Columbia Bancorp Posts Solid Third Quarter Profits; Earns $2.9 Million Net Income, or $0.32 Per Diluted Share.THE DALLES dalles pl.n. The rapids of a river that runs between the steep precipices of a gorge or narrow valley. [French, pl. of dalle, gutter, from Old French, from Old Norse dæla.] , Ore. -- Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. Bancorp (Nasdaq:CBBO), the financial holding company for Columbia River Columbia River River, southwestern Canada and northwestern U.S. Rising in the Canadian Rockies, it flows through Washington state, entering the Pacific Ocean at Astoria, Ore.; it has a total length of 1,240 mi (2,000 km). Bank, today reported strong loan and deposit growth and generated solid profits in the third quarter of 2004. During the third quarter, Columbia produced net income of $2.9 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, up 25% compared to $2.3 million, or $0.26 per diluted share, in the second quarter of 2004, and off 5% from the record results of $3.1 million, or $0.34 per diluted share, generated in the third quarter of 2003. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. net income increased to $7.2 million, or $0.80 per diluted share, compared to $6.9 million, or $0.77 per diluted share in the first nine months of 2003. "Solid growth in net interest income, fueled by strong loan and deposit growth, almost offset the reduction in mortgage lending revenues caused by the 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 mortgage applications. While our core business continues to grow and do well, the slower pace of mortgage applications this year has reduced total mortgage banking revenues by more than $500,000 in the third quarter and by almost $1.4 million year-to-date on a comparative basis to last year," said Roger Christensen Christensen may refer to:
adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , to third quarter profits in 2003." Balance sheet growth over the past 12 months showed gross loans increased 26% and total deposits increased 21% at the end of the third quarter. "We are very pleased with the continuing strong demand for business loans in our markets. In fact, our loan growth does not include $16.6 million in loans which were sold or participated during the quarter as a part of our capital and liquidity management strategy," said Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Spear, Chief Financial Officer. FINANCIAL HIGHLIGHTS --3Q04 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 18.60%; Year-to-date ROE was 16.02% --3Q04 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 1.68%; Year-to-date ROA was 1.52% --3Q04 Net Interest Margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ) of 5.86%; Year-to-date NIM of 6.08% --3Q04 Efficiency Ratio of 52.96%; Year-to-date Efficiency Ratio of 55.51% INCOME STATEMENT PERFORMANCE Revenue (net interest income plus non-interest income) for the third quarter was $11.2 million, a 5% increase compared to the second quarter of 2004 and a 3% increase from the third quarter a year ago. Year-to-date revenue increased 4% to $31.6 million from $30.3 million in the first nine months of 2003. Net interest income before provision for loan losses grew 14% to $9.2 million in the third quarter and 11% to $26.1 million year-to-date, compared to $8.0 million in the third quarter and $23.5 million in the first nine months of 2003. Top line growth reflects the increased revenues from the growing loan portfolio, as well as the contribution from loan sales, which generated $95,207 in gains and $156,182 from the accelerated recognition of deferred loan fees. The provision for loan losses totaled $550,000 in the third quarter and $2.6 million year-to-date, resulting from strong growth in the loan portfolio and a level ratio of reserves to total loans. Net interest margin on a tax equivalent basis was 5.86% for the third quarter and 6.08% for the first nine months of 2004, compared to 5.97% and 6.14% in the respective periods of 2003. Third quarter non-interest income dropped 29% to $2.0 million from $2.8 million in the third quarter a year ago, reflecting lower mortgage originations and no gain on sale of securities. Year-to-date non-interest income was down 19% to $5.5 million from $6.8 million in the first nine months of 2003. "Overhead expenses grew moderately during the third quarter. Company-wide cost consciousness reduced the impact of the costs from the two new branches opened in Bend and Redmond, Oregon Redmond is a city in Deschutes County, Oregon, United States. It is named for Frank T. Redmond, who settled near the present site of the town in 1905. It is part of the Bend, Oregon Metropolitan Statistical Area. Redmond's 2006 population is 23,500. , earlier this