Maryland | 0-22345 | 52-1974638 |
(State or other jurisdiction of | (Commission file number) | (IRS Employer |
incorporation or organization) |
Identification No.)
|
SHORE BANCSHARES, INC. | |
Dated: July 27, 2011 | By: /s/ W. Moorhead Vermilye |
W. Moorhead Vermilye
Chief Executive Officer
|
Shore Bancshares, Inc.
|
Financial Highlights
|
(Dollars in thousands, except per share data)
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||||||
2011
|
2010
|
Change
|
2011
|
2010
|
Change
|
|||||||||||||||||||
PROFITABILITY FOR THE PERIOD
|
||||||||||||||||||||||||
Net interest income
|
$ | 9,942 | $ | 10,691 | (7.0 | ) % | $ | 19,804 | $ | 21,086 | (6.1 | ) % | ||||||||||||
Provision for credit losses
|
5,395 | 4,917 | 9.7 | 11,785 | 12,534 | (6.0 | ) | |||||||||||||||||
Noninterest income
|
4,381 | 4,568 | (4.1 | ) | 8,776 | 9,450 | (7.1 | ) | ||||||||||||||||
Noninterest expense
|
9,194 | 9,688 | (5.1 | ) | 19,085 | 20,009 | (4.6 | ) | ||||||||||||||||
(Loss) income before income taxes
|
(266 | ) | 654 | (140.7 | ) | (2,290 | ) | (2,007 | ) | (14.1 | ) | |||||||||||||
Income tax (benefit) expense
|
(33 | ) | 209 | (115.8 | ) | (974 | ) | (890 | ) | (9.4 | ) | |||||||||||||
Net (loss) income
|
$ | (233 | ) | $ | 445 | (152.4 | ) | $ | (1,316 | ) | $ | (1,117 | ) | (17.8 | ) | |||||||||
Return on average assets
|
(0.08 | ) % | 0.16 | % | (24 | ) bp | (0.24 | ) % | (0.20 | ) % | (4 | ) bp | ||||||||||||
Return on average equity
|
(0.77 | ) | 1.42 | (219 | ) | (2.18 | ) | (1.78 | ) | (40 | ) | |||||||||||||
Return on average tangible equity (1)
|
(0.60 | ) | 2.01 | (261 | ) | (2.26 | ) | (1.83 | ) | (43 | ) | |||||||||||||
Net interest margin
|
3.80 | 4.03 | (23 | ) | 3.79 | 3.99 | (20 | ) | ||||||||||||||||
Efficiency ratio - GAAP
|
64.19 | 63.49 | 70 | 66.78 | 65.53 | 125 | ||||||||||||||||||
Efficiency ratio - Non-GAAP (1)
|
63.31 | 62.64 | 67 | 66.07 | 64.68 | 139 | ||||||||||||||||||
PER SHARE DATA
|
||||||||||||||||||||||||
Basic net (loss) income per common share
|
$ | (0.03 | ) | $ | 0.05 | (160.0 | ) % | $ | (0.16 | ) | $ | (0.13 | ) | (23.1 | ) % | |||||||||
Diluted net (loss) income per common share
|
(0.03 | ) | 0.05 | (160.0 | ) | (0.16 | ) | (0.13 | ) | (23.1 | ) | |||||||||||||
Dividends paid per common share
|
0.01 | 0.06 | (83.3 | ) | 0.07 | 0.12 | (41.7 | ) | ||||||||||||||||
Book value per common share at period end
|
14.30 | 14.77 | (3.2 | ) | ||||||||||||||||||||
Tangible book value per common share at period end (1)
|
12.14 | 12.27 | (1.1 | ) | ||||||||||||||||||||
Market value at period end
|
6.98 | 11.91 | (41.4 | ) | ||||||||||||||||||||
Market range:
|
||||||||||||||||||||||||
High
|
10.21 | 14.80 | (31.0 | ) | 11.11 | 14.80 | (24.9 | ) | ||||||||||||||||
Low
|
6.51 | 11.75 | (44.6 | ) | 6.51 | 10.21 | (36.2 | ) | ||||||||||||||||
PERIOD-END BALANCE SHEET DATA
|
||||||||||||||||||||||||
Loans
|
$ | 877,331 | $ | 905,477 | (3.1 | ) % | ||||||||||||||||||
Securities
|
113,271 | 106,556 | 6.3 | |||||||||||||||||||||
Assets
|
1,124,191 | 1,129,196 | (0.4 | ) | ||||||||||||||||||||
Deposits
|
973,442 | 971,608 | 0.2 | |||||||||||||||||||||
Stockholders' equity
|
120,941 | 124,666 | (3.0 | ) | ||||||||||||||||||||
AVERAGE BALANCE SHEET DATA
|
||||||||||||||||||||||||
Loans
|
$ | 881,976 | $ | 909,295 | (3.0 | ) % | $ | 884,738 | $ | 909,831 | (2.8 | ) % | ||||||||||||
Securities
|
111,190 | 109,744 | 1.3 | 108,727 | 109,996 | (1.2 | ) | |||||||||||||||||
Earning assets
|
1,056,658 | 1,071,115 | (1.3 | ) | 1,059,396 | 1,073,257 | (1.3 | ) | ||||||||||||||||
Assets
|
1,125,213 | 1,134,662 | (0.8 | ) | 1,128,115 | 1,140,105 | (1.1 | ) | ||||||||||||||||
Deposits
|
976,840 | 976,749 | - | 979,531 | 979,491 | - | ||||||||||||||||||
Stockholders' equity
|
121,187 | 125,670 | (3.6 | ) | 121,823 | 126,869 | (4.0 | ) | ||||||||||||||||
CAPITAL AND CREDIT QUALITY RATIOS
|
||||||||||||||||||||||||
Average equity to average assets
|
10.77 | % | 11.08 | % | (31 | ) bp | 10.80 | % | 11.13 | % | (33 | ) bp | ||||||||||||
Average tangible equity to average tangible assets (1)
|
9.29 | 9.38 | (9 | ) | 9.32 | 9.44 | (12 | ) | ||||||||||||||||
Annualized net charge-offs to average loans
|
2.96 | 1.95 | 101 | 2.20 | 2.24 | (4 | ) | |||||||||||||||||
Allowance for credit losses to period-end loans
|
1.86 | 1.47 | 39 | |||||||||||||||||||||
Allowance for credit losses to nonaccrual loans
|
33.74 | 35.45 | (171 | ) | ||||||||||||||||||||
Allowance for credit losses to nonperforming loans (2)
|
22.80 | 28.34 | (554 | ) | ||||||||||||||||||||
Nonaccrual loans to total loans
|
5.53 | 4.14 | 139 | |||||||||||||||||||||
Nonaccrual loans to total assets
|
4.31 | 3.32 | 99 | |||||||||||||||||||||
Nonperforming assets to total loans+other real estate and
|
||||||||||||||||||||||||
other assets owned (3)
|
8.99 | 5.33 | 366 | |||||||||||||||||||||
Nonperforming assets to total assets
|
7.08 | 4.28 | 280 |
Shore Bancshares, Inc.
