KENTUCKY
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61-1168311
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(State or other jurisdiction | (I.R.S. Employer Identification No.) |
of incorporation or organization) |
(d)
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Exhibits
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Exhibit Number
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Description
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99.1
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Press release dated May 19, 2011
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FIRST FINANCIAL SERVICE CORPORATION
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Date: May 19, 2011
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By:
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/s/ Gregory S. Schreacke | |
Gregory S. Schreacke | |||
President
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Chief Financial Officer &
Principal Accounting Officer
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FOR IMMEDIATE RELEASE
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May 19, 2011
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For More Information Contact:
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Gregory S. Schreacke
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President
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First Financial Service Corporation
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(270) 765-2131
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(Dollar in thousands)
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3/31/2011
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12/31/2010
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9/30/2010
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12/31/2009
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Restructured loans
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$ | 18,751 | $ | 3,906 | $ | 2,008 | $ | 9,812 | ||||||||
Non-accrual loans
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44,899 | 42,169 | 58,054 | 28,186 | ||||||||||||
Total non-performing loans
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63,650 | 46,075 | 60,062 | 37,998 | ||||||||||||
Real estate acquired through foreclosure
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24,908 | 25,807 | 12,781 | 8,428 | ||||||||||||
Other repossessed assets
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39 | 40 | 48 | 103 | ||||||||||||
Total non-performing assets
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$ | 88,597 | $ | 71,922 | $ | 72,891 | $ | 46,529 | ||||||||
Non-performing loans to total loans
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7.42 | % | 5.22 | % | 6.53 | % | 3.82 | % | ||||||||
Non-performing assets to total assets
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6.89 | % | 5.45 | % | 5.84 | % | 3.85 | % |
Keefe, Bruyette & Woods, Inc.
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FTN Midwest Securities
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J.J.B. Hilliard, W.L. Lyons Company, Inc.
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Howe Barnes Investments, Inc.
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Stifel Nicolaus & Company
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Knight Securities, LP
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FIRST FINANCIAL SERVICE CORPORATION | |||||||||
Consolidated Balance Sheets | |||||||||
(Unaudited) | |||||||||
March 31,
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December 31,
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(Dollars in thousands, except per share data)
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2011
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2010
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ASSETS:
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Cash and due from banks
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$ | 9,759 | $ | 14,840 | |||||
Interest bearing deposits
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101,170 | 151,336 | |||||||
Total cash and cash equivalents
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110,929 | 166,176 | |||||||
Securities available-for-sale
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243,395 | 196,029 | |||||||
Securities held-to-maturity, fair value of $122 Mar (2011)
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and $126 Dec (2010)
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120 | 124 | |||||||
Total securities
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243,515 | 196,153 | |||||||
Loans held for sale
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4,055 | 6,388 | |||||||
Loans, net of unearned fees
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858,350 | 881,934 | |||||||
Allowance for loan losses
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(24,591 | ) | (22,665 | ) | |||||
Net loans
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837,814 | 865,657 | |||||||
Federal Home Loan Bank stock
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4,909 | 4,909 | |||||||
Cash surrender value of life insurance
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9,439 | 9,354 | |||||||
Premises and equipment, net
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31,773 | 31,988 | |||||||
Real estate owned:
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Acquired through foreclosure
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24,908 | 25,807 | |||||||
Held for development
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45 | 45 | |||||||
Other repossessed assets
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39 | 40 | |||||||
Core deposit intangible
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917 | 994 | |||||||
Accrued interest receivable
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7,727 | 6,404 | |||||||
Accrued income taxes
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3,005 | 2,161 | |||||||
Deferred income taxes
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1,801 | 2,982 | |||||||
Prepaid FDIC Insurance
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3,516 | 4,449 | |||||||
Other assets
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5,844 | 2,388 | |||||||
TOTAL ASSETS
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$ | 1,286,181 | $ | 1,319,507 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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LIABILITIES:
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Deposits:
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Non-interest bearing
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$ | 71,869 | $ | 73,566 | |||||
Interest bearing
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1,094,919 | 1,100,342 | |||||||
Total deposits
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1,166,788 | 1,173,908 | |||||||
Advances from Federal Home Loan Bank
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27,500 | 52,532 | |||||||
Subordinated debentures
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18,000 | 18,000 | |||||||
Accrued interest payable
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835 | 594 | |||||||
Accounts payable and other liabilities
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2,930 | 3,162 | |||||||
TOTAL LIABILITIES
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1,216,053 | 1,248,196 | |||||||
Commitments and contingent liabilities
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- | - | |||||||
STOCKHOLDERS' EQUITY:
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Serial preferred stock, $1 par value per share;
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authorized 5,000,000 shares; issued and
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outstanding, 20,000 shares with a liquidation
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preference of $20,000
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19,849 | 19,835 | |||||||
Common stock, $1 par value per share;
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authorized 35,000,000 shares; issued and
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outstanding, 4,739,622 shares Mar (2011), and 4,726,329
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shares Dec (2010)
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4,740 | 4,726 | |||||||
Additional paid-in capital
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35,290 | 35,201 | |||||||
Retained earnings
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13,930 | 16,264 | |||||||
Accumulated other comprehensive loss
