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21.10.2010 21:55:00
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The Bancorp, Inc. Reports Third Quarter 2010 Financial Results
The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a bank holding company, today reported results for the quarter ended September 30, 2010.
Financial Highlights
- Average loans for the third quarter totaled $1.6 billion, an increase of $115 million or 8% over third quarter 2009. Average securities for the third quarter totaled $215 million, an increase of $74 million, or 53% over third quarter 2009.
- Average deposits for the third quarter totaled $2.1 billion, an increase of $456 million or 29% over third quarter 2009, while transaction accounts grew to 95% of total average deposits. The average cost of funds between those respective periods decreased to .71% from .97%.
- Non-interest income, excluding security gains, increased to $4.9 million or 63% over third quarter 2009, reflecting significant increases in prepaid card and merchant acquiring fee income, which includes fees earned for processing merchant credit and debit card and ACH transactions, as well as gains in leasing income.
Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, "Our net interest income totaled $17 million in the third quarter of 2010, an increase of $1.1 million, or 7% over the third quarter of 2009. Larger loan and security balances and a lower cost of funds were the drivers behind the increase. Our SBA (Small Business Administration) program is moving forward. We’ve carefully approved several franchisors and expect the program will add to future loan growth. Although credit costs continued at elevated levels this quarter, total delinquent and non-accrual loans decreased 29% to $26.4 million from $36.9 million on a linked quarter basis. These loans represented 1.66% of total loans, a decrease from 2.34%. At quarter end, our non-performing loans represented 1.51% of total loans, their lowest level of the past four quarters.”
Financial Results
Bancorp reported net income available to common shareholders for the three months ended September 30, 2010 of $588,000 or diluted earnings per share of $0.02, based on 26,569,565 weighted average shares, compared to net income available to common shareholders of $787,000 or diluted earnings per share of $0.04, based on 20,411,872 weighted average shares, for the three months ended September 30, 2009. Core operating earnings increased to $6.12 million for the three months ended September 30, 2010 as compared to $6.07 million for the three months ended September 30, 2009. The following is a reconciliation of core operating earnings to net income available to common shareholders (for the three month period):
| September 30, | September 30, | |||||||||||
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2010 |
2009 |
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| Net income available to common shareholders | $ | 588 | $ | 787 | ||||||||
| Preferred stock dividend and accretion | - | 965 | ||||||||||
| Income tax expense | 156 | 818 | ||||||||||
| Other than temporary impairment on securities | 135 | - | ||||||||||
| Provision for loan and lease losses and other credit costs | 5,241 | 3,500 | ||||||||||
| Core operating earnings (1) | $ | 6,120 | $ | 6,070 | ||||||||
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(1) |
As a supplement to GAAP, Bancorp has provided this non-GAAP performance result. The Bancorp believes that this non-GAAP financial measure is useful because it allows investors to assess its operating performance, specifically its overall earnings capacity. Other companies may calculate core earnings differently. Although this non-GAAP financial measure is intended to enhance investors’ understanding of Bancorp’s business and performance, it should not be considered, and is not intended to be, a substitute for GAAP. |
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Capital Ratios |
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| Tier 1 capital | Tier 1 capital | Total capital | ||||||||||||
| to average | to risk-weighted | to risk-weighted | ||||||||||||
| assets ratio | assets ratio | assets ratio | ||||||||||||
| As of September 30, 2010 | ||||||||||||||
| The Company | 8.67 | % | 12.25 | % | 13.50 | % | ||||||||
| The Bancorp Bank | 7.66 | % | 10.84 | % | 12.10 | % | ||||||||
| "Well capitalized" institution (under FDIC regulations) | 5.00 | % | 6.00 | % | 10.00 | % | ||||||||
| As of December 31, 2009 | ||||||||||||||
| The Company | 12.68 | % | 15.81 | % | 17.06 | % | ||||||||
| The Bancorp Bank | 8.78 | % | 10.97 | % | 12.22 | % | ||||||||
| "Well capitalized" institution (under FDIC regulations) | 5.00 | % | 6.00 | % | 10.00 | % | ||||||||
Balance Sheet Summary
At September 30, 2010, Bancorp's total assets were $2.7 billion, an increase of $618 million or 30% over September 30, 2009. During that period, investments increased to $271 million, an increase of $129 million or 91%; loans increased to $1.6 billion, an increase of $77 million or 5%; and deposits increased to $2.4 billion, an increase of $650 million or 37%.
