Center Financial First Quarter Profits Increase 18% to $2.5 Million or $0.32 Per Share.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--April 21, 2003 Center Financial Corporation (Nasdaq:CLFC CLFC Creating Lasting Family Connections (New Hampshire) CLFC Clear Lake Fencing Club (Texas) ), the parent of Center Bank, one of the premier community banks focused on the Korean-American niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. , today reported first quarter net income increased 18% over the first quarter last year. A growing balance sheet, a continued focus on building core deposits, and 44% loan growth contributed to company's best first quarter since its inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. . Center Financial's net income totaled $2.5 million, or $0.32 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 for the quarter ended March 31, 2003, compared to $2.1 million, or $0.29 per share in the first quarter a year ago. "This was one of the most productive quarters in the company's history. Our increased earnings can be primarily attributed to a 17% increase in net interest income after provision for loan losses, which was driven by a larger base of 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 hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. our loan portfolio against the declining interest rate environment," said Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Seon-Hong Kim Kim orphan wanders streets of India with lama. [Br. Lit.: Kim] See : Adventurousness , President and Chief Executive Officer. Highlights for the quarter, compared to the first quarter a year ago include: 1. Net loans increased 44% 2. Deposits grew 39% 3. Revenues increased 17% 4. Average interest earning assets increased 41% 5. Net interest income, before the loan loss provision increased 23% 6. Loan loss provision for the quarter increased to $450,000 from $100,000 7. Net interest margin declined to 3.9% compared to 4.5% Financial Summary Net income increased 18% to a record $2.5 million for the first quarter of 2003, compared to $2.1 million in 2002. 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 increased 10% to $0.32 compared to $0.29 the year before. The increase in earnings resulted primarily from a significant increases in net interest income due a substantial to increases in earning assets and management's deliberate Willful; purposeful; determined after thoughtful evaluation of all relevant factors; dispassionate. To act with a particular intent, which is derived from a careful consideration of factors that influence the choice to be made. effort to hedge against the declining rate environment by entering into a series of interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. during 2001 and 2002, as well as an increase in noninterest income. The Company's 2003 first quarter 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). ) were 15.28% and 1.25%, respectively, compared to 16.45% and 1.48% for the same period last year. The lower return on average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. and lower return on average assets in the current period compared with a year ago is due, primarily, to a decrease in net interest margin and a higher level of shareholders' equity from increased unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on available-for-sale securities, retained net income, from the exercise of stock options and our significant growth. Balance Sheet Summary Average earning assets for the first quarter of 2003 increased by 41% or $757.8 million, as compared to the same quarter of 2002, while average gross loans for the quarter were $557.3 million, 42% higher than the same period of the prior year. The increase in average earning assets was funded by a 39% increase in average deposits during the first quarter of 2003. For the first quarter of 2003, average deposits totaled $728.7 million, compared to $525.5 million for the same period last year. The deposit growth was mainly due to growth in money market accounts. The growth in core deposits, combined with a continued repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing of term interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid deposits in this low interest rate environment, resulted in a decrease in the average cost of interest-bearing deposits for the first quarter of 2003 to 2.22%, 19% below the 2.73% reported for the same quarter of 2002. The total 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. for the first quarter 2003, including other borrowed funds, decreased 18% to 2.25% compared to 2.73% in the same quarter of prior year. As of March 31, 2003, total assets increased 3% to $842.8 million compared to total assets at December December: see month. 31, 2002 of $818.6 million. The increase in total assets was mainly due to $59.2 million growth in loans, partially offset by a decrease in cash and cash equivalents of $22.7 million. Total shareholders' equity was $68.5 million at March 31, 2003, compared to $65.2 million at December 31, 2002. Operating results For the first quarter of 2003, net interest income increased 23% to $7.4 million compared to $6.0 million for the same quarter last year. Net interest income increased due to: growth in earning assets; a decrease in deposit costs from a continued repricing of interest-bearing deposits to prevailing lower market rates; and net interest income from interest rate swaps, despite the decrease in interest margin by 60 basis points compared to the margin of the same period of the prior year. The Company entered into several interest rate swap contracts to partially hedge its prime rate-based loan portfolio against declining rates, paying prime and receiving a fixed rate. Interest rate swaps contributed $438,000 to net interest income in first quarter of 2003 as compared to $119,000 in the first quarter of 2002. The interest margin for the quarter equaled 3.94%, a 13% decline compared to 4.54% for the same quarter of 2002. This decrease in net interest margin was mainly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to decreased yield in available-for-sale securities. Matured and paid off mortgage-backed Mortgage-backed may refer to:
The provision for loan losses for the quarter was $0.5 million, 500% above the $0.1 million provision for the prior year period. "Considering the current economic climate and the significant growth in our loan portfolio, we decided it would be prudent and sound to boost reserves despite our solid asset quality," Mr. Kim added. Center Financial generated $3.1 million in noninterest income for the first quarter, 6% above the $2.9 million in the same quarter of 2002. Core noninterest income, which excludes gain on sale of securities and gain on sale of loans, increased 11% to $2.9 million for the first quarter of 2003, compared with $2.6 million for the like quarter in 2002. The growth in core noninterest income resulted from a combination of higher wire transfer fees, and service fees on deposits and loans, primarily due to the branch network expansion. Management anticipates that noninterest income will continue to make a greater contribution to overall earnings in 2003 as a result of continued focus on fee generation and maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: the potential from the new banking relationships