|
Consolidated Balance Sheets
|
(In thousands, except per share data)
|
June 30, 2011
|
June 30, 2011
|
|||||||||||||||||||
June 30,
|
December 31,
|
June 30,
|
compared to
|
compared to
|
||||||||||||||||
2011
|
2010
|
2010
|
December 31, 2010
|
June 30, 2010
|
||||||||||||||||
ASSETS
|
||||||||||||||||||||
Cash and due from banks
|
$ | 21,234 | $ | 19,680 | $ | 16,645 | 7.9 | % | 27.6 | % | ||||||||||
Interest-bearing deposits with other banks
|
45,598 | 21,593 | 15,652 | 111.2 | 191.3 | |||||||||||||||
Federal funds sold
|
13,881 | 36,691 | 32,372 | (62.2 | ) | (57.1 | ) | |||||||||||||
Investments available for sale (at fair value)
|
106,742 | 99,055 | 98,211 | 7.8 | 8.7 | |||||||||||||||
Investments held to maturity
|
6,529 | 6,727 | 8,345 | (2.9 | ) | (21.8 | ) | |||||||||||||
Loans
|
877,331 | 895,404 | 905,477 | (2.0 | ) | (3.1 | ) | |||||||||||||
Less: allowance for credit losses
|
(16,358 | ) | (14,227 | ) | (13,289 | ) | 15.0 | 23.1 | ||||||||||||
Loans, net
|
860,973 | 881,177 | 892,188 | (2.3 | ) | (3.5 | ) | |||||||||||||
Premises and equipment, net
|
14,377 | 14,483 | 14,924 | (0.7 | ) | (3.7 | ) | |||||||||||||
Goodwill
|
13,678 | 13,678 | 15,954 | - | (14.3 | ) | ||||||||||||||
Other intangible assets, net
|
4,583 | 4,840 | 5,148 | (5.3 | ) | (11.0 | ) | |||||||||||||
Other real estate and other assets owned, net
|
7,877 | 3,702 | 1,428 | 112.8 | 451.6 | |||||||||||||||
Other assets
|
28,719 | 28,685 | 28,329 | 0.1 | 1.4 | |||||||||||||||
Total assets
|
$ | 1,124,191 | $ | 1,130,311 | $ | 1,129,196 | (0.5 | ) | (0.4 | ) | ||||||||||
LIABILITIES
|
||||||||||||||||||||
Noninterest-bearing deposits
|
$ | 130,789 | $ | 124,188 | $ | 121,410 | 5.3 | 7.7 | ||||||||||||
Interest-bearing deposits
|
842,653 | 855,328 | 850,198 | (1.5 | ) | (0.9 | ) | |||||||||||||
Total deposits
|
973,442 | 979,516 | 971,608 | (0.6 | ) | 0.2 | ||||||||||||||
Short-term borrowings
|
18,251 | 16,041 | 17,864 | 13.8 | 2.2 | |||||||||||||||
Accrued expenses and other liabilities
|
10,625 | 11,309 | 13,629 | (6.0 | ) | (22.0 | ) | |||||||||||||
Long-term debt
|
932 | 932 | 1,429 | - | (34.8 | ) | ||||||||||||||
Total liabilities
|
1,003,250 | 1,007,798 | 1,004,530 | (0.5 | ) | (0.1 | ) | |||||||||||||
STOCKHOLDERS' EQUITY
|
||||||||||||||||||||
Common stock, par value $0.01; authorized
|
||||||||||||||||||||
35,000,000 shares
|
85 | 84 | 84 | 1.2 | 1.2 | |||||||||||||||
Warrant
|
1,543 | 1,543 | 1,543 | - | - | |||||||||||||||
Additional paid in capital
|
30,334 | 30,242 | 30,081 | 0.3 | 0.8 | |||||||||||||||
Retained earnings
|
90,551 | 92,458 | 94,021 | (2.1 | ) | (3.7 | ) | |||||||||||||
Accumulated other comprehensive loss
|
(1,572 | ) | (1,814 | ) | (1,063 | ) | 13.3 | (47.9 | ) | |||||||||||
Total stockholders' equity
|
120,941 | 122,513 | 124,666 | (1.3 | ) | (3.0 | ) | |||||||||||||
Total liabilities and stockholders'
equity
|
$ | 1,124,191 | $ | 1,130,311 | $ | 1,129,196 | (0.5 | ) | (0.4 | ) | ||||||||||
Period-end common shares outstanding
|
8,457 | 8,443 | 8,443 | 0.2 | 0.2 | |||||||||||||||
Book value per common share
|
$ | 14.30 | $ | 14.51 | $ | 14.77 | (1.4 | ) | (3.2 | ) |
Shore Bancshares, Inc.
