Community Bancorp Announces Record Earnings for the Third Quarter of 2005.ESCONDIDO Escondido (ĕskəndē`dō), city (1990 pop. 108,635), San Diego co., S Calif.; inc. 1888. Located in a grain-, citrus-fruit-, and grape-growing valley, Escondido produces cereal products and has fruit-packing houses and one of the , Calif. -- Community Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMBC CMBC Coast Mountain Bus Company (Surrey, BC, Canada) CMBC Canadian Mennonite Bible College CMBC Camp Memorial Blood Center (US Army) CMBC Castle Morpeth Bridge Club (UK) ): --Net Income for the third quarter of 2005 totaled $3.4 million, up 67% over the third quarter of 2004 and 20% over the second quarter of 2005 --Third Quarter 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. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.58 per share, up 35% over third quarter 2004 and up 14% over second quarter 2005 Community Bancorp Inc. (the "Company") (NASDAQ:CMBC), a 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, based community bank holding company with $882.3 million in total assets, today announced third quarter 2005 record net income of $3.4 million, or $0.58 per diluted share, compared to third quarter 2004 net income of $2.0 million, or $0.43 per diluted share, and second quarter 2005 net income of $2.8 million, or $0.51 per diluted share. The increase in net income resulted primarily from increased net interest income due to loan growth, acquisitions and an expanded net interest margin. Net income increased 49% for the nine months ended September September: see month. 30, 2005 to $8.8 million compared to $5.9 million for the same period last year. Earnings per share (EPS) increased 23% for the nine months ended September 30, 2005 to $1.54 per diluted share compared to $1.25 per diluted share for the same period in 2004. The comparability of financial information is affected by our acquisitions. Operating results include the operations of acquired entities from the dates of acquisition. We acquired Cuyamaca Bank on October October: see month. 1, 2004 and Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Bernardo Bernardo enraged that member of a rival street-gang is making advances to his sister. [Am. Musical: West Side Story] See : Anger Community Bank on August 19, 2005.
THIRD QUARTER RESULTS
(unaudited) (dollars in
thousands, Third Third Second
except per share data) Quarter Quarter Quarter
2005 2004 % Change 2005 % Change
------- ------- --------- ------- ---------
Diluted EPS $0.58 $0.43 34.88% $0.51 13.73%
Net Income $3,384 $2,030 66.70% $2,831 19.53%
Return on Average Assets
(ROA) 1.63% 1.57% 3.82% 1.54% 5.84%
Return on Average Tangible
Equity (ROTE) 22.12% 19.76% 11.94% 22.76% -2.81%
Net Interest Margin 5.81% 5.27% 10.25% 5.61% 3.57%
Efficiency Ratio 54.97% 58.59% -6.18% 57.23% -3.95%
"The increase in net income resulted from several sources," stated Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Perdue Perdue may refer to:
"We experienced continued robust internal growth during the third quarter, which, combined with the acquisitions of Rancho Bernardo Community Bank and Cuyamaca Bank, produced a 63% increase in total assets to $882.3 million as of September 30, 2005 compared to $540.6 million as of September 30, 2004. If we exclude the effect of the acquisitions, assets grew internally 19% since September 30, 2004," continued Perdue. "Excluding acquisitions and wholesale deposits, retail deposits increased 24% since September 30, 2004 and gross loans increased 24% over the same period. Including the acquisitions, total loans increased 61% to $733.7 million as of September 30, 2005 compared to $455.2 million as of September 30, 2004. Total deposits also increased substantially, rising 61% to $736.0 million as of September 30, 2005 compared to the same date a year earlier. The continued improvement in our deposit mix has also contributed to our improved performance. Demand deposits increased significantly, rising 91% to $159.9 million as of quarter end compared to $83.7 million as of the same date in 2004. As a result of this strengthened deposit portfolio, the increase in market rates and the recovery of $362,000 of deferred interest on non-accrual loans, our net interest income increased 72% for the third quarter 2005 over 2004." Loan production was very strong, increasing 21% to $379.6 million for the nine months ended September 30, 2005 compared to $313.0 million for the same period in 2004. Of these totals, commercial and other loan originations 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. were 67% of the total production, or $253.4 million, while 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 loan originations were 33% of the total production, or $126.2 million. INTEREST INCOME AND EXPENSE During the three months ended September 30, 2005, net interest income before loan loss provision increased 72% over the same period last year. Total interest income was $14.9 million, a 90% increase over the $7.8 million for the same period in 2004. The increase was primarily the result of the 56% increase in average interest 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 increases in the yield on those assets. Total interest expense for the three months ended September 30, 2005 was $3.8 million, a 173% increase over the $1.4 million for the same period in 2004. Interest expense increased due to the 52% increase in average interest bearing liabilities combined with an increase in the cost of those liabilities as a result of increases in market interest rates. For the third quarter 2005, average transaction accounts increased 63% to $348.1 million compared to $213.4 million for the same period last year. OTHER OPERATING INCOME Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Excluding the loss on REO reo Noun NZ a language [Maori] in 2004, other