Midwest Banc Reports First Quarter 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)--April 30, 2004 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 ): -- Lower earning asset Earning asset An asset that generates income, e.g., income from rental property. yields and trading losses The following contains a list of trading losses which eventually forced major corporations to go bankrupt or restructure parts of their organisation. This list is not exhaustive. caused a decline in earnings. -- Company expects stronger loan volume will increase earnings in future quarters. -- Nonperforming loans decreased in first quarter. -- Balance sheet is positioned to benefit from rising interest rates and to fund accelerated loan growth. Midwest Banc Holdings, Inc. (NASDAQ: MBHI), announced today that earnings decreased 24.5% in the first quarter ended March 31, 2004, due primarily to lower yields on 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 trading losses of $1,832,000 as the Company repositioned its balance sheet for an anticipated rising interest rate environment. Management of the community-based bank holding company announced plans to more aggressively pursue loan business development initiatives in an effort to increase earnings. Historically, the Company has had a relatively higher percentage of its earning assets invested in securities, rather than loans, when compared with peer bank holding companies. At December December: see month. 31, 2003, loans comprised 52.4% of the Company's earning assets, versus an average of 68-70% for its bank holding companies peer group. At March 31, 2004, loans as a percentage of earning assets were 55.1%. "In anticipation of higher interest rates in 2004, we repositioned our balance sheet to protect our longer-term profitability," said Brad A. Luecke, President and Chief Executive Officer. "As a result, we reduced exposure to longer-term securities and maintained a substantial amount of cash in very 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. investments during the first quarter. We reduced our securities investment portfolio by 19.1% from $852.2 million at December 31, 2003 to $689.8 million at March 31, 2004. At the same time, we have made a commitment to increase the ratio of loans to total earning assets closer to peer levels during the next 12-18 months. We have become more aggressive in pricing new loans and anticipate strong growth in this asset category, with an increase in return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). , as the year progresses." Net Income and Earnings Per Share Net income was $4,825,000 for the three months ended March 31, 2004 compared to $6,394,000 for the three months ended March 31, 2003. Basic earnings per share for the three months ended March 31, 2004 was $0.27 compared to $0.36 for the similar period of 2003. 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 for the three months ended March 31, 2004 was $0.26 compared to $0.35 for the similar period of 2003. The return on average assets for the first quarter of 2004 was 0.85% compared to 1.19% for the prior year period. The return on average equity was 13.45% for the first quarter in 2004 compared to 17.70% for the same period in 2003. Net Interest Margin Net interest income decreased $2,799,000, to $14,167,000 in the first quarter of 2004 compared to $16,966,000 for the similar period in 2003. The net interest margin was 2.84% for the first quarter of 2004 compared to 3.45% for the first quarter of 2003 as a result of yields on earning assets decreasing to a greater extent than average rates paid on interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid deposits and borrowings. During the first quarter of 2004, the Company held $197.0 million in cash equivalents, which earned, on average, 94 basis points. Consistent with the investment strategy adopted during 2003, the Company further reduced its holdings in mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. by $45.6 million during the first quarter of 2004. As yields remained at historic lows during the quarter, the Company liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. another $195.9 million of securities to record gains at current market levels and planned on reinvesting in shorter duration securities and higher yielding loans. The anticipated increase in interest rates did not occur by quarter-end, and the Company decided to invest cautiously cau·tious adj. 1. Showing or practicing caution; careful. 2. Tentative or restrained; guarded: felt a cautious optimism that the offer would be accepted. under current market conditions to protect its longer-term profitability and reduce any adverse impact of any mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. adjustments on its capital base in the future. The Company has adopted new more aggressive pricing strategies There are many ways in which the price of a product can be determined. The following are the foremost strategies that businesses are likely to use. Competition-based pricing Setting the price based upon prices of the similar competitor products. to reposition its assets toward a heavier concentration of loans, a move that has attracted considerable customer attention in the past several months. "Our past corporate commitment to strong pricing discipline on loans served us well on some levels, but we bypassed many profitable and high-quality lending opportunities as a result of this strategy," Luecke noted. "We have made a strategic decision to adopt more competitive loan pricing levels, and we are backing up that strategy with the hiring of new senior lending officers and support staff. We will also support our business development activities with expanded marketing efforts to increase our visibility in highly competitive markets." Luecke indicated the initial results of the new pricing strategy and business development efforts are encouraging: "Already, we are seeing a significant