000-50667 | 82-0499463 | |||||||
(Commission File Number) | IRS Employer Identification No. |
99.1 | Press Release dated February 14, 2012 announcing financial results for the quarter ended December 31, 2011. |
CONTACT: | Curt Hecker, CEO | |
Intermountain Community Bancorp | ||
(208) 263-0505 | curt.hecker@panhandlebank.com | |
Doug Wright, Executive Vice President & CFO | ||
Intermountain Community Bancorp | ||
(509) 363-2635 | doug.wright@intermountainbank.com |
▪ | Operating expenses decreased by $646,000 from the prior quarter and $973,000 from the fourth quarter last year, reflecting ongoing improvements in the Company's expense base. For the year 2011, operating expenses were down $16.6 million from the prior year, or $4.9 million excluding the |
▪ | The provision for loan losses for the three months ended December 31, 2011 was $706,000 compared to $2.2 million in the previous quarter and $2.2 million for the quarter ended December 31, 2010. The provision for loan losses for the year ended December 31, 2011 dropped by $16.7 million to $7.3 million compared to the year ended December 31, 2010. The decrease in the provision from the previous quarter and year reflects continued improvement in portfolio credit quality. |
▪ | Intermountain's cost of interest-bearing liabilities continued to decline, down 0.16% as compared to the prior quarter and 0.20% from one year ago. At 0.77%, the 2011 cost of interest-bearing liabilities declined 0.36% and is well below peer group averages. |
▪ | Transaction deposits increased to 68.4% of total deposits, compared to 63.7% a year ago, as the Company continues to phase out higher cost funding instruments, such as wholesale, single-service and collateralized certificates of deposit. Non-interest bearing demand deposits increased by $6.9 million, or 3.8% in the fourth quarter. |
▪ | Nonperforming assets (NPAs) at December 31, 2011 decreased by $1.8 million, or 10.0% from the end of the third quarter and by $4,000 from year end 2010. At 1.71% of total assets versus 1.91% in the sequential quarter and 1.59% at December 31, 2010, the Company's NPA/Total Asset ratio continues to be low compared to peer group averages. |
▪ | Loan delinquencies (30 days past due and over) have trended down to 0.28% of total loans compared to 0.30% in the third quarter of 2011 and 0.55% in the fourth quarter of 2010. |
▪ | Capital ratios continued to improve during the fourth quarter. The Company's estimated Tier 1 Leverage and Total Risk Based Capital ratios were 7.3% and 12.6% in the fourth quarter, respectively, as compared to 7.1% and 11.7% in the third quarter, and 6.8% and 11.3% in December, 2010. |
▪ | On January 23, 2012 the Company successfully completed a $47.3 million private capital raise, which boosts its capital and liquidity position and creates additional investment opportunities in the communities it serves. Giving effect to the January 2012 capital raise on a pro forma basis based on December 31, 2011 regulatory capital estimates, the Company's estimated Tier 1 Leverage and Total Risk Based Capital ratios increase to 11.4% and 19.7%, respectively. |
▪ | The Company also announced plans to conduct a $5 to $8 million rights offering in Spring 2012 that will allow existing shareholders to purchase common shares at the same $1.00 purchase price per share as the private placement investors. |
