Exhibit
Number
|
Description
|
Exhibit 99.1
|
Press release issued by the Company on October 31, 2012
|
FOR IMMEDIATE RELEASE
Contact: Press: Frank D. Filipo
Executive Vice President &
Operating Officer
(631) 208-2400
Investor: Brian K. Finneran
Executive Vice President &
Chief Financial Officer
(631) 208-2400
|
![]() 4 West Second Street
Riverhead, NY 11901
(631) 208-2400 (Voice) - (631) 727-3214 (FAX)
invest@suffolkbancorp.com
|
·
|
Asset Quality – Total non-accrual loans, excluding loans categorized as held-for-sale, decreased to $14 million or 1.87% of loans outstanding at September 30, 2012 versus $81 million or 8.33% of loans outstanding at December 31, 2011 and $92 million or 9.09% of loans outstanding at September 30, 2011. Total accruing loans delinquent 30 days or more amounted to 2.06% of loans outstanding at September 30, 2012 versus 3.56% of loans outstanding at December 31, 2011 and 2.32% of loans outstanding at September 30, 2011. Net loan charge-offs of $20.2 million, including $19.6 million related to loans transferred to held-for-sale and then sold during the quarter, were recorded in the third quarter of 2012 versus $8.4 million in the second quarter of 2012 and $7.1 million in the third quarter of 2011. The allowance for loan losses totaled $21.0 million at September 30, 2012, $40.0 million at December 31, 2011 and $43.7 million at September 30, 2011, representing 2.74%, 4.12% and 4.31% of total loans, respectively, at such dates. The allowance for loan losses as a percentage of non-accrual loans, excluding non-accrual loans categorized as held-for-sale, was 146%, 49% and 47% at September 30, 2012, December 31, 2011 and September 30, 2011, respectively. The Company held OREO of $1.6 million at September 30, 2012 and $1.8 million at December 31, 2011 and September 30, 2011.
|
·
|
Capital – The Company’s Tier I Leverage ratio was 9.74% at September 30, 2012 versus 8.85% at December 31, 2011 and 8.57% at September 30, 2011. The Company’s Total Risk-Based Capital ratio was 18.17% at September 30, 2012 versus 14.26% at December 31, 2011 and 13.88% at September 30, 2011. The Company’s Tangible Common Equity ratio (non-GAAP financial measure) was 9.75% at September 30, 2012 versus 9.05% at December 31, 2011 and 9.06% at September 30, 2011. The Company completed a successful $25 million private placement of its common stock with several institutional investors and certain of the Company’s directors and officers in September 2012. The institutional investors purchased 1,783,000 shares of common stock at a price of $13.50 per share. Certain of the Company’s directors and officers purchased approximately $930,000 of stock at $16.44 per share.
|
·
|
Core Deposits – Core deposits, consisting of demand, N.O.W., savings and money market accounts, totaled $1.1 billion at September 30, 2012, December 31, 2011 and September 30, 2011. Core deposits represented 82%, 81% and 80% of total deposits at September 30, 2012, December 31, 2011 and September 30, 2011, respectively. Demand deposits increased by 9.2% to $574 million at September 30, 2012 versus $525 million at December 31, 2011 and by 10.5% from $520 million at September 30, 2011. Demand deposits represented 42% of total deposits at September 30, 2012, 40% at December 31, 2011 and 38% at September 30, 2011.
|
·
|
Loans – Loans outstanding at September 30, 2012 declined by 20.9% to $767 million when compared to December 31, 2011 and by 24.3% from September 30, 2011.
|
·
|
Net Interest Margin – Net interest margin was 4.09% in the third quarter of 2012 versus 4.39% in the second quarter of 2012 and 4.67% in the third quarter of 2011.
|
·
|
Performance Ratios – Return on average assets and return on average common stockholders’ equity were (2.34%) and (25.40%), respectively, for the third quarter of 2012 and 1.10% and 12.39%, respectively, for the second quarter of 2012. For the third quarter of 2011, return on average assets and return on average common stockholders’ equity were 0.77% and 8.96%, respectively.
