Bryn Mawr Bank Corporation Reports a 12.5% Increase in Second Quarter Earnings per Share and a 9.1% Dividend Increase.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"), announced second 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 last year. Net income for the second quarter of 2006 was $3.1 million, an increase of 12.5% or $349 thousand, compared to $2.8 million in last year's second quarter. "Our strong performance was led by healthy loan growth during the first six months of the year. Portfolio loans have risen $44.5 million, or 15% 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. , since the end of 2005," commented Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ted Peters. "However, we continue to see pressure on our deposit gathering activities and deposit pricing function as competition in these areas is intense." The Corporation's Board of Directors increased the quarterly dividend $0.01 per share or 9.1% from $0.11 to $0.12 per share, payable September September: see month. 1, 2006, to shareholders of record as of August 7, 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 June June: see month. 30, 2006, were 15.70% and 1.74% respectively. ROE was 15.47% and ROA was 1.65% for the same period last year. The major factor contributing to the increase in earnings for the second quarter of 2006 compared to the same period last year was a $703 thousand or 9.1% increase in net interest income (on a tax equivalent basis) to $8.4 million from $7.7 million. The increase in net interest income (on a tax equivalent basis) in the second quarter of 2006 compared to the same period last year was the result of a $48.6 million increase or 7.9% increase in average interest 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 6 basis point increase in the Corporation's net interest margin to 5.04% from 4.98%. Diluted earnings per share for the six months ended June 30, 2006, was $0.72, an increase of $0.08 or 12.5%, compared with $0.64 in 2005. Net income for the six months ended June 30, 2006 was $6.3 million, an increase of $683 thousand or 12.2%, compared to $5.6 million in the same period last year. ROE and ROA for the six month period ended June 30, 2006 were 15.98% and 1.79%, respectively. ROE was 15.70% and ROA was 1.67% for the same period last year. The major factor contributing to the increase in earnings for the six month period ending June 30, 2006 compared to the same period last year was a $1.6 million or 10.4% increase in net interest income (on a tax equivalent basis), partially offset by a $499 thousand or 3.3% increase in noninterest expenses. The increase in net interest income (on a tax equivalent basis) in the first six months of 2006 compared to the same period last year was the result of a $40.8 million or 6.6% increase in average interest earning assets, and an 18 basis point increase in the Corporation's net interest margin to 5.13% from 4.95%. Asset quality remains strong despite an increase in non-performing assets to $1.7 million at June 30, 2006 from $803 thousand and $415 thousand at March 31, 2006 and December December: see month. 31, 2005, respectively. The $1.7 million 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. consists almost entirely of two first lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. residential mortgage loans. Non-performing loans as a percentage of gross portfolio loans was 0.26% at June 30, 2006. The allowance for loan losses increased to $7.8 million at June 30, 2006 from $7.4 million at December 31, 2005, however the allowance as a percentage of portfolio loans decreased to 1.22% from 1.24% over the same time period. The decrease in the allowance as a percentage of portfolio loans is attributed to strong loan growth at the end of the second quarter. Net loan charge-offs (recoveries) for the six months ended June 30, 2006 and 2005 were ($14 thousand) and $55 thousand, respectively. Portfolio loans increased $44.5 million or 7.5% to $639.6 million at June 30, 2006 from $595.2 million at December 31, 2005, reflecting a significant increase in commercial mortgage and construction loan closings in the second quarter of 2006. Second quarter 2006 average portfolio loans increased $26.3 million or 4.5% over fourth quarter 2005 average loans. Investment securities increased steadily over the six month period with June 30, 2006 balances up $12.3 million or 36.8% to $45.7 million from $33.4 million at December 31, 2005. The $32.3 million in federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve sold at December 31, 2005 represented cash from short term, 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. customer deposits. The Corporation's interest bearing liabilities at June 30, 