WILMINGTON, Del.--(BUSINESS WIRE)--The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported results for the quarter ended June 30, 2011.
Financial Highlights
- Prepaid card fee income increased 75% to $4.4 million from $2.5 million in second quarter 2010.
- Total non-interest income, excluding security gains, increased 62% to $7.3 million compared to $4.5 million in second quarter 2010.
- Tax equivalent net interest income increased 11% to $18.6 million from $16.9 million in second quarter 2010.
- Core operating earnings increased by 30% to $7.7 million compared to second quarter 2010. For those respective periods, GAAP diluted earnings per share remained constant at $0.02 based on 33.2 million and 26.8 million shares respectively. For the six month period ended June 30, 2011 diluted earnings per share amounted to $0.11 compared to a loss per share of $0.14 in the comparable prior year period.
- At June 30, 2010 loans had grown to $1.7 billion, and year to date grew at an annualized rate exceeding 7%. Period-end securities held at June 30, 2011 increased to $371 million, an increase of $141 million, or 62% over June 30, 2010.
- Average deposits for second quarter 2011 totaled $2.3 billion, an increase of $490 million or 27% over second quarter 2010, while transaction accounts grew to 99% of total average deposits. The interest paid on deposits and interest bearing liabilities between those respective periods decreased to 0.53% from 0.81%.
Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “The 75% increase in prepaid card fees and the increase in total non-interest income attest to the strength of our pipeline of new business as we continue to focus on growth markets. We continue to see opportunity in our SBA (Small Business Administration) program, and are adding new franchisors. We are devoting more efforts to accelerate SBA loan closings, and have begun to see some of those results. Another strategic goal, to increase our fixed rate but relatively short term direct leasing portfolio, has also begun to show results. Direct lease financing balances showed a significant increase over the year ended June 30, 2011 growing to $127 million from $96 million. As shown below, our core operating earnings (1) increased 30% or $1.9 million over the comparable prior year quarter, reflecting a $2.8 million increase in non-interest income and a $1.6 million increase in net interest income. These results reflect our commitment to fee businesses, especially prepaid cards, in addition to traditional banking, and careful expansion of the loan portfolio which has grown over 7% in 2011 on an annualized basis.”
Financial Results
Bancorp reported net income available to common shareholders for the three months ended June 30, 2011 of $660,000 or diluted earnings per share of $0.02, based on 33,205,741 weighted average shares, compared to net income available to common shareholders of $407,000 or diluted earnings per share of $0.02, based on 26,759,461 weighted average shares, for the three months ended June 30, 2010. Core operating earnings, a non-GAAP measure, increased to $7.7 million for the three months ended June 30, 2011 compared to $5.9 million for the three months ended June 30, 2010. The following is a reconciliation of core operating earnings to net income available to common shareholders (for the three month period):
June 30, | June 30, | |||||||
2011 |
2010 |
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Net income available to common shareholders | $ | 660 | $ | 407 | ||||
Income tax expense | 289 | 197 | ||||||
(Gains) and losses on sales of investment securities | (603 | ) | (469 | ) | ||||
(Gains) and losses on other real estate owned | 439 | - | ||||||
Provision for loan and lease losses | 6,963 | 5,806 | ||||||
Core operating earnings (1) | $ | 7,748 | $ | 5,941 | ||||
(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. Management utilizes core operating earnings to measure the combined impact of changes in net interest income and non-interest income. 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 June 30, 2011 | ||||||
The Company | 9.87% | 14.88% | 16.14% | |||
The Bancorp Bank | 6.89% | 10.41% | 11.66% | |||
"Well capitalized" institution (under FDIC regulations) | 5.00% | 6.00% | 10.00% | |||
As of December 31, 2010 | ||||||
The Company | 8.37% | 11.99% | 13.24% | |||
The Bancorp Bank | 7.39% | 10.60% | 11.85% | |||
"Well capitalized" institution (under FDIC regulations) | 5.00% | 6.00% | 10.00% | |||
Balance Sheet Summary
At June 30, 2011, Bancorp's total assets were $2.5 billion, an increase of $342 million or 16% over total assets at June 30, 2010. During that period, investments increased to $371 million, an increase of $142 million or 62%; loans increased to $1.7 billion, an increase of $102 million or 6%; and deposits increased to $2.2 billion, an increase of $281 million or 15%. Total assets decreased compared to March 31, 2011, as a result of seasonal deposit variations.
