EX-99.1 2 v111635_ex99-1.txt GLACIER BANCORP INC 49 Commons Loop, Kalispell, Montana 59901 406-756-4200 NEWS RELEASE April 24, 2008 FOR IMMEDIATE RELEASE Contact: Michael J. Blodnick --------------------- (406) 751-4701 Ron J. Copher (406) 751-7706 GLACIER BANCORP, INC. EARNINGS FOR QUARTER ENDED MARCH 31, 2008 HIGHLIGHTS: o Net earnings for the quarter of $17.399 million, up 8 percent from last year's first quarter. o Net operating earnings for the quarter increased 13 percent from last year's first quarter. o Diluted quarterly earnings per share of $.32, up 7 percent from last year's first quarter. o Loans grew by $70 million (8 percent annualized) in the first quarter. o Non-interest income increased $570 million, up 4 percent from last year's first quarter. o Effective April 30, 2008, Glacier Bank of Whitefish will merge into Glacier Bank of Kalispell. o Cash dividend of $.13 per share declared, an increase of 8 percent over the prior year first quarter. Earnings Summary Three months ($ in thousands, except per share data) ended March 31, ---------------------------- (unaudited) (unaudited) 2008 2007 ---------- ---------- Net earnings $ 17,399 $ 16,093 Diluted earnings per share $ 0.32 $ 0.30 Return on average assets (annualized) 1.46% 1.48% Return on average equity (annualized) 12.98% 14.02% Glacier Bancorp, Inc. (Nasdaq: GBCI) reported net earnings of $17.399 million for the first quarter, an increase of $1.306 million, or 8 percent, over the $16.093 million for the first quarter of 2007. Diluted earnings per share of $.32 for the quarter is an increase of 7 percent over the diluted earnings per share of $.30 for the same quarter of 2007. Included in first quarter 2007 earnings is a nonrecurring $1.0 million gain ($1.6 million pre-tax) from the sale of Western Security Bank's Lewistown, Montana branch and approximately $500 thousand of nonrecurring expenses from the merger of three of the acquired Citizens Development Company's (CDC) five subsidiaries into Glacier Bancorp, Inc subsidiaries. Excluding such nonrecurring items from the same quarter 2007 results, net earnings for the first quarter increased $1.962 million, or 13 percent, and diluted earnings per share for the first quarter increased 10 percent over the $.29 of diluted earnings per share on an operating basis. "It was a good quarter and start to the year for us," said Mick Blodnick, President and Chief Executive Officer. "Hopefully the earnings momentum will continue throughout the year." Annualized return on average assets and return on average equity for the first quarter were 1.46 percent and 12.98 percent, respectively, which compares with prior year returns for the first quarter of 1.48 percent and 14.02 percent, respectively. As reflected on the next table, total assets at March 31, 2008 were $4.835 billion, which is $18 million greater than the total assets of $4.817 billion at December 31, 2007, and $376 million, or 8 percent, greater than the March 31, 2007 assets of $4.459 billion. [P
March 31, December 31, March 31, $ change from $ change from 2008 2007 2007 December 31, March 31, Assets ($ in thousands) (unaudited) (audited) (unaudited) 2007 2007 ----------- ----------- ----------- ----------- ----------- Cash on hand and in banks $ 113,016 145,697 $ 123,697 (32,681) (10,681) Investments, interest bearing deposits, FHLB stock, FRB stock, and Fed Funds 764,067 782,236 864,228 (18,169) (100,161) Loans: Real estate 720,108 725,854 766,421 (5,746) (46,313) Commercial 2,312,359 2,247,303 1,851,139 65,056 461,220 Consumer and other 649,401 638,378 590,126 11,023 59,275 ----------- ----------- ----------- ----------- ----------- Total