Camco Financial Corporation (Nasdaq:CAFI), the bank holding company
for Advantage Bank, today announced financial results for the three
months and twelve months ended December 31, 2013.
Net earnings were $7.8 million or $0.53 per diluted share, for
the twelve months ended December 31, 2013, compared to $4.2
million, or $0.50 per diluted share, the prior year. There were
14.7 million and 8.3 million diluted weighted shares outstanding
for 2013 and 2012, respectively. Net interest income after
provision for losses on loans was $23.5 million for the full-year
2013 versus $23.7 million the prior year. The 2013 results
primarily benefited from recognition of deferred tax assets and to
a lesser extent the valuation of mortgage servicing rights, which
were partially offset by expenses related to growth initiatives and
lower gain on sale of residential mortgage loans compared to
2012.
Net earnings were $0.5 million, or $0.03 per diluted share, for
the three months ended December 31, 2013, versus $2.8 million, or
$0.26 per diluted share, for the same period in 2012. Net interest
income after provision for losses on loans was $6.5 million for the
fourth quarter of 2013 compared to $7.3 million the prior year. The
remaining year-over-year difference in net earnings was primarily
attributable to the higher provision for income taxes and lower
gain on sales of loans. Additionally, there were $0.6 million of
merger expenses in the fourth quarter 2013 versus zero merger
expenses the prior year.
James E. Huston, President and CEO, said, "Our full-year 2013
financial results represent the highest amount of net earnings
since 2005 and also reflect the progress we have achieved during
the past several years to return Advantage Bank to a sound
financial position. During this period credit quality has
significantly improved, noninterest income is more diversified and
our balance sheet is much stronger. Underscoring these
achievements, on November 1, 2013, we announced the termination of
the consent order by federal and state regulators related to
Advantage Bank."
Mr. Huston continued, "The decline in net earnings for the
fourth quarter of 2013 compared to a year ago was primarily due to
the lower reduction of loan loss reserve, market conditions that
adversely impacted gain on sale of loans and valuation of mortgage
servicing rights, and a higher provision for income taxes. Our
operating results included an increase in net interest income for
the fourth quarter of 2013 versus the linked quarter and the fourth
quarter of 2012. Our credit quality continued to improve during the
fourth quarter compared to those same periods as reflected in the
further decline in classified assets and nonperforming loans.
Looking forward, we are working diligently to complete our merger
with Huntington Bancshares, Inc., which is expected to close in the
1st Quarter of 2014."
Review of Financial Performance
Overview:
The following items summarize key aspects of the Company's
performance during the fourth quarter ended December 31, 2013,
compared to the same period in 2012:
- Total deposits were $602.5 million at December 31, 2013
compared to $627.2 million at year-end 2012 due to a decline in
certificates of deposit, especially for single product
customers.
- Net interest income increased slightly to $5.9 million due to
higher loan balances and lower cost of funds.
- Noninterest income was $1.4 million versus $2.5 million
principally due to lower spreads related to gain on sale of
residential mortgage loans and a decline in the valuation of
mortgage servicing rights.
- Noninterest expense declined slightly to $6.7 million from $6.9
million primarily due to lower REO and classified assets expenses
attributable to improved credit quality and lower FDIC premiums and
other insurance expense, partially offset by expenses related to
growth initiatives and other operating expenses, including merger
expenses.
- Classified assets (which include substandard, doubtful, loss,
and real estate owned) were $23.9 million at December 31, 2013,
compared to $38.8 on the same date in 2012.
Net Interest Margin:
Net interest margin was 3.33% for the fourth quarter of 2013
compared to 3.36% for the same period in 2012. The slight decrease
was principally due to the lower yield on earning assets related to
the low interest rate environment. The Company continues to pursue
favorable risk-adjusted pricing opportunities, maintain strong
credit quality, and other balance sheet actions to enhance net
interest margin.
Net Interest Income:
Net interest income before the provision for loan losses was
$5.9 million for the fourth quarter of 2013 compared to $5.8
million for the same period a year ago. The increase was primarily
due to an increase in loans receivable and lower cost of funds
compared to the same period last year.
