Harrington West Announces June 2006 Quarter Earnings, Double-Digit Annual Growth in Loans, Deposits and Core Earnings Per Share, and Declares a Regular Quarterly Dividend of 12.5 Cents Per Share.SOLVANG Solvang may refer to:
Places in the United Kingdom:
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 :HWFG HWFG Harrington West Financial Group ), the holding company for Los Padres
Not to be confused with San Diego Padres. Bank and its division, Harrington Bank, with $1.1 billion in assets, today announced that it earned net income of $2.1 million or 37 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on a fully 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. basis compared to $2.0 million or 35 cents per share earned in the June June: see month. 2005 quarter, increasing 7%. Excluding net gains or losses on investments and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , diluted core earnings per share on an after tax basis were 37 cents in the June 2006 quarter compared to 34 cents in the June 2005 quarter, a 10% increase. For the first six months of 2006, HWFG earned net income of $4.2 million or 75 cents per share, similar to the results for the first 6 months of 2005 or 74 cents per share. For the first 6 months of 2006, core earnings per share after tax were 72 cents, compared to 66 cents in the same period in 2005, rising 9%. Return on average equity was 13.0% for the June 2006 quarter and 13.5% for the first six months of 2006. Based on the earnings performance, HWFG's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend of 12.5 cents per share, payable on August 11, 2006 to holders of record on August 4, 2006. The June 2006 quarter was highlighted by the following developments and results:
1. Net loans increased 12.8% from June 30, 2005 to June 30, 2006 and
by 4.7% in the June 2006 quarter to $716.2 million.
2. Deposit balances increased 10.2% from June 30, 2005 to June 30,
2006 and by 2.1 % in the June 2006 quarter to $711.1 million.
3. Credit quality of the loan portfolio remained favorable, with no
non-performing loans at June 30, 2006, compared to $466 thousand
and $608 thousand at March 31, 2006 and June 30, 2005,
respectively.
4. Investment Securities were reduced by $74.4 million from June 30,
2005 and $39.4 million in the June quarter 2006 to $326.5 million
at June 30, 2006, reflecting Management's desire to reduce
investments in the tight spread environment and to fund the
strong loan growth.
5. Net Interest Margin expanded slightly in the June 2006 quarter
to 2.85%, compared to 2.83% and 2.82% in the March 2006 and June
2005, respectively.
6. Banking Fee Income was $1.2 million in the June 2006 quarter,
rising $220 thousand and $279 thousand over the June 2005 and
March 2006 quarters, respectively.
7. Book Value per share was $11.87 at June 30, 2006, rising 13.5%
from June 30, 2005.
8. The previously announced HWFG share repurchase program of 200,000
shares remains in effect. No shares have been repurchased under
this program to date.
Strategy and Earnings Performance HWFG's core strategy is to organically grow loans, deposits, banking offices, and banking fee income on a controlled basis in the markets of the Central Coast of California The Central Coast is an area of California, United States, roughly spanning the area between the Monterey Bay and Point Conception. It extends through Santa Cruz County, San Benito County, Monterey County, San Luis Obispo County, and Santa Barbara County. , the Phoenix metro, and the Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). metro. Management has extensive knowledge of and banking experience in these markets, which have favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. demographic See demographics. and growth characteristics. HWFG seeks to grow the core banking franchise of loans and deposits at high single to low double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. levels on an annual basis through its expansion of deposit gathering offices, adding lenders and business developers, and emphasizing its diversified diversified (di·verˑ·s product menu and relationship banking approach. HWFG's management also has significant expertise in managing mortgage investments and interest rate risk and seeks to maintain banking risks at a low level. Controlling operating costs operating costs npl → gastos mpl operacionales congruent con·gru·ent adj. 1. Corresponding; congruous. 2. Mathematics a. Coinciding exactly when superimposed: congruent triangles. b. with its expansion plans is also a key variable to HWFG's strategic plan. Together, these long term strategies are expected to improve earnings and build franchise and shareholder values. The results for the June 2006 quarter were characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by HWFG's progress in executing its core strategy. The Company was able to grow its loans and deposits within its targeted growth range and further grow its banking fee and other income, while keeping operating costs in line with its planned expansion. Although the growth in deposits and loans has met HWFG's expectations, overall earnings growth has been influenced by (1) the reduction of the investment portfolio and other borrowings, and (2) the re-pricing lag in some securities and loans (lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. Prime, Treasury, and COFI COFI Cost of Funds Index COFI Council Of Forest Industries (Canada) COFI Community Organizing and Family Issues COFI Checkout and Fault Isolation COFI Coder/Decoder Filter (electrical engineering) indexes) relative to the re-pricing of deposits and borrowings and the slight re-pricing mismatch mismatch 1. in blood transfusions and transplantation immunology, an incompatibility between potential donor and recipient. 