NPA BY TYPE AND LOCATION December 31, 2011 | ||||||||||||||||||||
North Idaho - Eastern Washington | Magic Valley Idaho | Greater Boise Area | E. Oregon, SW Idaho excluding Boise | Other | Total | % of Loan type to total NPAs | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Commercial loans | $ | 3,030 | $ | 357 | $ | 252 | $ | 27 | $ | 20 | $ | 3,686 | 23 | % | ||||||
Commercial real estate | 841 | 131 | 332 | 238 | 1,244 | 2,786 | 17.5 | % | ||||||||||||
Commercial construction | 44 | — | — | — | — | 44 | 0.3 | % | ||||||||||||
Land and land development | 8,308 | 76 | 240 | 14 | 15 | 8,653 | 54.3 | % | ||||||||||||
Agriculture | — | 36 | 66 | 53 | 32 | 187 | 1.2 | % | ||||||||||||
Multifamily | — | — | — | — | — | — | — | % | ||||||||||||
Residential real estate | 308 | — | 78 | 75 | 106 | 567 | 3.6 | % | ||||||||||||
Residential construction | 2 | — | — | — | — | 2 | — | % | ||||||||||||
Consumer | 15 | — | — | — | 2 | 17 | 0.1 | % | ||||||||||||
Total | $ | 12,548 | $ | 600 | $ | 968 | $ | 407 | $ | 1,419 | $ | 15,942 | 100 | % | ||||||
Percent of total NPA | 78.71 | % | 3.76 | % | 6.07 | % | 2.50 | % | 8.89 | % | 100.0 | % | ||||||||
NPA BY CATEGORY | ||||||||||||||||||||
(Dollars in thousands) | 12/31/2011 | % of total | 9/30/2011 | % of total | 12/31/2010 | % of total | ||||||||||||||
Commercial loans | $ | 3,686 | 23.0 | % | $ | 3,729 | 21.0 | % | $ | 3,859 | 24.2 | % | ||||||||
Commercial real estate | 2,786 | 17.5 | % | 4,312 | 24.4 | % | 4,354 | 27.3 | % | |||||||||||
Commercial construction | 44 | 0.3 | % | 45 | 0.3 | % | 69 | 0.4 | % | |||||||||||
Land and land development | 8,653 | 54.3 | % | 8,472 | 47.8 | % | 3,368 | 21.1 | % | |||||||||||
Agriculture | 187 | 1.2 | % | 404 | 2.3 | % | 582 | 3.7 | % | |||||||||||
Multifamily | — | — | % | — | — | % | — | — | % | |||||||||||
Residential real estate | 567 | 3.6 | % | 601 | 3.4 | % | 3,213 | 20.2 | % | |||||||||||
Residential construction | 2 | — | % | 18 | 0.1 | % | 112 | 0.7 | % | |||||||||||
Consumer | 17 | 0.1 | % | 126 | 0.7 | % | 389 | 2.4 | % | |||||||||||
Total NPA by Categories | $ | 15,942 | 100.0 | % | $ | 17,707 | 100.0 | % | $ | 15,946 | 100.0 | % |
LOANS BY CATEGORIES | |||||||||||||||||
(Dollars in thousands) | 12/31/2011 | % of total | 9/30/2011 | % of total | 12/31/2010 | % of total | |||||||||||
Commercial loans | $ | 110,395 | 21.4 | % | $ | 114,616 | 21.2 | % | $ | 122,656 | 21.3 | % | |||||
Commercial real estate | 167,586 | 32.6 | % | 169,189 | 31.3 | % | 175,559 | 30.5 | % | ||||||||
Commercial construction | 6,335 | 1.2 | % | 17,153 | 3.2 | % | 17,951 | 3.1 | % | ||||||||
Land and land development | 38,499 | 7.5 | % | 43,603 | 8.1 | % | 60,962 | 10.6 | % | ||||||||
Agriculture | 81,316 | 15.8 | % | 82,879 | 15.4 | % | 87,364 | 15.2 | % | ||||||||
Multifamily | 26,038 | 5.1 | % | 26,902 | 5.0 | % | 26,417 | 4.6 | % | ||||||||
Residential real estate | 58,861 | 11.4 | % | 62,152 | 11.5 | % | 60,872 | 10.6 | % | ||||||||
Residential construction | 2,742 | 0.5 | % | 2,974 | 0.6 | % | 3,219 | 0.6 | % | ||||||||
Consumer | 11,847 | 2.3 | % | 12,157 | 2.3 | % | 14,095 | 2.4 | % | ||||||||
Municipal | 11,063 | 2.2 | % | 8,085 | 1.4 | % | 6,528 | 1.1 | % | ||||||||
