exhibit.htm

Denver – May 5, 2008. United Western Bancorp, Inc. (NASDAQ: UWBK) (the “Company”), a Denver-based holding company whose principal subsidiary, United Western Bank, is a community bank focused on expansion across Colorado’s Front Range market and selected mountain communities, reported first quarter 2008 income of $3.4 million, or $.46 per diluted share, compared with $3.0 million, or $.41 per diluted share, for the fourth quarter of 2007. Income for the quarter ended March 31, 2007 was $2.3 million, or $.31 per diluted share.

Scot T. Wetzel, President and Chief Executive Officer, commented: “We are very pleased with our results for the first quarter of 2008. Our earnings of $.46 per diluted share reflect the continued successful execution of our business plan and effective management of our legacy wholesale assets. We accomplished these goals in a macro-economic environment that is very challenging for the financial services industry. I am particularly satisfied with the continued expansion of our net interest margin and our loan growth, which is an ongoing testament to the quality of the banking teams we have put in place. We remain focused on our goal of becoming Colorado's leading community bank and continue to make steady progress toward that end.”

William D. Snider, Chief Financial Officer, said: “The Colorado economy continues to grow and has not exhibited the extent of weakness that is occurring in other parts of the country. Approximately 90% of our construction and development loans are in Colorado, which we believe has contributed to the relative stability in our asset quality. Nonperforming community bank loans were 52 basis points of the community bank portfolio at March 31, 2008, reflecting an increase of $2.6 million in the first quarter primarily due to one loan. The asset quality of the residential loan portfolio continued to improve in the first quarter with nonperforming residential loans declining $910,000 to $6.9 million.

The negative economic and financial factors impacting the banking industry have had moderate effects on the Company. The principal effects are: (1) the lower interest rate environment has had a positive effect upon net interest income, (2) the run-off of wholesale assets has slowed due to lower prepayments on mortgages and mortgage-backed securities, and (3) the disruptions in the securities markets have caused a lower of cost or fair value adjustment to our mortgages and caused a temporary decline in our available for sale securities.”

Michael J. McCloskey, Chief Operating Officer, explained: “Sterling Trust Company, our custodial, administrative, and escrow services subsidiary, contributed positively to the overall results of the Company for the first quarter. Total assets under custody grew in the first quarter of 2008 to approximately $4.62 billion, an increase of approximately $110 million since December 31, 2007. At March 31, 2008, total accounts grew to 60,885 from 58,622 at December 31, 2007, and deposits at United Western Bank acquired through Sterling Trust were $392 million compared to $405 million at December 31, 2007. Included in the balances at Sterling Trust is a series of accounts for one life settlement agent for special asset acquisitions and administration with a balance of $73 million and $104 million at March 31, 2008 and December 31, 2007, respectively. In January 2008, we elected to restructure this relationship and terminate certain elements of business with respect to this large life settlement agent account. During the first quarter of 2008, approximately $31 million was withdrawn from this account. Through Sterling Trust’s successful marketing efforts, growth in new accounts and the increase in uninvested cash in existing accounts offset $19 million of this decrease.”

Net interest income before provision for credit losses totaled $20.2 million for the quarter ended March 31, 2008, compared with $18.4 million for the quarter ended December 31, 2007, and $15.9 million for the quarter ended March 31, 2007. The increase in net interest income before provision for credit losses between the first quarter of 2008 and the fourth quarter of 2007 of $1.8 million was principally the result of the decline in interest expense and a $938,000 reduction in premium amortization of purchased SBA loans and securities. These two positive items were partly offset by a decline in net interest income from interest-earning assets of $1.8 million. In the first quarter of 2008, the yield on total interest-earning assets declined 23 basis points versus the fourth quarter of 2007 as a result of the decreases in the prime rate to which the majority of our community bank loans are tied. The yield on assets was 5.89% for the first quarter compared with 6.12% for the fourth quarter of last year. The yield on community bank loans declined 95 basis points to 7.15% for the first quarter compared with 8.10% for the 2007 fourth quarter. For the same periods, the yield on wholesale assets increased to 5.19% versus 5.14% due to the lower purchased SBA amortization. Net interest income and net interest margin increased notwithstanding the lower yield on assets because the Company’s cost of interest-bearing liabilities decreased by 59 basis points to 2.17% for the first quarter compared with 2.76% for the fourth quarter. These decreases were consistent with the decline in market rates of interest and in particular, to the decline in the LIBOR rate to which many of our interest-bearing liabilities are tied. Our larger proportion of funding from wholesale sources also contributed to the decline in interest expense.

