Exhibit
Number
|
Description
|
Exhibit 99.1
|
Press release issued by the Company on January 30, 2013
|
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
|
PRESS RELEASE
January 30, 2013
Page 2 of 11
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PRESS RELEASE
January 30, 2013
Page 3 of 11
|
·
|
Asset Quality – Total non-accrual loans, excluding loans categorized as held-for-sale, decreased to $16 million or 2.10% of loans outstanding at December 31, 2012 versus $81 million or 8.33% of loans outstanding at December 31, 2011. Total accruing loans delinquent 30 days or more amounted to 1.81% of loans outstanding at December 31, 2012 versus 3.56% of loans outstanding at December 31, 2011. Net loan charge-offs of $2.1 million, including $2.0 million related to loans transferred to held-for-sale and then sold during the quarter, were recorded in the fourth quarter of 2012 versus $4.5 million in the fourth quarter of 2011. The allowance for loan losses totaled $18 million at December 31, 2012 and $40 million at December 31, 2011, representing 2.28% and 4.12% 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 108% and 49% at December 31, 2012 and December 31, 2011, respectively. The Company held OREO of $1.6 million at December 31, 2012 and $1.8 million at December 31, 2011.
|
·
|
Capital – The Company’s Tier I Leverage ratio was 9.79% at December 31, 2012 versus 8.85% at December 31, 2011. The Company’s Total Risk-Based Capital ratio was 18.15% at December 31, 2012 versus 14.26% at December 31, 2011. The Company’s Tangible Common Equity ratio (non-GAAP financial measure) was 9.96% at December 31, 2012 versus 9.05% at December 31, 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 $1.2 billion at December 31, 2012 and $1.1 billion at December 31, 2011. Core deposits represented 83% and 81% of total deposits at December 31, 2012 and December 31, 2011, respectively. Demand deposits increased by 17.1% to $615 million at December 31, 2012 versus $525 million at December 31, 2011. Demand deposits represented 43% of total deposits at December 31, 2012 and 40% at December 31, 2011.
|
·
|
Loans – Loans outstanding at December 31, 2012 increased by 1.9% to $781 million when compared to September 30, 2012, but declined by 19.5% versus $970 million outstanding at December 31, 2011.
|
·
|
Net Interest Margin – Net interest margin was 4.02% in the fourth quarter of 2012 versus 4.85% in the fourth quarter of 2011. The average cost of funds improved to 0.24% in the fourth quarter of 2012 from 0.33% in the comparable 2011 period.
|
·
|
Performance Ratios – Return on average assets and return on average common stockholders’ equity were 0.51% and 5.24%, respectively, for the fourth quarter of 2012 versus 0.30% and 3.28%, respectively, for the fourth quarter of 2011.
|
PRESS RELEASE
January 30, 2013
Page 4 of 11
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PRESS RELEASE
January 30, 2013
Page 5 of 11
|
CONSOLIDATED STATEMENTS OF CONDITION
|
||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||
December 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
||||||||
Cash and non-interest bearing deposits due from banks
|
$ | 80,436 | $ | 73,651 | ||||
Interest bearing deposits due from banks
|
304,220 | 98,908 | ||||||
Federal funds sold
|
1,150 | - | ||||||
