EXHIBIT 99.1
 

 
mcbc logo
 
10753 Macatawa Drive
Holland, Michigan 49424
NEWS RELEASE
 
NASDAQ STOCK MARKET
FOR RELEASE:
DATE:
MCBC
Immediate
July 26, 2012


Macatawa Bank Corporation Reports Second Quarter Results

Holland, Michigan, July 26, 2012  Macatawa Bank Corporation (Nasdaq: MCBC) today announced its results for the second quarter of 2012, again showing continued improvement in key operating metrics and financial performance.

 
Earnings increased to $3.2 million in the second quarter of 2012 versus $2.4 million in the second quarter of 2011
 
Continued improvement in loan portfolio quality
   
· 
Total loan delinquencies decreased again, now at 0.66% of total loans – well below industry averages
   
· 
Low net loan charge-offs for the most recent quarter and the last 12 months – well below industry averages
   
· 
Nonperforming loans decreased by 20% for the most recent quarter and are at their lowest level since the first quarter of 2007
 
Coverage of allowance for loan losses to nonperforming loans strong with a ratio well above 1-to-1 at 143.79%
 
Regulatory capital ratios at their highest levels in twelve years and comfortably above the minimums to be categorized as “well capitalized” under regulatory standards
 
Strong in-market core deposit growth during the most recent quarter – key categories of deposits increased by 18%
 
While decreasing, costs associated with nonperforming assets remained high - $3.2 million for the most recent quarter

Macatawa reported net income available to common shares of $3.2 million, or $0.12 per diluted share, in the second quarter of 2012 compared to net income of $2.4 million, or $0.13 per diluted share, for the second quarter of 2011.   For the first six months of 2012, the Company reported net income of $7.7 million, or $0.28 per diluted share, compared to net income of $3.7 million, or $0.20 per diluted share, for the same period in 2011.
 
“The Company’s second quarter 2012 results represent our ninth consecutive quarter of positive net income and reflect continued progress,” said Richard L. Postma, Chairman of the Board of the Company.  “Our earnings have grown and our loan portfolio quality continued its trend of improvement.  While our favorable performance trends continued and our earnings improved, the ongoing costs associated with nonperforming assets, primarily other real estate owned, continued to be a significant strain on earnings.  These costs were $3.2 million for the second quarter 2012.  While this is a decrease from $3.7 million in the second quarter of 2011, we must continue to focus on reducing these costs and our level of nonperforming assets to acceptable levels.  We sold $4.2 million of our other real estate owned in the second quarter of 2012 and $8.6 million in the first half of 2012, but we still had a total of $62.0 million in other real estate owned at the end of the most recent quarter.  Disposing of other real estate owned is a top priority so that we will be better positioned to produce consistent, core earnings.”
 
Mr. Postma further stated: “We are beginning to see the positive impact of the change in perception of the Bank among our customers and community, as our in-market, core deposit portfolio showed good growth for the most recent quarter.  The time has come for us to have as a top priority prudent growth of the Bank and creation of shareholder value.  We are seeking opportunities to conservatively build our loan portfolio to produce high quality earning asset growth.”
 
 
 

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Macatawa Bank Corporation 2Q Results / page 2 of 4

Operating Results

Net interest income for the second quarter 2012 totaled $11.3 million, an increase of $41,000 from the first quarter 2012 and a decrease of $460,000 from the second quarter 2011, due primarily to a reduction in our earning assets.  Net interest margin was 3.32 percent, unchanged from the first quarter 2012, and down 7 basis points from 3.39 percent for the second quarter 2011.  The margin decrease from the second quarter 2011 was due primarily to the impact of a decreasing rate environment on the Company’s earning asset base.
 
Average interest earning assets for the second quarter 2012 increased $5.8 million from the first quarter 2012 and were down $19.5 million from the second quarter 2011.  The increase from the first quarter 2012 reflected the positive impact of our investment portfolio building strategy.  The decrease from 2011 reflected the Bank’s continued focus on reduction in credit exposure within certain segments of its loan portfolio.
 
