Cascade Financial's Second Quarter EPS up 14% before Merger Expenses; Assets Exceed $1 Billion and Credit Quality Remains Excellent.EVERETT Everett. 1 City (1990 pop. 35,701), Middlesex co., E Mass., an industrial suburb of Boston, on the Mystic River; settled c.1643, set off from Malden 1870, inc. as a city 1892. , Wash. -- Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. Financial Corporation (Nasdaq:CASB CASB Cost Accounting Standards Board CASB Colorado Association of School Boards CASB Canadian Aviation Safety Board CASB Catalogs and Surveys Branch CASB Chinese Association at Stony Brook CASB Council for the Advancement of Small Business ), parent company of Cascade Bank, today reported that assets have surpassed $1 billion and net income was $2.3 million, or $0.26 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the second quarter of 2004. On June June: see month. 4, 2004, Cascade closed its acquisition of Issaquah Bancshares, resulting in merger-related expenses of $633,000 ($550,000, net of tax) in the second quarter. Excluding the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge, second quarter net income grew 20% to $2.8 million, or $0.32 per diluted share, compared to $2.4 million, or $0.28 per share in the second quarter last year. In the first half of 2004, net income increased 4% to $4.9 million, or $0.55 per diluted share. Excluding the acquisition expense posted in the second quarter, net income increased 16% for the six-month period to $5.4 million, or $0.61 per diluted share. In the six-month period ended June 30, 2003, Cascade posted net income of $4.7 million, or $0.56 per diluted share. A reconciliation of reported earnings with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings is included in the financial tables that follow. All per share results reflect the 5-for-4 stock split paid December December: see month. 19, 2003. Second Quarter 2004 Highlights, Compared to Second Quarter 2003 --Completed the acquisition of Issaquah Bancshares, parent company of $134 million Issaquah Bank. --Operating net income increased 20% to $2.8 million, before merger expenses. --EPS, before merger expenses, grew 14% to $0.32 per diluted share. --Return on tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. equity, excluding merger costs, was 16.8%. --Asset quality remained strong -- nonperforming loans just 0.10% of total loans. --Assets grew 23%, topping $1 billion. --Loan mix shifted resulting in a greater concentration of business and commercial real estate loans. --Deposits grew 27% to $695 million, with a 75% increase in checking balances. --Revenue from checking account fees grew 59%. "Acquiring Issaquah Bank, a high-performing community bank located in a premium, high-growth area, is consistent with our ongoing strategy of expanding our commercial banking franchise," stated Carol K. Nelson, President 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. . "At the same time, we have shifted our loan portfolio mix by adding higher-yielding commercial credits, grown core deposits decreasing our dependence on CDs, and lowered 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. , which resulted in a higher margin." Net interest margin was 3.46% in the quarter, compared to 3.32% in the second quarter of 2003. Balance Sheet Management Total assets increased 23% to $1.1 billion at June 30, 2004, compared to $857 million a year ago, primarily due to the acquisition of Issaquah Bank, which had $134 million in assets. Total loans increased 28% to $727 million, from $569 million at the end of the second quarter last year. Commercial loans, which include commercial real estate, business, and real estate construction loans grew 48% to $493 million, compared to $334 million a year ago. Commercial loans now account for 68% of total loans, up from 59% of the portfolio a year ago. Multifamily loans Multifamily loans Loans usually represented by conventional mortgages on multi-family rental apartments. declined to 13% of total loans, from 15% a year ago, while residential and other consumer loans dropped to 20% of the portfolio, compared to 26% at the mid-way point a year ago. "Loan growth has been robust, both through internal originations and the addition of Issaquah Bank's portfolio," said Lars Johnson, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition and CFO See Chief Financial Officer. . "In addition to utilizing our deposit base, we are reducing our securities portfolio to fund new loans. I expect that we will continue the shift from investments to loans, improving our yield and helping to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. interest rate risk as
the Federal Reserve has begun a tightening cycle." Securities
available for sale have decreased slightly from a year ago to $168
million, despite adding $23 million from Issaquah Bank's available
for sale portfolio.
