Harrington West Announces Record 2005 Earnings and Declares Regular Quarterly Dividend of 12.5 Cents Per Share.SOLVANG Solvang may refer to:
Places in the United Kingdom:
Not to be confused with San Diego Padres. Bank, FSB (FrontSide Bus) See system bus. FSB - front side bus (LPB LPB Louisiana Public Broadcasting (Public Television) LPB Loopback LPB Low Ping Bastard (gaming) LPB Low Plasticity Burnishing (surface treatment) ) and its division, Harrington Bank, today announced that it earned $2.1 million or 36 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 in the December December: see month. 2005 quarter and $8.3 million or $1.48 per share for the full year of 2005. These results compare to the $2.2 million or 39 cents per share recorded in the December 2004 quarter and $8.2 million or $1.46 per share for the full year of 2004. Return on average equity was 13.8% in the December 2005 quarter and 14.6% for the full year of 2005. Book value was $11.06 at December 31, 2005 compared to $10.85 at September September: see month. 30, 2005 and $9.98 at December 31, 2004. Given the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. earnings, the 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 February February: see month. 14, 2006 to holders of record on February 3, 2006. The HWFG share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program of up to 200,000 shares announced on May 3, 2005 remains in effect. No HWFG shares have been repurchased under this program. HWFG made considerable progress in its mission to expand its multiple market banking operations, diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. its loan portfolio and business lines, and grow its core banking franchise of loans and deposits. As such, net loan balances grew $21.7 million or 3.3% in the December 2005 quarter and $74.5 million or 12.4% for the full year of 2005 to $672.9 million. Deposit balances grew $71.0 million or 11.9% in 2005 from $598.2 million at December 31, 2004 to $669.1 million at December 31, 2005. This growth included the $32.7 million of deposits from the May 2005 acquisition of a banking office in Thousand Oaks, California Thousand Oaks, commonly referred to as "T.O." by residents, is a city in southeastern Ventura County, California, in the United States. It was named after the many oak trees that grace the area, and the city seal is adorned with an oak. and the $23.5 million in deposits from the new 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 " banking office opened in April 2005 in the Airpark air·park n. A small airport typically located near a business area or industrial park. area. Investment balances declined $43.9 million or 10.2% in 2005 to $388.4 million, as in the tighter spread environment, HWFG reduced investments to capture investment gains and to fund the strong loan growth. Financial Performance Analysis HWFG seeks to maintain its exposure to changes in interest rates at a low level by hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. the effective duration of its liabilities to match its assets. This hedging should result in a market value of equity that has low volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the to changes in rates. However, minor 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 differences remain between HWFG's 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 liabilities, in that some floating rate loans and securities are pegged peg n. 1. a. A small cylindrical or tapered pin, as of wood, used to fasten things or plug a hole. b. A similar pin forming a projection that may be used as a support or boundary marker. 2. to lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. indexes, and hedges of borrowings reprice at a slightly different frequency (3 months) than the borrowings (daily). In the steadily rising interest rate environment experienced over the last eighteen months, this lag in repricing has the effect of slightly narrowing net interest margins, until the pace of the Federal Funds rate Federal Funds Rate The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. increases subside sub·side intr.v. sub·sid·ed, sub·sid·ing, sub·sides 1. To sink to a lower or normal level. 2. To sink or settle down, as into a sofa. 3. To sink to the bottom, as a sediment. 4. or cease. HWFG's net interest margin was 2.83% for the year ended December 31, 2005 compared to 2.96% for the year ended December 31, 2004, and 2.81% in the December 2005 quarter compared to 2.84% and 2.89% in the September 2005 and December 2004 quarters, respectively. Over the last few quarters, 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. near the 2.80% level. Net interest income was $7.6 million in the December 2005 quarter and $30.2 million for the full year of 2005 compared to $7.6 million and $29.5 million for the same periods last year, respectively. Net interest income growth from 2004 to 2005 was affected by a slightly lower net interest margin and the reduction of the investment portfolio in 2005. Banking fee income was $3.9 million in 2005 and improved markedly from the $3.1 million recorded in 2004. For the December 2005 quarter, banking fee income was $957 thousand, increasing 18.7% over the $806 thousand recorded in the same period a year ago. Banking fee income has improved due to the implementation of a Bank Owned Life Insurance (BOLI BOLI Bank-Owned Life Insurance BOLI Bureau of Labor and Industries ) program in April 2005 and further growth in Harrington Wealth Management (HWM HWM abbr. high-water mark ) and deposit fees. With much lower refinancing Refinancing An extension and/or increase in amount of existing debt. activity in the December 2005 quarter, prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. fees declined by $122 thousand from the September 2005 quarter and $109 thousand from the December 2004 quarter. BOLI income in the December 2005 quarter was reduced for the annual performance based fee of $36 thousand for investment management. Shown in the following chart are the comparable period results for banking fee income:
(Dollars in thousands)
----------------------------------------------------------------------
December December December December
2005 2004 2005 2004
Banking Fee Type Quarter Quarter % Change YTD YTD % Change
----------------------------------------------------------------------
Mortgage Brokerage
Fee, Prepayment
Penalties & Other
Loan Fees $270 $354 -23.7% $1,310 $1,516 -13.6%
----------------------------------------------------------------------
Deposit, Other
Retail Banking Fees
& Other Fee Income 325 289 12.5% 1,293 1,022 26.5%
----------------------------------------------------------------------
Harrington Wealth
Management Fees 188 163 15.3% 724 610 18.7%
----------------------------------------------------------------------
BOLI Income, net 174 - n/a 621 - n/a
----------------------------------------------------------------------
Total $957 $806 18.7% $3,948 $3,148 25.4%
----------------------------------------------------------------------
HWFG continued to record net gains on its securities and total return swap Total Return Swap Any swap in which the non-floating rate side is based on the total return of an equity or fixed income instrument with a life longer than the swap. Notes: Total return swaps are most common in equity or physical commodity markets. portfolio during all of 2005 including the fourth quarter. These gains emanate em·a·nate intr. & tr.v. em·a·nat·ed, em·a·nat·ing, em·a·nates To come or send forth, as from a source: light that emanated from a lamp; a stove that emanated a steady heat. from the purchase of securities and total return swaps at relatively wide spreads to comparable duration, LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). based benchmarks, and as these spreads tighten, gains are realized. In 2005, net gains on securities, hedges, total return swaps, and borrowings were $936 thousand compared to $1.3 million in 2004. For the December 2005 quarter, net gains were $64 thousand compared to $386 thousand in the December 2004 quarter. 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. were $21.1 million in 2005 compared to $19.4 million in 2004, a 8.6% increase. In the fourth quarter 2005, operating expenses were $5.4 million compared to $5.0 million in the same quarter a year ago, a 7.4% increase. The operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. growth has been largely a function of the investment in personnel and facilities to support HWFG's expansion plan, the cost of corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. regulations, and the general increase in the cost of operations, as well as the cost to attract and retain quality personnel. In 2005, HWFG hired five new commercial and two mortgage-focused loan officers and opened or acquired two new banking offices. The Company's combined state and federal income tax rate continued to decline in 2005 due to the growth and apportionment The process by which legislative seats are distributed among units entitled to representation; determination of the number of representatives that a state, county, or other subdivision may send to a legislative body. The U.S. of income to states with lower tax rates, the purchase of BOLI and the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of tax advantaged loans. The Company's combined tax rate in 2005 was 38.3% compared to 39.8% in 2004. Community Banking Update HWFG made steady progress in growing both its loans and deposits in 2005 and added strategically located banking offices to its franchise. The $74.5 million of net loan growth emanated largely from commercial and industrial and construction related loans. The growth and mix of HWFG's portfolio is shown in the following table:
HWFG Net Loan Growth and Mix
(Dollars in millions)
----------------------------------------------------------------------
December 31, September 30, December 31,
2005 2005 2004
----------------------------------------------------------------------
% of % of % of
Loan Type Total Total Total Total Total Total
----------------------------------------------------------------------
Commercial Real Estate $253.2 37.6%$260.7 40.0%$260.8 43.6%
----------------------------------------------------------------------
Multi-family Real Estate 80.9 12.0% 76.0 11.7% 84.9 14.2%
----------------------------------------------------------------------
Construction (1) 70.9 10.5% 55.5 8.5% 35.0 5.8%
----------------------------------------------------------------------
Single-family Real Estate 115.9 17.2% 109.0 16.7% 100.5 16.8%
----------------------------------------------------------------------
Commercial and industrial loans 96.5 14.3% 94.3 14.5% 72.2 12.1%
----------------------------------------------------------------------
Land acquisition and
development 36.1 5.4% 34.5 5.3% 27.5 4.6%
----------------------------------------------------------------------
Consumer loans 26.7 4.0% 28.1 4.3% 23.7 4.0%
----------------------------------------------------------------------
Other loans (2) 1.3 0.2% 1.3 0.2% 1.0 0.2%
----------------------------------------------------------------------
Allowance, Deferred Fees &
Discounts/Premiums (8.6) -1.2% (8.2) -1.2% (7.2) -1.3%
----------------------------------------------------------------------
Net loans receivable $672.9 100.0% $651.2 100.0% $598.4 100.0%
----------------------------------------------------------------------
(1) Includes loans collateralized by residential, commercial and
land properties.
