24
Selected Financial Data
(dollars in thousands, except per share data)
Income Statement Summary
2014
2013
2012
2011
2010
Interest income
55,121
$
51,785
$
54,902
$
58,614
$
63,831
$
Interest expense
2,796
3,221
4,321
5,657
7,649
Net interest income before provision for
loan losses
52,325
48,564
50,581
52,957
56,182
Provision for loan losses
350
4,350
14,210
12,000
16,680
Non-interest income
15,831
17,063
18,126
14,992
19,265
Non-interest expense
46,375
44,815
46,656
47,605
51,638
Income before provision for income taxes
21,431
16,462
7,841
8,344
7,129
Provision (benefit) for income taxes
6,191
3,093
(344)
564
(234)
Net Income
15,240
13,369
8,185
7,780
7,363
Balance Sheet Summary
Total loans, net
961,056
793,087
867,078
740,929
783,601
Allowance for loan losses
(11,248)
(11,677)
(13,873)
(17,283)
(21,138)
Securities available for sale
511,883
425,044
380,188
406,471
331,730
Cash and due from banks
50,095
78,006
61,818
63,036
42,435
Federal funds sold
-
-
-
-
210
Foreclosed Assets
3,991
8,185
19,754
15,364
20,691
Premises and equipment, net
21,853
20,393
21,830
20,721
20,190
Total Interest-Earning assets
1,474,629
1,244,795
1,279,932
1,185,647
1,137,805
Total Assets
1,637,320
1,410,249
1,437,903
1,335,405
1,286,571
Total Interest-Bearing liabilities
1,007,249
814,156
895,434
852,308
860,944
Total Deposits
1,366,695
1,174,179
1,174,034
1,086,268
1,052,274
Total Liabilities
1,450,229
1,228,575
1,264,011
116,841
1,126,974
Total Shareholders' Equity
187,091
181,674
173,892
168,564
159,597
Per Share Data
Net Income Per Basic Share
1.09
0.94
0.58
0.55
0.61
Net Income Per Diluted Share
1.08
0.94
0.58
0.55
0.60
Book Value
13.67
12.78
12.33
11.95
11.42
Cash Dividends
0.34
0.26
0.24
0.24
0.24
Weighted Average Common Shares Outstanding Basic
14,001,958
14,155,927
14,103,805
14,036,667
12,109,717
Weighted Average Common Shares Outstanding Diluted
14,136,486
14,290,150
14,120,313
14,085,201
12,192,345
Key Operating Ratios:
Performance Ratios:
Return on Average Equity
(1)
8.18%
7.56%
4.74%
4.73%
5.16%
Return on Average Assets
(2)
1.03%
0.96%
0.59%
0.59%
0.56%
Net Interest Spread (tax-equivalent)
(3)
3.91%
3.90%
4.08%
4.41%
4.72%
Net Interest Margin (tax-equivalent)
4.01%
4.02%
4.22%
4.59%
4.89%
Dividend Payout Ratio
(4)
31.33% 27.52% 41.35% 43.29% 39.86%
Equity to Assets Ratio
(5)
12.58% 12.72% 12.51% 12.37% 10.82%
Efficiency Ratio (tax-equivalent)
66.75% 66.08% 66.39% 67.83% 67.25%
Net Loans to Total Deposits at Period End
70.32% 67.54% 73.85% 68.21% 74.47%
Asset Quality Ratios:
Non-Performing Loans to Total Loans
2.13%
4.66%
6.03%
7.41%
5.70%
Non-Performing Assets to Total Loans and
Other Real Estate Owned
2.53%
5.62%
8.10%
9.25%
8.07%
Net Charge-offs (recoveries) to Average Loans
0.09%
0.81%
2.23%
2.06%
2.26%
Allowance for Loan Losses to
Net Loans at Period End
1.17%
1.47%
1.60%
2.33%
2.70%
Allowance for Loan Losses to Non-Performing Loans
54.40% 31.21% 26.13% 30.80% 46.00%
Capital Ratios:
Tier 1 Capital to Adjusted Total Assets
12.99% 14.37% 13.34% 14.11% 13.84%
Tier 1 Capital to Total Risk-weighted Assets
17.39% 20.39% 18.11% 20.46% 19.06%
Total Capital to Total Risk-weighted Assets
18.44% 21.67% 19.36% 21.72% 20.33%
(1)
Net income divided by average shareholders' equity.
(2)
Net income divided by average total assets.
(3)
Represents the average rate earned on interest-earning assets less the average rate paid on interest-bearing liabilities.
(4)
Total dividends paid divided by net income.
(5)
Average equity divided by average total assets.
As of and for the years ended December 31,
