Midwest Banc Holdings, Inc. Reports 34.5% Increase in Fourth Quarter 2002 Earnings.Business Editors MELROSE PARK Melrose Park, village (1990 pop. 20,859), Cook co., NE Ill., an industrial suburb of Chicago; inc. 1893. It has large railroad yards and shops, steel mills, and factories that make a wide variety of products. , Ill.--(BUSINESS WIRE)--Jan. 27, 2003 Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians Banc Holdings, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MBHI MBHI Millon Behavioral Health Inventory ), a community-based bank holding company, announced a 34.5% increase in net income for the fourth quarter of 2002 compared to the similar period of 2001. Net income was $6,721,000 for the three months ended December December: see month. 31, 2002 compared to $4,998,000 for the three months ended December 31, 2001. Core net income increased 43.2% to $6,642,000 for the three months ended December 31, 2002 compared to $4,640,000 for the comparable period in 2001. Core net income is defined as net income less the after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. effect of net securities gains and net trading account Trading Account 1. An account similar to a traditional bank account, holding cash and securities, and is administered by an investment dealer. 2. An account held at a financial institution and administered by an investment dealer that the account holder uses to employ a profits. Net income increased to $25,801,000, or 44.3%, for the twelve months ended December 31, 2002 compared to $17,882,000 for the twelve months ended December 31, 2001. Core net income increased 57.4% to $24,673,000 for the twelve months ended December 31, 2002 compared to $15,674,000 for the comparable period in 2001. Fourth Quarter Diluted Earnings Per Share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of Increased 36.7% Basic earnings per share for the three months ended December 31, 2002 increased 35.5% to $0.42 compared to $0.31 for the similar period of 2001. Diluted earnings per share for the three months ended December 31, 2002 increased 36.7% to $0.41 compared to $0.30 for the similar period of 2001. The return on average assets for the three months ended December 31, 2002 was 1.35% compared to 1.16% for the prior year period. The return on average equity for the three months ended December 31, 2002 was 22.28% compared to 19.86% for the similar period in 2001. Basic earnings per share for the year ended December 31, 2002 increased 44.1% to $1.60 compared to $1.11 for the similar period of 2001. Diluted earnings per share for the twelve months ended December 31, 2002 increased 43.1% to $1.56 compared to $1.09 for the similar period of 2001. The return on average assets for the twelve months ended December 31, 2002 was 1.37% compared to 1.12% for the prior year period. The return on average equity for the year ended December 31, 2002 was 23.43% compared to 19.50% for the similar period in 2001. Diluted earnings per share estimates from analysts for 2003 range between $1.69 and $1.75. The Company expects to meet analysts' current diluted earnings per share estimates for the calendar year of 2003. Fourth Quarter Net Interest Income Increased 15.1% Net interest income increased $1,953,000, or 15.1%, to $14,865,000 in the fourth quarter of 2002 compared to $12,912,000 for the similar period in 2001. Net interest income for the twelve months ended December 31, 2002 increased $12,971,000, or 27.3%, to $60,438,000 compared to $47,467,000 for the similar period in 2001. Net interest margin was 3.33% for the fourth quarter of 2002 and 2001. Net interest margin increased to 3.52% for the twelve months ended December 31, 2002 compared to 3.31% for the year ended December 31, 2001. The Company manages its securities available-for-sale portfolio and trading account portfolio on a total return basis. In this respect, management regularly reviews the performance of its securities and sells specific securities to provide opportunities to enhance net interest income and net interest margin, and when possible, will recognize gains on the sale of securities. The Company has a long history of managing its securities in this manner. Gains on securities transactions were $131,000 and $509,000 during the three months ended December 31, 2002 and December 31, 2001, respectively. For the twelve months ended December 31, 2002, gains on securities transactions were $1,522,000 compared to $2,761,000 for the similar period in 2001. There were no trading account profits during the three months ended December 31, 2002 compared to $84,000 during the three months ended December 31, 2001. During the twelve months ended December 31, 2002 and December 31, 2001, trading account