Conference Call Webcast
You may access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 10:00 AM EDT Thursday July 21, 2011 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 866.804.6923 using access code 14761671. You may listen to the replay of the webcast following the live call on Bancorp's investor relations website or telephonically until Thursday, July 28, 2011 by dialing 888.286.8010, access code 74045158.
About Bancorp
The Bancorp, Inc. is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services 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. |
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Financial highlights | ||||||||||||||
(unaudited) | ||||||||||||||
Three months ended | Six months ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||
(dollars in thousands except per share data) | ||||||||||||||
Condensed income statement | ||||||||||||||
Net interest income | $ | 18,257 | $ | 16,689 | $ | 36,455 | $ | 32,969 | ||||||
Provision for loan and lease losses | 6,963 | 5,806 | 11,635 | 9,954 | ||||||||||
Non-interest income | ||||||||||||||
Gain on sales of investment securities | 603 | 469 | 603 | 1,219 | ||||||||||
Other than temporary impairment of investment securities | - | - | (75 | ) | - | |||||||||
Other non-interest income | 7,264 | 4,490 | 15,084 | 9,234 | ||||||||||
Total non-interest income | 7,867 | 4,959 | 15,612 | 10,453 | ||||||||||
Non-interest expense | ||||||||||||||
Loss on other real estate owned | 439 | - | 491 | 20 | ||||||||||
Other non-interest expense | 17,773 | 15,238 | 34,873 | 29,425 | ||||||||||
Total non-interest expense | 18,212 | 15,238 | 35,364 | 29,445 | ||||||||||
Net income before income tax expense | 949 | 604 | 5,068 | 4,023 | ||||||||||
Income tax expense | 289 | 197 | 1,720 | 1,430 | ||||||||||
Net income | 660 | 407 | 3,348 | 2,593 | ||||||||||
Less preferred stock dividends | - | - | - | (433 | ) | |||||||||
Less preferred stock accretion | - | - | - | (5,809 | ) | |||||||||
Net income (loss) available to common shareholders | $ | 660 | $ | 407 | $ | 3,348 | $ | (3,649 | ) | |||||
Basic earnings (loss) per share | $ | 0.02 | $ | 0.02 | $ | 0.11 | $ | (0.14 | ) | |||||
Diluted earnings (loss) per share | $ | 0.02 | $ | 0.02 | $ | 0.11 | $ | (0.14 | ) | |||||
Weighted average shares - basic | 33,196,281 | 26,181,281 | 30,638,325 | 26,181,281 | ||||||||||
Weighted average shares - diluted | 33,205,741 | 26,759,461 | 30,645,678 | 26,181,281 | ||||||||||
Balance sheet | June 30, | March 31, | December 31, | June 30, | ||||||||||||
2011 | 2011 | 2010 | 2010 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | ||||||||||||||||
Cash and due from banks | $ | 168,957 | $ | 223,420 | $ | 157,411 | $ | 92,620 | ||||||||
Interest bearing deposits | 199,866 | 630,524 | 314,908 | 171,054 | ||||||||||||
Total cash and cash equivalents | 368,823 | 853,944 | 472,319 | 263,674 | ||||||||||||
Investment securities, available-for-sale, at fair value | 353,099 | 273,643 | 231,165 | 208,080 | ||||||||||||
Investment securities, held-to-maturity | 18,102 | 21,298 | 21,364 | 21,496 | ||||||||||||
