EXHIBIT 99.1

 

 

10753 Macatawa Drive
Holland, Michigan 49424

NEWS RELEASE

 

NASDAQ STOCK MARKET
FOR RELEASE:
DATE:

MCBC
Immediate
April 26, 2012

Macatawa Bank Corporation Reports First Quarter Results

Holland, Michigan, April 26, 2012 - Macatawa Bank Corporation (Nasdaq: MCBC) today announced its results for the first quarter of 2012, again showing continued improvement in key operating metrics and capital ratios.

 

$4.5 million in earnings in the first quarter reaching their highest level since the second quarter of 2007

 

Regulatory Consent Order was removed effective March 2, 2012

 

Large recoveries on previously charged-off loans positively impacted earnings

 

Regulatory capital ratios at their highest levels in twelve years, with the Bank categorized as "well capitalized" as of March 31, 2012

 

Continued improvement in asset quality metrics, with non-performing loans at their lowest level since the first quarter of 2007

 

Coverage of allowance for loan losses to non-performing loans well above 1-to-1 at 125.36%

 

Earnings continue to be negatively impacted by high costs associated with non-performing assets. Non-performing assets decreased during the first quarter but remained at elevated levels

Macatawa reported net income available to common shares of $4.5 million, or $0.17 per diluted share, in the first quarter 2012 compared to net income of $1.3 million, or $0.07 per diluted share, for the first quarter 2011.

"The Company's first quarter results were strong. Significant achievements were met, which reflect the disciplined approach to running our business that we implemented over the past few years," said Richard L. Postma, Chairman of the Board of the Company. "As reported previously, our improved financial condition, the execution of our business plan and cooperation with our regulators resulted in the termination of our regulatory Consent Order effective March 2, 2012. As a result of the termination of the Consent Order, the Bank was categorized as "well capitalized" as of March 31, 2012 and is expected to save approximately $1.2 million annually in FDIC insurance costs. In addition, our ongoing and assertive loan collection efforts yielded significant recoveries on previously charged-off loans in this first quarter. As a result, we had net recoveries of $1.4 million for the quarter compared to net charge-offs of $3.6 million for the same period in 2011, an improvement of $5 million. All key metrics improved during the first quarter of 2012, including capital ratios, liquidity measures and asset quality metrics."

Mr. Postma concluded: "We have had a good start to 2012. However, while we made good progress in the first quarter, we must reduce our level of non-performing assets to acceptable levels. Until we do so, earnings will be held down by the ongoing costs associated with these assets. Further, our recoveries on previously charged-off loans were unusually high in this first quarter and may not recur at this level in future quarters. Nevertheless, these are very positive results that the entire Bank is building from in the future for 2012 and beyond."





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Macatawa Bank Corporation 1Q Results / page 2 of 4

Operating Results

Net interest income for the first quarter 2012 totaled $11.3 million, a decrease of $138,000 from the fourth quarter 2011 and a decrease of $317,000 from the first quarter 2011, due primarily to a reduction in our earning assets. Net interest margin was 3.32 percent, up 4 basis points from 3.28 percent on a consecutive quarter basis, and up 10 basis points from 3.22 percent for the first quarter 2011. The margin increase from the fourth quarter 2011 and first quarter 2011 was due primarily to increased interest income from our investments as we continue to build our investment portfolio.

Average interest earning assets for the first quarter 2012 decreased $20.9 million from the fourth quarter 2011 and were down $87.4 million from the first quarter 2011, negatively impacting net interest income. The decreases in assets reflected the Bank's continued focus on reduction in credit exposure within certain segments of its loan portfolio.

Non-interest income remained consistent at $3.7 million for the first quarter 2012, fourth quarter 2011 and first quarter 2011.

Non-interest expense was $14.1 million for the first quarter 2012, compared to $14.0 million for the fourth quarter 2011 and $15.4 million for the first quarter 2011. 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 up $118,000 compared to the fourth quarter 2011 and down $1.4 million compared to the first quarter 2011. FDIC insurance assessments declined $102,000 compared to the fourth quarter 2011 due to the termination of the Bank's Consent Order and were $268,000 lower than the first quarter 2011 due to the reduction in total assets of the Bank, changes to the FDIC assessment methodology and the termination of the Consent Order.

Asset Quality

As a result of the high loan recoveries collected in the first quarter of 2012, along with the continued decline in charge-offs, consistent improvements in nonperforming loans and past due loans over the past several quarters, and continued shrinkage of the loan portfolio, a negative provision for loan losses of $3.6 million was recorded in the first quarter 2012. Net recoveries for the first quarter 2012 were $1.4 million, compared to fourth quarter 2011 net charge-offs of $3.2 million and first quarter 2011 net charge-offs of $3.6 million. Total loans past due on payments by 30 days or more amounted to $8.9 million at March 31, 2012, down from $13.1 million at December 31, 2011 and $41.2 million at March 31, 2011.

The allowance for loan losses of $29.5 million was 2.78 percent of total loans at March 31, 2012, compared to 2.95 percent of total loans at December 31, 2011, and 3.67 percent of total loans at March 31, 2011. While this overall loan coverage ratio declined, the more important coverage ratio of allowance for loan losses to nonperforming loans continued to significantly improve, well exceeding 1-to-1 coverage at 125.36 percent at March 31, 2012, compared to 109.31 percent at December 31, 2011, and 75.48 percent at March 31, 2011. This ratio was at its highest level since March 2007.

At March 31, 2012, the Company's non-performing loans were $23.5 million, representing 2.22 percent of total loans, the lowest level since the second quarter of 2007. This compares to $28.9 million (2.70 percent of total loans) at December 31, 2011, and $56.1 million (4.86 percent of total loans) at March 31, 2011. Other real estate owned decreased slightly to $66.2 million compared to $66.4 million at December 31, 2011 and increased $1.2 million from $65.0 million at March 31, 2011. These balances have increased as our problem loans have migrated through the normal collection process. However, total nonperforming assets have decreased by $31.4 million, over 25 percent, from March 31, 2011 to March 31, 2012.


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Macatawa Bank Corporation 1Q Results / page 3 of 4

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

Dollars in 000s

March 31,
2012

 

December 31,
2011

 

September 30,
2011

 

June 30,
2011

 

March 31,
2011

Commercial Real Estate

$

12,357

 

$

16,940

 

$

23,107

 

$

33,715

 

$

43,039

Commercial and Industrial

 

9,188

 

 

9,560

 

 

9,875

 

 

4,814

 

 

11,180

     Total Commercial Loans

 

21,545

 

 

26,500

 

 

32,982

 

 

38,529

 

 

54,219

Residential Mortgage Loans

 

1,503

 

 

1,888

 

 

1,373

 

 

1,091

 

 

389

Consumer Loans

 

446

 

 

558

 

 

671

 

 

825

 

 

1,489

     Total Non-Performing Loans

$

23,494

 

$

28,946

 

$

35,026

 

$

40,445

 

$

56,097

Residential Developer Loans (a)

$

8,172

 

$

8,513

 

$

13,289

 

$

16,070

 

$

20,715


 

(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 $89.7 million, or 5.97 percent of total assets, at March 31, 2012. A break-down of non-performing assets is shown in the table below.

Dollars in 000s

March 31,
2012

 

December 31,
2011

 

September 30,
2011

 

June 30,
2011

 

March 31,
2011

Non-Performing Loans

$

23,494

 

$

28,946

 

$

35,026

 

$

40,445

 

$

56,097

Other Repossessed Assets

 

9

 

 

0

 

 

26

 

 

6

 

 

22

Other Real Estate Owned

 

66,236

 

 

66,438

 

 

66,484

 

 

65,432

 

 

64,992

     Total Non-Performing Assets

$

89,739

 

$

95,384

 

$

101,536

 

$

105,883

 

$

121,111

Balance Sheet, Liquidity and Capital

Total assets were $1,503.0 million at March 31, 2012, a decrease of $4.7 million from $1,507.7 million at December 31, 2011. Total loans were $1,059.9 million at March 31, 2012, down $11.0 million from $1,070.9 million at December 31, 2011.

Commercial loans decreased by $22.2 million during the quarter, partially offset by increases of $11.1 million in our residential mortgage and consumer loan portfolios. The commercial real estate portfolio was reduced by $23.9 million during the quarter as the Company continued its efforts to reduce exposure in these segments. Commercial and industrial loans increased by $1.7 million.

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

Dollars in 000s

March 31,
2012

 

December 31,
2011

 

September 30,
2011

 

June 30,
2011

 

March 31,
2011

Construction and Development

$

101,355

 

$

90,191

 

$

111,244

 

$

115,783

 

$

121,147

Other Commercial Real Estate

 

443,023

 

 

478,076

 

 

486,708

 

 

489,138

 

 

504,600

     Commercial Loans Secured by
     Real Estate

 


544,378

 

 


568,267

 

 


597,952

 

 


604,921

 

 


625,747

Commercial and Industrial

 

228,768

 

 

227,051

 

 

221,619

 

 

231,670

 

 

260,669

     Total Commercial Loans

$

773,146

 

$

795,318

 

$

819,571

 

$

836,591

 

$

886,416

Residential Developer Loans (a)

$

61,200

 

$

66,331

 

$

76,772

 

$

83,612

 

$

91,626


 

(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


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Macatawa Bank Corporation 1Q Results / page 4 of 4

Total deposits were stable at $1,214.5 million at March 31, 2012, down $818,000 from $1,215.3 million at December 31, 2011, as the Bank continues to be successful at attracting and retaining core deposit customers. Customer deposit accounts remain fully insured to the highest levels available under FDIC deposit insurance.

The Bank's capital ratios continued to improve in the first quarter 2012. At March 31, 2012, all of the regulatory capital ratios for Macatawa Bank were maintained at levels comfortably above those required to be categorized as "well capitalized" under applicable regulatory capital guidelines. Further, the Bank's regulatory capital ratios at March 31, 2012 were at their highest levels since December 31, 1999. The Bank was categorized as "well capitalized" at March 31, 2012.

About Macatawa Bank

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," "expect," "approximately," "ongoing," "until," "future," "beyond" 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, future levels of profitability, future levels of recoveries on previously charged-off loans and our ability to reduce our level of non-performing assets. 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. 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, 2011. 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)

 

Quarter Ended
March 31

 

EARNINGS SUMMARY

2012

 

2011

 

Total interest income

$

14,099

 

$

15,853

 

Total interest expense

 

2,818

 

 

4,255

 

  Net interest income

 

11,281

 

 

11,598

 

Provision for loan loss

 

(3,600

)

 

(1,450

)

  Net interest income after provision for loan loss

 

14,881

 

 

13,048

 

 

 

 

 

 

 

 

NON-INTEREST INCOME

 

 

 

 

 

 

Deposit service charges

 

795

 

 

949

 

Net gains on mortgage loans

 

471

 

 

435

 

Trust fees

 

609

 

 

651

 

Other

 

1,836

 

 

1,644

 

  Total non-interest income

 

3,711

 

 

3,679

 

 

 

 

 

 

 

 

NON-INTEREST EXPENSE

 

 

 

 

 

 

Salaries and benefits

 

5,720

 

 

5,347

 

Occupancy

 

971

 

 

1,011

 

Furniture and equipment

 

828

 

 

817

 

FDIC assessment

 

710

 

 

978

 

Administration and disposition of problem assets

 

3,058

 

 

4,434

 

Other

 

2,820

 

 

2,849

 

  Total non-interest expense

 

14,107

 

 

15,436

 

Income (loss) before income tax

 

4,485

 

 

1,291

 

Income tax expense (benefit)

 

-

 

 

-

 

 

 

 

 

 

 

 

Net income (loss)

$

4,485

 

$

1,291

 

Dividends declared on preferred shares

 

-

 

 

-

 

Net income (loss) available to common shares

$

4,485

 

$

1,291

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.17

 

$

0.07

 

Diluted earnings per common share

$

0.17

 

$

0.07

 

Return on average assets

 

1.20%

 

 

0.33%

 

Return on average equity

 

18.78%

 

 

7.49%

 

Net interest margin

 

3.32%

 

 

3.22%

 

Efficiency ratio

 

94.10%

 

 

101.04%

 





BALANCE SHEET DATA

March 31

 

December 31

 

March 31

Assets

2012

 

2011

 

2011

Cash and due from banks

$

22,278

 

$

30,971

 

$

24,265

Federal funds sold and other short-term investments

 

184,362

 

 

212,071

 

 

238,362

Securities available for sale

 

88,745

 

 

54,746

 

 

12,660

Securities held to maturity

 

300

 

 

300

 

 

-

Federal Home Loan Bank Stock

 

11,236

 

 

11,236

 

 

11,932

Loans held for sale

 

8,562

 

 

1,026

 

 

942

Total loans

 

1,059,935

 

 

1,070,975

 

 

1,153,992

Less allowance for loan loss

 

29,451

 

 

31,641

 

 

42,343

  Net loans

 

1,030,484

 

 

1,039,334

 

 

1,111,649

Premises and equipment, net

 

54,819

 

 

55,358

 

 

56,410

Acquisition intangibles

 

-

 

 

64

 

 

255

Bank-owned life insurance

 

26,180

 

 

25,957

 

 

25,229

Other real estate owned

 

66,236

 

 

66,438

 

 

64,992

Other assets

 

9,792

 

 

10,166

 

 

10,539

Total Assets

$

1,502,994

 

$

1,507,667

 

$

1,557,235

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

300,617

 

$

324,253

 

$

282,050

Interest-bearing deposits

 

913,854

 

 

891,036

 

 

982,615

  Total deposits

 

1,214,471

 

 

1,215,289

 

 

1,264,665

Other borrowed funds

 

137,489

 

 

148,603

 

 

174,270

Surbordinated debt

 

1,650

 

 

1,650

 

 

1,650

Long-term debt

 

41,238

 

 

41,238

 

 

41,238

Other liabilities

 

9,259

 

 

6,461

 

 

6,259

Total Liabilities

 

1,404,107

 

 

1,413,241

 

 

1,488,082

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

98,887

 

 

94,426

 

 

69,153

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

1,502,994

 

$

1,507,667

 

$

1,557,235





MACATAWA BANK CORPORATION
SELECTED CONSOLIDATED FINANCIAL DATA

(Unaudited)

(Dollars in thousands except per share information)

 

Quarterly

 

 

1st Qtr
2012

 

4th Qtr
2011

 

3rd Qtr
2011

 

2nd Qtr
2011

 

1st Qtr
2011

 

EARNINGS SUMMARY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

11,281

 

$

11,419

 

$

11,501

 

$

11,782

 

$

11,598

 

Provision for loan loss

 

(3,600

)

 

-

 

 

(1,250

)

 

(2,000

)

 

(1,450

)

Total non-interest income

 

3,711

 

 

3,670

 

 

3,927

 

 

3,616

 

 

3,679

 

Total non-interest expense

 

14,107

 

 

14,004

 

 

15,626

 

 

14,997

 

 

15,436

 

Federal income tax expense (benefit)

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Net income (loss)

 

4,485

 

 

1,085

 

 

1,052

 

 

2,401

 

 

1,291

 

Dividends declared on preferred shares

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Net income (loss) available to common
  shares


$


4,485

 


$


1,085

 


$


1,052

 


$


2,401

 


$


1,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.17

 

$

0.04

 

$

0.04

 

$

0.13

 

$

0.07

 

Diluted earnings per common share

$

0.17

 

$

0.04

 

$

0.04

 

$

0.13

 

$

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MARKET DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share

$

2.43

 

$

2.26

 

$

2.22

 

$

2.18

 

$

2.04

 

Tangible book value per common share

$

2.43

 

$

2.26

 

$

2.22

 

$

2.17

 

$

2.02

 

Market value per common share

$

3.47

 

$

2.28

 

$

2.70

 

$

2.77

 

$

2.48

 

Average basic common shares

 

27,082,825

 

 

27,082,834

 

 

27,082,823

 

 

18,964,150

 

 

17,679,621

 

Average diluted common shares

 

27,082,825

 

 

27,082,834

 

 

27,082,823

 

 

18,964,150

 

 

17,679,621

 

Period end common shares

 

27,082,825

 

 

27,082,823

 

 

27,082,823

 

 

27,083,823

 

 

17,679,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PERFORMANCE RATIOS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.20%

 

 

0.29%

 

 

0.27%

 