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(3,681 | ) | (4,715 | ) | |||||
TOTAL STOCKHOLDERS' EQUITY
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70,128 | 71,311 | |||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 1,286,181 | $ | 1,319,507 |
FIRST FINANCIAL SERVICE CORPORATION | |||||||
Consolidated Statements of Income | |||||||
(Unaudited) |
Three Months Ended
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(Dollars in thousands, except per share data)
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March 31,
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2011
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2010
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Interest and Dividend Income:
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Loans, including fees
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$ | 12,343 | $ | 14,047 | ||||
Taxable securities
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1,566 | 493 | ||||||
Tax exempt securities
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257 | 171 | ||||||
Total interest income | 14,166 | 14,711 | ||||||
Interest Expense:
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Deposits
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4,914 | 4,869 | ||||||
Short-term borrowings
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- | 21 | ||||||
Federal Home Loan Bank advances
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295 | 593 | ||||||
Subordinated debentures
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341 | 327 | ||||||
Total interest expense | 5,550 | 5,810 | ||||||
Net interest income
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8,616 | 8,901 | ||||||
Provision for loan losses
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3,465 | 1,752 | ||||||
Net interest income after provision for loan losses
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5,151 | 7,149 | ||||||
Non-interest Income:
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Customer service fees on deposit accounts
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1,445 | 1,525 | ||||||
Gain on sale of mortgage loans
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265 | 299 | ||||||
Gain on sale of investments
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69 | - | ||||||
Loss on sale of investments
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- | (23 | ) | |||||
Other than temporary impairment loss:
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Total other-than-temporary impairment losses
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(37 | ) | (172 | ) | ||||
Portion of loss recognized in other comprehensive
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income/(loss) (before taxes)
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- | - | ||||||
Net impairment losses recognized in earnings
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(37 | ) | (172 | ) | ||||
Loss on sale and write downs on real estate acquired
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through foreclosure
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(235 | ) | (26 | ) | ||||
Brokerage commissions
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107 | 93 | ||||||
Other income
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379 | 442 | ||||||
Total non-interest income | 1,993 | 2,138 | ||||||
Non-interest Expense:
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Employee compensation and benefits
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4,329 | 4,090 | ||||||
Office occupancy expense and equipment
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811 | 804 | ||||||
Marketing and advertising
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225 | 225 | ||||||
Outside services and data processing
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797 | 730 | ||||||
Bank franchise tax
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314 | 350 | ||||||
FDIC insurance premiums
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970 | 660 | ||||||
Amortization of core deposit intangible
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77 | 64 | ||||||
Real estate acquired through foreclosure expense
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382 | 155 | ||||||
Other expense
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1,501 | 1,196 | ||||||
Total non-interest expense | 9,406 | 8,274 | ||||||
Income/(loss) before income taxes
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(2,262 | ) | 1,013 | |||||
Income taxes/(benefits)
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(192 | ) | 258 | |||||
Net Income/(Loss)
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(2,070 | ) | 755 | |||||
Less:
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Dividends on preferred stock
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(250 | ) | (250 | ) | ||||
Accretion on preferred stock
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(14 | ) | (14 | ) | ||||
Net income (loss) attributable to common shareholders
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$ | (2,334 | ) | $ | 491 | |||
Shares applicable to basic income per common share
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4,736,287 | 4,715,721 | ||||||
Basic income (loss) per common share
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$ | (0.49 | ) | $ | 0.10 | |||
Shares applicable to diluted income per common share
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4,736,287 | 4,715,721 | ||||||
Diluted income (loss) per common share
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$ | (0.49 | ) | $ | 0.10 | |||
Cash dividends declared per common share
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$ | - | $ | - |
FIRST FINANCIAL SERVICE CORPORATION | |||||||
Unaudited Selected Ratios and Other Data |
As of and For the
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Three Months Ended
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March 31,
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Selected Data
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2011
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2010
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Performance Ratios
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Return on average assets
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(0.73 | )% | 0.16 | % | ||||
Return on average equity
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(12.22 | )% | 2.31 | % | ||||
Average equity to average assets
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5.97 | % | 6.98 | % | ||||
Net interest margin
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2.91 | % | 3.12 | % | ||||
Efficiency ratio from continuing operations
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88.66 | % | 74.95 | % | ||||
Book value per common share
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$ | 10.61 | $ | 14.01 | ||||
Average Balance Sheet Data
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Average total assets
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$ | 1,298,200 | $ | 1,233,356 | ||||
Average interest earning assets
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1,217,845 | 1,167,210 | ||||||
Average loans
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877,140 | 988,646 | ||||||
Average interest-bearing deposits
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1,092,868 | 1,005,553 | ||||||
Average total deposits
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1,169,653 | 1,071,631 | ||||||
Average total stockholders' equity
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77,485 | 86,139 | ||||||
Asset Quality Ratios
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Non-performing loans as a percent of total loans (1)
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7.42 | % | 3.43 | % | ||||
Non-performing assets as a percent of total assets
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6.89 | % | 3.46 | % | ||||
Allowance for loan losses as a percent of total loans (1)
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2.86 | % | 1.95 | % | ||||
Allowance for loan losses as a percent of
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non-performing loans
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39 | % | 57 | % | ||||
Annualized net charge-offs to total loans (1)
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0.71 | % | 0.27 | % | ||||
__________________________________
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(1) Excludes loans held for sale.
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