Comparing the first quarter of 2008 to the first quarter of 2007, net interest income before provision for credit losses increased $4.3 million as the cost of liabilities declined by $5.1 million, and for the same periods, interest and dividend income declined by $737,000 as average interest-earning assets declined by $45 million between the periods. The yield on assets was 5.89% for the first quarter of 2008 compared with 5.92% for the first quarter of 2007. This three basis point decline in the yield on interest-earning assets was the result of the decrease in the prime rate and partially offset by the change in mix of assets. The decline in the prime rate caused the yield on our community bank loans to decline by 115 basis points. However, between the first quarters of 2007 and 2008 the average balance of community bank loans increased by $317 million and the average balance of lower yielding wholesale assets declined by $367 million. Also, there was lower premium amortization of $499,000 on purchased SBA loans and securities.

In the first quarter of 2008, provision for credit losses was $1.5 million compared with $1.2 million for the fourth quarter of 2007 and $358,000 for the first quarter of 2007. The provision for credit losses in the first quarter was principally the result of the $114.3 million of growth net of repayments in our community bank loan portfolio during the period, one $2.9 million construction loan was added to the nonperforming loan listing and its loan grade was reduced, which resulted in $261,000 of additional provision expense. Lastly management elected to increase the unallocated portion of the allowance for credit losses by $100,000. The increase in the unallocated portion was due to general economic conditions and is consistent with the Company’s identified risk factors.

Noninterest income was $4.8 million for the quarter ended March 31, 2008, compared to $4.7 million for the quarter ended December 31, 2007, and $5.3 million for the quarter ended March 31, 2007. The increase between the first quarter of 2008 and fourth quarter of 2007 was caused by higher custodial, administrative, and escrow services revenues from Sterling Trust, as revenues increased to $2.56 million, or $306,000, from $2.25 million between the periods based on continued account growth. Noninterest income for the fourth quarter of 2007 was also positively affected by nonrecurring litigation settlements of $155,000. Gain on sale of loans was $182,000 for the first quarter of 2008 on sales of $6.2 million of principal balance of SBA loans versus gain of $92,000 on sales of $2.7 million of principal balance of SBA loans for the fourth quarter of 2007.

Noninterest expense was $18.7 million for the quarter ended March 31, 2008, versus $17.6 million for the quarter ended December 31, 2007, and $17.8 million for the quarter ended March 31, 2007. Noninterest expense for the first quarter of 2008 increased 6.0% from the fourth quarter due to a $767,000 charge to reduce the carrying value of residential loans held for sale to the lower of cost or fair value. Due to lack of liquidity and the general malaise in the secondary mortgage market, rates of return demanded by investors increased, causing a decline in the value of the Company’s portfolio. Compensation and employee benefits increased $546,000 to $7.7 million in the first quarter compared with $7.2 million for the fourth quarter. This increase was the result of the addition of 17 personnel, including retail bankers, the head of energy lending, SBA division lending professionals, as well as additional custodial, administrative and escrow personnel all to support our business growth. Subaccounting fees increased $23,000 in the first quarter to $5.2 million as the increase in deposits subject to subaccounting fees was offset by the decline in general market interest rates upon which such fees are based.

Noninterest expense for the first quarter of 2008 increased $854,000, or 4.8%, as compared with the first quarter of 2007. Compensation and employee benefits increased $1.4 million due to an increase in personnel at United Western Bank to staff the new Loveland branch that opened in the fourth quarter of 2007, and to hire operation and credit administration personnel to support the growth of our community banking business. Between the first quarter of 2008 and first quarter of 2007 subaccounting fees declined $770,000 principally due to the decline in market interest rates upon which such fees are based.