The yield on earning assets was 4.04% for the fourth quarter of
2013 compared to 4.35% a year ago. This decrease was primarily
attributable to the low interest rate environment. The
restructuring of $25 million of FHLB advances in the third quarter
of 2013 resulted in a reduction in the cost of funds and also
helped to mitigate the impact of lower yield on earning assets.
Total cost of interest bearing liabilities, expressed as a
percentage, was 0.83% versus 1.10% for the same period the prior
year.
Provision Expense, Credit Quality, and Allowance for
Loan Losses:
The allowance for loan and lease losses was $8.3 million at
December 31, 2013, compared to $12.1 million on the same date in
2012. This year-over-year decrease was due to further improvement
in asset quality throughout 2013 that resulted in a recovery of
provision of $0.6 million for loan losses in the fourth quarter of
2013 compared to a recovery of $1.5 million for the fourth quarter
of 2012.
The Company maintains a strong allowance for loan and lease
losses and remains committed to further improvement in asset
quality. Total delinquent loans were $12.4 million at December 31,
2013, a 33% decrease compared to the same date last year.
Classified loans (which include substandard, doubtful, and loss)
were $19.6 million at year-end 2013, or 32% below the amount at
December 31, 2012. Non-performing loans were $13.3 million at
December 31, 2013, or 32% below the amount on the same date of the
prior year. Non-performing loans as a percentage of total loans
(including loans held for sale) were 2.12% at December 31, 2013,
compared to 3.42% at December 31, 2012.
The allowance for loan and lease losses, expressed as a
percentage of non-performing loans, was 62.0% at December 31, 2013
and 2012.
Noninterest Income:
Noninterest income was $1.4 million for the fourth quarter of
2013 versus $2.5 million for the same period of the prior year.
This decrease was principally due to lower volume and spreads
related to gain on sale of residential mortgage loans ($0.5
million) and a decline in the value of mortgage servicing rights
($0.2 million) compared to the fourth quarter of 2012.
Noninterest Expense:
Noninterest expense decreased to $6.7 million for the fourth
quarter of 2013 from $6.9 million for the same period a year ago.
This decline was primarily due to lower REO and classified asset
expenses ($0.7 million) attributable to improved credit quality,
lower FDIC premiums and other insurance expense ($0.2 million),
partially offset by expenses related to growth initiatives and
other operating expenses, including merger expenses.
Balance Sheet:
Total assets were $774.4 million at December 31, 2013, compared
to $764.3 million on the same date last year, principally due to
the increase in stockholders' equity that resulted from $7.8
million of net earnings for the full-year 2013, the exercise of
common stock warrants from the November 2012 rights offering ($2.2
million) and stock options. The Company continues to focus on
pursuing lending opportunities and investments that employ cash
efficiently and profitably.
Asset Quality:
There was further improvement in asset quality during the fourth
quarter of 2013 compared to the same period in 2012. Classified
loans were $19.6 million and nonperforming assets were $23.9
million at December 31, 2013, which represented a decline of 32%
and 38%, respectively, versus the same date in 2012.
Nonperforming assets to total assets were 2.38% at December 31,
2013, versus 3.95% on the same date in 2012. The allowance for loan
losses to total loans including loans held for sale was 1.32% at
year-end 2013 compared to 2.12% at December 31, 2012.
The following table provides a comparison of changes in key
factors for the fourth quarter of 2013 compared to the same period
in 2012:
|
|
|
|
|
|
(Dollars in thousands) |
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 |
12/31/2012 |
Classified Loans* |
$ 19,645 |
$ 22,492 |
$ 25,063 |
$ 27,160 |
$ 29,184 |
Non-Performing Loans |
$ 13,342 |
$ 14,860 |
$ 15,695 |
$ 18,647 |
$ 19,594 |
Loan Loss Reserve |
$ 8,276 |
$ 9,671 |
$ 10,556 |
$ 11,532 |
$ 12,147 |
Loan Loss Reserve/Total Loans |
1.32% |
1.64% |
1.84% |
2.06% |
2.12% |
*Includes substandard, doubtful
and loss (including homogenous loans) |
Deposits and Borrowings:
Total deposits were $602.5 million at December 31, 2013, versus
$627.2 million on the same date in 2012. The decrease was
primarily due to a decline in certificates of deposit ($27.6
million), especially for single product customers. The Company
remains committed to reducing the level of historically rate
sensitive higher yielding single product certificates of
deposit.
