Bryn Mawr Bank Corporation Reports a 12.5% Increase in First Quarter Diluted Earnings Per Share.BRYN MAWR Bryn Mawr (brĭn mär), uninc. town (1990 est. pop. 10,000), Montgomery co., SE Pa., a residential suburb of Philadelphia. It is the seat of Bryn Mawr College (for women), opened in 1885 by the Society of Friends. , Pa. -- Bryn Mawr Bank Corporation, (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 :BMTC BMTC Bremerton Metal Trades Council BMTC Bureau of Meteorology Training Centre BMTC Ballistic Missile Technical Collection BMTC Bangalore Metropolitian Transport Corporation BMTC Burning Man Travel Center ), (the "Corporation"), parent of The Bryn Mawr Trust Company (the "Bank"), today announced financial results for the quarter ended March 31, 2006. The Corporation reported first quarter 2006 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 of $0.36, an increase of $0.04 or 12.5% compared to $0.32 in the same period of 2005. Net income for the first quarter of 2006 was $3.136 million, an increase of 11.9% or $334,000, compared to $2.802 million in last year's first quarter. "We are pleased with first quarter results as we continue to concentrate on our core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae Community Bank and Wealth Management Services organization management services organization Physician practice management company Medical practice An organization contracted by a health care provider/supplier to furnish administrative, clerical, and claims processing functions of the provider/supplier's practice. in the Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. area, and our financial goal over time is to grow earnings per share 12% per year, on average, while returning capital to shareholders through a combination of dividends and stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. programs. The first quarter results put Bryn Mawr Bank Corporation on a solid path to meet these goals in 2006." Return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) and return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) for the quarter ended March 31, 2006, were 16.27% and 1.83%, respectively. ROE was 15.94% and ROA was 1.70% for the same period last year. The major factors contributing to the increase in earnings for the first quarter of 2006 compared to the same period last year were $826,000 or an 11.2% increase in net interest income, as the Corporation's net interest margin expanded to 5.16% from 4.89%, as well as a $466,000 or 17.6% increase in Wealth Management revenues. Both were partially offset by declines in residential mortgage related revenue and increased personnel costs. Total portfolio loans at March 31, 2006 of $606.6 million increased $48.1 million or 8.6% from $558.5 million at March 31, 2005 and average portfolio loans increased $33.7 million or 6.0% to $595.4 million in the first quarter of 2006 compared to $561.8 million in the first quarter of 2005. On a sequential One after the other in some consecutive order such as by name or number. basis, total portfolio loans increased $11.4 million or 1.9% from $595.2 million at December December: see month. 31, 2005 and average portfolio loans increased $4.1 million or 0.7% from $591.3 million in the fourth quarter of 2005. Overall portfolio loan growth has been steady, with strong growth in commercial mortgages and construction lending, partially offset by paydowns and payoffs by commercial and industrial loan customers. These paydowns and payoffs are attributed to customers who may be sensitive to rising interest rates and have the ability to reduce their borrowings. Residential loan balances have increased due to Management's plan to portfolio more fixed rate loans to reduce the asset sensitivity of the Corporation's balance sheet. Asset quality remains strong as 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. as a percent of total loans was 0.13% at March 31, 2006 compared to 0.07% at December 31, 2005. The Corporation continues its business development efforts on building banking relationships with privately held businesses, non-profits, high-quality residential builders and owners of commercial real estate. In addition, the Corporation continues to provide high-touch retail lending services to consumers in the Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. . Additional business development efforts in the fast growing Chester County Chester County is the name of several counties in the United States:
Total deposits at March 31, 2006 were $608.1 million, up $24.9 million or 4.3% from $583.2 million at March 31, 2005, while average deposits for the first quarter of 2006 increased $12.5 million or 2.1% to $599.8 million compared with $587.4 million for the first quarter of 2005. On a sequential basis, total deposits decreased $28.2 million or 4.4% from $636.3 million at December 31, 2005, while average deposits decreased $733,000 or 0.1% from $600.6 million in the fourth quarter of 2005. The decrease in balances from December 31, 2005 reflects the short term nature of certain accounts at year end 2005. As previously mentioned, the Corporation's first quarter 2006 net interest income expanded $826,000 or 11.2% when compared to the first quarter of 2005, driven by a $33.3 million or 5.5% increase in 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 and a 76 basis point increase (to 6.52% from 5.76%) in the yield on earning assets. This resulted in a 27 basis point increase in the net interest margin (to 5.16% from 4.89%). On a sequential basis, net interest income declined $118,000 or 1.4% due to the number of days in the quarter (90 days in the first quarter of 2006 versus 92 days in the fourth quarter of 2005), partially offset by an increase in the earning assets of $4.1 million or 0.7% and a 15 basis point (to 6.52% from 6.37%) increase in the yield on earning assets. This resulted in a 1 basis point increase in the net interest margin (to 5.16% from 5.15%). The sequential changes in net interest income and net interest margin reflect deposit costs rising faster than the increase in the yield on interest earning assets, reflecting the highly competitive nature of the Philadelphia area deposit market. The Corporation's funding mix is changing as lower paying core deposits continue to shift towards higher rate certificates of deposit. Like most financial institutions today, Bryn Mawr Bank Corporation is facing challenges in growing lower cost core deposits as evidenced by the flat deposit levels over the last nine months. However, the Corporation has over $250 million in unused borrowing capacity with the Federal Home Loan Bank to fund loan opportunities. Mr. Peters continued, "The Bryn Mawr Trust Company will continue with the expansion of its retail banking footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. with controlled 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. expansion in the suburban Philadelphia market. We anticipate the announcement of Ardmore Ardmore, city (1990 pop. 23,079), seat of Carter co., S Okla.; inc. 1898. It is the commercial center of an oil and farm area. Its industries include oil refining, tourism, and the manufacture of electronic equipment, plastics, fabricated metal products, and feeds. and West Chester branch The Pennsylvania Railroad & Penn Central West Chester Branch is a passenger and freight rail line that connected with the Philadelphia-Washington Main Line at the Arsenal Junction near the University of Pennsylvania to the Philadelphia-Chicago Main Line near Frazer, Pennsylvania. initiatives in the near future to complement our recently opened Exton Exton is the name of a number of settlements: In the United Kingdom:
Non-interest income for the first quarter of 2006 was $4.586 million, an increase of $172,000 or 3.9% compared with $4.414 million in the same period last year. Fees for Wealth Management Services grew $466,000 or 17.6% to $3.120 million in the first quarter of 2006 from $2.654 million in same period last year and $174,000 or 5.9% from the fourth quarter of 2005 of $2.946 million. New business development efforts, an April 2005 fee schedule increase, an increase in estate settlements and asset growth due to market performance all contributed to these results. Wealth Management assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and administration were $2.262 billion at March 31, 2006 compared to $2.248 billion and $1.919 billion at December 31, 2005 and March 31, 2005, respectively. Partially offsetting this higher Wealth Management Services revenue were reduced fees from residential mortgage-related activities and lower services charges on deposit accounts. Non-interest expense for the first quarter of 2006 increased $461,000 or 6.2% to $7.845 million compared to $7.384 million in the same period last year. Higher cost of benefits and salary expenses related to merit increases and additions to staff were the primary contributors to this increase, along with additional operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. related to the opening of the Exton branch in March 2005. Partially offsetting the increases were reductions in the amortization of mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. rights and professional fees. In other business, the Corporation's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend of $0.11 per share, payable June June: see month. 1, 2006, to shareholders of record as of May 5, 2006. The Corporation is also pleased to announce its first earnings conference call which will take place at 4:30 p.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. , April 25, 2006. Interested parties may participate by calling 973-582-2843 at 4:25 p.m. EDT and referencing conference PIN 7293475. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through Wednesday Wednesday: see week. , May 10, 2006. The number to call for the taped replay is 973-341-3080 and the conference PIN is 7293475. The conference call will be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics broadcast live over the 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 through a webcast on the investor relations Investor relations The process by which the corporation communicates with its investors. portion of the Bryn Mawr Bank Corporation's website. To access the call, please visit the website at http://www.bmtc.com/investor_01.cfm. An online archive (1) A file that contains one or more compressed files. Most archive formats are also capable of storing folders in order to reconstruct the file/folder relationship when decompressed. See archive formats. of the webcast will be available within two hours of the conclusion of the call. This 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. . Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words believe, expect, anticipate, intend, plan, target, estimate or words of similar meaning. Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Corporation's control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements speak only as of the date they are made. The Corporation does not undertake to update forward-looking statements.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
March 31, 2006
(unaudited)
For The Three Months Ended
For the period: Mar 31, Dec 31, Sept 30, June 30, Mar 31,
2006 2005 2005 2005 2005
---------- ---------- ---------- ---------- ----------
Interest income $10,358 $10,277 $9,834 $9,186 $8,671
Interest expense 2,164 1,965 1,788 1,544 1,303
---------- ---------- ---------- ---------- ----------
Net interest
income 8,194 8,312 8,046 7,642 7,368
Provision for
loan losses 154 173 209 193 187
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision for
loan losses 8,040 8,139 7,837 7,449 7,181
Fees for wealth
management
services 3,120 2,946 2,972 2,967 2,654
Loan servicing
and late fees 290 304 321 339 339
Service charges
on deposits 379 392 408 398 395
Net gain on sale
of loans 250 244 456 464 458
Net gain on sale
of mortgage
servicing
rights - - - - -
Other operating
income 547 500 568 552 568
---------- ---------- ---------- ---------- ----------
Noninterest
income 4,586 4,386 4,725 4,720 4,414
Salaries and
wages 3,829 4,183 4,414 3,758 3,507
Employee
benefits 1,318 999 998 936 1,141