		March 31,		December 31,		March 31,
		2008		2007		2007
		(Dollars in thousands)
Community bank loans:
	Commercial real estate	$	321,177	$	287,294	$	235,108
	Construction and development		311,274		272,736		123,235
	Commercial		120,954		88,175		37,654
	Multifamily		58,334		48,613		57,896
	SBA originated, guaranteed portions		3,749		5,602		5,785
	Consumer		5,054		3,825		2,754
Total community bank loans			820,542		706,245		462,432

Wholesale loans:
	Residential		386,371		442,890		568,916
	SBA purchased loans - guaranteed		107,698		116,084		150,209
Total loans		$	1,314,611	$	1,265,219	$	1,181,557

The Company’s loan portfolio is predominately collateralized by real estate. In addition to the wholesale residential portfolio, the Company’s community bank loan portfolio consists of a large concentration of commercial real estate and construction and development (C&D) loans. Risks associated with C&D lending are managed by: (1) rigorous credit underwriting, (2) centralized internal controls and construction loan administration systems, (3) policies relating to C&D loan type and geographic concentrations, and (4) professional lenders with seasoned experience in Colorado and C&D lending. Within the C&D portfolio, construction loans totaled $186 million and land development loans were $125 million at March 31, 2008. Of the land development loans, $121.2 million, or 97%, are for land that is under development and is generally intended to either be sold to contractors as lot loans for commencement of construction, or for which the current borrower will commence vertical construction within six to 12 months. The construction loan portfolio consists of 34% single family, 43% commercial projects, and 23% multifamily.

Nonaccrual residential loans totaled $7.0 million, $7.9 million, and $6.6 million, at March 31, 2008, December 31, 2007, and March 31, 2007, respectively. The improvement between the fourth quarter of 2007 and first quarter of 2008 was the result of a combination of payoffs, loans brought current and balances transferred to real estate owned. At March 31, 2008, the overall level of nonaccrual single-family residential loans is 1.80% of the outstanding residential loan balance, and based on data from the Mortgage Bankers Association is better than the average in the national marketplace of 3.24%.

At March 31, 2008, the Company placed our first non-SBA originated community bank loan on nonaccrual. This addition caused a net $1.5 million increase in total nonperforming loans from December 31, 2007. Nonaccrual community bank loans were $4.3 million at March 31, 2008, or 52 basis points of the community bank portfolio, $1.7 million at December 31, 2007, or 24 basis points, and $1.9 million at March 31, 2007, or 41 basis points. Net of SBA guarantees, at March 31, 2008, community bank nonaccrual loans were $3.9 million or 48 basis points of community bank loans, compared with $1.2 million or 16 basis points at December 31, 2007 and $630,000 or 14 basis points at March 31, 2007.

Net charge-offs for the first quarter of 2008, fourth quarter of 2007 and first quarter of 2007 were $253,000, $257,000 and $225,000, respectively. Residential charge offs for those same periods were $201,000, or 19.1 basis points annualized, $227,000, or 20 basis points annualized, and $27,000, or 2 basis points annualized. Community bank loan charge-offs were $52,000, or 3 basis points annualized in the first quarter of 2008, compared to $30,000, or 2 basis points annualized in the fourth quarter of 2007, and $198,000, or 18 basis points in the first quarter of 2007.

The allowance for credit losses as a percentage of community bank loans was 1.22%, 1.21%, and 1.40%, at March 31, 2008, December 31, 2007, and March 31, 2007, respectively. The allowance for credit losses as a percentage of residential loans was .42%, .42%, and .41%, at March 31, 2008, December 31, 2007, and March 31, 2007, respectively. The total allowance for credit losses to total nonaccrual loans is 97.7% at March 31, 2008, compared with 99.7% at December 31, 2007, and 92.7% at March 31, 2007.

At March 31, 2008, the Company owned approximately $277,000 of mortgages that met the regulatory definition of “subprime” at the date of purchase or origination. In prior years, the Company originated subprime mortgages through its mortgage banking subsidiary, Matrix Financial Services Corporation, and United Western Bank occasionally purchased subprime mortgages. These activities ceased in February 2003, and the balance represents the remainder of such activities. The Company is not now active, and has no intention of becoming active, in the subprime market.

At March 31, 2008 the Company’s mortgage-backed investment securities portfolio was approximately $602 million. The portfolio consists of approximately 99% AAA- or AA-rated securities with the remainder in A-rated CRA securities. The portfolio is comprised of approximately 12% underlying Alt-A collateral, the remaining 88% is A collateral. All securities are current as to principal and interest payments. On April 29, 2008 one mortgage-backed security was downgraded from AA to B by one of the credit rating agencies. The Company is continuing to monitor the security and based on the collateral performance and credit support, management continues to believe the Company will realize full value for this security.