|
CONSOLIDATED STATEMENTS OF CONDITION
|
||||||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||||||
September 30,
|
December 31,
|
September 30,
|
||||||||||
2012
|
2011
|
2011
|
||||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents
|
||||||||||||
Cash and non-interest bearing deposits due from banks
|
$ | 57,937 | $ | 73,651 | $ | 30,646 | ||||||
Interest bearing deposits due from banks
|
344,767 | 98,908 | 136,320 | |||||||||
Federal funds sold
|
1,642 | - | - | |||||||||
Total cash and cash equivalents
|
404,346 | 172,559 | 166,966 | |||||||||
Federal Reserve Bank, Federal Home Loan Bank and other stock
|
2,368 | 2,536 | 2,536 | |||||||||
Investment securities:
|
||||||||||||
Available for sale, at fair value
|
328,668 | 299,204 | 307,362 | |||||||||
Held to maturity (fair value of $9,049, $10,161 and $10,390, respectively)
|
8,164 | 9,315 | 9,422 | |||||||||
Total investment securities
|
336,832 | 308,519 | 316,784 | |||||||||
Loans
|
766,569 | 969,654 | 1,012,888 | |||||||||
Allowance for loan losses
|
21,021 | 39,958 | 43,693 | |||||||||
Net loans
|
745,548 | 929,696 | 969,195 | |||||||||
Loans held-for-sale
|
7,000 | - | - | |||||||||
Premises and equipment, net
|
27,539 | 27,984 | 26,904 | |||||||||
Deferred taxes
|
16,300 | 18,465 | 18,109 | |||||||||
Income tax receivable
|
9,300 | 5,421 | 2,824 | |||||||||
Other real estate owned ("OREO")
|
1,572 | 1,800 | 1,800 | |||||||||
Accrued interest and loan fees receivable
|
5,572 | 6,885 | 7,318 | |||||||||
Prepaid FDIC assessment
|
574 | 1,843 | 2,354 | |||||||||
Goodwill and other intangibles
|
2,537 | 2,437 | 2,444 | |||||||||
Receivable - securities sales not settled
|
3,890 | - | - | |||||||||
Other assets
|
5,727 | 6,082 | 5,585 | |||||||||
TOTAL ASSETS
|
$ | 1,569,105 | $ | 1,484,227 | $ | 1,522,819 | ||||||
LIABILITIES & STOCKHOLDERS' EQUITY
|
||||||||||||
Demand deposits
|
$ | 573,962 | $ | 525,379 | $ | 519,604 | ||||||
Saving, N.O.W. & money market deposits
|
551,155 | 531,544 | 562,203 | |||||||||
Time certificates of $100,000 or more
|
167,677 | 168,140 | 181,415 | |||||||||
Other time deposits
|
80,320 | 86,809 | 89,957 | |||||||||
Total deposits
|
1,373,114 | 1,311,872 | 1,353,179 | |||||||||
Unfunded pension liability
|
21,324 | 18,212 | 12,113 | |||||||||
Capital leases
|
4,707 | 4,737 | 4,754 | |||||||||
Accrued interest payable
|
287 | 348 | 419 | |||||||||
Other liabilities
|
14,393 | 12,498 | 12,150 | |||||||||
TOTAL LIABILITIES
|
1,413,825 | 1,347,667 | 1,382,615 | |||||||||
STOCKHOLDERS' EQUITY
|
||||||||||||
Common stock (par value $2.50; 15,000,000 shares authorized;
|
||||||||||||
11,566,347, 9,726,814 and 9,726,814 shares outstanding at
|
||||||||||||
September 30, 2012, December 31, 2011 and September 30, 2011, respectively)
|
34,330 | 34,330 | 34,330 | |||||||||
Surplus
|
42,476 | 24,010 | 24,010 | |||||||||