2006 include approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $58 million in wholesale funding compared with $5 million at December 31, 2005. In addition to the wholesale funding, the Corporation has seen a shift in the mix of its core deposits as lower cost interest bearing checking, money market accounts 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: move into higher yielding certificates of deposit. This change in the core deposit mix appears to be a national trend as competition for deposit balances is very intense, high rate advertisements are commonplace and the continued increase in interest rates has resulted in noticeable customer account movement. Average non-interest bearing deposits were $150.6 million in the second quarter of 2006 compared to $147.3 million in the first quarter of 2006 and $152.2 in the fourth quarter of 2005. Average short term borrowings in the second quarter of 2006 were $16.7 million compared with $3.5 million in the first quarter of 2006 and $1.5 million in the fourth quarter of 2005. At June 30, 2006, the Corporation had over $230 million in unused borrowing capacity at the Federal Home Loan Bank of Pittsburgh Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. along with capacity under federal funds lines of $48 million. Chairman Ted Peters stated, "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 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. market. Construction has started on the Corporation's new 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. branch, and we anticipate its opening in the fourth quarter of 2006. We also expect our new 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. to open in the fourth quarter of 2007. This full service branch will also house the Corporation's Chester County Chester County is the name of several counties in the United States:
Non-interest income for the second quarter of 2006 was $4.6 million, a decrease of $166 thousand or 3.5% compared with $4.7 million in the same period last year. The decline in non-interest income is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a continued decline in residential mortgage related revenues partially offset by an increase of Wealth Management Services fee income. 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 $2.195 billion at June 30, 2006, compared with $2.248 billion at December 31, 2005 and $1.901 billion June 30, 2005. The increase in assets under management and administration for the 12 months ended June 30, 2006 is primarily due to an increase in wealth assets resulting from an acquisition made by a significant client in the third quarter of 2005. The decline in assets under management and administration over the past six months is primarily due to equity market valuations. Non-interest expense for the second quarter of 2006 increased $38 thousand or 0.5% to $7.9 million when compared to the same period last year. Increases in salaries and employee benefits were partially offset by declines in 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 amortization and a decrease in professional fees. The decline in mortgage servicing rights amortization is expected to continue, while the decline in professional fees was partially due to a fewer number of audit engagements required to be performed in the current year. Other expenses include $53 thousand related to an interest rate floor contract with a notional amount The notional amount (or notional principal amount or notional value) on a financial instrument is the nominal or face amount that is used to calculate payments made on that instrument. This amount generally does not change hands and is thus referred to as notional. of $25 million purchased in April of 2006 for asset liability management purposes. Non-interest income for the six months ended June 30, 2006, increased nominally nom·i·nal adj. 1. a. Of, resembling, relating to, or consisting of a name or names. b. Assigned to or bearing a person's name: nominal shares. 2. Existing in name only. when compared to the same period last year. Fees for wealth management services revenues increased $547 thousand or 9.7% to $6.2 million from $5.6 million. Virtually all areas of the Wealth business contributed to the increase in revenues. Other non-interest income categories in the aggregate declined $542 thousand, primarily due to lower residential mortgage related revenue. Non-interest expense for the six months ended June 30, 2006, increased $499 thousand or 3.3%, to $15.7 million from $15.2 million in the same period last year, primarily due to increased employment related costs and occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses, partially offset by reduced mortgage servicing