Current Report
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report: (Date of Earliest Event Reported)
October 22,
2009
Southern
Community Financial Corporation
|
North
Carolina
|
000-33227
|
56-2270620
|
|
(State
of Incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
|
|
Identification
No.)
|
|
4605
Country Club Road, Winston-Salem, North Carolina
|
27104
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Issuer's
telephone number: (336) 768-8500
_________________________
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
¨
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
¨
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
¨
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
On
October 22, 2009,
Southern Community
Financial Corporation (NASDAQ: SCMF and SCMFO) (the “Company”), the parent
company for Southern Community Bank and Trust, issued a press release announcing
operating results for the third quarter ended September 30, 2009. A
copy of the press release is attached hereto as Exhibit 99.1.
The
information contained in this Current Report shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
Exchange Act), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing.
Item
9.01 Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
|
99.1
|
Press
release dated October 22, 2009
|
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, Southern Community
Financial Corporation has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
| Southern Community Financial Corporation | |||
|
October
22, 2009
|
By:
|
/s/ James Hastings | |
| Name: James Hastings | |||
| Title: Executive Vice President and Chief Financial Officer | |||
EXHIBIT 99.1
Southern
Community Financial Corporation
Announces
Results for the Third Quarter 2009
Winston-Salem,
NC – (MARKET WIRE) 10/22/2009 – Southern Community Financial Corporation
(NASDAQ: SCMF) (NASDAQ: SCMFO), the holding company for Southern Community Bank
and Trust, today reported third quarter 2009 results.
Financial
Highlights
|
|
·
|
Net
loss after preferred dividends was $1.1 million or $0.06 per
share
|
|
|
·
|
Net
interest margin for third quarter 2009 increased 25 basis points to 3.30%
from 3.05% in second quarter 2009.
|
|
|
·
|
Provision
for loan losses of $6.0 million consistent with second quarter provision
level
|
|
|
·
|
Net
charge-offs were $4.6 million or 1.45% of average loans (annualized), down
from $5.9 million or 1.85% of average loans (annualized) in the second
quarter.
|
|
|
·
|
Allowance
for loan losses increased to $20.8 million or 1.67% of loans at September
30, 2009, compared to $19.4 million or 1.55% of loans at June 30,
2009. Allowance coverage of nonperforming loans decreased to
92% at September 30, 2009 compared to 109% at June 30,
2009.
|
|
|
·
|
Nonperforming
loans increased to $22.7 million or 1.82% of loans at September 30, 2009
from $17.9 million or 1.43% of loans at June 30,
2009
|
|
|
·
|
Nonperforming
assets increased to $40.8 million or 2.36% of total assets at September
30, 2009 from $35.7 million or 2.07% of total assets at June
30, 2009
|
Net loss
after preferred dividends amounted to $1.1 million or $0.06 per diluted common
share in the third quarter of 2009 and included a $6.0 million provision for
loan losses, 25 basis point improvement in net interest margin, and an 8%
reduction in non-interest expenses on a linked quarter basis.
“As
anticipated, our third quarter continued to reflect improvement in our core
earnings and net interest margin. The level of loan loss provisioning
was the direct result of our proactive efforts in recognizing loan loss
exposure,” said F. Scott Bauer, Chairman and Chief Executive
Officer. “Two residential construction and development loans totaling
$4.4 million were the primary reason for the increase in nonperforming
loans. The level of nonperforming loans and nonperforming assets at
quarter-end continued to be predominantly related to the residential
construction and development portfolio. While nonperforming loans
increased, our delinquencies have been declining. We remain committed
to working through our troubled assets quickly and efficiently, and this remains
our top priority.”
“During
the third quarter, we continued to improve our net interest
margin. Through our active liability management process, we
successfully shifted our deposit mix towards lower cost transaction
accounts. Our demand, NOW, savings and money market deposits
increased $75.4
million
compared to the second quarter, and now comprise 50% of our total deposits, up
from 46%; while time deposits decreased $34.8 million to 50% of total deposits,
down from 54% during the same time period. The improvement in our
deposit mix was directly related to our calling efforts and promotional
campaigns focused on transaction accounts and money market
accounts. We were successful in attracting new deposit balances from
customers of large regional banks across our markets. Due to our
deposit acquisition efforts and repricing opportunities we expect further
improvement in our funding costs and net interest margin during the remainder of
2009.”