operating income decreased 8.4% to $2.5 million for the three months ended September 30, 2005 compared to $2.7 million during the same period last year due to a decrease in the gain on sale of loans. SBA 504 loan Purpose The Small Business Administration (SBA) 504 loan program was created to help small to mid-sized business owners acquire commercial property without the financial hassles. sales totaled $18.2 million and SBA 7a loan sales totaled $9.6 million for the third quarter of 2005 compared to $2.6 million in SBA 504 loans and $16.1 million in SBA 7a for the same period in 2004. The change in mix of loans sold resulted in a decrease in gain on sale revenue during the third quarter of 2005 to $1.5 million compared to $2.0 million for the same period in 2004. The decrease in gain on sale was partially offset by increases in customer service charges and other fee income. OTHER 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. Other operating expenses increased 39% to $7.4 million for the three months ended September 30, 2005 compared to $5.3 million for the three months ended September 30, 2004. The increase in non-interest expense was due to significant growth and expansion, including the acquisitions of Cuyamaca Bank and Rancho Bernardo Community Bank, with five combined banking offices, and the addition of a new banking office in Murrieta, CA. As of September 30, 2005, the Company had 245 full time equivalent employees, compared to 149 as of September 30, 2004. The Company's efficiency ratio improved to 54.97% for the third quarter of 2005 compared to 58.59% for the same period in 2004. RESERVES AND ASSET QUALITY As of September 30, 2005, the reserve for loan losses increased to $10.1 million compared to $6.0 million as of September 30, 2004. The reserve for loan losses as a percentage of total gross loans was 1.37% as of September 30, 2005 compared to 1.32% as of September 30, 2004. The reserve for loan losses as a percentage of total gross loans net of government guarantees was 1.44% as of September 30, 2005 compared to 1.43% as of September 30, 2004. During the first nine months of 2005, the Company recorded a provision for loan losses of $1.2 million compared to $838,000 for the same period in 2004. The Company had net loan recoveries of $186,000, or (0.04)%, for the nine months ended September 30, 2005 compared to net loan charge offs of $19,000, or 0.01%, for the same period in 2004. 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. were $2.7 million as of September 30, 2005 compared to $4.7 million as of September 30, 2004. Net of government guarantees, non-performing loans as a percent of total loans were 0.17% as of September 30, 2005 compared to 0.62% as of September 30, 2004. CAPITAL RATIOS The Company's and Bank's capital ratios continue to be above the well-capitalized guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. established by bank regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . The Company's tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. equity to tangible assets Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. declined to 5.81% as of September 30, 2005 compared to 7.92% as of September 30, 2004 due to the acquisitions of Rancho Bernardo Community Bank and Cuyamaca Bank combined with the significant growth in assets. In order to facilitate the acquisition of Rancho Bernardo Community Bank, the Company issued $20.0 million in trust preferred securities, of which $4.4 million was contributed to the Bank subsidiary as additional capital. RANCHO BERNARDO COMMUNITY BANK ACQUISITION Community Bancorp acquired Rancho Bernardo Community Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :RBCB RBCB Run-Beyond-Cladding-Breach RBCB Red Bluff Community Band (Red Bluff, CA) ) by merging it into Community National Bank, as of the close of business on August 19, 2005. As a result, Community began consolidating the results of the combined entity beginning on August 20, 2005. As of the date of acquisition, Rancho Bernardo had total assets of $125.8 million, total gross loans of $80.6 million and total deposits of $114.2 million. GENERAL INFORMATION Community Bancorp is a bank holding company with $882.3 million in assets as of September 30, 2005, with a wholly owned banking subsidiary, Community National Bank, headquartered in Escondido, 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). . The bank's primary focus is community banking, providing commercial banking services including commercial, real estate and SBA loans to small and medium sized businesses. The bank serves 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. County and southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
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. County with eleven community banking offices in Bonsall Bonsall is the name of several people and places, including:
Santee (săntē`), river, 143 mi (230 km) long, formed by the confluence of the Congaree and Wateree rivers, central S.C., and flowing SE to the Atlantic Ocean. The Santee-Wateree-Catawba system (c. , Temecula and Vista, a commercial loan production office in Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. , CA, and has additional SBA loan production offices that originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. loans in California, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). and 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. . FORWARD LOOKING STATEMENTS Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government (including the Small Business Administration), and general economic conditions. Additional information on these and other factors that could affect financial results are included in its Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward-looking statements contained herein to reflect future events or developments.