FHLB advances and other borrowings were $88.8 million at
December 31, 2013, compared to $64.2 million on the same date of
the prior year. This increase was principally due to higher
customer repurchase agreements and borrowings on the FHLB cash
advance line to fund earning assets on a short-term basis.
Equity:
Stockholders' equity was $70.2 million at December 31, 2013,
compared to $59.7 million at year-end 2012. The increase was
attributable to net earnings during the past year, proceeds from
the exercise of warrants related to the November 2012 rights
offering and stock options. Stockholders' equity at December 31,
2013 was 9.07% of total assets compared to 7.82% on the same date
last year.
About Camco Financial Corporation: Camco
Financial Corporation, holding company for Advantage Bank, is a
multi-state bank holding company headquartered in Cambridge,
Ohio. Advantage Bank offers community banking that includes
commercial, business and consumer financial services and internet
banking from 22 offices. Additional information about Camco
Financial may be found on the Company's web sites:
www.camcofinancial.com or www.advantagebank.com.
The words or phrases "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project" or similar
expressions are intended to identify "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements are subject to certain risks and
uncertainties including changes in economic conditions in the
Company's market area, changes in policies by regulatory agencies,
fluctuations in interest rates, demands for loans in the Company's
market area and competition, that could cause actual results to
differ materially from historical earnings and those presently
anticipated or projected. The Company wishes to caution
readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. The Company does
not undertake, and specifically disclaims any obligation, to
publicly release the result of any revisions that may be made to
any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
Important Information for Investors and
Stockholders
In connection with the proposed merger transaction, Huntington
filed with the Securities and Exchange Commission a Registration
Statement on Form S-4 that included a Proxy Statement of the
Company, and a Prospectus of Huntington, as well as other relevant
documents concerning the proposed transaction. Stockholders are
urged to read the Registration Statement and the Proxy
Statement/Prospectus regarding the proposed merger and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to those documents, because they contain important
information. A free copy of the Proxy Statement/Prospectus, as well
as other filings containing information about Huntington and Camco
Financial, may be obtained at the SEC's Internet site
(http://www.sec.gov). You will also be able to obtain these
documents, free of charge, from Huntington at www.Huntington.com
under the tab "Investor Relations" and then under the heading
"Publications and Filings", from Huntington Investor Relations at
800-576-5007, and from the Company by accessing Camco Financial's
website at https://www.advantagebankonline.com under the tab
"Investor Relations" and then under the heading "SEC Filings", or
from Camco Financial Investor Relations at 740-435-2020.
Huntington and the Company and certain of their directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of Camco Financial in
connection with the proposed merger. Information about the
directors and executive officers of Huntington is set forth in the
proxy statement for Huntington's 2013 annual meeting of
shareholders, as filed with the SEC on Schedule 14A on March 7,
2013. Information about the directors and executive officers of
Camco Financial is set forth in the proxy statement for the
Company's 2013 annual meeting of stockholders, as filed with the
SEC on a Schedule 14A on April 19, 2013. Additional information
regarding the interests of those participants and other persons who
may be deemed participants in the transaction may be obtained by
reading the Proxy Statement/Prospectus regarding the proposed
merger. Free copies of this document may be obtained as described
in the preceding paragraph.