Retained earnings
|
87,510 | 91,303 | 90,148 | |||||||||
Treasury stock at par (2,165,738, 4,005,270 and 4,005,270 shares
|
||||||||||||
at September 30, 2012, December 31, 2011 and September 30, 2011, respectively)
|
(5,414 | ) | (10,013 | ) | (10,013 | ) | ||||||
Accumulated other comprehensive (loss) income, net of tax
|
(3,622 | ) | (3,070 | ) | 1,729 | |||||||
TOTAL STOCKHOLDERS' EQUITY
|
155,280 | 136,560 | 140,204 | |||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
|
$ | 1,569,105 | $ | 1,484,227 | $ | 1,522,819 | ||||||
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
INTEREST INCOME
|
||||||||||||||||
Loans and loan fees
|
$ | 11,825 | $ | 15,100 | $ | 37,146 | $ | 47,488 | ||||||||
United States Treasury securities
|
- | 1 | - | 96 | ||||||||||||
Obligations of states & political subdivisions
|
1,517 | 1,544 | 4,569 | 5,332 | ||||||||||||
Collateralized mortgage obligations
|
1,256 | 1,404 | 3,649 | 4,534 | ||||||||||||
Mortgage-backed securities
|
145 | 8 | 171 | 24 | ||||||||||||
U.S. Government Agency obligations
|
30 | 44 | 34 | 337 | ||||||||||||
Corporate bonds
|
72 | - | 88 | - | ||||||||||||
Federal funds sold & interest due from banks
|
168 | 79 | 382 | 140 | ||||||||||||
Dividends
|
28 | 17 | 91 | 161 | ||||||||||||
Total interest income
|
15,041 | 18,197 | 46,130 | 58,112 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Saving, N.O.W. & money market deposits
|
286 | 435 | 906 | 1,618 | ||||||||||||
Time certificates of $100,000 or more
|
372 | 471 | 1,217 | 1,576 | ||||||||||||
Other time deposits
|
229 | 307 | 767 | 985 | ||||||||||||
Interest on borrowings
|
- | 1 | - | 655 | ||||||||||||
Total iterest expense
|
887 | 1,214 | 2,890 | 4,834 | ||||||||||||
Net interest income
|
14,154 | 16,983 | 43,240 | 53,278 | ||||||||||||
Provision for loan losses
|
12,000 | 900 | 9,600 | 24,088 | ||||||||||||
Net interest income after provision for loan losses
|
2,154 | 16,083 | 33,640 | 29,190 | ||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||
Service charges on deposit accounts
|
1,022 | 953 | 2,972 | 2,964 | ||||||||||||
Other service charges, commissions & fees
|
927 | 988 | 2,523 | 2,631 | ||||||||||||
Fiduciary fees
|
266 | 213 | 675 | 644 | ||||||||||||
Net (loss) gain on sale of securities available for sale
|
(162 | ) | - | (162 | ) | 1,645 | ||||||||||
Other operating income
|
541 | 278 | 1,242 | 872 | ||||||||||||
Total non-interest income
|
2,594 | 2,432 | 7,250 | 8,756 | ||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Employee compensation and benefits
|
9,486 | 8,141 | 26,945 | 23,458 | ||||||||||||
Net occupancy expense
|
1,480 | 1,435 | 4,210 | 4,391 | ||||||||||||
Equipment expense
|
509 | 506 | 1,512 | 1,451 | ||||||||||||
Outside services
|
1,145 | 1,425 | 3,338 | 3,713 | ||||||||||||
FDIC assessments
|
508 | 555 | 1,056 | 2,541 | ||||||||||||