CONSOLIDATED BALANCE SHEETS
--------------------------- Percentage
(unaudited) (dollars in change September December September
thousands) from 30, 31, 30,
Sep 30,
2004 2005 2004 2004
---------- --------- --------- ----------
ASSETS:
Cash and cash equivalents $21,940 $24,407 $49,332
Investments and interest
bearing deposits in
financial institutions 55,590 35,973 20,471
Loans held for investment 67% 589,896 437,932 354,000
Less allowance for loan
losses (10,124) (7,508) (6,029)
--------- --------- ----------
Net loans held for
investment 579,772 430,424 347,971
Loans held for sale 42% 143,767 101,588 101,247
Premises and equipment, net 6,976 6,737 3,951
Other real estate owned and
repossessed assets 68 - 39
Accrued interest and other
assets 15,901 13,402 8,588
Income tax receivable and
deferred tax asset, net 7,364 5,928 3,859
Servicing assets, net 4,554 4,011 3,698
Interest-only strips, at fair
value 2,196 1,749 1,454
Goodwill 44,167 17,387 -
--------- --------- ----------
Total assets 63% $882,295 $641,606 $540,610
========= ========= ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Deposits
Interest bearing 55% $576,109 $438,995 $372,119
Non-interest bearing 91% 159,892 110,771 83,668
--------- --------- ----------
Total deposits 61% 736,001 549,766 455,787
Short term borrowing 3,000 1,000 20,000
Long term debt 38,655 17,640 14,862
Accrued expenses and other
liabilities 11,797 10,082 7,118
--------- --------- ----------
Total liabilities 59% 789,453 578,488 497,767
--------- --------- ----------
Stockholders' equity
Common stock, $0.625 par
value; authorized
10,000,000 shares,
issued and outstanding;
5,936,578 (including 11,670
of restricted stock awarded
under the equity based
compensation plan) at
September 30, 2005, 5,162,725
at December 31, 2004 and
4,422,689 at September
30, 2004 3,703 3,227 2,764
Additional paid-in capital 61,635 38,994 21,351
Deferred compensation -
restricted stock (256) -
Accumulated other comprehensive
gain (loss), net of income
taxes (319) (73) (11)
Retained earnings 28,079 20,970 18,739
--------- --------- ----------
Total stockholders'
equity 117% 92,842 63,118 42,843
--------- --------- ----------
Total liabilities and
stockholders' equity 63% $882,295 $641,606 $540,610
========= ========= ==========
CONSOLIDATED STATEMENT OF OPERATIONS
----------------------------------------------------------------------
(unaudited) (dollars in thousands, except per share data)
Quarter Ended Nine Months Ended
Qtly September 30, 9 mo. September 30,
% %
INTEREST INCOME Change 2005 2004 Change 2005 2004
------ ------- ------- ------ ------- -------
Interest on
loans $14,231 $7,522 $36,040 $21,585
Interest on fed
funds sold 59 52 208 124
Interest-earning
deposits with
banks 5 1 21 3
Interest on other
investments 568 232 1,357 726
------- ------- ------- -------
Total Interest
Income 90% 14,863 7,807 68% 37,626 22,438
INTEREST EXPENSE
Deposits 3,141 1,126 7,011 3,166
Other borrowed
money 661 267 1,653 794
------- ------- ------- -------
Total Interest
Expense 173% 3,802 1,393 119% 8,664 3,960
Net interest
income 72% 11,061 6,414 57% 28,962 18,478
Provision for loan
losses 430 325 1,161 838
------- ------- ------- -------
Net Interest
Income After
Loan Loss
Provision 75% 10,631 6,089 58% 27,801 17,640
OTHER OPERATING INCOME
Net gain on sale of
loans 1,533 1,952 5,240 4,938
Loan servicing
fees, net 221 221 700 614
Customer service
charges 295 185 793 569
Gain (Loss) on OREO
and other
repossessed assets - (160) 157 (160)
Other fee
income 418 335 881 956
------- ------- ------- -------
Total Other
Operating
Income -3% 2,467 2,533 12% 7,771 6,917
OTHER OPERATING EXPENSES
Salaries and
employee benefits 4,393 2,916 11,981 8,134
Occupancy 574 340 1,695 1,033
Depreciation 326 190 957 566