rights amortization and reduced professional fees. The reduction in mortgage servicing rights amortization is expected to continue as new mortgage 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 volume is lower than in prior periods. The increase in occupancy expenses is related to rent expense on the new Ardmore branch site. On a sequential One after the other in some consecutive order such as by name or number. basis, diluted earnings per share of $.36 and net income of $3.1 million remain unchanged. Net interest income (on a tax equivalent basis) increased $129 thousand or 1.6% on the strength of a $25.0 million or 3.9% increase in average interest earning assets, partially offset by a 18 basis point decrease in the net interest margin, as the net interest margin decreased to 5.04% from 5.22%. The decline in the net interest margin is attributable to the funding of loan growth with wholesale sources and a continued shift from lower cost core deposits into higher cost certificates of deposit. Management expects these market conditions to continue for the near term, resulting in increased downward pressure on the net interest margin. Revenue from Wealth Management Services on a sequential basis declined $72 thousand or 2.3% to $3.0 million in the second quarter of 2006 compared with $3.1 million in the first quarter of 2006. This decline is partially attributable to lower fees from estate settlement and fiduciary fiduciary (fĭd  `shēĕ'rē), in law, a person who is obliged to discharge faithfully a responsibility of trust toward another. tax services in the second quarter compared to the first
quarter of 2006, as well as the decline in equity market value,
particularly in June, in some sectors where our clients invest. Overall
non-interest expenses increased $57 thousand or 0.7% to $7.9 million
from $7.8 million as a reduction in professional fees was partially
offset by increased advertising costs.In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with this release, the Corporation will host a conference call, followed by a question and answer session, on Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , July July: see month. 28th at 9:00 a.m. Eastern Time. Interested parties may participate by calling 973-582-2843 at 8:55 a.m. Eastern Time and referencing conference PIN 7633654. A taped replay of the conference call will be available within two hours of the conclusion of the call and will remain available through August 11, 2006. The number to call for the taped replay is 973-341-3080 and the conference PIN is 7633654. 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 broadcasted 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 Bryn Mawr Bank Corporation 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, 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. The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. financial statements are an integral part of this press release.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
June 30, 2006
(unaudited)
For The Three Months Ended
For the period: Jun 30, Mar 31, Dec 31, Sept 30, June 30,
2006 2006 2005 2005 2005
---------- ---------- ---------- ---------- ----------
Interest income $11,098 $10,345 $10,235 $9,835 $9,165
Interest
expense 2,795 2,164 1,965 1,788 1,544
---------- ---------- ---------- ---------- ----------
Net interest
income 8,303 8,181 8,270 8,047 7,621
Provision for
loan losses 209 154 173 209 193
---------- ---------- ---------- ---------- ----------
Net interest
income after
provision for
loan losses 8,094 8,027 8,097 7,838 7,428
Fees for wealth
management
services 3,048 3,120 2,946 2,972 2,967
Loan servicing
and late fees 282 290 304 321 339
Service charges
on deposits 397 379 392 408 398
Net gain on
sale of loans 254 250 244 456 464
Other operating
income 594 560 542 567 573
---------- ---------- ---------- ---------- ----------
Noninterest
income 4,575 4,599 4,428 4,724 4,741
Salaries and
wages 3,834 3,829 4,183 4,414 3,758
Employee
benefits 1,131 1,318 999 998 936
Occupancy and
bank premises 642 624 571 564 581
Furniture
fixtures and
equipment 476 482 495 488 498
Advertising 273 200 277 195 312
Amortization of
mortgage
servicing
rights 84 86 92 115 210
Professional
fees 209 297 386 318 295
Other expenses 1,253 1,009 1,135 1,095 1,274
---------- ---------- ---------- ---------- ----------
Noninterest
expense 7,902 7,845 8,138 8,187 7,864
Income before
income taxes 4,767 4,781 4,387 4,375 4,305
Income tax
expense 1,630 1,645 1,503 1,499 1,517
---------- ---------- ---------- ---------- ----------
Net income $3,137 $3,136 $2,884 $2,876 $2,788
========== ========== ========== ========== ==========
Per share data:
Weighted
average shares
outstanding 8,577,365 8,570,675 8,556,250 8,555,037 8,549,675