loans 3,681,868 3,611,535 3,207,686 70,333 474,182 Allowance for loan and lease losses (56,680) (54,413) (50,540) (2,267) (6,140) ----------- ----------- ----------- ----------- ----------- Total loans net of allowance for loan and lease losses 3,625,188 3,557,122 3,157,146 68,066 468,042 ----------- ----------- ----------- ----------- ----------- Other assets 332,601 332,275 313,942 326 18,659 ----------- ----------- ----------- ----------- ----------- Total Assets $ 4,834,872 4,817,330 4,459,013 17,542 375,859 =========== =========== =========== =========== ===========
At March 31, 2008, total loans were $3.682 billion, an increase of $70 million, or 2 percent (8 percent annualized) over total loans of $3.612 billion at December 31, 2007. Commercial loans grew the most with an increase of $65 million, or 3 percent, followed by consumer loans, which are primarily comprised of home equity loans, increasing by $11 million, or 2 percent. Real estate loans decreased $6 million, or 79 basis points from the fourth quarter of 2007. Total loans increased $474 million, or 15 percent from March 31, 2007. During the year, commercial loans have increased $461 million, or 25 percent, consumer loans grew by $59 million, or 10 percent, while real estate loans decreased $46 million, or 6 percent. Investment securities, including interest bearing deposits in other financial institutions and federal funds sold, have decreased $100 million, or 12 percent, from March 31, 2007, and have declined $18 million, or 2 percent, from December 31, 2007. Investment securities at March 31, 2008 represented 16 percent of total assets versus 19 percent at March 31, 2007. 2
March 31, December 31, March 31, $ change from $ change from 2008 2007 2007 December 31, March 31, Liabilities ($ in thousands) (unaudited) (audited) (unaudited) 2007 2007 ---------- ---------- ---------- ---------- ---------- Non-interest bearing deposits $ 770,456 $ 788,087 $ 788,426 (17,631) (17,970) Interest bearing deposits 2,388,483 2,396,391 2,410,668 (7,908) (22,185) Advances from Federal Home Loan Bank 472,761 538,949 455,625 (66,188) 17,136 Securities sold under agreements to repurchase and other borrowed funds 492,189 401,621 168,421 90,568 323,768 Other liabilities 49,217 45,147 44,878 4,070 4,339 Subordinated debentures 118,559 118,559 118,559 -- -- ---------- ---------- ---------- ---------- ---------- Total liabilities $4,291,665 $4,288,754 3,986,577 2,911 305,088 ========== ========== ========== ========== ==========
Non-interest bearing deposits decreased $18 million, or 2 percent, since March 31, 2007 and decreased by $18 million, or 2 percent since December 31, 2007. Interest bearing deposits decreased $8 million from December 31, 2007. The March 31, 2008 balance of interest bearing deposits includes $1 million in broker originated CD's. Since March 31, 2007, interest bearing deposits, excluding a decrease of $204 million in CD's from broker sources, increased $182 million, or 8 percent. Federal Home Loan Bank ("FHLB") advances increased $17 million from March 31, 2007 and decreased $66 million from December 31, 2007. The increase in advances is primarily the result of the decrease in CD's from broker sources to more favorable rates at the FHLB. Repurchase agreements and other borrowed funds were $492 million at March 31, 2008, an increase of $324 million from March 31, 2007, and an increase of $91 million from December 31, 2007. Included in this latter category are U.S. Treasury Tax and Loan funds of $296 million at March 31, 2008, an increase of $80 million from December 31, 2007, and an increase of $296 million from March 31, 2007.