profits were $348,000 and $899,000, respectively. Fourth Quarter Other Income Increased 50.6% Other income, excluding gains on securities transactions and trading account profits, was $3,947,000, an increase of $1,326,000, or 50.6%, on a comparable fourth quarter 2002 to 2001 basis. The other income to average assets ratio was 0.79% for the three months ended December 31, 2002 compared to 0.61% for the same period in 2001. Service charges on deposits were $1,494,000 for both the three months ended December 31, 2002 and December 31, 2001. Option fee income, insurance and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. commissions, and mortgage banking fees increased $670,000, $252,000, and $55,000 respectively, for the three months ended December 31, 2002 to $832,000, $561,000, and $253,000, respectively compared to the similar period of 2001. Other income, excluding gains on securities transactions and trading account profits, increased $2,996,000, or 32.8%, to $12,138,000 for the year ended December 31, 2002 compared to $9,142,000 for the twelve months ended December 31, 2001. The other income to average assets ratio was 0.64% for the twelve months ended December 31, 2002 compared to 0.57% for the same period in 2001. Service charges on deposits increased $678,000 or 13.5% to $5,691,000 during the twelve months ended December 31, 2002. Option fee income, insurance and brokerage commissions, and mortgage banking fees increased $1,314,000, $695,000, and $88,000, respectively, for the year ended December 31, 2002 to $1,822,000, $1,490,000, and $693,000, respectively, compared to the similar period of 2001. Fourth Quarter Efficiency Ratio Improved to 45.30% Other expenses increased $693,000, or 8.4%, to $8,942,000 for the three months ended December 31, 2002 compared to $8,249,000 for the three months ended December 31, 2001. The other expenses to average assets ratio was 1.79% for the three months ended December 31, 2002 compared to 1.91% for the same period in 2001. Salaries and employee benefits expense increased $246,000 to $5,189,000 during the three months ended December 31, 2002 compared to December 31, 2001. The net overhead expense to average assets ratio was 1.00% for the fourth quarter of 2002 compared to 1.30% for the similar period in 2001. The efficiency ratio was 45.30% for the three months ended December 31, 2002 compared to 50.13% for the same period in 2001. Other expenses increased $2,446,000 or 7.8% to $33,909,000 for the year ended December 31, 2002 compared to $31,463,000 for the twelve months ended December 31, 2001. The other expenses to average assets ratio was 1.79% for the twelve months ended December 31, 2002 compared to 1.97% for the same period in 2001. Salaries and employee benefits expense increased $1,889,000 to $20,659,000 during the twelve months ended December 31, 2002 compared to the twelve months ended December 31, 2001. Increased full-time full-time adj. Employed for or involving a standard number of hours of working time: a full-time administrative assistant. full staff positions, including investment brokerage staff, enhanced benefit programs, and increased health insurance costs have contributed to the increase in salaries and employee benefits. The net overhead expense to average assets ratio was 1.15% for the twelve months ended December 31, 2002 compared to 1.40% for the similar period in 2001. The efficiency ratio was 44.72% for the twelve months ended December 31, 2002 compared to 52.21% for the same period in 2001. Sustained Growth in Assets, Loans, and Deposits Total assets were $2.0 billion at December 31, 2002, an increase of $209.1 million, or 11.6%, compared to $1.8 billion at December 31, 2001. Total 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 increased $203.5 million, or 11.9%, to $1.9 billion at December 31, 2002 compared to $1.7 billion at December 31, 2001. Loans increased by $139.3 million, or 13.9%, during the past twelve months to $1.1 billion from $1.0 billion as of December 31, 2001. Deposits increased 14.8% or $179.1 million to $1.4 billion during 2002 compared to $1.2 billion in 2001. Certificates of deposits less than $100,000 decreased 1.8% or $11.4 million to $614.5 million during the fourth quarter of 2002 compared to the third quarter of 2002. Borrowings increased 4.6% or $20.2 million to $462.4 million in 2002 compared to $442.2 million in 2001. Asset Quality and Nonperforming Loans The allowance for loan losses was $11.7 million, or 1.02%, of total loans at December 31, 2002 compared to $10.1 million or 1.01% of total loans at December 31, 2001. The provision for loan losses was $3,832,000 for the twelve months ended December 31, 2002 compared to $2,220,000 for the twelve months