Dilutive
potential
common shares 113,690 109,837 110,576 107,699 80,772
---------- ---------- ---------- ---------- ----------
Adjusted
weighted
average
dilutive
shares 8,691,055 8,680,512 8,666,826 8,662,736 8,630,447
========== ========== ========== ========== ==========
Basic earnings
per common
share $0.37 $0.37 $0.34 $0.34 $0.33
Diluted
earnings per
common share $0.36 $0.36 $0.33 $0.33 $0.32
Dividend
declared per
share $0.11 $0.11 $0.11 $0.11 $0.10
Note: Certain prior period amounts have been reclassified to conform
to current period presentation.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data)
June 30, 2006
(unaudited)
For The Six Months Ended
For the period: June 30, June 30,
2006 2005
---------- ----------
Interest income $21,443 $17,822
Interest expense 4,959 2,847
---------- ----------
Net interest income 16,484 14,975
Provision for loan losses 363 380
---------- ----------
Net interest income after
provision for loan losses 16,121 14,595
Fees for wealth management services 6,168 5,621
Loan servicing and late fees 572 678
Service charges on deposits 776 793
Net gain on sale of loans 504 922
Other operating income 1,154 1,155
---------- ----------
Noninterest income 9,174 9,169
Salaries and wages 7,663 7,265
Employee benefits 2,449 2,077
Occupancy and bank premises 1,266 1,137
Furniture fixtures and equipment 958 958
Advertising 473 488
Amortization of mortgage servicing
rights 170 399
Professional fees 506 598
Other expenses 2,262 2,326
---------- ----------
Noninterest expense 15,747 15,248
Income before income taxes 9,548 8,516
Income tax expense 3,275 2,926
---------- ----------
Net income $6,273 $5,590
========== ==========
Per share data:
Weighted average shares outstanding 8,574,038 8,570,533
Dilutive potential common shares 110,676 97,743
---------- ----------
Adjusted weighted average shares 8,684,714 8,668,276
========== ==========
Basic earnings per common share $0.73 $0.65
Diluted earnings per common share $0.72 $0.64
Dividend declared per share $0.22 $0.20
Note: Certain prior period amounts have been reclassified to conform
to current period presentation.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands, except per share data )
June 30, 2006
(unaudited)
For the period: 2006 2006 2005 2005 2005
2Q 1Q 4Q 3Q 2Q
Asset Quality
Data
Nonaccrual
loans $ 866 773 390 273 678
90 + days past
due loans 794 5 - - -
----------- ---------- ---------- ---------- ----------
Nonperforming
loans $ 1,660 778 390 273 678
OREO - 25 25 - 210
----------- ---------- ---------- ---------- ----------
Nonperforming
assets $ 1,660 803 415 273 888
=========== ========== ========== ========== ==========
Allowance for
loan losses $ 7,779 7,571 7,402 7,392 7,252
Allowance for
loan losses /
loans 1.22% 1.25% 1.24% 1.25% 1.22%
Allowance for
loan losses /
nonperforming
loans 469% 973% 1,898% 2,708% 1,070%
Nonperforming
loans / loans 0.26% 0.13% 0.07% 0.05% 0.11%
Nonperforming
assets /
assets 0.22% 0.11% 0.06% 0.04% 0.13%
Net loan
charge-offs
(recoveries) 1 (15) 162 69 66
Net loan
charge-offs
(annualized)/
average loans NC* NC* 0.11% 0.05% 0.05%
2006 2006 2005 2005 2005
2Q 1Q 4Q 3Q 2Q
Selected
ratios
(annualized):
Return on
average
assets 1.74% 1.83% 1.65% 1.65% 1.65%
Return on
average
shareholders'
equity 15.70% 16.27% 15.04% 15.35% 15.47%
Yield on
interest
earning
assets** 6.72% 6.58% 6.41% 6.18% 5.98%
Cost of
interest
bearing funds 2.35% 1.92% 1.73% 1.57% 1.37%
Net interest
margin** 5.04% 5.22% 5.19% 5.07% 4.98%
Tier 1
leverage
ratio 11.39% 11.53% 11.25% 11.02% 10.87%
Book value per
share $ 9.52 9.29 9.06 8.86 8.63
Tangible book
value per
share $ 9.52 9.29 9.06 8.86 8.63
Period end
shares
outstanding 8,575,398 8,575,555 8,556,255 8,559,105 8,543,046
Selected data:
Mortgage loans
originated $ 31,966 34,451 33,146 62,759 46,010
Mortgage loans
sold -
servicing
retained $ 3,615 7,010 6,889 11,016 9,972
Mortgage loans
sold -
servicing
released $ 13,127 7,436 18,460 23,051 16,817
Mortgage loans
serviced for
others $ 395,091 409,429 417,649 438,183 465,780
Wealth assets
under
management /
administration $2,195,258 2,262,064 2,247,630 2,205,380 1,900,928
2006 2005
Year-to-date Year-to-date
Selected
ratios
(annualized):
Return on
average
assets 1.79% 1.67%
Return on
average
shareholders'
equity 15.98% 15.70%
Yield on
interest
earning
assets** 6.65% 5.89%
Cost of
interest
bearing funds 2.14% 1.28%
Net interest
margin** 5.13% 4.95%
Mortgage loans
originated $ 66,417 84,559
Mortgage loans
sold -
servicing
retained $ 10,625 23,759
Mortgage loans
sold -
servicing
released $ 20,563 37,026
* Not calculated as there were no significant 2006 charge-offs
** Yield on interest earning assets and net interest margin are
calculated on a tax equivalent basis.