 

0.63%

 

 

0.33%

 

Return on average equity

 

18.78%

 

 

4.61%

 

 

4.52%

 

 

13.24%

 

 

7.49%

 

Net interest margin (fully taxable
  equivalent)

 


3.32%

 

 


3.28%

 

 


3.25%

 

 


3.39%

 

 


3.22%

 

Efficiency ratio

 

94.10%

 

 

92.81%

 

 

101.28%

 

 

97.40%

 

 

101.04%

 

Full-time equivalent employees (period
  end)

 


382

 

 


392

 

 


396

 

 


402

 

 


385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross charge-offs

$

3,497

 

$

4,196

 

$

3,693

 

$

4,430

 

$

4,132

 

Net charge-offs

$

(1,410

)

$

3,201

 

$

1,385

 

$

2,866

 

$

3,633

 

Net charge-offs to average loans
  (annualized)

 


-0.53%

 

 


1.19%

 

 


0.51%

 

 


1.01%

 

 


1.23%

 

Nonperforming loans

$

23,494

 

$

28,946

 

$

35,026

 

$

40,445

 

$

56,097

 

Other real estate and repossessed assets

$

66,245

 

$

66,438

 

$

66,510

 

$

65,438

 

$

65,014

 

Nonperforming loans to total loans

 

2.22%

 

 

2.70%

 

 

3.24%

 

 

3.68%

 

 

4.86%

 

Nonperforming assets to total assets

 

5.97%

 

 

6.33%

 

 

6.70%

 

 

6.97%

 

 

7.78%

 

Allowance for loan loss

$

29,451

 

$

31,641

 

$

34,842

 

$

37,477

 

$

42,343

 

Allowance for loan loss to total loans

 

2.78%

 

 

2.95%

 

 

3.22%

 

 

3.41%

 

 

3.67%

 

Allowance for loan loss to
  nonperforming loans

 


125.36%

 

 


109.31%

 

 


99.47%

 

 


92.66%

 

 


75.48%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL & LIQUIDITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average equity to average assets

 

6.38%

 

 

6.21%

 

 

6.08%

 

 

4.80%

 

 

4.40%

 

Tier 1 capital to average assets
  (Consolidated)

 


8.75%

 

 


8.25%

 

 


8.07%

 

 


8.06%

 

 


5.84%

 

Total capital to risk-weighted assets
  (Consolidated)

 


13.66%

 

 


13.15%

 

 


12.92%

 

 


12.71%

 

 


10.34%

 

Tier 1 capital to average assets (Bank)

 

8.87%

 

 

8.43%

 

 

8.23%

 

 

8.22%

 

 

7.11%

 

Total capital to risk-weighted assets
  (Bank)

 


13.02%

 

 


12.46%

 

 


12.19%

 

 


11.94%

 

 


10.42%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

END OF PERIOD BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio loans

$

1,059,935

 

$

1,070,975

 

$

1,082,512

 

$

1,099,176

 

$

1,153,992

 

Earning assets

 

1,349,078

 

 

1,349,556

 

 

1,371,062

 

 

1,378,064

 

 

1,417,783

 

Total assets

 

1,502,994

 

 

1,507,667

 

 

1,516,101

 

 

1,518,632

 

 

1,557,235

 

Deposits

 

1,214,471

 

 

1,215,289

 

 

1,200,558

 

 

1,202,556

 

 

1,264,665

 

Total shareholders' equity

 

98,887

 

 

94,426

 

 

93,329

 

 

92,153

 

 

69,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVERAGE BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio loans

$

1,064,158

 

$

1,074,574

 

$

1,087,849

 

$

1,139,049

 

$

1,183,517

 

Earning assets

 

1,350,282

 

 

1,371,149

 

 

1,388,236

 

 

1,375,513

 

 

1,437,638

 

Total assets

 

1,498,015

 

 

1,515,570

 

 

1,531,695

 

 

1,513,507

 

 

1,565,782

 

Deposits

 

1,205,283

 

 

1,201,848

 

 

1,215,138

 

 

1,217,254

 

 

1,263,115

 

Total shareholders' equity

 

95,524

 

 

94,164

 

 

93,090

 

 

72,553

 

 

68,924