increase in the Company's loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. pipeline. New loan commitments have increased substantially in April." Since March 31, 2004, the Company's loan pipeline has grown with $44.1 million of additional loans commitments. Luecke said: "Of course, not all commitments are transformed into loans and loan growth will also be affected by existing loans which are paid off during the course of the year. Overall, we expect to realize loan growth in the 7-11% range through the end of the year." "It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have also important to note that we have made an investment in additional staff to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. , review, and oversee the quality of our loan portfolio," Luecke added. "We are committed both to expanded loan levels and a high-quality asset base." The Company anticipates a moderate improvement in net interest margin as the year progresses. Primary factors include the impact of the redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. of its short-term securities position, higher loan volumes and continued benefit of interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. related to high interest rate FHLB FHLB Federal Home Loan Bank advances. First Quarter Other Income Other income, excluding gains on securities transactions, decreased 72.8% to $1,077,000 for the first quarter of 2004 from $3,960,000 a year ago primarily due to the trading losses discussed below. The ratio of other income, excluding gains on securities transactions and trading losses, to average assets was 0.19% for the three months ended March 31, 2004 compared to 0.73% for the same period in 2003. Service charges on deposits were $1,436,000 for the three months ended March 31, 2004 compared to $1,467,000 for the same period in 2003. Insurance and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. commissions increased 5.9% or $27,000 to $485,000 for the quarter ended March 31, 2004. The increase in cash surrender value The amount of money that an insurance company pays the insured upon cancellation of a life insurance policy before death and which is a specific figure assigned to the policy at that particular time, reduced by a charge for administrative expenses. of life insurance increased 80.2% or $206,000 to $463,000 during the first quarter of 2004 compared to the similar period of 2003. The Company recorded gains on securities transactions of $2,866,000 for the first three months of 2004, up from $102,000 in the same period of 2003 due to sales made to reposition its investment portfolio. Option fee income included in trading losses increased $728,000 for the quarter ended March 31, 2004 to $1,725,000 compared to $997,000 for the similar period in 2003. Option fees are part of management's ongoing strategy to manage risk in the securities portfolio and take advantage of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions. Management has effectively used the proceeds from selling covered call Covered Call Having a long position in an asset combined with a short position in a call option on the same underlying asset. Notes: This is considered to be one of the safest option positions. and put options to offset net interest margin compression and has administered such sales in a coordinated process with the Company's overall asset/liability management Asset/Liability Management A technique companies employ in coordinating the management of assets and liabilities so that an adequate return may be earned. Also known as "surplus management. . Management is poised to adjust its option strategy when interest rates increase or decrease. Also included in trading losses was a $3,557,000 loss in the first quarter of 2004. This loss resulted from a futures position used as a strategy designed to benefit the Company for relatively constant or rising interest rates. The objectives of this strategy were not realized. The sharp decline in long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. yields during March 2004 unfavorably impacted the position resulting in the above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. loss. Net Overhead Ratio Other expenses increased 2.4% to $11,041,000 in the first quarter of 2004 from $10,783,000 for the same period in 2003, while the ratio of other expenses to average assets declined slightly to 1.95% from 2.00%. Salary and benefit expenses increased 7.1% to $6.5 million in the first quarter from $6.1 million a year earlier, largely due to 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, enhanced benefit programs, and increased health insurance costs. Occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses decreased 3.9% to $1,692,000 during the first quarter of 2004 compared to $1,761,000 for the comparable period in 2003. Professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. expense decreased 25.8% to $881,000 for the first quarter of 2004 compared to $1,188,000 for the first quarter of 2003. These expenses were relatively high in the 2003 period, due to the BFFC BFFC Boba Fett Fan Club (Star Wars website) BFFC Battelefield Fuldabrück Clan (gaming) acquisition and loan 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. situations. The ratio of net overhead expense to average assets increased from 1.27% in the first quarter in 2003 to 1.76% for the first quarter of 2004. The increase in the net overhead ratio was due primarily to trading losses during the first quarter of 2004. The Company's efficiency ratio rose to 66.97% for the three months ended March 31, 2004 compared to 48.38% for the same period in 2003. The increase in the efficiency ratio was due primarily to the decrease in net interest income on a fully tax-equivalent basis and trading losses during the quarter. Balance Sheet Trends Total assets were $2.3 billion at March 31, 2004 and at December 31, 2003. Total average earning assets increased by $36.2 million