Bryn Mawr Bank Corporation
Consolidated Selected Financial Data
(Dollars in thousands)
June 30, 2006
(unaudited)
As of
Balance Sheet
Jun 30, Mar 31, Dec 31, Sept 30, June 30,
2006 2006 2005 2005 2005
--------- --------- --------- --------- ---------
Assets
Interest
bearing
deposits
with banks $642 $508 $405 $8,075 $314
Fed funds
sold - - 32,341 - -
Investment
securities 45,697 41,488 33,397 33,968 34,215
Loans held
for sale 6,369 4,061 2,765 9,073 8,147
Portfolio
loans:
Consumer 8,863 9,149 9,437 8,791 9,482
Commercial &
industrial 166,442 165,508 170,283 172,115 193,402
Commercial
mortgages 178,253 166,816 162,621 162,187 149,604
Construction 65,097 49,375 45,523 37,386 42,842
Residential
mortgages 108,820 106,196 99,602 95,351 84,176
Home equity
lines &
loans 112,157 109,534 107,699 106,562 106,327
--------- --------- --------- --------- ---------
Total portfolio
loans 639,632 606,578 595,165 582,392 585,833
Earning assets 692,340 652,635 664,073 633,508 628,509
Cash and due
from 27,529 26,132 33,896 30,976 33,979
Allowance for
loan losses (7,779) (7,571) (7,402) (7,392) (7,252)
Other assets 39,392 38,737 36,659 35,875 35,516
--------- --------- --------- --------- ---------
Total assets $751,482 $709,933 $727,226 $692,967 $690,752
========= ========= ========= ========= =========
Interest-
bearing
checking $134,754 $142,606 $154,319 $148,042 $140,271
Money market 106,401 115,920 112,319 118,548 125,972
Savings 43,303 44,830 46,258 47,721 51,141
Time deposits 197,980 153,412 155,322 137,262 126,538
--------- --------- --------- --------- ---------
Interest-bearing
deposits 482,438 456,768 468,218 451,573 443,922
Non-interest
bearing
deposits 152,092 151,324 168,042 153,084 161,448
--------- --------- --------- --------- ---------
Total deposits 634,530 608,092 636,260 604,657 605,370
Borrowed funds 22,700 8,000 - - -
Other
liabilities 12,597 14,171 13,453 12,491 11,617
Shareholders'
equity 81,655 79,670 77,513 75,819 73,765
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $751,482 $709,933 $727,226 $692,967 $690,752
========= ========= ========= ========= =========
Balance Sheet
(average)
2006 2006 2005 2005 2005
2Q 1Q 4Q 3Q 2Q
--------- --------- --------- --------- ---------
Interest
bearing
deposits
with banks $687 $439 $1,176 $4,730 $536
Fed funds
sold 1,467 6,161 8,115 7,420 5,119
Investment
securities 44,197 37,069 34,501 34,520 34,828
Loans held
for sale 3,304 3,217 3,142 8,690 9,046
Portfolio
loans 617,627 595,446 591,294 580,036 569,127
--------- --------- --------- --------- ---------
Earning assets 667,282 642,332 638,228 635,396 618,656
Cash and due
from 24,666 24,332 25,754 27,413 33,259
Allowance for
loan losses (7,686) (7,524) (7,460) (7,359) (7,251)
Other assets 37,803 35,819 35,162 34,993 34,975
--------- --------- --------- --------- ---------
Total assets $722,065 $694,959 $691,684 $690,443 $679,639
========= ========= ========= ========= =========
Interest-
bearing
checking $140,400 $141,504 $141,441 $142,400 $148,943
Money market 110,710 118,365 117,033 126,128 119,261
Savings 43,738 45,073 46,699 49,695 50,897
Time deposits 166,228 147,610 143,156 133,052 128,777
--------- --------- --------- --------- ---------
Interest-bearing
deposits 461,076 452,552 448,329 451,275 447,878
Non-interest
bearing
deposits 150,586 147,274 152,230 152,048 146,140
--------- --------- --------- --------- ---------
Total deposits 611,662 599,826 600,559 603,323 594,018
Borrowed funds 16,738 3,544 1,505 516 3,540
Other
liabilities 13,487 13,419 13,534 12,303 9,803
Shareholders'
equity 80,178 78,170 76,086 74,301 72,278
--------- --------- --------- --------- ---------
Total liabilities
and shareholders'
equity $722,065 $694,959 $691,684 $690,443 $679,639
========= ========= ========= ========= =========
Note: Certain prior period amounts have been reclassified to conform
to current period presentation.