2. one or more nucleotides in one of the double strands in a nucleic acid molecule without complementary nucleotides in the same position on the other between HWFG's 3-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). interest rate hedges and its daily re-pricing borrowings. Counterbalancing this lag has been the mix change of loans to higher margin categories, resulting in a relatively stable margin over the last 6 quarters despite steadily rising short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. market interest rates. HWFG believes that in the current spread environment deploying its available capital to support loan growth will provide superior returns relative to investment securities. As a result of HWFG's relatively stable net interest margin, net interest income growth has mirrored the growth in average 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 in the comparative periods. Average earning assets in the June 2006 quarter grew 1.6% over the June 2005 quarter due to the reduction of the investment portfolio, while net interest income before provision grew somewhat more at 2.9% over the same period to $7.7 million due to a slightly higher margin. Although further reduction of the investment securities portfolio is possible, Management expects the portfolio to stabilize stabilize See peg. around the June 2006 level, while it seeks loan and deposit growth within its target range. Banking Fee and Other Income grew in the June 2006 quarter from the increase in revenues from Harrington Wealth Management Company (HWM HWM abbr. high-water mark ), a trust investment subsidiary of Los Padres Bank, and growth in deposit fees. HWFG is also adding fee income from the brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. of mortgages (that do not meet HWFG's spread targets) to other lenders. However, with the higher interest rate environment, only $3 thousand in prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. fees were earned in the June 2006 quarter as compared to $114 thousand in the June 2005 quarter. In the June 2006 quarter, HWFG recovered unpaid rents and tenant improvements totaling $295 thousand from the settlement with a tenant in its Metcalf Metcalf may refer to: In places:
Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). office. For the first 6 months of 2006, fee income was $2.1 million, growing $279 thousand over the same period in 2005. (Dollars in thousands) ---------------------------------------------------------------------- Banking Fee and June June June June Other Income by 2006 2005 2006 2005 Type Quarter Quarter % Change YTD YTD % Change ---------------------------------------------------------------------- Mortgage Brokerage Fee, Prepayment Penalties & Other Loan Fees $166 $254 (34.6)% $375 $631 (40.6)% ---------------------------------------------------------------------- Deposit, Other Retail Banking Fees & Other Fee Income 630 317 98.7% 950 634 49.8% ---------------------------------------------------------------------- Harrington Wealth Management Fees 207 189 9.5% 404 353 14.4% ---------------------------------------------------------------------- BOLI Income, net 191 214 (10.7)% 382 214 78.5% ---------------------------------------------------------------------- Total $1,194 $974 22.6% $2,111 $1,832 15.2% ---------------------------------------------------------------------- HWFG seeks to control its 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. relative to its anticipated growth in banking offices and its infrastructure required to produce its loan and deposit growth. Operating expenses were $5.6 million in the June 2006 quarter compared to $5.4 million and $5.1 million in the March 2006 and June 2005 quarters, respectively. The June 2006 quarter's expenses were affected by the start-up Start-up The earliest stage of a new business venture. expenses of its new Harrington Bank office in the Kansas City market, expected to open in August 2006, a $75 thousand retention payment on an insurance claim, $38 thousand in 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 expense, and the general growth in the corporate infrastructure to support the Company's plans. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. operating expenses were $10.9 million compared to $10.3 million in the same period in 2005, increasing 5.8%. The combined federal and state tax rate was 34.1% in the June 2006 quarter and was lower than the prior quarter due to more revenue being earned and apportioned ap·por·tion tr.v. ap·por·tioned, ap·por·tion·ing, ap·por·tions To divide and assign according to a plan; allot: "The tendency persists to apportion blame as suits the circumstances" to states with lower tax rates. This factor is expected to result in a 37.5% combined tax rate for the remainder of 2006 and a 38.0 % combined tax rate for 2007. Loan and Deposit Development The loan growth of $32.3 million in the quarter largely emanated from higher margin business and construction and development lending. HWFG is making considerable progress in gaining market share in its Ventura Ventura (vĕnt  `rə), city (1990 pop. 92,575), seat of Ventura co., SW Calif., on the Pacific coast in a farm and oil region; inc. 1866. County market area and is increasing business lending in the
Scottsdale Scottsdale, city (1990 pop. 130,069), Maricopa co., central Ariz.; settled in 1895 by Winfield Scott, inc. 1951. It is a resort and retirement center in the Phoenix metropolitan area. and Kansas City markets.Asset quality remains favorable. The Company was able to enter into a contract to sell its real estate owned, acquired from the workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. of a business credit in the Kansas City market, and the related business loans were charged off in the quarter against the specific reserve. The sale of the real estate owned is expected to close in the late September September: see month. quarter. HWFG added $150 thousand to its reserve for loan losses to reflect the strong growth in loans in the quarter, and its reserve for loan losses equaled $5.6 million or .78% of net loans at June 30, 2006.
