EXHIBIT 99.1

 

10753 Macatawa Drive
Holland, MI 49424


NEWS RELEASE

 

NASDAQ STOCK MARKET
FOR RELEASE:
DATE:

MCBC
Immediate
February 3, 2011



Macatawa Bank Corporation
Reports Third Consecutive Quarter of Profitability and Year-end Results

Holland, Michigan, February 3, 2011 - Macatawa Bank Corporation (Nasdaq: MCBC) today announced its fourth quarter 2010 earnings, marking the Company's third consecutive quarter of profitability and continued improvements in several key capital and operational ratios. The Company's results for the fourth quarter (unaudited) included:

 

Net income of $835,000, compared to a loss of $9.2 million in the same quarter of last year and net income of $703,000 in the third quarter of 2010

 

Continued improvement in asset quality metrics, with nonperforming loans down 11 percent and total past due loans down 31 percent compared to third quarter 2010

 

Net charge offs of $5.2 million, down 65.6 percent from $15.0 million in the fourth quarter 2009

 

Year-over-year improvement in net interest margin, now at 3.38 percent

 

Improvement in capital ratios

 

Deposit accounts remain insured by the FDIC up to the maximum amount permitted by law


Macatawa reported net income available to common shares of $835,000, or $0.05 per diluted share, for the fourth quarter 2010, compared to a net loss available to common shares of $9.2 million, or $0.52 per diluted share, for the fourth quarter 2009 and net income of $703,000 for the third quarter 2010. For the full year 2010, the Company's net loss available to common shares totaled $17.9 million, down from a net loss of $66.5 million for the same period in 2009.

"We are pleased with our fourth quarter profit and the progress we believe we have made in 2010," said Richard L. Postma, Chairman of Macatawa Bank Corporation. "Our results continued to reflect the process improvements and disciplined approach we began to implement in 2009. The fourth quarter of 2010 represented our third consecutive quarter of profitability, along with continued improvements in several key capital and performance metrics. These are important achievements in our continued efforts to build accountability, confidence and performance in Macatawa Bank. We must continue to focus on improvement of the Bank's capital ratios, further reduction of non-performing loans and increasing sales of other-real-estate-owned. Through the collective efforts of the Board of Directors, management and our employees, we intend to continue to move the Bank toward a position of sustained profitability in order to serve West Michigan as a strong community bank."






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Macatawa Bank Corporation 4Q Results / page 2 of 5

Over the last year, under the direction of the Board of Directors and Chairman Richard Postma, the Company has navigated a difficult banking environment and critical transition period. Under this leadership, the Bank improved business and banking principles, added experienced personnel, and bolstered the Bank's risk management functions by adding key individuals in its Special Assets and Loan Review groups. The Bank added a new Chief Credit Officer and implemented new and more disciplined lending and loan risk management policies and new procedures for loan administration and loan review. The Company also added two new directors in the fourth quarter 2010. Each of these directors brings expertise in financial and accounting matters, further strengthening the Board of Directors. Macatawa continued its focus on reducing nonperforming loans during the fourth quarter 2010 by accelerating workout strategies with some of its more stressed loan customers.

Operating Results

Net interest income for the fourth quarter 2010 totaled $12.3 million, a decrease of $153,000 from the third quarter 2010 and a decrease of $1.1 million from the fourth quarter 2009. Net interest margin was 3.38 percent, up 16 basis points from 3.22 percent on a consecutive quarter basis and up 34 basis points from 3.04 percent in the fourth quarter 2009. The fourth quarter 2010 net interest margin was positively impacted by the continued payoff of higher-cost wholesale funds.

Average interest earning assets for the fourth quarter 2010 declined $92.2 million from the third quarter 2010 and declined $346.0 million from the fourth quarter 2009, negatively impacting net interest income. The decline in assets reflected the Bank's continued focus on capital ratio maintenance, liquidity improvement, and reduction in credit exposure within certain segments of its loan portfolio. While the size of the balance sheet has decreased, the underlying profitability of the earning assets has improved as evidenced by the increase in net interest margin.

