Columbia Bancorp Reports Second Quarter 2005 ROE in Excess of 19%, Profits Increase 49% with Strong Deposit and Loan Growth.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 excellent second quarter profitability, with continued solid loan quality and significant deposit growth. Second quarter net income grew 49% to $3.4 million, or $0.38 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, compared to $2.3 million, or $0.26 per diluted share, in the same quarter a year ago. In the first half of 2005, net income increased 56% to $6.8 million, or $0.74 per diluted share, compared to $4.3 million, or $0.48 per diluted share in the first half of 2004. The earnings for the second quarter 2005 include a gain of $561,000 from the sale 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 (MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. ) and the first quarter of 2005 includes the collection of $336,000 of interest income from the previous year. To illustrate the impact on earnings from these two non-recurring items, the first six months of 2005 excluding the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. effects from the sale of the MSA and collection of interest from 2004, as described above, the net income would have been $6.2 million, or $0.68 per diluted share an increase of 43%, compared to the first six months of 2004. Net income for the second quarter of 2005, would have been $3.1 million, or $0.34 per diluted common share, representing an increase of 34% over the second quarter last year. "We were delighted to again earn a place on US Banker Magazine's 200 Best Performing Banks, coming in 12th based on our three-year average 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. of 18.18%. Our history of consistent loan and deposit growth combined with solid profitability have been recognized in this publication and are also reflected in our second quarter results," said Roger Christensen Christensen may refer to:
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook." "The expansion of our branch network is part of our strategic plan to build market share and grow the franchise, which contributes to our ability to grow and deliver value to our shareholders. Additionally, we have been able to hire a number of the leading banking professionals in the communities we serve who wholeheartedly whole·heart·ed adj. Marked by unconditional commitment, unstinting devotion, or unreserved enthusiasm: wholehearted approval. whole embrace our values and vision. We recently hired Julie JULIE Joint Utility Locating Information for Excavators JULIE Jena University Language and Information Engineering (Germany) Killian Killian can refer to several people and things People:
Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of our ability to attract new customers and build synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. in the markets we serve in order to meet our growth strategies. We are continuing to successfully recruit experienced bankers for all of our markets and are impressed im·press 1 tr.v. im·pressed, im·press·ing, im·press·es 1. To affect strongly, often favorably: with the caliber and number of candidates interested in exploring a future with Columbia River Bank," stated 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:
FINANCIAL HIGHLIGHTS --2Q05 Return on Equity (ROE) of 19.51%, Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ROE is 19.69% --2Q05 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). ) of 1.86%, Year-to-date ROA is 1.85% --2Q05 Net Interest Margin (tax equivalent) (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 5.90%, Year-to-date NIM is 5.86% --2Q05 Efficiency Ratio of 54.92%, Year-to-date Efficiency Ratio is 54.15% INCOME STATEMENT PERFORMANCE Revenue (net interest income plus non-interest income) for the second quarter increased 22% to $13.1 million, compared to $10.7 million in the second quarter a year ago. Year-to-date revenues increased 22% to $25.0 million which included the $897,000 of non-recurring income from $20.4 million in the first half of 2004. The first half of 2005 includes the effects of non-recurring items as described above. Net interest income before provision for loan losses grew 14% to $10.1 million for the second quarter and 17% to $19.7 million in the first six months of 2005, compared