Conference Call Webcast
You may access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 9:30 AM EDT Friday, October 22, 2010 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 866.783.2137 using access code 26773182. You may listen to the replay of the webcast following the live call on Bancorp's investor relations website or telephonically until Friday, October 29, 2010 by dialing 888.286.8010, access code 49608171.
About Bancorp
The Bancorp, Inc. is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity programs nationwide. The Bancorp Bank’s regional community bank operations serve the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.
Forward Looking Statements
Statements in this earnings release regarding The Bancorp, Inc.’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words "may,” "believe,” "will,” "expect,” "look,” "anticipate,” "estimate,” "continue,” or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp, Inc.’s filings with the SEC, including the "Risk Factors” sections of The Bancorp Inc.’s filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Bancorp, Inc. does not undertake to publicly revise or update forward-looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.
| The Bancorp, Inc. | |||||||||||||||
| Financial highlights | |||||||||||||||
| (unaudited) | |||||||||||||||
| Condensed income statement | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2010 | 2009 | 2010 | 2009 | ||||||||||||
| (dollars in thousands except per share data) | (dollars in thousands except per share data) | ||||||||||||||
| Net interest income | $ | 17,050 | $ | 15,975 | $ | 50,019 | $ | 46,860 | |||||||
| Provision for loan and lease losses | 5,121 | 3,500 | 15,075 | 9,000 | |||||||||||
| Non-interest income | |||||||||||||||
| Gain and losses on securities | 2 | - | 1,221 | 670 | |||||||||||
| Other non-interest income | 4,918 | 3,008 | 14,152 | 9,304 | |||||||||||
| Total non-interest income | 4,920 | 3,008 | 15,373 | 9,974 | |||||||||||
| Non-interest expense | |||||||||||||||
| Loss on other real estate owned | 22 | - | 22 | 1,700 | |||||||||||
| Other non-interest expense | 16,083 | 12,913 | 45,528 | 39,834 | |||||||||||
| Total non-interest expense | 16,105 | 12,913 | 45,550 | 41,534 | |||||||||||
| Net income before income tax expense | 744 | 2,570 | 4,767 | 6,300 | |||||||||||
| Income tax expense | 156 | 818 | 1,586 | 2,231 | |||||||||||
| Net income | 588 | 1,752 | 3,181 | 4,069 | |||||||||||
| Less preferred stock dividends | - | (565 | ) | (433 | ) | (1,728 | ) | ||||||||
| Less preferred stock accretion | - | (400 | ) | (5,809 | ) | (1,066 | ) | ||||||||
| Net income (loss) available to common shareholders | $ | 588 | $ | 787 | $ | (3,061 | ) | $ | 1,275 | ||||||
| Basic earnings (loss) per share | $ | 0.02 | $ | 0.04 | $ | (0.12 | ) | $ | 0.08 | ||||||
| Diluted earnings (loss) per share | $ | 0.02 | $ | 0.04 | $ | (0.12 | ) | $ | 0.08 | ||||||
| Weighted average shares - basic |
26,181,281 |
19,731,274 |
26,181,281 |
16,305,299 | |||||||||||
| Weighted average shares - diluted | 26,569,565 | 20,411,872 |
26,181,281 |
16,874,599 | |||||||||||
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Balance sheet |
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September 30, | June 30, | December 31, | September 30, | ||||||||||||
| 2010 | 2010 | 2009 | 2009 | |||||||||||||
| Assets: | ||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||
| Cash and due from banks | $ | 164,948 | $ | 92,620 | $ | 135,246 | $ | 133,453 | ||||||||