Quarterly Average Balances and Tax Equivalent Income and
Expense and Tax Equivalent Yields
(unaudited) 2nd Quarter 2006 1st Quarter 2006
(dollars in Average Average
thousands) Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
Assets:
Interest-bearing
deposits with other
banks $687 $8 4.67% $439 $5 4.62%
Federal funds sold 1,467 18 4.92% 6,161 66 4.34%
Investment
securities
available for sale 44,197 475 4.31% 37,069 366 4.00%
Loans 620,931 10,683 6.90% 598,663 9,987 6.77%
----------------- -----------------
Total interest
earning assets 667,282 11,184 6.72% 642,332 10,424 6.58%
Cash and due from
banks 24,666 24,332
Less allowance for
loan losses (7,686) (7,524)
Other assets 37,803 35,819
--------- ---------
Total assets $722,065 $694,959
========= =========
Liabilities:
Savings, Now and
market rate
deposits $294,848 $934 1.27% $304,942 $821 1.09%
Time deposits 166,228 1,645 3.97% 147,610 1,301 3.57%
----------------- -----------------
Total interest-
bearing
deposits 461,076 2,579 2.24% 452,552 2,122 1.90%
Short term
borrowings 16,738 216 5.18% 3,544 42 4.81%
----------------- -----------------
Total interest-
bearing
liabilities 477,814 2,795 2.35% 456,096 2,164 1.92%
Demand deposits,
noninterest-bearing 150,586 147,274
Other liabilities 13,487 13,419
--------- ---------
Total
noninterest-
bearing
liabilities 164,073 160,693
Total
liabilities 641,887 616,789
Shareholders' equity 80,178 78,170
--------- ---------
Total
liabilities
and
shareholders'
equity $722,065 $694,959
========= =========
Net interest spread 4.37% 4.66%
Effect of
noninterest-bearing
sources 0.67% 0.56%
-------- ------ -------- ------
Net interest income/
margin on earning
assets $8,389 5.04% $8,260 5.22%
=============== ===============
Tax equivalent
adjustment $86 0.05% $79 0.05%
(unaudited) 4th Quarter 2005 3rd Quarter 2005
(dollars in Average Average
thousands) Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
Assets:
Interest-bearing
deposits with other
banks $1,176 $11 3.71% $4,730 $44 3.69%
Federal funds sold 8,115 85 4.16% 7,420 64 3.42%
Investment
securities
available for sale 34,501 310 3.56% 34,520 308 3.54%
Loans 594,436 9,904 6.61% 588,726 9,489 6.39%
----------------- -----------------
Total interest
earning assets 638,228 10,310 6.41% 635,396 9,905 6.18%
Cash and due from
banks 25,754 27,413
Less allowance for
loan losses (7,460) (7,359)
Other assets 35,162 34,993
--------- ---------
Total assets $691,684 $690,443
========= =========
Liabilities:
Savings, Now and
market rate
deposits $305,173 $764 0.99% $318,223 $770 0.96%
Time deposits 143,156 1,185 3.28% 133,052 1,013 3.02%
----------------- -----------------
Total interest-
bearing
deposits 448,329 1,949 1.72% 451,275 1,783 1.57%
Short term
borrowings 1,505 16 4.22% 516 5 3.84%
----------------- -----------------
Total interest-
bearing
liabilities 449,834 1,965 1.73% 451,791 1,788 1.57%
Demand deposits,
noninterest-bearing 152,230 152,048
Other liabilities 13,534 12,303
--------- ---------
Total
noninterest-
bearing
liabilities 165,764 164,351
Total
liabilities 615,598 616,142
Shareholders' equity 76,086 74,301
--------- ---------
Total
liabilities
and
shareholders'
equity $691,684 $690,443
========= =========
Net interest spread 4.68% 4.61%
Effect of
noninterest-bearing
sources 0.51% 0.46%
-------- ------ -------- ------
Net interest income/
margin on earning
assets $8,345 5.19% $8,117 5.07%
=============== ===============