to $8.8 million and $16.9 million in the respective periods of 2004. "We are pleased with the improvements in our credit quality and are benefiting from the investment and energies put forth to optimize optimize - optimisation the credit process throughout the organization," 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. The provision for loan losses totaled $650,000 in the second quarter and $850,000 year to date, compared to $1.4 million and $2.1 million in the respective periods of 2004. The tax equivalent net interest margin was 5.90% for the second quarter and 5.86% for the first half of 2005 as compared to 6.19% and 6.20% in the like periods of 2004. "The net interest margin has stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. as a result of loans and deposits 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 near the short-end of the yield curve," stated Greg GREG Great Egg Harbor National Scenic and Recreational River (US National Park Service) Spear, Chief Financial Officer. "Our deposit pricing strategy is structured to ensure the attraction and retention of customers and to strengthen key relationships in the communities we serve. To remain competitive, we employ a blend of attractive rates and exceptional service balanced by our customer and shareholder needs." Non-interest income for the second quarter totaled $3.0 million compared to $1.9 million in the second quarter of 2004 and totaled $5.3 million for the first six months of 2005 compared to $3.5 million in the first half of 2004. Sale of the mortgage servicing asset was completed in the second quarter, contributing $561,000 to non-interest income and $0.04 to 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 . "While we are no longer operating a mortgage servicing center, our mortgage originations continue to generate fee income from both mortgage originations and loan sales into the secondary market," 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. . "We believe we gain the best of all worlds in originating and selling mortgage loans, because our customers receive superior service during the lending process and the bank earns fee income without exposing the shareholders to volatility from the valuation of the mortgage servicing asset." Overhead expenses increased in the current quarter reflecting continued growth in the branch network. "Additional staff for new branches opened during the year, and strong profitability in the first half of 2005 prompted increased accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. for incentive compensation company-wide," said Jim McCall, Chief Administrative Officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive . "Our incentive compensation program is specifically designed to reward employees for generating exceptional returns, which should translate to improved shareholder value." For the second quarter of 2005, non-interest expense was $7.0 million compared to $5.7 million in the second quarter of 2004. For the first six months of 2005, non-interest expense was $13.5 million compared to $11.5 million in the first half of 2004. The efficiency ratio for the second quarter of 2005 was 54.92% as compared to 52.96% for the same period a year ago. For the first six months of 2005, the efficiency ratio improved to 54.15% compared to 56.49% for the same period last year. The efficiency ratio is an important measure of productivity in the banking industry, because it indicates the percentage of total revenue spent on overhead expenses, which include personnel, technology, costs associated with compliance, new branches, training, investor relations Investor relations The process by which the corporation communicates with its investors. , and operational costs. BALANCE SHEET PERFORMANCE The loan portfolio grew 7% to $616.2 million at June June: see month. 30, 2005, compared to $559.2 million at June 30, 2004. "Loan demand continues to be strong, particularly for commercial real estate and agriculture loans," said Correa. "We see a number of factors driving loan demand including continued improving economic growth in our markets and stronger demand for financing in the agricultural sectors we serve." Total assets grew 17% to $778.9 million at June 30, 2005, compared to $666.8 million a year earlier. 