Exhibit 99.1 Capital City Bank Group, Inc.'s Press Release, dated
April 27, 2004
Capital City Bank Group [CCBG LOGO] For Information Contact:
Corporate Headquarters J. Kimbrough Davis
217 North Monroe Street Executive Vice President
Tallahassee, FL 32301 Chief Financial Officer
(850) 671-0610
NEWS RELEASE
For Immediate Release: April 27, 2004
CAPITAL CITY BANK GROUP, INC. REPORTS
FIRST QUARTER EARNINGS OF
$0.37 PER DILUTED SHARE
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HIGHLIGHTS
* Quarterly earnings totaled $4.8 million, or $0.37 per share, a decrease of
23.8% and 22.9%, respectively, over the first quarter of 2003.
* Net interest margin is stabilizing as reflected by a 3 basis point
improvement over the fourth quarter of 2003 - net interest margin of 4.88%
continues to significantly exceed peer group.
* Credit quality remains strong as indicated by a nonperforming asset ratio
of .20%, down from .54% at year-end, and a net charge-off ratio of .29%.
* Integration of recent acquisition (Quincy State Bank) during the first
quarter is expected to contribute $.10 - $.12 to earnings per share over
the next twelve months.
EARNINGS HIGHLIGHTS
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Three Months Ended
------------------------------------
Mar. 31, Dec. 31, Mar. 31,
(Dollars in thousands, except per share data) 2004 2003 2003
- ---------------------------------------------------------------------------------------
EARNINGS
Net Income $ 4,847 6,096 6,361
Diluted Earnings Per Common Share 0.37 0.46 0.48
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PERFORMANCE
Return on Average Equity 9.45% 11.98 13.55
Return on Average Assets 1.06 1.33 1.44
Net Interest Margin 4.88 4.85 5.17
Noninterest Income as % of Operating Revenue 33.64 35.03 32.96
Efficiency Ratio 68.06 64.58 60.96
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CAPITAL ADEQUACY
Tier 1 Capital Ratio 11.09% 12.88 12.47
Total Capital Ratio 12.01 13.79 13.44
Leverage Ratio 8.38 9.51 8.59
Equity to Assets 10.57 10.98 10.24
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Three Months Ended
------------------------------------
Mar. 31, Dec. 31, Mar. 31,
(Dollars in thousands, except per share data) 2004 2003 2003
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ASSET QUALITY
Allowance as % of Non-Performing Loans 717.20% 529.80 485.06
Allowance as a % of Loans, Net 0.94 0.93 0.95
Net Charge-offs as % of Average Loans 0.29 0.25 0.26
Nonperforming Assets as % of Loans and ORE 0.20 0.54 0.29
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STOCK PERFORMANCE
High $ 45.55 46.83 32.32
Low 39.05 36.62 26.81
Close $ 41.25 45.99 31.29
Average Daily Trading Volume (Shares) 8,328 10,586 11,037
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TALLAHASSEE, FL ---- Capital City Bank Group, Inc. (NASDAQ: CCBG) reported
earnings for the first quarter totaling $4.8 million, or $0.37 per diluted
share. This compares to $6.4 million, or $0.48 per diluted share in the
first quarter of 2003, a decrease of 23.8% and 22.9%, respectively. The
Return on Average Assets was 1.06% and the Return on Average Equity was
9.45%, compared to 1.44% and 13.55%, respectively, for the comparable period
in 2003.
The decrease in earnings was primarily attributable to a decline in the net
interest margin of 5.6% and an increase in noninterest expense of 8.5%. The
decline in the net interest margin reflects lower earning asset yields.
Higher expense for associate salaries, occupancy, and professional fees drove
the increase in noninterest expense.
William G. Smith, Jr., President and CEO, stated, "Earnings of $.37 per share
were $.04 per share below internal projections. The first quarter was marked
by an uneven transition from fee based secondary market residential
production to loan portfolio growth from other categories and the resulting
improvement in net interest margin. Our expectation for year over year
growth in earnings in the moderate single digit range remains achievable."
Net interest income in the first quarter was down $735,000, or 3.6% compared
to the first quarter of 2003, due to declining earning asset yields driven by
the continued low interest rate environment. The net interest margin
declined 29 basis points from the first quarter of 2003 to a level of 4.88%,
attributable to a 54 basis point decline in earning asset yields partially
offset by an improvement in the cost of funds of 25 basis points. Pressure
on the margin during 2003 began to stabilize in the first quarter of 2004
producing an improvement in the net interest margin of 3 basis points over
the fourth quarter of 2003. Earning asset yields remained stable and funding
costs were slightly lower during the first quarter compared to the prior
quarter. Compared to the fourth quarter of 2003, taxable equivalent net
interest income declined $210,000, or 1.0%, directly attributable to one less
calendar day. Asset yields priced down during the first quarter, but growth
in the loan portfolio offset this unfavorable rate variance.