(2) Includes loans collateralized by deposits and consumer line of
credit loans.
HWFG's asset quality remained favorable with no nonperforming loans at December 31, 2005 compared to $20 thousand at September 30, 2005 and $95 thousand at December 2004. HWFG did increase its reserves for loan losses by $85 thousand during the fourth quarter 2005 based on its analysis of the loan portfolio and its growth. Deposits grew in 2005 from both organic and acquisition sources. Average deposits were $672.0 million for the quarter ended December 31, 2005, up 16.9% from the $574.6 million for the same quarter of 2004. Average non-interest bearing deposits continued to grow at a steady pace and were $50.0 million for the quarter ended December 31, 2005 compared to $47.5 million and $36.4 million for the quarters ended September 30, 2005 and December 31, 2004, respectively. HWFG did experience strong competition for certificates of deposits as market rates increased. The cost of interest bearing deposits was 3.10% for the December 2005 quarter compared to 1.99% for the December 2004 quarter, increasing 111 basis points over the comparative periods. The Federal Funds rate, by comparison, increased 200 basis points in 2005. HWFG continues to pursue the controlled growth of its franchise through new banking offices and selected acquisitions. In 2005, HWFG acquired a banking office and its deposits in Thousand Oaks, California and opened a second banking office in the Scottsdale, Arizona Airpark area. In 2006, HWFG will open its third Harrington Bank office in 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. in 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 and a Los Padres banking office in Surprise, Arizona Surprise is a city in Maricopa County, Arizona, USA. The population was 30,848 at the 2000 census, however rapid growth has boosted the city's population to 85,914 by the 2006 Census estimates. . HWFG currently has two letters of intent, which have been accepted, to acquire parcels in Chandler, Arizona Chandler is a city in Maricopa County, Arizona, USA. Chandler is one of the major suburbs of Phoenix. As of the 2000 census, the city population was 176,582. According to 2005 Census Bureau estimates, the population of the city is 234,939. and the Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. 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 for banking office expansion in 2007. Closing Comments In commenting on HWFG's results for the December 2005 quarter and full year 2005, 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:
In mathematics:
integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" target due to the repricing lag in some of our earning assets relative to liabilities and hedges, the strategic reduction of our investment portfolio as spreads tightened, and the promotional deposit rates paid in some of our new offices to attract new customers, we increased earnings, controlled our banking risks, and enhanced our franchise. Since HWFG's acquisition of Los Padres Bank almost 10 years ago, we have approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. increased our loans by 4 times, our deposits by 4 times and our earnings by 18 times. We have had a great deal of success over these 10 years and look forward to more positive results in the future." Harrington West Financial Group, Inc. is a $1.1 billion, diversified diversified (di·verˑ·s , 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 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. , Scottsdale, Arizona, and the Kansas City metro. The Company also owns Harrington Wealth Management Company, a trust and investment management company with $143.1 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 Quarter ended Year-to-date
per share data) Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005 2004 2005 2004