Non-interest income increased $289,000 in the second quarter 2012 compared to the first quarter 2012 and $384,000 from the second quarter 2011, primarily as a result of increased gains on sales of mortgage loans due to higher production volume.
 
Non-interest expense was $13.9 million for the second quarter 2012, compared to $14.1 million for the first quarter 2012 and $15.0 million for the second 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 increased $132,000 compared to the first quarter 2012 and were down $551,000 compared to the second quarter 2011. FDIC insurance assessments declined $231,000 compared to the first quarter 2012 due to the termination of the Bank’s Consent Order, and were $362,000 lower than the second 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 low level of charge-offs during the second quarter of 2012, along with the 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 $1.75 million was recorded in the second quarter 2012.  Net charge-offs for the second quarter 2012 were $551,000, compared to first quarter 2012 net recoveries of $1.4 million and second quarter 2011 net charge-offs of $2.9 million.  Total loans past due on payments by 30 days or more amounted to $6.9 million at June 30, 2012, down from $8.9 million at March 31, 2012, $13.1 million at December 31, 2011 and $30.4 million at June 30, 2011.
 
The allowance for loan losses of $27.2 million was 2.62 percent of total loans at June 30, 2012, compared to 2.78 percent of total loans at March 31, 2012, 2.95 percent at December 31, 2011 and 3.41 percent of total loans at June 30, 2011.  While this overall loan coverage ratio declined, the coverage ratio of allowance for loan losses to nonperforming loans continued to significantly improve, well exceeding 1-to-1 coverage at 143.97 percent at June 30, 2012, compared to 125.36 percent at March 31, 2012, 109.31 percent at December 31, 2011 and 92.66 percent at June 30, 2011.  This ratio was at its highest level since March 2007.
 
At June 30, 2012, the Company’s non-performing loans were $18.9 million, representing 1.82 percent of total loans, the lowest level since the second quarter of 2007.  This compares to $23.5 million (2.22 percent of total loans) at March 31, 2012, $28.9 million (2.70 percent of total loans) at December 31, 2011 and $40.4 million (3.68 percent of total loans) at June 30, 2011.  Other real estate owned decreased to $62.0 million compared to $66.4 million at December 31, 2011 and decreased $3.4 million from $65.4 million at June 30, 2011.  These balances have remained high over these periods.  However, total nonperforming assets, including other real estate owned and nonperforming loans, have decreased by $25.0 million, over 23 percent, from June 30, 2011 to June 30, 2012.


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Macatawa Bank Corporation 2Q Results / page 3 of 4

 
A break-down of non-performing loans is shown in the table below.
 
 
Dollars in 000s
 
June 30,
2012
   
March 31,
2012
   
December 31,
2011
   
September 30,
2011
   
June 30,
2011
 
                               
Commercial Real Estate
  $ 11,117     $ 12,357     $ 16,940     $ 23,107     $ 33,715  
Commercial and Industrial
    6,173       9,188       9,560       9,875       4,814  
     Total Commercial Loans
    17,290       21,545       26,500       32,982       38,529  
Residential Mortgage Loans
    978       1,503       1,888       1,373       1,091  
Consumer Loans
    611       446       558       671       825  
     Total Non-Performing Loans
  $ 18,879     $ 23,494     $ 28,946     $ 35,026     $ 40,445  
                                         
Residential Developer Loans (a)
  $ 5,830     $ 8,172     $ 8,513     $ 13,289     $ 16,070  

(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 $80.9 million, or 5.33 percent of total assets, at June 30, 2012.  A break-down of non-performing assets is shown in the table below.