ended December 31, 2001. Net charge-offs for the year ended December 31, 2002 were $2.3 million compared to $678,000 for the twelve months ended December 31, 2001. The net charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. percentage to average loans was 0.21% and 0.07% at December 31, 2002 and December 31, 2001, respectively. Management believes adequate reserves exist to absorb absorb To offset sell orders or a new security offering with buy orders. any potential increase in net charge-offs during the next twelve months. Allowance for loan losses to nonperforming loans ratio was 1.50x and 4.28x at December 31, 2002 and December 31, 2001, respectively. Nonperforming loans were $7.8 million and $2.4 million at December 31, 2002 and December 31, 2001, respectively. The increase in nonperforming loans is confined con·fine v. con·fined, con·fin·ing, con·fines v.tr. 1. To keep within bounds; restrict: Please confine your remarks to the issues at hand. See Synonyms at limit. to several commercial and commercial real estate loans. The Company estimates that $7.1 million of the nonperforming loans are fully collectible collectible An asset of limited supply that is sought for a variety of reasons including, it is hoped, an increase in value. Stamps, antiques, coins, and works of art are among the many things usually classified as collectibles. and no loss is expected at this time. Three nonperforming loans totaling $2.9 million are expected to be paid in full during the first quarter of 2003 as a result of scheduled sales of the underlying real estate. The allowance for loan losses is based on estimates, and ultimate losses may vary from current estimates. The methodology used to determined the adequacy of the allowance for loan losses covers: specific credit allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as , general portfolio allocation, and subjectively sub·jec·tive adj. 1. a. Proceeding from or taking place in a person's mind rather than the external world: a subjective decision. b. by determined allocation. The nonperforming loans to total loans ratio at the end of December 31, 2002 and 2001 was 0.68% and 0.24%, respectively. The nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. to total assets ratio was 0.41% and 0.15% at December 31, 2002 and December 31, 2001, respectively. Big Foot Financial Corp. Acquisition On January January: see month. 3, 2003, the Company completed the acquisition of Big Foot Financial Corp., ("BFFC BFFC Boba Fett Fan Club (Star Wars website) BFFC Battelefield Fuldabrück Clan (gaming) "), through a stock merger. Upon completion of the merger, Fairfield Fairfield. 1 City (1990 pop. 12,200), Jefferson co., N central Ala., an industrial suburb of Birmingham; inc. 1919. Founded (1910) by the United States Steel Corp., its steel industry has greatly declined, negatively affecting the city's economy. Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , F.S.B., BFFC's thrift thrift: see leadwort. subsidiary, merged into Midwest Bank and Trust Company, and current plans call for retention of all Fairfield Savings Bank branches. The stock transaction was previously announced on July July: see month. 19, 2002 and all regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and shareholder approvals were received in the fourth quarter of 2002. The Company issued approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,644,000 common shares to the former shareholders of BFFC. The integration process is expected to be completed during the first half of 2003. The Company expects this transaction to be accretive to diluted earnings per share in the first full year of operations. CoVest Bancshares, Inc. Acquisition On November November: see month. 1, 2002, CoVest Bancshares, Inc. ("CoVest"), and Midwest entered into an Agreement and Plan of Reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. , pursuant to which CoVest will be merged with and into Midwest. As a result of the merger, each issued and outstanding share of CoVest common stock (excluding treasury shares) will be converted into 0.925 of a share of Midwest common stock and $10.25 cash. In addition, cash will be paid for any fractional share Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. of Midwest common stock to which any holder of CoVest common stock would be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: pursuant to the merger in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. such fractional share. Stock options issued by CoVest will be cashed out as part of the merger. CoVest will be able to terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. the merger in the event the common stock of Midwest underperforms a peer group of bank holding