|
Consolidated Statements of Income
|
(In thousands, except per share data)
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||||||
2011
|
2010
|
% Change
|
2011
|
2010
|
% Change
|
|||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||||||
Interest and fees on loans
|
$ | 11,896 | $ | 13,047 | (8.8 | ) % | $ | 23,897 | $ | 25,921 | (7.8 | )% | ||||||||||||
Interest and dividends on investment securities:
|
||||||||||||||||||||||||
Taxable
|
782 | 846 | (7.6 | ) | 1,439 | 1,728 | (16.7 | ) | ||||||||||||||||
Tax-exempt
|
40 | 56 | (28.6 | ) | 78 | 115 | (32.2 | ) | ||||||||||||||||
Interest on federal funds sold
|
5 | 14 | (64.3 | ) | 21 | 26 | (19.2 | ) | ||||||||||||||||
Interest on deposits with other banks
|
12 | 4 | 200.0 | 18 | 5 | 260.0 | ||||||||||||||||||
Total interest income
|
12,735 | 13,967 | (8.8 | ) | 25,453 | 27,795 | (8.4 | ) | ||||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||||||
Interest on deposits
|
2,769 | 3,242 | (14.6 | ) | 5,602 | 6,627 | (15.5 | ) | ||||||||||||||||
Interest on short-term borrowings
|
13 | 19 | (31.6 | ) | 26 | 51 | (49.0 | ) | ||||||||||||||||
Interest on long-term debt
|
11 | 15 | (26.7 | ) | 21 | 31 | (32.3 | ) | ||||||||||||||||
Total interest expense
|
2,793 | 3,276 | (14.7 | ) | 5,649 | 6,709 | (15.8 | ) | ||||||||||||||||
NET INTEREST INCOME
|
9,942 | 10,691 | (7.0 | ) | 19,804 | 21,086 | (6.1 | ) | ||||||||||||||||
Provision for credit losses
|
5,395 | 4,917 | 9.7 | 11,785 | 12,534 | (6.0 | ) | |||||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||||||
FOR CREDIT LOSSES
|
4,547 | 5,774 | (21.3 | ) | 8,019 | 8,552 | (6.2 | ) | ||||||||||||||||
NONINTEREST INCOME
|
||||||||||||||||||||||||
Service charges on deposit accounts
|
744 | 831 | (10.5 | ) | 1,448 | 1,617 | (10.5 | ) | ||||||||||||||||
Trust and investment fee income
|
418 | 372 | 12.4 | 794 | 788 | 0.8 | ||||||||||||||||||
Investment securities gains
|
2 | - | - | 81 | - | - | ||||||||||||||||||
Insurance agency commissions
|
2,475 | 2,595 | (4.6 | ) | 4,985 | 5,484 | (9.1 | ) | ||||||||||||||||
Other noninterest income
|
742 | 770 | (3.6 | ) | 1,468 | 1,561 | (6.0 | ) | ||||||||||||||||
Total noninterest income
|
4,381 | 4,568 | (4.1 | ) | 8,776 | 9,450 | (7.1 | ) | ||||||||||||||||
NONINTEREST EXPENSE
|
||||||||||||||||||||||||
Salaries and wages
|
4,104 | 4,363 | (5.9 | ) | 8,350 | 8,853 | (5.7 | ) | ||||||||||||||||
Employee benefits
|
886 | 758 | 16.9 | 2,039 | 2,039 | - | ||||||||||||||||||
Occupancy expense
|
568 | 597 | (4.9 | ) | 1,164 | 1,219 | (4.5 | ) | ||||||||||||||||
Furniture and equipment expense
|
291 | 313 | (7.0 | ) | 563 | 613 | (8.2 | ) | ||||||||||||||||
Data processing
|
680 | 660 | 3.0 | 1,531 | 1,291 | 18.6 | ||||||||||||||||||
Directors' fees
|
112 | 105 | 6.7 | 219 | 226 | (3.1 | ) | |||||||||||||||||
Amortization of intangible assets
|
128 | 129 | (0.8 | ) | 257 | 258 | (0.4 | ) | ||||||||||||||||
Insurance agency commissions expense
|
357 | 464 | (23.1 | ) | 732 | 892 | (17.9 | ) | ||||||||||||||||
FDIC insurance premium expense
|
404 | 460 | (12.2 | ) | 864 | 941 | (8.2 | ) | ||||||||||||||||
Other noninterest expenses
|
1,664 | 1,839 | (9.5 | ) | 3,366 | 3,677 | (8.5 | ) | ||||||||||||||||
Total noninterest expense
|
9,194 | 9,688 | (5.1 | ) | 19,085 | 20,009 | (4.6 | ) | ||||||||||||||||
(Loss) income before income taxes
|
(266 | ) | 654 | (140.7 | ) | (2,290 | ) | (2,007 | ) | (14.1 | ) | |||||||||||||
Income tax (benefit) expense
|
(33 | ) | 209 | (115.8 | ) | (974 | ) | (890 | ) | (9.4 | ) | |||||||||||||
NET (LOSS) INCOME
|
$ | (233 | ) | $ | 445 | (152.4 | ) | $ | (1,316 | ) | $ | (1,117 | ) | (17.8 | ) | |||||||||
Weighted average shares outstanding - basic
|
8,446 | 8,443 | - | 8,445 | 8,440 | 0.1 | ||||||||||||||||||
Weighted average shares outstanding - diluted
|
8,446 | 8,443 | - | 8,445 | 8,440 | 0.1 | ||||||||||||||||||
Basic net (loss) income per common share
|
$ | (0.03 | ) | $ | 0.05 | (160.0 | ) | $ | (0.16 | ) | $ | (0.13 | ) | (23.1 | ) | |||||||||
Diluted net (loss) income per common share
|
(0.03 | ) | 0.05 | (160.0 | ) | (0.16 | ) | (0.13 | ) | (23.1 | ) | |||||||||||||
Dividends paid per common share
|
0.01 | 0.06 | (83.3 | ) | 0.07 | 0.12 | (41.7 | ) |
Shore Bancshares, Inc.
