City National Corp. Reports Record Net Income of $31 Million for First Quarter; 19% Rise Marks 23rd Consecutive Quarter of Double-Digit Income Growth.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--April 13, 2000 City National Corp. (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ) today reported record net income of $31.0 million for the first quarter of 2000, a 19 percent increase from net income of $26.0 million in the first quarter of 1999, and an 11 percent increase from the fourth quarter of 1999. Net income 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. common share of $0.66 per share increased 20 percent, compared with $0.55 per share in the first quarter of 1999, and was 10 percent higher than the $0.60 per share reported for the 1999 fourth quarter. Results reflect the operations of The Pacific Bank, N.A. from Feb. 29, 2000, the date of acquisition. Cash earnings, which exclude the amortization of core deposit intangibles Property that is a "right" such as a patent, Copyright, or trademark, or one that is lacking physical existence, such as good will. and goodwill from acquisitions, increased 23 percent to $33.9 million, or $0.72 per diluted common share, for the first quarter of 2000 from $27.6 million, or $0.58 per diluted common share, for the first quarter of 1999. They also increased 12 percent from $30.4 million, or $0.65 per diluted common share, for the fourth quarter of 1999. "These solid earnings were driven by strong loan demand, a growing client base and the resulting strong growth in revenue -- both net interest income and noninterest income. Our earnings rose 19 percent year-over-year, our 23rd consecutive quarter of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. earnings growth," said Russell Russell, English noble family. It first appeared prominently in the reign of Henry VIII when John Russell, 1st earl of Bedford, 1486?–1555, rose to military and diplomatic importance. Goldsmith, 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. of City National Corp. "For the first time in our 46-year history, City National's total assets exceeded the $8 billion level, and total loans and deposits each crossed the $6 billion threshold The point at which a signal (voltage, current, etc.) is perceived as valid. ," Goldsmith said. "These results come just one quarter after City National first grew to $7 billion in assets and more than $5 billion in both loans and deposits." Goldsmith added: "The first quarter was also highlighted by the addition on February February: see month. 29 of the colleagues and clients of The Pacific Bank to our team. With over 50 offices in 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). today, City National now has a new, strategically positioned platform for growth in the remarkably robust Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern economy -- as well as added strength in 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, ." Return on Assets/Return on Equity The Corporation's return on average assets in the first quarter of 2000 was 1.63 percent, compared with 1.73 percent in the 1999 first quarter and 1.55 percent in the fourth quarter of 1999. The return on average common equity rose to 20.85 percent, compared with 18.69 percent for the prior-year quarter and 19.40 percent for the fourth quarter of 1999. The cash return on equity was 28.3 percent. Total average assets rose to a record $7.7 billion in the first quarter of 2000, an increase of 26 percent over the $6.1 billion in average assets for the first quarter of 1999 and $0.5 billion higher than the fourth quarter of 1999. Both internally generated growth and acquisitions contributed to the increase in total average assets. The Pacific Bank added $248.3 million of additional average assets for the first quarter of 2000. Total assets at March 31, 2000, were $8.4 billion, compared with total assets of $6.3 billion at March 31, 1999, and total assets of $7.2 billion at Dec. 31, 1999. Loans Average loans rose 27 percent during the first quarter of 2000 to $5.7 billion compared with the first quarter of 1999. Average loans increased 8 percent from the 1999 fourth quarter; approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3 percent of the loan growth since Dec. 31, 1999, is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the acquisition of The Pacific Bank. Loan growth was driven primarily by increases in commercial loans and real estate commercial mortgages. Compared with the year-ago quarter, commercial loan average balances rose 21 percent from $2.4 billion to $3.0 billion. Real estate commercial mortgage averages rose 53 percent from $0.7 billion to $1.1 billion. Growth in all other loan categories also contributed to the increase in average loans over the prior-year quarter. Total loans at March 31, 2000, were $6.2 billion, compared with $4.5 billion at March 31, 1999, and $5.5 billion at Dec. 31, 1999. During the quarter, total loans increased $673.3 million, or 12 percent. The acquisition of The Pacific Bank added $497.7 million of the increase with other growth primarily driven by loans originated as part of a client relationship. Purchased residential first mortgages rose $21.1 million, or 10 percent, and non-relationship, syndicated loans Syndicated Loan A very large loan in which a group of banks work together to provide funds for