OREO expense
|
781 | 182 | 840 | 293 | ||||||||||||
Prepayment fee on borrowing
|
- | - | - | 1,028 | ||||||||||||
Other operating expense
|
3,975 | 2,683 | 8,727 | 6,855 | ||||||||||||
Total operating expenses
|
17,884 | 14,927 | 46,628 | 43,730 | ||||||||||||
(Loss) income before income tax (benefit) expense
|
(13,136 | ) | 3,588 | (5,738 | ) | (5,784 | ) | |||||||||
Income tax (benefit) expense
|
(3,975 | ) | 516 | (1,945 | ) | (4,552 | ) | |||||||||
NET (LOSS) INCOME
|
$ | (9,161 | ) | $ | 3,072 | $ | (3,793 | ) | $ | (1,232 | ) | |||||
(LOSS) EARNINGS PER COMMON SHARE - BASIC
|
$ | (0.94 | ) | $ | 0.32 | $ | (0.39 | ) | $ | (0.13 | ) | |||||
(LOSS) EARNINGS PER COMMON SHARE - DILUTED
|
$ | (0.94 | ) | $ | 0.32 | $ | (0.39 | ) | $ | (0.13 | ) | |||||
STATISTICAL SUMMARY
|
||||||||||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
EARNINGS:
|
||||||||||||||||
(Loss) earnings per common share - diluted
|
$ | (0.94 | ) | $ | 0.32 | $ | (0.39 | ) | $ | (0.13 | ) | |||||
Cash dividends per common share
|
- | - | - | - | ||||||||||||
Net (loss) income
|
(9,161 | ) | 3,072 | (3,793 | ) | (1,232 | ) | |||||||||
Net interest income
|
14,154 | 16,983 | 43,240 | 53,278 | ||||||||||||
AVERAGE BALANCES:
|
||||||||||||||||
Total assets
|
$ | 1,559,869 | $ | 1,572,758 | $ | 1,531,773 | $ | 1,609,507 | ||||||||
Loans
|
824,148 | 1,035,628 | 896,655 | 1,076,457 | ||||||||||||
Investment securities
|
323,630 | 327,175 | 314,031 | 375,415 | ||||||||||||
Interest-earning assets
|
1,454,558 | 1,511,595 | 1,438,245 | 1,542,302 | ||||||||||||
Demand deposits
|
576,825 | 530,217 | 544,871 | 513,418 | ||||||||||||
Total deposits
|
1,382,161 | 1,402,354 | 1,350,254 | 1,414,657 | ||||||||||||
Borrowings
|
- | 289 | 77 | 27,101 | ||||||||||||
Stockholders' equity
|
143,480 | 136,024 | 138,777 | 134,959 | ||||||||||||
FINANCIAL PERFORMANCE RATIOS:
|
||||||||||||||||
Return on average assets
|
(2.34 | %) | 0.77 | % | (0.33 | %) | (0.10 | %) | ||||||||
Return on average stockholders' equity
|
(25.40 | %) | 8.96 | % | (3.65 | %) | (1.22 | %) | ||||||||
Average stockholders' equity/average assets
|
9.20 | % | 8.65 | % | 9.06 | % | 8.39 | % | ||||||||
Average loans/average deposits
|
59.63 | % | 73.85 | % | 66.41 | % | 76.09 | % | ||||||||
Net interest margin (FTE)
|
4.09 | % | 4.67 | % | 4.24 | % | 4.86 | % | ||||||||
Operating efficiency ratio
|
101.05 | % | 73.83 | % | 87.93 | % | 69.23 | % | ||||||||
CAPITAL RATIOS (1):
|
||||||||||||||||
Tier 1 leverage ratio
|
9.74 | % | 8.57 | % | 9.74 | % | 8.57 | % | ||||||||
Tier 1 risk-based capital ratio
|
16.90 | % | 12.60 | % | 16.90 | % | 12.60 | % | ||||||||
Total risk-based capital ratio
|
18.17 | % | 13.88 | % | 18.17 | % | 13.88 | % | ||||||||
Tangible common equity ratio (2)
|
9.75 | % | 9.06 | % | 9.75 | % | 9.06 | % | ||||||||
(1) At end of period.