Total loans receivable | 514,682 | 100.0 | % | 539,710 | 100.0 | % | 575,623 | 100.0 | % | ||||||||
Allowance for loan losses | (12,690 | ) | (14,367 | ) | (12,455 | ) | |||||||||||
Net deferred origination fees | 260 | 135 | 60 | ||||||||||||||
Loans receivable, net | $ | 502,252 | $ | 525,478 | $ | 563,228 |
LOAN PORTFOLIO BY LOCATION December 31, 2011 | ||||||||||||||||||||
(Dollars in thousands) | North Idaho - Eastern Washington | Magic Valley Idaho | Greater Boise Area | E. Oregon, SW Idaho, excluding Boise | Other | Total | % of Loan type to total loans | |||||||||||||
Commercial loans | $ | 75,677 | $ | 6,785 | $ | 7,686 | $ | 18,498 | $ | 1,749 | $ | 110,395 | 21.4 | % | ||||||
Commercial real estate | 114,211 | 11,763 | 14,242 | 15,692 | 11,678 | 167,586 | 32.6 | % | ||||||||||||
Commercial construction | 2,964 | 3,137 | 74 | — | 160 | 6,335 | 1.2 | % | ||||||||||||
Land and land development | 28,844 | 2,229 | 5,095 | 1,202 | 1,129 | 38,499 | 7.5 | % | ||||||||||||
Agriculture | 1,168 | 4,097 | 17,237 | 57,154 | 1,660 | 81,316 | 15.8 | % | ||||||||||||
Multifamily | 10,378 | — | 7,299 | — | 8,361 | 26,038 | 5.1 | % | ||||||||||||
Residential real estate | 39,610 | 5,031 | 3,273 | 7,723 | 3,224 | 58,861 | 11.4 | % | ||||||||||||
Residential construction | 2,742 | — | — | — | — | 2,742 | 0.5 | % | ||||||||||||
Consumer | 6,745 | 1,176 | 1,082 | 2,605 | 239 | 11,847 | 2.3 | % | ||||||||||||
Municipal | 9,592 | 1,471 | — | — | — | 11,063 | 2.2 | % | ||||||||||||
Total | $ | 291,931 | $ | 35,689 | $ | 55,988 | $ | 102,874 | $ | 28,200 | $ | 514,682 | 100.0 | % | ||||||
Percent of total loans in geographic area | 56.7 | % | 6.9 | % | 10.9 | % | 20.0 | % | 5.5 | % | 100.0 | % |
DEPOSITS | |||||||||||||||
(Dollars in thousands) | 12/31/2011 | % of total | 9/30/2010 | % of total | 12/31/2010 | % of total | |||||||||
Non-interest bearing demand accounts | $ | 190,074 | 26.1 | % | $ | 183,160 | 24.4 | % | $ | 168,519 | 21.6 | % | |||
NOW & Money market accounts | 308,713 | 42.3 | % | 320,934 | 42.8 | % | 327,891 | 42.1 | % | ||||||
Savings & IRA accounts | 73,493 | 10.1 | % | 73,986 | 9.9 | % | 75,387 | 9.7 | % | ||||||
Certificates of deposit (CDs) | 59,199 | 8.1 | % | 64,565 | 8.6 | % | 79,533 | 10.2 | % | ||||||
Jumbo CDs | 56,177 | 7.7 | % | 62,394 | 8.3 | % | 77,685 | 10.0 | % | ||||||
Brokered CDs | 37,000 | 5.1 | % | 37,000 | 4.9 | % | 40,899 | 5.3 | % | ||||||
CDARS CDs to local customers | 4,717 | 0.6 | % | 7,946 | 1.1 | % | 8,919 | 1.1 | % | ||||||
Total Deposits | $ | 729,373 | 100.0 | % | $ | 749,985 | 100.0 | % | $ | 778,833 | 100.0 | % | |||
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||||||
December 31, 2011 | September 30, 2011 | December 31, 2010 | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents: | |||||||||||
Interest-bearing | $ | 82,242 | $ | 84,599 | $ | 132,693 | |||||
Non-interest bearing and vault | 24,958 | 13,483 | 11,973 | ||||||||
Restricted cash | 2,668 | 2,975 | 3,290 | ||||||||
Available-for-sale securities, at fair value | 219,039 | 193,209 | 183,081 | ||||||||
Held-to-maturity securities, at amortized cost | 16,143 | 21,670 | 22,217 | ||||||||
Federal Home Loan Bank of Seattle stock, at cost | 2,310 | 2,310 | 2,310 | ||||||||
Loans held for sale | 5,561 | 2,352 | 3,425 | ||||||||
Loans receivable, net | 502,252 | 525,478 | 563,228 | ||||||||
