Community Bancorp Reports Net Income of $12.6 Million or $2.17 Per Share for 2005 and $3.8 Million or $0.62 Per Share for the Fourth Quarter.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. (the "Company") (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) ) 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 $908.6 million in total assets, today announced financial results for the quarter and year ended December December: see month. 31, 2005. 2005 Financial Highlights: --Net income totaled $12.6 million in 2005, up 50.6% from $8.4 million for the prior year --Diluted earnings per share increased 26.9% to $2.17, compared to $1.71 in 2004 --Net interest income increased 52.2% for the year --Net interest margin increased to 5.80% for 2005, compared to 5.40% for 2004 --Return on average 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 for 2005 exceeded 20% for the third year in a row --Return on average assets for 2005 was 1.61% compared to 1.55% for 2004 --The Company's efficiency ratio improved to 56.9% for 2005 from 60.1% in 2004 --Total loans increased $197.6 million or 36.6% to $737.1 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. from $539.5 million one year ago --Total deposits increased $160.7 million or 29.2% to $710.5 million at year-end from $549.8 million one year ago --Total non-interest bearing deposits increased $54.2 million or 48.9% to $165.0 million at year end, compared to $110.8 million a year ago --Net charge offs for the year were only 0.04% of average loans outstanding --The Company increased its quarterly cash dividend to $0.10 per share or $0.40 per share for the year Fourth Quarter 2005 Financial Highlights: --Net income totaled $3.8 million, up 13.5% from the third quarter 2005 and 54.4% from the fourth quarter 2004 --Diluted earnings per share increased 37.8% to $0.62, compared to $0.45 in the fourth quarter 2004 --Net interest income increased 42.3%, compared to the fourth quarter 2004 --Net interest margin increased to 6.01%, compared to 5.81% for the third quarter 2005 and 5.66% for the fourth quarter 2004 The comparability of financial information is affected by our two 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.
FOURTH QUARTER RESULTS
(unaudited) (dollars in
thousands, except per Fourth Fourth Third
share data) Quarter Quarter Quarter
2005 2004 % Change 2005 % Change
------- ------- --------- ------- ---------
Diluted EPS $0.62 $0.45 37.78% $0.58 6.90%
Net Income $3,842 $2,489 54.36% $3,384 13.53%
Return on Average Assets
(ROA) 1.73% 1.52% 14.12% 1.63% 6.42%
Return on Average Tangible
Equity (ROTE) 19.91% 21.30% -6.52% 22.12% -9.99%
Net Interest Margin 6.01% 5.66% 6.18% 5.81% 3.44%
Efficiency Ratio 55.69% 62.25% -10.53% 54.97% 1.32%
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 2005, which, combined with the acquisition of Rancho Bernardo Community Bank, produced a 42% increase in total assets to $908.6 million as of December 31, 2005 compared to $641.6 million as of December 31, 2004. If we exclude the effect of the acquisition, assets grew internally 27% since December 31, 2004," continued Perdue. "Excluding the acquisitions, gross loans increased 26% and retail deposits increased 12% over 2004. "Including the acquisitions, total loans increased 37% to $737.1 million as of December 31, 2005 compared to $539.5 million as of December 31, 2004. Total deposits also increased substantially, rising 29% to $710.5 million as of December 31, 2005 compared to $549.8 million in 2004," continued Perdue. "The continued improvement in our deposit mix also contributed to our improved performance. Non-interest bearing deposits increased significantly, rising 49% to $165.0 million as of year end compared to $110.8 million in 2004. As a result of this strengthened deposit portfolio and the increase in market rates our net interest income increased 52% for the year 2005 over 2004. "Loan production was very strong, increasing 18% to $494.9 million for the year ended December 31, 2005 compared to $420.6 million for 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 $333.2 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 $161.7 million," Perdue concluded. INTEREST INCOME AND EXPENSE Net interest income before loan loss provision increased 52.2% for the year ended December 31, 2005 over 2004. Total interest income was $53.9 million, a 65.0% increase over the $32.6 million for 2004. The increase was primarily the result of the 42.0% 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 year ended December 31, 2005 was $12.8 million, a 126.3% increase over the $5.7 million for 2004. Interest expense increased due to the 39.3% increase in average interest bearing liabilities combined with an increase in the cost of those liabilities. For the year 2005, average transaction accounts increased 52.2% to $344.0 million compared to $226.1 million for 2004. Net interest income before loan loss provision increased 42.3% to $12.1 million for the fourth quarter 2005 from $8.5 million in the fourth quarter of 2004. The net interest margin increased to 6.01% in the fourth quarter compared to 5.81% in the third quarter 2005 and 5.66% in the fourth quarter 2004. 