|
||||||||||||||||
(2) The ratio of tangible common equity to tangible assets, or TCE ratio, is calculated by dividing total common stockholders’ equity by total assets, after reducing both amounts by intangible assets. The TCE ratio is not required by GAAP or by applicable bank regulatory requirements, but is a metric used by management to evaluate the adequacy of our capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP. With respect to the calculation of the actual unaudited TCE ratio as of September 30, 2012, reconciliations of tangible common equity to GAAP total common stockholders’ equity and tangible assets to GAAP total assets are set forth below:
|
||||||||||||||||
Total stockholders' equity
|
$ | 155,280 |
Total assets
|
$ | 1,569,105 | |||||||||||
Less: intangible assets
|
(2,537 | ) |
Less: intangible assets
|
(2,537 | ) | |||||||||||
Tangible common equity
|
$ | 152,743 |
Tangible assets
|
$ | 1,566,568 | |||||||||||
STATISTICAL SUMMARY (continued)
|
||||||||||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
ASSET QUALITY:
|
||||||||||||||||
Net charge-offs
|
$ | 20,205 | $ | 7,068 | $ | 28,537 | $ | 8,764 | ||||||||
Net charge-offs/average loans (annualized)
|
9.75 | % | 2.71 | % | 4.25 | % | 1.09 | % | ||||||||
At end of period:
|
||||||||||||||||
Non-accrual loans
|
$ | 14,356 | $ | 92,070 | $ | 14,356 | $ | 92,070 | ||||||||
Non-accrual loans held-for-sale
|
7,000 | - | 7,000 | - | ||||||||||||
Loans 90 days past due and still accruing
|
- | - | - | - | ||||||||||||
OREO
|
1,572 | 1,800 | 1,572 | 1,800 | ||||||||||||
Total non-performing assets
|
$ | 22,928 | $ | 93,870 | $ | 22,928 | $ | 93,870 | ||||||||
Allowance/non-accrual loans (3)
|
146.43 | % | 47.46 | % | 146.43 | % | 47.46 | % | ||||||||
Allowance/total loans (3)
|
2.74 | % | 4.31 | % | 2.74 | % | 4.31 | % | ||||||||
EQUITY:
|
||||||||||||||||
At end of period:
|
||||||||||||||||
Common shares outstanding
|
11,566,347 | 9,726,814 | 11,566,347 | 9,726,814 | ||||||||||||
Stockholders' equity
|
$ | 155,280 | $ | 140,204 | $ | 155,280 | $ | 140,204 | ||||||||
Book value per common share
|
13.43 | 14.41 | 13.43 | 14.41 | ||||||||||||
Tangible common equity
|
152,743 | 137,760 | 152,743 | 137,760 | ||||||||||||
Tangible book value per common share
|
13.21 | 14.16 | 13.21 | 14.16 | ||||||||||||
Average for the period:
|
||||||||||||||||
Common shares outstanding
|
9,837,959 | 9,726,948 | 9,764,133 | 9,718,809 | ||||||||||||
LOAN DISTRIBUTION (3):
|
||||||||||||||||
At end of period:
|
||||||||||||||||
Commercial and industrial loans
|
$ | 177,077 | $ | 213,569 | $ | 177,077 | $ | 213,569 | ||||||||
Commercial real estate mortgages
|
340,581 | 433,057 | 340,581 | 433,057 | ||||||||||||
Real estate - construction loans
|
23,781 | 62,023 | 23,781 | 62,023 | ||||||||||||
Residential mortgages (1st and 2nd liens)
|
138,934 | 171,515 | 138,934 | 171,515 | ||||||||||||
Home equity loans
|
70,276 | 80,704 | 70,276 | 80,704 | ||||||||||||
Consumer & other loans
|
15,920 | 52,020 | 15,920 | 52,020 | ||||||||||||
Total loans
|
$ | 766,569 | $ | 1,012,888 | $ | 766,569 | $ | 1,012,888 | ||||||||
(3) Excluding loans held for sale.
|
NET INTEREST INCOME ANALYSIS
|
||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 and 2011
|
||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities (1)
|
$ | 323,630 | $ | 3,807 | 4.68 | % | $ | 327,175 | $ | 3,803 | 4.61 | % | ||||||||||||
Federal Home Loan Bank and other stock
|
2,368 | 28 | 4.70 | 2,538 | 17 | 2.66 | ||||||||||||||||||
Federal funds sold and interest-bearing deposits
|
304,412 | 168 | 0.22 | 146,254 | 79 | 0.21 | ||||||||||||||||||
Loans
|
824,148 | 11,825 | 5.71 | 1,035,628 | 15,100 | 5.78 | ||||||||||||||||||
Total interest-earning assets
|
1,454,558 | $ | 15,828 | 4.33 | % | 1,511,595 | $ | 18,999 | 4.99 | % | ||||||||||||||
Non-interest-earning assets
|
105,311 | 61,163 | ||||||||||||||||||||||
Total Assets
|
$ | 1,559,869 | $ | 1,572,758 | ||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings deposits
|
$ | 551,566 | $ | 286 | 0.21 | % | $ | 587,759 | $ | 435 | 0.29 | % | ||||||||||||
Time deposits
|
253,770 | 601 | 0.94 | 284,378 | 778 | 1.09 | ||||||||||||||||||
Total savings and time deposits
|
805,336 | 887 | 0.44 | 872,137 | 1,213 | 0.55 | ||||||||||||||||||
Borrowings
|
- | - | - | 289 | 1 | 1.37 | ||||||||||||||||||
Total interest-bearing liabilities
|
805,336 | 887 | 0.44 | 872,426 | 1,214 | 0.55 | ||||||||||||||||||
Demand deposits
|