Loans, net of deferred costs | 1,678,660 | 1,636,253 | 1,619,195 | 1,576,525 | ||||||||||||
Allowance for loan and lease losses | (27,685 | ) | (25,802 | ) | (24,063 | ) | (22,336 | ) | ||||||||
Loans, net of deferred costs | 1,650,975 | 1,610,451 | 1,595,132 | 1,554,189 | ||||||||||||
Premises and equipment, net | 8,296 | 8,533 | 8,767 | 8,229 | ||||||||||||
Accrued interest receivable | 7,839 | 8,807 | 8,878 | 8,483 | ||||||||||||
Intangible assets, net | 8,504 | 8,754 | 9,005 | 9,505 | ||||||||||||
Other real estate owned | 3,764 | 3,379 | 2,115 | 459 | ||||||||||||
Deferred tax asset, net | 21,960 | 23,817 | 24,365 | 20,258 | ||||||||||||
Other assets | 24,477 | 24,071 | 22,613 | 29,497 | ||||||||||||
Total assets | $ | 2,465,839 | $ | 2,836,697 | $ | 2,395,723 | $ | 2,123,870 | ||||||||
Liabilities: | ||||||||||||||||
Deposits | ||||||||||||||||
Demand (non-interest bearing) | $ | 1,073,228 | $ | 1,412,656 | $ | 945,605 | $ | 827,268 | ||||||||
Savings, money market and interest checking | 1,076,654 | 1,105,226 | 975,973 | 903,599 | ||||||||||||
Time deposits | 1,394 | 1,397 | 90,862 | 140,285 | ||||||||||||
Time deposits, $100,000 and over | 11,427 | 11,830 | 11,657 | 10,455 | ||||||||||||
Total deposits | 2,162,703 | 2,531,109 | 2,024,097 | 1,881,607 | ||||||||||||
Securities sold under agreements to repurchase | 20,258 | 19,783 | 14,383 | 7,552 | ||||||||||||
Short-term borrowings | - | - | 87,000 | - | ||||||||||||
Federal funds purchased | - | - | 49,000 | - | ||||||||||||
Accrued interest payable | 131 | 149 | 124 | 165 | ||||||||||||
Subordinated debenture | 13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
Other liabilities | 7,109 | 14,654 | 8,812 | 17,367 | ||||||||||||
Total liabilities | $ | 2,203,602 | $ | 2,579,096 | $ | 2,196,817 | $ | 1,920,092 | ||||||||
Shareholders' equity: | ||||||||||||||||
Preferred stock - authorized 5,000,000 shares, Series A, $0.01 par value; 0 shares issued and outstanding at March 31, 2011 and 2010; | - | - | - | - | ||||||||||||
Common stock - authorized, 50,000,000 shares of $1.00 par value; 33,196,281 and 26,181,281 shares issued and outstanding at June 30, 2011 and 2010, respectively | 33,196 | 33,196 | 26,181 | 26,181 | ||||||||||||
Additional paid-in capital | 241,011 | 240,640 | 192,711 | 197,027 | ||||||||||||
Accumulated deficit | (14,847 | ) | (15,507 | ) | (18,195 | ) | (20,824 | ) | ||||||||
Accumulated other comprehensive (loss) gain | 2,877 | (728 | ) | (1,791 | ) | 1,394 | ||||||||||
Total shareholders' equity | 262,237 | 257,601 | 198,906 | 203,778 | ||||||||||||
Total liabilities and shareholders' equity | $ | 2,465,839 | $ | 2,836,697 | $ | 2,395,723 | $ | 2,123,870 | ||||||||
Average balance sheet and net interest income | Three months ended June 30, 2011 | Three months ended June 30, 2010 | |||||||||||||||||||
(dollars in thousands) | Average | Average | Average | Average | |||||||||||||||||
Assets: |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
|||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans net of unearned discount | $ | 1,642,867 | $ | 18,064 | 4.40 | % | $ | 1,572,787 | $ | 18,374 | 4.67 | % | |||||||||