Non-interest income of $4.5 million for the fourth quarter 2010 was up $782,000 from the third quarter 2010, and up $992,000 from the fourth quarter 2009. The comparative increase was primarily due to increased gains on sales of mortgage loans, a $574,000 gain in the fourth quarter 2010 on the sale of a property that had been held for branch expansion, and income recognized on leases of other-real-estate-owned.

Non-interest expense was $15.6 million for the fourth quarter 2010, compared to $14.9 million for the third quarter 2010 and $15.9 million for the fourth quarter 2009. In the most recent quarter, costs associated with the administration and disposition of problem loans and non-performing assets were $4.2 million, compared to $3.2 million in the third quarter 2010 and $3.7 million in the fourth quarter 2009. This increase was primarily due to further write-downs in the carrying value of other-real-estate-owned. FDIC insurance assessments remained elevated at $1.0 million in the most recent quarter compared to $1.2 million in the third quarter 2010 and $1.0 million in the fourth quarter 2009, as a result of higher assessment rates implemented by the FDIC.

When excluding nonperforming asset costs and FDIC assessments, non-interest expense was $10.3 million for the most recent quarter, down from $10.5 million in the third quarter 2010 and $11.3 million in the fourth quarter 2009. Salaries and employee benefits were down $210,000 in the fourth quarter 2010 compared to the third quarter 2010 and down $476,000 from the prior year quarter as a result of a reduction in overall staffing levels due to the Company scaling its operations to respond to the impact of the prolonged economic weakness.

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Macatawa Bank Corporation 4Q Results / page 3 of 5

Asset Quality

The provision for loan losses of $400,000 for the fourth quarter 2010 declined 27 percent from $550,000 in the third quarter 2010, and declined approximately 98 percent from $21.6 million in the fourth quarter 2009. Net charge-offs were $5.2 million compared to $4.6 million for the third quarter 2010 and $15.0 million for the fourth quarter 2009.

The allowance for loan losses of $47.4 million was 3.90 percent of total loans at December 31, 2010, compared with 4.08 percent at September 30, 2010 and 3.62 percent at December 31, 2009. The loan loss reserve coverage to nonperforming loans increased to 62.9 percent of non-performing loans at December 31, 2010, compared to 61.8 percent at September 30, 2010 and 52.6 percent at December 31, 2009.

At December 31, 2010, the Company's non-performing loans were $75.4 million, the lowest level since the fourth quarter of 2007, representing 6.19 percent of total loans. This compares to $84.4 million (6.61 percent of total loans) at September 30, 2010 and $103.9 million (6.88% of total loans) at December 31, 2009. However, other-real-estate-owned is higher at $58.0 million as of December 31, 2010 compared to $54.0 million at September 30, 2010 and $37.2 million at December 31, 2009. These balances have increased as our problem loans have migrated through the normal collection process. Sales of other-real-estate-owned continued to improve as compared to 2009, with the Bank disposing of $16.8 million in real estate during 2010, compared to $7.5 million for the same period in 2009. The total of nonperforming loans and other-real-estate-owned has decreased by $7.8 million from December 31, 2009 to December 31, 2010.

A break-down of non-performing loans is shown in the table below.

Dollars in 000s

December 31,
2010


 

September 30,
2010


 

June 30,
2010


 

March 31,
2010


 

December 31,
2009


                   

Commercial Real Estate

$

60,186

 

$

72,310

 

$

81,319

 

$

81,669

 

$

87,321

Commercial and Industrial

 

12,170


   

8,326


   

10,418


   

17,782


   

12,713


     Total Commercial Loans

 

72,356

   

80,636

   

91,737

   

99,451

   

100,034

Residential Mortgage Loans

 

1,830

   

2,702

   

1,976

   

1,849

   

2,719

Consumer Loans

 

1,175


   

1,110


   

1,345


   

1,248


   

1,132


     Total Non-Performing Loans

$


75,361


 

$


84,448


 

$


95,058


 

$


102,548


 

$


103,885


                             

Residential Developer Loans (a)

$


22,137


 

$


32,822


 

$


37,939


 

$


36,594


 

$


50,002



 

(a)

Represents the amount of loans to residential developers secured by single family residential property which is included in non-performing commercial loans secured by real estate


Total non-performing assets were $133.4 million, or 8.45 percent of total assets, at December 31, 2010. A break-down of non-performing assets is shown in the table below.