one borrower. There is usually one lead bank that takes a small percentage of the loan and syndicates the rest to other banks. Notes: Also known as a "syndicated bank facility. rose $3.2 million, or less than 1 percent. Non-relationship syndicated loans continue to account for less than 10 percent of the loan portfolio. Deposits Average deposits rose 30 percent during the first quarter of 2000 to $5.7 billion compared with the first quarter of 1999, and increased 3 percent from the 1999 fourth quarter. Deposits totaled $6.4 billion at March 31, 2000, compared with $4.6 billion at March 31, 1999, and $5.7 billion at Dec. 31, 1999. Deposit growth also benefited from the acquisition of The Pacific Bank, which added $699 million to deposits at March 31, 2000. Core deposits -- which continued to provide substantial benefits to the Bank's 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. -- rose 16 percent, making a significant contribution to the total increase from Dec. 31, 1999. Net Interest Income Net interest income on a fully taxable-equivalent basis rose 19 percent to $95.3 million, compared with $80.1 million for the first quarter of 1999, and increased 6 percent from $89.9 million in the fourth quarter of last year. Interest recovered on nonaccrual and charged-off loans was $1.0 million for the first quarter of 2000, compared with $3.4 million for the first quarter and $0.4 million for the fourth quarter of 1999. The fully taxable-equivalent net interest margin was 5.47 percent for the quarter ended March 31, 2000, compared with 5.60 percent for the year-earlier period and 5.46 percent for the fourth quarter of 1999. The lower net interest margin compared with the year-ago quarter is primarily attributable to lower interest recovered on nonaccrual and charged-off loans. Noninterest Income Noninterest income continued its strong growth, totaling $24.2 million for the first-quarter 2000, a 27 percent increase over the $19.1 million reported in the first quarter of 1999. These results reflect a 4 percent increase over the $23.2 million for the fourth quarter of 1999. Noninterest income was 20.8 percent of total revenues in the first quarter of 2000, compared with 19.8 percent for the year-earlier period and 21.1 percent for the fourth quarter of 1999. All categories of recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. noninterest income increased over the prior-year period. Investment services and trust fees rose as a result of strong, internally generated new business, and a growing client base. International services income rose as a result of increased foreign exchange fees. Growth in noninterest income also reflects the acquisition of The Pacific Bank. Gains on the sale of assets and securities amounted to $0.2 million for the quarter, compared with $1.3 million in the prior-year quarter. City National Investments (CNI (1) (Certified NetWare Instructor) See Novell certification. (2) (Coalition for Networked Information, Washington, DC, www.cni.org) A partnership of the Association of Research Libraries, CAUSE and EDUCOM, founded in 1990. ), a division of the Bank, had assets under administration and management of $14.9 billion as of March 31, 2000, compared with $14.1 billion at Dec. 31, 1999. The increase is primarily attributable to the acquisition of The Pacific Bank. During the quarter, CNI also rolled out the CNI Charter Funds, a new suite of proprietary money market, private equity and fixed income investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company . Noninterest Expense Noninterest expense was $69.1 million for the first quarter of 2000, compared with $55.9 million in the first quarter and $66.7 million in the fourth quarter of 1999. This year-over-year increase in expenses is primarily the result of additional offices and employees, including those resulting from the acquisition of The Pacific Bank. Salaries and other employee benefits increased by $6.3 million, or 19 percent, compared with the first quarter of 1999; they increased by $3.9 million, or 11 percent, compared with the fourth quarter of 1999. All other expenses increased $6.8 million, or 29 percent, from the first quarter of 1999, and decreased $1.5 million, or 5 percent, from the fourth quarter of 1999. First-quarter noninterest expense included $1.3 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the integration of The Pacific Bank and included system conversion charges, the cost of new client checks and facility consolidation expenses. Income Taxes The effective tax rate in the first quarter of 2000 declined to 34.6 percent, compared with 36.5 percent in the first quarter and 35.7 percent in the fourth quarter of 1999. The decline is due primarily to the impact of the formation of a regulated investment company Regulated investment company An investment company allowed to pass capital gains, dividends, and interest earned on fund investments directly to its shareholders so that it is taxed only at the personal level, and double taxation is avoided. subsidiary that provides flexibility to raise additional capital in a tax-efficient manner. Credit Quality The Corporation recorded no credit loss provisions for the first quarter of 2000, as credit quality remained strong. There were also no credit loss provisions in the year-earlier period. Net credit losses for the first quarter of 2000 were $3.6 million, compared with net credit recoveries of $3.4 million in the year-earlier period and net credit losses of $4.9 million for the fourth quarter of 1999. The allowance for credit losses at March 31, 2000, totaled $140.5 million, or 2.28 percent of outstanding loans, which included an allowance of $9.9 million related to the acquisition of The Pacific Bank. This compares with an allowance of $138.7 million, or 3.07 percent of outstanding loans at March 31, 1999, and an allowance of $134.1 million, or 2.44 percent of outstanding loans at Dec. 31, 1999. The allowance for credit losses as a percentage of nonaccrual loans was 434 percent at March 31, 2000, compared with 596 percent at March 31, 1999, and 530 percent at Dec. 31, 1999. Total non-performing assets (nonaccrual loans and ORE) were $32.8 million, or 0.53 percent of total loans and ORE at March 31, 2000, compared with $25.7 million, or 0.57 percent, at March 31, 1999, and $26.7 million, or 0.49 percent, at Dec. 31, 1999. Capital Levels Total risk-based capital and Tier 1 risk-based capital ratios Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. at March 31, 2000, were 10.32 percent and 7.21 percent, compared with the capitalization ratios Capitalization ratios Also called financial leverage ratios, these ratios compare debt to total capitalization and thus reflect the extent to which a corporation is trading on its equity. of 10.00 percent and 6.00 percent required for an institution to be classified as "well-capitalized." The Corporation's Tier 1 leverage ratio of 6.46 percent exceeded the 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. minimum of 4.00 percent required for a "well-capitalized" institution. Total risk-based capital, Tier 1 risk-based capital and the Tier 1 leverage ratio were 11.21 percent, 7.88 percent and 6.73 percent, respectively, as of Dec. 31, 1999. The change in capital ratios was due primarily to the acquisition of The Pacific Bank. During the first quarter of 2000, the Corporation increased its quarterly dividend by 6 percent to $0.175 per share. Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Under the current 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. program of 1 million common shares announced on July July: see month. 29, 1999, 731,100 shares, including 450,300 shares in the first quarter of 2000, were repurchased for a cost of $23.5 million. Shares purchased under the buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program have been -- and will continue to be -- reissued for acquisitions, upon the exercise of stock options, and for other general corporate purposes. Treasury shares at March 31, 2000, totaled 81,473 shares, reflecting the use of 1,715,127 shares for the acquisition of The Pacific Bank. About City National City National Corp. is a publicly owned Publicly owned can refer to:
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYN". The Corporation's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, is the premier business and private bank with headquarters in California. City National Bank has more than 50 offices in California throughout Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Orange, Riverside Riverside. 1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. , San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Ventura Ventura (vĕnt  `rə), city (1990 pop. 92,575), seat of Ventura co., SW Calif., on the Pacific coast in a farm and oil region; inc. 1866. , San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden counties, as well as a loan
production office in Sacramento Sacramento, city, United StatesSacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. and an office in the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. . For more information about the Corporation, its Fax-On-Demand Information Service is at 800/873-5293, and the Corporation's Web page is http://www.cnb.com. This news release 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. about the Corporation for which the Corporation claims the protection of 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. contained in 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. Forward-looking statements include information concerning the Corporation's possible or assumed future financial condition, results of operations and business, and statements preceded by, followed by, or that include the words "will," "may," "believes," "expects," "anticipates," "intends," "plans," "estimates," or similar expressions. Forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Corporation's ability to control or predict, could cause actual results to differ materially from those contemplated by such forward-looking statements. These factors include (1) an economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in California, (2) changes in interest rates, (3) significant changes in banking laws or regulations, (4) increased competition in the Corporation's market, and (5) higher-than-expected credit losses. For a more complete discussion of these risks and uncertainties, see the Corporation'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 year ended Dec. 31, 1999, and particularly the section of 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 therein titled "Cautionary Statement for Purposes of the `Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995."
