-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QbA+yi7q9p0IWdrrIl4d2m+5HcitVsK/+8ENMu+iHZEceFWB0/qHvExsfo3+RLRG LDiEnpvsPmE6XoxDi2ER2g== 0000914317-08-000375.txt : 20080205 0000914317-08-000375.hdr.sgml : 20080205 20080205164856 ACCESSION NUMBER: 0000914317-08-000375 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080201 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080205 DATE AS OF CHANGE: 20080205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEAPACK GLADSTONE FINANCIAL CORP CENTRAL INDEX KEY: 0001050743 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 223537895 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16197 FILM NUMBER: 08577527 BUSINESS ADDRESS: STREET 1: 158 ROUTE 206 NORTH CITY: GLADSTONE STATE: NJ ZIP: 07934 BUSINESS PHONE: 9082340700 MAIL ADDRESS: STREET 1: 158 ROUTE 206 NORTH CITY: GLADSTONE STATE: NJ ZIP: 07934 8-K 1 form8k-89345_pgc.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 February 1, 2008 Date of Report (Date of earliest event reported) PEAPACK-GLADSTONE FINANCIAL CORPORATION (Exact name of Registrant as Specified in its Charter) New Jersey (State or Other Jurisdiction of Incorporation) 001-16197 22-3537895 (Commission File Number) (IRS Employer Identification No.) 158 Route 206, Peapack-Gladstone, New Jersey 07934 (Address of principal executive offices) (908) 234-0700 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) INFORMATION TO BE INCLUDED IN THE REPORT Item 2.02 Results of Operations and Financial Condition. On February 1, 2008, Peapack-Gladstone Financial Corporation (the "Corporation") issued a press release reporting earnings and other financial results for its fourth quarter of 2007, which ended December 31, 2007. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated by reference in its entirety. Certain portions of the discussion of the Corporation's fourth quarter and twelve months 2007 net income in the attached earnings release excludes the impact of the securities losses in both periods and accordingly the earnings release contains non-GAAP financial measures. The Corporation believes that by excluding the impact of this item, it provides investors with better insight into the period-over-period operating performance. Management also internally uses this non-GAAP financial measure to evaluate its operating performance on a comparative basis. All such non-GAAP information is supplemental to information presented in accordance with GAAP and is not intended to represent a presentation in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared and presented in accordance with GAAP. The information disclosed under this Item 2.02, including Exhibit 99.1, shall be considered "furnished" but not "filed" for purposes of the Securities Exchange Act of 1934, as amended. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Title ----------- ----- 99.1 Press Release dated February 1, 2008. The press release disclosed in this Item 9.01 as Exhibit 99.1 shall be considered "furnished" but not "filed" for purposes of the Securities Exchange Act of 1934, as amended. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PEAPACK-GLADSTONE FINANCIAL CORPORATION Dated: February 5, 2008 By: /s/ Arthur F. Birmingham ---------------------------------------- Arthur F. Birmingham Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Title ----------- ----- 99.1 Press Release dated February 1, 2008. EX-99.1 2 ex99-1.txt EX-99.1 Contact: Arthur F. Birmingham Peapack-Gladstone Financial Corporation T: 908-719-4308 PEAPACK-GLADSTONE FINANCIAL CORPORATION REPORTS FOURTH QUARTER AND ANNUAL EARNINGS GLADSTONE, N.J.--(BUSINESS WIRE)--February 1, 2008 - Peapack-Gladstone Financial Corporation (AMEX:PGC) today announced fourth quarter and annual financial results for 2007. Net income for the fourth quarter was $3.71 million, an increase of $814 thousand or 28.1 percent, compared to the same period last year. Diluted earnings per share for the fourth quarter were $0.44, as compared to $0.34 reported in the fourth quarter of 2006. The annualized return on average assets was 1.11 percent and the annualized return on average equity was 13.67 percent for the fourth quarter of 2007. Net income for the year ended December 31, 2007 was $11.86 million compared to $10.23 million in 2006, an increase of $1.63 million or 16.0 percent compared to 2006. Diluted earnings per share were $1.42 and $1.22 for the twelve months ended December 31, 2007 and 2006, respectively. For the year ended December 31, 2007, the annualized return on average assets was 0.90 percent and the annualized return on average equity was 11.12 percent. The annual results for 2006 include a balance sheet restructuring charge of $1.1 million, or $0.13 per diluted share. Frank A. Kissel, Chairman and CEO, stated, "We are very pleased with the results we produced in the fourth quarter and full year 2007, which demonstrates the merits of our long-term business plan. Our strategy to shift our loan mix away from residential mortgages to commercial credits has started to produce higher margins. We believe that our balance sheet is uniquely structured to benefit from lower interest rates and a careful and deliberate shift in assets." The Corporation experienced several positive developments during 2007, including: o Total loans increased $111.0 million or 12.8 percent from December 31, 2006, as commercial loans increased $109.9 million or 34.6 percent. o Net interest margin was 3.21 percent in the fourth quarter of 2007, an increase of 42 basis points as compared to the fourth quarter of 2006 and an increase of 29 basis points as compared to the third quarter of 2007. o Total deposits increased $35.5 million or 3.1 percent from December 31, 2006. o We opened our 22nd branch, a full-service facility in Summit. o PGB Trust and Investment assets surpassed $2 billion for the first time. o Revenues from trust income increased 14.3 percent from 2006 levels. EARNINGS Net Interest Income Net interest income, on a fully tax-equivalent basis, was $10.2 million in the fourth quarter of 2007, an increase of $1.75 million or 20.6 percent from the same quarter last year and an increase of $1.12 million or 12.3 percent over the third quarter of 2007. The net interest margin, on a fully tax-equivalent basis, was 3.21 percent for the fourth quarter of 2007 as compared to 2.79 percent for the same period last year and 2.92 percent for the third quarter of 2007. The yield on earning assets was 6.01 percent for the fourth quarter of 2007 and 5.81 percent for the same quarter of 2006, an increase of 20 basis points, while the cost of interest-bearing liabilities declined 24 basis points from 3.70 percent in the fourth quarter of 2006 to 3.46 percent in the fourth quarter of 2007. Average loans continued to grow at a strong pace, averaging $961.4 million in the fourth quarter of 2007, an increase of $89.8 million or 10.3 percent over the fourth quarter of 2006. During this period, the average commercial loan portfolio grew $85.9 million or 27.0 percent, reflecting the Corporation's commitment to changing the total loan mix toward higher yielding commercial and construction loans. Yields on loans improved by 14 basis points to 6.24 percent for the fourth quarter of 2007 when compared to the same period of 2006. Average investments for the fourth quarter of 2007 declined $31.9 million when compared to the fourth quarter of 2006 and yields on investments increased 24 basis points to 5.31 percent over the same period. In 2007, the Corporation followed a strategy of investing the proceeds of maturing and sold securities into higher yielding loans. For the fourth quarter of 2007, average deposits totaled $1.18 billion, an increase of $62.4 million or 5.6 percent over the average for the fourth quarter of 2006, while average rates paid on interest-bearing deposits were 3.43 percent as compared to 3.66 percent for the same quarter of 2006, a decline of 23 basis. While the Federal Reserve Board reduced the fed funds target rate 100 basis points in the later months of 2007, deposit gathering remained highly competitive and deposit interest rates experienced only a modest decline. The Federal Reserve has already reduced rates in January 2008 and further interest rate reductions are possible. We expect that these rate cuts will further lower the cost of funds. Money markets and certificates of deposit continued to be the deposit products experiencing the fastest growth, with yields averaging 3.42 percent and 4.81 percent, respectively, for the fourth quarter of 2007. Average borrowings decreased by $9.2 million from $48.6 million in the fourth quarter of 2006 to $39.4 million for the same quarter of 2007. Average non-interest bearing demand deposits increased $10.0 million or 5.6 percent in the fourth quarter of 2007 from the year ago period. Other Income For the fourth quarter of 2007, other income totaled $1.4 million, as compared to $1.0 million for the same quarter of 2006, an increase of $418 thousand, or 41.7 percent. Net losses on sales of investment securities were $128 thousand in the fourth quarter of 2007. No securities gains or losses were recognized in the fourth quarter of 2006. This increase was partially due to a pre-tax gain of $486 thousand recorded in the fourth quarter of 2007 as the result of the sale of non-banking related property. PGB Trust and Investments PGB Trust and Investments generated $2.7 million in fee income in the fourth quarter of 2007, an increase of $538 thousand or 24.8 percent over the same quarter of 2006. The market value of trust assets under management was in excess of $2.02 billion at December 31, 2007, an increase of $103.3 million or 5.4 percent over the market value at December 31, 2006. Other Expenses Other expense for the fourth quarter of 2007 was $8.4 million compared to $7.2 million reported for the fourth quarter of 2006. Salary and benefit expense increased by $497 thousand to $4.5 million, primarily due to additions to professional staff, new branch personnel and higher group health insurance. For the fourth quarter of 2007, premises and equipment expense was $2.2 million, increasing $480 thousand or 28.3 percent for the year ago period, primarily due to the addition of the Summit Branch. During the fourth quarter of 2007, other expenses increased $265 thousand, or 18.0 percent to 1.7 million, when compared to the same period in 2006. ASSET QUALITY At December 31, 2007, non-performing loans totaled $2.1 million or 0.22 percent of total loans as compared to $2.1 million or 0.24 percent of total loans at December 31, 2006 and $5.6 million at September 30, 2007. The decline in non-performing assets in the fourth quarter as compared to the third quarter was the result of a payoff of all principal and interest on a $3.5 million commercial loan. Peapack-Gladstone Bank has no sub-prime loans or other high-interest rate loans to consumers with impaired or non-existent credit histories in it loan portfolios. The allowance for loan losses was $7.5 million or 0.76 percent of total loans at December 31, 2007 as compared to $6.8 million or 0.78 percent of total loans at December 31, 2006. There were net charge-offs of $11 thousand in both fourth quarters of 2007 and 2006. CAPITAL At December 31, 2007, shareholders' equity totaled $107.4 million as compared with $103.8 million at December 31, 2006, an increase of $3.7 million, or 3.5 percent. The Corporation's leverage ratio, tier 1 and total risk based capital ratios at December 31, 2007 were 8.59 percent, 14.92 percent and 15.91 percent, respectively. The Corporation repurchased 9,500 shares during the fourth quarter of 2007 under its stock buy back program. A total of 82,400 shares have been repurchased since the program was originally announced in April 2005 and 67,600 shares are eligible to be repurchased under the program in the future. Peapack-Gladstone Financial Corporation is a bank holding company with total assets of $1.35 billion as of December 31, 2007. Peapack-Gladstone Bank, its wholly owned community bank, was established in 1921, and has 22 branches in Somerset, Hunterdon, Morris and Union Counties. Its Trust Division, PGB Trust and Investments, operates at the Bank's main office located at 190 Main Street in Gladstone and at its Morristown office located at 233 South Street. To learn more about Peapack-Gladstone Financial Corporation and its services please visit our web site at www.pgbank.com or call 908-234-0700. -------------- The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's view of future interest income and net loans, management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities and market conditions. These statements may be identified by such forward-looking terminology as "expect", "look", "believe", "anticipate", "may", or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, the ability of management to effectively execute its balance sheet restructuring initiative, unanticipated costs in connection with new branch openings, an unexpected decline in the direction of the economy in New Jersey, unexpected changes in interest rates, unexpected loan prepayment volume, a decline in levels of loan quality, development of new tax strategies or the disallowance of prior tax strategies and origination volume and a decline in the volume of increase in trust assets or deposits. Peapack-Gladstone assumes no obligation for updating any such forward-looking statements at any time. (Tables to Follow) PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA UNAUDITED (Dollars in Thousands, Except Per Share Amounts)
At or For The Three Months At or For The Twelve Months Ended Ended December 31, December 31, 2007 2006 2007 2006 ---- ---- ---- ---- Income Statement Data: Interest Income $ 18,907 $ 17,368 $ 72,352 $ 67,267 Interest Expense 8,919 9,152 36,483 34,444 ----------- ----------- ----------- ----------- Net Interest Income 9,988 8,216 35,869 32,823 Provision For Loan Losses 400 150 750 414 ----------- ----------- ----------- ----------- Net Interest Income After Provision For Loan Losses 9,588 8,066 35,119 32,409 Trust Fees 2,710 2,172 9,563 8,367 Other Income 1,549 1,003 4,226 3,681 Securities (Losses)/Gains (128) 0 254 (1,781) Other Expenses 8,412 7,230 32,087 28,945 ----------- ----------- ----------- ----------- Income Before Income Taxes 5,307 4,011 17,075 13,731 Income Tax Expense 1,599 1,117 5,213 3,505 ----------- ----------- ----------- ----------- Net Income $ 3,708 $ 2,894 $ 11,862 $ 10,226 =========== =========== =========== =========== Balance Sheet Data: Total Assets $ 1,346,976 $ 1,288,376 Federal Funds Sold and Short-Term Investments 2,744 7,068 Securities Held To Maturity 45,139 55,165 Securities Available For Sale 241,237 286,186 Loans 981,180 870,153 Allowance For Loan Losses 7,500 6,768 Deposits 1,180,267 1,144,736 Borrowings 44,819 23,964 Shareholders' Equity 107,429 103,763 Trust Division Assets under Management (Market Value, Not Included Above) $ 2,028,232 $ 1,924,954 Performance Ratios: Return on Average Assets 1.11% 0.90% 0.90% 0.79% Return on Average Equity 13.67 11.05 11.12 10.10
PEAPACK-GLADSTONE FINANCIAL CORPORATION SELECTED CONSOLIDATED FINANCIAL DATA UNAUDITED (Dollars in Thousands, Except Per Share Amounts)
At or For The Three Months At or For The Twelve Months Ended Ended December 31, December 31, 2007 2006 2007 2006 ---- ---- ---- ---- Net Interest Margin (Taxable Equivalent Basis) 3.21% 2.79% 2.95% 2.76% Asset Quality: Loans past due over 90 days And Still Accruing $ 0 $ 197 Non-Accrual Loans 2,131 1,880 Net (Charge-Offs) $ (11) $ (11) (18) (24) Asset Quality Ratios: Allowance to Total Loans 0.76% 0.78% Non-Performing Loans to Total Loans 0.22 0.24 Allowance to Non-Performing Loans 3.5X 3.3X Per Share Data: Earnings Per Share (Basic) $ 0.45 $ 0.35 $ 1.43 $ 1.24 Earnings Per Share (Diluted) 0.44 0.34 1.42 1.22 Book Value Per Share 12.94 12.55 Dividends Per Share 0.62 0.58 Capital Adequacy: Tier I Leverage 8.59% 8.20% Tier I Capital to Risk- Weighted Assets 14.92 15.33 Tier I & II Capital to Risk-Weighted Assets 15.91 16.31
PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET UNAUDITED QUARTERS ENDED (Tax-Equivalent Basis, Dollars in Thousands) December 31, 2007 December 31, 2006 Average Income/ Average Income/ Balance Expense Yield Balance Expense Yield ------- ------- ----- ------- ------- ----- ASSETS: Interest-Earning Assets: Investments: Taxable (1) $ 251,018 $ 3,332 5.31% $ 290,532 $ 3,634 5.00% Tax-Exempt (1) (2) 55,263 733 5.31 47,617 653 5.49 Loans (2) (3) 961,424 15,008 6.24 871,664 13,291 6.10 Federal Funds Sold 6,102 71 4.63 3,282 43 5.29 Interest-Earning Deposits 897 9 4.03 1,548 18 4.70 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Earning Assets 1,274,704 $ 19,153 6.01% 1,214,643 $ 17,639 5.81% ----------- ----------- ----------- ----------- ----------- ----------- Noninterest-Earning Assets: Cash and Due from Banks 22,203 23,068 Allowance for Loan Losses (7,114) (6,632) Premises and Equipment 26,145 23,649 Other Assets 26,574 25,465 ----------- ----------- Total Noninterest-Earning Assets 67,803 65,550 ----------- ----------- Total Assets $ 1,342,512 $ 1,280,193 =========== =========== LIABILITIES: Interest-Bearing Deposits Checking $ 132,446 $ 238 0.72% $ 132,834 301 0.91% Money Markets 399,177 3,417 3.42 357,379 3,705 4.15 Savings 65,470 101 0.62 75,773 132 0.70 Certificates of Deposit 395,784 4,757 4.81 374,529 4,476 4.78 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Bearing Deposits 992,877 8,513 3.43 940,515 8,614 3.66 Borrowings 39,369 406 4.13 48,638 538 4.42 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Bearing Liabilities 1,032,246 8,919 3.46 989,153 9,152 3.70 ----------- ----------- ----------- ----------- ----------- ----------- Noninterest Bearing Liabilities Demand Deposits 189,384 179,338 Accrued Expenses and Other Liabilities 12,357 6,962 ----------- ----------- Total Noninterest-Bearing Liabilities 201,736 186,300 Shareholders' Equity 108,525 104,740 ----------- ----------- Total Liabilities and Shareholders' Equity $ 1,342,512 $ 1,280,193 =========== =========== Net Interest Income $ 10,234 8,487 =========== =========== Net Interest Spread 2.55% 2.11% =========== =========== Net Interest Margin (4) 3.21% 2.79% =========== ===========
PEAPACK-GLADSTONE FINANCIAL CO RPORATION AVERAGE BALANCE SHEET UNAUDITED QUARTERS ENDED (Tax-Equivalent Basis, Dollars in Thousands) December 31 , 2007 September 30, 2007 Average Income/ Average Income/ Balance Expense Yield Balance Expense Yield ------- ------- ----- ------- ------- ----- ASSETS: Interest-Earning Assets: Investments: Taxable (1) $ 251,018 $ 3,332 5.31% $ 263,636 $ 3,431 5.21% Tax-Exempt (1) (2) 55,263 733 5.31 55,041 717 5.21 Loans (2) (3) 961,424 15,008 6.24 917,599 14,179 6.18 Federal Funds Sold 6,102 71 4.63 11,116 149 5.36 Interest-Earning Deposits 897 9 4.03 706 9 4.99 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Earning Assets 1,274,704 $ 19,153 6.01% 1,248,098 $ 18,485 5.92% ----------- ----------- ----------- ----------- ----------- ----------- Noninterest-Earning Assets: Cash and Due from Banks 22,203 20,510 Allowance for Loan Losses (7,114) (6,996) Premises and Equipment 26,145 25,591 Other Assets 26,574 26,015 ----------- ----------- Total Noninterest-Earning Assets 67,803 65,120 ----------- ----------- Total Assets $ 1,342,512 $ 1,313,218 =========== =========== LIABILITIES: Interest-Bearing Deposits Checking $ 132,446 $ 238 0.72% $ 126,506 $ 254 0.80% Money Markets 399,177 3,417 3.42 384,013 3,778 3.94 Savings 65,470 101 0.62 68,796 118 0.69 Certificates of Deposit 395,784 4,757 4.81 396,529 4,855 4.90 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Bearing Deposits 992,877 8,513 3.43 975,844 9,005 3.69 Borrowings 39,369 406 4.13 35,578 364 4.09 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Bearing Liabilities 1,032,246 8,919 3.46 1,011,422 9,369 3.71 ----------- ----------- ----------- ----------- ----------- ----------- Noninterest Bearing Liabilities Demand Deposits 189,384 183,500 Accrued Expenses and Other Liabilities 12,357 11,365 ----------- ----------- Total Noninterest-Bearing Liabilities 201,736 194,865 Shareholders' Equity 108,525 106,931 ----------- ----------- Total Liabilities and Shareholders' Equity $ 1,342,512 $ 1,313,218 =========== =========== Net Interest Income $ 10,234 $ 9,116 =========== =========== Net Interest Spread 2.55% 2.21% =========== =========== Net Interest Margin (4) 3.21% 2.92% =========== ===========
PEAPACK-GLADSTONE FINANCIAL CORPORATION AVERAGE BALANCE SHEET UNAUDITED YEAR-TO-DATE (Tax-Equivalent Basis, Dollars in Thousands) December 31, 2007 December 31, 2006 Average Income/ Average Income/ Balance Expense Yield Balance Expense Yield ------- ------- ----- ------- ------- ----- ASSETS: Interest-Earning Assets: Investments: Taxable (1) $ 266,977 $ 13,707 5.13% $ 345,190 $ 15,857 4.59% Tax-Exempt (1) (2) 55,845 2,930 5.25 52,040 2,793 5.37 Loans (2) (3) 910,485 55,970 6.15 828,337 49,555 5.98 Federal Funds Sold 12,506 656 5.24 2,939 146 4.96 Interest-Earning Deposits 804 39 4.91 1,284 61 4.72 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Earning Assets 1,246,617 $ 73,302 5.88% 1,229,790 $ 68,412 5.56% ----------- ----------- ----------- ----------- ----------- ----------- Noninterest-Earning Assets: Cash and Due from Banks 22,135 22,475 Allowance for Loan Losses (6,945) (6,516) Premises and Equipment 25,321 23,038 Other Assets 26,519 22,564 ----------- ----------- Total Noninterest-Earning Assets 67,029 61,561 ----------- ----------- Total Assets $ 1,313,647 $ 1,291,351 =========== =========== LIABILITIES: Interest-Bearing Deposits Checking $ 133,574 $ 1,076 0.81% $ 138,045 $ 1,044 0.76% Money Markets 383,279 14,700 3.84 317,524 11,955 3.77 Savings 69,247 466 0.67 82,016 567 0.69 Certificates of Deposit 391,922 19,004 4.85 352,114 15,505 4.40 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Bearing Deposits 978,022 35,246 3.60 889,699 29,071 3.27 Borrowings 31,568 1,237 3.92 115,181 5,373 4.66 ----------- ----------- ----------- ----------- ----------- ----------- Total Interest-Bearing Liabilities 1,009,590 36,483 3.61 1,004,880 34,444 3.43 ----------- ----------- ----------- ----------- ----------- ----------- Noninterest Bearing Liabilities Demand Deposits 185,909 179,597 Accrued Expenses and Other Liabilities 11,485 5,659 ----------- ----------- Total Noninterest-Bearing Liabilities 197,393 185,256 Shareholders' Equity 106,663 101,215 ----------- ----------- Total Liabilities and Shareholders' Equity $ 1,313,647 $ 1,291,351 =========== =========== Net Interest Income $ 36,819 33,968 =========== =========== Net Interest Spread 2.27% 2.13% =========== =========== Net Interest Margin (4) 2.95% 2.76% =========== ===========
(1) Average balances for available-for sale securities are based on amortized cost. (2) Interest income is presented on a tax-equivalent basis using a 35 percent federal tax rate. (3) Loans are stated net of unearned income and include non-accrual loans. (4) Net interest income on a tax-equivalent basis as a percentage of total average interest-earning assets. -----END PRIVACY-ENHANCED MESSAGE-----