Dollars in 000s

December 31,
2010


 

September 30,
2010


 

June 30,
2010


 

March 31,
2010


 

December 31,
2009


                   

Non-Performing Loans

$

75,361

 

$

84,448

 

$

95,058

 

$

102,548

 

$

103,885

Other Repossessed Assets

 

50

   

130

   

81

   

84

   

124

Other Real Estate Owned

 

57,984


   

53,982


   

48,672


   

45,790


   

37,184


     Total Non-Performing Assets

$


133,395


 

$


138,560


 

$


143,811


 

$


148,422


 

$


141,193





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Macatawa Bank Corporation 4Q Results / page 4 of 5

Balance Sheet, Liquidity and Capital

Total assets were $1.58 billion at December 31, 2010, a decrease of $253 million from $1.83 billion at December 31, 2009. Total loans were $1.2 billion at December 31, 2010, down $294 million from $1.51 billion at December 31, 2009.

Commercial loans decreased by $238.7 million representing the majority of the decrease in total loans since December 31, 2009. The commercial real estate portfolio was reduced by $127.1 million as the Company continued its efforts to reduce exposure in these segments. Commercial and industrial loans declined by $92.8 million due, in part, to a general decline in business activity. Of the decline in commercial real estate loans, $57.5 million of the decrease was in loans to residential developers, the portfolio that has caused the majority of stress within the Company's loan portfolio.

The composition of the commercial loan portfolio is shown in the table below:

Dollars in 000s

December 31,
2010


 

September 30,
2010


 

June 30,
2010


 

March 31,
2010


 

December 31,
2009


                   

Construction and development

$

133,228

 

$

139,579

 

$

150,443

 

$

156,867

 

$

162,615

Other commercial real estate

 

535,960


   

548,071


   

582,882


   

611,904


   

640,437


     Commercial Loans Secured by
     Real Estate

 


669,188

   


687,650

   


733,325

   


768,771

   


803,052

Commercial and Industrial

 

264,680


   

285,924


   

314,087


   

344,294


   

369,523


     Total Commercial Loans

$


933,868


 

$


973,574


 

$


1,047,412


 

$


1,113,065


 

$


1,172,575


                             

Residential Developer Loans (a)

$


95,736


 

$


106,372


 

$


120,344


 

$


130,727


 

$


153,327



 

(a)

Represents the amount of loans to residential developers secured by single family residential property which is included in commercial loans secured by real estate


The reduction in loans since year-end 2009 allowed the Company to reduce wholesale funding during 2010, including out-of-market deposits acquired through brokers, by $158.4 million and other borrowed funds by $92.7 million. Total deposits were $1.28 billion at December 31, 2010, down $139.7 million from $1.42 billion at December 31, 2009, primarily from the run-off of brokered deposits. Customer deposit accounts remain fully insured to the highest levels available under the FDIC insurance programs.

At December 31, 2010, two of the three regulatory capital ratios for Macatawa Bank, including the tier one risk-based capital ratio and the tier one leverage capital ratio, were maintained at levels in excess of those ordinarily required to be categorized as "well capitalized" under applicable regulatory capital guidelines, but the Bank did not have capital at levels required by its Consent Order. At December 31, 2010, the Bank's total risk-based capital ratio of 9.68 percent was below the 10.0 percent minimum ordinarily required to be categorized as "well capitalized" and below the 11.0 percent minimum required by the Consent Order, but this ratio has improved since March 31, 2010 when it was 8.14 percent. Because the Bank is subject to the Consent Order, it cannot be categorized as "well capitalized" regardless of actual capital levels. The Bank needed $17.2 million of additional qualifying capital to comply with the Consent Order at December 31, 2010, compared to $43.2 million at March 31, 2010.