Deposits have grown by 27% from a year ago to $695 million, compared to $546 million at the end of the second quarter last year, including $106 million from Issaquah Bank. Time deposits such as CDs increased in dollar terms, but decreased by 5% to 62% of total deposits, while transaction accounts grew to 38% of deposits, compared to 34% a year ago. Net interest margin was 3.46% in the second quarter of 2004, compared to 3.32% a year ago, and 3.43% in the first half, from 3.35% in the first six months of 2003. Including the issuance of $24.8 million in stock associated with the Issaquah Bank acquisition, 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. grew 48% to $90.1 million, from $60.9 million at the end of the second quarter last year. Book value per share was $9.45 at June 30, 2004, compared to $7.43 a year earlier. Tangible book value was $6.73, compared to $7.43 at the end of the second quarter of 2003, due to the creation of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. in connection with the acquisition of Issaquah Bank, as well as unrealized mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. adjustments to the investment portfolio. That adjustment resulted in a $3.6 million swing in the available for sale investment portfolio, from an unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. of $1 million at June 30, 2003, to an unrealized mark-to-market loss of $2.6 million at the end of June 2004. The shift, which was recorded in the accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. comprehensive income account, is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the dramatic increase in intermediate rates during the last twelve months. For example, on June 30, 2003, the ten-year Treasury note yielded 3.52%, compared to 4.58% on June 30, 2004. Credit Quality "The credit quality of the bank's portfolio remains exemplary," Nelson said. "As we have transformed Cascade into a commercial bank we have maintained our strict underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards, and credit quality improved in the second quarter from an already solid level." At June 30, 2004, nonperforming loans were just 0.10% of total loans, compared to 0.25% a year ago and 0.25% of loans at the end of the first quarter. Cascade's allowance for loan losses increased to $9.5 million, or 1.30% of total loans, which far exceeds nonperformers. Operating Results Operating results include one month of income and expense from the Issaquah Bank Division. Net interest income grew 17% to $7.8 million in the second quarter of 2004, compared to $6.7 million a year ago, reflecting a rise in interest income and a decline in interest expense. Despite a 58% increase in checking and service fees, other income was $1.2 million in the quarter, compared to $1.5 million last year, in the second quarter of 2003, which had unusually high gains on sales of loans and securities. Other expense, excluding the merger-related expenses, increased 6% to $4.7 million, from $4.4 million in the second quarter of 2003. 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. were partially offset by prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. fees incurred in the second quarter of 2003, for paying off high-cost Federal Home Loan Bank (FHLB FHLB Federal Home Loan Bank ) advances. "The integration of Issaquah Bank has gone extremely well," Nelson said. "Our expectations have been exceeded and it is clear that we purchased a premium bank at a reasonable price. Costs associated with the acquisition were less than previously anticipated, and we are already seeing an increase in revenues." In the second quarter of 2004, revenues grew 11% to $9.0 million, from $8.2 million last year. Net interest income before the provision for loan losses plus other income increased 6% to $17.5 million in the first half of 2004, compared to $16.5 million in the six-month period a year ago. Net interest income increased 13% to $15.1 million in the six-month period ended June 30, 2004, from $13.4 million the previous year. Other income was $2.3 million, compared to $3.1 million in the first six months of 2003. Other expense, excluding the merger-related expenses, grew 2% to $9.1 million, compared to $9.0 million in the first half of last year. "Acquisition-related expenses were $633,000 in the second quarter, and I do not anticipate additional significant nonoperating expenses associated with the Issaquah transaction going forward," Nelson said. "While second quarter performance ratios were impacted by those expenses, as well as our issuance of new shares and rapid balance sheet growth, I believe we have significantly increased our franchise value and built a solid platform for continued growth." Performance Measures Cascade's return on 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. ) was 12.3% in the quarter ended June 30, 2004, and return on tangible equity (ROTE rote 1 n. 1. A memorizing process using routine or repetition, often without full attention or comprehension: learn by rote. 2. Mechanical routine. ) was 14.2%. Both compare to 15.9% in the second quarter of last year, before Cascade had any goodwill on its books. Return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) was 0.97%, from 1.14% in the second quarter a year ago. The efficiency ratio was 58.7% in the quarter, up from 53.9% in the second quarter of 2003. Excluding the one-time costs associated with the acquisition of Issaquah Bancshares, performance ratios were strong. ROE was 15.2% and ROTE improved to 16.8%, compared to 15.9% in the second quarter last year. ROA improved to 1.20%, from 1.14% in the second quarter a year ago, despite the sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz a·ble·ness n. increase in assets. The efficiency ratio also
improved, to 51.7% in the second quarter of 2004, from 53.9% last year.