576,825 | 530,217 | ||||||||||||||||||||||
Other liabilities
|
34,228 | 34,091 | ||||||||||||||||||||||
Total Liabilities
|
1,416,389 | 1,436,734 | ||||||||||||||||||||||
Stockholders' Equity
|
143,480 | 136,024 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity
|
$ | 1,559,869 | $ | 1,572,758 | ||||||||||||||||||||
Net interest rate spread
|
3.89 | % | 4.43 | % | ||||||||||||||||||||
Net interest income/margin
|
14,941 | 4.09 | % | 17,785 | 4.67 | % | ||||||||||||||||||
Less tax-equivalent basis adjustment
|
(787 | ) | (802 | ) | ||||||||||||||||||||
Net interest income
|
$ | 14,154 | $ | 16,983 | ||||||||||||||||||||
(1) Interest on securities includes the effects of tax-equivalent basis adjustments of $787 and $802 in 2012 and 2011, respectively.
|
NET INTEREST INCOME ANALYSIS
|
||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 and 2011
|
||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
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Balance
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Interest
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Yield/Cost
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Assets:
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Interest-earning assets:
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Investment securities (1)
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$ | 314,031 | $ | 10,885 | 4.63 | % | $ | 375,415 | $ | 13,097 | 4.66 | % | ||||||||||||
Federal Home Loan Bank and other stock
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2,436 | 91 | 4.99 | 3,707 | 161 | 5.81 | ||||||||||||||||||
Federal funds sold and interest-bearing deposits
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225,123 | 382 | 0.23 | 86,723 | 140 | 0.22 | ||||||||||||||||||
Loans
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896,655 | 37,146 | 5.53 | 1,076,457 | 47,488 | 5.90 | ||||||||||||||||||
Total interest-earning assets
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1,438,245 | $ | 48,504 | 4.50 | % | 1,542,302 | $ | 60,886 | 5.28 | % | ||||||||||||||
Non-interest-earning assets
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93,528 | 67,205 | ||||||||||||||||||||||
Total Assets
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$ | 1,531,773 | $ | 1,609,507 | ||||||||||||||||||||
Liabilities and Stockholders' Equity:
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Interest-bearing liabilities:
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Savings deposits
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$ | 547,238 | $ | 906 | 0.22 | % | $ | 608,396 | $ | 1,618 | 0.36 | % | ||||||||||||
Time deposits
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258,145 | 1,984 | 1.03 | 292,843 | 2,561 | 1.17 | ||||||||||||||||||
Total savings and time deposits
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805,383 | 2,890 | 0.48 | 901,239 | 4,179 | 0.62 | ||||||||||||||||||
Borrowings
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77 | - | - | 27,101 | 655 | 3.23 | ||||||||||||||||||
Total interest-bearing liabilities
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805,460 | 2,890 | 0.48 | 928,340 | 4,834 | 0.70 | ||||||||||||||||||
Demand deposits
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544,871 | 513,418 | ||||||||||||||||||||||
Other liabilities
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42,665 | 32,790 | ||||||||||||||||||||||
Total Liabilities
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1,392,996 | 1,474,548 | ||||||||||||||||||||||
Stockholders' Equity
|
138,777 | 134,959 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity
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$ | 1,531,773 | $ | 1,609,507 | ||||||||||||||||||||
Net interest rate spread
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4.03 | % | 4.58 | % | ||||||||||||||||||||
Net interest income/margin
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45,614 | 4.24 | % | 56,052 | 4.86 | % | ||||||||||||||||||
Less tax-equivalent basis adjustment
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(2,374 | ) | (2,774 | ) | ||||||||||||||||||||
Net interest income
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$ | 43,240 | $ | 53,278 | ||||||||||||||||||||
(1) Interest on securities includes the effects of tax-equivalent basis adjustments of $2,374 and $2,774 in 2012 and 2011, respectively.
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