“We also
initiated several expense reduction measures during the third quarter which
lowered our personnel expenses by approximately 4% on a sequential
basis. These measures included a reduction in executive salaries,
company-wide salary freeze and a reduction in the employer 401(k)
match. We will continue to evaluate our non-interest expenses for
additional opportunities to reduce costs and anticipate implementing additional
cost saving measures during the remainder of 2009.”
“Lastly,
Southern Community remains well capitalized and liquid. This will
enable us to take advantage of the attractive opportunities that are currently
available in this economic environment.”
Asset
Quality
Nonperforming
loans increased to $22.7 million, or 1.82% of total loans, at September 30, 2009
from $17.9 million, or 1.43% of total loans, at June 30, 2009. Third
quarter net charge-offs of $4.6 million, or 1.45% of average loans on an
annualized basis, decreased from $5.9 million, or 1.85% of average loans
annualized, in the second quarter 2009. Nonperforming assets
increased to $40.8 million, or 2.36% of total assets, at September 30, 2009 from
$35.7 million, or 2.07% of total assets, at June 30, 2009 due primarily to
the $4.8 million increase in nonaccural loans during the
quarter. Nonperforming loans, nonperforming assets and net charge-off
activity continue to be predominantly related to residential construction and
development lending as 82% of nonperforming loans, 89% of nonperforming assets
and 62% of net charge-offs originated from this segment of the loan
portfolio.
The
provision for loan losses for the third quarter of $6.0 million matched the
level of the second quarter 2009 provision; however, it increased $4.6 million
compared to the $1.4 million provision for the third quarter 2008.
Net
Interest Income
Net
interest income of $13.3 million for the third quarter 2009 increased by 6%
compared with $12.6 million in the second quarter 2009 and increased 12% over
the $11.9 million in the third quarter 2008. The net interest margin
of 3.30% for the third quarter 2009 increased 25 basis points from 3.05% for the
second quarter 2009 and increased 42 basis points from 2.88% in the third
quarter 2008. The sequential increase in net interest income resulted
from the impact of deposits and borrowings repricing lower to a greater extent
than interest earning assets. This favorable rate variance was
partially offset by a decrease of $51.4 million in average earning assets during
the third quarter 2009 compared with the second quarter 2009. Quarter
end loan balances decreased $3.0 million from June 30, 2009. This
decrease in loans was due to a continued slowdown in loan demand as some of our
primary customers are deleveraging and taking a more conservative stance toward
borrowing during these difficult economic times.
Non-interest
Income
Non-interest
income of $4.2 million during the third quarter 2009 increased by $1.6 million
or 60% compared with the second quarter 2009 primarily resulting from
the net increase in gains related to derivative activity discussed below and a
$235 thousand increase in gains on sales of investment securities. In
addition, we experienced an increase in wealth management income of $147
thousand on higher transaction activity, a $214 thousand increase in SBIC income
and an increase of $45 thousand in service charges on deposits which were
partially offset by a reduction of $248 thousand in mortgage banking income due
to lower production and loan sales volumes during the third
quarter. During the third quarter 2009, as it relates to derivative
activity, we recovered $408 thousand from the sale and assignment of our
creditor claims in the Lehman bankruptcy to a third party. During the
second quarter 2009, we recorded a $1.0 million write-off in the value of
collateral held by Lehman as the counterparty for certain derivative contracts
terminated in the third quarter 2008.
Non-interest
Expenses
Non-interest
expenses of $12.6 million during the third quarter 2009 decreased $1.1 million
or 8% on a linked quarter basis and increased $2.4 million or 24%
year-over-year. The sequential decrease in non-interest expenses was
primarily due to $517 thousand net reduction in FDIC deposit insurance costs,
$472 thousand in prepayment penalties on FHLB advances extinguished in the
second quarter, $207 thousand decrease in personnel expenses (including a
reduction in the employer 401(k) match initiated during the third quarter, a
company-wide salary freeze and lower mortgage commissions) and a $169 thousand
decrease in marketing expenses. Partially offsetting these expense
reductions were increases in credit quality/asset resolution costs, including a
$69 thousand increase in losses on sales of foreclosed properties, a $264
thousand increase in expenses for acquiring, holding and maintaining foreclosed
properties (including foreclosed asset writedowns) and a $47 thousand increase
in legal expenses primarily related to problem loan workouts. Of the
$517 thousand net reduction in FDIC deposit insurance, there was an $800
thousand decrease related to the special assessment accrued in the second
quarter which was partially offset by a $283 thousand increase in our quarterly
FDIC deposit insurance premium for the third quarter 2009.
