EXHIBIT 99.1

 

 

10753 Macatawa Drive
Holland, MI 49424


NEWS RELEASE

 

NASDAQ STOCK MARKET
FOR RELEASE:
DATE:

MCBC
Immediate
July 28, 2011

Macatawa Bank Corporation Reports Second Quarter Results

Holland, Michigan, July 28, 2011 - Macatawa Bank Corporation (Nasdaq: MCBC) today announced its results for the second quarter of 2011, showing continued improvement in all key operating metrics and capital ratios.

 

Net income increased to $2.4 million, compared to $1.7 million in the same quarter of last year

 

Continued improvement in asset quality metrics, with nonperforming loans down 28 percent and total past due loans down 26 percent from previous quarter end

 

Net charge offs of $2.9 million, down 54 percent from $4.6 million in the second quarter of 2010 - lowest in nearly 3 years

 

Completed common stock offering resulting in net proceeds of $20.4 million

 

Capital ratios now above Consent Order requirements and comfortably above minimums ordinarily required for "well capitalized" institutions

Macatawa reported net income available to common shares of $2.4 million, or $0.13 per diluted share, in the second quarter 2011 compared to net income of $1.7 million, or $0.10 per diluted share, for the second quarter 2010. For the first six months of 2011, the Company reported net income of $3.7 million in 2011 compared to a net loss of $19.4 million for the same period in 2010.

"The second quarter of 2011 was very positive for the Company," said Richard L. Postma, Chairman of the Board of the Company. "Our earnings and every key asset quality metric continued to improve. The Company successfully completed its stock offering in June, 2011 and raised over $20 million in common stock by offering shares directly to current shareholders and the community. We were able to achieve our capital raising goals on a local basis, without having to conduct an underwritten offering, and at a price in excess of - not at a discount to - book value per share. The Bank is now in compliance with all of the requirements of its Consent Order. We look forward to continuing to work with the Bank's regulators as we progress toward our goal of eventually having the Consent Order removed. The successful completion of the offering was an important step toward achieving that goal."

Mr. Postma continued: "We believe that our improved results reflect the disciplined approach we began to implement in late 2009. We will continue to adhere to this approach in the management of the Company and focus our efforts on addressing areas needing further improvement, especially the continued reduction of the Bank's level of non-performing assets. The Company also now has a capital base that will support future organic growth and consideration of future strategic opportunities. As we look toward the future with a renewed sense of energy and purpose, our mission continues to be to serve West Michigan as an exceptional locally-owned and locally-managed bank."

Operating Results

Net interest income for the second quarter 2011 totaled $11.8 million, an increase of $184,000 from the first quarter 2011 and a decrease of $1.0 million from the second quarter 2010. Net interest margin was 3.39 percent, up 17 basis points from 3.22 percent on a consecutive quarter basis, and up 10 basis points from 3.29% for the second quarter 2010. This margin improvement is primarily a result of our efforts to reduce the amount of our higher costing wholesale funding.

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Macatawa Bank Corporation 2Q Results / page 2 of 4

Average interest earning assets for the second quarter 2011 decreased $62.1 million from the first quarter 2011 and were down $179.9 million from the second quarter 2010, negatively impacting net interest income. The decreases 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.

Non-interest income was stable at $3.6 million for the second quarter 2011 compared to the first quarter 2011, and was down $2.7 million from the second quarter 2010. The decrease from the second quarter 2010 was primarily due to a $2.7 million gain recognized in the second quarter 2010 on the sale of our investment securities portfolio.

Non-interest expense was $15.0 million for the second quarter 2011, compared to $15.4 million for the first quarter 2011 and $14.3 million for the second quarter 2010. The largest fluctuations in non-interest expense related to costs associated with the administration and disposition of problem loans and non-performing assets, which were down $692,000 in the second quarter 2011 compared to the first quarter 2011, but up $1.3 million compared to the second quarter of 2010. FDIC insurance assessments remained elevated at $841,000 as a result of higher assessment rates implemented by the FDIC, but did decrease $137,000 compared to the first quarter 2011 and were $352,000 lower than the second quarter 2010 primarily due to the reduction in the size of the bank.