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 gain (loss) on REO reo Noun NZ a language [Maori] , other operating income remained relatively flat at $9.9 million for the year ended December 31, 2005 compared to $9.8 million during 2004. 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 $26.9 million and SBA 7a loan sales totaled $59.7 million for the year 2005 compared to $33.2 million in SBA 504 loans and $48.6 million in SBA 7a for the same period in 2004. Excluding the loss on REO in the fourth quarter 2004, other operating income decreased 17.4% to $2.3 million for the fourth quarter 2005 compared to $2.7 million during the fourth quarter 2004. Other operating income for the fourth quarter and year were negatively impacted by a market value adjustment of $775,000 of the servicing asset, partially offset by a $435,000 increase in the value of the IO Strip. 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 31.2% to $29.0 million for the year ended December 31, 2005 compared to $22.1 million for the year ended December 31, 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 December 31, 2005, the Company had 246 full time equivalent employees, compared to 189 as of December 31, 2004. Other operating expenses increased 14.3% to $8.0 million for the fourth quarter 2005 compared to $7.0 million for the same period in 2004 due to the growth in staff and related expenses. RESERVES AND ASSET QUALITY As of December 31, 2005, the reserve for loan losses increased to $9.8 million compared to $7.5 million as of December 31, 2004. The reserve for loan losses as a percentage of total gross loans was 1.32% as of December 31, 2005 compared to 1.38% as of December 31, 2004. The reserve for loan losses as a percentage of total gross loans net of government guarantees was 1.38% as of December 31, 2005 compared to 1.48% as of December 31, 2004. The Company recorded a provision for loan losses of $1.2 million for both the years ended December 31, 2005 and 2004. The Company had net loan charge offs of $235,000, or 0.04%, for the year ended December 31, 2005 compared to net loan charge offs of $34,000, or 0.01%, for 2004. Net of government guarantees, 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 December 31, 2005 compared to $2.1 million as of December 31, 2004. Net of government guarantees, non-performing loans as a percent of gross loans were 0.36% as of December 31, 2005 compared to 0.39% as of December 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 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 5.85% as of December 31, 2005 compared to 7.33% as of December 31, 2004 due to the acquisition of Rancho Bernardo Community 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 $908.6 million in assets as of December 31, 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
--------------------------- change
(unaudited) (dollars in thousands) from December December
Dec 31, 31, 31,
2004 2005 2004
---------- --------- ---------
ASSETS:
Cash and cash equivalents $37,752 $24,407
Investments and interest bearing
deposits in financial institutions 61,709 35,973
Loans held for investment 33% 582,745 437,932
Less allowance for loan losses (9,773) (7,508)
--------- ---------
Net loans held for investment 572,972 430,424
Loans held for sale 52% 154,327 101,588
Premises and equipment, net 6,971 6,737
Other real estate owned and repossessed
assets 68 -
Accrued interest and other assets 16,123 13,402
Income tax receivable and deferred tax
asset, net 6,377 5,928
Servicing assets, net 3,833 4,011
Interest-only strips, at fair value 2,623 1,749
Goodwill 45,822 17,387
--------- ---------
Total assets 42% $908,577 $641,606
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
Interest bearing 24% $545,517 $438,995
Non-interest bearing 49% 164,956 110,771
--------- ---------
Total deposits 29% 710,473 549,766
Short term borrowing 52,290 1,000
Long term debt 37,203 17,640
Accrued expenses and other liabilities 12,327 10,082
--------- ---------
Total liabilities 40% 812,293 578,488
--------- ---------
Stockholders' equity
Common stock, $0.625 par value;
authorized 10,000,000 shares, issued