Other 2,143 1,890 6,365 5,374
------- ------- ------- -------
Total Other
Operating
Expenses 39% 7,436 5,336 39% 20,998 15,107
------- ------- ------- -------
Income before
income taxes 5,662 3,286 14,574 9,450
Income tax 2,278 1,256 5,820 3,573
------- ------- ------- -------
NET INCOME 67% $3,384 $2,030 49% $8,754 $5,877
======= ======= ======= =======
Per Share Data
Basic
earnings per
share 33% $0.61 $0.46 22% $1.63 $1.34
======= ======= ======= =======
Diluted
earnings per
share 35% $0.58 $0.43 23% $1.54 $1.25
======= ======= ======= =======
Average shares for
basic earnings per
share 5,575,666 4,402,605 5,358,607 4,385,565
Average shares for
diluted earnings
per share 5,880,790 4,705,546 5,669,102 4,685,097
SUPPLEMENTAL DATA
---------------------------------------------
(unaudited)(dollars in thousands, Quarter ended Year to date
except per share data) September 30, ended September
30,
---------------- ----------------
2005 2004 2005 2004
-------- ------- -------- -------
Annualized return on average assets 1.63% 1.57% 1.56% 1.56%
Annualized return on average equity 17.05% 19.76% 16.48% 19.64%
Annualized return on average tangible
equity 22.12% 19.76% 22.07% 19.64%
Efficiency ratio 54.97% 58.59% 57.41% 59.12%
Annualized net interest margin 5.81% 5.27% 5.71% 5.29%
Book value per share $15.64 $9.69
Tangible book value per share $8.20 $9.69
Dividends per share $0.10 $0.05 $0.30 $0.15
NON-PERFORMING ASSETS At September 30, At December 31,
----------------------------------------------------- ----------------
(unaudited)(dollars in thousands) 2005 2004 2004
-------- ------- --------
Non-accrual loans $2,721 $4,701 $4,027
Loans past due 90 days or more - - -
Restructured loans - - -
-------- ------- --------
Total non-performing loans 2,721 4,701 4,027
OREO & other repossessed assets 68 39 -
-------- ------- --------
Total non-performing assets $2,789 $4,740 $4,027
======== ======= ========
Total non-performing loans/gross
loans 0.37% 1.03% 0.74%
Total non-performing assets/total
assets 0.32% 0.88% 0.63%
Total non-performing loans net of
guarantees/gross loans 0.17% 0.62% 0.39%
Total non-performing assets net of
guarantees/total assets 0.15% 0.53% 0.33%
ALLOWANCE FOR LOAN LOSSES Quarter ended Year to date
September 30, ended September
30,
----------------------------------------------------- ----------------
(unaudited)(dollars in thousands) 2005 2004 2005 2004
-------- ------- -------- -------
Balance at beginning of period $8,392 $5,715 $7,508 $5,210
Reserve acquired in merger 1,269 - 1,269 -
Provision for loan losses 430 325 1,161 838
Recovery of (provision for) reserve for
losses on commitments to extend
credit - - - -
Net recoveries (chargeoffs) 33 (11) 186 (19)
-------- ------- -------- -------
Balance at end of period $10,124 $6,029 $10,124 $6,029
======== ======= ======== =======
Loan loss allowance/gross loans 1.37% 1.32%
Loan loss allowance/gross loans net
of guarantees 1.44% 1.43%
Loan loss allowance/loans held for
investment 1.72% 1.70%
Loan loss allowance/non-performing
loans 372.07% 128.25%
Loan loss allowance/non-performing
assets 363.00% 127.19%
Loan loss allowance/non-performing
loans, net of guarantees 830.52% 215.24%
Loan loss allowance/non-performing
assets, net of guarantees 786.64% 212.29%
Net Charge offs (recoveries) to
average loans (annualized) -0.02% 0.01% -0.04% 0.01%
CAPITAL RATIOS At September 30, At December 31,
----------------------------------------------------- ----------------
(unaudited) 2005 2004 2004
-------- ------- --------
Holding Company Ratios
Total capital (to risk-weighted
assets) 11.71% 13.08% 11.47%
Tier 1 capital (to risk-weighted
assets) 9.98% 11.68% 10.22%
Tier 1 capital (to average
assets) 10.00% 10.95% 9.48%
Tangible equity to tangible
assets 5.81% 7.92% 7.33%