CITY NATIONAL CORP.
CONSOLIDATED BALANCE SHEET (unaudited)
(Dollars in thousands, except per share amounts)
March 31,
2000 1999 % Change
----------- ----------- --------
Assets
Cash and due from banks $ 381,763 $ 287,911 33
Securities 1,196,531 1,108,036 8
Federal funds sold 285,000 210,000 36
Loans (net of allowance for
credit losses of $140,450
and $138,710) 6,023,566 4,379,566 38
Other assets 536,645 298,806 80
Total assets $ 8,423,505 $ 6,284,319 34
Liabilities and Shareholders'
Equity
Noninterest-bearing deposits $ 2,705,431 $ 2,101,752 29
Interest-bearing deposits 3,672,029 2,501,978 47
Total deposits 6,377,460 4,603,730 39
Federal funds purchased and
securities sold under
repurchase agreements 231,404 152,583 52
Other short-term borrowed funds 829,549 507,326 64
Subordinated debt 123,500 123,311 --
Other long-term debt 130,000 280,000 (54)
Other liabilities 84,140 58,344 44
Total liabilities 7,776,053 5,725,294 36
Shareholders' equity 647,452 559,025 16
Total liabilities and
shareholders' equity $ 8,423,505 $ 6,284,319 34
Book value per share $ 13.64 $ 12.20 12
Number of shares at period end 47,453,386 45,828,993 4
CONSOLIDATED STATEMENT OF INCOME
(unaudited)
(Dollars in thousands, except per share amounts)
For the three months ended
March 31,
2000 1999 % Change
----------- ----------- --------
Interest income $ 142,067 $ 111,492 27
Interest expense (49,820) (33,812) 47
Net interest income 92,247 77,680 19
Provision for credit losses -- -- --
Net interest income after
provision for credit losses 92,247 77,680 19
Noninterest income 24,243 19,145 27
Noninterest expense (69,085) (55,901) 24
Income before taxes 47,405 40,924 16
Income taxes (16,397) (14,923) 10
Net income $ 31,008 $ 26,001 19
Net income per share, basic $ 0.68 $ 0.57 19
Net income per share, diluted $ 0.66 $ 0.55 20
Dividends paid per share $ 0.18 $ 0.17 6
Shares used to compute per
share net income, basic 45,903,093 45,989,544
Shares used to compute per
share net income, diluted 46,895,543 47,336,455
CITY NATIONAL CORP.
SELECTED FINANCIAL INFORMATION (unaudited)
(Dollars in thousands)
Period end March 31,
2000 1999 % Change
----------- ----------- --------
Loans
Commercial $ 3,141,456 $ 2,427,843 29
Residential first mortgage 1,224,343 1,032,383 19
Real estate commercial mortgage 1,307,961 763,772 71
Real estate construction 421,639 246,760 71
Installment 68,617 47,518 44
Total loans $ 6,164,016 $ 4,518,276 36
Nonaccrual loans and ORE
Nonaccrual loans $ 32,330 $ 23,264 39
ORE 429 2,390 (82)
Total nonaccrual loans and ORE $ 32,759 $ 25,654 28
Loans past due 90 days or more
on accrual status, including
credits in the process of being
paid or renewed and not
anticipated to move to
nonaccrual status $ 28,358 $ 16,704 70
Restructured loans on
accrual status $ 2,647 $ 1,881 41
Deposits
*
Noninterest bearing $ 2,705,431 $ 2,101,752 29
Interest-bearing, core 2,511,399 1,701,272 48
Total core deposits 5,216,830 3,803,024 37
Time deposits - $100,000
and over 1,160,630 800,706 45
Total deposits $ 6,377,460 $ 4,603,730 39
For the three months ended
Average Balances March 31,
2000 1999 % Change
----------- ----------- --------
Loans
Commercial $ 2,950,902 $ 2,433,188 21
Residential first mortgage 1,207,907 1,036,771 17
Real estate commercial mortgage 1,141,315 747,037 53
Real estate construction 377,433 245,509 54
Installment 62,786 48,436 30
Total loans $ 5,740,343 $ 4,510,941 27
Securities $ 1,208,883 $ 1,091,773 11
Interest-earning assets 7,006,420 5,639,577 24
Assets 7,661,611 6,100,799 26
Core deposits 4,521,759 3,644,378 24
Deposits 5,676,364 4,368,935 30
Shareholders' equity 598,166 564,294 6
CITY NATIONAL CORP.