HWFG Net Loan Growth and Mix
(Dollars in millions)
----------------------------------------------------------------------
December 31,
June 30, 2006 2005 June 30, 2005
------------------------------------------ ------------- -------------
% of % of % of
Loan Type Total Total Total Total Total Total
------------------------------------------ ------------- -------------
Commercial Real Estate $254.0 35.1% $253.2 37.2% $266.8 41.5%
------------------------------------------ ------------- -------------
Multi-family Real Estate 80.8 11.2% 80.9 11.9% 80.0 12.4%
------------------------------------------ ------------- -------------
Construction (1) 95.0 13.1% 70.9 10.4% 46.4 7.2%
------------------------------------------ ------------- -------------
Single-family Real Estate 113.5 15.6% 115.9 17.0% 106.3 16.5%
------------------------------------------ ------------- -------------
Commercial and industrial
loans 99.8 13.8% 96.5 14.1% 86.5 13.5%
------------------------------------------ ------------- -------------
Land acquisition and
development 51.2 7.1% 36.1 5.3% 30.1 4.7%
------------------------------------------ ------------- -------------
Consumer loans 27.8 3.8% 26.7 3.9% 25.6 4.0%
------------------------------------------ ------------- -------------
Other loans (2) 2.4 .3% 1.3 .2% 1.2 .2%
------------------------------------------ ------------- -------------
Total gross loans 724.5 100.0% 681.5 100.0% 642.9 100.0%
------------------------------------------ ------------- -------------
Allowance, Deferred Fees &
Discounts/Premiums (8.3) (8.6) (8.0)
------------------------------------------ ------------- -------------
Net loans receivable $716.2 $672.9 $634.9
------------------------------------------ ------------- -------------
(1) Includes loans collateralized by residential, commercial and land
properties.
(2) Includes loans collateralized by deposits and consumer line of
credit loans.
Deposit balances continued to grow by $14.4 million in the June 2006 quarter and by $42.0 million year-to-date from the popularity of HWFG's Diamond account, which is a hybrid CD A Hybrid CD is a CD-ROM that has multiple file systems, so that it can be used on various system software, for example both Apple Macintosh and Microsoft Windows based operating systems. providing the customer limited liquidity and re-pricing options over its ten month term. HWFG continued to pursue non-costing deposits through its incentive program for lenders and its Ultimate Checking promotion. HWFG will open its third Harrington Bank office in its Kansas City market in August 2006, which is the sixteenth office throughout its markets. The new office is located in Western Johnson County, Kansas Johnson County (county code JO) is a county located in Northeast Kansas, in the central United States. The county's population — the fastest growing in the state of Kansas — was estimated to be 516,731 in 2006,[] making it the largest in the state. near the Lenexa Le·nex·a A city of eastern Kansas, a suburb of Kansas City. Population: 41,200. business district, the Johnson County Community College Johnson County Community College (often referred to as JCCC) is located in Overland Park, Kansas. It was founded in 1972 due to great demand in the area for a community college, and to accommodate the rapidy growing population of Johnson County, Kansas. , and residential development. HWFG's third banking office in the Phoenix metro in the city of Surprise is in the development stages and expected to open in the Spring of 2007. The Company has purchased a parcel for a banking office in the growing Deer Valley Deer Valley is an alpine ski resort in the Wasatch Range in the Park City area of northern Utah. Deer Valley is for skiers only, as it prohibits snowboarding. During the 2002 Winter Olympics Deer Valley hosted the freestyle moguls and aerial, and alpine slalom events. Airpark air·park n. A small airport typically located near a business area or industrial park. in north central Phoenix and is currently seeking a site in the Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: Closing Comments In commenting on the results of the June 2006 quarter, Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. J. Cerny Černý or Cerny may refer to:
integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" annual rates, while our net interest margin expanded slightly. This progress is being accomplished against a back drop of rising short term interest rates, tight spreads on mortgage securities and commodity type loans, and formidable competition. We believe our reduction of the investment portfolio, to fund our favorable loan growth, better utilizes our capital base. This tactic combined with our commitment to grow our core deposits and fee income sources are positive steps in further building HWFG's shareholder and franchise values." Harrington West Financial Group, Inc. is a $1.1 billion, diversified, financial institution holding company for Los Padres Bank and its division Harrington Bank. HWFG operates 15 full service banking offices on the central coast of California, Scottsdale, Arizona Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " , and the Kansas City metro. The Company also owns Harrington Wealth Management Company, a trust and investment management company with $148.7 million in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. or custody The care, possession, and control of a thing or person. The retention, inspection, guarding, maintenance, or security of a thing within the immediate care and control of the person to whom it is committed. The detention of a person by lawful authority or process. . This Release includes "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. " within the meaning of Section 27A of the Securities Act. All of the statements contained in the Release, other than statements of historical fact, should be considered forward-looking statements, including, but not limited to, those concerning (i) the Company's strategies, objectives and plans for expansion of its operations, products and services, and growth of its portfolio of loans, investments and deposits, (ii) the Company's beliefs and expectations regarding actions that may be taken by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities having oversight
Oversight may refer to:
adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" and are not intended to give any assurance as to future results. The Company undertakes no obligation to publicly release 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 these forward-looking statements to reflect 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 after the date hereof or to reflect the occurrence of unanticipated events.
Consolidated Financial Data - Harrington West Financial Group, Inc.
(unaudited)
(In thousands, except per Quarter ended Year-to-date
share data) Jun. 30, Jun. 30, Jun. 30, Jun.
2006 2005 2006 30, 2005
---------------------------------------------------- -----------------
Interest income $18,207 $15,163 $35,868 $29,471
Interest expense 10,510 7,680 20,369 14,427
---------------- -----------------
Net interest income 7,697 7,483 15,499 15,044
Provision for loan losses 150 200 290 350
---------------- -----------------
Net interest income after provision
for loan losses 7,547 7,283 15,209 14,694
Non-interest income:
Income (loss) from trading assets (34) 71 220 783
Other gain (loss) 2 1 (3) (6)
Banking fee income 1,194 974 2,111 1,832
---------------- -----------------
Non-interest income 1,162 1,046 2,328 2,609
Non-interest expense 5,560 5,138 10,946 10,348
---------------- -----------------
Income before income taxes 3,149 3,191 6,591 6,955
Provision for income taxes 1,076 1,240 2,418 2,769
---------------- -----------------
Net income $2,073 $1,951 $4,173 $4,186
================ =================
Quarter ended Year-to-date
Jun. 30, Jun. 30, Jun. 30, Jun. 30,
2006 2005 2006 2005
---------------------- ----------------------
Per share:
Net income - basic $0.38 $0.36 $0.77 $0.79
Net income - diluted $0.37 $0.35 $0.75 $0.74
Weighted average shares
used in Basic EPS
calculation 5,446,100 5,360,331 5,428,334 5,326,363
Weighted average shares
used in Diluted EPS
calculation 5,588,019 5,639,756 5,567,063 5,620,992
Cash dividends $0.13 $0.13 $0.13 $0.11
Book value at period-end $11.87 $10.46 $11.87 $10.46
Tangible Book Value at
period end $10.67 $9.19 $10.67 $9.19
Ending shares 5,447,643 5,363,853 5,447,643 5,363,853
Financial ratios
Return on average assets 0.73% 0.71% 0.74% 0.77%
