and interest
bearing transaction $110,731 $ 2,422 2.92%
Time deposits of
$100,000 or more 212,097 9,296 5.85
Other time deposits 231,434 9,425 5.44
-------- --------
Total interest bearing deposits 554,262 21,143 5.10
Repurchase agreements
with customers 12,330 493 5.34
Other borrowings 117,631 5,230 5.94
-------- --------
Total interest bearing liabilities 684,223 26,866 5.24
Non-interest liabilities:
Non-interest bearing deposits 60,510
Other non-interest bearing liabilities 3,583
--------
Total liabilities 748,316
Trust preferred securities 17,250
Stockholders' equity 45,428
--------
Total liabilities and stockholders'
equity $810,994
========
Interest rate spread - FTE 2.88%
--------
Net interest income - FTE $ 18,687
========
Net interest margin - FTE 3.33%
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