year," said Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Ortega, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . For the third quarter of 2004, non-interest expense was $6.0 million up 6% from $5.7 million in the third quarter of 2003. For the first nine months of 2004, non-interest expense was $17.6 million, up 3% from $17.0 million in the first nine months 2003. "Operating efficiencies improved year-to-date, were flat with the second quarter and slightly higher than the year ago quarter, reflecting the growth in our branch network," said Ortega. For the third quarter, the efficiency ratio was 52.96% compared to 51.95% for the third quarter last year. For the first nine months of 2004, the efficiency ratio was 55.51% compared to 56.13% for the first nine months of 2003. The efficiency ratio, calculated by dividing non-interest expense by net interest income and non-interest income, measures overhead costs overhead costs see fixed costs. as a percentage of total revenues. BALANCE SHEET PERFORMANCE The loan portfolio grew 26% to $578.3 million at September September: see month. 30, 2004, compared to $460.3 million at September 30, 2003. "Our branch network serves some of the fastest growing parts of the Northwest region
The Northwest Region , and that growth is fueling demand for new business services," said Shane Shane a classic, serious western film about a pioneer family protected by a mysterious stranger. [Am. Cinema: Halliwell, 651] See : Wild West Correa Correa may refer to:
A portfolio that includes a variety of securities so that the weight of any security is small. The risk of a well-diversified portfolio closely approximates the systematic risk of the overall market, and the unsystematic risk of each security has been anchored by real estate loans that account for 40% of the portfolio, commercial loans accounting for 16%, agricultural loans at 14% and construction loans at 26% of the portfolio at September 30, 2004." Total assets grew 21% to $720.5 million at September 30, 2004, compared to $594.4 million a year earlier. The carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the 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. asset as of September 30, 2004, was $2.4 million, which represents 67 basis points of the serviced loans. "Over the past five years, we have reduced the mortgage servicing asset by more than $8 million through a combination of valuation write-downs and amortization. At this level, we believe there is little or no risk for future valuation adjustments, and this asset reflects the current expected liquidation value Liquidation value Net amount that could be realized by selling the assets of a firm after paying the debt. ," said Christensen. Total deposits increased 21% to $615.1 million at September 30, 2004, compared $506.3 million at September 30, 2003. "As we have increased our competitive position in the market, we are attracting deposits in every category," said Correa. Core deposits (excluding time certificates) increased 13% to $423.0 million at the end of the quarter compared to $374.0 million a year ago. 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. increased 14% to $63.0 million, or $7.15 per share at September 30, 2004, compared to $55.4 million, or $6.34 per share at September 30, 2003. Tangible book value per share at September 30, 2004, was $6.04 compared to $5.07 at September 30, 2003. ASSET QUALITY "While the increase in 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. is not a welcome change, our loan quality remains on par with the average of the Federal Financial Institutions Examination Council's for all commercial banks with assets between $300 million and $1 billion as of June June: see month. 30, 2004," said Britt britt n. Variant of brit. Noun 1. britt - the young of a herring or sprat or similar fish brit young fish - a fish that is young 2. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , Chief Credit Officer. Non-performing assets were higher than normal because of one large loan in the amount of $3.1 million and a $1.4 million piece of property in other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most ("OREO"). Together these assets totaled 84% of total non-performing assets. "We believe our sources of repayment on the large loan remain adequate and the property in OREO is adequately valued." Total non-performing assets at the end of the quarter were $5.3 million, or 0.74% of total assets, compared to $2.1 million, or 0.36% of total assets a year ago and $3.1 million or 0.46% at the end of the prior quarter. Net charge-offs in the third quarter totaled $340,000, or 0.06% of gross loans, compared to $326,000 or 0.06% of gross loans at June 30, 2004, and $244,000, or 0.05% of gross loans