The
year-over-year increase of $2.4 million was primarily due to $604 thousand
increase in FDIC deposit insurance costs, $640 thousand increase in expenses for
acquiring, holding and maintaining foreclosed properties (including foreclosed
asset writedowns), $480 thousand in buyer incentives to purchasers of bank
financed builder housing inventory and $100 thousand increase in legal expenses,
mostly related to problem loan resolutions
.
Balance
Sheet
As of
September 30, 2009, total assets amounted to $1.73 billion, representing a
decrease of $72.5 million or 4% year-over-year; however, excluding the $49.5
million goodwill impairment charge taken in the first quarter 2009, total assets
decreased only $23.0 million or 1% year-over-year. On a linked
quarter basis, total assets decreased $1.4 million or less than
1%. As mentioned above, the loan portfolio decreased by $3.0 million
or less than 1% sequentially during the third quarter 2009 and decreased by
$66.6 million or 5%, since December 31, 2008 due to a slowdown in loan
demand. Total deposits of $1.29 billion at September 30, 2009
increased $31.5 million or 2% year-over-year. During the third
quarter 2009, deposits increased $40.6 million or 3% compared with the June 30,
2009 level. Time deposits decreased $34.8 million in the third
quarter, while money market, savings and NOW deposits increased $72.5 million as
a result of active liability management through pricing with an emphasis on
improving our funding mix and lowering our funding cost.
At
September 30, 2009, stockholders’ equity of $134.1 million represented 7.77% of
total assets. Stockholders’ equity increased $363 thousand or less
than 1% from $133.7 million at June 30, 2009 primarily due to an increase in
unrealized appreciation in our available-for-sale investment portfolio during
the third quarter. Regulatory capital ratios remain in excess of the
“well capitalized” threshold.
Conference
Call
Southern
Community’s executive management team will host a conference call on October 23,
2009, at 9:30 AM Eastern Time to discuss the quarter-end results. The
call can be accessed by dialing 1-888-542-1101 or 1-719-457-2088 and entering
pass code 4012023. A replay of the conference call can be accessed
until 11:59 pm on November 6, 2009, by calling 1-888-203-1112 or 1-719-457-0820
and entering pass code 4012023. You may access additional
presentation materials for this conference call in the Investor Relations
section of Southern Community’s web site at
www.smallenoughtocare.com
.
Southern
Community Financial Corporation is headquartered in Winston-Salem, North
Carolina and is the holding company of Southern Community Bank and Trust, a
community bank with twenty-two banking offices throughout North
Carolina.
Southern
Community Financial Corporation’s common stock and trust preferred securities
are listed on the NASDAQ Global Select Market under the trading symbols SCMF and
SCMFO, respectively. Additional information about Southern Community
is available on its website at
www.smallenoughtocare.com
or
by email at
investor.relations@smallenoughtocare.com
.
This news
release contains forward-looking statements. Such statements are
subject to certain factors that may cause the Company’s results to vary from
those expected. These factors include changing economic and financial
market conditions, competition, ability to execute our business plan, items
already mentioned in this press release, and other factors described in our
filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
reflect management’s judgment only as of the date hereof. The Company
undertakes no obligation to publicly revise these forward-looking statements to
reflect events and circumstances that arise after the date
hereof.