Mr. Postma concluded, "through a combination of improving earnings, effective balance sheet management and disciplined administration of non performing assets, we have improved the Bank's total risk-based capital ratio since its low-point at March 31, 2010. The amount of additional qualifying capital needed to comply with the Consent Order has been reduced from $43.2 million at March 31, 2010 to $17.2 million at December 31, 2010. Our goal remains to return to "well-capitalized" status, and we continue to work closely with regulators in our efforts to comply with the terms of the Consent Order."


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About Macatawa Bank / page 5 of 5

Headquartered in Holland, Michigan, Macatawa Bank Corporation is the parent company for Macatawa Bank. Through its banking subsidiary, the Company offers a full range of banking, investment and trust services to individuals, businesses, and governmental entities from a network of 26 full service branches located in communities in Kent County, Ottawa County, and northern Allegan County. Services include commercial, consumer and real estate financing, business and personal deposit services, ATM's and Internet banking services, trust and employee benefit plan services, and various investment services. The Company emphasizes its local management team and decision making, along with providing customers excellent service and superior financial products.

"CAUTIONARY STATEMENT: This press release contains forward-looking statements that are based on management's current beliefs, expectations, assumptions, estimates, plans and intentions. Forward-looking statements are identifiable by words or phrases such as "will," "believe," "continue," "ahead of us," "intend," "goal," "efforts" "proposed," "further," "toward," and other similar words or phrases. Such statements are based upon current beliefs and expectations and involve substantial risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These statements include, among others, statements related to our ability to build accountability, confidence and performance in Macatawa Bank, our ability to comply with our Consent Order and return to "well capitalized" status and our ability to continue to move Macatawa Bank toward a position of sustained profitability. All statements with references to future time periods are forward-looking. Management's determination of the provision and allowance for loan losses, the appropriate carrying value of intangible assets (including goodwill, mortgage servicing rights and deferred tax assets) and the fair value of investment securities (including whether any impairment on any investment security is temporary or other-than-temporary and the amount of any impairment) involves judgments that are inherently forward-looking. Our ability to fully comply with our Consent Order, raise additional capital, improve regulatory capital ratios, successfully implement new programs and initiatives, increase efficiencies, address regulatory issues, maintain our current level of deposits and other sources of funding, maintain liquidity, respond to declines in collateral values and credit quality, and improve profitability is not entirely within our control and is not assured. The future effect of changes in the real estate, financial and credit markets and the national and regional economy on the banking industry, generally, and Macatawa Bank Corporation, specifically, are also inherently uncertain. Failure to comply with the agreements in our Consent Order could result in further regulatory action which could have a material adverse effect on Macatawa Bank Corporation and its shareholders. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("risk factors") that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Macatawa Bank Corporation does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

Risk factors include, but are not limited to, the risk factors described in "Item 1A - Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2009 and in "Part II, Item 1A - Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2010. These and other factors are representative of the risk factors that may emerge and could cause a difference between an ultimate actual outcome and a preceding forward-looking statement.







MACATAWA BANK CORPORATION
CONSOLIDATED FINANCIAL SUMMARY

(Unaudited)

(Dollars in thousands except per share information)

 

Three Months Ended
December 31


 

Twelve Months Ended
December 31


 

EARNINGS SUMMARY

2010


 

2009


 

2010


 

2009


 

Total interest income

$

17,084

 

$

22,690

 

$

76,003

 

$

95,878

 

Total interest expense

 

4,800


   

9,284


   

25,436


   

43,085


 

  Net interest income

 

12,284

   

13,406

   

50,567

   

52,793

 

Provision for loan loss

 

400


   

21,600


   

22,460


   

74,340


 

  Net interest income after provision for loan loss

 

11,884

   

(8,194

)

 

28,107

   

(21,547

)

                         

NON-INTEREST INCOME

                       

Deposit service charges

 