When excluding nonperforming asset costs and FDIC assessments, non-interest expense was $10.4 million for the most recent quarter, up $391,000 from $10.0 million in the first quarter 2011 and down $218,000 from $10.6 million for the second quarter 2011.

Asset Quality

As a result of the continued decline in net charge-offs, consistent improvements in nonperforming loans and delinquencies over the past four quarters, and continued shrinkage of the loan portfolio, the provision for loan losses for the second quarter 2011 was a negative $2.0 million. The provision for loan losses was a negative $1.45 million for the first quarter 2011, and $1.8 million in the second quarter 2010. Net charge-offs for the second quarter 2011 were at the lowest quarterly level since the third quarter of 2008 at $2.9 million, compared to $3.6 million for the first quarter 2011, and $6.3 million for the second quarter 2010.

The allowance for loan losses of $37.5 million was 3.41 percent of total loans at June 30, 2011, compared to 3.67 percent of total loans at March 31, 2011, and 4.12 percent at June 30, 2010. While this overall loan coverage ratio declined, the more important ratio of loan loss reserve coverage to nonperforming loans continued to significantly improve, nearly reaching a 1 to 1 coverage at 92.66 percent at June 30, 2011, compared to 75.48 percent at March 31, 2011, and 59.21 percent at June 30, 2010. This ratio is at its highest level since June 2007.

At June 30, 2011, the Company's non-performing loans were $40.4 million, representing 3.68% of total loans, the lowest level since the third quarter of 2007. This compares to $56.1 million (4.86% of total loans) at March 31, 2011, and $95.1 million (6.96% of total loans) at June 30, 2010. Other-real-estate-owned is higher at $65.4 million at June 30, 2011 compared to $65.0 million at March 31, 2011, and $48.8 million at June 30, 2010. These balances have increased as our problem loans have migrated through the normal collection process. However, the total of nonperforming loans and other-real-estate-owned has decreased by $37.9 million, over 26 percent, from June 30, 2010 to June 30, 2011.

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

Dollars in 000s

June 30,
2011

 

March 31,
2011

 

December 31,
2010

 

September 30,
2010

 

June 30,
2010

Commercial Real Estate

$

33,715

 

$

43,039

 

$

60,186

 

$

72,310

 

$

81,319

Commercial and Industrial

 

4,814

 

 

11,180

 

 

12,170

 

 

8,326

 

 

10,418

     Total Commercial Loans

 

38,529

 

 

54,219

 

 

72,356

 

 

80,636

 

 

91,737

Residential Mortgage Loans

 

1,091

 

 

389

 

 

1,830

 

 

2,702

 

 

1,976

Consumer Loans

 

825

 

 

1,489

 

 

1,175

 

 

1,110

 

 

1,345

     Total Non-Performing Loans

$

40,445

 

$

56,097

 

$

75,361

 

$

84,448

 

$

95,058

Residential Developer Loans (a)

$

16,070

 

$

20,715

 

$

22,137

 

$

32,822

 

$

37,939


 

(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

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Macatawa Bank Corporation 2Q Results / page 3 of 4

Total non-performing assets were $105.9 million, or 7.0 percent of total assets, at June 30, 2011. A break-down of non-performing assets is shown in the table below.

Dollars in 000s

June 30,
2011

 

March 31,
2011

 

December 31,
2010

 

September 30,
2010

 

June 30,
2010

Non-Performing Loans

$

40,445

 

$

56,097

 

$

75,361

 

$

84,448

 

$

95,058

Other Repossessed Assets

 

6

 

 

22

 

 

50

 

 

130

 

 

81

Other Real Estate Owned

 

65,432

 

 

64,992

 

 

57,984

 

 

53,982

 

 

48,672

     Total Non-Performing Assets

$

105,883

 

$

121,111

 

$

133,395

 

$

138,560

 

$

143,811



Balance Sheet, Liquidity and Capital

Total assets were $1.52 billion at June 30, 2011, a decrease of $59.6 million from $1.58 billion at December 31, 2010. Total loans were $1.10 billion at June 30, 2011, down $118.0 million from $1.22 billion at December 31, 2010.