|
Camco Financial
Corporation |
Condensed Consolidated
Statements of Financial Condition |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
12/31/13 |
9/30/13 |
6/30/13 |
3/31/13 |
12/31/12 |
Assets |
|
|
|
|
|
Cash and Cash Equivalents |
$ 8,451 |
$ 17,185 |
$ 27,125 |
$ 118,212 |
$ 58,379 |
Investments |
84,856 |
101,936 |
103,529 |
39,432 |
86,201 |
|
|
|
|
|
|
Loans Held for Sale |
592 |
1,831 |
2,697 |
3,824 |
6,544 |
|
|
|
|
|
|
Loans Receivable |
627,876 |
586,674 |
571,470 |
555,180 |
566,722 |
Allowance for Loan Loss |
(8,276) |
(9,671) |
(10,556) |
(11,532) |
(12,147) |
Loans Receivable, Net |
619,600 |
577,003 |
560,914 |
543,648 |
554,575 |
|
|
|
|
|
|
Other Assets |
60,887 |
62,644 |
62,514 |
58,246 |
58,560 |
|
|
|
|
|
|
Total Assets |
$ 774,386 |
$ 760,599 |
$ 756,779 |
$ 763,362 |
$ 764,259 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits |
$ 602,494 |
$ 609,012 |
$ 614,623 |
$ 626,741 |
$ 627,224 |
Borrowed Funds |
88,773 |
71,408 |
65,788 |
63,981 |
64,219 |
Other Liabilities |
12,871 |
12,899 |
10,432 |
11,929 |
13,089 |
|
|
|
|
|
|
Total Liabilities |
$ 704,138 |
$ 693,319 |
$ 690,843 |
$ 702,651 |
$ 704,532 |
|
|
|
|
|
|
Stockholders' Equity |
$ 70,248 |
$ 67,280 |
$ 65,936 |
$ 60,711 |
$ 59,727 |
|
|
|
|
|
|
Total Liabilities and Stockholders'
Equity |
$ 774,386 |
$ 760,599 |
$ 756,779 |
$ 763,362 |
$ 764,259 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity to Total Assets |
9.07% |
8.85% |
8.71% |
7.95% |
7.82% |
|
|
|
|
|
|
Total Shares Outstanding (at period end) |
14,691,428 |
13,603,438 |
13,549,082 |
13,529,287 |
13,233,036 |
|
|
|
|
|
|
Book Value Per Share |
$ 4.78 |
$ 4.95 |
$ 4.87 |
$ 4.49 |
$ 4.51 |
|
Camco Financial
Corporation |
Condensed Consolidated
Statements of Earnings |
Year to Date
Information |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
12 Months |
12 Months |
|
Ended |
Ended |
|
12/31/2013 |
12/31/12 |
|
(Unaudited) |
(Unaudited) |
Interest Income: |
|
|
Loans |
$ 26,769 |
$ 30,674 |
Investment securities |
662 |
484 |
Interest-bearing deposits and
other |
480 |
465 |
Total Interest
Income |
$ 27,911 |
$ 31,623 |
|
|
|
Interest Expense: |
|
|
Deposits |
$ 3,888 |
$ 5,319 |
Borrowings |
1,624 |
2,413 |
Total Interest
Expense |
$ 5,512 |
$ 7,732 |
|
|
|
Net Interest Income |
$ 22,399 |
$ 23,891 |
|
|
|
Provision for Losses on Loans |
$ (1,109) |
$ 144 |
Net Interest Income After Provision
for Loan Losses |
$ 23,508 |
$ 23,747 |
|
|
|
Noninterest Income: |
|
|
Late charges, rent and
other |
$ 942 |
$ 1,356 |
Loan servicing fees |
1,122 |
1,133 |
Service charges and other fees
on deposits |
1,989 |
2,041 |
Gain on sale of loans |
1,764 |
2,484 |
Mortgage servicing rights |
720 |
(18) |
Gain on sale of investments
& fixed assets |
46 |
124 |
Income on cash surrender value
life insurance |
847 |
879 |
Total noninterest
income |
$ 7,430 |
$ 7,999 |
|
|
|
Noninterest expense: |
|
|
Employee compensation and
benefits |
$ 14,189 |
$ 12,600 |
Occupancy and equipment |
2,897 |
2,964 |
FDIC premium and other
insurances |
1,501 |
1,816 |
Data processing |
1,824 |
1,975 |
Advertising |
515 |
373 |
Franchise taxes |
872 |
765 |
Other operating |
6,275 |
7,148 |
Total noninterest
expense |