at September 30, 2003. For the first nine months of the year, net charge-offs were $1.1 million, or 0.19% of gross loans, compared to $2.2 million, or 0.48% of gross loans a year ago. Allowance for loan loss was $8.2 million or 1.41% of gross loans at September 30, 2004, as compared to $6.6 million or 1.43% at September 30, 2003. LOOKING AHEAD "We are still on track to complete the sale of a parcel of land located near our headquarters in The Dalles, Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , this year, with an expected gain The expected gain (or expected return) is the weighted-average most likely outcome in gambling, probability theory, economics or finance. Discrete scenarios In gambling and probability theory, there is usually a discrete set of possible outcomes. of approximately $0.03 to $0.05 per diluted share," Ortega noted. "We have completed a land purchase for a new branch in the Tri-Cities (Kennewick Kennewick (kĕn`əwĭk), city (1990 pop. 42,155), Benton co., SE Wash., on the Columbia River near the influx of the Snake River, in an irrigated farm and vineyard region; inc. 1904. , Pasco Pasco (păs`kō), city (1990 pop. 20,337), seat of Franklin co., SE Wash., on the Columbia River near its confluence with the Snake and Yakima rivers. It is a trade and shipping center for the Columbia basin project. , Richland Richland, city (1990 pop. 32,315), Benton co., S Wash., at the confluence of the Columbia and Yakima rivers, in an irrigated farm and vineyard region; inc. 1958. It is the headquarters of the U.S. ) area of 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. State. Now that we have established a strong presence in the Central Oregon Central Oregon is a geographical region lying near the center of the U.S. state of Oregon. It is commonly considered to include Deschutes, Jefferson, and Crook counties. Primary cities in Central Oregon are La Pine, Sunriver, Bend, Redmond, Madras, and Prineville. market, we plan to focus our expansion efforts on the Columbia Basin The Columbia Basin, the drainage basin of the Columbia River, occupies a large area–about 673,396 square kilometres (260,000 square miles)—of the Pacific Northwest region of North America. with this new Tri-Cities office, as well as explore opportunities to build upon our presence in the Willamette Valley The Willamette Valley (pronounced [wɪˈlæ.mɪt], with the accent on the second syllable) is the region in northwest Oregon in the United States that surrounds the Willamette River as it proceeds northward from its in Oregon." "Our compliance efforts to meet the requirements of Sarbanes-Oxley are going well and we are on track to complete our required documentation and testing procedures by year end," said Christensen. EARNINGS TELECONFERENCE AND WEBCAST Columbia will conduct a Teleconference and Webcast on Wednesday Wednesday: see week. , October 27, 2004, at 12:00 noon Pacific Time (3:00 p.m. Eastern Time) when management, led by Roger Christensen, will discuss 2004's third quarter results. To participate in the call dial 1-888-339-2688, and use conference ID 85424140. The live Webcast can be heard by going to Columbia Bancorp's Web Site, www.columbiabancorp.com, and clicking on Presentations/Webcast under the Investor Relations Investor relations The process by which the corporation communicates with its investors. section. The call replay will be available starting two hours after the completion of the live call, until November 1, 2004. To listen to the replay dial 1-888-286-8010 and use access code 67243393. In addition, the Webcast will be archived on Columbia Bancorp's Website. ABOUT COLUMBIA BANCORP Columbia Bancorp (www.columbiabancorp.com) is the financial holding company for Columbia River Bank, which operates 20 branches located in The Dalles (2), Hood River The Hood River is a tributary of the Columbia River in northwestern Oregon in the United States. Approximately 25 mi (40 km) long from its mouth to its farthest headwaters on the East Fork, the river descends from wilderness areas in the Cascade Range on Mount Hood and flows , Bend (4), Madras Madras. 