SELECTED FINANCIAL INFORMATION (unaudited)
(Dollars in thousands except per share amounts)
For the three months ended
March 31,
2000 1999 % Change
----------- ----------- --------
Selected Ratios
For the Period
Return on average assets 1.63 % 1.73 % (6)
Return on average shareholders'
equity 20.85 18.69 12
Net interest margin 5.47 5.60 (2)
Efficiency ratio 57.82 56.27 3
Dividend payout ratio 25.53 29.34 (13)
Period End
Tier 1 risk-based capital ratio 7.21 9.76 (26)
Total risk-based capital ratio 10.32 13.54 (24)
Tier 1 leverage ratio 6.46 8.06 (20)
Nonaccrual loans to total loans 0.52 0.51 2
Nonaccrual loans and ORE to total
loans and ORE 0.53 0.57 (7)
Allowance for credit losses to
total loans 2.28 3.07 (26)
Allowance for credit losses to
nonaccrual loans 434.20 596.24 (27)
Cash earnings and ratios (reported
earnings net of goodwill and
nonqualifying core deposit
intangibles) (a)
Cash net income $ 33,900 $ 27,599 23
Cash net income per
share, basic 0.74 0.60 23
Cash net income per
share, diluted 0.72 0.58 24
Cash return on average assets 1.81 % 1.85 % (2)
Cash return on average
shareholders' equity 28.31 22.19 28
Cash efficiency ratio 54.90 54.20 1
(a) Nonqualifying core deposit intangible (CDI) amortization and
average balance excluded from these calculations are, with the
exception of the efficiency ratio, net of applicable taxes. The
after-tax amounts for the amortization and average balance of
nonqualifying CDI were $0.8 million and $12.6 million,
respectively, for the quarter ended March 31, 2000, and
$0.6 million and $17.7 million, respectively, for the three months
ended March 31, 1999. Goodwill amortization and average balance
(which are not tax effected) were $2.1 million and $104.0 million,
respectively, for the quarter ended March 31, 2000, and
$0.8 million and $42.3 million, respectively, for the three months
ended March 31, 1999. The company's cash earnings per share are
not necessarily comparable to similarly titled measures reported
by other companies.
For the three months ended
March 31,
2000 1999 % Change
------- ------- --------
Noninterest income:
Service charges on deposit accounts $ 5,557 $ 4,075 36
Investment services 5,897 4,320 37
Trust fees 5,060 4,391 15
International services 3,308 1,991 66
Bank-owned life insurance 621 539 15
Other 3,572 2,518 42
Subtotal 24,015 17,834 35
Gain on sale of loans and assets 5 58 (91)
Gain on sale of securities 223 1,253 (82)
Total $24,243 $19,145 27
Noninterest expense:
Salaries and other employee benefits $38,851 $32,513 19
All other
Professional 5,385 4,785 13
Net occupancy of premises 4,805 3,486 38
Information services 3,587 2,521 42
Marketing and advertising 2,703 2,564 5
Depreciation 3,040 2,444 24
Office services 2,066 1,836 13
Amortization of goodwill and core
deposit intangibles 3,489 2,060 69
Equipment 465 651 (29)
Acquisition integration 1,309 -- --
Other operating 3,385 3,041 11
Total other 30,234 23,388 29
Total $69,085 $55,901 24
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion