Delaware | 000-30421 | 95-4788120 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3660 Wilshire Boulevard, Penthouse Suite A Los Angeles, California |
90010 | |
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition | ||||||||
Item 9.01 Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
EX-99.1 |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits | |
99.1
|
Press release issued by Hanmi Financial dated April 21, 2011. |
Date: April 21, 2011 | HANMI FINANCIAL CORPORATION |
|||
By: | /s/ Jay S. Yoo | |||
Jay S. Yoo | ||||
President and Chief Executive Officer |
Exhibit | ||
No. | Description | |
99.1
|
Press Release, dated April 21, 2011.* |
* | Deemed furnished and not filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing. |
| Hanmis first quarter net income of $10.4 million, or $0.07 per diluted share, was the second consecutive quarterly profit and the largest quarterly profit since the second quarter of 2007. | ||
| Non-performing assets (NPA) declined 10.8% to $154.4 million, or 5.36% of total assets, from $173.1 million, or 5.95% of total assets in the fourth quarter, which represents the lowest level since the first quarter of 2009. Nonperforming assets were down 45.8% from $284.6 million, or 9.43% of total assets a year ago. | ||
| Delinquent loans, which are 30 to 89 days past due, were $20.7 million, a slight decrease of $746,000 from the fourth quarter of 2010, and significantly improved year-over-year, declining 69.8% from $68.6 million a year ago. | ||
| There was no provision for credit losses during the first-quarter of 2011. Total net charge-offs declined to $21.6 million in the first quarter of 2011, a $13.7 million reduction from $35.2 million in the fourth quarter of 2010. While net charge-offs continued to exceed the provision for loan losses in the first quarter, the improving credit quality of the loan portfolio allowed for the reduction of the allowance this quarter. | ||
| The coverage ratio of the loan loss allowance to non-performing loans increased to 82.9% at March 31, 2011, compared to 67.8% a year ago. | ||
| Total assets were $2.88 billion, a decline of $27.5 million, or 0.9%, on a sequential quarter basis. Similarly, total deposits were $2.43 billion, down 1.5% from the fourth quarter of 2010. Consistent with previous quarters, the balance-sheet deleveraging slowed substantially in the first quarter of 2011. | ||
| Total deposits decreased $35.8 million, or 1.5%, to $2.43 billion during the quarter from $2.47 billion in the prior quarter while core deposits, which are total deposits less time deposits greater than $100,000, increased to $1.45 billion, up $105.1 million, or 7.8%, on a sequential quarter basis, due to a continued core-deposit campaign. | ||
| Net interest margin (NIM) improved to 3.66% in the first quarter of 2011, up 18 basis points from 3.48% in the fourth quarter of 2010 and down just 3 basis points from the first quarter a year ago. | ||
| Capital ratios remained strong with total risk based capital to assets at 13.0% up from 12.22% at the end of 2010. |
1
% of Total | % of Total | % of Total | ||||||||||||||||||||||
(Dollars in Thousands) | 03/31/2011 | NPL | 12/31/2010 | NPL | 03/31/2010 | NPL | ||||||||||||||||||
Real Estate Loans: |
||||||||||||||||||||||||
Commercial Property |
||||||||||||||||||||||||
Retail |
8,669 | 5.7 | % | 10,998 | 6.5 | % | 31,604 | 12.1 | % | |||||||||||||||
Land |
22,523 | 14.8 | % | 26,808 | 15.9 | % | 46,388 | 17.7 | % | |||||||||||||||
Other |
5,108 | 3.4 | % | 10,131 | 6.0 | % | 16,498 | 6.3 | % | |||||||||||||||
Construction |
23,421 | 15.4 | % | 19,097 | 11.3 | % | 9,823 | 3.7 | % | |||||||||||||||
Residential Property |
2,014 | 1.3 | % | 1,926 | 1.1 | % | 2,813 | 1.1 | % | |||||||||||||||
Commercial & Industrial Loans: |
||||||||||||||||||||||||
Commercial Term |
||||||||||||||||||||||||
Unsecured |
10,435 | 6.9 | % | 17,065 | 10.1 | % | 22,299 | 8.5 | % | |||||||||||||||
Secured by Real Estate |
45,763 | 30.2 | % | 45,946 | 27.2 | % | 93,045 | 35.5 | % | |||||||||||||||
Commercial Lines of Credit |
2,169 | 1.4 | % | 2,798 | 1.7 | % | 4,775 | 1.8 | % | |||||||||||||||
SBA |
30,539 | 20.1 | % | 33,085 | 19.6 | % | 31,778 | 12.1 | % | |||||||||||||||
International Loans |
123 | 0.1 | % | 127 | 0.1 | % | 2,427 | 0.9 | % | |||||||||||||||
Consumer Loans |
966 | 0.6 | % | 1,047 | 0.6 | % | 782 | 0.3 | % | |||||||||||||||
TOTAL NPL (1) |
151,730 | 100.0 | % | 169,028 | 100.0 | % | 262,232 | 100.0 | % | |||||||||||||||
(1) | Includes loans held for sale of $26.9 million, $26.6 million and $5.5 million as of March 31, 2011, December 31, 2010, and March 31, 2010, respectively. |
2
% of | % of | % of | ||||||||||||||||||||||
(Dollars in Thousands) | 03/31/2011 | Total | 12/31/2010 | Total | 03/31/2010 | Total | ||||||||||||||||||
Real Estate Loans: |
||||||||||||||||||||||||
Commercial Property |
||||||||||||||||||||||||
Retail |
295 | 1.4 | % | | | 9,923 | 14.5 | % | ||||||||||||||||
Land |
1,000 | 4.8 | % | | | 2,300 | 3.4 | % | ||||||||||||||||
Other |
2,247 | 10.8 | % | | | 5,232 | 7.6 | % | ||||||||||||||||
Construction |
| | 4,894 | 22.8 | % | | | |||||||||||||||||
Residential Property |
2,069 | 10.0 | % | 522 | 2.4 | % | 284 | 0.4 | % | |||||||||||||||
Commercial & Industrial Loans: |
||||||||||||||||||||||||
Commercial Term |
||||||||||||||||||||||||
Unsecured |
3,142 | 15.2 | % | 3,620 | 16.9 | % | 8,826 | 12.9 | % | |||||||||||||||
Secured by Real Estate |
5,026 | 24.3 | % | 7,251 | 33.8 | % | 35,711 | 52.0 | % | |||||||||||||||
Commercial Lines of Credit |
1,457 | 7.0 | % | 160 | 0.7 | % | 2,327 | 3.4 | % | |||||||||||||||
SBA |
5,295 | 25.6 | % | 4,381 | 20.4 | % | 3,443 | 5.0 | % | |||||||||||||||
International Loans |
| | | | 161 | 0.2 | % | |||||||||||||||||
Consumer Loans |
180 | 0.9 | % | 629 | 2.9 | % | 433 | 0.6 | % | |||||||||||||||
TOTAL (1) |
20,711 | 100.0 | % | 21,457 | 100.0 | % | 68,640 | 100.0 | % | |||||||||||||||
(1) | Includes loans held for sale of $774,000 as of March 31, 2011. |
3
Provision for | Allowance for | 30-89 Days Past | Non-performing | |||||||||||||||||
Credit | Loan Losses to | Due to Gross | Assets to Total | |||||||||||||||||
Losses | Net Charge-offs | Gross Loans (% ) | Loans(% ) | Assets (% ) | ||||||||||||||||
03/31/2007 |
6,132 | 2,404 | 1.08 | 0.69 | 0.52 | |||||||||||||||
06/30/2007 |
3,023 | 2,518 | 1.05 | 0.52 | 0.61 | |||||||||||||||
09/30/2007 |
8,464 | 6,084 | 1.07 | 0.52 | 1.12 | |||||||||||||||
12/31/2007 |
20,704 | 11,628 | 1.33 | 0.61 | 1.37 | |||||||||||||||
03/31/2008 |
17,821 | 7,297 | 1.60 | 0.73 | 2.25 | |||||||||||||||
06/30/2008 |
19,229 | 8,220 | 1.88 | 0.94 | 2.91 | |||||||||||||||
09/30/2008 |
13,176 | 11,831 | 1.91 | 0.68 | 3.04 | |||||||||||||||
12/31/2008 |
25,450 | 18,622 | 2.11 | 1.23 | 3.14 | |||||||||||||||
03/31/2009 |
45,953 | 11,813 | 3.16 | 1.45 | 4.04 | |||||||||||||||
06/30/2009 |
23,934 | 23,597 | 3.33 | 1.51 | 5.20 | |||||||||||||||
09/30/2009 |
49,500 | 29,875 | 4.19 | 0.96 | 5.83 | |||||||||||||||
12/31/2009 |
77,000 | 57,312 | 5.14 | 1.46 | 7.76 | |||||||||||||||
03/31/2010 |
57,996 | 26,393 | 6.63 | 2.56 | 9.43 | |||||||||||||||
06/30/2010 |
37,500 | 38,946 | 7.06 | 0.87 | 9.13 | |||||||||||||||
09/30/2010 |
22,000 | 21,304 | 7.35 | 1.00 | 7.25 | |||||||||||||||
12/31/2010 |
5,000 | 35,249 | 6.44 | 0.95 | 5.95 | |||||||||||||||
03/31/2011 |
| 21,555 | 5.79 | 0.95 | 5.36 |
(Dollars in Thousands) | 3/31/2011 | 12/31/2010 | $ Change | % Change | 3/31/2010 | $ Change | % Change | |||||||||||||||||||||
Real Estate Loans: |
||||||||||||||||||||||||||||
Commercial Property |
||||||||||||||||||||||||||||
Retail |
295 | | 295 | | 295 | |||||||||||||||||||||||
Land |
| 1,082 | (1,082 | ) | (100 | %) | | | ||||||||||||||||||||
Other |
3,217 | 1,177 | 2,040 | 173.3 | % | | 3,217 | |||||||||||||||||||||
Construction |
| 1,406 | (1,406 | ) | (100.0 | %) | | | ||||||||||||||||||||
Commercial & Industrial Loans: |
||||||||||||||||||||||||||||
Commercial Term |
| |||||||||||||||||||||||||||
Unsecured |
65 | 65 | 170 | (105 | ) | -61.8 | % | |||||||||||||||||||||
Secured by Real Estate |
24,979 | 14,893 | 10,086 | 67.7 | % | 4,514 | 20,465 | 453.4 | % | |||||||||||||||||||
SBA |
19,093 | 18,062 | 1,031 | 5.7 | % | 5,420 | 13,673 | 252.3 | % | |||||||||||||||||||
TOTAL |
47,649 | 36,620 | 11,029 | 30.1 | % | 10,104 | 37,545 | 371.6 | % | |||||||||||||||||||
4
5
DAVID YANG | Investor Relations Officer | (213) 637-4798 |
6
March 31, | December 31, | % | March 31, | % | ||||||||||||||||
2011 | 2010 | Change | 2010 | Change | ||||||||||||||||
ASSETS |
||||||||||||||||||||
Cash and Due from Banks |
$ | 67,507 | $ | 60,983 | 10.7 | % | $ | 59,677 | 13.1 | % | ||||||||||
Interest-Bearing Deposits in Other Banks |
83,354 | 158,737 | (47.5 | )% | 139,540 | (40.3 | )% | |||||||||||||
Federal Funds Sold |
19,500 | 30,000 | (35.0 | )% | | | ||||||||||||||
Cash and Cash Equivalents |
170,361 | 249,720 | (31.8 | )% | 199,217 | (14.5 | )% | |||||||||||||
Investment Securities |
539,194 | 413,963 | 30.3 | % | 114,231 | 372.0 | % | |||||||||||||
Loans: |
||||||||||||||||||||
Gross Loans, Net of Deferred Loan Fees |
2,173,415 | 2,267,126 | (4.1 | )% | 2,682,890 | (19.0 | )% | |||||||||||||
Allowance for Loan Losses |
(125,780 | ) | (146,059 | ) | (13.9 | )% | (177,820) | (29.3 | )% | |||||||||||
Loans Receivable, Net |
2,047,635 | 2,121,067 | (3.5 | )% | 2,505,070 | (18.3 | )% | |||||||||||||
Accrued Interest Receivable |
8,796 | 8,048 | 9.3 | % | 9,026 | (2.5 | )% | |||||||||||||
Premises and Equipment, Net |
17,165 | 17,599 | (2.5 | )% | 18,236 | (5.9 | )% | |||||||||||||
Other Real Estate Owned, Net |
2,642 | 4,089 | (35.4 | )% | 22,399 | (88.2 | )% | |||||||||||||
Due from Customers on Acceptances |
805 | 711 | 13.2 | % | 1,914 | (57.9 | )% | |||||||||||||
Servicing Assets |
2,698 | 2,890 | (6.6 | )% | 3,590 | (24.8 | )% | |||||||||||||
Other Intangible Assets, Net |
2,015 | 2,233 | (9.8 | )% | 3,055 | (34.0 | )% | |||||||||||||
Investment in FHLB and FRB Stock, at Cost |
33,649 | 34,731 | (3.1 | )% | 38,575 | (12.8 | )% | |||||||||||||
Bank-Owned Life Insurance |
27,581 | 27,350 | 0.8 | % | 26,639 | 3.5 | % | |||||||||||||
Income Taxes Receivable |
9,188 | 9,188 | | 59,680 | (84.6 | )% | ||||||||||||||
Other Assets |
17,937 | 15,559 | 15.3 | % | 16,669 | 7.6 | % | |||||||||||||
TOTAL ASSETS |
$ | 2,879,666 | $ | 2,907,148 | (0.9 | )% | $ | 3,018,301 | (4.6 | )% | ||||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||||||||||
Liabilities: |
||||||||||||||||||||
Deposits: |
||||||||||||||||||||
Noninterest-Bearing |
$ | 576,733 | $ | 546,815 | 5.5 | % | $ | 575,015 | 0.3 | % | ||||||||||
Interest-Bearing |
1,854,207 | 1,919,906 | (3.4 | )% | 2,075,265 | (10.7 | )% | |||||||||||||
Total Deposits |
2,430,940 | 2,466,721 | (1.5 | )% | 2,650,280 | (8.3 | )% | |||||||||||||
Accrued Interest Payable |
14,184 | 15,966 | (11.2 | )% | 13,146 | 7.9 | % | |||||||||||||
Bank Acceptances Outstanding |
805 | 711 | 13.2 | % | 1,914 | (57.9 | )% | |||||||||||||
Federal Home Loan Bank Advances |
153,565 | 153,650 | (0.1 | )% | 153,898 | (0.2 | )% | |||||||||||||
Other Borrowings |
1,386 | 1,570 | (11.7 | )% | 4,428 | (68.7 | )% | |||||||||||||
Junior Subordinated Debentures |
82,406 | 82,406 | | 82,406 | | |||||||||||||||
Accrued Expenses and Other Liabilities |
12,329 | 12,868 | (4.2 | )% | 11,207 | 10.0 | % | |||||||||||||
Total Liabilities |
2,695,615 | 2,733,892 | (1.4 | )% | 2,917,279 | (7.6 | )% | |||||||||||||
Stockholders Equity |
184,051 | 173,256 | 6.2 | % | 101,022 | 82.2 | % | |||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ | 2,879,666 | $ | 2,907,148 | (0.9 | )% | $ | 3,018,301 | (4.6 | )% | ||||||||||
7
Three Months Ended | ||||||||||||||||||||
Mar 31, | Dec 31, | % | March 31, | % | ||||||||||||||||
2011 | 2010 | Change | 2010 | Change | ||||||||||||||||
INTEREST AND DIVIDEND INCOME: |
||||||||||||||||||||
Interest and Fees on Loans |
$ | 30,905 | $ | 32,466 | (4.8 | )% | $ | 36,695 | (15.8 | )% | ||||||||||
Taxable Interest on Investment Securities |
2,673 | 1,839 | 45.4 | % | 1,070 | 149.8 | % | |||||||||||||
Tax-Exempt Interest on Investment Securities |
40 | 9 | 344.4 | % | 77 | (48.1 | )% | |||||||||||||
Dividends on FRB and FHLB Stock |
133 | 135 | (1.5 | )% | 139 | (4.3 | )% | |||||||||||||
Interest on Interest-Bearing Deposits in Other Banks |
89 | 149 | (40.3 | )% | 55 | 61.8 | % | |||||||||||||
Interest on Federal Funds Sold |
35 | 15 | 133.3 | % | 17 | 105.9 | % | |||||||||||||
Total Interest and Dividend Income |
33,875 | 34,613 | (2.1 | )% | 38,053 | (11.0 | )% | |||||||||||||
INTEREST EXPENSE: |
||||||||||||||||||||
Interest on Deposits |
6,735 | 7,592 | (11.3 | )% | 9,704 | (30.6 | )% | |||||||||||||
Interest on Junior Subordinated Debentures |
698 | 711 | (1.8 | )% | 669 | 4.3 | % | |||||||||||||
Interest on Federal Home Loan Bank Advances |
333 | 339 | (1.8 | )% | 346 | (3.8 | )% | |||||||||||||
Total Interest Expense |
7,766 | 8,642 | (10.1 | )% | 10,719 | (27.5 | )% | |||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES |
26,109 | 25,971 | 0.5 | % | 27,334 | (4.5 | )% | |||||||||||||
Provision for Credit Losses |
| 5,000 | (100.0 | )% | 57,996 | (100.0 | )% | |||||||||||||
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR CREDIT
LOSSES |
26,109 | 20,971 | 24.5 | % | (30,662 | ) | (185.2 | )% | ||||||||||||
NON-INTEREST INCOME: |
||||||||||||||||||||
Service Charges on Deposit Accounts |
3,141 | 3,279 | (4.2 | )% | 3,726 | (15.7 | )% | |||||||||||||
Insurance Commissions |
1,260 | 1,122 | 12.3 | % | 1,278 | (1.4 | )% | |||||||||||||
Remittance Fees |
462 | 499 | (7.4 | )% | 462 | | ||||||||||||||
Trade Finance Fees |
297 | 379 | (21.6 | )% | 351 | (15.4 | )% | |||||||||||||
Other Service Charges and Fees |
333 | 323 | 3.1 | % | 412 | (19.2 | )% | |||||||||||||
Bank-Owned Life Insurance Income |
230 | 239 | (3.8 | )% | 231 | (0.4 | )% | |||||||||||||
Net Gain on Sales of Investment Securities |
| 5 | (100.0 | )% | 105 | (100.0 | )% | |||||||||||||
Net Gain (Loss) on Sales of Loans |
(338 | ) | 71 | (576.1 | )% | | | |||||||||||||
Other Operating Income (Loss) |
123 | 136 | (9.6 | )% | 440 | (72.0 | )% | |||||||||||||
Total Non-Interest Income |
5,508 | 6,053 | (9.0 | )% | 7,005 | (21.4 | )% | |||||||||||||
NON-INTEREST EXPENSE: |
||||||||||||||||||||
Salaries and Employee Benefits |
9,124 | 9,381 | (2.7 | )% | 8,786 | 3.8 | % | |||||||||||||
Occupancy and Equipment |
2,565 | 2,672 | (4.0 | )% | 2,725 | (5.9 | )% | |||||||||||||
Deposit Insurance Premiums and Regulatory Assessments |
2,070 | 2,204 | (6.1 | )% | 2,224 | (6.9 | )% | |||||||||||||
Data Processing |
1,399 | 1,499 | (6.7 | )% | 1,499 | (6.7 | )% | |||||||||||||
Other Real Estate Owned Expense |
829 | 681 | 21.7 | % | 5,700 | (85.5 | )% | |||||||||||||
Professional Fees |
789 | 680 | 16.0 | % | 1,066 | (26.0 | )% | |||||||||||||
Directors and Officers Liability Insurance |
734 | 716 | 2.5 | % | 716 | 2.5 | % | |||||||||||||
Other Operating Expenses |
3,551 | 3,902 | (9.0 | )% | 3,508 | 1.2 | % | |||||||||||||
Total Non-Interest Expense |
21,061 | 21,735 | (3.1 | )% | 26,224 | (19.7 | )% | |||||||||||||
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES |
10,556 | 5,289 | 99.6 | % | (49,881 | ) | (121.2 | )% | ||||||||||||
Provision (Benefit) for Income Taxes |
119 | (23 | ) | (617.4 | )% | (395 | ) | (130.1 | )% | |||||||||||
NET INCOME (LOSS) |
$ | 10,437 | $ | 5,312 | 96.5 | % | $ | (49,486 | ) | (121.1 | )% | |||||||||
EARNINGS (LOSS) PER SHARE: |
||||||||||||||||||||
Basic |
$ | 0.07 | $ | 0.04 | 75.0 | % | $ | (0.97 | ) | (107.2 | )% | |||||||||
Diluted |
$ | 0.07 | $ | 0.04 | 75.0 | % | $ | (0.97 | ) | (107.2 | )% | |||||||||
WEIGHTED-AVERAGE SHARES OUTSTANDING: |
||||||||||||||||||||
Basic |
151,061,012 | 151,051,903 | 50,998,990 | |||||||||||||||||
Diluted |
151,287,573 | 151,197,503 | 50,998,990 | |||||||||||||||||
SHARES OUTSTANDING AT PERIOD-END |
151,258,390 | 151,198,390 | 51,182,390 |
8
Three Months Ended | ||||||||||||||||||||
March 31, | December 31, | % | March 31, | % | ||||||||||||||||
2011 | 2010 | Change | 2010 | Change | ||||||||||||||||
AVERAGE BALANCES: |
||||||||||||||||||||
Average Gross Loans, Net of Deferred Loan Fees |
$ | 2,234,110 | $ | 2,349,660 | (4.9 | )% | $ | 2,765,701 | (19.20 | )% | ||||||||||
Average Investment Securities |
473,113 | 350,954 | 34.8 | % | 125,340 | 277.5 | % | |||||||||||||
Average Interest-Earning Assets |
2,892,404 | 2,961,297 | (2.3 | )% | 3,010,938 | (3.90 | )% | |||||||||||||
Average Total Assets |
2,906,253 | 2,949,647 | (1.5 | )% | 3,086,198 | (5.8 | )% | |||||||||||||
Average Deposits |
2,458,836 | 2,512,893 | (2.2 | )% | 2,662,960 | (7.7 | )% | |||||||||||||
Average Borrowings |
237,452 | 237,702 | (0.1 | )% | 257,132 | (7.7 | )% | |||||||||||||
Average Interest-Bearing Liabilities |
2,133,097 | 2,186,920 | (2.5 | )% | 2,360,992 | (9.70 | )% | |||||||||||||
Average Stockholders Equity |
178,221 | 166,752 | 6.9 | % | 137,931 | 29.2 | % | |||||||||||||
PERFORMANCE RATIOS (Annualized): |
||||||||||||||||||||
Return on Average Assets |
1.46 | % | 0.71 | % | (6.50 | )% | ||||||||||||||
Return on Average Stockholders Equity |
23.75 | % | 12.64 | % | (145.50 | )% | ||||||||||||||
Efficiency Ratio |
66.61 | % | 67.87 | % | 76.37 | % | ||||||||||||||
Net Interest Spread (1) |
3.27 | % | 3.07 | % | 3.29 | % | ||||||||||||||
Net Interest Margin (1) |
3.66 | % | 3.48 | % | 3.69 | % | ||||||||||||||
ALLOWANCE FOR LOAN LOSSES: |
||||||||||||||||||||
Balance at Beginning of Period |
$ | 146,059 | $ | 176,063 | (17.0 | )% | $ | 144,996 | 0.7 | % | ||||||||||
Provision Charged to Operating Expense |
1,276 | 5,245 | (75.7 | )% | 59,217 | (97.8 | )% | |||||||||||||
Charge-Offs, Net of Recoveries |
(21,555 | ) | (35,249 | ) | (38.8 | )% | (26,393 | ) | (18.3 | )% | ||||||||||
Balance at End of Period |
$ | 125,780 | $ | 146,059 | (13.9 | )% | $ | 177,820 | (29.3 | )% | ||||||||||
Allowance for Loan Losses to Total Gross Loans |
5.79 | % | 6.44 | % | 6.63 | % | ||||||||||||||
Allowance for Loan Losses to Total Non-Performing Loans |
82.90 | % | 86.41 | % | 67.81 | % | ||||||||||||||
ALLOWANCE FOR OFF-BALANCE SHEET ITEMS: |
||||||||||||||||||||
Balance at Beginning of Period |
$ | 3,417 | $ | 3,662 | (6.7 | )% | $ | 3,876 | (11.8 | )% | ||||||||||
Provision Charged to Operating Expense |
(1,276 | ) | (245 | ) | 420.8 | % | (1,221 | ) | (134.5 | )% | ||||||||||
Balance at End of Period |
$ | 2,141 | $ | 3,417 | (37.3 | )% | $ | 2,655 | (19.4 | )% | ||||||||||
(1) | Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate. |
9
March 31, | December 31, | % | March 31, | % | ||||||||||||||||
2011 | 2010 | Change | 2010 | Change | ||||||||||||||||
NON-PERFORMING ASSETS: |
||||||||||||||||||||
Non-Accrual Loans |
$ | 151,730 | $ | 169,028 | (10.2 | )% | $ | 262,232 | (42.1 | )% | ||||||||||
Loans 90 Days or More Past Due and Still Accruing |
| | | | | |||||||||||||||
Total Non-Performing Loans (2) |
151,730 | 169,028 | (10.2 | )% | 262,232 | (42.1 | )% | |||||||||||||
Other Real Estate Owned, Net |
2,642 | 4,089 | (35.4 | )% | 22,399 | (88.2 | )% | |||||||||||||
Total Non-Performing Assets |
$ | 154,372 | $ | 173,117 | (10.8 | )% | $ | 284,631 | (45.8 | )% | ||||||||||
Total Non-Performing Loans/Total Gross Loans |
6.98 | % | 7.45 | % | 9.77 | % | ||||||||||||||
Total Non-Performing Assets/Total Assets |
5.36 | % | 5.95 | % | 9.43 | % | ||||||||||||||
Total Non-Performing Assets/Allowance for Loan
Losses |
122.7 | % | 118.5 | % | 160.1 | % | ||||||||||||||
DELINQUENT LOANS (Accrual Status) (3) |
$ | 20,711 | $ | 21,457 | (3.5 | )% | $ | 68,640 | (69.8 | )% | ||||||||||
Delinquent Loans (Accrual Status)/Total Gross Loans |
0.95 | % | 0.95 | % | 2.56 | % | ||||||||||||||
LOAN PORTFOLIO: |
||||||||||||||||||||
Real Estate Loans |
$ | 815,928 | $ | 856,527 | (4.7 | )% | $ | 986,417 | (17.3 | )% | ||||||||||
Commercial and Industrial Loans (4) |
1,309,644 | 1,360,865 | (3.8 | )% | 1,638,550 | (20.1 | )% | |||||||||||||
Consumer Loans |
48,120 | 50,300 | (4.3 | )% | 58,886 | (18.3 | )% | |||||||||||||
Total Gross Loans |
2,173,692 | 2,267,692 | (4.1 | )% | 2,683,853 | (19.0 | )% | |||||||||||||
Deferred Loan Fees |
(277 | ) | (566 | ) | (51.1 | )% | (963 | ) | (71.2 | )% | ||||||||||
Gross Loans, Net of Deferred Loan Fees |
2,173,415 | 2,267,126 | (4.1 | )% | 2,682,890 | (19.0 | )% | |||||||||||||
Allowance for Loan Losses |
(125,780 | ) | (146,059 | ) | (13.9 | )% | (177,820 | ) | (29.3 | )% | ||||||||||
Loans Receivable, Net |
$ | 2,047,635 | $ | 2,121,067 | (3.5 | )% | $ | 2,505,070 | (18.3 | )% | ||||||||||
LOAN MIX: |
||||||||||||||||||||
Real Estate Loans |
37.5 | % | 37.8 | % | 36.8 | % | ||||||||||||||
Commercial and Industrial Loans |
60.2 | % | 60.0 | % | 61.1 | % | ||||||||||||||
Consumer Loans |
2.3 | % | 2.2 | % | 2.1 | % | ||||||||||||||
Total Gross Loans |
100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
DEPOSIT PORTFOLIO: |
||||||||||||||||||||
Demand Noninterest-Bearing |
$ | 576,733 | $ | 546,815 | 5.5 | % | $ | 575,015 | 0.3 | % | ||||||||||
Savings |
113,513 | 113,968 | (0.4 | )% | 121,041 | (6.2 | )% | |||||||||||||
Money Market Checking and NOW Accounts |
469,377 | 402,481 | 16.6 | % | 488,366 | (3.9 | )% | |||||||||||||
Time Deposits of $100,000 or More |
977,738 | 1,118,621 | (12.6 | )% | 1,048,688 | (6.8 | )% | |||||||||||||
Other Time Deposits |
293,579 | 284,836 | 3.1 | % | 417,170 | (29.6 | )% | |||||||||||||
Total Deposits |
$ | 2,430,940 | $ | 2,466,721 | (1.5 | )% | $ | 2,650,280 | (8.3 | )% | ||||||||||
DEPOSIT MIX: |
||||||||||||||||||||
Demand Noninterest-Bearing |
23.7 | % | 22.2 | % | 21.7 | % | ||||||||||||||
Savings |
4.7 | % | 4.6 | % | 4.6 | % | ||||||||||||||
Money Market Checking and NOW Accounts |
19.3 | % | 16.3 | % | 18.4 | % | ||||||||||||||
Time Deposits of $100,000 or More |
40.2 | % | 45.3 | % | 39.6 | % | ||||||||||||||
Other Time Deposits |
12.1 | % | 11.6 | % | 15.7 | % | ||||||||||||||
Total Deposits |
100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
CAPITAL RATIOS (Bank Only): |
||||||||||||||||||||
Total Risk-Based |
13.00 | % | 12.22 | % | 7.81 | % | ||||||||||||||
Tier 1 Risk-Based |
11.70 | % | 10.91 | % | 6.49 | % | ||||||||||||||
Tier 1 Leverage |
9.08 | % | 8.55 | % | 5.68 | % |
(2) | Include loans held for sale of $26.9 million, $26.6 million and $5.5 million as of March 31, 2011, December 31, 2010, and March 31, 2010, respectively. | |
(3) | Include loans which are 30 to 89 days delinquent and loans held for sale of $774,000 as of March 31, 2011. | |
(4) | Commercial and industrial loans include owner-occupied property loans of $864.7 million, $894.8 million and $1.08 billion as of March 31, 2011, December 31, 2010, and March 31, 2010, respectively. |
10
Three Months Ended | ||||||||||||
March 31, 2011 | ||||||||||||
Interest Income/ | ||||||||||||
Average Balance | Expense | Average Yield/ Rate | ||||||||||
INTEREST-EARNING ASSETS |
||||||||||||
Loans: |
||||||||||||
Real Estate Loans: |
||||||||||||
Commercial Property |
$ | 721,933 | $ | 9,611 | 5.40 | % | ||||||
Construction |
60,221 | 508 | 3.42 | % | ||||||||
Residential Property |
60,978 | 683 | 4.54 | % | ||||||||
Total Real Estate Loans |
843,132 | 10,802 | 5.20 | % | ||||||||
Commercial and Industrial Loans (1) |
1,342,271 | 19,392 | 5.86 | % | ||||||||
Consumer Loans |
49,167 | 582 | 4.80 | % | ||||||||
Total Gross Loans |
2,234,570 | 30,776 | 5.59 | % | ||||||||
Prepayment Penalty Income |
| 129 | | |||||||||
Unearned Income on Loans, Net of Costs |
(460 | ) | | | ||||||||
Gross Loans, Net |
2,234,110 | 30,905 | 5.61 | % | ||||||||
Investment Securities: |
||||||||||||
Municipal Bonds Taxable |
17,531 | 178 | 4.06 | % | ||||||||
Municipal
Bonds Nontaxable (2) |
4,466 | 62 | 5.55 | % | ||||||||
U.S. Government Agency Securities |
146,312 | 623 | 1.70 | % | ||||||||
Mortgage-Backed Securities |
114,830 | 639 | 2.23 | % | ||||||||
Collateralized Mortgage Obligations |
156,583 | 977 | 2.50 | % | ||||||||
Corporate Bonds |
20,205 | 167 | 3.31 | % | ||||||||
Other Securities |
13,186 | 89 | 2.70 | % | ||||||||
Total Investment Securities (2) |
473,113 | 2,735 | 2.31 | % | ||||||||
Other Interest-Earning Assets: |
||||||||||||
Equity Securities |
35,557 | 132 | 1.48 | % | ||||||||
Federal Funds Sold |
6,699 | 8 | 0.48 | % | ||||||||
Term Federal Funds Sold |
19,778 | 27 | 0.55 | % | ||||||||
Interest-Bearing Deposits in Other Banks |
123,147 | 89 | 0.29 | % | ||||||||
Total Other Interest-Earning Assets |
185,181 | 256 | 0.55 | % | ||||||||
TOTAL INTEREST-EARNING ASSETS (2) |
$ | 2,892,404 | $ | 33,896 | 4.75 | % | ||||||
INTEREST-BEARING LIABILITIES |
||||||||||||
Interest-Bearing Deposits: |
||||||||||||
Savings |
$ | 113,080 | $ | 749 | 2.69 | % | ||||||
Money Market Checking and NOW Accounts |
448,807 | 1,002 | 0.91 | % | ||||||||
Time Deposits of $100,000 or More |
1,051,340 | 4,059 | 1.57 | % | ||||||||
Other Time Deposits |
282,418 | 925 | 1.33 | % | ||||||||
Total Interest-Bearing Deposits |
1,895,645 | 6,735 | 1.44 | % | ||||||||
Borrowings: |
||||||||||||
FHLB Advances |
153,609 | 333 | 0.88 | % | ||||||||
Other Borrowings |
1,437 | | | |||||||||
Junior Subordinated Debentures |
82,406 | 698 | 3.44 | % | ||||||||
Total Borrowings |
237,452 | 1,031 | 1.76 | % | ||||||||
TOTAL INTEREST-BEARING LIABILITIES |
$ | 2,133,097 | $ | 7,766 | 1.48 | % | ||||||
NET INTEREST INCOME (2) |
$ | 26,130 | ||||||||||
NET INTEREST SPREAD (2) |
3.27 | % | ||||||||||
NET INTEREST MARGIN (2) |
3.66 | % |
(1) | Commercial and industrial loans include owner-occupied commercial real etate loans | |
(2) | Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate. |
11
December 31, 2010 | ||||||||||||
Interest Income/ | ||||||||||||
Average Balance | Expense | Average Yield/ Rate | ||||||||||
INTEREST-EARNING ASSETS |
||||||||||||
Loans: |
||||||||||||
Real Estate Loans: |
||||||||||||
Commercial Property |
$ | 746,868 | $ | 10,144 | 5.39 | % | ||||||
Construction |
66,221 | 416 | 2.49 | % | ||||||||
Residential Property |
63,716 | 747 | 4.65 | % | ||||||||
Total Real Estate Loans |
876,805 | 11,307 | 5.12 | % | ||||||||
Commercial and Industrial Loans (1) |
1,421,369 | 20,435 | 5.70 | % | ||||||||
Consumer Loans |
52,251 | 660 | 5.01 | % | ||||||||
Total Gross Loans |
2,350,425 | 32,402 | 5.47 | % | ||||||||
Prepayment Penalty Income |
| 64 | | |||||||||
Unearned Income on Loans, Net of Costs |
(765 | ) | | | ||||||||
Gross Loans, Net |
2,349,660 | 32,466 | 5.48 | % | ||||||||
Investment Securities: |
||||||||||||
Municipal Bonds Taxable |
14,860 | 189 | 5.09 | % | ||||||||
Municipal Bonds -Nontaxable (2) |
6,322 | 14 | 0.89 | % | ||||||||
U.S. Government Agency Securities |
84,904 | 389 | 1.83 | % | ||||||||
Mortgage-Backed Securities |
107,764 | 467 | 1.73 | % | ||||||||
Collateralized Mortgage Obligations |
108,491 | 550 | 2.03 | % | ||||||||
Corporate Bonds |
16,151 | 135 | 3.34 | % | ||||||||
Other Securities |
12,462 | 110 | 3.53 | % | ||||||||
Total Investment Securities (2) |
350,954 | 1,854 | 2.11 | % | ||||||||
Other Interest-Earning Assets: |
||||||||||||
Equity Securities |
35,883 | 135 | 1.50 | % | ||||||||
Federal Funds Sold |
8,239 | 11 | 0.53 | % | ||||||||
Term Federal Funds Sold |
3,043 | 4 | 0.53 | % | ||||||||
Interest-Bearing Deposits in Other Banks |
213,518 | 149 | 0.28 | % | ||||||||
Total Other Interest-Earning Assets |
260,683 | 299 | 0.46 | % | ||||||||
TOTAL INTEREST-EARNING ASSETS (2) |
$ | 2,961,297 | $ | 34,619 | 4.64 | % | ||||||
INTEREST-BEARING LIABILITIES |
||||||||||||
Interest-Bearing Deposits: |
||||||||||||
Savings |
$ | 116,220 | $ | 804 | 2.74 | % | ||||||
Money Market Checking and NOW Accounts |
414,773 | 1,003 | 0.96 | % | ||||||||
Time Deposits of $100,000 or More |
1,127,027 | 4,736 | 1.67 | % | ||||||||
Other Time Deposits |
291,198 | 1,049 | 1.43 | % | ||||||||
Total Interest-Bearing Deposits |
1,949,218 | 7,592 | 1.55 | % | ||||||||
Borrowings: |
||||||||||||
FHLB Advances |
153,693 | 339 | 0.88 | % | ||||||||
Other Borrowings |
1,603 | | 0.00 | % | ||||||||
Junior Subordinated Debentures |
82,406 | 711 | 3.42 | % | ||||||||
Total Borrowings |
237,702 | 1,050 | 1.75 | % | ||||||||
TOTAL INTEREST-BEARING LIABILITIES |
$ | 2,186,920 | $ | 8,642 | 1.57 | % | ||||||
NET INTEREST INCOME (2) |
$ | 25,977 | ||||||||||
NET INTEREST SPREAD (2) |
3.07 | % | ||||||||||
NET INTEREST MARGIN (2) |
3.48 | % |
(1) | Commercial and industrial loans include owner-occupied commercial real etate loans | |
(2) | Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate. |
12
March 31, 2010 | ||||||||||||
Interest Income/ | ||||||||||||
Average Balance | Expense | Average Yield/ Rate | ||||||||||
INTEREST-EARNING ASSETS |
||||||||||||
Loans: |
||||||||||||
Real Estate Loans: |
||||||||||||
Commercial Property |
$ | 836,147 | $ | 11,374 | 5.52 | % | ||||||
Construction |
113,115 | 1,394 | 5.00 | % | ||||||||
Residential Property |
74,077 | 783 | 4.29 | % | ||||||||
Total Real Estate Loans |
1,023,339 | 13,551 | 5.37 | % | ||||||||
Commercial and Industrial Loans (1) |
1,682,429 | 22,235 | 5.36 | % | ||||||||
Consumer Loans |
61,197 | 849 | 5.63 | % | ||||||||
Total Gross Loans |
2,766,965 | 36,635 | 5.37 | % | ||||||||
Prepayment Penalty Income |
| 60 | | |||||||||
Unearned Income on Loans, Net of Costs |
(1,264 | ) | | | ||||||||
Gross Loans, Net |
2,765,701 | 36,695 | 5.38 | % | ||||||||
Investment Securities: |
||||||||||||
Municipal Bonds Taxable |
| | | |||||||||
Municipal Bonds -Nontaxable (2) |
7,549 | 118 | 6.25 | % | ||||||||
U.S. Government Agency Securities |
32,120 | 383 | 4.77 | % | ||||||||
Mortgage-Backed Securities |
61,920 | 490 | 3.17 | % | ||||||||
Collateralized Mortgage Obligations |
11,382 | 113 | 3.97 | % | ||||||||
Corporate Bonds |
| | | |||||||||
Other Securities |
12,369 | 98 | 3.17 | % | ||||||||
Total Investment Securities (2) |
125,340 | 1,202 | 3.84 | % | ||||||||
Other Interest-Earning Assets: |
||||||||||||
Equity Securities |
39,369 | 125 | 1.27 | % | ||||||||
Federal Funds Sold |
14,118 | 17 | 0.48 | % | ||||||||
Term Federal Funds Sold |
| | | |||||||||
Interest-Bearing Deposits in Other Banks |
66,410 | 55 | 0.33 | % | ||||||||
Total Other Interest-Earning Assets |
119,897 | 197 | 0.66 | % | ||||||||
TOTAL INTEREST-EARNING ASSETS (2) |
$ | 3,010,938 | $ | 38,094 | 5.13 | % | ||||||
INTEREST-BEARING LIABILITIES |
||||||||||||
Interest-Bearing Deposits: |
||||||||||||
Savings |
$ | 115,625 | $ | 824 | 2.89 | % | ||||||
Money Market Checking and NOW Accounts |
558,916 | 1,622 | 1.18 | % | ||||||||
Time Deposits of $100,000 or More |
924,055 | 4,677 | 2.05 | % | ||||||||
Other Time Deposits |
505,264 | 2,581 | 2.07 | % | ||||||||
Total Interest-Bearing Deposits |
2,103,860 | 9,704 | 1.87 | % | ||||||||
Borrowings: |
||||||||||||
FHLB Advances |
173,062 | 346 | 0.81 | % | ||||||||
Other Borrowings |
1,664 | | | |||||||||
Junior Subordinated Debentures |
82,406 | 669 | 3.29 | % | ||||||||
Total Borrowings |
257,132 | 1,015 | 1.60 | % | ||||||||
TOTAL INTEREST-BEARING LIABILITIES |
$ | 2,360,992 | $ | 10,719 | 1.84 | % | ||||||
NET INTEREST INCOME (2) |
$ | 27,375 | ||||||||||
NET INTEREST SPREAD (2) |
3.29 | % | ||||||||||
NET INTEREST MARGIN (2) |
3.69 | % | ||||||||||
(1) | Commercial and industrial loans include owner-occupied commercial real etate loans | |
(2) | Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate. |
13
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO |
||||||||||||
Total Assets |
$ | 2,872,804 | $ | 2,900,415 | $ | 3,011,524 | ||||||
Less Other Intangible Assets |
(303 | ) | (450 | ) | (1,058 | ) | ||||||
Tangible Assets |
$ | 2,872,501 | $ | 2,899,965 | $ | 3,010,466 | ||||||
Total Stockholders Equity |
$ | 261,639 | $ | 249,637 | $ | 178,513 | ||||||
Less Other Intangible Assets |
(303 | ) | (450 | ) | (1,058 | ) | ||||||
Tangible Stockholders Equity |
$ | 261,336 | $ | 249,187 | $ | 177,455 | ||||||
Total Stockholders Equity to Total Assets Ratio |
9.11 | % | 8.61 | % | 5.93 | % | ||||||
Tangible Common Equity to Tangible Assets Ratio |
9.10 | % | 8.59 | % | 5.89 | % |
March 31, | December 31, | March 31, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO |
||||||||||||
Total Assets |
$ | 2,879,666 | $ | 2,907,148 | $ | 3,018,301 | ||||||
Less Other Intangible Assets |
(2,015 | ) | (2,233 | ) | (3,055 | ) | ||||||
Tangible Assets |
$ | 2,877,651 | $ | 2,904,915 | $ | 3,015,246 | ||||||
Total Stockholders Equity |
$ | 184,051 | $ | 173,256 | $ | 101,022 | ||||||
Less Other Intangible Assets |
(2,015 | ) | (2,233 | ) | (3,055 | ) | ||||||
Tangible Stockholders Equity |
$ | 182,036 | $ | 171,023 | $ | 97,967 | ||||||
Total Stockholders Equity to Total Assets Ratio |
6.39 | % | 5.96 | % | 3.35 | % | ||||||
Tangible Common Equity to Tangible Assets Ratio |
6.33 | % | 5.89 | % | 3.25 | % |
14
% of | % of | % of | ||||||||||||||||||||||
(Dollars in Thousands) | 3/31/2011 | Total | 12/31/2010 | Total | 3/31/2010 | Total | ||||||||||||||||||
Real Estate Loans: |
||||||||||||||||||||||||
Commercial Property |
||||||||||||||||||||||||
Retail |
295 | 1.4 | % | | | 9,923 | 14.5 | % | ||||||||||||||||
Land |
1,000 | 4.8 | % | | | 2,300 | 3.4 | % | ||||||||||||||||
Other |
2,247 | 10.8 | % | | | 5,232 | 7.6 | % | ||||||||||||||||
Construction |
| | 4,894 | 22.8 | % | | | |||||||||||||||||
Residential Property |
2,069 | 10.0 | % | 522 | 2.4 | % | 284 | 0.4 | % | |||||||||||||||
Commercial &
Industrial Loans: |
||||||||||||||||||||||||
Commercial Term |
||||||||||||||||||||||||
Unsecured |
3,142 | 15.2 | % | 3,620 | 16.9 | % | 8,826 | 12.9 | % | |||||||||||||||
Secured by Real
Estate |
5,026 | 24.3 | % | 7,251 | 33.8 | % | 35,711 | 52.0 | % | |||||||||||||||
Commercial Lines of
Credit |
1,457 | 7.0 | % | 160 | 0.7 | % | 2,327 | 3.4 | % | |||||||||||||||
SBA |
5,295 | 25.6 | % | 4,381 | 20.4 | % | 3,443 | 5.0 | % | |||||||||||||||
International Loans |
| | | | 161 | 0.2 | % | |||||||||||||||||
Consumer Loans |
180 | 0.9 | % | 629 | 2.9 | % | 433 | 0.6 | % | |||||||||||||||
TOTAL (1) |
20,711 | 100.0 | % | 21,457 | 100.0 | % | 68,640 | 100.0 | % | |||||||||||||||
(1) | Includes loans held for sale of $774,000 as of March 31, 2011. |
(Dollars in Thousands) | 3/31/2011 | 12/31/2010 | $ Change | % Change | 3/31/2010 | $ Change | % Change | |||||||||||||||||||||
Real Estate Loans: |
||||||||||||||||||||||||||||
Commercial Property |
||||||||||||||||||||||||||||
Retail |
295 | | 295 | | 295 | |||||||||||||||||||||||
Land |
| 1,082 | (1,082 | ) | -100 | % | | | ||||||||||||||||||||
Other |
3,217 | 1,177 | 2,040 | 173.3 | % | | 3,217 | |||||||||||||||||||||
Construction |
| 1,406 | (1,406 | ) | -100.0 | % | | | ||||||||||||||||||||
Commercial &
Industrial Loans: |
||||||||||||||||||||||||||||
Commercial Term |
| |||||||||||||||||||||||||||
Unsecured |
65 | 65 | 170 | (105 | ) | -61.8 | % | |||||||||||||||||||||
Secured by Real Estate |
24,979 | 14,893 | 10,086 | 67.7 | % | 4,514 | 20,465 | 453.4 | % | |||||||||||||||||||
SBA |
19,093 | 18,062 | 1,031 | 5.7 | % | 5,420 | 13,673 | 252.3 | % | |||||||||||||||||||
TOTAL |
47,649 | 36,620 | 11,029 | 30.1 | % | 10,104 | 37,545 | 371.6 | % | |||||||||||||||||||
Allowance for | 30-89 Days | |||||||||||||||||||
Provision | Loan Losses to | Past Due to | Non-performing | |||||||||||||||||
for Credit | Gross Loans | Gross | Assets to Total | |||||||||||||||||
Losses | Net Charge-offs | (%) | Loans(%) | Assets (%) | ||||||||||||||||
3/31/2007
|
6,132 | 2,404 | 1.08 | 0.69 | 0.52 | |||||||||||||||
6/30/2007
|
3,023 | 2,518 | 1.05 | 0.52 | 0.61 | |||||||||||||||
9/30/2007
|
8,464 | 6,084 | 1.07 | 0.52 | 1.12 | |||||||||||||||
12/31/2007
|
20,704 | 11,628 | 1.33 | 0.61 | 1.37 | |||||||||||||||
3/31/2008
|
17,821 | 7,297 | 1.60 | 0.73 | 2.25 | |||||||||||||||
6/30/2008
|
19,229 | 8,220 | 1.88 | 0.94 | 2.91 | |||||||||||||||
9/30/2008
|
13,176 | 11,831 | 1.91 | 0.68 | 3.04 | |||||||||||||||
12/31/2008
|
25,450 | 18,622 | 2.11 | 1.23 | 3.14 | |||||||||||||||
3/31/2009
|
45,953 | 11,813 | 3.16 | 1.45 | 4.04 | |||||||||||||||
6/30/2009
|
23,934 | 23,597 | 3.33 | 1.51 | 5.20 | |||||||||||||||
9/30/2009
|
49,500 | 29,875 | 4.19 | 0.96 | 5.83 | |||||||||||||||
12/31/2009
|
77,000 | 57,312 | 5.14 | 1.46 | 7.76 | |||||||||||||||
3/31/2010
|
57,996 | 26,393 | 6.63 | 2.56 | 9.43 | |||||||||||||||
6/30/2010
|
37,500 | 38,946 | 7.06 | 0.87 | 9.13 | |||||||||||||||
9/30/2010
|
22,000 | 21,304 | 7.35 | 1.00 | 7.25 | |||||||||||||||
12/31/2010
|
5,000 | 35,249 | 6.44 | 0.95 | 5.95 | |||||||||||||||
3/31/2011
|
| 21,555 | 5.79 | 1.23 | 5.15 |
9]@<*8/L)]J>F5AT*;S1`!P M:J:1:*"3B:",%`N3((&;&)*5TJ03FGDI:0.<1BL:@'XSX"J!TJB=1@%$($8Q M\V\@"IO+%`:Z^9-!8IZEP=P)C3\@AB^@`A\*?T69 (AK*@3B&J";0*"2V`.2B5Z4N:[4`@WN:G@/ M&J]_.J_SA)(QXI,^8';_D\"OC2B3CFJP0["I`RL$X^0F(;`AG).P0`8&")!K M#&)EM/"9/R:QHLHO9PG8)6KU@-I?J> `NR*ABX^=@!&,$.RLUSQH&"E!KP"-D`/EN]$>F MC:F0Z]JU0!*A80"V*">V`T":/G`C M\$4`Z:*A:ONO`2NI_U:>7?(`J!%$#``!@Y6P3?:AA^(`!Z8\*Q:<+6H+/"!W MWH8!3L)^Y+L`"V``/%``MP)TTU@.*Q`!9WH![$BI#(*`C["5/A!8ZL-R+0@D M_\FT`%ZZ(($FHT008Z?[FD?(K+$&(\\*MX>Z`^,;J`MFM/8IE3_`K6EZP.#J MGY:KF!::PJSG",-[D<5+)F=W+ `>0`39DDMU"`Q\GLJNDP!=``Q30`*[2+=3W`Q\@75;&%!Z$7:IYB3N@ M?4>PNNSPP3]0L6[7.\4%D(T@IK:;#2J\D/PY";S[`+Y;"E*;#0IHM>J*4W\# M7YK(M?"ZO#?:`\Y;FCWP`6PY8CG0._\(D][!H:^98?_9X+/H,:EPY*4Q=%%U M);9VRVJO++]PR3NU_+>A:H1,F`S-IJ0V Y_`J[2Y^ZW_;/K"G3P)!-J4H $X0`:5=7]SC+G=%& M1(`J/]1[5%6/_04FU2AY]3A5ZJO)'3!5%<=8T'7;#Y`!`T0OQMU?%BPNO5V/ M![!_Z/+ D,,:!2SSV+WG`+!%`UV(V)+P4T,U,U MMVTCDQ`@SPV^%KPEQHU MW[T]`Y*E8=&7XI;Y7"19"YYGW*H'VI9+($C%WS%.;-\04ZIEF;'Q,^`=`!&0 M`0,G`SP@61$--M`!'P&@JM\``=D!'[(T%YG1DC<`&QSSY-L!0D(P._`A`V5& M!#P0'[C9`PS`5?"!`#=J6&RN'62N IYP&TK(^`0QU```J0.Z;7`5*-C`@PYM:9)3]@/_^>>@,*H`%+QP"? M!1\LODDR8.<98II18`%ZC`%R:<9_U`SGMP,AX.J7ON2\&!]2CFXY'J0!D`$M MN>L=P`,#A"HLN>L12KH@,[[Y&P-2"-1N`66EBK_X2[Z0\>[PO@#4,Q<,8``? ML((SL'Y6@2;P#M0_<";U+N_ZX.L%[PP'6>_VKIP+#^_DNS5J7O#@1.\!CT)Y M@^X0S^@? L&T+)%3X-2 MZ#97\>DQ\`%%W^_W?A0VS^1FGNW_,0`!4F_T`B\/^HX`3N*5*/9>P2,\UR$: MJ\HYS@(/B*3:4B,:Q1/W@JY(K-/V@](^?-$R.L*#Z@4T'^,S2]/6VP<8;!@_ MB_^KD\$W6='6CC_._7`Y8YP$0)II[[62\7&;OW M*,:$D4\TI7^.0<,SB"\W4F?XS]@HE-_ZHC_[X6(^1"XWF[^'5'\VP<>[M#YUK_Z-8W^Z+C_W0\$/V&O)_P5BL.DD6AT*I^_ M9I0*E2ZG] !Q\%'TN!&+HIK(,E0S;S+#,R`+7,`LSK>PH)^]`V01'`24[ZRZ]KC[U M8-.@(MONQBX%`>?D)EOY;/N$AU]G:7ME20>-$!<9/1[5:G?W4%%Y-95!B5]U MN;&_";6IA7V]R /'[DYU`0/9$F3)U&F5+F294N7+V'& =E)E2I+N9-W'FU+F384UC/($&%3ITJ$]T[((``#L_ ` end