Occupancy and
bank premises 624 571 564 581 556
Furniture
fixtures and
equipment 482 495 488 498 460
Advertising 200 277 195 312 176
Amortization of
mortgage
servicing
rights 86 92 115 210 189
Professional
fees 297 386 318 295 303
Other expenses 1,009 1,135 1,095 1,274 1,052
---------- ---------- ---------- ---------- ----------
Noninterest
expense 7,845 8,138 8,187 7,864 7,384
Income before
income taxes 4,781 4,387 4,375 4,305 4,211
Income tax
expense 1,645 1,503 1,499 1,517 1,409
---------- ---------- ---------- ---------- ----------
Net income $3,136 $2,884 $2,876 $2,788 $2,802
========== ========== ========== ========== ==========
Per share data:
Weighted average
shares
outstanding 8,570,675 8,556,250 8,555,037 8,549,675 8,591,622
Dilutive
potential
common shares 137,135 110,576 107,699 80,772 105,718
---------- ---------- ---------- ---------- ----------
Adjusted
weighted
average
dilutive
shares 8,707,810 8,666,826 8,662,736 8,630,447 8,697,340
Earnings per
common share $0.37 $0.34 $0.34 $0.33 $0.33
Diluted earnings
per common
share $0.36 $0.33 $0.33 $0.32 $0.32
Dividend
declared per
share $0.11 $0.11 $0.11 $0.10 $0.10
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data and ratios)
March 31, 2006
(unaudited)
For the period: 2006 2005 2005 2005 2005
1Q 4Q 3Q 2Q 1Q
Asset Quality
Data
Nonaccrual
loans $773 $390 273 678 1,432
90 + days past
due loans 5 - - - 92
----------- ---------- ---------- ---------- ----------
Nonperforming
loans $778 390 273 678 1,524
OREO 25 25 - 210 591
----------- ---------- ---------- ---------- ----------
Nonperforming
assets $803 $415 273 888 2,115
=========== ========== ========== ========== ==========
Allowance for
loan losses $7,571 $7,402 7,392 7,252 7,125
Allowance for
loan losses /
loans 1.25% 1.24% 1.25% 1.22% 1.27%
Allowance for
loan losses /
nonperforming
loans 973% 1,898% 2,708% 1,070% 468%
Nonperforming
loans / loans 0.13% 0.07% 0.05% 0.11% 0.27%
Nonperforming
assets /
assets 0.11% 0.06% 0.04% 0.13% 0.32%
Net loan
charge-offs
(recoveries) (15) 162 69 66 (11)
Net loan
charge-offs
(annualized)/
average loans NC* 0.11% 0.05% 0.05% (0.01%)
(NC*- Not calculated as there were no 1st quarter 2006 charge-offs)
2006 2005 2005 2005 2005
1Q 4Q 3Q 2Q 1Q
Selected ratios
(annualized):
Return on
average assets 1.83% 1.65% 1.65% 1.65% 1.70%
Return on
average
shareholders'
equity 16.27% 15.04% 15.35% 15.47% 15.94%
Yield on
earning assets 6.52% 6.37% 6.13% 5.94% 5.76%
Cost of
interest
bearing funds 1.92% 1.72% 1.57% 1.37% 1.19%
Net interest
margin 5.16% 5.15% 5.01% 4.94% 4.89%
Tier 1 leverage
ratio 11.53% 11.25% 11.02% 10.87% 10.79%
Book value per
share $9.29 9.06 8.86 8.63 8.40
Tangible book
value per
share $9.29 9.06 8.86 8.63 8.40
Period end
shares
outstanding 8,575,555 8,556,255 8,559,105 8,543,046 8,556,258
Selected data:
Mortgage loans
originated $34,451 36,815 67,701 49,830 38,978
Mortgage loans
sold -
servicing
retained $7,010 6,889 11,016 9,972 13,787
Mortgage loans
sold -
servicing
released $7,436 18,460 23,051 16,817 20,209
Mortgage loans
serviced for
others $409,429 417,649 438,183 465,780 489,882
Assets under
management /
administration $2,262,064 2,247,630 2,205,380 1,900,928 1,919,493
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
March 31, 2006
(unaudited)
As of
Balance Sheet
For the period ended: Mar 31, Dec 31, Sept 30, June 30, Mar 31,
2006 2005 2005 2005 2005
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $508 $405 $8,075 $314 $598
Fed funds sold - 32,341 - - 7,041
Investment
securities 43,428 34,991 35,442 35,681 35,156
Loans held for
sale 4,061 2,765 9,073 8,147 4,287
Portfolio loans:
Consumer 9,149 9,437 8,791 9,482 9,407
Commercial &
industrial 165,508 170,283 172,115 193,402 183,862
Commercial
mortgages 166,816 162,621 162,187 149,604 141,957
Construction 49,375 45,523 37,386 42,842 40,957
Residential
mortgages 106,196 99,602 95,351 84,176 78,642
Home equity lines
& loans 109,534 107,699 106,562 106,327 103,709
--------- --------- --------- --------- ---------
Total portfolio loans 606,578 595,165 582,392 585,833 558,534