Leases - bank qualified* | 4,820 | 120 | 9.96 | % | - | - | 0.00 | % | |||||||||||||
Investment securities-taxable | 270,535 | 2,341 | 3.46 | % | 173,447 | 1,702 | 3.93 | % | |||||||||||||
Investment securities-nontaxable* | 76,123 | 1,006 | 5.29 | % | 31,948 | 520 | 6.51 | % | |||||||||||||
Interest bearing deposits at Federal Reserve Bank | 389,794 | 230 | 0.24 | % | 179,874 | 82 | 0.18 | % | |||||||||||||
Net interest-earning assets | 2,384,139 | 21,761 | 3.65 | % | 1,958,056 | 20,678 | 4.22 | % | |||||||||||||
Allowance for loan and lease losses | (26,463 | ) | (21,094 | ) | |||||||||||||||||
Other assets | 271,564 | 166,798 | |||||||||||||||||||
$ | 2,629,240 | $ | 2,103,760 | ||||||||||||||||||
Liabilities and Shareholders' Equity: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Demand (non-interest bearing)** | $ | 1,224,208 | $ | 343 | 0.11 | % | $ | 853,413 | $ | 279 | 0.13 | % | |||||||||
Interest bearing deposits | |||||||||||||||||||||
Interest checking | 753,863 | 1,705 | 0.90 | % | 601,861 | 2,096 | 1.39 | % | |||||||||||||
Savings and money market | 336,244 | 794 | 0.94 | % | 290,447 | 1,039 | 1.43 | % | |||||||||||||
Time | 12,812 | 43 | 1.34 | % | 91,561 | 120 | 0.52 | % | |||||||||||||
Total interest bearing deposits | 1,102,919 | 2,542 | 0.92 | % | 983,869 | 3,255 | 1.32 | % | |||||||||||||
Total deposits | 2,327,127 | 2,885 | 0.50 | % | 1,837,282 | 3,534 | 0.77 | % | |||||||||||||
Short-term borrowings | - | - | 0.00 | % | 34,835 | 59 | 0.68 | % | |||||||||||||
Repurchase agreements | 19,832 | 26 | 0.52 | % | 8,134 | 7 | 0.34 | % | |||||||||||||
Subordinated debt | 13,401 | 216 | 6.45 | % | 13,401 | 216 | 6.45 | % | |||||||||||||
Net interest bearing liabilities | 1,136,152 | 2,784 | 0.98 | % | 1,040,239 | 3,537 | 1.36 | % | |||||||||||||
Total deposits and interest bearing liabilities | 2,360,360 | 3,127 | 0.53 | % | 1,893,652 | 3,816 | 0.81 | % | |||||||||||||
Other liabilities | 9,668 | 7,230 | |||||||||||||||||||
Total liabilities | 2,370,028 | 1,900,882 | |||||||||||||||||||
Shareholders' equity | 259,212 | 202,878 | |||||||||||||||||||
$ | 2,629,240 | $ | 2,103,760 | ||||||||||||||||||
Net interest income on tax equivalent basis* | $ | 18,634 | $ | 16,862 | |||||||||||||||||
Tax equivalent adjustment | 377 | 173 | |||||||||||||||||||
Net interest income | $ | 18,257 | $ | 16,689 | |||||||||||||||||
Net interest margin * | 3.13 | % | 3.44 | % | |||||||||||||||||
* Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 34% statutory tax rate | |||||||||||||||||||||
** Interest includes fees paid to affinity groups. | |||||||||||||||||||||
Average balance sheet and net interest income | Six months ended June 30, 2011 | Six months ended June 30, 2010 | ||||||||||||||||||
(Dollars in thousands) | Average | Average | Average | Average | ||||||||||||||||
Assets: |
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Loans net of unearned discount | $ | 1,635,432 | $ | 36,324 | 4.44 | % | $ | 1,545,859 | $ | 36,289 | 4.69 | % | ||||||||
Leases - bank qualified | 3,589 | 170 | 9.47 | % | - | - | 0.00 | % | ||||||||||||