1,027

   

1,131

   

4,252

   

4,776

 

Net gains on mortgage loans

 

538

   

112

   

1,462

   

2,388

 

Trust fees

 

697

   

940

   

3,079

   

3,806

 

Net gains on security sales

 

-

   

-

   

2,715

   

-

 

Other

 

2,246


   

1,332


   

6,515


   

5,727


 

  Total non-interest income

 

4,508

   

3,515

   

18,023

   

16,697

 
                         

NON-INTEREST EXPENSE

                       

Salaries and benefits

 

5,336

   

5,812

   

21,886

   

24,349

 

Occupancy

 

989

   

1,052

   

4,056

   

4,343

 

Furniture and equipment

 

831

   

971

   

3,554

   

4,026

 

FDIC assessment

 

1,025

   

987

   

4,706

   

4,495

 

Administration and disposition of problem assets

 

4,196

   

3,670

   

15,415

   

11,395

 

Trade Partners litigation settlement

 

-

   

-

   

-

   

5,533

 

Other

 

3,180


   

3,423


   

13,064


   

13,250


 

  Total non-interest expense

 

15,557


   

15,915


   

62,681


   

67,391


 

Income (loss) before income tax

 

835

   

(20,594

)

 

(16,551

)

 

(72,241

)

Income tax expense (benefit)

 

-


   

(11,385


)


 

1,303


   

(8,600


)


                         

Net income (loss)

$


835


 

$


(9,209


)


$


(17,854


)


$


(63,641


)


Dividends declared on preferred shares

 
 
   
 
   

-


   

2,870


 

Net income (loss) available to common shares

$


835


 

$


(9,209


)


$


(17,854


)


$


(66,511


)


                         

Basic earnings per common share

$

0.05

 

$

(0.52

)

$

(1.01

)

$

(3.81

)

Diluted earnings per common share

$

0.05

 

$

(0.52

)

$

(1.01

)

$

(3.81

)

Return on average assets

 

0.20%

   

-1.95%

   

-1.08%

   

-3.16%

 

Return on average equity

 

4.93%

   

-38.85%

   

-24.99%

   

-50.60%

 

Net interest margin

 

3.38%

   

3.04%

   

3.28%

   

2.82%

 

Efficiency ratio

 

92.65%

   

94.05%

   

91.39%

   

96.98%

 

BALANCE SHEET DATA
Assets

December 31
2010


 

December 31
2009


Cash and due from banks

$

21,274

 

$

24,687

Federal funds sold and other short-term investments

 

214,853

   

54,062

Securities available for sale

 

9,120

   

129,090

Securities held to maturity

 

83

   

414

Federal Home Loan Bank Stock

 

11,932

   

12,275

Loans held for sale

 

2,537

   

649

Total loans

 

1,217,196

   

1,510,816

Less allowance for loan loss

 

47,426


   

54,623


  Net loans

 

1,169,770


   

1,456,193


Premises and equipment, net

 

56,988

   

61,015

Acquisition intangibles

 

322

   

592

Bank-owned life insurance

 

25,014

   

24,395

Other real estate owned

 

57,984

   

37,183

Other assets

 

8,384


   

29,617


           

Total Assets

$


1,578,261


 

$


1,830,172


           

Liabilities and Shareholders' Equity

         

Noninterest-bearing deposits

$

255,897

 

$

221,470

Interest-bearing deposits

 

1,020,723


   

1,194,867


  Total deposits

 

1,276,620

   

1,416,337

Other borrowed funds

 

185,336

   

278,023

Surbordinated debt

 

1,650

   

1,650

Long-term debt

 

41,238

   

41,238

Other liabilities

 

5,575


   

4,933


Total Liabilities

 

1,510,419

   

1,742,181

           

Shareholders' equity

 

67,842


   

87,991


           

Total Liabilities and Shareholders' Equity

$


1,578,261


 

$


1,830,172






MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA

(Unaudited)

(Dollars in thousands except per share information)

 

Quarterly


 

Year to Date


 
 