Earning assets 654,575 665,667 634,982 629,975 605,616
Cash and due from 26,132 33,896 30,976 33,979 31,536
Allowance for loan
losses (7,571) (7,402) (7,392) (7,252) (7,125)
Other assets 36,797 35,065 34,401 34,050 33,524
--------- --------- --------- --------- ---------
Total assets $709,933 $727,226 $692,967 $690,752 $663,551
========= ========= ========= ========= =========
Interest-bearing
checking $142,606 $154,319 $148,042 $140,271 $145,680
Money market 115,920 112,319 118,548 125,972 118,915
Savings 44,830 46,258 47,721 51,141 50,878
Time deposits 153,412 155,322 137,262 126,538 131,435
--------- --------- --------- --------- ---------
Interest-bearing
deposits 456,768 468,218 451,573 443,922 446,908
Non-interest
bearing deposits 151,324 168,042 153,084 161,448 136,276
--------- --------- --------- --------- ---------
Total deposits 608,092 636,260 604,657 605,370 583,184
Borrowed funds 8,000 - - - -
Other liabilities 14,171 13,453 12,491 11,617 8,457
Shareholders' equity 79,670 77,513 75,819 73,765 71,910
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $709,933 $727,226 $692,967 $690,752 $663,551
========= ========= ========= ========= =========
Balance Sheet
(average)
2006 2005 2005 2005 2005
1Q 4Q 3Q 2Q 1Q
--------- --------- --------- --------- ---------
Assets
Interest bearing
deposits with
banks $439 $1,176 $4,729 $536 $3,147
Fed funds sold 6,161 8,115 7,420 5,119 4,415
Investment
securities 38,699 36,115 35,955 36,303 35,291
Loans held for
sale 3,217 3,142 8,690 9,046 6,062
Portfolio loans 595,446 591,295 580,036 569,127 561,780
--------- --------- --------- --------- ---------
Earning assets 643,962 639,843 636,830 620,131 610,695
Cash and due from 24,332 25,754 27,413 33,259 33,357
Allowance for loan
losses (7,524) (7,460) (7,359) (7,251) (7,058)
Other assets 34,189 33,547 33,559 33,500 32,697
--------- --------- --------- --------- ---------
Total assets $694,959 $691,684 $690,443 $679,639 $669,691
========= ========= ========= ========= =========
Interest-bearing
checking $141,504 $141,441 $142,400 $148,943 $152,343
Money market 118,365 117,033 126,127 119,261 123,441
Savings 45,073 46,699 49,695 50,897 50,763
Time deposits 147,610 143,156 133,052 128,777 117,375
--------- --------- --------- --------- ---------
Interest-bearing
deposits 452,552 448,329 451,274 447,878 443,922
Non-interest
bearing deposits 147,274 152,230 152,048 146,140 143,434
--------- --------- --------- --------- ---------
Total deposits 599,826 600,559 603,322 594,018 587,356
Borrowed funds 3,544 1,505 516 3,540 1,250
Other liabilities 13,419 13,534 12,303 9,803 9,791
Shareholders' equity 78,170 76,086 74,302 72,278 71,294
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $694,959 $691,684 $690,443 $679,639 $669,691
========= ========= ========= ========= =========
Bryn Mawr Bank Corporation
Quarterly analyses of interest rate and interest differential
March 31, 2006
(unaudited)
(dollars in 1st Quarter 2006 4th Quarter 2005
thousands)
Average Average
Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
Assets:
Interest-bearing
deposits with
other banks $439 $5 4.62 % $1,176 $11 3.71 %
Federal funds
sold 6,161 66 4.34 % 8,115 85 4.16 %
Investment
securities
available for
sale:
Taxable 33,685 319 3.84 % 31,099 289 3.69 %
Tax-exempt 5,014 41 3.32 % 5,016 41 3.24 %
----------------- -----------------
Total
investment
securities 38,699 360 3.77 % 36,115 330 3.63 %
----------------- -----------------
Loans (1) 598,663 9,927 6.72 % 594,436 9,851 6.57 %
----------------- -----------------
Total interest
earning assets 643,962 10,358 6.52 % 639,842 10,277 6.37 %
Cash and due from
banks 24,332 25,754
Less allowance
for loan losses (7,524) (7,460)
Other assets 34,189 33,548
--------- ---------
Total assets $694,959 $691,684
========= =========
Liabilities:
Savings, Now and
market rate
deposits $304,942 $821 1.09 % $305,173 $764 0.99 %
Time deposits 147,610 1,301 3.57 % 143,156 1,185 3.28 %
----------------- -----------------
Total interest-
bearing
deposits 452,552 2,122 1.90 % 448,329 1,949 1.72 %
Short term
borrowings 3,544 42 4.81 % 1,505 16 4.22 %