March 31, December 31, March 31, $ change from $ change from Stockholders' equity 2008 2007 2007 December 31, March 31, ($ in thousands except per share data) (unaudited) (audited) (unaudited) 2007 2007 --------- --------- --------- --------- --------- Common equity $ 538,924 $ 525,459 $ 468,646 13,465 70,278 Accumulated other comprehensive income 4,283 3,117 3,790 1,166 493 --------- --------- --------- --------- --------- Total stockholders' equity 543,207 528,576 472,436 14,631 70,771 Core deposit intangible, net, and goodwill (153,485) (154,264) (146,164) 779 (7,321) --------- --------- --------- --------- --------- Tangible stockholders' equity $ 389,722 374,312 $ 326,272 15,410 63,450 ========= ========= ========= ========= ========= Stockholders' equity to total assets 11.24% 10.97% 10.60% Tangible stockholders' equity to total tangible assets 8.32% 8.03% 7.57% Book value per common share $ 10.07 $ 9.85 $ 8.97 0.22 1.10 Market price per share at end of quarter $ 19.17 $ 18.74 $ 24.04 0.43 (4.87)
Total equity and book value per share amounts have increased $71 million and $1.10 per share, respectively, from March 31, 2007, the result of earnings retention, issuance of common stock in connection with the acquisition of North Side State Bank in Rock Springs, Wyoming, and exercised stock options. Accumulated other comprehensive income, representing net unrealized gains or losses on investment securities designated as available for sale, increased $493 thousand from March 31, 2007. "In these uncertain times we have continued to build equity in the Company," said Blodnick. "Hopefully the future will present opportunities to leverage this capital at better risk / reward multiples." 3 Operating Results for Three Months Ended March 31, 2008 Compared to December 31, 2007 and March 31, 2007 Revenue summary
($ in thousands) Three months ended ------------------------------------------------------------------------------------------- $ change $ change % change % change March 31, December 31, March 31, from from from from 2008 2007 2007 December 31, March 31, December 31, March 31, (unaudited) (unaudited) (unaudited) 2007 2007 2007 2007 -------- -------- -------- -------- -------- -------- -------- Net interest income Interest income $ 76,016 $ 79,117 $ 71,920 $ (3,101) $ 4,096 -4% 6% Interest expense 27,387 30,918 28,829 $ (3,531) $ (1,442) -11% -5% -------- -------- -------- -------- -------- -------- -------- Net interest income 48,629 48,199 43,091 430 5,538 1% 13% Non-interest income Service charges, loan fees, and other fees 10,961 11,790 10,085 (829) 876 -7% 9% Gain on sale of loans 3,880 3,330 3,042 550 838 17% 28% Gain (Loss) on sale of investments 248 -- (8) 248 256 n/m -3200% Other income 1,173 1,117 2,573 56 (1,400) 5% -54% -------- -------- -------- -------- -------- -------- -------- Total non-interest income 16,262 16,237 15,692 25 570 0% 4% -------- -------- -------- -------- -------- -------- -------- $ 64,891 $ 64,436 $ 58,783 $ 455 $ 6,108 1% 10% ======== ======== ======== ======== ======== ======== ======== Tax equivalent net interest margin 4.54% 4.52% 4.47% ======== ======== ========
Net Interest Income Net interest income for the quarter increased $5.5 million, or 13 percent, over the same period in 2007. Total interest income increased $4.1 million, or 6 percent, from the prior year's quarter due largely to the increase in commercial loan volume. Total interest expense has decreased by $1.4 million, or 5 percent, from the same period last year primarily attributable to rate decreases in interest bearing deposits. The net interest margin as a percentage of earning assets, on a tax equivalent basis, was 4.54 percent which is 2 basis points higher than the 4.52 percent achieved for the prior quarter and 7 basis points higher than the 4.47 percent result for the first quarter of 2007. "The improvement in the net interest margin results for the first quarter reflects the banks' willingness to reduce deposit rates yet remain competitive in the face of rate cuts by the Federal Reserve since the start of the year," said Ron Copher, Chief Financial Officer. Non-interest Income Fee income increased $876 thousand, or 9 percent, over the same period last year, driven primarily by an increase in the number of checking accounts. Gain on sale of loans increased $838 thousand, or 28 percent, from the first quarter of last year, a combination of a greater volume of real estate loans and SBA loans sold. Gain from the sale of investments during the first quarter included a mandatory redemption of a portion of Visa, Inc. shares from its recent initial public offering, and the sale of shares in Principal Financial Group (PFG). The remaining unredeemed shares of Visa, Inc. are restricted and have an estimated value of $140 thousand as of quarter end. Other income decreased by $1.4 million, or 54 percent, over the same period last year primarily due to the nonrecurring $1.6 million gain from the sale of Western Security Bank's Lewistown, Montana branch. 4
