EX-99 3 ex99-1.txt EXHIBIT 99.1 Financial Summary Average Balances, Rates Paid and Yields
Three Months Ended Three Months Ended September 30, 2002 September 30, 2001 ------------------------------------------------------------------------------------------------------------------------------------ Average Average Average Yield/ Average Yield/ (in thousands) Balance Interest Rate Balance Interest Rate ------------------------------------------------------------------------------------------------------------------------------------ INTEREST EARNING ASSETS: Deposits with other banks $ 2,763 $ 14 2.03% $ 4,720 $ 59 5.00% Federal funds sold 66,629 296 1.78 101,143 860 3.40 Securities 909,095 11,231 4.94 773,740 11,668 6.03 Loans (1) 1,102,407 19,294 7.00 902,221 17,708 7.85 ------------------------------------------------------------------------------------------------------------------------------------ Total interest earning assets $ 2,080,894 $ 30,835 5.93% $ 1,781,824 $ 30,295 6.80% ==================================================================================================================================== NON-INTEREST EARNING ASSETS: Cash and due from banks $ 22,346 $ 21,947 Allowance for loan losses (15,213) (11,525) Premises and equipment, net 11,310 10,120 Other assets 51,187 51,170 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest earning assets 69,630 71,712 ------------------------------------------------------------------------------------------------------------------------------------ Total assets $ 2,150,524 $ 1,853,536 ==================================================================================================================================== INTEREST BEARING LIABILITIES: Deposits: Savings, money markets and interest bearing demand $ 480,886 $ 2,759 2.29% $ 319,143 $ 2,413 3.02% Certificates of deposit of $100,000 or more 143,696 1,233 3.43 130,298 1,831 5.62 Other time deposits 494,196 4,538 3.67 480,577 7,116 5.92 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing deposits 1,118,778 8,530 3.05 930,018 11,360 4.89 Borrowed funds 753,875 9,414 4.99 675,726 9,253 5.48 Trust preferred securities 32,500 775 9.54 32,500 775 9.54 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing liabilities $ 1,905,153 $ 18,719 3.93% $ 1,638,244 $ 21,388 5.22% ==================================================================================================================================== NON-INTEREST BEARING LIABILITIES: Demand deposits $ 119,167 $ 112,591 Other liabilities 18,936 16,397 Stockholders' equity 107,268 86,304 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest bearing liabilities and stockholders' equity $ 245,371 $ 215,292 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities and stockholders' equity $ 2,150,524 $ 1,853,536 ------------------------------------------------------------------------------------------------------------------------------------ Interest rate spread (2) 2.00% 1.58% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (3) $ 12,116 2.33% $ 8,907 2.00% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (tax equivalent basis)(4) $ 12,429 2.39% $ 9,191 2.06% ====================================================================================================================================
(1) Loan origination fees are considered an adjustment to interest income. For the purpose of calculating loan yields, average loan balances include nonaccrual loans with no related interest income. (2) The interest rate spread is the difference between the average yield on interest earning assets and the average rate paid on interest bearing liabilities. (3) The net interest margin is equal to net interest income divided by average interest earning assets. (4) In order to make pre-tax income and resultant yields on tax exempt investments and loans comparable to those on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and interest expense with no effect on after tax income. The tax equivalent adjustment has been computed using a Federal income tax rate of 34% and has increased interest income by $313,000 and $284,000 for the three month periods ended September 30, 2002 and 2001, respectively. Financial Summary Average Balances, Rates Paid and Yields
Nine Months Ended Nine Months Ended September 30, 2002 September 30, 2001 ------------------------------------------------------------------------------------------------------------------------------------ Average Average Average Yield/ Average Yield/ (in thousands) Balance Interest Rate Balance Interest Rate ------------------------------------------------------------------------------------------------------------------------------------ INTEREST EARNING ASSETS: Deposits with other banks $ 2,947 $ 44 1.99% $ 4,045 $ 147 4.85% Federal funds sold 76,279 951 1.66 74,887 2,368 4.22 Securities 851,989 33,425 5.23 732,454 34,487 6.28 Loans (1) 1,056,545 55,205 6.97 863,739 52,651 8.13 ------------------------------------------------------------------------------------------------------------------------------------ Total interest earning assets $ 1,987,760 $ 89,625 6.01% $ 1,675,125 $ 89,653 7.14% ==================================================================================================================================== NON-INTEREST EARNING ASSETS: Cash and due from banks $ 22,570 $ 20,906 Allowance for loan losses (14,270) (11,286) Premises and equipment, net 11,195 9,852 Other assets 51,298 51,541 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest earning assets 70,793 71,013 ------------------------------------------------------------------------------------------------------------------------------------ Total assets $ 2,058,553 $ 1,746,138 ==================================================================================================================================== INTEREST BEARING LIABILITIES: Deposits: Savings, money markets and interest bearing demand $ 456,600 $ 8,486 2.48% $ 300,717 $ 7,328 3.25% Certificates of deposit of $100,000 or more 147,616 3,943 3.56 126,697 5,958 6.27 Other time deposits 462,405 13,469 3.88 452,603 21,126 6.22 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing deposits 1,066,621 25,898 3.24 880,017 34,412 5.21 Borrowed funds 727,602 27,050 4.96 630,462 26,172 5.53 Trust preferred securities 32,500 2,325 9.54 30,565 2,177 9.50 ------------------------------------------------------------------------------------------------------------------------------------ Total interest bearing liabilities $ 1,826,723 $ 55,273 4.03% $ 1,541,044 $ 62,761 5.43% ==================================================================================================================================== NON-INTEREST BEARING LIABILITIES: Demand deposits $ 115,046 $ 102,133 Other liabilities 16,029 20,182 Stockholders' equity 100,755 82,779 ------------------------------------------------------------------------------------------------------------------------------------ Total non-interest bearing liabilities and stockholders' equity $ 231,830 $ 205,094 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities and stockholders' equity $ 2,058,553 $ 1,746,138 ------------------------------------------------------------------------------------------------------------------------------------ Interest rate spread (2) 1.98% 1.71% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (3) $ 34,352 2.30% $ 26,892 2.14% ------------------------------------------------------------------------------------------------------------------------------------ Net interest income and margin (tax equivalent basis)(4) $ 35,281 2.37% $ 27,661 2.20% ====================================================================================================================================
(1) Loan origination fees are considered an adjustment to interest income. For the purpose of calculating loan yields, average loan balances include nonaccrual loans with no related interest income. (2) The interest rate spread is the difference between the average yield on interest earning assets and the average rate paid on interest bearing liabilities. (3) The net interest margin is equal to net interest income divided by average interest earning assets. (4) In order to make pre-tax income and resultant yields on tax exempt investments and loans comparable to those on taxable investments and loans, a tax equivalent adjustment is made equally to interest income and interest expense with no effect on after tax income. The tax equivalent adjustment has been computed using a Federal income tax rate of 34% and has increased interest income by $929,000 and $769,000 for the nine month periods ended September 30, 2002 and 2001, respectively.