------------------------ ---------------------- ----------------------
Interest income $16,738 $14,021 $62,056 $52,266
Interest expense 9,186 6,432 31,898 22,718
---------------------- ----------------------
Net interest income 7,552 7,589 30,158 29,548
Provision for loan
losses 85 100 435 650
---------------------- ----------------------
Net interest income
after provision for
loan losses 7,467 7,489 29,723 28,898
Non-interest income:
Income (loss)
from trading
assets 64 386 936 1,261
Other gain
(loss) (2) (10) (15) (246)
Banking fee
income 957 806 3,948 3,148
---------------------- ----------------------
Non-
interest
income 1,019 1,182 4,869 4,163
Non-interest expense 5,349 4,979 21,076 19,416
---------------------- ----------------------
Income before income
taxes 3,137 3,692 13,516 13,645
Provision for income
taxes 1,085 1,501 5,180 5,436
---------------------- ----------------------
Net income $2,052 $2,191 $8,336 $8,209
====================== ======================
Quarter ended Year-to-date
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005 2004 2005 2004
---------------------- ----------------------
Per share:
Net income - basic $0.38 $0.42 $1.56 $1.56
Net income - diluted $0.36 $0.39 $1.48 $1.46
Weighted average shares
used in Basic EPS
calculation 5,373,936 5,278,934 5,347,757 5,256,030
Weighted average shares
used in Diluted EPS
calculation 5,642,716 5,644,904 5,620,556 5,603,680
Cash dividends $0.13 $0.10 $0.47 $0.88
Book value at period-end $11.06 $9.98
Ending shares 5,384,843 5,278,934
Financial ratios
Return on average assets 0.72% 0.80% 0.75% 0.82%
Return on average equity 13.76% 16.94% 14.61% 16.37%
Average equity to
average assets
(leverage ratio) 5.23% 4.75% 5.14% 4.93%
Net interest margin 2.81% 2.89% 2.83% 2.90%
Efficiency ratio 62.86% 59.29% 61.80% 59.04%
Period averages
Total assets $1,132,138 $1,083,097 $1,109,893 $1,032,466
Total loans, net of
allowance 659,093 597,726 636,490 561,665
Total earning assets 1,086,463 1,058,051 1,060,287 1,007,896
Total deposits 672,020 574,638 636,695 563,032
Total equity 59,181 51,462 57,076 50,372
Balance sheet at period-end
Cash and due from banks $19,311 $13,238
Investments and fed
funds sold 388,407 432,345
Loans, before allowance for loan
losses 678,551 603,670
Allowance for loan
losses (5,661) (5,228)
Goodwill and core deposit
intangibles 6,683 4,904
Other assets 52,644 32,401
----------------------
Total assets $1,139,935 $1,081,330
======================
Interest bearing
deposits $619,344 $564,552
Non-interest bearing
deposits 49,801 33,630
Other borrowings 403,787 421,463
Other liabilities 7,429 9,025
Shareholders' equity 59,574 52,660
----------------------
Total liabilities and
shareholders' equity $1,139,935 $1,081,330
======================
Asset quality and capital - at
period-end
Non-accrual loans $- $95
Loans past due 90 days or more - -
Other real estate owned - -
----------------------
Total non performing assets $- $95
======================
Allowance for losses to
loans 0.84% 0.87%
Non-accrual loans to
total loans 0.00% 0.02%
Non-performing assets total assets 0.00% 0.01%
Quarter Ended
-------------------------------------------------------
(In thousands,
except per Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
share data) 2005 2005 2005 2005 2004
----------------------------------------------------------------------
Interest income $16,738 $15,847 $15,163 $14,308 $14,021
Interest
expense 9,186 8,285 7,680 6,747 6,432
-------------------------------------------------------
Net interest
income 7,552 7,562 7,483 7,561 7,589
Provision for
loan losses 85 - 200 150 100
-------------------------------------------------------
Net interest
income after
provision for
loan losses 7,467 7,562 7,283 7,411 7,489
Non-interest
income:
Income (loss)
from trading
assets 64 89 71 712 386