Bank only Ratios
Total capital (to risk-weighted
assets) 11.30% 11.22% 11.19%
Tier 1 capital (to risk-weighted
assets) 10.05% 9.97% 9.94%
Tier 1 capital (to average
assets) 10.08% 9.35% 9.30%
(unaudited) (dollars in thousands)
-------------------------------------------------------------- -------
For the three months ended September 30,
2005 2004
------- -------
Average Interest Average Average InterestAverage
Balance Earned/ Rate/ Balance Earned/ Rate/
Paid Yield Paid Yield
------------------------------------------------
Average assets:
Securities and time
deposits at other
banks $57,055 $573 3.98% $22,157 $233 4.18%
Fed funds sold 6,735 59 3.48% 14,477 52 1.43%
Loans:
Commercial 53,867 990 7.29% 21,990 291 5.26%
Real Estate 585,905 12,297 8.33% 393,693 6,663 6.73%
Aircraft 31,843 546 6.80% 29,108 508 6.94%
Consumer 19,318 398 8.17% 3,040 60 7.85%
----------------- -----------------
Total
loans 690,933 14,231 8.17% 447,831 7,522 6.68%
----------------- -----------------
Total earning
assets 754,723 14,863 7.81% 484,465 7,807 6.41%
Non earning assets 77,068 33,899
--------- ---------
Total average
assets $831,791 $518,364
========= =========
Average liabilities and stockholders' equity:
Interest bearing deposits:
Savings and
interest
bearing
accounts $202,055 $482 0.95% $134,908 $155 0.46%
Time deposits 343,607 2,659 3.07% 233,611 971 1.65%
----------------- -----------------
Total
interest
bearing
deposits 545,662 3,141 2.28% 368,519 1,126 1.22%
Short term
borrowing 21,610 189 3.47% 8,470 32 1.51%
Long term debt 28,182 472 6.64% 14,676 235 6.37%
----------------- -----------------
Total interest
bearing
liabilities 595,454 3,802 2.53% 391,665 1,393 1.42%
Demand deposits 146,080 78,491
Accrued expenses
and other
liabilities 10,885 7,105
Net stockholders'
equity 79,372 41,103
--------- ---------
Total average
liabilities
stockholders'
equity $831,791 $11,061 $518,364 $6,414
================= =================
Net interest spread 5.28% 4.99%
====== =======
Net interest margin 5.81% 5.27%
====== =======
----------------------- ------------------------
For the nine months
ended September 30, 2005 2004
----------------------- ------------------------
Average assets:
Securities and time
deposits at other
banks $46,027 $1,378 4.00% $24,635 $729 3.95%
Fed funds sold 9,655 208 2.88% 14,831 124 1.12%
Loans:
Commercial 45,323 2,374 7.00% 21,473 871 5.42%
Real Estate 529,232 31,046 7.84% 372,276 18,951 6.80%
Aircraft 30,381 1,537 6.76% 29,893 1,569 7.01%
Consumer 17,851 1,083 8.11% 3,415 194 7.59%
----------------- -----------------
Total
loans 622,787 36,040 7.74% 427,057 21,585 6.75%
----------------- -----------------
Total earning
assets 678,469 37,626 7.41% 466,523 22,438 6.42%
Non earning assets 70,090 34,950
--------- ---------
Total average
assets $748,559 $501,473
========= =========
Average liabilities and stockholders' equity:
Interest bearing deposits:
Savings and
interest
bearing
accounts $191,558 $1,055 0.74% $124,103 $438 0.47%
Time deposits 300,642 5,956 2.65% 225,467 2,728 1.62%
----------------- -----------------
Total
interest
bearing
deposits 492,200 7,011 1.90% 349,570 3,166 1.21%
Short term
borrowing 25,290 576 3.05% 11,866 107 1.20%
Long term debt 21,235 1,077 6.78% 14,683 687 6.25%
----------------- -----------------
Total interest
bearing
liabilities 538,725 8,664 2.15% 376,119 3,960 1.41%
Demand deposits 129,072 78,627
Accrued expenses
and other
liabilities 9,917 6,834
Net stockholders'
equity 70,845 39,893
--------- ---------
Total average
liabilities
stockholders'
equity $748,559 $28,962 $501,473 $18,478
================= =================
Net interest spread 5.26% 5.01%
====== =======
Net interest margin 5.71% 5.29%
====== =======
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