|
Consolidated Average Balance Sheets
|
(Dollars in thousands)
|
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||||||
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
|||||||||||||||||||||||||
Earning assets
|
||||||||||||||||||||||||||||||||
Loans
|
$ | 881,976 | 5.43 | % | $ | 909,295 | 5.77 | % | $ | 884,738 | 5.46 | % | $ | 909,831 | 5.76 | % | ||||||||||||||||
Investment securities
|
||||||||||||||||||||||||||||||||
Taxable
|
106,609 | 2.94 | 103,284 | 3.29 | 104,131 | 2.79 | 103,385 | 3.37 | ||||||||||||||||||||||||
Tax-exempt
|
4,581 | 5.27 | 6,460 | 5.30 | 4,596 | 5.18 | 6,611 | 5.35 | ||||||||||||||||||||||||
Federal funds sold
|
24,310 | 0.09 | 38,001 | 0.15 | 35,499 | 0.12 | 42,253 | 0.13 | ||||||||||||||||||||||||
Interest-bearing deposits
|
39,182 | 0.12 | 14,075 | 0.12 | 30,432 | 0.12 | 11,177 | 0.10 | ||||||||||||||||||||||||
Total earning assets
|
1,056,658 | 4.86 | % | 1,071,115 | 5.26 | % | 1,059,396 | 4.87 | % | 1,073,257 | 5.25 | % | ||||||||||||||||||||
Cash and due from banks
|
18,327 | 9,997 | 18,819 | 12,197 | ||||||||||||||||||||||||||||
Other assets
|
68,190 | 67,860 | 66,711 | 67,889 | ||||||||||||||||||||||||||||
Allowance for credit losses
|
(17,962 | ) | (14,310 | ) | (16,811 | ) | (13,238 | ) | ||||||||||||||||||||||||
Total assets
|
$ | 1,125,213 | $ | 1,134,662 | $ | 1,128,115 | $ | 1,140,105 | ||||||||||||||||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||||||||||
Demand deposits
|
$ | 137,775 | 0.22 | % | $ | 132,563 | 0.25 | % | $ | 134,719 | 0.22 | % | $ | 130,287 | 0.25 | % | ||||||||||||||||
Money market and savings deposits
|
261,869 | 0.97 | 259,273 | 0.72 | 261,358 | 0.95 | 258,180 | 0.70 | ||||||||||||||||||||||||
Certificates of deposit $100,000 or more
|
244,805 | 1.67 | 251,340 | 2.09 | 251,953 | 1.69 | 255,416 | 2.17 | ||||||||||||||||||||||||
Other time deposits
|
206,310 | 2.02 | 215,987 | 2.56 | 207,300 | 2.06 | 217,849 | 2.62 | ||||||||||||||||||||||||
Interest-bearing deposits
|
850,759 | 1.31 | 859,163 | 1.51 | 855,330 | 1.32 | 861,732 | 1.55 | ||||||||||||||||||||||||
Short-term borrowings
|
15,020 | 0.36 | 15,771 | 0.48 | 14,595 | 0.36 | 16,896 | 0.60 | ||||||||||||||||||||||||
Long-term debt
|
932 | 4.51 | 1,429 | 4.40 | 932 | 4.53 | 1,429 | 4.43 | ||||||||||||||||||||||||
Total interest-bearing liabilities
|
866,711 | 1.29 | % | 876,363 | 1.50 | % | 870,857 | 1.31 | % | 880,057 | 1.54 | % | ||||||||||||||||||||
Noninterest-bearing deposits
|
126,081 | 117,586 | 124,201 | 117,759 | ||||||||||||||||||||||||||||
Accrued expenses and other liabilities
|
11,234 | 15,043 | 11,234 | 15,420 | ||||||||||||||||||||||||||||
Stockholders' equity
|
121,187 | 125,670 | 121,823 | 126,869 | ||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,125,213 | $ | 1,134,662 | $ | 1,128,115 | $ | 1,140,105 | ||||||||||||||||||||||||
Net interest spread
|
3.57 |
%
|
|
3.76 | % | 3.56 |
%
|
|
3.71 | % | ||||||||||||||||||||||
Net interest margin
|
3.80 |
%
|
|
4.03 | % | 3.79 |
%
|
|
3.99 | % |
Shore Bancshares, Inc.
|
Financial Highlights By Quarter
|
(Dollars in thousands, except per share data)
|
2nd quarter
|
1st quarter
|
4th quarter
|
3rd quarter
|
2nd quarter
|
2Q 11 | 2Q 11 | ||||||||||||||||||||||
2011
|
2011
|
2010
|
2010
|
2010
|
compared to
|
compared to
|
||||||||||||||||||||||
(2Q 11) | (1Q 11) | (4Q 10) | (3Q 10) | (2Q 10) | 1Q 11 | 2Q 10 | ||||||||||||||||||||||
PROFITABILITY FOR THE PERIOD
|
||||||||||||||||||||||||||||
Net interest income
|
$ | 9,942 | $ | 9,862 | $ | 10,866 | $ | 10,687 | $ | 10,691 | 0.8 | % | (7.0 | ) % | ||||||||||||||
Provision for credit losses
|
5,395 | 6,390 | 4,392 | 4,193 | 4,917 | (15.6 | ) | 9.7 | ||||||||||||||||||||
Noninterest income
|
4,381 | 4,395 | 3,948 | 4,643 | 4,568 | (0.3 | ) | (4.1 | ) | |||||||||||||||||||
Noninterest expense
|
9,194 | 9,891 | 9,082 | 12,629 | 9,688 | (7.0 | ) | (5.1 | ) | |||||||||||||||||||
(Loss) income before income taxes
|
(266 | ) | (2,024 | ) | 1,340 | (1,492 | ) | 654 | 86.9 | (140.7 | ) | |||||||||||||||||
Income tax (benefit) expense
|
(33 | ) | (941 | ) | 490 | (92 | ) | 209 | 96.5 | (115.8 | ) | |||||||||||||||||
Net (loss) income
|
$ | (233 | ) | $ | (1,083 | ) | $ | 850 | $ | (1,400 | ) | $ | 445 | 78.5 | (152.4 | ) | ||||||||||||
Return on average assets
|
(0.08 | ) % | (0.39 | ) % | 0.30 | % | (0.49 | ) % | 0.16 | % | 31 | bp | (24 | ) bp | ||||||||||||||
Return on average equity
|
(0.77 | ) | (3.59 | ) | 2.73 | (4.43 | ) | 1.42 | 282 | (219 | ) | |||||||||||||||||
Return on average tangible equity (1)
|
(0.60 | ) | (3.92 | ) | 3.49 | (1.56 | ) | 2.01 | 332 | (261 | ) | |||||||||||||||||
Net interest margin
|
3.80 | 3.79 | 4.09 | 4.00 | 4.03 | 1 | (23 | ) | ||||||||||||||||||||
Efficiency ratio - GAAP
|
64.19 | 69.38 | 61.31 | 82.38 | 63.49 | (519 | ) | 70 | ||||||||||||||||||||
Efficiency ratio - Non-GAAP (1)
|
63.31 | 68.85 | 60.44 | 62.56 | 62.64 | (554 | ) | 67 | ||||||||||||||||||||
PER SHARE DATA
|
||||||||||||||||||||||||||||
Basic net (loss) income per common share
|
$ | (0.03 | ) | $ | (0.13 | ) | $ | 0.10 | $ | (0.17 | ) | $ | 0.05 | 76.9 | % | (160.0 | ) % | |||||||||||
Diluted net (loss) income per common share
|
(0.03 | ) | (0.13 | ) | 0.10 | (0.17 | ) | 0.05 | 76.9 | (160.0 | ) | |||||||||||||||||
Dividends paid per common share
|
0.01 | 0.06 | 0.06 | 0.06 | 0.06 | (83.3 | ) | (83.3 | ) | |||||||||||||||||||
Book value per common share at period end
|
14.30 | 14.32 | 14.51 | 14.49 | 14.77 | (0.1 | ) | (3.2 | ) | |||||||||||||||||||
Tangible book value per common share at period end (1)
|
12.14 | 12.14 | 12.32 | 12.37 | 12.27 | - | (1.1 | ) | ||||||||||||||||||||
Market value at period end
|
6.98 | 9.75 | 10.54 | 9.48 | 11.91 | (28.4 | ) | (41.4 | ) | |||||||||||||||||||
Market range:
|
||||||||||||||||||||||||||||
High
|
10.21 | 11.11 | 10.73 | 12.10 | 14.80 | (8.1 | ) | (31.0 | ) | |||||||||||||||||||
Low
|
6.51 | 9.42 | 9.25 | 9.20 | 11.75 | (30.9 | ) | (44.6 | ) | |||||||||||||||||||
PERIOD-END BALANCE SHEET DATA
|
||||||||||||||||||||||||||||
Loans
|
$ | 877,331 | $ | 884,715 | $ | 895,404 | $ | 906,490 | $ | 905,477 | (0.8 | ) % | (3.1 | ) % | ||||||||||||||
Securities
|
113,271 | 106,920 | 105,782 | 104,075 | 106,556 | 5.9 | 6.3 | |||||||||||||||||||||
Assets
|
1,124,191 | 1,131,334 | 1,130,311 | 1,134,503 | 1,129,196 | (0.6 | ) | (0.4 | ) | |||||||||||||||||||
Deposits
|
973,442 | 986,486 | 979,516 | 982,428 | 971,608 | (1.3 | ) | 0.2 | ||||||||||||||||||||
Stockholders' equity
|
120,941 | 120,926 | 122,513 | 122,355 | 124,666 | - | (3.0 | ) | ||||||||||||||||||||
AVERAGE BALANCE SHEET DATA
|
||||||||||||||||||||||||||||
Loans
|
$ | 881,976 | $ | 887,531 | $ | 903,075 | $ | 904,293 | $ | 909,295 | (0.6 | ) % | (3.0 | ) % | ||||||||||||||
Securities
|
111,190 | 106,235 | 103,600 | 105,466 | 109,744 | 4.7 | 1.3 | |||||||||||||||||||||
Earning assets
|
1,056,658 | 1,062,164 | 1,060,645 | 1,066,063 | 1,071,115 | (0.5 | ) | (1.3 | ) | |||||||||||||||||||
Assets
|
1,125,213 | 1,131,259 | 1,128,517 | 1,139,043 | 1,134,662 | (0.5 | ) | (0.8 | ) | |||||||||||||||||||
Deposits
|
976,840 | 982,249 | 978,444 | 984,018 | 976,749 | (0.6 | ) | - | ||||||||||||||||||||
Stockholders' equity
|
121,187 | 122,466 | 123,341 | 125,308 | 125,670 | (1.0 | ) | (3.6 | ) | |||||||||||||||||||
CAPITAL AND CREDIT QUALITY RATIOS
|
||||||||||||||||||||||||||||
Average equity to average assets
|
10.77 | % | 10.83 | % | 10.93 | % | 11.00 | % | 11.08 | % | (6 | ) bp | (31 | ) bp | ||||||||||||||
Average tangible equity to average tangible assets (1)
|
9.29 | 9.35 | 9.50 | 9.33 | 9.38 | (6 | ) | (9 | ) | |||||||||||||||||||
Annualized net charge-offs to average loans
|
2.96 | 1.44 | 1.46 | 1.90 | 1.95 | 152 | 101 | |||||||||||||||||||||
Allowance for credit losses to period-end loans
|
1.86 | 1.97 | 1.59 | 1.45 | 1.47 | (11 | ) | 39 | ||||||||||||||||||||
Allowance for credit losses to nonaccrual loans
|
33.74 | 35.83 | 39.26 | 35.76 | 35.45 | (209 | ) | (171 | ) | |||||||||||||||||||
Allowance for credit losses to nonperforming loans (2)
|
22.80 | 22.40 | 22.82 | 28.76 | 28.34 | 40 | (554 | ) | ||||||||||||||||||||
Nonaccrual loans to total loans
|
5.53 | 5.51 | 4.05 | 4.06 | 4.14 | 2 | 139 | |||||||||||||||||||||
Nonaccrual loans to total assets
|
4.31 | 4.31 | 3.21 | 3.24 | 3.32 | - | 99 | |||||||||||||||||||||
Nonperforming assets to total loans+other real estate and
|
||||||||||||||||||||||||||||
other assets owned (3)
|
8.99 | 9.31 | 7.34 | 5.20 | 5.33 | (32 | ) | 366 | ||||||||||||||||||||
Nonperforming assets to total assets
|
7.08 | 7.32 | 5.84 | 4.16 | 4.28 | (24 | ) | 280 |
Shore Bancshares, Inc.
|
Consolidated Statements of Income By Quarter
|
(In thousands, except per share data)
|
2Q 11 | 2Q 11 | |||||||||||||||||||||||||||
compared to
|
compared to
|
|||||||||||||||||||||||||||
2Q 11 | 1Q 11 | 4Q 10 | 3Q 10 | 2Q 10 | 1Q 11 | 2Q 10 | ||||||||||||||||||||||
INTEREST INCOME
|
||||||||||||||||||||||||||||
Interest and fees on loans
|
$ | 11,896 | $ | 12,001 | $ | 12,958 | $ | 13,083 | $ | 13,047 | (0.9 | ) % | (8.8 | ) % | ||||||||||||||
Interest and dividends on investment securities:
|
||||||||||||||||||||||||||||
Taxable
|
782 | 657 | 804 | 677 | 846 | 19.0 | (7.6 | ) | ||||||||||||||||||||
Tax-exempt
|
40 | 38 | 47 | 50 | 56 | 5.3 | (28.6 | ) | ||||||||||||||||||||
Interest on federal funds sold
|
5 | 16 | 13 | 21 | 14 | (68.8 | ) | (64.3 | ) | |||||||||||||||||||
Interest on deposits with other banks
|
12 | 6 | 7 | 6 | 4 | 100.0 | 200.0 | |||||||||||||||||||||
Total interest income
|
12,735 | 12,718 | 13,829 | 13,837 | 13,967 | 0.1 | (8.8 | ) | ||||||||||||||||||||
INTEREST EXPENSE
|
||||||||||||||||||||||||||||
Interest on deposits
|
2,769 | 2,833 | 2,937 | 3,117 | 3,242 | (2.3 | ) | (14.6 | ) | |||||||||||||||||||
Interest on short-term borrowings
|
13 | 13 | 15 | 17 | 19 | - | (31.6 | ) | ||||||||||||||||||||
Interest on long-term debt
|
11 | 10 | 11 | 16 | 15 | 10.0 | (26.7 | ) | ||||||||||||||||||||
Total interest expense
|
2,793 | 2,856 | 2,963 | 3,150 | 3,276 | (2.2 | ) | (14.7 | ) | |||||||||||||||||||
NET INTEREST INCOME
|
9,942 | 9,862 | 10,866 | 10,687 | 10,691 | 0.8 | (7.0 | ) | ||||||||||||||||||||
Provision for credit losses
|
5,395 | 6,390 | 4,392 | 4,193 | 4,917 | (15.6 | ) | 9.7 | ||||||||||||||||||||
NET INTEREST INCOME AFTER PROVISION
|
||||||||||||||||||||||||||||
FOR CREDIT LOSSES
|
4,547 | 3,472 | 6,474 | 6,494 | 5,774 | 31.0 | (21.3 | ) | ||||||||||||||||||||
NONINTEREST INCOME
|
||||||||||||||||||||||||||||
Service charges on deposit accounts
|
744 | 704 | 799 | 841 | 831 | 5.7 | (10.5 | ) | ||||||||||||||||||||
Trust and investment fee income
|
418 | 376 | 358 | 357 | 372 | 11.2 | 12.4 | |||||||||||||||||||||
Investment securities gains
|
2 | 79 | - | - | - | (97.5 | ) | - | ||||||||||||||||||||
Insurance agency commissions
|
2,475 | 2,510 | 2,116 | 2,513 | 2,595 | (1.4 | ) | (4.6 | ) | |||||||||||||||||||
Other noninterest income
|
742 | 726 | 675 | 932 | 770 | 2.2 | (3.6 | ) | ||||||||||||||||||||
Total noninterest income
|
4,381 | 4,395 | 3,948 | 4,643 | 4,568 | (0.3 | ) | (4.1 | ) | |||||||||||||||||||
NONINTEREST EXPENSE
|
||||||||||||||||||||||||||||
Salaries and wages
|
4,104 | 4,246 | 4,220 | 4,404 | 4,363 | (3.3 | ) | (5.9 | ) | |||||||||||||||||||
Employee benefits
|
886 | 1,153 | 893 | 897 | 758 | (23.2 | ) | 16.9 | ||||||||||||||||||||
Occupancy expense
|
568 | 596 | 562 | 547 | 597 | (4.7 | ) | (4.9 | ) | |||||||||||||||||||
Furniture and equipment expense
|
291 | 272 | 262 | 325 | 313 | 7.0 | (7.0 | ) | ||||||||||||||||||||
Data processing
|
680 | 851 | 620 | 696 | 660 | (20.1 | ) | 3.0 | ||||||||||||||||||||
Directors' fees
|
112 | 107 | 68 | 118 | 105 | 4.7 | 6.7 | |||||||||||||||||||||
Goodwill and other intangible assets impairment
|
- | - | - | 3,051 | - | - | - | |||||||||||||||||||||
Amortization of intangible assets
|
128 | 129 | 129 | 128 | 129 | (0.8 | ) | (0.8 | ) | |||||||||||||||||||
Insurance agency commissions expense
|
357 | 375 | 339 | 338 | 464 | (4.8 | ) | (23.1 | ) | |||||||||||||||||||
FDIC insurance premium expense
|
404 | 460 | 445 | 448 | 460 | (12.2 | ) | (12.2 | ) | |||||||||||||||||||
Other noninterest expenses
|
1,664 | 1,702 | 1,544 | 1,677 | 1,839 | (2.2 | ) | (9.5 | ) | |||||||||||||||||||
Total noninterest expense
|
9,194 | 9,891 | 9,082 | 12,629 | 9,688 | (7.0 | ) | (5.1 | ) | |||||||||||||||||||
(Loss) income before income taxes
|
(266 | ) | (2,024 | ) | 1,340 | (1,492 | ) | 654 | 86.9 | (140.7 | ) | |||||||||||||||||
Income tax (benefit) expense
|
(33 | ) | (941 | ) | 490 | (92 | ) | 209 | 96.5 | (115.8 | ) | |||||||||||||||||
NET (LOSS) INCOME
|
$ | (233 | ) | $ | (1,083 | ) | $ | 850 | $ | (1,400 | ) | $ | 445 | 78.5 | (152.4 | ) | ||||||||||||
Weighted average shares outstanding - basic
|
8,446 | 8,443 | 8,443 | 8,443 | 8,443 | - | - | |||||||||||||||||||||
Weighted average shares outstanding - diluted
|
8,446 | 8,443 | 8,443 | 8,443 | 8,443 | - | - | |||||||||||||||||||||
Basic net (loss) income per common share
|
$ | (0.03 | ) | $ | (0.13 | ) | $ | 0.10 | $ | (0.17 | ) | $ | 0.05 | 76.9 | (160.0 | ) | ||||||||||||
Diluted net (loss) income per common share
|
(0.03 | ) | (0.13 | ) | 0.10 | (0.17 | ) | 0.05 | 76.9 | (160.0 | ) | |||||||||||||||||
Dividends paid per common share
|
0.01 | 0.06 | 0.06 | 0.06 | 0.06 | (83.3 | ) | (83.3 | ) |
Shore Bancshares, Inc.