Capital. At March 31, 2008, the Company’s equity leverage ratio was 5.25% compared with 5.41% at December 31, 2007. The decline in the leverage ratio was principally caused by the unrealized loss on available for sale investment securities, which was included in other comprehensive income and growth in total assets. United Western Bank’s tier-1 core capital, total risk-based and tier-1 risk-based capital ratios are approximately 7.26%, 12.67% and 11.85 %, respectively, as of March 31, 2008, all of which are well in excess of regulatory requirements of 5%, 10% and 6%, respectively.

Management will host a conference call on Tuesday, May 6, 2008 at 9:00 a.m. Mountain Time to review the results of operations for the first quarter ended March 31, 2008, and other topics that may be raised during the discussion. To participate in the teleconference, please call toll-free 800-218-9073 (or 303-275-2170 for local and international callers) approximately 10 minutes prior to the start time. To hear a live web simulcast or to listen to the archived webcast following the completion of the call, please visit the Company’s website at www.uwbancorp.com, click on the “Investor Relations” link and then under “News & Events” select “Calendar of Events” to access the link to the call.

Denver-based United Western Bancorp, Inc. is focused on developing its community-based banking network through its subsidiary, United Western Bank, by strategically positioning branches across Colorado’s Front Range market and certain mountain communities. This area spans the eastern slope of the Rocky Mountains – from Pueblo to Fort Collins, and from metropolitan Denver to the Roaring Fork Valley. United Western Bank plans to grow its network to estimated 10 to 12 community bank locations over the next three to five years. In addition to community-based banking, United Western Bancorp, Inc. and its subsidiaries offer deposit services to institutional customers and custodial, administrative, and escrow services through Sterling Trust Company. For more information, please visit our web site at www.uwbancorp.com.

This press release contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to significant risks and uncertainties. Forward-looking statements include information concerning our future results, interest rates, loan and deposit growth, operations, development and growth of our community bank network and our business strategy. Forward-looking statements sometimes include terminology such as “may,” “will,” “expects,” “anticipates,” “predicts,” “believes,” “plans,” “estimates,” “potential,” “projects,” “intends,” “should” or “continue” or the negative thereof or other variations thereon or comparable terminology. However, a statement may still be forward looking even if it does not contain one of these terms. As you consider forward-looking statements, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions that could cause actual performance or results to differ materially from those in the forward-looking statements. These factors include, but are not limited to: the successful implementation of our community banking strategies and growth plans; the timing of regulatory approvals or consents for new branches or other contemplated actions; the availability of suitable and desirable locations for additional branches; the continuing strength of our existing business, which may be affected by various factors, including but not limited to interest rate fluctuations, level of delinquencies, defaults and prepayments, general economic conditions, competition, legal and regulatory developments, and future additional risks and uncertainties currently unknown to us. Additional information concerning these and other factors that may cause actual results to differ materially from those anticipated in forward-looking statements is contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 and in the Company’s other periodic reports and filings with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this press release.

	March 31,			December 31,
	2008			2007
Assets
Cash and due from banks	$	32,707		$	21,650
Interest-earning deposits		3,308			3,156
Federal funds sold		10,000			16,000
Total cash and cash equivalents		46,015			40,806
Investment securities – available for sale, at estimated fair value		96,184			87,676
Investment securities – held to maturity, at amortized cost		556,087			574,105
Community bank loans, net		810,509			697,732
Wholesale loans, net		492,381			557,049
FHLBank stock, at cost		40,326			39,913
Mortgage servicing rights, net		11,299			11,971
Accrued interest receivable		9,511			10,551
Other receivables		15,700			14,120
Premises and equipment, net		18,890			16,949
Bank owned life insurance		24,517			24,279
Other assets, net		11,653			11,737
Deferred income taxes		9,009			6,113
Foreclosed real estate		3,808			3,109
Total assets	$	2,145,889		$	2,096,110