established at newly opened branches during 2001 and 2002. Total noninterest expenses for the first quarter grew 12% to $6.0 million, compared to $5.4 million for the same period last year. The increase in overhead expenses for the quarter was as a result of increases in salaries, legal, depreciation, maintenance and advertising expenses due to the Bank's name change, targeted and sponsored advertising campaigns and branch network expansion. "We have received all required regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals and plan to open our 13th branch during the second quarter of 2003," Mr. Kim said. The new Fullerton Fullerton, city (1990 pop. 114,144), Orange co., S Calif., SE of Los Angeles; founded 1887, inc. 1904. The city is named for George H. Fullerton, head of a land company, who arranged to route the San Diego–Los Angeles–Santa Fe RR through the settlement in Branch will be in the Buena Park Buena Park (bwā`nə), city (1990 pop. 68,784), Orange co., S Calif.; inc. 1953. Food processing, the manufacture of aircraft, and tourism are important to the city's economy. area, where the Korean-American population is rapidly growing. The Company's efficiency ratio, defined as the ratio of noninterest expense to the sum of net interest income before provision for loan losses and noninterest income, improved to 57.5% for the quarter compared to 60.0% in the like quarter a year ago. This improvement was primarily related to contributions to the bottom line from the new branches opened during 2001 and 2002, and was also driven by both increased revenues and the Company's ongoing efforts to improve efficiency and productivity. Asset Quality The level of 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 of March 31, 2003 totaled $2.4 million and represented 0.28% of total assets and 0.41% of gross loans, respectively. A year ago, nonperforming assets totaled $1.6 million, or 0.26% of total assets and 0.39% of gross loans. This increase in nonperforming asset was primarily due to one SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government real estate term loan. Net recoveries of previously charged off loans for the first quarter 2003 totaled $17,000 or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 0.01% of average loans, compared to net charge-offs of $183,000, or 0.05% in the same quarter a year ago. Management attributed the decrease in the net charge-offs and maintaining the lower nonperforming assets ratio to a careful monitoring of the Company's portfolio and customer base and an overall stability in the borrowers' financial condition. "During 2002, we established a 'Credit Risk Monitoring' team to strengthen the loan portfolio monitoring and risk control process. This team has done an excellent job of carefully monitoring the loan portfolio and customer base as well as the overall stability of the financial condition of our borrowers," Mr. Kim added. The allowance for loan losses totaled $7.2 million, or 1.22% of gross loans at March 31, 2003, and $5.4 million, or 1.33% of gross loans as of March 31, 2002, respectively. Allowance for loan losses to nonperforming loans for the first quarter ended 2003 was 300.9%, which compares to last year's 341.7%. "We believe that the allowance is sufficient for the known and inherent losses as of March 31, 2003,"said Mr. Kim. Capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. Center Financial remains "well-capitalized" under all regulatory categories, with a Tier 1 risk based capital ratio of 10.01%, a total risk-based capital ratio Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. of 11.11%, and a Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. ratio of 8.08%. Total shareholders' equity as of March 31, 2003 was $68.5 million, compared to $ 65.2 million at December 31, 2002. The increase of shareholders' equity was attributable to net earnings of $2.5 million for the first quarter of 2003, an increase in capital by $558,000 due to proceeds from and income tax benefits allowed on options exercised during the quarter, a $194,000 increase in unrealized gain from securities available for sale, and an increase in the fair value of interest rate swaps for hedging purposes. Center Financial Corp. Center Financial Corp. is a publicly-owned company, whose stock is traded on the Nasdaq National Market under the symbol of "CLFC." Center Financial is a financial holding company formed in 2002 and is the parent company of Center Bank. Founded in 1986, Center Bank is a community bank offering a full-range A Full-range loudspeaker drive unit is defined as a driver which reproduces as much of the audible frequency range as possible, with high-fidelity, within the boundaries imposed by the physical limitations of the specific design. of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . Center Bank changed its name to Center Bank from California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Center Bank in December of 2002. It specializes in commercial and SBA loans and trade finance products for multi-ethnic Adj. 1. multi-ethnic - involving several ethnic groups multiethnic social - living together or enjoying life in communities or organized groups; "a human being is a social animal"; "mature social behavior" and small business customers. The Bank operates 12 branches throughout Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and four Loan Production Offices located in Phoenix, Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. , Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. and 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. D.C. It is one of the largest financial institutions in the nation focusing on the Korean-American community. Further information about the Company can be found at www.centerbank.com. 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. This release may contain forward-looking statements, which are included in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the "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. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and accordingly, the cautionary statements contained in Center Financial Corp's 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 Dec. 31, 2002 (See Business, and 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 ), and other filings with the Securities and Exchange Commission are incorporated herein by reference. These factors include, but are not limited to: the effect of interest rate and currency exchange fluctuations; competition in the financial services market for both deposits and loans; Center Financial's ability to efficiently incorporate acquisitions into its operations; the ability of Center Financial and its subsidiaries to increase its customer base; and regional and general economic conditions. Actual results and performance in future periods may be materially different from any future results or performance suggested by the forward-looking statements in this release. Such forward-looking statements speak only as of the date of this release. Center Financial expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the Company's expectations of results or any change in events. For any question related to this report, please contact Y. H. Kim, SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul & Chief Financial Officer at (213) 251-2250.