Investment securities-taxable | 228,302 | 3,897 | 3.41 | % | 152,060 | 3,010 | 3.96 | % | ||||||||||||
Investment securities-nontaxable* | 76,854 | 2,018 | 5.25 | % | 31,405 | 1,107 | 7.05 | % | ||||||||||||
Interest bearing deposits at Federal Reserve Bank | 610,215 | 745 | 0.24 | % | 327,096 | 434 | 0.27 | % | ||||||||||||
Net interest-earning assets | 2,554,392 | 43,154 | 3.38 | % | 2,056,420 | 40,840 | 3.97 | % | ||||||||||||
Allowance for loan and lease losses | (25,648 | ) | (20,472 | ) | ||||||||||||||||
Other assets | 279,032 | 178,762 | ||||||||||||||||||
$ | 2,807,776 | $ | 2,214,710 | |||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand (non-interest bearing) | $ | 1,434,775 | $ | 768 | 0.11 | % | $ | 985,453 | $ | 498 | 0.10 | % | ||||||||
Interest bearing deposits | ||||||||||||||||||||
Interest checking | 734,463 | 2,983 | 0.81 | % | 570,980 | 4,020 | 1.41 | % | ||||||||||||
Savings and money market | 328,899 | 1,592 | 0.97 | % | 323,746 | 2,221 | 1.37 | % | ||||||||||||
Time | 29,567 | 147 | 0.99 | % | 71,029 | 253 | 0.71 | % | ||||||||||||
Total interest bearing deposits | 1,092,929 | 4,722 | 0.86 | % | 965,755 | 6,494 | 1.34 | % | ||||||||||||
Total deposits | 2,527,704 | 5,490 | 0.43 | % | 1,951,208 | 6,992 | 0.72 | % | ||||||||||||
Short-term Borrowings | 1,503 | 3 | 0.40 | % | 19,097 | 64 | 0.67 | % | ||||||||||||
Repurchase agreements | 18,439 | 42 | 0.46 | % | 6,464 | 14 | 0.43 | % | ||||||||||||
Subordinated debt | 13,401 | 431 | 6.43 | % | 13,179 | 431 | 6.54 | % | ||||||||||||
Net interest bearing liabilities | 1,126,272 | 5,198 | 0.92 | % | 1,004,495 | 7,003 | 1.39 | % | ||||||||||||
Total deposits and interest bearing liabilities | 2,561,047 | 5,966 | 0.47 | % | 1,989,948 | 7,501 | 0.75 | % | ||||||||||||
Other liabilities | 9,553 | 9,978 | ||||||||||||||||||
Total liabilities | 2,570,600 | 1,999,926 | ||||||||||||||||||
Shareholders' equity | 237,176 | 214,784 | ||||||||||||||||||
$ | 2,807,776 | $ | 2,214,710 | |||||||||||||||||
Net interest income on tax equivalent basis* | 37,188 | 33,339 | ||||||||||||||||||
Tax equivalent adjustment | 733 | 370 | ||||||||||||||||||
Net interest income | $ | 36,455 | $ | 32,969 | ||||||||||||||||
Net interest margin * | 2.91 | % | 3.24 | % | ||||||||||||||||
Allowance for loan and lease losses: | Six months ended | For year ended | |||||||
June 30, | June 30, | December 31, | |||||||
2011 | 2010 | 2010 | |||||||
(dollars in thousands) | |||||||||
Balance in the allowance for loan and lease losses at beginning of period | $ | 24,063 | $ | 19,123 | $ | 19,123 | |||
Loans charged-off: | |||||||||
Commercial | 4,804 | 6,484 | 13,513 | ||||||
Construction | 2,496 | - | - | ||||||
Lease financing | - | - | 3 | ||||||
Residential mortgage | 49 | 223 | 1,254 | ||||||
Consumer | 681 | 138 | 618 | ||||||
Total | 8,030 | 6,845 | 15,388 | ||||||
Recoveries: | |||||||||
Commercial | 15 | 79 | 279 | ||||||
Construction | 2 | 3 | 4 | ||||||
Lease financing | - | - | 10 | ||||||
Residential mortgage | - | 16 | 742 | ||||||
Consumer | - | 6 | 6 | ||||||
Total | 17 | 104 | 1,041 | ||||||