Liabilities and shareholders’ equity
Liabilities:
Deposits	$	1,427,871		$	1,385,481
Custodial escrow balances		51,481			34,172
FHLBank borrowings		398,803			406,129
Borrowed money		98,201			97,428
Junior subordinated debentures owed to unconsolidated subsidiary trusts		30,442			30,442
Income tax payable		2,069			222
Other liabilities		24,459			28,815
Total liabilities		2,033,326			1,982,689

Shareholders’ equity:
Common stock		1			1
Additional paid-in capital		23,777			23,724
Retained earnings		95,066			92,364
Accumulated other comprehensive loss		(6,281	)		(2,668	)
Total shareholders’ equity		112,563			113,421
Total liabilities and shareholders’ equity	$	2,145,889		$	2,096,110

	Quarter Ended
	March 31,		December 31,		March 31,
	2008		2007		2007
Interest and dividend income:
Community bank loans	$	13,425	$	13,418	$	8,969
Wholesale residential loans		5,645		6,431		7,761
Other loans		1,188		764		1,974
Investment securities		8,652		9,013		10,742
Deposits and dividends		570		740		771
Total interest and dividend income		29,480		30,366		30,217

Interest expense:
Deposits		3,712		4,985		6,628
FHLBank borrowings		3,793		5,119		5,484
Other borrowed money		1,765		1,894		2,208
Total interest expense		9,270		11,998		14,320

Net interest income before provision for credit losses		20,210		18,368		15,897
Provision for credit losses		1,536		1,174		358
Net interest income after provision for credit losses		18,674		17,194		15,539

Noninterest income:
Custodial, administrative and escrow services		2,560		2,254		1,993
Loan administration		1,456		1,408		1,697
Gain on sale of loans and securities		182		92		833
Litigation settlements		–		155		–
Other		625		747		820
Total noninterest income		4,823		4,656		5,343

Noninterest expense:
Compensation and employee benefits		7,707		7,161		6,340
Subaccounting fees		5,215		5,192		5,985
Amortization of mortgage servicing rights		709		687		978
Occupancy and equipment		810		776		649
Postage and communication		342		326		303
Professional fees		601		712		506
Mortgage servicing rights subservicing fees		441		445		520
Other general and administrative		2,863		2,324		2,553
Total noninterest expense		18,688		17,623		17,834

Income before income taxes		4,809		4,227		3,048
Income tax provision		1,445		1,244		795
Net income	$	3,364	$	2,983	$	2,253

Net income per share – basic	$	0.47		0.41		0.31
Net income per share – assuming dilution		0.46		0.41		0.31

	Three Months Ended March 31,
	2008								2007
	Average Balance			Interest		Average Rate			Average Balance			Interest		Average Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Community bank loans:
Commercial real estate loans	$	229,310		$	4,010		7.03	%	$	151,603		$	2,790		7.46	%
Construction and development loans		280,984			4,786		6.85			100,220			2,284		9.24
Originated SBA loans		99,213			2,096		8.50			102,425			2,416		9.57
Multifamily loans		49,153			817		6.65			57,891			928		6.41
Commercial loans		91,257			1,644		7.25			23,121			483		8.47
Consumer and other loans		5,042			72		5.74			2,934			68		9.40
Total community bank loans		754,959			13,425		7.15			438,194			8,969		8.30
Wholesale assets:
Residential loans		419,904			5,645		5.38			588,239			7,761		5.28
Purchased SBA loans and securities		174,181			1,970		4.55			235,568			3,003		5.17
Mortgage-backed securities		598,677			7,870		5.26			735,706			9,713		5.28
Total wholesale assets		1,192,762			15,485		5.19			1,559,513			20,477		5.25
Interest-earning deposits		19,298			156		3.20			14,129			179		5.07
FHLBank stock		39,917			414		4.17			40,548			592		5.92
Total interest-earning assets		2,006,936			29,480		5.89	%		2,052,384			30,217		5.92	%

Noninterest-earning assets:
Cash		18,029								22,127
Allowance for credit losses		(10,618	)							(8,991	)
Premises and equipment		18,324								9,482
Other assets		81,079								85,427
Total noninterest-earning assets		106,814								108,045
Total assets	$	2,113,750							$	2,160,429