----------------- -----------------
Total interest-
bearing
liabilities 456,096 2,164 1.92 % 449,834 1,965 1.73 %
Demand deposits,
noninterest-
bearing 147,274 152,230
Other liabilities 13,419 13,534
--------- ---------
Total
noninterest-
bearing
liabilities 160,693 165,764
Total
liabilities 616,789 615,598
Shareholders'
equity 78,170 76,086
--------- ---------
Total
liabilities
and
shareholders'
equity $694,959 $691,684
--------- ---------
Interest income
to earning
assets - - 6.52 % - - 6.37 %
Net interest
spread 4.60 4.64
Effect of
noninterest-
bearing sources 0.56 0.51
-------- ------- -------- -------
Net interest
income/ margin
on earning
assets - $8,194 5.16 % - $8,312 5.15 %
3rd Quarter 2005 2nd Quarter 2005
Average Average
Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
Assets:
Interest-bearing
deposits with
other banks $4,730 $44 3.69 % $536 $4 2.99 %
Federal funds
sold 7,420 64 3.42 % 5,119 36 2.82 %
Investment
securities
available for
sale:
Taxable 30,904 248 3.18 % 31,223 249 3.20 %
Tax-exempt 5,050 40 3.14 % 5,070 41 3.24 %
----------------- -----------------
Total
investment
securities 35,954 288 3.18 % 36,293 290 3.20 %
----------------- -----------------
Loans (1) 588,726 9,438 6.36 % 578,173 8,855 6.14 %
----------------- -----------------
Total interest
earning assets 636,830 9,834 6.13 % 620,121 9,185 5.94 %
Cash and due from
banks 27,413 33,259
Less allowance
for loan losses (7,359) (7,251)
Other assets 33,559 33,500
--------- ---------
Total assets $690,443 $679,629
========= =========
Liabilities:
Savings, Now and
market rate
deposits $318,223 $770 0.96 % $319,101 $647 0.81 %
Time deposits 133,052 1,013 3.02 % 128,777 869 2.71 %
----------------- -----------------
Total interest-
bearing
deposits 451,275 1,783 1.57 % 447,878 1,516 1.36 %
Short term
borrowings 516 5 3.84 % 3,540 28 3.17 %
----------------- -----------------
Total interest-
bearing
liabilities 451,791 1,788 1.57 % 451,418 1,544 1.37 %
Demand deposits,
noninterest-
bearing 152,048 146,140
Other liabilities 12,303 9,803
--------- ---------
Total
noninterest-
bearing
liabilities 164,351 155,943
Total
liabilities 616,142 607,361
Shareholders'
equity 74,301 72,278
--------- ---------
Total
liabilities
and
shareholders'
equity $690,443 $679,639
--------- ---------
Interest income
to earning
assets - - 6.13 % - - 5.94 %
Net interest
spread 4.56 4.57
Effect of
noninterest-
bearing sources 0.45 0.37
-------- ------- -------- -------
Net interest
income/ margin
on earning
assets - $8,046 5.01 % - $7,641 4.94 %
1st Quarter 2005
Average
Interest Rates
Average Income/ Earned/
Balance Expense Paid
Assets:
Interest-bearing
deposits with
other banks $3,147 $18 2.32 %
Federal funds
sold 4,415 25 2.30 %
Investment
securities
available for
sale:
Taxable 30,182 233 3.13 %
Tax-exempt 5,109 41 3.25 %
------------------
Total
investment
securities 35,291 274 3.15 %
------------------
Loans (1) 567,842 8,354 5.97 %
------------------
Total interest
earning assets 610,695 8,671 5.76 %
Cash and due from
banks 33,357
Less allowance
for loan losses (7,058)
Other assets 32,697
---------
Total assets $669,691
=========
Liabilities:
Savings, Now and
market rate
deposits $326,547 $563 0.70 %
Time deposits 117,375 732 2.53 %
------------------
Total interest-
bearing
deposits 443,922 1,295 1.18 %
Short term
borrowings 1,250 8 2.60 %
------------------
Total interest-
bearing
liabilities 445,172 1,303 1.19 %
Demand deposits,
noninterest-
bearing 143,434
Other liabilities 9,791
---------
Total
noninterest-
bearing
liabilities 153,225
Total
liabilities 598,397
Shareholders'
equity 71,294
---------
Total
liabilities
and
shareholders'
equity $669,691
---------
Interest income
to earning
assets - - 5.76 %
Net interest
spread 4.57
Effect of
noninterest-
bearing sources 0.32
--------- -------
Net interest
income/ margin
on earning
assets - $7,368 4.89 %
(1) Non-accrual loans have been included in the average loan balances,
but interest on non-accrual loans has not been included for
purposes of determining interest income
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