$ 28,073 |
$ 27,641 |
|
|
|
Earnings before provision for inome
taxes |
2,865 |
4,105 |
|
|
|
Provision for income taxes |
$ (4,974) |
$ (58) |
Net Earnings |
$ 7,839 |
$ 4,163 |
|
|
|
Earnings Per Share: |
|
|
Basic |
$ 0.57 |
$ 0.50 |
Diluted |
$ 0.53 |
$ 0.50 |
|
|
|
Basic Weighted Number of Shares
Outstanding |
13,701,884 |
8,260,865 |
Diluted Weighted Number of Shares
Outstanding |
14,686,223 |
8,261,396 |
|
Camco Financial
Corporation |
Condensed Consolidated
Statements of Operations |
Quarterly
Information |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
Ended |
Ended |
Ended |
Ended |
Ended |
|
12/31/13 |
9/30/13 |
6/30/13 |
3/31/13 |
12/31/12 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Interest Income: |
|
|
|
|
|
Loans |
$ 6,864 |
$ 6,724 |
$ 6,591 |
$ 6,590 |
$ 7,240 |
Investment securities |
179 |
194 |
170 |
119 |
134 |
Interest-bearing deposits and
other |
101 |
108 |
122 |
149 |
135 |
Total Interest
Income |
$ 7,144 |
$ 7,026 |
$ 6,883 |
$ 6,858 |
$ 7,509 |
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
Deposits |
$ 876 |
$ 979 |
$ 1,000 |
$ 1,033 |
$ 1,128 |
Borrowings |
383 |
386 |
429 |
426 |
577 |
Total Interest
Expense |
1,259 |
1,365 |
1,429 |
1,459 |
1,705 |
|
|
|
|
|
|
Net Interest Income |
$ 5,885 |
$ 5,661 |
$ 5,454 |
$ 5,399 |
$ 5,804 |
|
|
|
|
|
|
Provision for Losses on Loans |
(600) |
(609) |
-- |
100 |
(1,455) |
Net Interest Income After Provision
for Loan Losses |
$ 6,485 |
$ 6,270 |
$ 5,454 |
$ 5,299 |
$ 7,259 |
|
|
|
|
|
|
Noninterest Income: |
|
|
|
|
|
Late charges, rent and
other |
$ 250 |
$ 223 |
$ 168 |
$ 301 |
$ 484 |
Loan servicing fees |
286 |
287 |
273 |
276 |
284 |
Service charges and other fees
on deposits |
509 |
501 |
517 |
462 |
528 |
Gain on sale of loans |
278 |
251 |
546 |
689 |
770 |
Mortgage servicing rights |
(141) |
405 |
351 |
105 |
60 |
Gain on sale of investments
& fixed assets |
(8) |
-- |
(7) |
61 |
126 |
Income on CSVL (BOLI) |
214 |
214 |
211 |
208 |
237 |
Total noninterest
income |
$ 1,388 |
$ 1,881 |
$ 2,059 |
$ 2,102 |
$ 2,489 |
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
Employee compensation and
benefits |
$ 3,385 |
$ 3,777 |
$ 3,518 |
$ 3,509 |
$ 3,208 |
Occupancy and equipment |
715 |
718 |
719 |
745 |
772 |
FDIC premium and other
insurances |
191 |
428 |
441 |
441 |
436 |
Data processing |
288 |
261 |
277 |
283 |
326 |
Advertising |
110 |
133 |
128 |
144 |
77 |
Franchise taxes |
197 |
218 |
227 |
230 |
182 |
Other operating |
1,799 |
1,718 |
1,978 |
1,495 |
1,943 |
Total noninterest
expense |
$ 6,685 |
$ 7,253 |
$ 7,288 |
$ 6,847 |
$ 6,944 |
|
|
|
|
|
|
Earnings before provision for income
taxes |
$ 1,188 |
$ 898 |
$ 225 |
$ 554 |
$ 2,804 |
|
|
|
|
|
|
Provision for income taxes |
$ 729 |
$ 171 |
$ (5,929) |
$ 55 |
$ 20 |
Net Earnings |
$ 459 |
$ 727 |
$ 6,154 |
$ 499 |
$ 2,784 |
|
|
|
|
|
|
Earnings Per Share: |
|
|
|
|
|
Basic |
$ 0.03 |
$ 0.05 |
$ 0.45 |
$ 0.04 |
$ 0.26 |
Diluted |
$ 0.03 |
$ 0.05 |
$ 0.42 |
$ 0.03 |
$ 0.26 |
|
|
|
|
|
|
Basic Weighted Number of Shares
Outstanding |
14,282,790 |
13,583,511 |
13,545,861 |
13,386,828 |
10,806,051 |
Diluted Weighted Number of Shares
Outstanding |
15,580,837 |
15,027,666 |
14,718,045 |
14,392,077 |