Accrued interest receivable | 4,100 | 4,052 | 4,360 | ||||||||
Office properties and equipment, net | 37,687 | 38,309 | 40,246 | ||||||||
Bank-owned life insurance | 9,127 | 9,034 | 8,765 | ||||||||
Other intangibles | 189 | 218 | 310 | ||||||||
Other real estate owned (“OREO”) | 6,650 | 7,378 | 4,429 | ||||||||
Prepaid expenses and other assets | 21,292 | 21,456 | 24,782 | ||||||||
Total assets | $ | 934,218 | $ | 926,523 | $ | 1,005,109 | |||||
LIABILITIES | |||||||||||
Deposits | $ | 729,373 | $ | 749,985 | $ | 778,833 | |||||
Securities sold subject to repurchase agreements | 85,104 | 57,122 | 105,116 | ||||||||
Advances from Federal Home Loan Bank | 29,000 | 29,000 | 34,000 | ||||||||
Cashier checks issued and payable | 481 | 404 | 580 | ||||||||
Accrued interest payable | 1,676 | 1,575 | 1,406 | ||||||||
Other borrowings | 16,527 | 16,527 | 16,527 | ||||||||
Accrued expenses and other liabilities | 10,441 | 11,327 | 9,294 | ||||||||
Total liabilities | 872,602 | 865,940 | 945,756 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock | 78,916 | 78,868 | 78,803 | ||||||||
Preferred stock | 26,149 | 26,059 | 25,794 | ||||||||
Accumulated other comprehensive gain (loss) (1) | 2,370 | 2,383 | (1,229 | ) | |||||||
Accumulated deficit | (45,819 | ) | (46,727 | ) | (44,015 | ) | |||||
Total stockholders' equity | 61,616 | 60,583 | 59,353 | ||||||||
Total liabilities and stockholders' equity | $ | 934,218 | $ | 926,523 | $ | 1,005,109 | |||||
Book value per common share, excluding preferred stock | $ | 4.22 | $ | 4.11 | $ | 4.00 | |||||
Tangible book value per common share, excluding preferred stock (2) | $ | 4.19 | $ | 4.08 | $ | 3.96 | |||||
Shares outstanding at end of period | 8,409,840 | 8,409,840 | 8,390,877 | ||||||||
Stockholders' Equity to Total Assets | 6.60 | % | 6.54 | % | 5.91 | % | |||||
Tangible Stockholders' Equity to Tangible Assets (3) | 6.58 | % | 6.52 | % | 5.88 | % | |||||
Tangible Common Equity to Tangible Assets | 3.78 | % | 3.70 | % | 3.31 | % | |||||
(1) Net of deferred income taxes (2) Amount represents common stockholders' equity less net goodwill and other intangible assets divided by total shares outstanding. (3) Amount represents stockholders' equity less net goodwill and other intangible assets divided by assets less net goodwill and other intangible assets. |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, 2011 | September 30, 2011 | December 31, 2010 | ||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||
Interest income: | ||||||||||||
Loans | $ | 7,831 | $ | 8,224 | $ | 8,994 | ||||||
Investments | 1,939 | 2,385 | 2,103 | |||||||||
Total interest income | 9,770 | 10,609 | 11,097 | |||||||||
Interest expense: | ||||||||||||
Deposits | 868 | 1,158 | 1,443 | |||||||||
Borrowings | 560 | 643 | 595 | |||||||||
Total interest expense | 1,428 | 1,801 | 2,038 | |||||||||
Net interest income | 8,342 | 8,808 | 9,059 | |||||||||
Provision for losses on loans | (706 | ) | (2,239 | ) | (2,232 | ) | ||||||
Net interest income after provision for losses on loans | 7,636 | 6,569 | 6,827 | |||||||||
Other income (expense): | ||||||||||||
Fees and service charges | 1,810 | 1,692 | 1,752 | |||||||||
Loan related fee income | 559 | 524 | 775 | |||||||||
Net gain on sale of securities | 119 | 12 | — | |||||||||
Other-than-temporary impairment on investments | (64 | ) | (81 | ) | (222 | ) | ||||||
Bank-owned life insurance | 93 | 88 | 91 | |||||||||
Other income | 228 | 248 | 290 | |||||||||
Total other income, net | 2,745 | 2,483 | 2,686 | |||||||||
Operating expenses: | ||||||||||||
Salaries and employee benefits | 4,123 | 4,779 | 5,089 | |||||||||
Occupancy expense | 1,699 | 1,685 | 1,770 | |||||||||
FDIC assessment | 301 | 317 | 451 | |||||||||
OREO operations | 805 | 735 | 501 | |||||||||
Other expenses | 2,238 | 2,296 | 2,328 | |||||||||
Total operating expenses | 9,166 | 9,812 | 10,139 | |||||||||
Income (loss) before income tax benefit | 1,215 | (760 | ) | (626 | ) | |||||||
Income tax benefit | 152 | — | — | |||||||||
Net income (loss) | 1,367 | (760 | ) | (626 | ) | |||||||
Preferred stock dividend | 460 | 457 | 438 | |||||||||
Net Income (loss) applicable to common stockholders | $ | 907 | $ | (1,217 | ) | $ | (1,064 | ) | ||||
Income (loss) per share - basic | $ | 0.11 | $ | (0.14 | ) | $ | (0.13 | ) | ||||
Income (loss) per share - diluted | $ | 0.11 | $ | (0.14 | ) | $ | (0.13 | ) | ||||
Weighted-average common shares outstanding - basic | 8,409,840 | 8,409,840 | 8,390,877 | |||||||||
Weighted-average common shares outstanding - diluted | 8,427,330 | 8,409,840 | 8,390,877 |
INTERMOUNTAIN COMMUNITY BANCORP CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||
Twelve Months Ended | |||||||
December 31, 2011 | December 31, 2010 | ||||||
(Dollars in thousands, | |||||||
except per share amounts) | |||||||
Interest income: | |||||||
Loans | $ | 32,821 | $ | 38,020 | |||
Investments | 8,836 | 8,029 | |||||
Total interest income | 41,657 | 46,049 | |||||
Interest expense: | |||||||
Deposits | 4,408 | 7,746 | |||||
Borrowings | 2,404 | 3,039 | |||||
Total interest expense | 6,812 | 10,785 | |||||
Net interest income | 34,845 | 35,264 | |||||
Provision for losses on loans | (7,289 | ) | (24,012 | ) | |||
Net interest income after provision for losses on loans | 27,556 | 11,252 | |||||
Other income (expense): | |||||||
Fees and service charges | 7,036 | 7,133 | |||||
Loan related fee income | 2,202 | 3,061 | |||||
Net gain on sale of securities | 131 | 349 | |||||
Other-than-temporary impairment on investments | (145 | ) | (828 | ) | |||
Bank-owned life insurance | 362 | 368 | |||||
Other income | 1,039 | 941 | |||||
Total other income, net | 10,625 | 11,024 | |||||
Operating expenses: | |||||||
Salaries and employee benefits | 18,736 | 20,950 | |||||
Occupancy expense | 6,879 | 7,240 | |||||
FDIC assessment | 1,394 | 1,892 | |||||
OREO operations | 2,166 | 3,472 | |||||
Goodwill impairment | — | 11,662 | |||||
Other expenses | 9,155 | 9,678 | |||||
Total operating expenses | 38,330 | 54,894 | |||||
Loss before income tax benefit | (149 | ) | (32,618 | ) | |||
Income tax benefit | 152 | 882 | |||||
Net income (loss) | 3 | (31,736 | ) | ||||
Preferred stock dividend | 1,808 | 1,716 | |||||
Net loss applicable to common stockholders | $ | (1,805 | ) | $ | (33,452 | ) | |
Loss per share - basic | $ | (0.21 | ) | $ | (3.99 | ) | |
Loss per share - diluted | $ | (0.21 | ) | $ | (3.99 | ) | |
Weighted-average common shares outstanding - basic | 8,406,536 | 8,385,615 | |||||
Weighted-average common shares outstanding - diluted | 8,406,536 | 8,385,615 |