4th Qtr
2010


 


3rd Qtr
2010


 


2nd Qtr
2010


 


1st Qtr
2010


 


4th Qtr
2009


 



2010


 



2009


 

EARNINGS SUMMARY

                                         

Net interest income

$

12,284

 

$

12,437

 

$

12,818

 

$

13,028

 

$

13,406

 

$

50,567

 

$

52,793

 

Provision for loan loss

 

400

   

550

   

1,800

   

19,710

   

21,600

   

22,460

   

74,340

 

Total non-interest income

 

4,508

   

3,726

   

6,322

   

3,468

   

3,515

   

18,023

   

16,697

 

Total non-interest expense

 

15,557

   

14,910

   

14,289

   

17,926

   

15,915

   

62,681

   

67,391

 

Federal income tax expense (benefit)

 

-

   

-

   

1,303

   

-

   

(11,385

)

 

1,303

   

(8,600

)

Net income (loss)

$

835

 

$

703

 

$

1,748

 

$

(21,140

)

$

(9,209

)

$

(17,854

)

$

(63,641

)

Dividends declared on preferred
  shares

 


- -

   


- -

   


- -

   


- -

   


- -

   


- -

   


2,870

 

Net income (loss) available to
  common shares


$


835

 


$


703

 


$


1,748

 


$


(21,140


)


$


(9,209


)


$


(17,854


)


$


(66,511


)

                                           

Basic earnings per common share

$

0.05

 

$

0.04

 

$

0.10

 

$

(1.19

)

$

(0.52

)

$

(1.01

)

$

(3.81

)

Diluted earnings per common share

$

0.05

 

$

0.04

 

$

0.10

 

$

(1.19

)

$

(0.52

)

$

(1.01

)

$

(3.81

)

                                           

MARKET DATA

                                         

Book value per common share

$

1.96

 

$

1.91

 

$

1.87

 

$

1.91

 

$

3.10

 

$

1.96

 

$

3.10

 

Tangible book value per common
  share


$


1.94

 


$


1.89

 


$


1.85

 


$


1.88

 


$


3.07

 


$


1.94

 


$


3.07

 

Market value per common share

$

4.12

 

$

1.48

 

$

1.20

 

$

1.75

 

$

2.09

 

$

4.12

 

$

2.09

 

Average basic common shares

 

17,679,884

   

17,677,284

   

17,692,231

   

17,696,922

   

17,699,552

   

17,686,362

   

17,449,943

 

Average diluted common shares

 

17,679,884

   

17,677,284

   

17,692,231

   

17,696,922

   

17,699,552

   

17,686,362

   

17,449,943

 

Period end common shares

 

17,679,621

   

17,680,211

   

17,682,458

   

17,696,423

   

17,698,108

   

17,679,621

   

17,698,108

 
                                           

PERFORMANCE RATIOS

                                         

Return on average assets

 

0.20%

   

0.17%

   

0.41%

   

-4.74%

   

-1.95%

   

-1.08%

   

-3.16%

 

Return on average equity

 

4.93%

   

4.21%

   

10.32%

   

-101.04%

   

-38.85%

   

-24.99%

   

-50.60%

 

Net interest margin (fully taxable
  equivalent)

 


3.38%

   


3.22%

   


3.29%

   


3.22%

   


3.04%

   


3.28%

   


2.82%

 

Efficiency ratio

 

92.65%

   

92.25%

   

74.66%

   

108.67%

   

94.05%

   

91.39%

   

96.98%

 

Full-time equivalent employees
  (period end)

 


382

   


387

   


391

   


375

   


380

   


382

   


380

 
                                           

ASSET QUALITY

                                         

Gross charge-offs

$

5,637

 

$

5,114

 

$

6,851

 

$

14,235

 

$

15,563

 

$

31,838

 

$

59,942

 

Net charge-offs

$

5,167

 

$

4,644

 

$

6,296

 

$

13,550

 

$

15,026

 

$

29,657

 

$

57,979

 