1 State and former province, India: see Tamil Nadu. 2 City, India: see Chennai. , Redmond (2), Pendleton, Hermiston, McMinnville (3), Canby and Newberg, Oregon Newberg is a city in Yamhill County, Oregon, United States. A tradition holds that this town was named by its first postmaster, Sebastian Brutscher, for his former hometown of Neuberg in Germany. One of the current streets, Brutscher Street, is named after him. , and in Goldendale, White Salmon and Kennewick, Washington Kennewick is a city in Benton County in southeastern Washington. It is the most populous of the three cities collectively referred to as the Tri-Cities (the others being Pasco and Richland). . Columbia River Bank also provides mortgage-lending services through CRB CRB See: Commodity Research Bureau. Mortgage Team and brokerage services through CRB 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. Team. FORWARD LOOKING STATEMENTS 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 financial condition, results of operations, plans and business of Columbia are subject to various risks and uncertainties that could cause actual results to differ materially from those set forth in this release. These include, without limitation, changes in the overall economic condition and interest rate markets that would impact our interest rate margins and our 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. ; our ability accurately to assess the value 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. and to monitor loan quality and loan loss reserve adequacy; our ability timely to collect non-performing loans or to realize on the underlying collateral; the impact of competition on revenues and margins and on our expansion strategy, Columbia's ability to open and generate growth from new branches, achieve resolution on non-performing assets, and other risks and uncertainties, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the year 2004, some of which are described from time to time in our public announcements and filings with the Securities and Exchange Commission ("SEC"). Some forward-looking statements can be identified by the use of forward-looking terminology, such as "may", "will", "should", "expect", "anticipate", "estimate", "continue", "plans", "intends", or other similar terminology. Forward-looking statements offered in this release are accurate only as of the date released, and we do not intend to update these forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
INCOME STATEMENT
(Unaudited)
(In thousands, except per share data and ratios)
Three Months
Ended % Nine Months Ended %
Sept. 30, Change Sept. 30, Change
---------------- ------ ----------------- ------
2004 2003 2004 2003
------- ------ ------- -------
Interest income $11,208 $9,737 15% $31,167 $28,715 9%
Interest expense 2,026 1,703 19% 5,048 5,248 -4%
------- ------ ------- -------
Net interest income
before provision for
loan losses 9,182 8,034 14% 26,119 23,467 11%
Provision for loan
losses 550 400 38% 2,640 2,400 10%
------- ------ ------- -------
Net interest income
after provision
for loan losses 8,632 7,634 13% 23,479 21,067 11%
Non-interest income:
Service charges and
fees 1,196 1,121 7% 3,443 3,188 8%
Credit card
discounts and fees 132 128 3% 350 318 10%
CRB Financial
Services Team
revenues 93 181 -49% 395 433 -9%
Mortgage servicing,
net (101) 277 -136% (535) 1 NM
Gain on sale of
mortgage loans 85 (202) 142% 165 (219) 175%
Mortgage loan
origination income 203 660 -69% 714 1,935 -63%
Gain/loss from
"called" bond (7) - 0% (7) 5 -243%
Gain from sale of
securities - 457 -100% - 457 -100%
Gain from sale of
loans 95 - 0% 95 - 0%
Other non-interest
income 321 220 46% 894 696 28%
------- ------ ------- -------
Total non-interest
income 2,017 2,843 -29% 5,514 6,814 -19%
Non-interest expense:
Salaries and
employee benefits 3,468 3,458 0% 9,776 10,140 -4%
Occupancy expense 700 576 22% 1,898 1,697 12%
Item and statement
processing 124 109 14% 378 260 46%
Other non-interest
expense 1,722 1,509 14% 5,506 4,900 12%
------- ------ ------- -------
Total non-interest
expense 6,014 5,651 6% 17,558 16,997 3%
------- ------ ------- -------
Income before
provision for income
taxes 4,635 4,826 -4% 11,435 10,884 5%
Provision for income
taxes 1,737 1,767 -2% 4,205 3,964 6%
------- ------ ------- -------
Net income $ 2,898 $3,059 -5% $ 7,230 $ 6,920 4%
======= ====== ======= =======
Earnings per common
share
Basic $ 0.33 $ 0.35 -6% $ 0.82 $ 0.79 4%
Diluted 0.32 0.34 -6% 0.80 0.77 4%
Cumulative dividend
per common share 0.09 0.08 13% 0.27 0.23 17%
Weighted average
shares outstanding
Basic 8,803 8,734 8,786 8,709
Diluted 9,037 8,987 9,026 8,982
Actual shares
outstanding 8,811 8,734 8,811 8,734
Quarter Ended Year to Date
--------------- ----------------
RATIOS Sept. Sept. Sept. Sept.
30, 30, 30, 30,
2004 2003 2004 2003
-------- ------- -------- --------
Yield on interest-
earning assets, tax
equivalent 7.14% 7.23% 7.24% 7.49%
Interest rate expense
on interest-bearing
liabilities 1.79% 1.76% 1.64% 1.87%
Interest rate spread 5.35% 5.47% 5.60% 5.62%
Net interest margin,
tax equivalent 5.86% 5.97% 6.08% 6.14%
Efficiency ratio (1) 52.96% 51.95% 55.51% 56.13%
Return on average
assets 1.68% 2.06% 1.52% 1.63%
Return on average
equity 18.60% 22.01% 16.02% 17.48%
Average equity /
average assets 9.04% 9.35% 9.51% 9.34%
(1) Non-interest expense divided by NM=Not Meaningful
net interest income and non-interest
income.