Total cash and cash equivalents
|
385,806 | 172,559 | ||||||
Federal Reserve Bank, Federal Home Loan Bank and other stock
|
3,043 | 2,536 | ||||||
Investment securities:
|
||||||||
Available for sale, at fair value
|
402,353 | 299,204 | ||||||
Held to maturity (fair value of $8,861 and $10,161, respectively)
|
8,035 | 9,315 | ||||||
Total investment securities
|
410,388 | 308,519 | ||||||
Loans
|
780,780 | 969,654 | ||||||
Allowance for loan losses
|
17,781 | 39,958 | ||||||
Net loans
|
762,999 | 929,696 | ||||||
Loans held-for-sale
|
907 | - | ||||||
Premises and equipment, net
|
27,656 | 27,984 | ||||||
Deferred taxes
|
11,385 | 18,465 | ||||||
Income tax receivable
|
5,406 | 5,421 | ||||||
Other real estate owned ("OREO")
|
1,572 | 1,800 | ||||||
Accrued interest and loan fees receivable
|
4,883 | 6,885 | ||||||
Prepaid FDIC assessment
|
74 | 1,843 | ||||||
Goodwill and other intangibles
|
2,670 | 2,437 | ||||||
Other assets
|
5,675 | 6,082 | ||||||
TOTAL ASSETS
|
$ | 1,622,464 | $ | 1,484,227 | ||||
LIABILITIES & STOCKHOLDERS' EQUITY
|
||||||||
Demand deposits
|
$ | 615,120 | $ | 525,379 | ||||
Saving, N.O.W. & money market deposits
|
572,263 | 531,544 | ||||||
Time certificates of $100,000 or more
|
165,731 | 168,140 | ||||||
Other time deposits
|
78,000 | 86,809 | ||||||
Total deposits
|
1,431,114 | 1,311,872 | ||||||
Unfunded pension liability
|
7,781 | 18,212 | ||||||
Capital leases
|
4,688 | 4,737 | ||||||
Accrued interest payable
|
237 | 348 | ||||||
Other liabilities
|
14,659 | 12,498 | ||||||
TOTAL LIABILITIES
|
1,458,479 | 1,347,667 | ||||||
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
STOCKHOLDERS' EQUITY
|
||||||||
Common stock (par value $2.50; 15,000,000 shares authorized;
|
||||||||
11,566,347 and 9,726,814 shares outstanding at
|
||||||||
December 31, 2012 and 2011, respectively)
|
34,330 | 34,330 | ||||||
Surplus
|
42,628 | 24,010 | ||||||
Retained earnings
|
89,555 | 91,303 | ||||||
Treasury stock at par (2,165,738 and 4,005,270 shares
|
||||||||
at December 31, 2012 and 2011, respectively)
|
(5,414 | ) | (10,013 | ) | ||||
Accumulated other comprehensive income (loss), net of tax
|
2,886 | (3,070 | ) | |||||
TOTAL STOCKHOLDERS' EQUITY
|
163,985 | 136,560 | ||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
|
$ | 1,622,464 | $ | 1,484,227 |
PRESS RELEASE
January 30, 2013
Page 6 of 11
|
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
INTEREST INCOME
|
||||||||||||||||
Loans and loan fees
|
$ | 10,937 | $ | 14,356 | $ | 48,083 | $ | 61,844 | ||||||||
United States Treasury securities
|
- | - | - | 96 | ||||||||||||
Obligations of states & political subdivisions
|
1,516 | 1,532 | 6,085 | 6,864 | ||||||||||||
Collateralized mortgage obligations
|
1,047 | 1,305 | 4,696 | 5,839 | ||||||||||||
Mortgage-backed securities
|
247 | 6 | 418 | 30 | ||||||||||||
U.S. Government Agency obligations
|
207 | - | 241 | 337 | ||||||||||||
Corporate bonds
|
116 | - | 204 | - | ||||||||||||
Federal funds sold & interest due from banks
|
217 | 92 | 599 | 232 | ||||||||||||
Dividends
|
30 | 30 | 121 | 191 | ||||||||||||
Total interest income
|
14,317 | 17,321 | 60,447 | 75,433 | ||||||||||||
INTEREST EXPENSE
|
||||||||||||||||
Saving, N.O.W. & money market deposits
|
286 | 342 | 1,192 | 1,960 | ||||||||||||
Time certificates of $100,000 or more
|