For
additional information:
F. Scott
Bauer - Chairman/CEO
James
Hastings, Executive Vice President/CFO
(336)
768-8500
|
Southern
Community Financial Corporation
|
||||||||||||||||||||||||||||
|
(Dollars
in thousands except per share data)
|
||||||||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||||||
|
For
the three months ended
|
Nine
Months Ended
|
|||||||||||||||||||||||||||
|
Sept
30,
|
Jun
30,
|
Mar
31,
|
Dec
31,
|
Sept
30,
|
Sept
30,
|
Sept
30,
|
||||||||||||||||||||||
|
Income
Statement
|
2009
|
2009
|
2009
|
2008
|
2008
|
2009
|
2008
|
|||||||||||||||||||||
|
Total
Interest Income
|
$ | 22,186 | $ | 22,451 | $ | 22,744 | $ | 24,278 | $ | 24,412 | $ | 67,381 | $ | 72,464 | ||||||||||||||
|
Total
Interest Expense
|
8,868 | 9,872 | 10,285 | 11,459 | 12,553 | 29,025 | 37,823 | |||||||||||||||||||||
|
Net
Interest Income
|
13,318 | 12,579 | 12,459 | 12,819 | 11,859 | 38,356 | 34,641 | |||||||||||||||||||||
|
Provision
for Loan Losses
|
6,000 | 6,000 | 4,000 | 2,360 | 1,350 | 16,000 | 5,805 | |||||||||||||||||||||
|
Net
Interest Income after Provision for Loan Losses
|
7,318 | 6,579 | 8,459 | 10,459 | 10,509 | 22,356 | 28,836 | |||||||||||||||||||||
|
Non-Interest
Income
|
||||||||||||||||||||||||||||
|
Service
Charges on Deposit Accounts
|
1,588 | 1,543 | 1,444 | 1,487 | 1,491 | 4,575 | 4,372 | |||||||||||||||||||||
|
Income
from mortgage banking activities
|
512 | 760 | 416 | 233 | 219 | 1,688 | 1,061 | |||||||||||||||||||||
|
Investment
brokerage and trust fees
|
359 | 212 | 296 | 147 | 285 | 867 | 991 | |||||||||||||||||||||
|
SBIC
income (loss) and management fees
|
171 | (43 | ) | 238 | 89 | 39 | 366 | (29 | ) | |||||||||||||||||||
|
Gain
(Loss) on Sale of Investment Securities
|
735 | 500 | 1 | 98 | — | 1,236 | — | |||||||||||||||||||||
|
Gain
(Loss) and Net Cash Settlement on Economic Hedges
|
316 | (912 | ) | (22 | ) | — | (440 | ) | (618 | ) | 934 | |||||||||||||||||
|
Other
Income
|
508 | 550 | 208 | 464 | 482 | 1,266 | 1,388 | |||||||||||||||||||||
|
Total
Non-Interest Income
|
4,189 | 2,610 | 2,581 | 2,518 | 2,076 | 9,380 | 8,717 | |||||||||||||||||||||
|
Non-Interest
Expense
|
||||||||||||||||||||||||||||
|
Salaries
and Employee Benefits
|
5,690 | 5,897 | 5,530 | 5,088 | 5,535 | 17,117 | 16,950 | |||||||||||||||||||||
|
Occupancy
and Equipment
|
1,997 | 1,990 | 2,034 | 1,930 | 1,854 | 6,021 | 5,749 | |||||||||||||||||||||
|
Goodwill
Impairment
|
— | — | 49,501 | — | — | 49,501 | — | |||||||||||||||||||||
|
Other
|
4,934 | 5,834 | 3,513 | 3,635 | 2,814 | 14,281 | 8,690 | |||||||||||||||||||||
|
Total
Non-Interest Expense
|
12,621 | 13,721 | 60,578 | 10,653 | 10,203 | 86,920 | 31,389 | |||||||||||||||||||||
|
Income
(Loss) Before Taxes
|
(1,114 | ) | (4,532 | ) | (49,538 | ) | 2,324 | 2,382 | (55,184 | ) | 6,164 | |||||||||||||||||
|
Provision
for Income Taxes
|
(683 | ) | (1,845 | ) | (214 | ) | 766 | 754 | (2,742 | ) | 1,868 | |||||||||||||||||