to $2.1 billion at March 31, 2004 compared to December 31, 2003. Loans were $1.1 billion at March 31, 2004 and at December 31, 2003. The decrease in loans was due to loan repayments resulting from the successful completion of specific construction projects in early 2004. In addition, new net loan growth was affected by a corporate commitment to tighter credit standards Credit Standards The guidelines a company follows to determine whether a credit applicant is creditworthy. and pricing disciplines applied to commercial and commercial real estate loans to protect long-term profitability. During the first quarter of 2004, management has implemented a more aggressive loan pricing structure in efforts to increase loan volume. Total deposits were $1.6 billion at March 31, 2004 and at December 31, 2003. Non-interest-bearing deposits declined 3.5% to $155.1 million from $160.7 million, while interest-bearing deposits decreased 0.5% to $1.4 billion at March 31, 2004. Core deposits, excluding certificates of deposits under $100,000, increased 0.4% to $710.8 million at March 31, 2004 from $708.1 million at December 31, 2003. Certificates of deposit under $100,000 increased 3.5% or $26.1 million to $765.5 million at March 31, 2004. Certificates of deposit over $100,000 and public funds See Fund, 3. See also: Public decreased $41.3 million or 29.7% to $97.6 million at March 31, 2004. from $139.0 million at December 31, 2003. The majority of the decrease was a result of brokered certificates of deposit and public fund maturities which were allowed to run-off run-off n (in contest, election) → desempate m (= extra race); carrera de desempate run-off n (in contest, election) → . The Company's marketing efforts focused on core and time deposit account growth in its retail markets, reducing the need to rely on public funds and brokered certificates of deposit. Asset Quality and Nonperforming Loans The allowance for loan losses was $15.9 million, or 1.48%, of total loans at March 31, 2004 compared to $15.7 million or 1.45% of total loans at December 31, 2003. The provision for loan losses was $756,000 for the three months ended March 31, 2004 compared to $990,000 for the three months ended March 31, 2003. Net charge-offs for the three months ended March 31, 2004 were $591,000 compared to $296,000 for the three months ended March 31, 2003. 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 0.22% and 0.10% at March 31, 2004 and March 31, 2003, respectively. The allowance for loan losses to nonperforming loans ratio was 1.08x and 1.00x at March 31, 2004 and December 31, 2003, respectively. Nonperforming loans were $14.7 million and $15.7 million at March 31, 2004 and December 31, 2003, respectively. The nonperforming loans to total loans ratio for these two time periods was 1.37% and 1.45%, 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 0.96% and 1.00% for March 31, 2004 and December 31, 2003, respectively. Management expects further reductions in nonperforming loans in the second quarter and throughout 2004 as specific loan workout situations are resolved and outstanding loan balances are collected. Nonperforming loan to total loan ratios are expected to decrease during the next several quarters and move closer to peer group levels. The allowance for loan coverage ratio is expected to improve further during 2004. Other 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 increased 0.5% to $7.0 million at March 31, 2004 from $6.9 million at December 31, 2003. Included in other real estate owned is one property recently appraised to have a fair market value of $6.5 million. The Company will continue the development and has engaged a well established construction contractor to complete the development in the next two years. The Company is encouraged with the progress to date and believes it will lead eventually to the full recovery of its investment. Other Matters On March 15, 2004, the Company and Midwest Bank and Trust Company ("Bank") entered into a written agreement with the Federal Reserve Bank of Chicago The Federal Reserve Bank of Chicago is one of twelve regional Reserve Banks that, along with the Board of Governors in Washington, D.C. and the State of 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. , Office of Banks and Real Estate. The written agreement outlines a series of steps to address and strengthen the Company's risk management practices. These steps include third-party reviews and the submission of written plans in a number of areas. These areas include the Company's and the Bank's boards of directors and management; 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. ; internal controls; risk management; lending and credit, including allowance for loan and lease losses and loan review; and loan policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental . The agreement requires submission of written plans, programs, policies, and procedures to the regulators for review and approval within specified time frames. The agreement does not relate to the financial condition, capital, earnings, or liquidity of the Company and the Bank. The 2004 annual 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. examination began in late March 2004 and is expected to be completed in the near future. A written report is expected later in the second quarter and the Board and management are confident that progress will be noted in many of the areas addressed in the previous examination. The Securities and Exchange Commission has opened an inquiry in connection with the Company's September September: see month. 30, 2002 restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. . The Company is cooperating fully with the SEC on this matter. 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 “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. and Western Illinois. 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 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."