Conference Call Carol Nelson and Lars Johnson will host a conference call on July July: see month. 21, 2004, at 10:00 am PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT (1:00 pm EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). Interested investors may listen to the call live or via replay at www.cascadebank.com. Investment professionals are invited to dial (303) 262-2130 to participate in the live call. A telephone replay of the call will be available for three weeks at (303) 590-3000, using passcode 11001703#. About Cascade Financial Established in 1916, Cascade Bank, the only operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Cascade Financial Corporation, is a state chartered commercial bank headquartered in Snohomish County, Washington Snohomish County is a county located in the U.S. state of Washington. It is named after the Snohomish tribe. Since 2000, the county's population has grown from 606,024 to 686,300 residents (2007 figures), making it one of the fastest-growing in the state, ranking third in overall . Cascade Bank operates 16 full service offices, located in Everett, Lynnwood Lynnwood, city (1990 pop. 28,695), Snohomish co., W central Wash., a residential and industrial suburb of Seattle; inc. 1959. Aerospace parts, communications and electrical equipment, electronic components, precious metal jewelry, and scales and balances are among , Marysville Marysville is the name of several places. Locations Australia
John Stevens, 1749–1838, b. New York City, was graduated from King's College (now Columbia Univ.) in 1768. , Bellevue Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. and Snohomish Snohomish can refer to:
In 2003, Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. CEO magazine ranked Cascade Bank the #1 medium sized "Best Company to Work For" in Washington State. In July 2004, US Banker BANKER, com. law. A banker is one engaged in the business of receiving other persons money in deposit, to be returned on demand discounting other persons' notes, and issuing his own for circulation. One who performs the business usually transacted by a bank. magazine ranked Cascade #39 out of the Top 200 Publicly Traded Community Banks with less than $1 billion in assets, based on three-year average return on equity. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This document contains 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Those factors include, but are not limited to, impact of the current national and regional economic recession on small business loan demand in the Puget Sound Puget Sound (py `jĕt), arm of the Pacific Ocean, NW Wash., connected with the Pacific by Juan de Fuca Strait, entered through the Admiralty Inlet and extending in two arms c. area, the
ability to successfully integrate Issaquah Bank and the expenses
associated with the integration, loan delinquency delinquencyCriminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rates, changes in interest rates, the ability to continue to attract quality commercial business, interest rate movements, fluctuation Fluctuation A price or interest rate change. in demand for the company's products and services, the ability to attract and retain qualified people, and other factors. For a discussion of factors that could cause actual results to differ, please see the Company's publicly available Securities and Exchange Commission filings, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2003.
CONSOLIDATED FINANCIAL HIGHLIGHTS
---------------------------------
INCOME STATEMENT
(Dollars in thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003
---------- ---------- ---------- ----------