|
Net
Income (Loss)
|
$ | (431 | ) | $ | (2,687 | ) | $ | (49,324 | ) | $ | 1,558 | $ | 1,628 | $ | (52,442 | ) | $ | 4,296 | ||||||||||
|
Effective
dividend on preferred stock
|
621 | 633 | 627 | 185 | — | 1,881 | — | |||||||||||||||||||||
|
Net
income (loss) available to common shareholders
|
$ | (1,052 | ) | $ | (3,320 | ) | $ | (49,951 | ) | $ | 1,373 | $ | 1,628 | $ | (54,323 | ) | $ | 4,296 | ||||||||||
|
Net
Income (Loss) per Common Share
|
||||||||||||||||||||||||||||
|
Basic
|
$ | (0.06 | ) | $ | (0.20 | ) | $ | (2.98 | ) | $ | 0.08 | $ | 0.09 | $ | (3.24 | ) | $ | 0.25 | ||||||||||
|
Diluted
|
$ | (0.06 | ) | $ | (0.20 | ) | $ | (2.98 | ) | $ | 0.08 | $ | 0.09 | $ | (3.24 | ) | $ | 0.25 | ||||||||||
|
Balance
Sheet
|
Sept
30,
|
Jun
30,
|
Mar
31,
|
Dec
31,
|
Sept
30,
|
|||||||||||||||||||||||
|
2009
|
2009
|
2009
|
2008
|
2008
|
||||||||||||||||||||||||
|
Assets
|
||||||||||||||||||||||||||||
|
Cash
and due from Banks
|
$ | 22,953 | $ | 27,265 | $ | 28,268 | $ | 25,215 | $ | 27,453 | ||||||||||||||||||
|
Federal
Funds Sold & Int Bearing Balances
|
21,792 | 1,496 | 17,891 | 2,180 | 2,605 | |||||||||||||||||||||||
|
Investment
Securities
|
323,800 | 333,722 | 345,861 | 324,698 | 302,905 | |||||||||||||||||||||||
|
Federal
Home Loan Bank Stock
|
9,794 | 9,794 | 10,178 | 9,757 | 10,208 | |||||||||||||||||||||||
|
Loans
held for sale
|
2,559 | 8,068 | 6,044 | 316 | 920 | |||||||||||||||||||||||
|
Loans
|
1,248,249 | 1,251,200 | 1,297,489 | 1,314,811 | 1,323,360 | |||||||||||||||||||||||
|
Allowance
for Loan Losses
|
(20,807 | ) | (19,390 | ) | (19,314 | ) | (18,851 | ) | (17,929 | ) | ||||||||||||||||||
|
Net
Loans
|
1,227,442 | 1,231,810 | 1,278,175 | 1,295,960 | 1,305,431 | |||||||||||||||||||||||
|
Bank
Premises and Equipment
|
42,590 | 42,006 | 40,622 | 40,030 | 39,264 | |||||||||||||||||||||||
|
Goodwill
|
— | — | — | 49,501 | 49,792 | |||||||||||||||||||||||
|
Other
Assets
|
74,411 | 72,548 | 62,695 | 56,121 | 59,283 | |||||||||||||||||||||||
|
Total
Assets
|
$ | 1,725,341 | $ | 1,726,709 | $ | 1,789,734 | $ | 1,803,778 | $ | 1,797,861 | ||||||||||||||||||
|
Liabilities
and Stockholders' Equity
|
||||||||||||||||||||||||||||
|
Deposits
|
||||||||||||||||||||||||||||
|
Non-Interest
Bearing
|
$ | 106,156 | $ | 103,205 | $ | 98,618 | $ | 102,048 | $ | 104,988 | ||||||||||||||||||
|
Money
market, savings and NOW
|
542,277 | 469,799 | 479,797 | 475,772 | 523,949 | |||||||||||||||||||||||
|
Time
|
646,039 | 680,875 | 749,728 | 655,292 | 634,037 | |||||||||||||||||||||||
|
Total
Deposits
|
1,294,472 | 1,253,879 | 1,328,143 | 1,233,112 | 1,262,974 | |||||||||||||||||||||||
|
Borrowings
|
288,585 | 330,218 | 314,400 | 373,213 | 378,500 | |||||||||||||||||||||||
|
Accrued
Expenses and Other Liabilities
|
8,222 | 8,913 | 8,982 | 9,743 | 13,549 | |||||||||||||||||||||||
|
Total
Liabilities
|
1,591,279 | 1,593,010 | 1,651,525 | 1,616,068 | 1,655,023 | |||||||||||||||||||||||