Commercial loans decreased by $97.3 million, representing the majority of the decrease in total loans since December 31, 2010. The commercial real estate portfolio was reduced by $64.3 million as the Company continued its efforts to reduce exposure in these segments. Commercial and industrial loans declined by $33.0 million.

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

Dollars in 000s

June 30,
2011

 

March 31,
2011

 

December 31,
2010

 

September 30,
2010

 

June 30,
2010

Construction and development

$

115,783

 

$

121,147

 

$

133,228

 

$

139,579

 

$

150,443

Other commercial real estate

 

489,138

 

 

504,600

 

 

535,960

 

 

548,071

 

 

582,882

     Commercial Loans Secured by
     Real Estate

 


604,921

 

 


625,747

 

 


669,188

 

 


687,650

 

 


733,325

Commercial and Industrial

 

231,670

 

 

260,669

 

 

264,680

 

 

285,924

 

 

314,087

     Total Commercial Loans

$

836,591

 

$

886,416

 

$

933,868

 

$

973,574

 

$

1,047,412

Residential Developer Loans (a)

$

83,612

 

$

91,626

 

$

95,736

 

$

106,372

 

$

120,344


 

(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 2010 allowed the Company to continue its reduction of wholesale funding. Since December 31, 2010, wholesale funding, including out-of-market deposits acquired through brokers and other borrowed funds, decreased by $45.9 million. Total deposits were $1.20 billion at June 30, 2011, down $74.1 million from $1.28 billion at December 31, 2010, as the Bank continued to encourage run-off of brokered deposits and higher priced local certificates of deposit. Customer deposit accounts remain fully insured to the highest levels available under the FDIC insurance programs.

The Bank's capital ratios continued to improve in the second quarter 2011. At June 30, 2011, all of the regulatory capital ratios for Macatawa Bank were maintained at levels comfortably above those ordinarily required to be categorized as "well capitalized" under applicable regulatory capital guidelines, and were in excess of the levels required by its Consent Order. Because the Bank is subject to the Consent Order, it cannot be categorized as "well capitalized" regardless of actual capital levels.


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About Macatawa Bank / page 4 of 4

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," "continue," "progress," "toward," "goal," "eventually," "step," "believe," "began," "focus," "efforts," "further," "future," "consideration," "strategic," "opportunities," "mission" 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 trends in our credit quality metrics, the removal of the Bank's Consent Order, our ability to reduce our level of non-performing assets, and future organic growth and consideration of future strategic opportunities. 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 other-real-estate owned 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 sell other-real-estate owned at its carrying value or at all, successfully implement new programs and initiatives, increase efficiencies, 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, 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
June 30

 

Six Months Ended
June 30

 

EARNINGS SUMMARY

2011

 

2010

 

2011

 

2010

 

Total interest income

$

15,490

 

$

19,537

 

$

31,343

 

$

40,475

 

Total interest expense

 

3,708

 

 

6,719

 

 

7,963

 

 

14,629

 

  Net interest income

 

11,782

 

 

12,818

 

 

23,380

 

 

25,846

 

Provision for loan loss

 

(2,000

)

 

1,800

 

 

(3,450

)

 

21,510

 

  Net interest income after provision for loan loss

 

13,782

 

 

11,018

 

 

26,830

 

 

4,336

 

NON-INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Deposit service charges

 

969

 

 

1,063

 

 

1,918

 

 

2,128

 

Net gains on mortgage loans

 

262

 

 

399

 

 

697

 

 

580

 

Trust fees

 

620

 

 

797

 

 

1,271

 

 

1,686

 

Other

 

1,765

 

 

4,063

 

 

3,409

 

 

5,396

 

  Total non-interest income

 

3,616

 

 

6,322

 

 

7,295

 

 

9,790

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

5,600

 

 

5,554

 

 

10,947

 

 

11,005

 

Occupancy

 

989

 

 

989

 

 

2,000

 

 

2,041

 

Furniture and equipment

 