350 | 453 | 1,567 | 2,029 | ||||||||||||
Other time deposits
|
193 | 296 | 960 | 1,281 | ||||||||||||
Interest on borrowings
|
- | - | - | 655 | ||||||||||||
Total interest expense
|
829 | 1,091 | 3,719 | 5,925 | ||||||||||||
Net interest income
|
13,488 | 16,230 | 56,728 | 69,508 | ||||||||||||
(Credit) provision for loan losses
|
(1,100 | ) | 800 | 8,500 | 24,888 | |||||||||||
Net interest income after (credit) provision for loan losses
|
14,588 | 15,430 | 48,228 | 44,620 | ||||||||||||
NON-INTEREST INCOME
|
||||||||||||||||
Service charges on deposit accounts
|
960 | 934 | 3,932 | 3,898 | ||||||||||||
Other service charges, commissions & fees
|
992 | 836 | 3,515 | 3,467 | ||||||||||||
Fiduciary fees
|
270 | 209 | 945 | 853 | ||||||||||||
Net (loss) gain on sale of securities available for sale
|
(55 | ) | 3 | (217 | ) | 1,648 | ||||||||||
Other-than-temporary impairment on securities
|
- | (1,052 | ) | - | (1,052 | ) | ||||||||||
Net gain on sale of portfolio loans
|
1,467 | - | 755 | - | ||||||||||||
Net gain on sale of mortgage loans originated for sale
|
422 | 73 | 1,182 | 405 | ||||||||||||
Other operating income
|
288 | 362 | 769 | 902 | ||||||||||||
Total non-interest income
|
4,344 | 1,365 | 10,881 | 10,121 | ||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Employee compensation and benefits
|
8,934 | 7,456 | 35,879 | 30,914 | ||||||||||||
Net occupancy expense
|
1,599 | 1,403 | 5,809 | 5,794 | ||||||||||||
Equipment expense
|
512 | 489 | 2,024 | 1,940 | ||||||||||||
Outside services
|
1,085 | 1,373 | 4,423 | 5,086 | ||||||||||||
FDIC assessments
|
517 | 528 | 1,573 | 3,069 | ||||||||||||
OREO expense
|
2 | 58 | 842 | 351 | ||||||||||||
Prepayment fee on borrowing
|
- | - | - | 1,028 | ||||||||||||
Other operating expense
|
3,007 | 4,005 | 11,021 | 10,860 | ||||||||||||
Total operating expenses
|
15,656 | 15,312 | 61,571 | 59,042 | ||||||||||||
Income (loss) before income tax expense (benefit)
|
3,276 | 1,483 | (2,462 | ) | (4,301 | ) | ||||||||||
Income tax expense (benefit)
|
1,231 | 329 | (714 | ) | (4,223 | ) | ||||||||||
NET INCOME (LOSS)
|
$ | 2,045 | $ | 1,154 | $ | (1,748 | ) | $ | (78 | ) | ||||||
EARNINGS (LOSS) PER COMMON SHARE - BASIC
|
$ | 0.18 | $ | 0.12 | $ | (0.17 | ) | $ | (0.01 | ) | ||||||
EARNINGS (LOSS) PER COMMON SHARE - DILUTED
|
$ | 0.18 | $ | 0.12 | $ | (0.17 | ) | $ | (0.01 | ) |
PRESS RELEASE
January 30, 2013
Page 7 of 11
|
STATISTICAL SUMMARY
|
||||||||||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
EARNINGS:
|
||||||||||||||||
Earnings (loss) per common share - diluted
|
$ | 0.18 | $ | 0.12 | $ | (0.17 | ) | $ | (0.01 | ) | ||||||
Cash dividends per common share
|
- | - | - | - | ||||||||||||
Net income (loss)
|
2,045 | 1,154 | (1,748 | ) | (78 | ) | ||||||||||
Net interest income
|
13,488 | 16,230 | 56,728 | 69,508 | ||||||||||||
AVERAGE BALANCES:
|
||||||||||||||||
Total assets
|
$ | 1,581,654 | $ | 1,523,781 | $ | 1,537,370 | $ | 1,590,988 | ||||||||
Loans
|
760,987 | 943,463 | 859,790 | 1,012,835 | ||||||||||||
Investment securities
|
382,475 | 312,513 | 331,235 | 359,560 | ||||||||||||
Interest-earning assets
|
1,460,246 | 1,391,661 | 1,441,012 | 1,471,732 | ||||||||||||
Demand deposits
|
586,897 | 533,574 | 554,617 | 518,499 | ||||||||||||
Total deposits
|
1,381,729 | 1,328,048 | 1,357,348 | 1,392,828 | ||||||||||||
Borrowings