Other gain
(loss) (2) (7) 1 (7) (10)
Banking fee
income 957 1,159 974 858 806
-------------------------------------------------------
Non-interest
income 1,019 1,241 1,046 1,563 1,182
Non-interest
expense 5,349 5,379 5,138 5,210 4,979
-------------------------------------------------------
Income before
income taxes 3,137 3,424 3,191 3,764 3,692
Provision for
income taxes 1,085 1,326 1,240 1,529 1,501
-------------------------------------------------------
Net income $2,052 $2,098 $1,951 $2,235 $2,191
=======================================================
Per share:
Net income -
basic $0.38 $0.39 $0.36 $0.42 $0.42
Net income -
diluted $0.36 $0.37 $0.35 $0.40 $0.39
Weighted
average shares
used
in Basic EPS
calculation 5,373,936 5,364,077 5,360,331 5,291,640 5,278,934
Weighted
average shares
used
in Diluted EPS
calculation 5,642,716 5,649,134 5,639,756 5,616,246 5,644,904
Cash dividends
per share $0.13 $0.12 $0.11 $0.11 $0.10
Book value at
period-end $11.06 $10.85 $10.46 $10.47 $9.98
Ending shares 5,384,843 5,364,498 5,363,853 5,337,828 5,278,934
Financial
ratios
Return on
average assets 0.72% 0.75% 0.71% 0.82% 0.80%
Return on
average equity 13.76% 14.68% 13.94% 16.47% 16.94%
Average equity
to average
assets
(leverage
ratio) 5.23% 5.24% 5.06% 4.98% 4.75%
Net interest
margin 2.81% 2.84% 2.82% 2.84% 2.89%
Efficiency
ratio 62.86% 61.68% 60.76% 61.88% 59.29%
Period averages
Total assets 1,132,138 1,113,282 1,106,249 1,090,606 1,083,097
Total loans,
net of
allowance 659,093 641,446 631,198 614,185 597,726
Total earning
assets 1,086,463 1,067,568 1,065,574 1,064,977 1,058,051
Total deposits 672,020 662,787 608,855 603,755 574,638
Total equity 59,181 56,002 56,002 54,286 51,462
Balance sheet
at period-end
Cash and due
from banks $19,311 $18,314 $14,271 $11,589 $13,238
Investments and
fed funds sold 388,407 391,671 402,085 422,963 432,345
Loans, before
allowance for
loan losses 678,551 656,822 640,466 626,797 603,670
Allowance for
loan losses (5,661) (5,576) (5,576) (5,377) (5,228)
Goodwill and
core deposit
intangibles 6,683 6,686 6,783 4,856 4,904
Other assets 52,644 53,730 51,237 32,418 32,401
-------------------------------------------------------
Total assets $1,139,935 $1,121,647 $1,109,266 $1,093,246 $1,081,330
=======================================================
Interest
bearing
deposits $619,344 $622,961 $605,259 $562,713 $564,552
Non-interest
bearing
deposits 49,801 48,741 40,056 38,800 33,630
Other
borrowings 403,787 377,939 400,954 430,253 421,463
Other
liabilities 7,429 13,783 6,895 5,585 9,025
Shareholders'
equity 59,574 58,223 56,102 55,895 52,660
Total
liabilities
and
shareholders'
-------------------------------------------------------
equity $1,139,935 $1,121,647 $1,109,266 $1,093,246 $1,081,330
=======================================================
Asset quality and capital
- at period-end
Non-accrual
loans $- $20 $608 $112 $95
Loans past due
90 days or
more - - - - -
Other real
estate owned - - - - -
-------------------------------------------------------
Total non
performing
assets $- $20 $608 $112 $95
=======================================================
Allowance for
losses to
loans 0.84% 0.85% 0.87% 0.86% 0.87%
Non-accrual
loans to total
loans 0.00% 0.00% 0.10% 0.02% 0.02%
Non-performing
assets total
assets 0.00% 0.00% 0.05% 0.01% 0.01%
Three months ended Three months ended
(In thousands) December 31, 2005 December 31, 2004
---------------------------- ---------------------------
Rate Rate
Balance Income (6) Balance Income (6)
---------------------------- ---------------------------
Interest earning
assets:
Loans receiv-
able
(1) $659,093 $11,641 7.05% $597,726 $9,640 6.44%
FHLB stock 16,293 193 4.70% 14,780 117 3.15%
Securities and
trading account
assets (2) 400,823 4,856 4.85% 434,035 4,216 3.89%
Cash and cash
equivalents (3) 10,254 48 1.86% 11,509 35 1.21%