829

 

 

888

 

 

1,646

 

 

1,869

 

FDIC assessment

 

841

 

 

1,192

 

 

1,819

 

 

2,450

 

Administration and disposition of problem assets

 

3,741

 

 

2,464

 

 

8,175

 

 

7,999

 

Other

 

2,997

 

 

3,202

 

 

5,846

 

 

6,851

 

  Total non-interest expense

 

14,997

 

 

14,289

 

 

30,433

 

 

32,215

 

Income (loss) before income tax

 

2,401

 

 

3,051

 

 

3,692

 

 

(18,089

)

Income tax expense (benefit)

 

-

 

 

1,303

 

 

-

 

 

1,303

 

Net income (loss)

$

2,401

 

$

1,748

 

$

3,692

 

$

(19,392

)

Dividends declared on preferred shares

 

-

 

 

-

 

 

-

 

 

-

 

Net income (loss) available to common shares

$

2,401

 

$

1,748

 

$

3,692

 

$

(19,392

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.13

 

$

0.10

 

$

0.20

 

$

(1.10

)

Diluted earnings per common share

$

0.13

 

$

0.10

 

$

0.20

 

$

(1.10

)

Return on average assets

 

0.63%

 

 

0.41%

 

 

0.48%

 

 

-2.23%

 

Return on average equity

 

13.24%

 

 

10.32%

 

 

10.44%

 

 

-51.25%

 

Net interest margin

 

3.39%

 

 

3.29%

 

 

3.31%

 

 

3.26%

 

Efficiency ratio

 

97.40%

 

 

74.66%

 

 

99.21%

 

 

90.40%

 






BALANCE SHEET DATA
Assets

June 30
2011

 

December 31
2010

 

June 30
2010

Cash and due from banks

$

21,889

 

$

21,274

 

$

26,311

Federal funds sold and other short-term investments

 

244,816

 

 

214,853

 

 

118,825

Securities available for sale

 

22,735

 

 

9,120

 

 

20,112

Securities held to maturity

 

-

 

 

83

 

 

83

Federal Home Loan Bank Stock

 

11,236

 

 

11,932

 

 

12,275

Loans held for sale

 

467

 

 

2,537

 

 

1,431

Total loans

 

1,099,176

 

 

1,217,196

 

 

1,364,881

Less allowance for loan loss

 

37,477

 

 

47,426

 

 

56,286

  Net loans

 

1,061,699

 

 

1,169,770

 

 

1,308,595

Premises and equipment, net

 

56,155

 

 

56,988

 

 

59,770

Acquisition intangibles

 

191

 

 

322

 

 

455

Bank-owned life insurance

 

25,480

 

 

25,014

 

 

24,675

Other real estate owned

 

65,432

 

 

57,984

 

 

48,672

Other assets

 

8,532

 

 

8,384

 

 

28,543

Total Assets

$

1,518,632

 

$

1,578,261

 

$

1,649,747

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

295,667

 

$

255,897

 

$

263,324

Interest-bearing deposits

 

906,889

 

 

1,020,723

 

 

1,049,377

  Total deposits

 

1,202,556

 

 

1,276,620

 

 

1,312,701

Other borrowed funds

 

174,270

 

 

185,336

 

 

222,003

Subordinated debt

 

1,650

 

 

1,650

 

 

1,650

Long-term debt

 

41,238

 

 

41,238

 

 

41,238

Other liabilities

 

6,765

 

 

5,575

 

 

5,915

Total Liabilities

 

1,426,479

 

 

1,510,419

 

 

1,583,507

Shareholders' equity

 

92,153

 

 

67,842

 

 

66,240

Total Liabilities and Shareholders' Equity

$

1,518,632

 

$

1,578,261

 

$

1,649,747








MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)

(Dollars in thousands except per share information)

 

Quarterly

 

Year to Date

 

 


2nd Qtr
2011

 


1st Qtr
2011

 


4th Qtr
2010

 


3rd Qtr
2010

 


2nd Qtr
2010

 



2011

 



2010

 

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

11,782

 

$

11,598

 