|
- | - | 57 | 20,270 | ||||||||||||
Stockholders' equity
|
155,395 | 139,462 | 142,954 | 136,094 | ||||||||||||
FINANCIAL PERFORMANCE RATIOS:
|
||||||||||||||||
Return on average assets
|
0.51 | % | 0.30 | % | (0.11 | %) | (0.00 | %) | ||||||||
Return on average stockholders' equity
|
5.24 | % | 3.28 | % | (1.22 | %) | (0.06 | %) | ||||||||
Average stockholders' equity/average assets
|
9.82 | % | 9.15 | % | 9.30 | % | 8.55 | % | ||||||||
Average loans/average deposits
|
55.07 | % | 71.04 | % | 63.34 | % | 72.72 | % | ||||||||
Net interest margin (FTE)
|
4.02 | % | 4.85 | % | 4.19 | % | 4.97 | % | ||||||||
Operating efficiency ratio (1)
|
90.68 | % | 79.07 | % | 87.69 | % | 71.83 | % | ||||||||
(1) The operating efficiency ratio is calculated by dividing operating expenses, excluding writedowns of OREO, by the sum of fully taxable equivalent ("FTE") net interest income and non-interest income, excluding net gains and losses on sales of loans and available-for-sale securities and other-than-temporary impairment on securities.
|
PRESS RELEASE
January 30, 2013
Page 8 of 11
|
STATISTICAL SUMMARY (continued)
|
||||||||||||||||
(unaudited, dollars in thousands except for share and per share data)
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
CAPITAL RATIOS (1):
|
||||||||||||||||
Tier 1 leverage ratio
|
9.79 | % | 8.85 | % | 9.79 | % | 8.85 | % | ||||||||
Tier 1 risk-based capital ratio
|
16.89 | % | 12.98 | % | 16.89 | % | 12.98 | % | ||||||||
Total risk-based capital ratio
|
18.15 | % | 14.26 | % | 18.15 | % | 14.26 | % | ||||||||
Tangible common equity ratio (2)
|
9.96 | % | 9.05 | % | 9.96 | % | 9.05 | % | ||||||||
EQUITY:
|
||||||||||||||||
At end of period:
|
||||||||||||||||
Common shares outstanding
|
11,566,347 | 9,726,814 | 11,566,347 | 9,726,814 | ||||||||||||
Stockholders' equity
|
$ | 163,985 | $ | 136,560 | $ | 163,985 | $ | 136,560 | ||||||||
Book value per common share
|
14.18 | 14.04 | 14.18 | 14.04 | ||||||||||||
Tangible common equity
|
161,315 | 134,123 | 161,315 | 134,123 | ||||||||||||
Tangible book value per common share
|
13.95 | 13.79 | 13.95 | 13.79 | ||||||||||||
Average for the period:
|
||||||||||||||||
Common shares outstanding
|
11,566,347 | 9,726,814 | 10,248,751 | 9,720,827 | ||||||||||||
LOAN DISTRIBUTION (3):
|
||||||||||||||||
At end of period:
|
||||||||||||||||
Commercial and industrial loans
|
$ | 168,709 | $ | 206,652 | $ | 168,709 | $ | 206,652 | ||||||||
Commercial real estate mortgages
|
369,271 | 428,646 | 369,271 | 428,646 | ||||||||||||
Real estate - construction loans
|
15,469 | 49,704 | 15,469 | 49,704 | ||||||||||||
Residential mortgages (1st and 2nd liens)
|
146,575 | 160,619 | 146,575 | 160,619 | ||||||||||||
Home equity loans
|
66,468 | 79,684 | 66,468 | 79,684 | ||||||||||||
Consumer & other loans
|
14,288 | 44,349 | 14,288 | 44,349 | ||||||||||||
Total loans
|
$ | 780,780 | $ | 969,654 | $ | 780,780 | $ | 969,654 | ||||||||
(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 December 31, 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
|
$ | 163,985 |
Total assets
|
$ | 1,622,464 | |||||||||||
Less: intangible
assets
|
(2,670 | ) |
Less: intangible assets
|
(2,670 | ) | |||||||||||
Tangible common equity
|
$ | 161,315 |
Tangible assets
|
$ | 1,619,794 | |||||||||||
(3) Excluding loans held for sale.