companies by more than 17.5%, subject to certain provisions. Necessary regulatory and shareholder approvals are pending and the Company is expecting to close on this transaction at the end of the first quarter of 2003. The integration process has begun and should be completed during the second half of 2003. The Company expects this transaction to be accretive on a diluted earnings per share basis in the first full year of operations. Banking Center Expansion The Company currently has 15 banking centers in the greater Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. , including three centers due to the acquisition of Big Foot Financial Corp. As previously announced, the Company's flagship This article is about the lead ship, store, or product of a group. For other uses, see Flagship (disambiguation). A flagship is the ship used by the commanding officer of a group of naval ships. bank, Midwest Bank and Trust Company plans to open two new banking centers in Addison, Illinois Addison is a village located west of the Chicago Metropolitan Area, in DuPage County, Illinois, United States. The population was 35,914 at the 2000 census[1]. A 2003 recount gave the community a population of 36,378. The Village of Addison lies on Salt Creek. and Glenview, Illinois There are at least two locations in Illinois called Glenview:
Trust Preferred Offering In October October: see month. 2002, the Company formed MBHI Capital Trust II, a statutory trust formed under the laws of the State of Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). and a wholly-owned subsidiary of the Company. In October 2002, the Trust issued $15 million in aggregate liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy amount of trust preferred securities in a private placement offering. The interest rate payable on the debentures and the trust preferred securities resets quarterly, and is equal to LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 3.45%. The interest rate cannot exceed 12.5% through the interest payment date in November 2007. The junior subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before will mature on November 7, 2032, at which time the preferred securities must be redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. . The Company has provided a full, irrevocable Unable to cancel or recall; that which is unalterable or irreversible. IRREVOCABLE. That which cannot be revoked. 2. A will may at all times be revoked by the same person who made it, he having a disposing mind; but the moment the testator is , and unconditional HEIR, UNCONDITIONAL. A term used in the civil law, adopted by the Civil Code of Louisiana. Unconditional heirs are those who inherit without any reservation, or without making an inventory, whether their acceptance be express or tacit. Civ. Code of Lo. art. 878. UNCONDITIONAL. subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. guarantee of the obligations of the Trust under the preferred securities. Capital Management During the fourth quarter of 2002, 10,000 shares were repurchased by the Company, with 73,000 shares available to be repurchased under the Company's previously announced stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. The Company continues to monitor its capital planning and may consider either or both the issuance of additional trust preferred securities or subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". . Midwest Banc Holdings, Inc. provides a wide range of retail and commercial lending services, personal and corporate trust services, residential mortgage 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 , and securities and insurance brokerage activities throughout the greater Chicago metropolitan area and Western Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. . The Company's principal operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. are: Midwest Bank and Trust Company, Midwest Bank of Western Illinois, Midwest Financial and Investment Services, Inc. and Midwest Bank Insurance Services, L.L.C. This press release contains certain "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 of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended, and should be reviewed in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other publicly available information regarding the Company, copies of which are available from the Company upon request. Such publicly available information sets forth certain risks and uncertainties related to the Company's business which should be considered in evaluating "Forward-Looking Statements" And undue reliance should not be placed on such statements. The Company assumes no obligation to update publicly any of these statements in light of future events.