(Unaudited) (Unaudited)
Interest
income $ 13,096 $ 12,532 4.5% $ 25,705 $ 25,280 1.7%
Interest
expense 5,250 5,821 -9.8% 10,557 11,839 -10.8%
---------- ---------- ---------- ----------
Net
interest
income 7,846 6,711 16.9% 15,148 13,441 12.7%
Provision
for loan
losses 150 300 -50.0% 375 675 -44.4%
---------- ---------- ---------- ----------
Net interest
income after
provision for
loan losses 7,696 6,411 20.0% 14,773 12,766 15.7%
Other income
Gain on
sale of
loans 82 269 -69.5% 144 474 -69.6%
Gain on
sale of
securities 112 575 -80.5% 381 1,340 -71.6%
Checking
fees 503 317 58.7% 944 601 57.1%
Service fees 167 107 56.1% 307 248 23.8%
Gain on
sale of real
estate 23 7 228.6% 99 48 106.3%
Bank owned
life
insurance 133 147 -9.5% 267 295 -9.5%
Other 168 29 479.3% 198 60 230.0%
---------- ---------- ---------- ----------
Total other
income 1,188 1,451 -18.1% 2,340 3,066 -23.7%
Total income 8,884 7,862 13.0% 17,113 15,832 8.1%
Compensation
expense 2,675 2,320 15.3% 5,308 4,805 10.5%
Other
operating
expenses 1,992 1,802 10.5% 3,799 3,469 9.5%
FHLB
prepayment
fees - 276 26 718 -96.4%
Merger related
expenses 633 - 633 -
---------- ---------- ---------- ----------
Total other
expense 5,300 4,398 20.5% 9,766 8,992 8.6%
Net income
before tax 3,584 3,464 3.5% 7,347 6,840 7.4%
Income tax
expense 1,300 1,105 17.6% 2,489 2,177 14.3%
---------- ---------- ---------- ----------
Net income $ 2,284 $ 2,359 -3.2% $ 4,858 $ 4,663 4.2%
========== ========== ========== ==========
EARNINGS PER
SHARE INFORMATION
Earnings per
share,
basic $ 0.27 $ 0.29 -7.8% $ 0.58 $ 0.57 0.6%
Earnings
per share,
diluted $ 0.26 $ 0.28 -8.9% $ 0.55 $ 0.56 -0.6%
EPS, diluted
without
merger
expenses $ 0.32 $ 0.28 14.3% $ 0.62 $ 0.56 10.7%
Weighted
average
number
of shares
outstanding:
Basic 8,583,163 8,172,129 5.0% 8,438,534 8,147,273 3.6%
Diluted 8,915,706 8,386,389 6.3% 8,789,473 8,389,915 4.8%
PERFORMANCE MEASURES
Return on
Average
Equity 12.26% 15.88% 13.90% 16.02%
Return on
Average
Tangible
Equity 14.23% 15.88% 14.67% 16.02%
Return on
Average
Assets 0.97% 1.14% 1.06% 1.13%
Efficiency
Ratio 58.67% 53.88% 55.84% 54.47%
Net Interest
Margin 3.46% 3.32% 3.43% 3.35%
INCOME STATEMENT
EXCLUDING MERGER RELATED EXPENSES
(Dollars in thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003
---------- ---------- ---------- ----------
(Unaudited) (Unaudited)
Net interest
income after
provision
for loan
losses $ 7,696 $ 6,411 20.0% $ 14,773 $ 12,766 15.7%
---------- ---------- ---------- ----------
Total other
income 1,188 1,451 -18.1% 2,340 3,066 -23.7%
---------- ---------- ---------- ----------
Total income 8,884 7,862 13.0% 17,113 15,832 8.1%
Compensation
expense 2,675 2,320 15.3% 5,308 4,805 10.5%
Other
operating
expenses 1,992 1,802 10.5% 3,799 3,469 9.5%
FHLB
prepayment
fees - 276 -100.0% 26 718 -96.4%
Merger
related
expenses - - - -
---------- ---------- ---------- ----------
Total other
expense 4,667 4,398 6.1% 9,133 8,992 1.6%
Net income
before tax 4,217 3,464 21.7% 7,980 6,840 16.7%
Income tax
expense 1,383 1,105 25.2% 2,572 2,177 18.1%
---------- ---------- ---------- ----------
Net income $ 2,834 $ 2,359 20.1% $ 5,408 $ 4,663 16.0%
========== ========== ========== ==========
EARNINGS PER
SHARE INFORMATION
Earnings
per share,
basic $ 0.33 $ 0.29 14.4% $ 0.64 $ 0.57 12.0%
Earnings
per share,
diluted $ 0.32 $ 0.28 14.3% $ 0.62 $ 0.56 10.7%
EPS, diluted
without
merger
expenses $ 0.32 $ 0.28 14.3% $ 0.62 $ 0.56 10.7%
Weighted
average
number of
shares
outstanding:
Basic 8,583,163 8,172,129 5.0% 8,438,534 8,147,273 3.6%
Diluted 8,915,706 8,386,389 6.3% 8,789,473 8,389,915 4.8%
PERFORMANCE
MEASURES
Return on