|
PRESS RELEASE
January 30, 2013
Page 9 of 11
|
ASSET QUALITY ANALYSIS
|
||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31,
|
||||||||||||||||
2012
|
2012
|
2012
|
2012
|
2011
|
||||||||||||||||
Non-Performing Assets (1):
|
||||||||||||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Commercial and industrial
|
$ | 6,529 | $ | 5,963 | $ | 15,633 | $ | 19,384 | $ | 16,867 | ||||||||||
Commercial real estate mortgages
|
5,192 | 5,893 | 22,541 | 44,871 | 45,344 | |||||||||||||||
Real estate - construction
|
1,961 | 1,334 | 6,334 | 7,003 | 6,978 | |||||||||||||||
Residential mortgages (1st and 2nd liens)
|
2,466 | 1,031 | - | 7,198 | 7,028 | |||||||||||||||
Home equity
|
266 | - | - | 4,014 | 3,897 | |||||||||||||||
Consumer & other loans
|
21 | 135 | - | 682 | 646 | |||||||||||||||
Total non-accrual loans
|
16,435 | 14,356 | 44,508 | 83,152 | 80,760 | |||||||||||||||
Loans 90 days or more past due and still accruing
|
- | - | - | - | - | |||||||||||||||
Total non-performing loans
|
16,435 | 14,356 | 44,508 | 83,152 | 80,760 | |||||||||||||||
Non-accrual loans held-for-sale
|
907 | 7,000 | 7,500 | - | - | |||||||||||||||
Other real estate owned
|
1,572 | 1,572 | 2,172 | 1,800 | 1,800 | |||||||||||||||
Total non-performing assets
|
$ | 18,914 | $ | 22,928 | $ | 54,180 | $ | 84,952 | $ | 82,560 | ||||||||||
Total non-accrual loans/total loans (2)
|
2.10 | % | 1.87 | % | 5.25 | % | 8.85 | % | 8.33 | % | ||||||||||
Total non-performing loans/total loans (2)
|
2.10 | % | 1.87 | % | 5.25 | % | 8.85 | % | 8.33 | % | ||||||||||
Total non-performing assets/total assets
|
1.17 | % | 1.46 | % | 3.48 | % | 5.73 | % | 5.56 | % | ||||||||||
Troubled Debt Restructurings (2) (3):
|
$ | 16,604 | $ | 15,298 | $ | 25,623 | $ | 28,268 | $ | 26,475 | ||||||||||
Provision (Credit) and Allowance for Loan Losses:
|
||||||||||||||||||||
Balance at beginning of period
|
$ | 21,021 | $ | 29,227 | $ | 40,008 | $ | 39,958 | $ | 43,693 | ||||||||||
Charge-offs
|
(2,526 | ) | (21,338 | ) | (9,257 | ) | (825 | ) | (5,217 | ) | ||||||||||
Recoveries
|
386 | 1,132 | 876 | 875 | 682 | |||||||||||||||
Net (charge-offs) recoveries
|
(2,140 | ) | (20,206 | ) | (8,381 | ) | 50 | (4,535 | ) | |||||||||||
(Credit) provision for loan losses
|
(1,100 | ) | 12,000 | (2,400 | ) | - | 800 | |||||||||||||
Balance at end of period
|
$ | 17,781 | $ | 21,021 | $ | 29,227 | $ | 40,008 | $ | 39,958 | ||||||||||
Allowance for loan losses/non-accrual loans (1) (2)
|
108 | % | 146 | % | 66 | % | 48 | % | 49 | % | ||||||||||
Allowance for loan losses/non-performing loans (1) (2)
|
108 | % | 146 | % | 66 | % | 48 | % | 49 | % | ||||||||||
Allowance for loan losses/total loans (1) (2)
|
2.28 | % | 2.74 | % | 3.45 | % | 4.26 | % | 4.12 | % | ||||||||||
Net Charge-Offs (Recoveries):
|
||||||||||||||||||||
Commercial and industrial
|
$ | 349 | $ | 6,227 | $ | 21 | $ | (518 | ) | $ | 2,723 | |||||||||
Commercial real estate mortgages
|
- | 8,102 | 7,692 | - | 2,227 | |||||||||||||||
Real estate - construction
|
1,548 | 1,863 | (80 | ) | - | (415 | ) | |||||||||||||
Residential mortgages (1st and 2nd liens)
|
253 | 2,773 | 192 | 394 | (1 | ) | ||||||||||||||
Home equity
|
- | 1,114 | 532 | 61 | (2 | ) | ||||||||||||||
Consumer & other loans
|
(10 | ) | 127 | 24 | 13 | 3 | ||||||||||||||
Total net charge-offs (recoveries)
|