MIDWEST BANC HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
INCOME STATEMENT SUMMARY AND PER SHARE DATA
(In thousands, except per share data)
Three Months Ended
------------------
December 31, 2001-2002 Comparison
----------- --------------------
2002 2001 $Change %Change
---- ---- ------- -------
Interest income $ 28,191 $ 27,688 $ 503 1.8%
Interest expense 13,326 14,776 (1,450) -9.8%
--------- --------- ------- ------
Net interest income 14,865 12,912 1,953 15.1%
Provision for loan losses 1,240 670 570 85.1%
Other income 3,947 2,621 1,326 50.6%
Net gains on securities
transactions 131 593 (462) -77.9%
Other expenses 8,942 8,249 693 8.4%
--------- --------- ------- ------
Income before income taxes 8,761 7,207 1,554 21.6%
Provision for income taxes 2,040 2,209 (169) -7.7%
--------- --------- ------- ------
Net income $ 6,721 $ 4,998 $ 1,723 34.5%
========= ========= ======= ======
Cash net income (1) $ 6,755 $ 5,073 $ 1,682 33.2%
========= ========= ======= ======
Basic earnings per share (2) $ 0.42 $ 0.31 $ 0.11 35.5%
========= ========= ======= ======
Diluted earnings per share (2) $ 0.41 $ 0.30 $ 0.11 36.7%
========= ========= ======= ======
Cash dividends declared (2) $ 0.10 $ 0.10 $ 0.00 0.0%
========= ========= ======= ======
Twelve Months Ended
-------------------
December 31, 2001-2002 Comparison
----------- --------------------
2002 2001 $Change %Change
---- ---- ------- -------
Interest income $ 113,757 $113,132 $ 625 0.1%
Interest expense 53,319 65,665 (12,346) -18.8%
--------- --------- ------- ------
Net interest income 60,438 47,467 12,971 27.3%
Provision for loan losses 3,832 2,220 1,612 72.6%
Other income 12,138 9,142 2,996 32.8%
Net gains on securities
transactions 1,870 3,660 (1,790) -48.9%
Other expenses 33,909 31,463 2,446 7.8%
--------- --------- ------- ------
Income before income taxes 36,705 26,586 10,119 38.1%
Provision for income taxes 10,904 8,704 2,200 25.3%
--------- --------- ------- ------
Net income (3) $ 25,801 $ 17,882 $ 7,919 44.3%
========= ========= ======= ======
Cash net income (1) $ 25,900 $ 18,205 $ 7,695 42.3%
========= ========= ======= ======
Basic earnings per share (2) $ 1.60 $ 1.11 $ 0.49 44.1%
========= ========= ======= ======
Diluted earnings per
share (2) $ 1.56 $ 1.09 $ 0.47 43.1%
========= ========= ======= ======
Cash dividends declared (2) $ 0.40 $ 0.40 $ 0.00 0.0%
========= ========= ======= ======
Three Months Ended
------------------
December 31, September 30, Quarter to Quarter
------------- ------------ ------------------
Comparison
----------
2002 2002 $Change %Change
---- ---- ------- -------
Interest income $ 28,191 $ 28,579 $ (388) -1.4%
Interest expense 13,326 13,337 (11) -0.1%
--------- --------- ------- ------
Net interest income 14,865 15,242 (377) -2.5%
Provision for loan losses 1,240 1,115 125 11.2%
Other income 3,947 2,950 997 33.8%
Net gains on securities
transactions 131 97 34 35.1%
Other expenses 8,942 8,305 637 7.7%
--------- --------- ------- ------
Income before income taxes 8,761 8,869 (108) -1.2%
Provision for income taxes 2,040 2,490 (450) -18.1%
--------- --------- ------- ------
Net income $ 6,721 $ 6,379 $ 342 5.4%
========= ========= ======= ======
Cash net income(1) $ 6,755 $ 6,345 $ 410 6.5%
========= ========= ======= ======
Basic earnings per share (2) $ 0.42 $ 0.39 $ 0.03 7.7%
========= ========= ======= ======
Diluted earnings per
share (2) $ 0.41 $ 0.38 $ 0.03 7.9%
========= ========= ======= ======
Cash dividends declared (2) $ 0.10 $ 0.10 $ 0.00 0.0%
========= ========= ======= ======
(1) Cash net income is defined as net income plus the after-tax effect
of amortization expense of intangible assets.
(2) Restated for the 3-for-2 stock dividend effective July 1, 2002.
(3) Restated for adoption of FASB 147.