CENTER FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(In thousands, except share and per share data)
03/31/03 03/31/02 12/31/02
Assets
Cash and due from banks $32,795 $29,211 $38,877
Federal funds sold 23,910 27,000 35,500
Money market funds and interest-
bearing deposits in other banks 35,000 20,000 40,000
Securities available-for-sale 126,946 86,660 140,998
Securities held-to-maturity 15,587 14,924 15,741
Loans (net of unearned income) 587,638 407,482 527,977
Allowance for loan losses (7,177) (5,413) (6,760)
---------- ---------- ----------
Net loans 580,461 402,069 521,217
Fixed assets 10,266 8,945 9,988
Other assets 17,793 15,477 16,303
---------- ---------- ----------
Total assets $842,758 $604,286 $818,624
========== ========== ==========
Liabilities and Shareholders' Equity
Deposits
Non-interest bearing deposits $214,514 $167,085 $207,092
Interest bearing deposits 534,903 371,661 519,928
---------- ---------- ----------
Total deposits 749,417 538,746 727,020
Borrowed funds 15,639 2,282 17,565
Other liabilities 9,219 9,804 8,833
---------- ---------- ----------
Total Liabilities 774,275 550,832 753,418
Shareholders' Equity 68,483 53,454 65,206
---------- ---------- ----------
Total Liabilities & Shareholders'
Equity $842,758 $604,286 $818,624
========== ========== ==========
Book value per share * $8.82 $7.29 $8.48
Number of common shares outstanding
at period end * 7,763,097 7,336,232 7,692,420
========== ========== ==========
(*) Adjusted to reflect eight percent stock dividend paid in 2003.
CENTER FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
(In thousands, except share and per share data)
Quarter-ended Change
March 31,
2003 2002 Amount Percentage
-------------------------- ---------- ---------- ---------- ----------
Interest income $10,332 $8,479 $1,853 21.9%
Interest expense 2,966 2,475 491 19.8%
---------- ---------- ---------- ----------
Net interest income 7,366 6,004 1,362 22.7%
Provision for loan losses 450 100 350 350.0%
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 6,916 5,904 1,012 17.1%
Non-interest income
Customer service fees 1,612 1,422 190 13.4%
Fee income from trade
finance transactions 635 655 (20) -3.1%
Wire transfer fees 154 130 24 18.5%
Gain on sale of loans - 341 (341)
Net gain on sale of
securities available for
sale 247 - 247
Loan service fees 285 200 85 42.5%
Other income 186 186 - -
---------- ---------- ---------- ----------
Total noninterest
income 3,119 2,934 185 6.3%
Non-interest expenses
Salaries and employee
benefits 3,172 3,056 116 3.8%
Occupancy 439 430 9 2.1%
Furniture, fixtures,
and equipment 323 239 84 35.1%
Net other real estate
owned expense/(income) - (98) 98
Data processing 391 373 18 4.8%
Professional service
fees 262 169 93 55.0%
Business promotion and
advertising 431 311 120 38.6%
Stationery and supplies 128 81 47 58.0%
Telecommunications 127 91 36 39.6%
Postage and courier
service 121 106 15 14.2%
Security service 143 132 11 8.3%
Other operating expenses 491 475 16 3.4%
---------- ---------- ---------- ----------
Total noninterest
expenses 6,028 5,365 663 12.4%
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAX
PROVISION 4,007 3,473 534 15.4%
INCOME TAX PROVISION 1,482 1,332 150 11.3%
---------- ---------- ---------- ----------
Net income $2,525 $2,141 $384 17.9%
========== ========== ========== ==========
Other comprehensive income
(1) 194 (170) 364 214.1%
Total comprehensive income $2,719 $1,971 $748 37.9%
========== ========== ========== ==========
Income per share, basic
(2) $0.33 $0.30 $0.03 10.0%
Income per share, diluted
(2) $0.32 $0.29 $0.03 10.3%
Basic average common
shares outstanding (2) 7,708,141 7,253,391 7,708,141
Diluted average common
shares outstanding (2) 7,899,693 7,502,881 7,899,693
(1) Comprehensive income represents the change in unrealized gain
(loss) on securities available for sale and, interest rate swap, net
of tax, from the previous period end.