------------------- ------------------
Total interest
earning assets 1,086,463 16,738 6.15% 1,058,050 14,008 5.29%
-------- -------
Non-interest-
earning assets 45,675 25,046
----------- -----------
Total assets $1,132,138 $1,083,096
=========== ===========
Interest bearing
liabilities:
Deposits:
NOW and money
market accounts $117,873 $562 1.89% $122,840 $340 1.10%
Passbook accounts
and certificates
of deposit 504,099 4,291 3.38% 451,798 2,530 2.23%
------------------- ------------------
Total deposits 621,972 4,853 3.10% 574,638 2,870 1.99%
FHLB advances (4) 308,696 3,444 4.43% 308,819 2,735 3.52%
Reverse
repurchase
agreements 59,064 447 2.96% 79,908 525 2.57%
Other
borrowings (5) 25,774 442 6.71% 25,000 304 4.76%
------------------- ------------------
Total
interest-
bearing
liabili-
ties 1,015,506 9,186 3.57% 988,365 6,434 2.57%
-------- -------
Non-interest-bearing
deposits 50,048 36,381
Non-interest-bearing
liabilities 7,403 6,888
----------- -----------
Total
liabilities 1,072,957 1,031,634
Stockholders' equity 59,181 51,462
----------- -----------
Total liabilities
and stockholders'
equity $1,132,138 $1,083,096
=========== ===========
Net interest-earning
assets
(liabilities) $70,957 $69,685
=========== ===========
Net
interest
income/interest
rate spread $7,552 2.58% $7,574 2.72%
=============== ==============
Net interest margin 2.81% 2.89%
======= =======
Ratio of average
interest-earning
assets to
average interest-
bearing
liabilities 106.99% 107.05%
======= =======
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.
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.
Twelve months ended Twelve months ended
(In thousands) December 31, 2005 December 31, 2004
---------------------------- ----------------------------
Rate Rate
Balance Income (6) Balance Income (6)
---------------------------- ----------------------------
Interest earning
assets:
Loans
receivable
(1) $636,490 $43,269 6.80% $561,665 $36,166 6.44%
FHLB stock 16,237 709 4.37% 14,197 573 4.04%
Securities and
trading
account
assets (2) 408,753 17,914 4.38% 419,716 15,439 3.68%
Cash and cash
equivalents
(3) 9,602 164 1.71% 12,318 88 0.71%
----------- -------- ----------- --------
Total
interest
earning
assets 1,071,082 62,056 5.79% 1,007,896 52,266 5.19%
-------- --------
Non-interest-
earning
assets 38,811 24,570
----------- -----------
Total
assets $1,109,893 $1,032,466
=========== ===========
Interest
bearing
liabilities:
Deposits:
NOW and money
market
accounts $119,742 $1,945 1.62% $120,353 $1,154 0.96%
Passbook
accounts
and
certificates
of
deposit 475,374 13,723 2.89% 442,679 9,475 2.14%
----------- -------- ----------- --------
Total
deposits 595,116 15,668 2.63% 563,032 10,629 1.89%
FHLB advances
(4) 314,066 12,732 4.05% 284,977 9,285 3.26%
Reverse
repurchase
agreements 69,720 1,928 2.73% 75,541 1,981 2.58%
Other
borrowings
(5) 25,774 1,570 6.01% 17,623 823 4.59%
----------- -------- ----------- --------
Total
interest-
bearing
liabi-
lities 1,004,676 31,898 3.16% 941,173 22,718 2.39%
-------- --------
Non-interest-
bearing
deposits 41,579 31,563
Non-interest-
bearing
liabilities 6,562 9,358
----------- -----------
Total
liabi-
lities 1,052,817 982,094
Stockholders'
equity 57,076 50,372
----------- -----------
Total
liabilities
and
stockholders'
equity $1,109,893 $1,032,466
=========== ===========
Net interest-
earning assets
(liabilities) $66,406 $66,723
=========== ===========
Net interest
income/interest rate
spread $30,158 2.63% $29,548 2.80%
======== ======= ======== =======
Net interest
margin 2.83% 2.96%
======= =======
Ratio of average interest-
earning assets to
average
interest-
bearing
liabilities 106.61% 107.09%
======= =======
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.
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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