|
Consolidated Average Balance Sheets By Quarter
|
(Dollars in thousands)
|
Average balance
|
||||||||||||||||||||||||||||||||||||||||||||||||
2Q 11 | 2Q 11 | |||||||||||||||||||||||||||||||||||||||||||||||
compared to
|
compared to
|
|||||||||||||||||||||||||||||||||||||||||||||||
2Q 11 | 1Q 11 | 4Q 10 | 3Q 10 | 2Q 10 | 1Q 11 | 2Q 10 | ||||||||||||||||||||||||||||||||||||||||||
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
Average
|
Yield/
|
|||||||||||||||||||||||||||||||||||||||
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
balance
|
rate
|
|||||||||||||||||||||||||||||||||||||||
Earning assets
|
||||||||||||||||||||||||||||||||||||||||||||||||
Loans
|
$ | 881,976 | 5.43 | % | $ | 887,531 | 5.50 | % | $ | 903,075 | 5.71 | % | $ | 904,293 | 5.76 | % | $ | 909,295 | 5.77 | % | (0.6 | ) % | (3.0 | ) % | ||||||||||||||||||||||||
Investment securities
|
||||||||||||||||||||||||||||||||||||||||||||||||
Taxable
|
106,609 | 2.94 | 101,625 | 2.62 | 98,378 | 3.24 | 99,572 | 2.70 | 103,284 | 3.29 | 4.9 | 3.2 | ||||||||||||||||||||||||||||||||||||
Tax-exempt
|
4,581 | 5.27 | 4,610 | 5.08 | 5,222 | 5.40 | 5,894 | 5.16 | 6,460 | 5.30 | (0.6 | ) | (29.1 | ) | ||||||||||||||||||||||||||||||||||
Federal funds sold
|
24,310 | 0.09 | 46,813 | 0.14 | 34,018 | 0.16 | 40,638 | 0.20 | 38,001 | 0.15 | (48.1 | ) | (36.0 | ) | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits
|
39,182 | 0.12 | 21,585 | 0.12 | 19,952 | 0.12 | 15,666 | 0.15 | 14,075 | 0.12 | 81.5 | 178.4 | ||||||||||||||||||||||||||||||||||||
Total earning assets
|
1,056,658 | 4.86 | % | 1,062,164 | 4.88 | % | 1,060,645 | 5.20 | % | 1,066,063 | 5.18 | % | 1,071,115 | 5.26 | % | (0.5 | ) | (1.4 | ) | |||||||||||||||||||||||||||||
Cash and due from banks
|
18,327 | 19,316 | 19,867 | 21,865 | 9,997 | (5.1 | ) | 83.3 | ||||||||||||||||||||||||||||||||||||||||
Other assets
|
68,190 | 65,426 | 62,305 | 65,081 | 67,860 | 4.2 | 0.5 | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses
|
(17,962 | ) | (15,647 | ) | (14,300 | ) | (13,966 | ) | (14,310 | ) | 14.8 | 25.5 | ||||||||||||||||||||||||||||||||||||
Total assets
|
$ | 1,125,213 | $ | 1,131,259 | $ | 1,128,517 | $ | 1,139,043 | $ | 1,134,662 | (0.5 | ) | (0.8 | ) | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities
|
||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits
|
$ | 137,775 | 0.22 | % | $ | 131,628 | 0.22 | % | $ | 128,592 | 0.22 | % | $ | 132,023 | 0.24 | % | $ | 132,563 | 0.25 | % | 4.7 | 3.9 | ||||||||||||||||||||||||||
Money market and savings deposits
|
261,869 | 0.97 | 260,841 | 0.93 | 258,713 | 0.84 | 259,511 | 0.81 | 259,273 | 0.72 | 0.4 | 1.0 | ||||||||||||||||||||||||||||||||||||
Certificates of deposit $100,000 or more
|
244,805 | 1.67 | 259,179 | 1.70 | 256,167 | 1.77 | 258,542 | 1.91 | 251,340 | 2.09 | (5.6 | ) | (2.6 | ) | ||||||||||||||||||||||||||||||||||
Other time deposits
|
206,310 | 2.02 | 208,301 | 2.10 | 208,808 | 2.23 | 212,098 | 2.37 | 215,987 | 2.56 | (1.0 | ) | (4.5 | ) | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits
|
850,759 | 1.31 | 859,949 | 1.34 | 852,280 | 1.37 | 862,174 | 1.44 | 859,163 | 1.51 | (1.1 | ) | (1.0 | ) | ||||||||||||||||||||||||||||||||||
Short-term borrowings
|
15,020 | 0.36 | 14,165 | 0.37 | 15,381 | 0.39 | 16,092 | 0.38 | 15,771 | 0.48 | 6.0 | (4.8 | ) | |||||||||||||||||||||||||||||||||||
Long-term debt
|
932 | 4.51 | 932 | 4.56 | 932 | 4.46 | 1,429 | 4.36 | 1,429 | 4.40 | - | (34.8 | ) | |||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities
|
866,711 | 1.29 | % | 875,046 | 1.32 | % | 868,593 | 1.35 | % | 879,695 | 1.42 | % | 876,363 | 1.50 | % | (1.0 | ) | (1.1 | ) | |||||||||||||||||||||||||||||
Noninterest-bearing deposits
|
126,081 | 122,300 | 126,164 | 121,844 | 117,586 | 3.1 | 7.2 | |||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities
|
11,234 | 11,447 | 10,419 | 12,196 | 15,043 | (1.9 | ) | (25.3 | ) | |||||||||||||||||||||||||||||||||||||||
Stockholders' equity
|
121,187 | 122,466 | 123,341 | 125,308 | 125,670 | (1.0 | ) | (3.6 | ) | |||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 1,125,213 | $ | 1,131,259 | $ | 1,128,517 | $ | 1,139,043 | $ | 1,134,662 | (0.5 | ) | (0.8 | ) | ||||||||||||||||||||||||||||||||||
Net interest spread
|
3.57 | % | 3.56 | % | 3.85 | % | 3.76 | % | 3.76 | % | ||||||||||||||||||||||||||||||||||||||
Net interest margin
|
3.80 | % | 3.79 | % | 4.09 | % | 4.00 | % | 4.03 | % |
Shore Bancshares, Inc.