|
Total
Stockholders' Equity
|
134,062 | 133,699 | 138,209 | 187,710 | 142,838 | |||||||||||||||||||||||
|
Total
Liabilities and Stockholders' Equity
|
$ | 1,725,341 | $ | 1,726,709 | $ | 1,789,734 | $ | 1,803,778 | $ | 1,797,861 | ||||||||||||||||||
|
Tangible
Book Value per Common Share
|
$ | 5.49 | $ | 5.47 | $ | 5.74 | $ | 5.76 | $ | 5.29 | ||||||||||||||||||
|
For
the three months ended
|
Nine
Months Ended
|
|||||||||||||||||||||||||||
|
Sept
30,
|
Jun
30,
|
Mar
31,
|
Dec
31,
|
Sept
30,
|
Sept
30,
|
Sept
30,
|
||||||||||||||||||||||
|
2009
|
2009
|
2009
|
2008
|
2008
|
2009
|
2008
|
||||||||||||||||||||||
|
Per
Common Share Data:
|
||||||||||||||||||||||||||||
|
Basic
Earnings per Share
|
$ | (0.06 | ) | $ | (0.20 | ) | $ | (2.98 | ) | $ | 0.08 | $ | 0.09 | $ | (3.24 | ) | $ | 0.25 | ||||||||||
|
Diluted
Earnings per Share
|
$ | (0.06 | ) | $ | (0.20 | ) | $ | (2.98 | ) | $ | 0.08 | $ | 0.09 | $ | (3.24 | ) | $ | 0.25 | ||||||||||
|
Tangible
Book Value per Share
|
$ | 5.49 | $ | 5.47 | $ | 5.74 | $ | 5.76 | $ | 5.29 | $ | 5.49 | $ | 8.22 | ||||||||||||||
|
Cash
dividends paid
|
$ | — | $ | — | $ | — | $ | 0.040 | $ | 0.040 | $ | — | $ | 0.120 | ||||||||||||||
|
Selected
Performance Ratios:
|
||||||||||||||||||||||||||||
|
Return
on Average Assets (annualized) ROA
|
-0.10 | % | -0.61 | % | -10.90 | % | 0.34 | % | 0.36 | % | -3.95 | % | 0.33 | % | ||||||||||||||
|
Return
on Average Equity (annualized) ROE
|
-1.28 | % | -7.87 | % | -106.68 | % | 4.01 | % | 4.57 | % | -45.08 | % | 4.02 | % | ||||||||||||||
|
Return
on Tangible Equity (annualized)
|
-1.29 | % | -7.93 | % | -145.53 | % | 5.98 | % | 7.13 | % | -50.68 | % | 6.26 | % | ||||||||||||||
|
Net
Interest Margin
|
3.30 | % | 3.05 | % | 3.01 | % | 3.10 | % | 2.88 | % | 3.12 | % | 2.95 | % | ||||||||||||||
|
Net
Interest Spread
|
3.10 | % | 2.84 | % | 2.78 | % | 2.88 | % | 2.67 | % | 2.90 | % | 2.70 | % | ||||||||||||||
|
Non-interest
Income as a % of Revenue
|
23.93 | % | 17.18 | % | 17.16 | % | 16.42 | % | 14.90 | % | 19.65 | % | 20.10 | % | ||||||||||||||
|
Non-interest
Income as a % of Average Assets
|
0.96 | % | 0.59 | % | 0.57 | % | 0.55 | % | 0.45 | % | 0.71 | % | 0.68 | % | ||||||||||||||
|
Non-interest
Expense to Average Assets
|
2.91 | % | 3.12 | % | 13.39 | % | 2.35 | % | 2.27 | % | 6.55 | % | 2.45 | % | ||||||||||||||
|
Efficiency
Ratio
|
72.09 | % | 90.34 | % | 402.78 | % | 69.46 | % | 73.22 | % | 182.08 | % | 72.39 | % | ||||||||||||||
|
Asset
Quality:
|
||||||||||||||||||||||||||||
|
Nonperforming
Loans
|
$ | 22,697 | $ | 17,851 | $ | 20,251 | $ | 14,433 | $ | 12,007 | $ | 22,697 | $ | 12,007 | ||||||||||||||
|
Nonperforming
Assets
|
$ | 40,766 | $ | 35,732 | $ | 31,049 | $ | 20,178 | $ | 15,086 | $ | 40,766 | $ | 15,086 | ||||||||||||||
|
Nonperforming
Loans to Total Loans
|
1.82 | % | 1.43 | % | 1.56 | % | 1.10 | % | 0.91 | % | 1.82 | % | 0.91 | % | ||||||||||||||
|
Nonperforming
Assets to Total Assets