(2) Adjusted to reflect eight percent stock dividend paid in 2003.
CENTER FINANCIAL CORPORATION
SELECTED FINANCIAL DATA (Unaudited)
(In thousands)
For the three
months ended
March 31,
2003 2002
--------- ---------
Average gross loans outstanding during period $557,259 $391,198
Total loans outstanding at end of period 587,638 407,482
Non-performing assets
Loans past due 90 days or more and still accruing
interest $- $-
Non-accrual loans 2,385 1,584
--------- ---------
Total non-performing loans 2,385 1,584
Other Real Estate Owned - -
--------- ---------
Total Non-performing assets $2,385 $1,584
========= =========
Allowance for Loan Losses
Balance as of January 1, $(6,760) $(5,540)
Reserve for losses on commitments to extend
credit(1) 50 44
Provision for loan losses (450) (100)
Net loan charge-offs and (recoveries) (17) 183
--------- ---------
Balance as of March 31, $(7,177) $(5,413)
========= =========
Selected Ratios
For the Period
Return on average assets 1.25% 1.48%
Return on average equity 15.28 16.45
Interest rate spread 3.28 3.68
Net interest margin 3.94 4.54
Yield on earning assets 5.53 6.41
Cost of deposits 2.22 2.73
Cost of funds 2.25 2.73
Noninterest expense/average assets 0.73 0.91
Efficiency ratio 57.49 60.03
Net charge-offs/(recoveries) to average loans - 0.05
Period End
Tier 1 risk-based capital ratio (Bank) 10.01% 12.09%
Total risk-based capital ratio (Bank) 11.11 13.34
Tier 1 leverage ratio (Bank) 8.08 9.50
Non-accrual loans to gross loans 0.41 0.39
Non-performing assets to total loans and OREO 0.41 0.39
Non-performing assets to total assets 0.28 0.26
Allowance for loan loss to gross loans 1.22 1.33
Allowance for loan losses to nonperforming assets 300.94 341.73
(1) The reserve for losses on commitments to extend credit and letters
of credit is primarily related to lines of credit. The Company
evaluates credit risk associated with the loan portfolio at the same
time it evaluates credit risk associated with commitments to extend
credit and letters of credits. However, as of December 31, 2002 and
thereafter, the reserve necessary for the commitments is reported
separately in other liabilities in the accompanying statements of
financial condition, and not as part of the al1 The reserve for losses
on commitments to extend credit and letters of credit is primarily
related to undisbursed funds on lines of credit. The Bank Company
evaluates credit risk associated with the loan portfolio at the same
time as it evaluates credit risk associated with commitments to extend
credit and letters of credits. However, as of March December 31, 2002,
the reserve necessary for the commitments is reported separately in
other liabilities in the accompanying statements of financial
condition, and not as part of the allowance for loan losses, as
presented above.
CENTER FINANCIAL CORPORATION
SELECTED FINANCIAL DATA (Unaudited)
(In thousands)
For the three months
ended
March 31,
Loans 2003 2002 % chg
----------- ---------- --------
Real estate - construction $22,274 $16,320 36.5%
Real estate - commercial 284,515 185,795 53.1%
Commercial 112,009 94,015 19.1%
Consumer 41,791 36,897 13.3%
Trade finance 47,235 26,455 78.5%
SBA 81,105 50,140 61.8%
Other 152 96 58.3%
----------- ----------
Total loans- gross 589,081 409,718 43.8%
Unearned Income (1,443) (2,236) -35.5%
Allowance for loan losses (7,177) (5,413) 32.6%
----------- ----------
Total loans - net $580,461 $402,069 44.4%
Deposits
Non-interest bearing $214,514 167,085 28.4%
Interest bearing checking 151,253 79,423 90.4%
Savings 50,211 32,861 52.8%
Time deposits 333,439 259,377 28.6%
----------- ----------
Total deposits $749,417 $538,746 39.1%
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