$

12,284

 

$

12,437

 

$

12,818

 

$

23,380

 

$

25,846

 

Provision for loan loss

 

(2,000

)

 

(1,450

)

 

400

 

 

550

 

 

1,800

 

 

(3,450

)

 

21,510

 

Total non-interest income

 

3,616

 

 

3,679

 

 

4,508

 

 

3,726

 

 

6,322

 

 

7,295

 

 

9,790

 

Total non-interest expense

 

14,997

 

 

15,436

 

 

15,557

 

 

14,910

 

 

14,289

 

 

30,433

 

 

32,215

 

Federal income tax expense (benefit)

 

-

 

 

-

 

 

-

 

 

-

 

 

1,303

 

 

-

 

 

1,303

 

Net income (loss)

 

2,401

 

 

1,291

 

 

835

 

 

703

 

 

1,748

 

 

3,692

 

 

(19,392

)

Dividends declared on preferred
  shares

 


-

 

 


-

 

 


-

 

 


-

 

 


-

 

 


-

 

 


-

 

Net income (loss) available to
  common shares


$


2,401

 


$


1,291

 


$


835

 


$


703

 


$


1,748

 


$


3,692

 


$


(19,392


)

Basic earnings per common share

$

0.13

 

$

0.07

 

$

0.05

 

$

0.04

 

$

0.10

 

$

0.20

 

$

(1.10

)

Diluted earnings per common share

$

0.13

 

$

0.07

 

$

0.05

 

$

0.04

 

$

0.10

 

$

0.20

 

$

(1.10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share

$

$2.18

 

$

2.04

 

$

1.96

 

$

1.91

 

$

1.87

 

$

2.18

 

$

1.87

 

Tangible book value per common
  share


$


2.17

 


$


2.02

 


$


1.94

 


$


1.89

 


$


1.85

 


$


2.17

 


$


1.85

 

Market value per common share

$

2.77

 

$

2.48

 

$

4.12

 

$

1.48

 

$

1.20

 

$

2.77

 

$

1.20

 

Average basic common shares

 

18,964,150

 

 

17,679,621

 

 

17,679,884

 

 

17,677,284

 

 

17,692,231

 

 

18,325,434

 

 

17,694,269

 

Average diluted common shares

 

18,964,150

 

 

17,679,621

 

 

17,679,884

 

 

17,677,284

 

 

17,692,231

 

 

18,325,434

 

 

17,694,269

 

Period end common shares

 

27,083,823

 

 

17,679,621

 

 

17,679,621

 

 

17,680,211

 

 

17,682,458

 

 

27,083,823

 

 

17,682,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.63%

 

 

0.33%

 

 

0.20%

 

 

0.17%

 

 

0.41%

 

 

0.48%

 

 

-2.23%

 

Return on average equity

 

13.24%

 

 

7.49%

 

 

4.93%

 

 

4.21%

 

 

10.32%

 

 

10.44%

 

 

-51.25%

 

Net interest margin (fully taxable
  equivalent)

 


3.39%

 

 


3.22%

 

 


3.38%

 

 


3.22%

 

 


3.29%

 

 


3.31%

 

 


3.26%

 

Efficiency ratio

 

97.40%

 

 

101.04%

 

 

92.65%

 

 

92.25%

 

 

74.66%

 

 

99.21%

 

 

90.40%

 

Full-time equivalent employees
   (period end)

 


402

 

 


385

 

 


382

 

 


387

 

 


391

 

 


402

 

 


391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

4,430

 

$

4,132

 

$

5,637

 

$

5,114

 

$

6,851

 

$

8,562

 

$

21,087

 

Net charge-offs

$

2,866

 

$

3,633

 

$

5,167

 

$

4,644

 

$

6,296

 

$

6,499

 

$

19,847

 

Net charge-offs to average loans
   (annualized)

 


1.01%

 

 


1.23%

 

 


1.66%

 

 


1.41%

 

 


1.79%

 

 


1.12%

 

 


2.75%

 

Nonperforming loans

$

40,445

 

$

56,097

 

$

75,361

 

$

84,448

 