and outstanding; 5,939,397 (including
11,670 of restricted stock awarded
under the equity based compensation
plan) at December 31, 2005, 5,162,725
at December 31, 2004 3,705 3,227
Additional paid-in capital 61,696 38,994
Deferred compensation - restricted stock (85) -
Accumulated other comprehensive gain (loss), net
of income taxes (361) (73)
Retained earnings 31,329 20,970
--------- ---------
Total stockholders' equity 53% 96,284 63,118
--------- ---------
Total liabilities and stockholders'
equity 42% $908,577 $641,606
========= =========
CONSOLIDATED STATEMENT OF OPERATIONS
------------------------------------
(unaudited) (dollars in thousands, except per share data)
Qtly Quarter Ended Annual Year Ended
INTEREST % December 31, % December 31,
INCOME Change 2005 2004 Change 2005 2004
------- -------- ---------- ------- -------- ----------
Interest on
loans $15,551 $9,798 $51,591 $31,383
Interest on
fed funds
sold 55 116 263 240
Interest-
earning
deposits
with
banks 7 11 27 14
Interest on
other
investments 617 268 1,975 994
---------- ---------- ---------- ----------
Total Interest
Income 59% 16,230 10,193 65% 53,856 32,631
INTEREST
EXPENSE
Deposits 3,185 1,420 10,196 4,586
Other
borrowed
money 966 284 2,619 1,078
---------- ---------- ---------- ----------
Total Interest
Expense 144% 4,151 1,704 126% 12,815 5,664
Net interest
income 42% 12,079 8,489 52% 41,041 26,967
Provision for
loan losses 70 338 1,231 1,176
---------- ---------- ---------- ----------
Net Interest
Income After
Loan Loss
Provision 47% 12,009 8,151 54% 39,810 25,791
OTHER OPERATING
INCOME
Net gain on
sale of
loans 1,728 1,745 6,968 6,683
Loan
servicing
fees, net (543) 215 157 829
Customer
service
charges 294 262 1,087 831
Gain (Loss)
on OREO and
other
repossessed
assets - 17 157 (143)
Other fee
income 773 504 1,654 1,460
---------- ---------- ---------- ----------
Total Other
Operating
Income -18% 2,252 2,743 4% 10,023 9,660
OTHER
OPERATING
EXPENSES
Salaries and
employee
benefits 4,426 3,287 16,407 11,421
Occupancy 640 785 2,335 1,818
Depreciation 342 255 1,299 821
Other 2,572 2,655 8,937 8,029
---------- ---------- ---------- ----------
Total Other
Operating
Expenses 14% 7,980 6,982 31% 28,978 22,089
---------- ---------- ---------- ----------
Income before
income taxes 6,281 3,912 20,855 13,362
Income tax 2,439 1,423 8,259 4,996
---------- ---------- ---------- ----------
NET INCOME 54% $3,842 $2,489 51% $12,596 $8,366
========== ========== ========== ==========
Per Share Data
Basic
earnings
per share 33% $0.65 $0.49 25% $2.29 $1.83
========== ========== ========== ==========
Diluted
earnings
per share 38% $0.62 $0.45 27% $2.17 $1.71
========== ========== ========== ==========
Average shares
for basic
earnings per
share 5,926,546 5,122,215 5,501,774 4,570,734
Average shares
for diluted
earnings
per share 6,245,621 5,482,949 5,814,462 4,885,069
SUPPLEMENTAL DATA
-----------------
(unaudited)(dollars in thousands, Quarter ended Year ended
except per share data) December 31, December 31,
---------------- ---------------
2005 2004 2005 2004
-------- ------- ------- -------
Annualized return on average assets 1.73% 1.52% 1.61% 1.55%
Annualized return on average equity 16.13% 17.18% 16.37% 18.84%
Annualized return on average tangible
equity 19.91% 21.30% 25.63% 20.11%
Efficiency ratio 55.69% 62.25% 56.92% 60.08%
Annualized net interest margin 6.01% 5.66% 5.80% 5.40%
Book value per share $16.21 $12.23
Tangible book value per share $8.50 $8.86
Dividends per share $0.10 $0.05 $0.40 $0.20
NON-PERFORMING ASSETS At December 31,
--------------------- ----------------
(unaudited)(dollars in thousands) 2005 2004
-------- -------
Non-accrual loans $3,647 $4,027
Loans past due 90 days or more - -
Restructured loans - -
-------- -------
Total non-performing loans 3,647 4,027
OREO & other repossessed assets 68 -
-------- -------
Total non-performing assets $3,715 $4,027
======== =======
Total non-performing loans/gross loans 0.49% 0.74%
Total non-performing assets/total
assets 0.41% 0.63%
Total non-performing loans net of
guarantees/gross loans 0.36% 0.39%
Total non-performing assets net of
guarantees/total assets 0.30% 0.33%
Quarter ended Year ended
ALLOWANCE FOR LOAN LOSSES December 31, December 31,
------------------------- ---------------- ---------------
(unaudited)(dollars in thousands) 2005 2004 2005 2004
-------- ------- ------- -------
Balance at beginning of period $10,124 $6,029 $7,508 $5,210
Reserve acquired in merger 1,156 1,269 1,156
Provision for loan losses 70 338 1,231 1,176
Recovery of (provision for)
reserve for losses on
commitments to extend credit - - - -
Net recoveries (chargeoffs) (421) (15) (235) (34)