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 18% to $71.8 million, or $8.05 per outstanding share at June 30, 2005, compared to $60.7 million or $6.90 per share at June 30, 2004. Tangible book value per common share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: at June 30, 2005, was $7.22 compared to $5.75 at June 30, 2004. Total deposits increased 22% to $668.9 million at June 30, 2005, compared $548.3 million at June 30, 2004. "We have worked hard to grow deposits and have successfully increased them in every category," said Christensen. "We are particularly pleased to see core deposits rise to 73% of total deposits, which increased 24% over the past year." ASSET QUALITY Asset quality remained excellent at the end of the second quarter with non-performing assets of $394,000, or 0.05% of total assets compared to $3.1 million or 0.46% of total assets a year ago. Net charge-offs in the second quarter totaled $218,000, or 0.03% of gross loans, compared to $326,000, or 0.06% of gross loans in the same quarter of 2004. For the first six months of the year, net charge-offs were $353,000, or 0.06% of gross loans, compared to $762,000, or 0.13% of gross loans a year ago. "Asset quality on virtually every measure is strong. While these results are backward-looking by nature, we believe our loan portfolio will continue to perform well in the coming year because of the investments made in training, credit oversight
Oversight may refer to:
Appraisers are frequently appointed in probate and condemnation proceedings and are also used by banks and real estate concerns to determine the market ," said Thomas. Allowance for loan loss was $8.7 million, or 1.39% of gross loans, at June 30, 2005, compared to $7.9 million, or 1.40% of gross loans, at June 30, 2004. LOOKING FORWARD "The combined total of the previous four quarters' diluted earnings per share is $1.45. However, when the non-recurring revenues are excluded on a pro-forma basis for the past four quarters, then diluted earnings per share is at $1.34" stated Spear. "We do not expect further non-recurring revenues in the second half of 2005. As a result, the efficiency ratio is likely to trend slightly higher, but remain below the Federal Financial Institutions Examination Council's (FFIEC FFIEC Federal Financial Institutions Examination Council ) peer group. The FFIEC's national peer group is comprised of financial institutions between $500 million and $1 billion located in non-metropolitan areas." EARNINGS TELECONFERENCE AND WEBCAST Columbia will conduct a Teleconference and Webcast on Wednesday Wednesday: see week. , July July: see month. 27, 2005, at 12:00 noon Pacific Time (3:00 p.m. Eastern Time) when management, led by Roger Christensen, will discuss 2005's second quarter and year-to-date results. To participate in the call dial 1-888-339-2688 and the conference ID access is 91534232. 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 section. The call replay will be available starting two hours after the completion of the live call, until August 2, 2005. To listen to the replay dial 888-286-8010 and use access code 60532216. 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 Redmond, city (1990 pop. 35,800), King co., W Wash., a suburb of Seattle, on Lake Sammamish; inc. 1912. Its economy centers around computer software (Microsoft Corp. (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. Columbia River Bank also provides mortgage-lending services through Columbia River Bank Mortgage Team and brokerage services through CRB CRB See: Commodity Research Bureau. 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 This press release contains various 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 plans and anticipated results of operations and financial condition relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Columbia Bancorp. These statements include statements about Management's present plans and intentions about our strategy, growth, and deployment of resources, and about Management's expectations for future financial performance. Readers can sometimes identify forward-looking statements by the use of prospective language and context, including words like "may", "will", "should", "expect", "anticipate", "estimate", "continue", "plans", "intends", or other similar terminology. Because forward-looking statements are, in