Net charge-offs to average loans
  (annualized)

 


1.66%

   


1.41%

   


1.79%

   


3.68%

   


3.91%

   


2.18%

   


3.54%

 

Nonperforming loans

$

75,361

 

$

84,448

 

$

95,058

 

$

102,548

 

$

103,885

 

$

75,361

 

$

103,885

 

Other real estate and repossessed
  assets


$


58,034

 


$


54,112

 


$


48,753

 


$


45,874

 


$


37,308

 


$


58,034

 


$


37,308

 

Nonperforming loans to total loans

 

6.19%

   

6.61%

   

6.96%

   

7.13%

   

6.88%

   

6.19%

   

6.88%

 

Nonperforming assets to total assets

 

8.45%

   

8.49%

   

8.72%

   

8.64%

   

7.71%

   

8.45%

   

7.71%

 

Allowance for loan loss

$

47,426

 

$

52,192

 

$

56,286

 

$

60,782

 

$

54,623

 

$

47,426

 

$

54,623

 

Allowance for loan loss to total
  loans

 


3.90%

   


4.08%

   


4.12%

   


4.23%

   


3.62%

   


3.90%

   


3.62%

 

Allowance for loan loss to
  nonperforming loans

 


62.93%

   


61.80%

   


59.21%

   


59.27%

   


52.58%

   


62.93%

   


52.58%

 

CAPITAL & LIQUIDITY

                                         

Average equity to average assets

 

4.14%

   

4.09%

   

4.02%

   

4.69%

   

5.01%

   

4.30%

   

6.24%

 

Tier 1 capital to average assets
  (Consolidated)

 


5.82%

   


5.42%

   


5.25%

   


4.80%

   


6.01%

   


5.82%

   


6.01%

 

Total capital to risk-weighted assets
  (Consolidated)

 


9.65%

   


9.30%

   


8.81%

   


8.27%

   


9.23%

   


9.65%

   


9.23%

 

Tier 1 capital to average assets
  (Bank)

 


7.10%

   


6.55%

   


6.31%

   


5.83%

   


6.58%

   


7.10%

   


6.58%

 

Total capital to risk-weighted assets
  (Bank)

 


9.68%

   


9.23%

   


8.70%

   


8.14%

   


9.07%

   


9.68%

   


9.07%

 
                                           

END OF PERIOD BALANCES

                                         

Total portfolio loans

$

1,217,196

 

$

1,278,298

 

$

1,364,881

 

$

1,438,107

 

$

1,510,816

 

$

1,217,196

 

$

1,510,816

 

Earning assets

 

1,453,041

   

1,480,046

   

1,517,318

   

1,589,670

   

1,702,227

   

1,453,041

   

1,702,227

 

Total assets

 

1,578,261

   

1,611,395

   

1,649,747

   

1,718,429

   

1,830,172

   

1,578,261

   

1,830,172

 

Deposits

 

1,276,620

   

1,279,710

   

1,312,701

   

1,370,767

   

1,416,337

   

1,276,620

   

1,416,337

 

Total shareholders' equity

 

67,842

   

66,992

   

66,241

   

66,917

   

87,991

   

67,842

   

87,991

 
                                           

AVERAGE BALANCES

                                         

Total portfolio loans

$

1,244,148

 

$

1,319,029

 

$

1,408,672

 

$

1,473,337

 

$

1,538,038

 

$

1,360,548

 

$

1,637,143

 

Earning assets

 

1,423,287

   

1,515,501

   

1,555,372

   

1,649,121

   

1,769,242

   

1,535,146

   

1,884,431

 

Total assets

 

1,634,249

   

1,634,249

   

1,686,311

   

1,785,286

   

1,893,275

   

1,660,910

   

2,016,879

 

Deposits

 

1,224,156

   

1,297,498

   

1,341,243

   

1,394,701

   

1,467,497

   

1,313,886

   

1,563,466

 

Total shareholders' equity

 

67,735

   

66,860

   

67,733

   

83,692

   

94,819

   

71,445

   

125,776