-------- ------- ------- -------
Balance at end of period $9,773 $7,508 $9,773 $7,508
======== ======= ======= =======
Loan loss allowance/gross loans 1.32% 1.38%
Loan loss allowance/gross loans net of
guarantees 1.38% 1.48%
Loan loss allowance/loans held for
investment 1.68% 1.71%
Loan loss allowance/non-performing
loans 267.97% 186.44%
Loan loss allowance/non-performing
assets 263.07% 186.44%
Loan loss allowance/non-performing
loans, net of guarantees 368.24% 351.99%
Loan loss allowance/non-performing
assets, net of guarantees 359.04% 351.99%
Net Charge offs (recoveries) to
average loans (annualized) 0.23% 0.01% 0.04% 0.01%
CAPITAL RATIOS At December 31,
-------------- ----------------
(unaudited) 2005 2004
-------- -------
Holding Company Ratios
Total capital (to risk-weighted
assets) 11.75% 11.47%
Tier 1 capital (to risk-weighted
assets) 10.20% 10.22%
Tier 1 capital (to average assets) 9.86% 9.48%
Tangible equity to tangible assets 5.85% 7.33%
Bank only Ratios
Total capital (to risk-weighted
assets) 11.47% 11.19%
Tier 1 capital (to risk-weighted
assets) 10.22% 9.94%
Tier 1 capital (to average assets) 9.88% 9.30%
(unaudited) (dollars in thousands)
For the three months ended December 31,
2005 2004
-------------------------- --------------------------
Average Interest Average Average Interest Average
Balance Earned/ Rate/ Balance Earned/ Rate/
Paid Yield Paid Yield
--------- -------- ------- --------- -------- -------
Average assets:
Securities and
time deposits
at other banks $57,324 $624 4.32% $28,845 $278 3.83%
Fed funds sold 5,730 55 3.81% 22,360 117 2.08%
Loans:
Commercial 52,549 1,006 7.60% 33,811 678 7.98%
Real Estate 629,953 13,598 8.56% 468,717 8,241 7.00%
Aircraft 30,170 506 6.65% 28,916 501 6.91%
Consumer 21,144 441 8.27% 12,774 376 11.72%
--------- -------- --------- --------
Total loans 733,816 15,551 8.41% 544,218 9,796 7.15%
--------- -------- --------- --------
Total earning
assets 796,870 16,230 8.08% 595,423 10,191 6.80%
Non earning
assets 89,105 57,477
--------- ---------
Total average
assets $885,975 $652,900
========= =========
Average
liabilities and
stockholders'
equity:
Interest
bearing
deposits:
Savings and
interest
bearing
accounts $239,402 $726 1.20% $181,747 $243 0.53%
Time deposits 306,706 2,459 3.18% 270,839 1,177 1.73%
--------- -------- --------- --------
Total
interest
bearing
deposits 546,108 3,185 2.31% 452,586 1,420 1.25%
Short term
borrowing 29,434 314 4.23% 2,002 9 1.79%
Long term debt 38,191 652 6.77% 17,633 275 6.20%
--------- -------- --------- --------
Total interest
bearing
liabilities 613,733 4,151 2.68% 472,221 1,704 1.44%
Demand deposits 164,587 114,310
Accrued
expenses and
other
liabilities 12,373 8,402
Net
stockholders'
equity 95,282 57,967
--------- ---------
Total average
liabilities
stockholders'
equity $885,975 $12,079 $652,900 $8,487
========= ======== ========= ========
Net interest
spread 5.40% 5.36%
====== =======
Net interest
margin 6.01% 5.66%
====== =======
For the year ended December 31,
2005 2004
-------------------------- --------------------------
Average assets:
Securities and
time deposits
at other banks $48,851 $2,002 4.10% $25,687 $1,008 3.92%
Fed funds sold 8,673 263 3.03% 16,713 240 1.44%
Loans:
Commercial 47,130 3,380 7.17% 24,557 1,549 6.31%
Real Estate 554,412 44,644 8.05% 396,386 27,194 6.86%
Aircraft 30,328 2,043 6.74% 29,649 2,071 6.99%
Consumer 18,674 1,524 8.16% 5,755 569 9.90%
--------- -------- --------- --------
Total loans 650,544 51,591 7.93% 456,347 31,383 6.88%
--------- -------- --------- --------
Total earning
assets 708,068 53,856 7.61% 498,747 32,631 6.54%
Non earning
assets 74,844 40,582
--------- ---------
Total average
assets $782,912 $539,329
========= =========
Average
liabilities and
stockholders'
equity:
Interest
bearing
deposits:
Savings and
interest
bearing
accounts $206,050 $1,782 0.86% $138,514 $681 0.49%
Time deposits 299,626 8,414 2.81% 236,810 3,905 1.65%
--------- -------- --------- --------
Total
interest
bearing
deposits 505,676 10,196 2.02% 375,324 4,586 1.22%
Short term
borrowing 26,326 891 3.38% 9,400 116 1.23%
Long term debt 25,474 1,728 6.78% 15,420 962 6.24%
--------- -------- --------- --------
Total interest
bearing
liabilities 557,476 12,815 2.30% 400,144 5,664 1.42%
Demand deposits 137,951 87,548
Accrued
expenses and
other
liabilities 10,531 7,226
Net
stockholders'
equity 76,954 44,411
--------- ---------
Total average
liabilities
stockholders'
equity $782,912 $41,041 $539,329 $26,967
========= ======== ========= ========
Net interest
spread 5.31% 5.12%
====== =======
Net interest
margin 5.80% 5.40%
====== =======
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