part, an attempt to project future events and explain Management's current plans, they are subject to various risks and uncertainties that could cause our actions and our financial and operational results to differ materially from those set forth in such statements. These risks and uncertainties include, without limitation, our ability to estimate accurately the value of certain of our 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. , economic and other factors that affect the collectibility of our loans, the impact of competition and fluctuations in market interest rates on Columbia's revenues and margins, Management's ability to open and generate growth from new branches, and other risks and uncertainties that we have in the past, or that we may from time to time in the future, detail in our filings with the Securities and Exchange Commission ("SEC"). Information presented in this report is accurate as of the date the report was filed with the SEC, and we cannot undertake to update our forward-looking statements or the factors that may cause us to deviate from them, except as required by law.
INCOME STATEMENT
(Unaudited)
(In thousands, except Three Months
per share data and Ended % Six Months Ended %
ratios) June 30, Change June 30, Change
----------------- ------ ----------------- ------
2005 2004 2005 2004
------- ------- ------- -------
Interest income $12,715 $10,351 23% $24,888 $19,958 25%
Interest expense 2,643 1,554 70% 5,154 3,021 71%
------- ------- ------- -------
Net interest income
before provision for
loan losses 10,072 8,797 14% 19,734 16,937 17%
Provision for loan
losses 650 1,390 -53% 850 2,090 -59%
------- ------- ------- -------
Net interest income
after provision
for loan losses 9,422 7,407 27% 18,884 14,847 27%
Non-interest income:
Service charges and
fees 1,190 1,192 0% 2,363 2,247 5%
Credit card
discounts and fees 117 114 3% 230 219 5%
CRB Financial
Services Team
revenues 156 166 -6% 300 302 -1%
Mortgage servicing,
net 83 (195) -143% 172 (434) -140%
Gain on sale of
mortgage loans 30 8 275% 75 80 -6%
Mortgage loan
origination income 391 293 33% 717 511 40%
Gain/loss from sale
of assets (39) - - (38) - -
Gain/loss from sale
or "call" of
securities (1) - - (1) - -
Gain from sale of
MSA 561 - - 561 - -
Other non-interest
income 496 339 46% 908 573 58%
------- ------- ------- -------
Total non-
interest income 2,984 1,917 56% 5,287 3,498 51%
Non-interest expense:
Salaries and
employee benefits 4,044 3,108 30% 7,731 6,308 23%
Occupancy expense 763 602 27% 1,560 1,198 30%
Data processing 123 141 -13% 223 255 -13%
Other non-interest
expense 2,047 1,823 12% 4,034 3,784 7%
------- ------- ------- -------
Total non-
interest expense 6,977 5,674 23% 13,548 11,545 17%
------- ------- ------- -------
Income before
provision for income
taxes 5,429 3,650 49% 10,623 6,800 56%
Provision for income
taxes 1,987 1,336 49% 3,868 2,469 57%
------- ------- ------- -------
Net income $ 3,442 $ 2,314 49% $ 6,755 $ 4,331 56%
======= ======= ======= =======
Earnings per common
share
Basic $ 0.39 $ 0.26 49% $ 0.76 $ 0.49 55%
Diluted 0.38 0.26 45% 0.74 0.48 54%
Cumulative dividend
per common share 0.09 0.09 0% 0.18 0.18 0%
Weighted average
shares outstanding
Basic 8,905 8,787 8,887 8,778
Diluted 9,134 9,005 9,111 9,029
Actual shares
outstanding 8,922 8,791 8,922 8,791
Quarter Ended Year to Date
----------------- -----------------
RATIOS June 30, June 30, June 30, June 30,
2005 2004 2005 2004
-------- -------- -------- --------
Interest rate yield
on interest-earning
assets, tax
equivalent 7.44% 7.28% 7.38% 7.30%
Interest rate expense
on interest-bearing
liabilities 2.21% 1.54% 2.15% 1.55%
Interest rate spread,
tax equivalent 5.23% 5.74% 5.22% 5.74%
Net interest margin,
tax equivalent 5.90% 6.19% 5.86% 6.20%
Efficiency ratio (1) 54.92% 52.96% 54.15% 56.49%
Return on average
assets 1.86% 1.48% 1.85% 1.43%
Return on average
equity 19.51% 15.50% 19.69% 14.66%
Average equity /
average assets 9.54% 9.52% 9.39% 9.78%
(1) Non-interest expense divided by net interest income and non-
interest income.
BALANCE SHEET
(Unaudited)
(In thousands, except per share
data) Year over Year to
ASSETS June 30, June 30, Year Dec. 31, Date
2005 2004 % Change 2004 % Change
--------- --------- --------- -------- ---------
Cash and cash
equivalents $87,655 $38,667 127% $57,979 51%