Average
Equity 15.20% 15.88% 15.47% 16.02%
Return on
Average
Tangible
Equity 16.85% 15.88% 16.33% 16.02%
Return on
Average
Assets 1.20% 1.14% 1.18% 1.13%
Efficiency
Ratio 51.66% 53.88% 52.22% 54.47%
Net Interest
Margin 3.46% 3.32% 3.43% 3.35%
BALANCE SHEET Year-
(Dollars in thousands) Over-
June 30, December 31, June 30, Year
2004 2003 2003 Change
------------- ------------- -------------
(Unaudited) (Unaudited) (Unaudited)
Cash and due from
banks $ 15,694 $ 13,011 $ 10,436 50.4%
Interest bearing
deposits 663 1,060 4,594 -85.6%
Securities held to
maturity 90,789 86,719 83,822 8.3%
Securities available
for sale 168,450 189,747 170,984 -1.5%
------------ --------- ---------
Total securities 259,239 276,466 254,806 1.7%
Loans
Business 266,025 204,446 184,307 44.3%
R/E construction 90,204 62,742 73,571 22.6%
Commercial real
estate 136,873 83,856 75,661 80.9%
Multifamily 92,016 87,212 86,074 6.9%
Home equity/consumer 33,665 33,163 39,271 -14.3%
Residential 108,331 105,565 110,480 -1.9%
------------ --------- ---------
Total loans 727,114 576,984 569,364 27.7%
Deferred loan fees (2,350) (2,179) (2,213) 6.2%
Allowance for loan
losses (9,471) (7,711) (7,576) 25.0%
------------ --------- ---------
Loans, net 715,293 567,094 559,575 27.8%
Premises and equipment 12,714 8,587 8,797 44.5%
Real estate owned 919 474 231 297.8%
Bank owned life
insurance 11,391 11,162 10,887 4.6%
Other assets 9,214 7,366 7,403 24.5%
Goodwill and
intangibles 25,928 - - n/m
------------ --------- ---------
Total assets $ 1,051,055 $ 885,220 $ 856,729 22.7%
============ ========= =========
Deposits
Checking accounts 95,941 62,927 54,916 74.7%
Savings and money
market accounts 170,113 132,986 128,163 32.7%
Certificates of
deposit 429,244 368,401 362,883 18.3%
------------ --------- ---------
Total deposits 695,298 564,314 545,962 27.4%
FHLB advances 211,500 200,000 194,000 9.0%
Securities sold under
agreement to
repurchase 37,272 39,911 34,057 9.4%
Jr. Sub. Deb. (Trust
Preferred Securities) 10,080 10,212 10,310 -2.2%
Other liabilities 6,791 6,826 11,456 -40.7%
------------ --------- ---------
Total liabilities 960,941 821,263 795,785 20.8%
Stockholders' equity
Common stock and
paid in capital 36,974 12,003 11,729 215.2%
Retained earnings 55,721 52,109 48,217 15.6%
Accumulated
comprehensive
gain/(loss) (2,581) (155) 998 -358.6%
------------ --------- ---------
Total stockholders'
equity 90,114 63,957 60,944 47.9%
------------ --------- ---------
Total liabilities and
equity $ 1,051,055 $ 885,220 $ 856,729 22.7%
============ ========= =========
ADDITIONAL INFORMATION
(Dollars in thousands, except per share data)
June 30, December 31, June 30,
2004 2003 2003
------------ ------------ ------------
(Unaudited) (Unaudited) (Unaudited)
Book value per common share $ 9.45 $ 7.76 $ 7.43
Common stock outstanding 9,531,855 8,241,288 8,204,050
Capital/asset ratio (including
Sub. Deb.) 9.19% 8.38% 8.32%
Tangible book value per share $ 6.73 $ 7.76 $ 7.43
Tangible capital/asset ratio
(excluding Sub.deb.) 6.26% 7.22% 7.11%
Average assets $ 943,337 $ 876,262 $ 833,028
Average earning assets $ 908,388 $ 850,520 $ 808,384
Average equity $ 74,609 $ 63,627 $ 59,625
Average tangible equity $ 67,280 $ 63,627 $ 59,625
Cash dividend per share $ 0.07 $ 0.07 $ 0.05
ASSET QUALITY
Nonperforming loans (NPLs) $ 702 $ 1,921 $ 1,427
Nonperforming loans/total loans 0.10% 0.33% 0.25%
Net loan charge-offs
(recoveries) $ (5) $ 231 $ (15)
Net charge-offs/total loans (%) 0.00% 0.04% 0.00%
Allowance for loan losses/total
loans 1.30% 1.34% 1.33%
Allowance for loan
losses/nonperforming loans 1349% 401% 531%
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