| Interest bearing deposits | 584,857 | 171,054 | 219,213 | 1,033 | ||||||||||||
| Federal funds sold | - | - | - | 210,506 | ||||||||||||
| Total cash and cash equivalents | 749,805 | 263,674 | 354,459 | 344,992 | ||||||||||||
| Investment securities, available-for-sale, at fair value | 249,342 | 208,080 | 93,478 | 117,839 | ||||||||||||
| Investment securities, held-to-maturity | 21,354 | 21,496 | 21,468 | 23,549 | ||||||||||||
| Loans, net of deferred costs | 1,590,507 | 1,576,525 | 1,523,722 | 1,513,131 | ||||||||||||
| Allowance for loan and lease losses | (21,798 | ) | (22,336 | ) | (19,123 | ) | (18,436 | ) | ||||||||
| Loans, net | 1,568,709 | 1,554,189 | 1,504,599 | 1,494,695 | ||||||||||||
| Premises and equipment, net | 8,602 | 8,229 | 7,942 | 7,740 | ||||||||||||
| Accrued interest receivable | 8,396 | 8,483 | 7,722 | 7,708 | ||||||||||||
| Intangible assets, net | 9,255 | 9,505 | 10,005 | 10,255 | ||||||||||||
| Other real estate owned | 225 | 459 | 459 | - | ||||||||||||
| Deferred tax asset, net | 19,434 | 20,258 | 20,875 | 22,220 | ||||||||||||
| Other assets | 24,554 | 29,497 | 22,527 | 12,036 | ||||||||||||
| Total assets | $ | 2,659,676 | $ | 2,123,870 | $ | 2,043,534 | $ | 2,041,034 | ||||||||
| Liabilities: | ||||||||||||||||
| Deposits | ||||||||||||||||
| Demand (non-interest bearing) | $ | 1,402,538 | $ | 827,268 | $ | 661,383 | $ | 917,411 | ||||||||
| Savings, money market and interest checking | 1,001,959 | 903,599 | 850,306 | 760,568 | ||||||||||||
| Time deposits | 9,218 | 1,178 | 125,255 | 71,000 | ||||||||||||
| Time deposits, $100,000 and over | 8,672 | 149,562 | 17,565 | 23,350 | ||||||||||||
| Total deposits | 2,422,387 | 1,881,607 | 1,654,509 | 1,772,329 | ||||||||||||
| Securities sold under agreements to repurchase | 9,429 | 7,552 | 2,588 | 696 | ||||||||||||
| Short-term borrowings | - | - | 100,000 | - | ||||||||||||
| Accrued interest payable | 109 | 165 | 362 | 322 | ||||||||||||
| Subordinated debenture | 13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
| Other liabilities | 12,918 | 17,367 | 27,471 | 7,742 | ||||||||||||
| Total liabilities | $ | 2,458,244 | $ | 1,920,092 | $ | 1,798,331 | $ | 1,794,490 | ||||||||
| Shareholders' equity: | ||||||||||||||||
| Preferred stock - authorized 5,000,000 shares, Series A, $0.01 par value; 0 shares issued and outstanding at September 30, 2010 and 2009; | - | - | - | - | ||||||||||||
| Series B, $1,000 liquidation value, 0 and 45,220 shares issued and outstanding at September 30, 2010 and 2009, respectively | - | - | 39,411 | 39,010 | ||||||||||||
| Common stock - authorized, 50,000,000 shares of $1.00 par value; 26,181,281 shares issued and outstanding at September 30, 2010 and 2009 | 26,181 | 26,181 | 26,181 | 26,181 | ||||||||||||
| Additional paid-in capital | 192,492 | 197,027 | 196,875 | 196,827 | ||||||||||||
| Accumulated deficit | (20,236 | ) | (20,824 | ) | (17,175 | ) | (16,242 | ) | ||||||||
| Accumulated other comprehensive (loss) gain | 2,995 | 1,394 | (89 | ) | 768 | |||||||||||
| Total shareholders' equity | 201,432 | 203,778 | 245,203 | 246,544 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 2,659,676 | $ | 2,123,870 | $ | 2,043,534 | $ | 2,041,034 | ||||||||
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Average balance sheet and net interest income |
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| Three months ended September 30, 2010 | Three months ended September 30, 2009 | |||||||||||||||||||
| (Dollars in thousands) | Average | Average | Average | Average | ||||||||||||||||