10,806,269 |
|
Camco Financial
Corporation |
Selected Ratios and
Statistics |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
|
|
3 Months |
3 Months |
12 Months |
12 Months |
|
Ended |
Ended |
Ended |
Ended |
|
12/31/2013 |
12/31/2012 |
12/31/13 |
12/31/12 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Return on average equity |
2.66% |
20.61% |
12.19% |
8.56% |
|
|
|
|
|
Return on average assets |
0.24% |
1.46% |
1.03% |
0.54% |
|
|
|
|
|
Interest rate spread |
3.21% |
3.25% |
3.08% |
3.30% |
|
|
|
|
|
Net interest margin |
3.33% |
3.36% |
3.20% |
3.41% |
|
|
|
|
|
Yield on earning assets |
4.04% |
4.35% |
3.99% |
4.51% |
|
|
|
|
|
Cost of deposits |
0.67% |
0.81% |
0.72% |
0.94% |
|
|
|
|
|
Cost of borrowings |
1.97% |
3.58% |
2.35% |
3.37% |
|
|
|
|
|
Total cost of interest bearing
liabilities |
0.83% |
1.10% |
0.91% |
1.21% |
|
|
|
|
|
Noninterest expense to average assets |
3.48% |
3.64% |
3.68% |
3.59% |
|
|
|
|
|
Efficiency ratio |
91.92% |
83.73% |
94.11% |
86.68% |
|
|
|
|
|
Nonperforming assets to total assets |
2.38% |
3.95% |
2.38% |
3.95% |
|
|
|
|
|
Non performing loans to total net loans
including loans held for sale |
2.12% |
3.42% |
2.12% |
3.42% |
|
|
|
|
|
Allowance for loan losses to total loans
including loans held for sale |
1.32% |
2.12% |
1.32% |
2.12% |
|
|
|
|
|
Ratios are based upon the
mathematical average of the balances at the end of each month for
the quarter and were annualized where appropriate |
|
Camco Financial
Corporation |
Averages for Quarters
Ended |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
December 31, 2012 |
|
Average |
|
Yield/ |
Average |
|
Yield/ |
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
Interest - Earning
Assets: |
|
|
|
|
|
|
Loans receivable - net (1) |
$ 599,290 |
$ 6,864 |
4.58% |
$ 566,769 |
$ 7,240 |
5.11% |
Securities (2) |
91,309 |
179 |
0.78% |
81,900 |
134 |
0.65% |
FHLB Stock |
9,888 |
100 |
4.05% |
9,888 |
118 |
4.77% |
Other interest bearing
accounts |
6,841 |
1 |
0.06% |
32,604 |
17 |
0.21% |
Total interest earning
assets |
$ 707,328 |
$ 7,144 |
4.04% |
$ 691,161 |
$ 7,509 |
4.35% |
|
|
|
|
|
|
|
Noninterest-earning assets |
$ 60,583 |
|
|
$ 71,508 |
|
|
Total Average Assets |
$ 767,911 |
|
|
$ 762,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
Deposits |
$ 525,780 |
$ 876 |
0.67% |
$ 557,585 |
1,128 |
0.81% |
Advances & Borrowings |
77,902 |
383 |
1.97% |
64,503 |
577 |
3.58% |
Total interest-bearing
liabilities |
$ 603,682 |
$ 1,259 |
0.83% |
$ 622,088 |
$ 1,705 |
1.10% |
|
|
|
|
|
|
|
Noninterest-bearing
sources: |
|
|
|
|
|
|
Noninterest-bearing
liabilities |
95,296 |
|
|
86,556 |
|
|
Shareholders' equity |
68,933 |
|
|
54,025 |
|
|
Total Liabilities and Shareholders'
Equity |
$ 767,911 |
|
|
$ 762,669 |
|
|
|
|
|
|
|
|
|
Net Interest margin |
|
|
3.33% |
|
|
3.36% |
|
|
|
|
|
|
|
Net Interest Income &
Spread |
|
$ 5,885 |
3.21% |
|
$ 5,804 |
3.25% |
|
|
|
|
|
|
|
(1) Includes LHFS but does not
include ALLL and Non-Accrual Loans |
(2) Includes securities
designated as available for sale and held to maturity |
CONTACT: James E. Huston, CEO
John E. Kirksey, CFO
Phone: 740-435-2020
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