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Passbook accounts	$	235		$	–		0.85	%	$	134		$	–		0.00	%
Money market and NOW accounts		1,154,089			3,383		1.18			1,153,438			6,259		2.20
Certificates of deposit		31,439			329		4.21			36,286			369		4.12
FHLBank borrowings		392,179			3,793		3.83			441,670			5,484		4.97
Repurchase agreements		76,673			848		4.38			60,868			739		4.92
Borrowed money and junior subordinated Debentures		51,442			917		7.05			66,216			1,469		8.87
Total interest-bearing liabilities		1,706,057			9,270		2.17	%		1,758,612			14,320		3.28	%

Noninterest-bearing liabilities:
Demand deposits (including custodial escrow balances)		271,210								269,724
Other liabilities		20,519								20,875
Total noninterest-bearing liabilities		291,729								290,599
Shareholders’ equity		115,964								111,218
Total liabilities and shareholders’ equity	$	2,113,750							$	2,160,429

Net interest income before provision for credit losses				$	20,210							$	15,897
Interest rate spread							3.72	%							2.64	%
Net interest margin							4.05	%							3.11	%
Ratio of average interest-earning assets to average interest- bearing liabilities							117.64	%							116.70	%

	Quarter Ended
	Mar 31,			Dec 31,			Mar 31,
	2008			2007			2007
Weighted average shares – basic		7,217,399			7,232,375			7,256,573
Weighted average shares – assuming dilution		7,238,411			7,241,071			7,256,791
Number of shares outstanding at end of period		7,318,818			7,264,224			7,256,573

Operating Ratios & Other Selected Data (1)
Return of average equity		11.60	%		10.29	%		8.10	%
Operating efficiency ratios (3)		71.82	%		73.56	%		79.36	%
Book value per share (end of period)	$	15.38		$	15.61		$	15.13
Yield on assets		5.89	%		6.12	%		5.92	%
Cost of liabilities		2.17	%		2.76	%		3.28	%
Net interest margin (2)		4.05	%		3.73	%		3.11	%


Asset Quality Information (1)
Community bank allowance for credit losses	$	10,033		$	8,513		$	6,483
Allowance to community bank loans		1.22	%		1.21	%		1.40	%
Residential allowance for credit losses	$	1,635		$	1,869		$	2,340
Allowance to residential loans		0.42	%		0.42	%		0.41	%
Allowance for credit losses	$	11,721		$	10,438		$	8,895
Allowance for credit losses to total loans		0.89	%		0.82	%		0.75	%
Community bank net charge offs	$	52		$	30		$	198
Residential net charge offs		201			227			27
Residential nonaccrual loans		6,963			7,873			6,606
Commercial nonaccrual loans		5,031			2,602			2,989
Commercial guaranteed nonaccrual loans		1,094			1,450			2,359
Total nonaccrual assets and REO		15,802			13,584			13,119
Total residential loans allowance to nonaccrual residential loans		23.50	%		23.70	%		35.42	%
Ratio of allowance for credit losses to total nonaccrual loans (less guaranteed portion)		107.53	%		115.66	%		122.93	%
Ratio of allowance for credit losses to total nonaccrual loans		97.72	%		99.65	%		92.70	%
Total nonaccrual residential loans to total residential loans		1.80	%		1.78	%		1.16	%
Total nonaccrual commercial loans to total commercial loans		0.54	%		0.32	%		0.49	%
Total nonaccrual assets and REO to total assets		0.74	%		0.65	%		0.62	%

(1) Calculations are based on average daily balances where available and monthly averages otherwise, as applicable.

(2) Net interest margin has been calculated by dividing net interest income before credit losses by average interest earning assets.

(3) The operating efficiency ratios have been calculated by dividing noninterest expense, excluding amortization of mortgage servicing rights, by operating income. Operating income is equal to net interest income before provision for credit losses plus noninterest income.

	Quarter Ended
	March 31, 2008			December 31, 2007			March 31, 2007
	(Dollars in thousands)
Interest and dividend income	$	29,480		$	30,366		$	30,217
Interest expense		9,270			11,998			14,320
Net interest income before provision for credit losses	$	20,210		$	18,368		$	15,897

Yield on assets		5.89	%		6.12	%		5.92	%
Cost of liabilities		2.17	%		2.76	%		3.28	%
Net interest spread		3.72	%		3.36	%		2.64	%
Net interest margin		4.05	%		3.73	%		3.11	%