BALANCE SHEET
(Unaudited)
(In thousands, except per share data)
ASSETS Sept. 30, Dec. 31, Sept. 30, %
2004 2003 2003 Change
--------- --------- --------- ------
Cash and cash equivalents $ 80,087 $ 53,866 $ 63,554 26%
Investment securities 32,242 31,682 43,785 -26%
Loans:
Commercial loans 93,643 86,163 80,125 17%
Agricultural loans 80,977 64,059 62,114 30%
Real estate loans 228,463 206,754 197,790 16%
Real estate loans - construction 151,104 87,427 88,223 71%
Consumer loans 15,466 18,242 19,341 -20%
Other loans 7,061 6,975 6,443 10%
-------- -------- --------
Gross loans, excluding loans
held for sale 576,714 469,620 454,036 27%
Loans held for sale 1,573 2,792 6,214 -75%
-------- -------- --------
Total gross loans 578,287 472,412 460,250 26%
Unearned loan fees (1,757) (1,450) (1,394) 26%
Allowance for loan losses (8,150) (6,612) (6,604) 23%
-------- -------- --------
Net loans 568,380 464,350 452,252 26%
Property and equipment, net 15,867 13,767 13,580 17%
Goodwill 7,389 7,389 7,389 0%
Mortgage servicing asset, net 2,385 3,691 3,709 -36%
Other assets 14,186 9,391 10,171 39%
-------- -------- --------
Total assets $720,536 $584,136 $594,440 21%
======== ======== ========
LIABILITIES
Deposits:
Non-interest bearing demand
deposits $184,999 $150,425 $152,353 21%
Interest bearing demand deposits 201,127 187,452 190,424 6%
Savings accounts 36,874 35,733 31,177 18%
Time certificates 192,082 122,748 132,308 45%
-------- -------- --------
Total deposits 615,082 496,358 506,262 21%
Borrowings 39,625 25,983 28,340 40%
Other liabilities 2,863 3,991 4,432 -35%
-------- -------- --------
Total liabilities 657,570 526,332 539,034 22%
Shareholders' equity 62,966 57,804 55,406 14%
-------- -------- --------
Total liabilities and
shareholders' equity $720,536 $584,136 $594,440 21%
======== ======== ========
Book value per common share $ 7.15 $ 6.61 $ 6.34 13%
Tangible book value per common
share (1) $ 6.04 $ 5.34 $ 5.07 19%
(1) Total common equity, less goodwill and other intangible assets,
divided by actual shares outstanding.
ADDITIONAL FINANCIAL INFORMATION
(Unaudited)
(In thousands, except quantities and ratios)
NON-PERFORMING ASSETS Sept. 30, Sept. 30,
2004 2003
--------- ---------
Delinquent loans on non-accrual status $ 3,884 $ 2,110
Delinquent loans on accrual status - -
Restructured loans - 11
-------- --------
Total non-performing loans 3,884 2,121
Other real estate owned 1,460 -
-------- --------
Total non-performing assets $ 5,344 $ 2,121
======== ========
Total non-performing assets / total assets 0.74% 0.36%
Quarter Ended Year to Date
------------------- -------------------
ALLOWANCE FOR LOAN LOSSES Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
--------- --------- --------- ----------
Balance at beginning of
period $ 7,940 $ 6,448 $ 6,612 $ 6,417
Provision for loan losses 550 400 2,640 2,400
Recoveries 25 50 61 96
Charge offs (365) (294) (1,163) (2,309)
-------- ------- ------- -------
Balance at end of period $ 8,150 $ 6,604 $ 8,150 $ 6,604
======== ======= ======= =======
Allowance for loan losses /
gross loans and loans held
for sale 1.41% 1.43%
Non-performing loans /
allowance for loan losses 47.65% 32.11%
Quarter Ended Year to Date
------------------- -------------------
OPERATING PERFORMANCE Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004 2003 2004 2003
--------- --------- --------- ---------
Average interest-earning
assets $629,560 $537,583 $579,996 $517,271
Average gross loans and
loans held for sale 577,945 467,538 532,365 455,197
Average assets 685,915 589,766 633,732 566,739
Average interest-bearing
liabilities 450,551 384,976 411,023 375,700
Average interest-bearing
deposits 411,299 354,766 373,259 346,012
Average deposits 580,686 501,696 532,119 480,899
Average liabilities 623,930 534,631 573,456 513,805
Average equity 61,985 55,135 60,277 52,935
Quarter Ended
-------------------
MORTGAGE SERVICING Sept. 30, Sept. 30,
2004 2003
--------- ---------
Mortgage servicing asset,
net $ 2,385 $ 3,709
Mortgage loans serviced $355,184 $454,963
Mortgage loans serviced
number (quantity) 3,092 3,862
Mortgage loans produced
(quantity) 122 494
Mortgage servicing asset
multiple 0.67% 0.82%
MORTGAGE SERVICING ASSET RECONCILIATION
Mortgage servicing asset
(MSA), beginning Q3 2004 Q2 2004 Q1 2004 2003 2002
------- ------- ------- ------- -------
Add servicing retained
premiums $2,724 $3,175 $3,691 $ 4,614 $ 6,197
Deduct MSA amortization - 40 53 1,935 2,227
Deduct MSA valuation
adjustments (339) (491) (569) (2,000) (1,029)
Mortgage servicing asset,
ending - - - (858) (2,781)
------ ------ ------ ------- -------
$2,385 $2,724 $3,175 $ 3,691 $ 4,614
====== ====== ====== ======= =======
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