$

95,058

 

$

40,445

 

$

95,058

 

Other real estate and repossessed
  assets


$


65,438

 


$


65,014

 


$


58,034

 


$


54,112

 


$


48,753

 


$


65,438

 


$


48,753

 

Nonperforming loans to total loans

 

3.68%

 

 

4.86%

 

 

6.19%

 

 

6.61%

 

 

6.96%

 

 

3.68%

 

 

6.96%

 

Nonperforming assets to total assets

 

6.97%

 

 

7.78%

 

 

8.45%

 

 

8.49%

 

 

8.72%

 

 

6.97%

 

 

8.72%

 

Allowance for loan loss

$

37,477

 

$

42,343

 

$

47,426

 

$

52,192

 

$

56,286

 

$

37,477

 

$

56,286

 

Allowance for loan loss to total loans

 

3.41%

 

 

3.67%

 

 

3.90%

 

 

4.08%

 

 

4.12%

 

 

3.41%

 

 

4.12%

 

Allowance for loan loss to
  nonperforming loans

 


92.66%

 

 


75.48%

 

 


62.93%

 

 


61.80%

 

 


59.21%

 

 


92.66%

 

 


59.21%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average equity to average assets

 

4.80%

 

 

4.40%

 

 

4.14%

 

 

4.09%

 

 

4.02%

 

 

4.60%

 

 

4.36%

 

Tier 1 capital to average assets
  (Consolidated)

 


8.06%

 

 


5.84%

 

 


5.82%

 

 


5.42%

 

 


5.25%

 

 


8.06%

 

 


5.25%

 

Total capital to risk-weighted assets
  (Consolidated)

 


12.71%

 

 


10.34%

 

 


9.65%

 

 


9.30%

 

 


8.81%

 

 


12.71%

 

 


8.81%

 

Tier 1 capital to average assets (Bank)

 

8.22%

 

 

7.11%

 

 

7.10%

 

 

6.55%

 

 

6.31%

 

 

8.22%

 

 

6.31%

 

Total capital to risk-weighted assets
  (Bank)

 


11.94%

 

 


10.42%

 

 


9.68%

 

 


9.23%

 

 


8.70%

 

 


11.94%

 

 


8.70%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

END OF PERIOD BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio loans

$

1,099,176

 

$

1,153,992

 

$

1,217,196

 

$

1,278,298

 

$

1,364,881

 

$

1,099,176

 

$

1,364,881

 

Earning assets

 

1,378,064

 

 

1,417,783

 

 

1,453,041

 

 

1,480,046

 

 

1,517,318

 

 

1,378,064

 

 

1,517,318

 

Total assets

 

1,518,632

 

 

1,557,235

 

 

1,578,261

 

 

1,611,395

 

 

1,649,747

 

 

1,518,632

 

 

1,649,747

 

Deposits

 

1,202,556

 

 

1,264,665

 

 

1,276,620

 

 

1,279,710

 

 

1,312,701

 

 

1,202,556

 

 

1,312,701

 

Total shareholders' equity

 

92,153

 

 

69,153

 

 

67,842

 

 

66,992

 

 

66,240

 

 

92,153

 

 

66,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio loans

$

1,139,049

 

$

1,183,517

 

$

1,244,148

 

$

1,319,029

 

$

1,408,672

 

$

1,161,160

 

$

1,440,826

 

Earning assets

 

1,375,513

 

 

1,437,638

 

 

1,423,287

 

 

1,515,501

 

 

1,555,372

 

 

1,406,404

 

 

1,601,988

 

Total assets

 

1,513,507

 

 

1,565,782

 

 

1,634,249

 

 

1,634,249

 

 

1,686,311

 

 

1,539,500

 

 

1,735,525

 

Deposits

 

1,217,254

 

 

1,263,115

 

 

1,224,156

 

 

1,297,498

 

 

1,341,243

 

 

1,240,057

 

 

1,367,824

 

Total shareholders' equity

 

72,553

 

 

68,924

 

 

67,735

 

 

66,860

 

 

67,733

 

 

70,749

 

 

75,669