Non-interest expense summary Three months ended --------------------------------------------------------------------------------- $ change $ change % change % change March 31, December 31, March 31, from from from from ($ in thousands) 2008 2007 2007 December 31, March 31, December 31, March 31, (unaudited) (unaudited) (unaudited) 2007 2007 2007 2007 ------- ------- ------- ------- ------- ------- ------ Compensation and employee benefits $21,097 $18,684 $19,506 $ 2,413 $ 1,591 13% 8% Occupancy and equipment expense 5,133 5,042 4,458 91 675 2% 15% Advertising and promotion expense 1,539 1,609 1,440 (70) 99 -4% 7% Outsourced data processing 667 710 812 (43) (145) -6% -18% Core deposit intangibles amortization 779 786 780 (7) (1) -1% 0% Other expenses 6,398 7,633 6,187 (1,235) 211 -16% 3% ------- ------- ------- ------- ------- ------ ----- Total non-interest expense $35,613 $34,464 $33,183 $ 1,149 $ 2,430 3% 7% ======= ======= ======= ======= ======= ===== ======
Non-interest Expense Non-interest expense increased by $1.1 million, or 3 percent, from the prior quarter and increased by $2.4 million, or 7 percent, from the same quarter of 2007. Included in the first quarter of 2007 is approximately $500 thousand of nonrecurring expenses from the merger of three of the acquired CDC's five subsidiaries into Glacier Bancorp, Inc. subsidiaries. Compensation and benefit expense increased $2.4 million, or 13 percent, over the prior quarter and increased $1.6 million, or 8 percent, over the same quarter of 2007, such increases primarily attributable to increased staffing levels, including new branches, as well as increased compensation, including commissions tied to increased production, and benefits, including health insurance. The number of full-time-equivalent employees has increased from 1,395 to 1,510, an 8 percent increase since March 31, 2007. Occupancy and equipment expense increased $675 thousand, or 15 percent, reflecting the cost of additional branch locations and facility upgrades. Other expenses increased $211 thousand, or 3 percent, over the same period last year, primarily from costs associated with new branch offices, and other general and administrative costs. Other expenses decreased by $1.2 million from the prior quarter, such decreases attributable to an enhanced focus on reducing operating expenses. "Our employees are diligently working to improve operational efficiencies, including cost controls," said Copher. The efficiency ratio (non-interest expense/net interest income plus non-interest income) was 55 percent for the 2008 first quarter, compared to 56 percent for the 2007 first quarter.
March 31, December 31, March 31, Credit quality information 2008 2007 2007 ($ in thousands) (unaudited) (audited) (unaudited) -------- -------- -------- Allowance for loan losses $ 56,680 $ 54,413 $ 50,540 Real estate and other assets owned 2,098 2,043 1,727 Accruing Loans 90 days or more overdue 4,717 2,685 3,982 Non-accrual loans 21,747 8,560 5,597 -------- -------- -------- Total non-performing assets 28,562 13,288 11,306 Allowance for loan and lease losses as a percentage of non performing assets 198% 409% 447% Non-performing assets as a percentage of total bank assets 0.57% 0.27% 0.25% Allowance for loan losses as a percentage of total loans 1.54% 1.51% 1.58% Net (charge-offs) recoveries as a percentage of loans (0.006%) (0.060%) 0.003%
5 Allowance for Loan and Lease Loss and Non-Performing Assets "As expected we did see an increase in non-performing assets during the quarter although net charge-offs were negligible," Blodnick said. "The banks are working very hard to resolve these past due loans and keep our charge-offs at manageable levels." Non-performing assets as a percentage of total bank assets at March 31, 2008 were at .57 percent, up .27 percent as of December 31, 2007, and up from .25 percent at March 31, 2007. These ratios compare favorably to the Federal Reserve Bank Peer Group average of .80 percent at December 31, 2007, the most recent information available. The allowance for loan and lease losses was 198 percent of non-performing assets at March 31, 2008, down from 409 percent for the prior quarter end and down from 447 percent a year ago. The allowance for loan and lease losses, has increased $6.1 million, or 12 percent, from a year ago. The allowance for loan and lease losses of $56.680 million is 1.54 percent of March 31, 2008 total loans outstanding, up from 1.51 percent at the prior quarter end, and down from 1.58 percent in the first quarter last year. The first quarter provision for loan losses expense was $2.5 million, an increase of $1.3 million from the same quarter in 2007. Charged off loans exceeded recovery of previously charged-off loans during the quarter by $233 thousand. Loan portfolio growth, composition, average loan size, and credit quality considerations will determine the level of additional provision expense. Merger of Bank Subsidiaries Effective April 30, 2008, Glacier Bank of Whitefish, Montana will merge into Glacier Bank with operations conducted under the Glacier Bank charter. In connection with the merger, Russ Porter, President of Glacier Bank of Whitefish, has joined Mountain West Bank of Coeur d'Alene, Idaho as President and Chief Operating Officer. Cash dividend On March 26, 2008, the board of directors declared a cash dividend of $.13 per share, payable April 17, 2008 to shareholders of record on April 7, 2008, which is an increase of 8 percent over the $.12 dividend declared in the first quarter of last year. About Glacier Bancorp, Inc. Glacier Bancorp, Inc. is a regional multi-bank holding company providing commercial banking services in 53 communities in Montana, Idaho, Utah, Washington, and Wyoming. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and conducts its operations principally through eleven banking subsidiaries. These subsidiaries include seven Montana banks: Glacier Bank of Kalispell, Glacier Bank of Whitefish, First Security Bank of Missoula, Valley Bank of Helena, Big Sky Western Bank of Bozeman, Western Security Bank of Billings, First Bank of Montana of Lewistown; as well as Mountain West Bank in Idaho, Utah and Washington; 1st Bank in Wyoming, Citizens Community Bank in Idaho, and First National Bank of Morgan in Utah. 6 This news release includes forward looking statements, which describe management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of the Company's style of banking and the strength of the local economies in which it operates. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in the Company's public filings, factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among others, the following possibilities: (1) local, national and international economic conditions are less favorable than expected or have a more direct and pronounced effect on the Company than expected and adversely affect the company's ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new banks and/or branches are lower than expected; (4) costs or difficulties related to the integration of acquisitions are greater than expected; (5) competitive pressure among financial institutions increases significantly; (6) legislation or regulatory requirements or changes adversely affect the businesses in which the Company is engaged. Visit our website at www.glacierbancorp.com 7 GLACIER BANCORP, INC. CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
--------------------------------------- ------------ ------------ ------------ ($ in thousands except per share data) March 31, December 31, March 31, --------------------------------------- 2008 2007 2007 (unaudited) (audited) (unaudited)* ------------ ------------ ------------ Assets: Cash on hand and in banks $ 113,016 145,697 123,697 Federal funds sold 135 135 2,752 Interest bearing cash deposits 72,662 81,777 88,112 Investment securities, available-for-sale 691,270 700,324 773,364 Net loans receivable: Real estate loans 720,108 725,854 766,421 Commercial loans 2,312,359 2,247,303 1,851,139 Consumer and other loans 649,401 638,378 590,126 Allowance for loan and lease losses (56,680) (54,413) (50,540) ------------ ------------ ------------ Total loans, net 3,625,188 3,557,122 3,157,146 ------------ ------------ ------------ Premises and equipment, net 124,183 123,749 115,123 Real estate and other assets owned, net 2,098 2,043 1,727 Accrued interest receivable 25,900 26,168 25,340 Core deposit intangible, net 13,184 13,963 13,861 Goodwill 140,301 140,301 132,303 Other assets 26,935 26,051 25,588 ------------ ------------ ------------ Total assets $ 4,834,872 4,817,330 4,459,013 ============ ============ ============ Liabilities and stockholders' equity: Non-interest bearing deposits $ 770,456 788,087 788,426 Interest bearing deposits 2,388,483 2,396,391 2,410,668 Advances from Federal Home Loan Bank of Seattle 472,761 538,949 455,625 Securities sold under agreements to repurchase 191,369 178,041 162,491 Other borrowed funds 300,820 223,580 5,930 Accrued interest payable 11,116 13,281 12,980 Deferred tax liability 932 481 94 Subordinated debentures 118,559 118,559 118,559 Other liabilities 37,169 31,385 31,804 ------------ ------------ ------------ Total liabilities 4,291,665 4,288,754 3,986,577 ------------ ------------ ------------ Preferred shares, $.01 par value per share. 