Net charge-offs | 8,013 | 6,741 | 14,347 | ||||||
Provision charged to operations | 11,635 | 9,954 | 19,287 | ||||||
Balance in allowance for loan and lease losses at end of period | $ | 27,685 | $ | 22,336 | $ | 24,063 | |||
Net charge-offs/average loans | 0.49% | 0.44% | 0.92% | ||||||
Loan portfolio: | June 30, | March 31, | December 31, | June 30, | ||||||||
2011 | 2011 | 2010 | 2010 | |||||||||
(dollars in thousands) | ||||||||||||
Commercial | $ | 450,916 | $ | 430,081 | $ | 441,799 | $ | 403,320 | ||||
Commercial mortgage (1) | 593,842 | 601,046 | 580,780 | 580,542 | ||||||||
Construction | 205,730 | 202,105 | 203,120 | 207,846 | ||||||||
Total commercial loans | 1,250,488 | 1,233,232 | 1,225,699 | 1,191,708 | ||||||||
Direct financing leases | 127,016 | 107,624 | 103,289 | 96,319 | ||||||||
Residential mortgage | 98,113 | 94,682 | 93,004 | 95,542 | ||||||||
Consumer loans and others | 200,132 | 197,876 | 194,320 | 190,729 | ||||||||
1,675,749 | 1,633,414 | 1,616,312 | 1,574,298 | |||||||||
Unamortized costs (fees) | 2,911 | 2,839 | 2,883 | 2,227 | ||||||||
Total loans, net of deferred loan costs | $ | 1,678,660 | $ | 1,636,253 | $ | 1,619,195 | $ | 1,576,525 | ||||
Supplemental loan data: | ||||||||||||
Construction 1-4 family | $ | 93,422 | $ | 96,240 | $ | 92,190 | $ | 106,273 | ||||
Construction commercial, acquisition and development | 112,308 | 105,865 | 110,930 | 101,573 | ||||||||
$ | 205,730 | $ | 202,105 | $ | 203,120 | $ | 207,846 | |||||
(1) At June 30, 2011 our owner-occupied loans amounted to $132 million, or 22.2% of commercial mortgages. | ||||||||||||
June 30, | December 31, | September 30, | June 30, | |||||||||
2011 | 2010 | 2010 | 2010 | |||||||||
Asset quality ratios: | ||||||||||||
Nonperforming loans to total loans (1) | 1.43% | 1.08% | 1.51% | 1.82% | ||||||||
Nonperforming assets to total assets (1) | 1.12% | 0.82% | 0.91% | 1.37% | ||||||||
Allowance for loan and lease losses to total loans | 1.65% | 1.49% | 1.37% | 1.42% | ||||||||
Nonaccrual loans | $ | 19,526 | $ | 15,298 | $ | 19,640 | $ | 18,193 | ||||
Total nonperforming loans | 19,526 | 15,298 | 19,640 | 18,193 | ||||||||
Other real estate owned | 3,764 | 2,115 | 225 | 459 | ||||||||
Total nonperforming assets | $ | 23,290 | $ | 17,413 | $ | 19,865 | $ | 18,652 | ||||
Loans 90 days past due still accruing interest | $ | 4,397 | $ | 2,219 | $ | 4,352 | $ | 10,529 | ||||
(1) Nonperforming loans are defined as nonaccrual loans and restructure loans. Loans 90 days past due and still accruing interest are also included in these ratios. | ||||||||||||
Three months ended | Year ended | |||||||||||
June 30, | December 31, | December 31, | ||||||||||
2011 |
2010 |
2010 |
2010 |
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Selected operating ratios: | ||||||||||||
Return on average assets | 0.10% | 0.08% | 0.34% | 0.23% | ||||||||
Return on average equity | 1.02% | 0.80% | 4.01% | 2.45% | ||||||||
Net interest margin | 3.13% | 3.44% | 3.36% | 3.28% | ||||||||
Efficiency ratio | 71.36% | 71.95% | 69.37% | 70.52% | ||||||||
Book value per share | $ | 7.90 | $ | 7.78 | $ | 7.60 | $ | 7.60 | ||||