Investment securities 39,406 30,590 29% 45,398 -13%
Loans:
Commercial loans 97,956 95,287 3% 93,618 5%
Agricultural loans 88,506 82,362 7% 79,224 12%
Real estate loans 280,880 244,569 15% 247,045 14%
Real estate loans -
construction 130,007 121,836 7% 139,415 -7%
Consumer loans 13,576 16,256 -16% 14,386 -6%
Loans held for sale 7,479 1,873 299% 2,517 197%
Other loans 8,045 6,797 18% 7,660 5%
--------- --------- ---------
Total gross loans 626,449 568,980 10% 583,865 7%
Unearned loan fees (1,542) (1,856) -17% (1,556) -1%
Allowance for loan
losses (8,681) (7,940) 9% (8,184) 6%
--------- --------- ---------
Net loans 616,226 559,184 10% 574,125 7%
Property and
equipment, net 15,146 14,149 7% 15,223 -1%
Goodwill 7,389 7,389 0% 7,389 0%
Mortgage servicing
asset, net - 2,724 -100% 2,163 -100%
Other assets 13,116 14,086 -7% 13,096 0%
--------- --------- ---------
Total assets $778,938 $666,789 17% $715,373 9%
========= ========= =========
LIABILITIES
Deposits:
Non-interest bearing
demand deposits $205,378 $174,516 18% $172,422 19%
Interest bearing
demand deposits 245,371 186,178 32% 211,240 16%
Savings accounts 39,448 36,027 9% 35,926 10%
Time certificates 178,693 151,582 18% 187,356 -5%
--------- --------- ---------
Total deposits 668,890 548,303 22% 606,944 10%
Borrowings 32,040 54,446 -41% 39,014 -18%
Other liabilities 6,171 3,360 84% 3,538 74%
--------- --------- ---------
Total
liabilities 707,101 606,109 17% 649,496 9%
Shareholders' equity 71,837 60,680 18% 65,877 9%
--------- --------- ---------
Total
liabilities
and
shareholders'
equity $778,938 $666,789 17% $715,373 9%
========= ========= =========
Book value per common
share $8.05 $6.90 17% $7.45 8%
Tangible book value
per common share (1) $7.22 $5.75 26% $6.37 13%
(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 June 30, June 30,
2005 2004
--------- ---------
Delinquent loans on non-accrual
status $ 347 $ 1,615
Delinquent loans on accrual
status - -
Restructured loans 47 9
-------- --------
Total non-performing loans 394 1,624
Other real estate owned - 1,436
-------- --------
Total non-performing assets $ 394 $ 3,060
======== ========
Total non-performing assets /
total assets 0.05% 0.46%
Quarter Ended Year to Date
------------------- -------------------
ALLOWANCE FOR LOAN LOSSES June 30, June 30, June 30, June 30,
2005 2004 2005 2004
--------- --------- --------- ---------
Balance at beginning of period $ 8,249 $ 6,876 $ 8,184 $ 6,612
Provision for loan losses 650 1,390 850 2,090
Recoveries 91 27 108 36
Charge offs (309) (353) (461) (798)
-------- -------- -------- --------
Balance at end of period $ 8,681 $ 7,940 $ 8,681 $ 7,940
======== ======== ======== ========
Allowance for loan losses / gross loans and loans
held for sale 1.39% 1.40%
Non-performing loans / allowance for loan losses 4.54% 20.45%
Quarter Ended Year to Date
------------------- -------------------
OPERATING PERFORMANCE June 30, June 30, June 30, June 30,
2005 2004 2005 2004
--------- --------- --------- ---------
Average interest-earning
assets $689,687 $576,982 $684,698 $554,942
Average gross loans and loans
held for sale 607,280 536,813 592,925 509,325
Average assets 742,166 631,079 736,625 607,354
Average interest-bearing
liabilities 479,310 405,816 482,824 391,087
Average interest-bearing
deposits 444,277 359,660 446,237 354,030
Average deposits 634,212 521,883 628,368 507,569
Average liabilities 671,386 571,022 667,460 547,932
Average equity 70,781 60,057 69,164 59,422
Quarter Ended
-------------------
MORTGAGE SERVICING(1) June 30, June 30,
2005 2004
--------- ---------
Mortgage servicing asset, net $ - $ 2,724
Mortgage loans serviced $ - $375,685
Mortgage loans serviced number
(quantity) - 3,245
Mortgage loans produced
(quantity) 230 157
Mortgage servicing asset
multiple - 0.73%
(1) MSA effective sale date - April 29, 2005.
MORTGAGE SERVICING ASSET Q1 2005 Year End Year End Year End
RECONCILIATION 2004 2003 2002
--------- -----------------------------
Mortgage servicing asset (MSA),
beginning $ 2,163 $ 3,691 $ 4,614 $ 6,197
Add servicing retained premiums - 93 1,935 2,227
Deduct MSA amortization (117) (1,621) (2,000) (1,029)
Deduct MSA valuation
adjustments - - (858) (2,781)
-------- -------- -------- --------
Mortgage servicing asset,
ending $ 2,046 $ 2,163 $ 3,691 $ 4,614
======== ======== ======== ========
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