1,000,000 shares authorized None issued or outstanding -- -- -- Common stock, $.01 par value per share. 117,187,500 shares authorized 539 536 527 Paid-in capital 378,547 374,728 350,065 Retained earnings - substantially restricted 159,838 150,195 118,054 Accumulated other comprehensive income 4,283 3,117 3,790 ------------ ------------ ------------ Total stockholders' equity 543,207 528,576 472,436 ------------ ------------ ------------ Total liabilities and stockholders' equity $ 4,834,872 4,817,330 4,459,013 ============ ============ ============ Number of shares outstanding 53,918,813 53,646,480 52,656,162 Book value of equity per share 10.07 9.85 8.97
8 GLACIER BANCORP, INC. CONSOLIDATED STATEMENT OF OPERATIONS
---------------------------------------------------- ---------------------------- ($ in thousands except per share data) Three months ended March 31, ---------------------------------------------------- ---------------------------- 2008 2007 ----------- ----------- (unaudited) (unaudited) Interest income: Real estate loans $ 12,592 14,441 Commercial loans 42,533 36,652 Consumer and other loans 12,107 11,314 Investment securities and other 8,784 9,513 ----------- ----------- Total interest income 76,016 71,920 ----------- ----------- Interest expense: Deposits 16,869 18,807 Federal Home Loan Bank of Seattle advances 5,718 5,042 Securities sold under agreements to repurchase 1,341 1,887 Subordinated debentures 1,873 1,814 Other borrowed funds 1,586 1,279 ----------- ----------- Total interest expense 27,387 28,829 ----------- ----------- Net interest income 48,629 43,091 Provision for loan losses 2,500 1,195 ----------- ----------- Net interest income after provision for loan losses 46,129 41,896 ----------- ----------- Non-interest income: Service charges and other fees 9,471 8,263 Miscellaneous loan fees and charges 1,490 1,822 Gain on sale of loans 3,880 3,042 Gain (loss) on sale of investments 248 (8) Other income 1,173 2,573 ----------- ----------- Total non-interest income 16,262 15,692 ----------- ----------- Non-interest expense: Compensation, employee benefits and related expenses 21,097 19,506 Occupancy and equipment expense 5,133 4,458 Advertising and promotion expense 1,539 1,609 Outsourced data processing expense 667 812 Core deposit intangibles amortization 779 780 Other expenses 6,398 6,018 ----------- ----------- Total non-interest expense 35,613 33,183 ----------- ----------- Earnings before income taxes 26,778 24,405 Federal and state income tax expense 9,379 8,312 ----------- ----------- Net earnings $ 17,399 16,093 =========== =========== Basic earnings per share 0.32 0.31 Diluted earnings per share 0.32 0.30 Dividends declared per share 0.13 0.12 Return on average assets (annualized) 1.46% 1.48% Return on average equity (annualized) 12.98% 14.02% Average outstanding shares - basic 53,849,608 52,500,395 Average outstanding shares - diluted 54,034,186 53,239,346
9 ---------------------------------- AVERAGE BALANCE SHEET For the Three months ended 3-31-08 ---------------------------------- (Unaudited - $ in Thousands) Interest Average Average and Yield/ ASSETS Balance Dividends Rate ---------- ---------- --------- Real Estate Loans $ 719,371 12,592 7.00% Commercial Loans 2,275,044 42,533 7.50% Consumer and Other Loans 639,091 12,107 7.60% ---------- ----- Total Loans 3,633,506 67,232 7.42% Tax -Exempt Investment Securities (1) 259,894 3,174 4.89% Other Investment Securities 522,511 5,610 4.29% ---------- ----- Total Earning Assets 4,415,911 76,016 6.89% ----- Goodwill and Core Deposit Intangible 154,018 Other Non-Earning Assets 239,529 ---------- TOTAL ASSETS $4,809,458 ========== LIABILITIES AND STOCKHOLDERS' EQUITY NOW Accounts $ 463,716 912 0.79% Savings Accounts 267,285 547 0.82% Money Market Accounts 799,407 5,950 2.99% Certificates of Deposit 860,552 9,460 4.41% FHLB Advances 595,268 5,718 3.85% Repurchase Agreements and Other Borrowed Funds 504,296 4,800 3.82% ---------- ------ Total Interest Bearing Liabilities 3,490,524 27,387 3.15% ------ Non-interest Bearing Deposits 735,205 Other Liabilities 44,586 ---------- Total Liabilities 4,270,315 ---------- Common Stock 538 Paid-In Capital 376,451 Retained Earnings 156,779 Accumulated Other Comprehensive Income 5,375 ---------- Total Stockholders' Equity 539,143 ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,809,458 ========== Net Interest Income $ 48,629 ========== Net Interest Spread 3.74% Net Interest Margin 4.42% Net Interest Margin (Tax Equivalent) 4.54% Return on Average Assets (annualized) 1.46% Return on Average Equity (annualized) 12.98% (1) Excludes tax effect of $1,405 on non-taxable investment security income