| Assets: |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
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| Interest-earning assets: | ||||||||||||||||||||
| Loans net of unearned discount | $ | 1,581,924 | $ | 18,406 | 4.65 | % | $ | 1,466,921 | $ | 18,021 | 4.91 | % | ||||||||
| Leases – non-taxable | 1,284 | 14 | 4.36 | % | - | - | 0.00 | % | ||||||||||||
| Investment securities-taxable | 159,617 | 1,641 | 4.11 | % | 102,050 |
1,423 |
5.58 |
% | ||||||||||||
| Investment securities-nontaxable* | 55,819 | 784 | 5.62 | % | 38,892 |
623 |
6.41 |
% | ||||||||||||
| Interest bearing deposits at Federal Reserve Bank | 325,513 | 176 | 0.22 | % | 1,651 | - | 0.00 | % | ||||||||||||
| Federal funds sold | - | - | 0.00 | % | 119,816 | 116 | 0.39 | % | ||||||||||||
| Net interest-earning assets | 2,124,157 | 21,021 | 3.96 | % | 1,729,330 | 20,183 | 4.67 | % | ||||||||||||
| Allowance for loan and lease losses | (23,003 | ) | (18,204 | ) | ||||||||||||||||
| Other assets | 198,535 | 151,894 | ||||||||||||||||||
| $ | 2,299,689 | $ | 1,863,020 | |||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand (non-interest bearing) | $ | 992,474 | $ | 395 | 0.16 | % | $ | 678,131 | $ | 119 | 0.07 | % | ||||||||
| Interest bearing deposits | ||||||||||||||||||||
| Interest checking | 660,094 | 2,055 | 1.25 | % | 373,383 | 1,540 | 1.65 | % | ||||||||||||
| Savings and money market | 294,171 | 878 | 1.19 | % | 398,841 | 1,647 | 1.65 | % | ||||||||||||
| Time | 105,197 | 142 | 0.54 | % | 145,833 | 407 | 1.12 | % | ||||||||||||
| Total interest bearing deposits | 1,059,462 | 3,075 | 1.16 | % | 918,057 | 3,594 | 1.57 | % | ||||||||||||
| Total deposits | 2,051,936 | 3,470 | 0.68 | % | 1,596,188 | 3,713 | 0.93 | % | ||||||||||||
| Short-term Borrowings | 11,576 | 17 | 0.59 | % | 31,815 | 59 | 0.74 | % | ||||||||||||
| Repurchase agreements | 9,424 | 5 | 0.21 | % | 1,985 | 5 | 1.01 | % | ||||||||||||
| Subordinated debt | 13,401 | 218 | 6.51 | % | 13,401 | 219 | 6.54 | % | ||||||||||||
| Net interest bearing liabilities | 1,093,863 | 3,315 | 1.21 | % | 965,258 | 3,877 | 1.61 | % | ||||||||||||
| Total cost of funds | 2,086,337 | 3,710 | 0.71 | % | 1,643,389 | 3,996 | 0.97 | % | ||||||||||||
| Other liabilities | 9,617 | 8,449 | ||||||||||||||||||
| Total Liabilities | 2,095,954 | 1,651,838 | ||||||||||||||||||
| Shareholders' equity | 203,735 | 211,182 | ||||||||||||||||||
| $ | 2,299,689 | $ | 1,863,020 | |||||||||||||||||
| Net interest income on tax equivalent basis* | 17,311 | 16,187 | ||||||||||||||||||
| Tax equivalent adjustment | 261 | 212 | ||||||||||||||||||
| Net interest income | $ | 17,050 | $ | 15,975 | ||||||||||||||||
| Net interest margin * | 3.26 | % | 3.74 | % | ||||||||||||||||
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* Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 34% statutory tax rate |
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Average balance sheet and net interest income |
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Nine months ended September 30, 2010 | Nine months ended September 30, 2009 | ||||||||||||||||||
| (Dollars in thousands) | Average | Average | Average | Average | ||||||||||||||||
| Assets: |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Loans net of unearned discount | $ | 1,557,950 | $ | 54,693 | 4.68 | % | $ | 1,464,809 | $ | 54,408 | 4.95 | % | ||||||||
| Leases – non-taxable | 497 | 15 | 4.02 | % | - | - | 0.00 | % | ||||||||||||
| Investment securities-taxable | 154,632 | 4,651 | 4.01 | % | 106,385 |