$ | 2,140 | $ | 20,206 | $ | 8,381 | $ | (50 | ) | $ | 4,535 | |||||||||
Net charge-offs (recoveries) (annualized)/average loans
|
1.12 | % | 9.75 | % | 3.73 | % | (0.02 | %) | 1.91 | % | ||||||||||
Delinquencies and Non-Accrual Loans as a % of Total Loans (1):
|
||||||||||||||||||||
Loans 30 - 59 days past due
|
1.59 | % | 0.99 | % | 0.92 | % | 0.93 | % | 2.03 | % | ||||||||||
Loans 60 - 89 days past due
|
0.22 | % | 1.07 | % | 0.71 | % | 1.42 | % | 1.53 | % | ||||||||||
Loans 90 days or more past due and still accruing
|
0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||
Total accruing past due loans
|
1.81 | % | 2.06 | % | 1.62 | % | 2.35 | % | 3.56 | % | ||||||||||
Non-accrual loans
|
2.10 | % | 1.87 | % | 5.25 | % | 8.85 | % | 8.33 | % | ||||||||||
Total delinquent and non-accrual loans
|
3.92 | % | 3.94 | % | 6.87 | % | 11.20 | % | 11.89 | % | ||||||||||
(1) At period end.
|
||||||||||||||||||||
(2) Excluding loans held-for-sale.
|
||||||||||||||||||||
(3) Troubled debt restructurings on non-accrual status included here and also included in total non-accrual loans are $6,650, $5,306, $15,834, $21,291 and $24,979 at December 31, 2012, September 30, 2012, June 30, 2012, March 31, 2012 and December 31, 2011, respectively.
|
PRESS RELEASE
January 30, 2013
Page 10 of 11
|
NET INTEREST INCOME ANALYSIS
|
||||||||||||||||||||||||
For the Three Months Ended December 31, 2012 and 2011
|
||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities (1)
|
$ | 382,475 | $ | 4,401 | 4.58 | % | $ | 312,513 | $ | 3,638 | 4.62 | % | ||||||||||||
Federal Home Loan Bank and other stock
|
2,449 | 30 | 4.87 | 2,536 | 30 | 4.69 | ||||||||||||||||||
Federal funds sold and interest-bearing deposits
|
314,335 | 217 | 0.27 | 133,149 | 92 | 0.27 | ||||||||||||||||||
Loans
|
760,987 | 10,937 | 5.72 | 943,463 | 14,356 | 6.04 | ||||||||||||||||||
Total interest-earning assets
|
1,460,246 | $ | 15,585 | 4.25 | % | 1,391,661 | $ | 18,116 | 5.16 | % | ||||||||||||||
Non-interest-earning assets
|
121,408 | 132,120 | ||||||||||||||||||||||
Total Assets
|
$ | 1,581,654 | $ | 1,523,781 | ||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings deposits
|
$ | 547,840 | $ | 286 | 0.21 | % | $ | 529,490 | $ | 342 | 0.26 | % | ||||||||||||
Time deposits
|
246,992 | 543 | 0.87 | 264,984 | 749 | 1.12 | ||||||||||||||||||
Total savings and time deposits
|
794,832 | 829 | 0.41 | 794,474 | 1,091 | 0.54 | ||||||||||||||||||
Borrowings
|
- | - | - | - | - | - | ||||||||||||||||||
Total interest-bearing liabilities
|
794,832 | 829 | 0.41 | 794,474 | 1,091 | 0.54 | ||||||||||||||||||
Demand deposits
|
586,897 | 533,574 | ||||||||||||||||||||||
Other liabilities
|
44,530 | 56,271 | ||||||||||||||||||||||
Total Liabilities
|
1,426,259 | 1,384,319 | ||||||||||||||||||||||
Stockholders' Equity
|
155,395 | 139,462 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity
|
$ | 1,581,654 | $ | 1,523,781 | ||||||||||||||||||||
Net interest rate spread
|
3.84 | % | 4.62 | % | ||||||||||||||||||||
Net interest income/margin
|
14,756 | 4.02 | % | 17,025 | 4.85 | % | ||||||||||||||||||
Less tax-equivalent basis adjustment
|
(1,268 | ) | (795 | ) | ||||||||||||||||||||
Net interest income
|
$ | 13,488 | $ | 16,230 | ||||||||||||||||||||
(1) Interest on securities includes the effects of tax-equivalent basis adjustments of $1,268 and $795 in 2012 and 2011, respectively.