 
Dollars in 000s
 
June 30,
2012
   
March 31,
2012
   
December 31,
2011
   
September 30,
2011
   
June 30,
2011
 
                               
Non-Performing Loans
  $ 18,879     $ 23,494     $ 28,946     $ 35,026     $ 40,445  
Other Repossessed Assets
    0       9       0       26       6  
Other Real Estate Owned
    62,046       66,236       66,438       66,484       65,432  
     Total Non-Performing Assets
  $ 80,925     $ 89,739     $ 95,384     $ 101,536     $ 105,883  


Balance Sheet, Liquidity and Capital

Total assets were $1,520.3 million at June 30, 2012, an increase of $12.6 million from $1,507.7 million at December 31, 2011.  Total loans were $1,037.0 million at June 30, 2012, down $34.0 million from $1,071.0 million at December 31, 2011.

Commercial loans decreased by $41.8 million during the first half of 2012, partially offset by increases of $2.3 million in our residential mortgage and consumer loan portfolios.  The commercial real estate portfolio was reduced by $36.3 million during the six months ended June 30, 2012 as the Company continued its efforts to reduce exposure in these segments.  Commercial and industrial loans decreased by $5.4 million during the same period.

The composition of the commercial loan portfolio is shown in the table below:
 
 
Dollars in 000s
 
June 30,
2012
   
March 31,
2012
   
December 31,
2011
   
September 30,
2011
   
June 30,
2011
 
                               
Construction and Development
  $ 99,271     $ 101,355     $ 90,191     $ 111,244     $ 115,783  
Other Commercial Real Estate
    432,662       443,023       478,076       486,708       489,138  
     Commercial Loans Secured by
      Real Estate
    531,933       544,378       568,267       597,952       604,921  
Commercial and Industrial
    221,628       228,768       227,051       221,619       231,670  
     Total Commercial Loans
  $ 753,561     $ 773,146     $ 795,318     $ 819,571     $ 836,591  
                                         
Residential Developer Loans (a)
  $ 56,756     $ 61,200     $ 66,331     $ 76,772     $ 83,612  

(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 4 of 4


Total deposits increased to $1,235.5 million at June 30, 2012, up $20.2 million from $1,215.3 million at December 31, 2011.  Balances in checking, savings and money market accounts grew by over 18% on an annualized basis during the second quarter of 2012.  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 second quarter 2012.  At June 30, 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 June 30, 2012 were at their highest levels since December 31, 1999.  The Bank was categorized as “well capitalized” at June 30, 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 “trend,” “beginning,” “perception,” “seeking,” “opportunities,” “continue,” “focus,” “positioned,” “strategy,” “efforts” 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 impact of change in perception of the Bank among our customers and in the community, opportunities to conservatively build our loan portfolio to produce high quality earning asset growth, creation of shareholder value, future levels of profitability, and our ability to reduce our level of other real estate owned. 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)
                       
   
Three Months Ended
   
Six Months Ended
 
   
June 30
   
June 30
 
EARNINGS SUMMARY
 
2012
   
2011
   
2012
   
2011
 
Total interest income
  $ 13,900     $ 15,490     $ 27,998     $ 31,343  
Total interest expense
    2,578       3,708       5,396       7,963  
  Net interest income
    11,322       11,782       22,602       23,380  
Provision for loan loss
    (1,750 )     (2,000 )     (5,350 )     (3,450 )
  Net interest income after provision for loan loss
    13,072       13,782       27,952       26,830  
                                 
NON-INTEREST INCOME
                               
Deposit service charges
    776       969       1,571       1,918  
Net gains on mortgage loans
    780       262       1,251       697  
Trust fees
    598       620       1,207       1,271  
Other
    1,846       1,765       3,682       3,409  
  Total non-interest income
    4,000       3,616       7,711       7,295  
                                 
NON-INTEREST EXPENSE
                               
Salaries and benefits
    5,723       5,600       11,443       10,947  
Occupancy
    941       989       1,912       2,000  
Furniture and equipment
    858       829       1,685       1,646  
FDIC assessment
    479       841       1,188       1,819  
Administration and disposition of problem assets
    3,190       3,741       6,249       8,175  
Other
    2,695       2,997       5,515       5,846  
  Total non-interest expense
    13,886       14,997       27,992       30,433  
Income (loss) before income tax
    3,186       2,401       7,671       3,692  
Income tax expense (benefit)
    -       -       -       -  
                                 
Net income (loss)
  $ 3,186     $ 2,401     $ 7,671     $ 3,692  
Dividends declared on preferred shares
    -       -       -       -  
Net income (loss) available to common shares
  $ 3,186     $ 2,401     $ 7,671     $ 3,692  
                                 
Basic earnings per common share
  $ 0.12     $ 0.13     $ 0.28     $ 0.20  
Diluted earnings per common share
  $ 0.12     $ 0.13     $ 0.28     $ 0.20  
Return on average assets
    0.85 %     0.63 %     1.02 %     0.48 %
Return on average equity
    12.59 %     13.24 %     15.59 %     10.44 %
Net interest margin
    3.32 %     3.39 %     3.32 %     3.31 %
Efficiency ratio
    90.63 %     97.40 %     92.34 %     99.21 %
                                 
BALANCE SHEET DATA
         
June 30
   
December 31
   
June 30
 
Assets
            2012       2011       2011  
Cash and due from banks
          $ 25,673     $ 30,971     $ 21,889  
Federal funds sold and other short-term investments
            218,721       212,071       244,816  
Securities available for sale
            96,518       54,746       22,735  
Securities held to maturity
            300       300       -  
Federal Home Loan Bank Stock
            11,236       11,236       11,236  
Loans held for sale
            6,630       1,026       467  
Total loans
            1,036,965       1,070,975       1,099,176  
Less allowance for loan loss
            27,180       31,641       37,477  
  Net loans
            1,009,785       1,039,334       1,061,699  
Premises and equipment, net
            54,534       55,358       56,155  
Acquisition intangibles
            -       64       191  
Bank-owned life insurance
            26,404       25,957       25,480  
Other real estate owned
            62,046       66,438       65,432  
Other assets
            8,488       10,166       8,532  
                                 
Total Assets
          $ 1,520,335     $ 1,507,667     $ 1,518,632  
                                 
Liabilities and Shareholders' Equity
                               
Noninterest-bearing deposits
          $ 330,626     $ 324,253     $ 295,667  
Interest-bearing deposits
            904,891       891,036       906,889  
  Total deposits
            1,235,517       1,215,289       1,202,556  
Other borrowed funds
            127,489       148,603       174,270  
Surbordinated debt
            1,650       1,650       1,650  
Long-term debt
            41,238       41,238       41,238  
Other liabilities
            12,042       6,461       6,765  
Total Liabilities
            1,417,936       1,413,241       1,426,479  
                                 
Shareholders' equity
            102,399       94,426       92,153  
                                 
Total Liabilities and Shareholders' Equity
          $ 1,520,335     $ 1,507,667     $ 1,518,632  

 
 

 

MACATAWA BANK CORPORATION
                             
SELECTED CONSOLIDATED FINANCIAL DATA
                             
(Unaudited)
                             
                               
(Dollars in thousands except per share information)
                             
   
Quarterly
 
Year to Date
 
                               
   
2nd Qtr
 
1st Qtr
 
4th Qtr
 
3rd Qtr
 
2nd Qtr
         
   
2012
 
2012
 
2011
 
2011
 
2011
 
2012
 
2011
 
EARNINGS SUMMARY
                             
Net interest income
 
 $          11,322
 
 $         11,281
 
 $          11,419
 
 $         11,501
 
 $          11,782
 
 $             22,602
 
 $             23,380
 
Provision for loan loss
 
             (1,750)
 
            (3,600)
 
                     -
 
            (1,250)
 
             (2,000)
 
                (5,350)
 
                (3,450)
 
Total non-interest income
 
               4,000
 
              3,711
 
               3,670
 
              3,927
 
               3,616
 
                  7,711
 
                  7,295
 
Total non-interest expense
 
             13,886
 
            14,107
 
             14,004
 
            15,626
 
             14,997
 
                27,992
 
                30,433
 
Federal income tax expense (benefit)
 
                       -
 
                      -
 
                       -
 
                      -
 
                       -
 
                        -
 
                        -
 
Net income (loss)
 
               3,186
 
              4,485
 
               1,085
 
              1,052
 
               2,401
 
                  7,671
 
                  3,692
 
Dividends declared on preferred shares
 
                       -
 
                      -
 
                       -
 
                      -
 
                       -
 
                          -
 
                          -
 
Net income (loss) available to common shares
 
 $            3,186
 
 $           4,485
 
 $            1,085
 
 $           1,052
 
 $            2,401
 
 $               7,671
 
 $               3,692
 
                               
Basic earnings per common share
 
 $              0.12
 
 $             0.17
 
 $              0.04
 
 $             0.04
 
 $              0.13
 
 $                 0.28
 
 $                 0.20
 
Diluted earnings per common share
 
 $              0.12
 
 $             0.17
 
 $              0.04
 
 $             0.04
 
 $              0.13
 
 $                 0.28
 
 $                 0.20
 
                               
MARKET DATA
                             
Book value per common share
 
 $              2.56
 
 $             2.43
 
 $              2.26
 
 $             2.22
 
 $              2.18
 
 $                 2.56
 
 $                 2.18
 
Tangible book value per common share
 
 $              2.56
 
 $             2.43
 
 $              2.26
 
 $             2.22
 
 $              2.17
 
 $                 2.56
 
 $                 2.17
 
Market value per common share
 
 $              3.41
 
 $             3.47
 
 $              2.28
 
 $             2.70
 
 $              2.77
 
 $                 3.41
 
 $                 2.77
 
Average basic common shares
 
      27,082,825
 
     27,082,825
 
      27,082,834
 
     27,082,823
 
      18,964,150
 
27,082,825
 
18,325,434
 
Average diluted common shares
 
      27,082,825
 
     27,082,825
 
      27,082,834
 
     27,082,823
 
      18,964,150
 
27,082,825
 
18,325,434
 
Period end common shares
 
      27,082,825
 
     27,082,825
 
      27,082,823
 
     27,082,823
 
      27,083,823
 
         27,082,825
 
         27,083,823
 
                               
PERFORMANCE RATIOS
                             
Return on average assets
 
0.85%
 
1.20%
 
0.29%
 
0.27%
 
0.63%
 
1.02%
 
0.48%
 
Return on average equity
 
12.59%
 
18.78%
 
4.61%
 
4.52%
 
13.24%
 
15.59%
 
10.44%
 
Net interest margin (fully taxable equivalent)
 
3.32%
 
3.32%
 
3.28%
 
3.25%
 
3.39%
 
3.32%
 
3.31%
 
Efficiency ratio
 
90.63%
 
94.10%
 
92.81%
 
101.28%
 
97.40%
 
92.34%
 
99.21%
 
Full-time equivalent employees (period end)
 
373
 
382
 
392
 
396
 
402
 
373
 
402
 
                               
ASSET QUALITY
                             
Gross charge-offs
 
 $               899
 
 $           3,497
 
 $            4,196
 
 $           3,693
 
 $            4,430
 
 $               4,396
 
 $               8,562
 
Net charge-offs
 
 $               521
 
 $         (1,410)
 
 $            3,201
 
 $           1,385
 
 $            2,866
 
 $                (889)
 
 $               6,499
 
Net charge-offs to average loans (annualized)
 
0.20%
 
-0.53%
 
1.19%
 
0.51%
 
1.01%
 
-0.17%
 
1.12%
 
Nonperforming loans
 
 $          18,879
 
 $         23,494
 
 $          28,946
 
 $         35,026
 
 $          40,445
 
 $             18,879
 
 $             40,445
 
Other real estate and repossessed assets
 
 $          62,046
 
 $         66,245
 
 $          66,438
 
 $         66,510
 
 $          65,438
 
 $             62,046
 
 $             65,438
 
Nonperforming loans to total loans
 
1.82%
 
2.22%
 
2.70%
 
3.24%
 
3.68%
 
1.82%
 
3.68%
 
Nonperforming assets to total assets
 
5.33%
 
5.97%
 
6.33%
 
6.70%
 
6.97%
 
5.33%
 
6.97%
 
Allowance for loan loss
 
 $          27,180
 
 $         29,451
 
 $          31,641
 
 $         34,842
 
 $          37,477
 
 $             27,180
 
 $             37,477
 
Allowance for loan loss to total loans
 
2.62%
 
2.78%
 
2.95%
 
3.22%
 
3.41%
 
2.62%
 
3.41%
 
Allowance for loan loss to nonperforming loans
 
143.97%
 
125.36%
 
109.31%
 
99.47%
 
92.66%
 
143.97%
 
92.66%
 
                               
CAPITAL & LIQUIDITY
                             
Average equity to average assets
 
6.73%
 
6.38%
 
6.21%
 
6.08%
 
4.80%
 
6.55%
 
4.60%
 
Tier 1 capital to average assets (Consolidated)
 
9.00%
 
8.75%
 
8.25%
 
8.07%
 
8.06%
 
9.00%
 
8.06%
 
Total capital to risk-weighted assets (Consolidated)
 
14.18%
 
13.66%
 
13.15%
 
12.92%
 
12.71%
 
14.18%
 
12.71%
 
Tier 1 capital to average assets (Bank)
 
9.09%
 
8.87%
 
8.43%
 
8.23%
 
8.22%
 
9.09%
 
8.22%
 
Total capital to risk-weighted assets (Bank)
 
13.57%
 
13.02%
 
12.46%
 
12.19%
 
11.94%
 
13.57%
 
11.94%
 
                               
END OF PERIOD BALANCES
                             
Total portfolio loans
 
 $     1,036,965
 
 $    1,059,935
 
 $     1,070,975
 
 $    1,082,512
 
 $     1,099,176
 
 $        1,036,965
 
 $        1,099,176
 
Earning assets
 
        1,364,592
 
       1,349,078
 
        1,349,556
 
       1,371,062
 
        1,378,064
 
           1,364,592
 
           1,378,064
 
Total assets
 
        1,520,335
 
       1,502,994
 
        1,507,667
 
       1,516,101
 
        1,518,632
 
           1,520,335
 
           1,518,632
 
Deposits
 
        1,235,517
 
       1,214,471
 
        1,215,289
 
       1,200,558
 
        1,202,556
 
           1,235,517
 
           1,202,556
 
Total shareholders' equity
 
           102,399
 
            98,887
 
             94,426
 
            93,329
 
             92,153
 
              102,399
 
                92,153
 
                               
AVERAGE BALANCES
                             
Total portfolio loans
 
 $     1,047,248
 
 $    1,064,158
 
 $     1,074,574
 
 $    1,087,849
 
 $     1,139,049
 
 $        1,055,703
 
 $        1,161,160
 
Earning assets
 
        1,356,054
 
       1,350,282
 
        1,371,149
 
       1,388,236
 
        1,375,513
 
           1,353,168
 
           1,406,404
 
Total assets
 
        1,505,217
 
       1,498,015
 
        1,515,570
 
       1,531,695
 
        1,513,507
 
           1,501,616
 
           1,539,500
 
Deposits
 
        1,222,837
 
       1,205,283
 
        1,201,848
 
       1,215,138
 
        1,217,254
 
           1,214,060
 
           1,240,057
 
Total shareholders' equity
 
           101,236
 
            95,524
 
             94,164
 
            93,090
 
             72,553
 
                98,380
 
                70,749