3,960 |
4.96 |
% | ||||||||||||
| Investment securities-nontaxable* | 39,649 | 1,890 | 6.36 | % | 22,329 |
1,109 |
6.62 |
% | ||||||||||||
| Interest bearing deposits at Federal Reserve Bank | 326,562 | 610 | 0.25 | % | 1,937 | 5 | 0.34 | % | ||||||||||||
| Federal funds sold | - | - | 0.00 | % | 80,445 |
235 |
0.39 | % | ||||||||||||
| Net interest-earning assets | 2,079,290 | 61,859 | 3.97 | % | 1,675,905 | 59,717 | 4.75 | % | ||||||||||||
| Allowance for loan and lease losses | (21,335 | ) | (18,519 | ) | ||||||||||||||||
| Other assets | 182,135 | 152,475 | ||||||||||||||||||
| $ | 2,240,090 | $ | 1,809,861 | |||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand (non-interest bearing) | $ | 982,437 | $ | 894 | 0.12 | % | $ | 632,200 | $ | 310 | 0.07 | % | ||||||||
| Interest bearing deposits | ||||||||||||||||||||
| Interest checking | 601,011 | 6,075 | 1.35 | % | 347,253 | 4,250 | 1.63 | % | ||||||||||||
| Savings and money market | 313,779 | 3,098 | 1.32 | % | 388,308 | 4,661 | 1.60 | % | ||||||||||||
| Time | 82,544 | 394 | 0.64 | % | 177,267 | 2,291 | 1.72 | % | ||||||||||||
| Total interest bearing deposits | 997,334 | 9,567 | 1.28 | % | 912,828 | 11,202 | 1.64 | % | ||||||||||||
| Total deposits | 1,979,771 | 10,461 | 0.70 | % | 1,545,028 | 11,512 | 0.99 | % | ||||||||||||
| Short-term Borrowings | 16,562 | 81 | 0.65 | % | 49,969 | 279 | 0.74 | % | ||||||||||||
| Repurchase agreements | 7,461 | 19 | 0.34 | % | 2,369 | 21 | 1.18 | % | ||||||||||||
| Subordinated debt | 13,211 | 648 | 6.54 | % | 13,401 | 668 | 6.65 | % | ||||||||||||
| Net interest bearing liabilities | 1,034,568 | 10,315 | 1.33 | % | 978,567 | 12,170 | 1.66 | % | ||||||||||||
| Total cost of funds | 2,017,005 | 11,209 | 0.74 | % | 1,610,767 | 12,480 | 1.03 | % | ||||||||||||
| Other liabilities | 9,916 | 7,394 | ||||||||||||||||||
| Total Liabilities | 2,026,921 | 1,618,161 | ||||||||||||||||||
| Shareholders' equity | 213,169 | 191,700 | ||||||||||||||||||
| $ | 2,240,090 | $ | 1,809,861 | |||||||||||||||||
| Net interest income on tax equivalent basis* | 50,650 | 47,237 | ||||||||||||||||||
| Tax equivalent adjustment | 631 | 377 | ||||||||||||||||||
| Net interest income | $ | 50,019 | $ | 46,860 | ||||||||||||||||
| Net interest margin * | 3.25 | % | 3.76 | % | ||||||||||||||||
| * Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 34% statutory tax rate | ||||||||||||||||||||
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Allowance for loan and lease losses: |
Nine months ended |
Year ended |
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| September 30, | September 30, | December 31, | |||||||||||||
| 2010 | 2009 | 2009 | |||||||||||||
| Balance in the allowance for loan and lease losses at beginning of period | $ | 19,123 | $ | 17,361 | $ | 17,361 | |||||||||
| Loans charged-off: | |||||||||||||||
| Commercial | 11,695 | 4,783 | 6,314 | ||||||||||||
| Construction | 565 | 3,080 | 4,546 | ||||||||||||
| Lease financing | - | 49 | 49 | ||||||||||||
| Residential mortgage | 760 | - | 328 | ||||||||||||
| Consumer | 372 | 124 | 127 | ||||||||||||
| Total | 13,392 | 8,036 | 11,364 | ||||||||||||
| Recoveries: | |||||||||||||||
| Commercial | 206 | 53 | 53 | ||||||||||||
| Construction | 28 | 18 | 32 | ||||||||||||
| Lease financing | 10 | 27 | 27 | ||||||||||||
| Residential mortgage | 742 | 12 | 12 | ||||||||||||
| Consumer | 6 | 1 | 2 | ||||||||||||
| Total | 992 | 111 | 126 | ||||||||||||
| Net charge-offs | 12,400 | 7,925 | 11,238 | ||||||||||||