|
PRESS RELEASE
January 30, 2013
Page 11 of 11
|
NET INTEREST INCOME ANALYSIS
|
||||||||||||||||||||||||
For the Year Ended December 31, 2012 and 2011
|
||||||||||||||||||||||||
(unaudited, dollars in thousands)
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Investment securities (1)
|
$ | 331,235 | $ | 15,286 | 4.61 | % | $ | 359,560 | $ | 16,735 | 4.65 | % | ||||||||||||
Federal Home Loan Bank and other stock
|
2,439 | 121 | 4.96 | 3,412 | 191 | 5.60 | ||||||||||||||||||
Federal funds sold and interest-bearing deposits
|
247,548 | 599 | 0.24 | 95,925 | 232 | 0.24 | ||||||||||||||||||
Loans
|
859,790 | 48,083 | 5.59 | 1,012,835 | 61,844 | 6.11 | ||||||||||||||||||
Total interest-earning assets
|
1,441,012 | $ | 64,089 | 4.45 | % | 1,471,732 | $ | 79,002 | 5.37 | % | ||||||||||||||
Non-interest-earning assets
|
96,358 | 119,256 | ||||||||||||||||||||||
Total Assets
|
$ | 1,537,370 | $ | 1,590,988 | ||||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings deposits
|
$ | 547,390 | $ | 1,192 | 0.22 | % | $ | 588,508 | $ | 1,960 | 0.33 | % | ||||||||||||
Time deposits
|
255,341 | 2,527 | 0.99 | 285,821 | 3,310 | 1.16 | ||||||||||||||||||
Total savings and time deposits
|
802,731 | 3,719 | 0.46 | 874,329 | 5,270 | 0.60 | ||||||||||||||||||
Borrowings
|
57 | - | - | 20,270 | 655 | 3.23 | ||||||||||||||||||
Total interest-bearing liabilities
|
802,788 | 3,719 | 0.46 | 894,599 | 5,925 | 0.66 | ||||||||||||||||||
Demand deposits
|
554,617 | 518,499 | ||||||||||||||||||||||
Other liabilities
|
37,011 | 41,796 | ||||||||||||||||||||||
Total Liabilities
|
1,394,416 | 1,454,894 | ||||||||||||||||||||||
Stockholders' Equity
|
142,954 | 136,094 | ||||||||||||||||||||||
Total Liabilities and Stockholders' Equity
|
$ | 1,537,370 | $ | 1,590,988 | ||||||||||||||||||||
Net interest rate spread
|
3.99 | % | 4.71 | % | ||||||||||||||||||||
Net interest income/margin
|
60,370 | 4.19 | % | 73,077 | 4.97 | % | ||||||||||||||||||
Less tax-equivalent basis adjustment
|
(3,642 | ) | (3,569 | ) | ||||||||||||||||||||
Net interest income
|
$ | 56,728 | $ | 69,508 | ||||||||||||||||||||
(1) Interest on securities includes the effects of tax-equivalent basis adjustments of $3,642 and $3,569 in 2012 and 2011, respectively.
|