MIDWEST BANC HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
INCOME STATEMENT SUMMARY AND PER SHARE DATA
(In thousands, except per share data)
Three Months Ended 2003-2004
March 31, Comparison
2004 2003 $ Change % Change
Interest income $ 26,093 $ 29,982 $ (3,889) -13.0%
Interest expense 11,926 13,016 (1,090) -8.4%
--------- --------- ---------- ---------
Net interest income 14,167 16,966 (2,799) -16.5%
Provision for loan
losses 756 990 (234) -23.6%
Other income 1,077 3,960 (2,883) -72.8%
Net gains on securities
transactions 2,866 102 2,764 2,709.8%
Other expenses 11,041 10,783 258 2.4%
--------- --------- ---------- ---------
Income before income
taxes 6,313 9,255 (2,942) -31.8%
Provision for income
taxes 1,488 2,861 (1,373) -48.0%
--------- --------- ---------- ---------
Net income $ 4,825 $ 6,394 $ (1,569) -24.5%
========= ========= ========== =========
Basic earnings per
share $ 0.27 $ 0.36 $ (0.09) -25.0%
========= ========= ========== =========
Diluted earnings per
share $ 0.26 $ 0.35 $ (0.09) -25.7%
========= ========= ========== =========
Cash dividends declared $ 0.12 $ 0.10 $ 0.02 20.0%
========= ========= ========== =========
Three Months Ended Quarter to Quarter
March 31, December 31, Comparison
2004 2003 $ Change % Change
Interest income $ 26,093 $ 27,384 $ (1,291) -4.7%
Interest expense 11,926 11,775 151 1.3%
--------- --------- ---------- ---------
Net interest income 14,167 15,609 (1,442) 9.2%
Provision for loan
losses 756 717 39 5.4%
Other income 1,077 3,676 (2,599) -70.7%
Net gains on securities
transactions 2,866 1,619 1,247 77.0%
Other expenses 11,041 11,375 (334) -2.9%
--------- --------- ---------- ---------
Income before income
taxes 6,313 8,812 (2,499) -28.4%
Provision for income
taxes 1,488 2,499 (1,011) -40.5%
--------- --------- ---------- ---------
Net income $ 4,825 $ 6,313 $ (1,488) -23.6%
========= ========= ========== =========
Basic earnings per
share $ 0.27 $ 0.35 $ (0.08) -22.9%
========= ========= ========= =========
Diluted earnings per
share $ 0.26 $ 0.34 $ (0.08) -23.5%
========= ========= ========= =========
Cash dividends declared $ 0.12 $ 0.12 $ 0.00 0.0%
========= ========= ========= =========
MIDWEST BANC HOLDINGS, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
Three Months Ended
March 31, December 31,
2004 2003 2003
----------------------------------------------------------------------
Income Statement Data:
Net income $ 4,825 $ 6,394 $ 6,313
Net overhead expense to average
assets (1)(2) 1.76% 1.27% 1.36%
Efficiency ratio (2)(3)(7) 66.97 48.38 52.00
Other income to average assets 0.19 0.73 0.65
Other expense to average assets 1.95 2.00 2.01
Per Share Data (3):
Earnings per share (basic) $ 0.27 $ 0.36 $ 0.35
Earnings per share (diluted) 0.26 0.35 0.34
Cash dividends declared 0.12 0.10 0.12
Book value at end of period 8.01 8.71 8.01
Tangible book value at end of
period 7.76 8.36 7.77
Stock price at end of period 23.66 18.22 22.26
Average stock price 23.72 19.46 22.82
Selected Financial Ratios:
Return on average assets (4) 0.85% 1.19% 1.11%
Return on average equity (5) 13.45 17.70 17.72
Dividend payout 44.43 27.84 33.95
Loan to deposit 68.33 73.93 68.16
Average equity to average
assets 6.33 6.70 6.28
Capital to assets 6.35 6.95 6.32
Tangible capital to assets 6.15 6.74 6.13
Tier I capital to risk-weighted
assets 13.22 12.30 13.68
Tier II capital to risk-
weighted assets 14.43 13.40 14.74
Net interest margin (tax
equivalent) (6)(7) 2.84 3.45 3.21
Allowance for loan losses to
total loans at the end of
period 1.48 1.33 1.45
Net loans charged off to
average total loans 0.22 0.10 -0.20
Nonperforming loans to total
loans at the end of period (8) 1.37 1.83 1.45
Nonperforming assets to total
assets (9) 0.96 0.96 1.00
Allowance to nonperforming
loans 1.08x 0.72x 1.00x
March 31, December 31,
----------------------
2004 2003 2003
--------------------------------
Balance Sheet Data:
Total assets $ 2,255,153 $ 2,230,937 $ 2,264,149
Total earning assets 1,952,606 2,099,179 2,061,747
Average assets (quarter-to-
date) 2,277,790 2,187,401 2,249,174
Average earning assets (quarter
-to-date) 2,123,858 2,077,874 2,087,681
Total loans 1,075,530 1,136,389 1,081,296
Allowance for loan losses 15,879 15,063 15,714
Total deposits 1,573,920 1,537,047 1,586,411
Borrowings 514,911 509,700 512,160
Stockholders' equity 143,043 154,961 143,081
Tangible stockholders'
equity (10) 138,683 150,277 138,721
Average equity (quarter-
to-date) 144,232 146,488 141,340
Common Shares Outstanding 17,869 17,798 17,861
Average Shares Outstanding
(quarter -to-date) 17,865 17,727 17,848
(1) Other expenses less other income divided by average total assets.
(2) Excludes net gains on securities transactions.
(3) Other expense divided by the sum of net interest income (tax
equivalent) plus other income.
(4) Net income divided by quarter to date average assets.
(5) Net income divided by quarter to date average equity.
(6) Net interest income, on a tax equivalent basis, divided by quarter
to date average interest earning assets.
(7) The following table reconciles reported net interest income on a
tax equivalent basis for the periods presented:
QTD 1Q04 1Q03 4Q03
Net interest income $ 14,167 $ 16,966 $ 15,609
Tax equivalent adjustment to net
interest income 905 973 1,154
--------- --------- ---------
Net interest income, tax
equivalent basis $ 15,072 $ 17,939 $ 16,763
--------- --------- ---------
(8) Includes total nonaccrual and all other loans 90 days or more past
due.
(9) Includes total nonaccrual, all other loans 90 days or
more past due, and other real estate owned.
(10) Stockholders' equity less goodwill. The following table
reconciles reported stockholders' equity to tangible stockholders'
equity for the periods presented:
1Q04 1Q03 4Q03
Stockholders' equity $ 143,043 $ 154,961 $ 143,081
Goodwill 4,360 4,684 4,360
--------- --------- ---------
Tangible stockholders' equity $ 138,683 $ 150,277 $ 138,721
--------- --------- ---------
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