| Provision charged to operations | 15,075 | 9,000 | 13,000 | ||||||||||||
| Balance in allowance for loan and lease losses at end of period | $ | 21,798 | $ | 18,436 | $ | 19,123 | |||||||||
| Net charge-offs/average loans | 0.80 | % | 0.54 | % | 0.76 | % | |||||||||
| Loan portfolio: | September 30, | June 30, | December 31, | September 30, | |||||||||
| 2010 | 2010 | 2009 | 2009 | ||||||||||
| Amount | Amount | Amount | Amount | ||||||||||
| Commercial | $ | 409,697 | $ | 403,320 | $ | 402,232 | $ | 394,316 | |||||
| Commercial mortgage (1) | 580,491 | 580,542 | 569,434 | 562,611 | |||||||||
| Construction | 206,551 | 207,846 | 207,184 | 227,226 | |||||||||
| Total commercial loans | 1,196,739 | 1,191,708 | 1,178,850 | 1,184,153 | |||||||||
| Direct financing leases | 103,278 | 96,319 | 78,802 | 81,097 | |||||||||
| Residential mortgage | 93,833 | 95,542 | 85,759 | 75,413 | |||||||||
| Consumer loans and others | 193,968 | 190,729 | 178,608 | 170,238 | |||||||||
| 1,587,818 | 1,574,298 | 1,522,019 | 1,510,901 | ||||||||||
| Unamortized costs (fees) | 2,689 | 2,227 | 1,703 | 2,230 | |||||||||
| Total loans, net of unamortized fees and costs | $ | 1,590,507 | $ | 1,576,525 | $ | 1,523,722 | $ | 1,513,131 | |||||
| Supplemental loan data : | |||||||||||||
| Construction 1-4 family | 95,905 | 102,730 | 100,088 | 119,752 | |||||||||
| Construction commercial, acquisition and development | 110,646 | 105,116 | 107,096 | 107,474 | |||||||||
| $ | 206,551 | $ | 207,846 | $ | 207,184 | $ | 227,226 | ||||||
| (1) At September 30, 2010 our owner-occupied loans amounted to $119 million, or 21%, of our commercial mortgages. | |||||||||||||
| September 30, | June 30, | December 31, | September 30, | |||||||||||||
| 2010 | 2010 | 2009 | 2009 | |||||||||||||
| Asset quality ratios: | ||||||||||||||||
| Nonperforming loans to total loans (1) | 1.51 | % | 1.82 | % | 1.66 | % | 1.77 | % | ||||||||
| Nonperforming assets to total assets (1) | 0.91 | % | 1.37 | % | 1.26 | % | 1.31 | % | ||||||||
| Allowance for loan and lease losses to total loans | 1.37 | % | 1.42 | % | 1.26 | % | 1.22 | % | ||||||||
| Nonaccrual loans | $ | 19,640 | $ | 18,193 | $ | 12,270 | $ | 11,776 | ||||||||
| Total nonperforming loans | 19,640 | 18,193 | 12,270 | 11,776 | ||||||||||||
| Other real estate owned | 225 | 459 | 459 | - | ||||||||||||
| Total nonperforming assets | $ | 19,865 | $ | 18,652 | $ | 12,729 | $ | 11,776 | ||||||||
| Loans 90 days past due still accruing interest | $ | 4,352 | $ | 10,529 | $ | 12,994 | $ | 15,012 | ||||||||
| (1) | Nonperforming loans include nonaccrual and restructured loans. Loans 90 days past due and still accruing interest are also included in these ratios. | |
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
|
2010 |
2009 |
2010 |
2009 |
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| Selected operating ratios: | ||||||||||||||||
| Return on average assets | 0.10 | % | 0.38 | % | 0.19 | % | 0.30 | % | ||||||||
| Return on average equity | 1.15 | % | 3.32 | % | 1.98 | % | 2.83 | % | ||||||||
| Net interest margin | 3.26 | % | 3.74 | % | 3.25 | % | 3.76 | % | ||||||||
| Efficiency ratio (1) | 73.21 | % | 68.20 | % | 70.95 | % | 74.08 | % | ||||||||
| Book value per share (2) | $ | 7.69 | $ | 7.69 | $ | 7.69 | $ | 7.69 | ||||||||
| (1) Excludes loss on other real estate owned in 2009. | ||||||||||||||||
| (2) Excludes Series B Preferred Shares issued to the US Treasury and the associated book value. | ||||||||||||||||
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