|
2.36 | % | 2.07 | % | 1.73 | % | 1.12 | % | 0.84 | % | 2.36 | % | 0.84 | % | ||||||||||||||
|
Allowance
for Loan Losses to Period-end Loans
|
1.67 | % | 1.55 | % | 1.49 | % | 1.43 | % | 1.35 | % | 1.67 | % | 1.35 | % | ||||||||||||||
|
Allowance
for Loan Losses to Nonperforming Loans (X)
|
0.92 | X | 1.09 | X | 0.95 | X | 1.31 | X | 1.49 | X | 0.92 | X | 1.49 | X | ||||||||||||||
|
Net
Charge-offs to Average Loans (annualized)
|
1.45 | % | 1.85 | % | 1.09 | % | 0.43 | % | 0.28 | % | 1.47 | % | 0.23 | % | ||||||||||||||
|
Capital
Ratios:
|
||||||||||||||||||||||||||||
|
Equity
to Total Assets
|
7.77 | % | 7.74 | % | 7.72 | % | 10.41 | % | 7.94 | % | 7.77 | % | 7.94 | % | ||||||||||||||
|
Tangible
Equity to Total Tangible Assets (1)
|
5.34 | % | 5.32 | % | 5.39 | % | 5.51 | % | 5.26 | % | 5.34 | % | 5.26 | % | ||||||||||||||
|
Average
Balances:
|
||||||||||||||||||||||||||||
|
Year
to Date
|
||||||||||||||||||||||||||||
|
Interest
Earning Assets
|
$ | 1,643,945 | $ | 1,665,784 | $ | 1,679,293 | $ | 1,588,542 | $ | 1,569,306 | ||||||||||||||||||
|
Total
Assets
|
1,774,376 | 1,800,376 | 1,834,575 | 1,738,868 | 1,717,357 | |||||||||||||||||||||||
|
Total
Loans
|
1,280,803 | 1,295,913 | 1,310,679 | 1,279,041 | 1,264,744 | |||||||||||||||||||||||
|
Equity
|
155,522 | 162,126 | 187,512 | 145,754 | 142,800 | |||||||||||||||||||||||
|
Interest
Bearing Liabilities
|
1,506,867 | 1,525,524 | 1,535,956 | 1,474,539 | 1,456,848 | |||||||||||||||||||||||
|
Quarterly
|
||||||||||||||||||||||||||||
|
Interest
Earning Assets
|
$ | 1,600,979 | $ | 1,652,424 | $ | 1,679,293 | $ | 1,645,832 | $ | 1,636,404 | ||||||||||||||||||
|
Total
Assets
|
1,723,224 | 1,766,553 | 1,834,575 | 1,802,934 | 1,789,593 | |||||||||||||||||||||||
|
Gross
Loans
|
1,251,076 | 1,281,309 | 1,310,679 | 1,321,621 | 1,315,983 | |||||||||||||||||||||||
|
Equity
|
133,627 | 137,019 | 187,512 | 154,552 | 141,846 | |||||||||||||||||||||||
|
Interest
Bearing Liabilities
|
1,470,162 | 1,515,206 | 1,535,956 | 1,527,227 | 1,527,316 | |||||||||||||||||||||||
|
Weighted
Average Number of Shares Outstanding
|
||||||||||||||||||||||||||||
|
Basic
|
16,791,175 | 16,791,340 | 16,780,058 | 17,369,765 | 17,369,925 | 16,787,565 | 17,361,257 | |||||||||||||||||||||
|
Diluted
|
16,791,175 | 16,791,340 | 16,780,058 | 17,398,432 | 17,416,675 | 16,787,565 | 17,406,558 | |||||||||||||||||||||
|
Period
end outstanding shares
|
16,791,175 | 16,793,175 | 16,793,175 | 16,769,675 | 17,370,175 | 16,791,175 | 17,370,175 | |||||||||||||||||||||
|
(1)
- Tangible Equity to Total Tangible Assets is period-ending equity less
intangibles, divided by period-ending assets less
intangibles.
|
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|
Management
provides the above non-GAAP measure, footnote (1) to provide readers with
the impact of purchase accounting on this key financial
ratio.
|
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