Return on average equity 13.04% 13.97% 13.52% 15.52%
Average equity to
average assets (leverage
ratio) 5.64% 5.06% 5.46% 4.95%
Net interest margin 2.85% 2.82% 2.85% 2.82%
Efficiency ratio 62.54% 60.75% 62.16% 61.32%
Period averages
Total assets $1,131,525 $1,106,249 $1,139,301 $1,098,427
Total loans, net of
allowance 697,804 631,198 691,032 622,692
Total earning assets 1,082,200 1,065,574 1,080,956 1,065,277
Total deposits 694,226 608,855 684,230 606,305
Total equity 63,781 56,002 62,249 54,385
Quarter Ended
-------------------------------------------------------
(In thousands,
except per Jun. 30, Mar. 31, Dec. 31, Sept. 30, June 30,
share data) 2006 2006 2005 2005 2005
----------------------------------------------------------------------
Interest income $18,207 $17,664 $16,738 $15,847 $15,163
Interest
expense 10,510 9,858 9,186 8,285 7,680
-------------------------------------------------------
Net interest
income 7,697 7,806 7,552 7,562 7,483
Provision for
loan losses 150 140 85 - 200
-------------------------------------------------------
Net interest
income after
provision for
loan losses 7,547 7,666 7,467 7,562 7,283
Non-interest
income:
Income (loss)
from trading
assets (34) 255 64 89 71
Other gain
(loss) 2 (4) (2) (7) 1
Banking fee
income 1,194 915 957 1,159 974
-------------------------------------------------------
Non-interest
income 1,162 1,166 1,019 1,241 1,046
Non-interest
expense 5,560 5,392 5,349 5,379 5,138
-------------------------------------------------------
Income before
income taxes 3,149 3,440 3,137 3,424 3,191
Provision for
income taxes 1,076 1,342 1,085 1,326 1,240
-------------------------------------------------------
Net income $2,073 $2,098 $2,052 $2,098 $1,951
=======================================================
Per share:
Net income -
basic $0.38 $0.39 $0.38 $0.39 $0.36
Net income -
diluted $0.37 $0.38 $0.36 $0.37 $0.35
Weighted
average shares
used in Basic
EPS
calculation 5,446,100 5,410,370 5,373,936 5,364,077 5,360,331
Weighted
average shares
used in
Diluted EPS
calculation 5,588,019 5,564,236 5,642,716 5,649,134 5,639,756
Cash dividends
per share $0.13 $0.13 $0.13 $0.12 $0.11
Book value at
period-end $11.87 $11.51 $11.06 $10.85 $10.46
Tangible Book
value at
period-end $10.67 $10.29 $9.82 $9.61 $9.19
Ending shares 5,447,643 5,418,843 5,384,843 5,364,498 5,363,853
Financial
ratios
Return on
average assets 0.73% 0.74% 0.72% 0.75% 0.71%
Return on
average equity 13.04% 14.02% 13.76% 14.68% 13.94%
Average equity
to average
assets
(leverage
ratio) 5.64% 5.29% 5.23% 5.03% 5.06%
Net interest
margin 2.85% 2.83% 2.81% 2.84% 2.82%
Efficiency
ratio 62.54% 61.83% 62.86% 61.68% 60.76%
Period averages
Total assets 1,131,525 1,147,547 1,132,138 1,113,282 1,106,249
Total loans,
net of
allowance 697,804 684,183 659,093 641,446 631,198
Total earning
assets 1,082,200 1,100,599 1,086,463 1,067,568 1,065,574
Total deposits 694,226 674,124 672,020 662,787 608,855
Total equity 63,781 60,700 59,181 56,002 56,002
Quarter Ended
-------------------------------------------------------
(In thousands,
except per Jun. 30, Mar. 31, Dec. 31, Sept. 30, June 30,
share data) 2006 2006 2005 2005 2005
----------------------------------------------------------------------
Balance sheet
at period-end
Cash and due
from banks $16,508 $18,540 $19,312 $18,314 $14,271
Investments and
fed funds sold 327,329 367,127 388,407 391,671 402,085
Loans, before
allowance for
loan losses 721,790 689,668 678,551 656,822 640,466
Allowance for
loan losses (5,614) (5,800) (5,661) (5,576) (5,576)
Goodwill and
core deposit
intangibles 6,557 6,620 6,683 6,686 6,783
Other assets 58,983 57,312 52,895 53,730 51,237
-------------------------------------------------------
Total assets $1,125,553 $1,133,467 $1,140,187 $1,121,647 $1,109,266
=======================================================
Interest
bearing
deposits $663,168 $645,390 $619,213 $622,961 $605,259
Non-interest
bearing
deposits 47,954 51,373 49,932 48,741 40,056
Other
borrowings 343,856 369,908 403,787 377,939 400,954
Other
liabilities 5,898 4,438 7,681 13,783 6,895
Shareholders'
equity 64,677 62,358 59,574 58,223 56,102
Total
liabilities
and
shareholders'
equity -------------------------------------------------------