|
Reconciliation of Non-GAAP Measures
|
(In thousands, except per share data)
|
YTD
|
YTD
|
|||||||||||||||||||||||||||
2Q 11 | 1Q 11 | 4Q 10 | 3Q 10 | 2Q 10 |
06/30/2011
|
06/30/2010
|
||||||||||||||||||||||
The following reconciles return on average equity and return on
|
||||||||||||||||||||||||||||
average tangible equity (Note 1):
|
||||||||||||||||||||||||||||
Net (loss) income
|
$ | (233 | ) | $ | (1,083 | ) | $ | 850 | $ | (1,400 | ) | $ | 445 | $ | (1,316 | ) | $ | (1,117 | ) | |||||||||
Net (loss) income - annualized (A)
|
$ | (935 | ) | $ | (4,392 | ) | $ | 3,372 | $ | (5,554 | ) | $ | 1,785 | $ | (2,654 | ) | $ | (2,253 | ) | |||||||||
Net (loss) income, excluding net amortization and
|
||||||||||||||||||||||||||||
impairment charges of intangible assets
|
$ | (155 | ) | $ | (1,005 | ) | $ | 928 | $ | (409 | ) | $ | 523 | $ | (1,160 | ) | $ | (961 | ) | |||||||||
Net (loss) income, excluding net amortization and
|
||||||||||||||||||||||||||||
impairment charges of intangible assets -
annualized (B)
|
$ | (622 | ) | $ | (4,076 | ) | $ | 3,682 | $ | (1,623 | ) | $ | 2,098 | $ | (2,339 | ) | $ | (1,938 | ) | |||||||||
Average stockholders' equity (C)
|
$ | 121,187 | $ | 122,466 | $ | 123,341 | $ | 125,308 | $ | 125,670 | $ | 121,823 | $ | 126,869 | ||||||||||||||
Less: Average goodwill and other intangible assets
|
(18,334 | ) | (18,465 | ) | (17,877 | ) | (21,016 | ) | (21,178 | ) | (18,399 | ) | (21,243 | ) | ||||||||||||||
Average tangible equity (D)
|
$ | 102,853 | $ | 104,001 | $ | 105,464 | $ | 104,292 | $ | 104,492 | $ | 103,424 | $ | 105,626 | ||||||||||||||
Return on average equity (GAAP) (A)/(C)
|
(0.77 | ) % | (3.59 | ) % | 2.73 | % | (4.43 | ) % | 1.42 | % | (2.18 | ) % | (1.78 | ) % | ||||||||||||||
Return on average tangible equity (Non-GAAP) (B)/(D)
|
(0.60 | ) % | (3.92 | ) % | 3.49 | % | (1.56 | ) % | 2.01 | % | (2.26 | ) % | (1.83 | ) % | ||||||||||||||
The following reconciles GAAP efficiency ratio and non-GAAP
|
||||||||||||||||||||||||||||
efficiency ratio (Note 2):
|
||||||||||||||||||||||||||||
Noninterest expense (E)
|
$ | 9,194 | $ | 9,891 | $ | 9,082 | $ | 12,629 | $ | 9,688 | $ | 19,085 | $ | 20,009 | ||||||||||||||
Less: Amortization of intangible assets
|
(128 | ) | (129 | ) | (129 | ) | (128 | ) | (129 | ) | (257 | ) | (258 | ) | ||||||||||||||
Impairment charges
|
- | - | - | (3,051 | ) | - | - | - | ||||||||||||||||||||
Adjusted noninterest expense (F)
|
$ | 9,066 | $ | 9,762 | $ | 8,953 | $ | 9,450 | $ | 9,559 | $ | 18,828 | $ | 19,751 | ||||||||||||||
Net interest income (G)
|
$ | 9,942 | $ | 9,862 | $ | 10,866 | $ | 10,687 | $ | 10,691 | $ | 19,804 | $ | 21,086 | ||||||||||||||
Noninterest income (H)
|
$ | 4,381 | $ | 4,395 | $ | 3,948 | $ | 4,643 | $ | 4,568 | $ | 8,776 | $ | 9,450 | ||||||||||||||
Less: Investment securities (gains)/losses
|
(2 | ) | (79 | ) | - | - | - | (81 | ) | - | ||||||||||||||||||
Other nonrecurring (gains)/losses
|
- | - | - | (224 | ) | - | - | - | ||||||||||||||||||||
Adjusted noninterest income (I)
|
$ | 4,379 | $ | 4,316 | $ | 3,948 | $ | 4,419 | $ | 4,568 | $ | 8,695 | $ | 9,450 | ||||||||||||||
Efficiency ratio (GAAP) (E)/(G)+(H)
|
64.19 | % | 69.38 | % | 61.31 | % | 82.38 | % | 63.49 | % | 66.78 | % | 65.53 | % | ||||||||||||||
Efficiency ratio (Non-GAAP) (F)/(G)+(I)
|
63.31 | % | 68.85 | % | 60.44 | % | 62.56 | % | 62.64 | % | 66.07 | % | 64.68 | % | ||||||||||||||
The following reconciles book value per common share and tangible
|
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book value per common share (Note 1):
|
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Stockholders' equity (J)
|
$ | 120,941 | $ | 120,926 | $ | 122,513 | $ | 122,355 | $ | 124,666 | ||||||||||||||||||
Less: Goodwill and other intangible assets
|
(18,261 | ) | (18,389 | ) | (18,518 | ) | (17,923 | ) | (21,102 | ) | ||||||||||||||||||
Tangible equity (K)
|
$ | 102,680 | $ | 102,537 | $ | 103,995 | $ | 104,432 | $ | 103,564 | ||||||||||||||||||
Shares outstanding (L)
|
8,457 | 8,443 | 8,443 | 8,443 | 8,443 | |||||||||||||||||||||||
Book value per common share (GAAP) (J)/(L)
|
$ | 14.30 | $ | 14.32 | $ | 14.51 | $ | 14.49 | $ | 14.77 | ||||||||||||||||||
Tangible book value per common share (Non-GAAP) (K)/(L)
|
$ | 12.14 | $ | 12.14 | $ | 12.32 | $ | 12.37 | $ | 12.27 | ||||||||||||||||||
The following reconciles average equity to average assets and
|
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average tangible equity to average tangible assets (Note 1):
|
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Average stockholders' equity (M)
|
$ | 121,187 | $ | 122,466 | $ | 123,341 | $ | 125,308 | $ | 125,670 | $ | 121,823 | $ | 126,869 | ||||||||||||||
Less: Average goodwill and other intangible assets
|
(18,334 | ) | (18,465 | ) | (17,877 | ) | (21,016 | ) | (21,178 | ) | (18,399 | ) | (21,243 | ) | ||||||||||||||
Average tangible equity (N)
|
$ | 102,853 | $ | 104,001 | $ | 105,464 | $ | 104,292 | $ | 104,492 | $ | 103,424 | $ | 105,626 | ||||||||||||||
Average assets (O)
|
$ | 1,125,213 | $ | 1,131,259 | $ | 1,128,517 | $ | 1,139,043 | $ | 1,134,662 | $ | 1,128,115 | $ | 1,140,105 | ||||||||||||||
Less: Average goodwill and other intangible assets
|
(18,334 | ) | (18,465 | ) | (17,877 | ) | (21,016 | ) | (21,178 | ) | (18,399 | ) | (21,243 | ) | ||||||||||||||
Average tangible assets (P)
|
$ | 1,106,879 | $ | 1,112,794 | $ | 1,110,640 | $ | 1,118,027 | $ | 1,113,484 | $ | 1,109,716 | $ | 1,118,862 | ||||||||||||||
Average equity/average assets (GAAP) (M)/(O)
|
10.77 | % | 10.83 | % | 10.93 | % | 11.00 | % | 11.08 | % | 10.80 | % | 11.13 | % | ||||||||||||||
Average tangible equity/average tangible assets (Non-GAAP) (N)/(P)
|
9.29 | % | 9.35 | % | 9.50 | % | 9.33 | % | 9.38 | % | 9.32 | % | 9.44 | % |