MIDWEST BANC HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, September 30, December 31,
------------ ------------- ------------
2002 2001 2002 2002 2001
---- ---- ---- ---- ----
Income Statement Data:
Net income $6,721 $ 4,998 $ 6,379 $ 25,801 $ 17,882
Core net income (1) 6,642 4,640 6,320 24,673 15,674
Cash net income (2) 6,755 5,073 6,345 25,900 18,205
Net overhead expense to
average assets (3) 1.00% 1.30% 1.12% 1.15% 1.40%
Efficiency ratio (3) 45.30 50.13 44.08 44.72 52.21
Other income to
average assets 0.79 0.61 0.62 0.64 0.57
Other expense to
average assets 1.79 1.91 1.74 1.79 1.97
Per Share Data (4):
Earnings per
share (basic) $ 0.42 $ 0.31 $ 0.39 $ 1.60 1.11
Earnings per share
(diluted) 0.41 0.30 0.38 1.56 1.09
Cash dividends
declared 0.10 0.10 0.10 0.40 0.40
Book value at end
of period 7.70 5.99 7.37 7.70 5.99
Tangible book value at
end of period 7.52 5.87 7.08 7.52 5.87
Stock price at end
of period 18.95 14.17 19.09 18.95 14.17
Average stock price 18.68 13.47 18.85 17.61 12.56
Selected Financial Ratios:
Return on average
assets 1.35% 1.16% 1.33% 1.37% 1.12%
Return on average
equity 22.28 19.86 22.11 23.43 19.50
Dividend payout 24.03 32.18 25.33 25.03 36.02
Loan to deposit 82.17 82.82 83.70 82.17 82.82
Average equity to
average assets 6.05 5.82 6.03 5.83 5.75
Capital to assets 6.16 5.31 6.27 6.16 5.31
Tangible capital
to assets 6.01 5.21 6.11 6.01 5.21
Tier I capital to
risk-weighted assets 11.15 9.93 9.95 11.15 9.93
Tier II capital to
risk-weighted assets 12.03 10.82 10.82 12.03 10.82
Net interest margin
(tax equivalent) 3.33 3.33 3.55 3.52 3.31
Allowance for loan losses
to total loans at the
end of period 1.02 1.01 0.98 1.02 1.01
Net loans charged off
to average total
loans 0.06 0.03 0.11 0.21 0.07
Nonperforming loans to
total loans at the end
of period (5) 0.68 0.24 0.74 0.68 0.24
Nonperforming assets to
total assets (6) 0.41 0.15 0.45 0.41 0.15
Allowance to
nonperforming loans 1.50x 4.28x 1.33x 1.50x 4.28x
December 31, September 30,
--------------------------
2002 2001 2002
---- ---- ----
Balance Sheet Data:
Total assets $ 2,019,560 $ 1,810,422 $ 1,913,403
Total earning assets 1,914,554 1,711,030 1,801,699
Average assets
(quarter-to-date) 1,976,546 1,716,295 1,897,609
Average assets
(year-to-date) 1,889,511 1,593,939 1,859,114
Total loans 1,142,725 1,003,386 1,133,282
Allowance for loan losses 11,685 10,135 11,150
Total deposits 1,390,648 1,211,520 1,353,996
Borrowings 462,382 442,150 407,027
Stockholders' equity 124,444 96,214 119,901
Tangible stockholders' equity 121,422 94,272 116,935
Average equity
(quarter-to-date) 119,667 99,841 114,462
Average equity (year-to-date) 110,101 91,725 106,876
Common Shares Outstanding (4) 16,154 16,069 16,164
Average Shares Outstanding
(quarter -to-date) (4) 16,157 16,085 16,160
Average Shares Outstanding
(year-to-date) (4) 16,131 16,104 16,122
(1) Core net income is defined as net income less the after-tax effect
of securities gains and trading account profits.
(2) Cash net income is defined as net income plus the after-tax effect
of amortization expense for goodwill.
(3) Excludes net gains on securities transactions.
(4) Restated for the 3-for-2 stock dividend effective July 1, 2002.
(5) Includes total nonaccrual and all other loans 90 days or more past
due.
(6) Includes total nonaccrual, all other loans 90 days or more past
due, and other real estate owned.
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