$1,125,553 $1,133,467 $1,140,187 $1,121,647 $1,109,266
=======================================================
Asset quality
and capital -
at period-
end
Non-accrual
loans $- $- $- $20 $608
Loans past due
90 days or
more - 466 - - -
Other real
estate owned 1,021 1,050 - - -
-------------------------------------------------------
Total non
performing
assets $1,021 $1,516 $- $20 $608
=======================================================
Allowance for
losses to
loans 0.78% 0.85% 0.84% 0.85% 0.87%
Non-accrual
loans to total
loans 0.00% 0.00% 0.00% 0.00% 0.10%
Non-performing
assets total
assets 0.09% 0.13% 0.00% 0.00% 0.05%
Three months ended
(In thousands) June 30, 2006
----------------------------
Balance Income Rate
(6)
----------------------------
Interest earning assets:
Loans receivable (1) $697,804 $13,286 7.62%
FHLB stock 15,849 208 5.26%
Securities and trading account assets
(2) 357,127 4,643 5.20%
Cash and cash equivalents (3) 11,420 70 2.46%
----------- --------
Total interest earning assets 1,082,200 18,207 6.73%
--------
Non-interest-earning assets 49,325
-----------
Total assets $1,131,525
===========
Interest bearing liabilities:
Deposits:
NOW and money market accounts $100,212 $548 2.19%
Passbook accounts and certificates
of deposit 547,729 5,571 4.08%
----------- --------
Total deposits 647,941 6,119 3.79%
FHLB advances (4) 282,692 3,450 4.90%
Reverse repurchase agreements 59,116 442 2.96%
Other borrowings (5) 25,774 499 7.66%
----------- --------
Total interest-bearing liabilities 1,015,523 10,510 4.13%
--------
Non-interest-bearing deposits 46,285
Non-interest-bearing liabilities 5,936
-----------
Total liabilities 1,067,744
Stockholders' equity 63,781
-----------
Total liabilities and stockholders'
equity $1,131,525
===========
Net interest-earning assets (liabilities) $66,677
===========
Net interest income/interest rate spread $7,697 2.60%
======== =======
Net interest margin 2.85%
=======
Ratio of average interest-earning assets
to average interest-bearing liabilities 106.57%
=======
Three months ended
(In thousands) June 30, 2005
----------------------------------
Balance Income Rate (6)
----------------------------------
Interest earning assets:
Loans receivable (1) $631,198 $10,598 6.72%
FHLB stock 16,754 191 4.56%
Securities and trading account
assets (2) 408,233 4,338 4.25%
Cash and cash equivalents (3) 9,389 36 1.52%
----------- ----------
Total interest earning assets 1,065,574 15,163 5.69%
----------
Non-interest-earning assets 40,675
-----------
Total assets $1,106,249
===========
Interest bearing liabilities:
Deposits:
NOW and money market accounts $116,105 $454 1.57%
Passbook accounts and
certificates of deposit 453,760 3,046 2.69%
----------- ----------
Total deposits 569,865 3,500 2.46%
FHLB advances (4) 325,088 3,281 4.04%
Reverse repurchase agreements 80,512 526 2.62%
Other borrowings (5) 25,774 373 5.78%
----------- ----------
Total interest-bearing
liabilities 1,001,239 7,680 3.07%
----------
Non-interest-bearing deposits 38,990
Non-interest-bearing liabilities 10,018
-----------
Total liabilities 1,050,247
Stockholders' equity 56,002
-----------
Total liabilities and stockholders'
equity $1,106,249
===========
Net interest-earning assets
(liabilities) $64,335
===========
Net interest income/interest rate
spread $7,483 2.62%
========== ===========
Net interest margin 2.82%
===========
Ratio of average interest-earning
assets to average interest-bearing
liabilities 106.43%
===========
1) Balance includes non-accrual loans. Income includes fees earned on
loans originated and accretion of deferred loan fees.
2) Consists of securities classified as available for sale, held to
maturity and trading account assets. adjustments to fair value,
which are included in other assets.
3) Consists of cash and due from banks and Federal funds sold.
4) Interest on FHLB advances is net of hedging costs. Hedging costs
include interest income and expense and ineffectiveness
adjustments for cash flow hedges. The Company uses pay-fixed,
receive floating LIBOR swaps to hedge the short term repricing
characteristics of the floating FHLB advances.
5) Consists of other debt and a note payable under a revolving line
of credit.
6) Annualized.
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