Tax equivalent
adjustment $75 0.05% $70 0.05%
(unaudited) 2nd Quarter 2005
(dollars in Average
thousands) Interest Rates
Average Income/ Earned/
Balance Expense Paid
Assets:
Interest-bearing
deposits with other
banks $536 $3 2.24%
Federal funds sold 5,119 36 2.82%
Investment
securities
available for sale 34,828 296 3.41%
Loans 578,173 8,895 6.17%
-----------------
Total interest
earning assets 618,656 9,230 5.98%
Cash and due from
banks 33,259
Less allowance for
loan losses (7,251)
Other assets 34,975
---------
Total assets $679,639
=========
Liabilities:
Savings, Now and
market rate
deposits $319,101 $647 0.81%
Time deposits 128,777 869 2.71%
-----------------
Total interest-
bearing
deposits 447,878 1,516 1.36%
Short term
borrowings 3,540 28 3.17%
-----------------
Total interest-
bearing
liabilities 451,418 1,544 1.37%
Demand deposits,
noninterest-bearing 146,140
Other liabilities 9,803
---------
Total
noninterest-
bearing
liabilities 155,943
Total
liabilities 607,361
Shareholders' equity 72,278
---------
Total
liabilities
and
shareholders'
equity $679,639
=========
Net interest spread 4.61%
Effect of
noninterest-bearing
sources 0.37%
-------- ------
Net interest income/
margin on earning
assets $7,686 4.98%
===============
Tax equivalent
adjustment $65 0.04%
Non-accrual loans are included in the average loan balances.
Average Balances and Tax Equivalent Income and
Expense and Tax Equivalent Yields
--------------------------------------------------
For the Six Months ended June 30,
2006 2005
--------------------------------------------------
(unaudited)
(dollars in Average Average
thousands) Interest Rates Interest Rates
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
Assets:
Interest-bearing
deposits with other
banks $564 $13 4.65% $1,834 21 2.31%
Federal funds sold 3,801 84 4.46% 4,769 61 2.58%
Investment
securities
available for sale 40,653 841 4.17% 34,429 583 3.41%
Loans 609,860 20,670 6.83% 573,036 17,268 6.08%
----------------- -----------------
Total interest
earning assets 654,878 21,608 6.65% 614,068 17,933 5.89%
Cash and due from
banks 24,500 $33,308
Less allowance for
loan losses (7,606) (7,155)
Other assets 36,809 34,465
--------- ---------
Total assets $708,581 $674,686
--------- ---------
Liabilities:
Savings,Now and
market rate
deposits $299,867 $1,755 1.18% $322,893 $1,209 0.76%
Time deposits 156,970 2,947 3.79% 123,018 1,602 2.63%
----------------- -----------------
Total interest-
bearing
deposits 456,837 4,702 2.08% 445,911 2,811 1.27%
Short term
borrowings 10,177 257 5.09% 2,401 36 3.02%
----------------- -----------------
Total interest-
bearing
liabilities 467,014 4,959 2.14% 448,312 2,847 1.28%
Demand deposits,
noninterest-bearing 148,941 144,792
Other liabilities 13,451 9,796
--------- ---------
Total
noninterest-
bearing
liabilities 162,392 154,588
Total
liabilities 629,406 602,900
Shareholders' equity 79,175 71,786
--------- ---------
Total
liabilities
and
shareholders'
equity $708,581 $674,686
========= =========
Net interest spread 4.51% 4.61%
Effect of
noninterest-bearing
sources 0.62% 0.34%
-------- ------ -------- ------
Net interest income/
margin on earning
assets $16,649 5.13% $15,086 4.95%
=============== ===============
Tax equivalent
adjustment $165 0.05% $111 0.04%
=============== ===============
Non-accrual loans are included in the average loan balances.
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