INTERMOUNTAIN COMMUNITY BANCORP KEY PERFORMANCE RATIOS | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
December 31, 2011 | September 30, 2011 | December 31, 2010 | December 31, 2011 | December 31, 2010 | |||||||
Net Interest Spread: | |||||||||||
Yield on Loan Portfolio | 5.81 | % | 5.91 | % | 5.98 | % | 5.94 | % | 6.01 | % | |
Yield on Investments & Cash | 2.52 | % | 3.25 | % | 2.70 | % | 2.81 | % | 2.66 | % | |
Yield on Interest-Earning Assets | 4.62 | % | 4.99 | % | 4.86 | % | 4.81 | % | 4.93 | % | |
Cost of Deposits | 0.46 | % | 0.62 | % | 0.72 | % | 0.59 | % | 0.96 | % | |
Cost of Advances | 2.20 | % | 2.12 | % | 2.10 | % | 2.13 | % | 2.46 | % | |
Cost of Borrowings | 2.04 | % | 2.14 | % | 1.65 | % | 1.75 | % | 1.87 | % | |
Cost of Interest-Bearing Liabilities | 0.67 | % | 0.83 | % | 0.87 | % | 0.77 | % | 1.13 | % | |
Net Interest Spread | 3.95 | % | 4.16 | % | 3.99 | % | 4.03 | % | 3.80 | % | |
Net Interest Margin | 3.94 | % | 4.14 | % | 3.97 | % | 4.02 | % | 3.77 | % | |
Performance Ratios: | |||||||||||
Return on Average Assets | 0.58 | % | -0.32 | % | -0.25 | % | — | % | -3.04 | % | |
Return on Average Common Stockholders' Equity | 10.28 | % | -14.00 | % | -12.39 | % | -5.27 | % | -67.35 | % | |
Return on Average Common Tangible Equity (1) | 10.34 | % | -14.09 | % | -12.51 | % | -5.31 | % | -79.08 | % | |
Operating Efficiency | 82.67 | % | 86.90 | % | 86.33 | % | 84.30 | % | 93.40 | % | |
Noninterest Expense to Average Assets | 3.91 | % | 4.13 | % | 4.03 | % | 3.99 | % | 5.26 | % | |
(1) Average common tangible equity is average common stockholders' equity less average net goodwill and other intangible assets. |
INTERMOUNTAIN COMMUNITY BANCORP LOAN AND REGULATORY CAPITAL DATA | ||||||||||
December 31, 2011 | September 30, 2011 | December 31, 2010 | ||||||||
(Dollars in thousands) | ||||||||||
Loan Data | ||||||||||
Net Charge-Offs to Average Net Loans (QTD Annualized) | 1.81 | % | 1.15 | % | 2.80 | % | ||||
Loan Loss Allowance to Total Loans | 2.46 | % | 2.66 | % | 2.16 | % | ||||
Nonperforming Assets: | ||||||||||
Accruing Loans-90 Days Past Due | $ | — | $ | — | $ | 66 | ||||
Nonaccrual Loans | 9,292 | 10,329 | 11,451 | |||||||
Total Nonperforming Loans | 9,292 | 10,329 | 11,517 | |||||||
OREO | 6,650 | 7,378 | 4,429 | |||||||
Total Nonperforming Assets (“NPA”) | $ | 15,942 | $ | 17,707 | $ | 15,946 | ||||
NPA to Total Assets | 1.71 | % | 1.91 | % | 1.59 | % | ||||
NPA to Net Loans Receivable | 3.17 | % | 3.37 | % | 2.83 | % | ||||
NPA to Risk Based Capital | 21.31 | % | 24.18 | % | 20.96 | % | ||||
NPA to Tangible Equity + Allowance for Loan Loss | 21.51 | % | 23.69 | % | 22.30 | % | ||||
Loan Delinquency Ratio (30 days and over) | 0.28 | % | 0.30 | % | 0.55 | % | ||||
Regulatory Capital | ||||||||||
Total capital (to risk-weighted assets): | ||||||||||
The Company | 12.58 | % | 11.73 | % | 11.32 | % | ||||
Panhandle State Bank | 13.74 | % | 12.72 | % | 11.94 | % | ||||
Tier 1 capital (to risk-weighted assets): | ||||||||||
The Company | 11.32 | % | 10.47 | % | 10.06 | % | ||||
Panhandle State Bank | 12.48 | % | 11.45 | % | 10.68 | % | ||||
Tier 1 capital (to average assets): | ||||||||||
The Company | 7.32 | % | 7.06 | % | 6.84 | % | ||||
Panhandle State Bank | 8.07 | % | 7.74 | % | 7.26 | % | ||||
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