Provision for loan losses of $961,000 for the quarter was higher than the
first quarter of 2003 due to an increase in net charge-offs. Net charge-offs
totaled $977,000, or .29% of average loans for the quarter compared to
$837,000, or .26% for the first quarter of 2003. At year-end the allowance
for loan losses was .94% of outstanding loans and provided coverage of 717%
of nonperforming loans.
Noninterest income declined $64,000, or .65%, from the first quarter of 2003
primarily due to lower mortgage banking revenues. This decline was partially
offset by higher fees for trust services, data processing, and other income
(gain on sale of other real estate and merchant fees). Mortgage banking
revenues were below expectations, reflecting a slow-down in residential
lending markets, which occurred during the latter part of the fourth quarter
and continued through the first quarter of 2004. This declining trend
stabilized in March as production improved consistent with management
expectations and the residential pipeline increased 70% over year-end. With
the residential pipeline building nicely, management expects mortgage
revenues to improve in the second quarter. Recently acquired trust assets
from Synovus Trust Company Bank are expected to enhance trust service fees.
In the first quarter, noninterest income was 2.2% of average assets, a 7
basis point decline from 2003, and represented 33.6% of operating revenue, a
68 basis point improvement over 2003.
Noninterest expense grew by $1.6 million, or 8.5%, in the first quarter of
2004. Higher expense for compensation, occupancy, and professional fees were
the primary reasons for the increase. The increase in compensation was
driven by higher associate salaries, reflecting annual merit raises for
associates, payroll taxes, and pension expense. The increase in occupancy
was driven by higher depreciation, premises rental, and maintenance/repair
expense. Consulting projects, which vary as to their magnitude and timing,
led to higher professional fees in 2004 as compared to the comparable quarter
in 2003.
Assets and liability balances include Quincy State Bank, which was acquired
on March 19, 2004. The impact on average balances was not material due to
the size of the acquisition and the limited time it was on the books during
the first quarter.
Average earning assets for the quarter increased $19.1 million, or 1.2%, over
the comparable period in 2003. The increase in earning assets was driven by
a $68.0 million, or 5.3% increase in average loans. Both commercial and real
estate loans (commercial mortgage and home equity) realized strong gains.
Offsetting the increase in average loans were decreases in short-term
investments of $21.4 million, or 17.5%, and investment securities of $27.4
million, or 13.5%. The second quarter of 2004 begins with loans outstanding
on budget and the pipeline of residential loans showing good growth.
Nonperforming assets of $3.0 million declined from the first quarter of 2003
by $785,000 and represented .20% of total loans and other real estate at
quarter-end. This compares to .29% and .54%, respectively, for the first and
fourth quarters of 2003. During the first quarter of 2004, the bank resolved
a $3.9 million problem asset and recognized a gain on sale of other real
estate of $211,000.
Average total deposits increased $49.4 million, or 3.51%, from the first
quarter of 2003 driven by a $44.2 million increase in nonmaturity deposits
that resulted in a favorable shift in deposit mix and a positive impact on
the Company's cost of funds.
The Company ended the first quarter with approximately $84.3 million in
average net overnight funds as compared to $109.3 million in the first
quarter of 2003. The decrease reflects loan growth and the use of cash to
fund the recent acquisition of Quincy State Bank. The Company anticipates
liquidity to decline in the second quarter due to funding of planned loan
growth.
Capital City Bank Group, Inc. is a $2.0 billion financial services company
headquarted in Tallahassee, Florida, providing traditional deposit and credit
services, asset management, trust, mortgage banking, merchant services,
bankcards, data processing and securities brokerage services. Founded in
1895, the Company has 57 banking offices, 73 ATMs and 11 Bank 'N Shop
locations in 22 counties in Florida, Georgia, and Alabama. The Company also
has four mortgage lending offices located in four additional Florida
communities.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The matters discussed in this press release, that are not historical
facts, contain forward-looking information with respect to strategic
initiatives. Such forward-looking statements are based on current plans and
expectations, which are subject to a number of uncertainties and risks that
have been described in Capital City Bank Group's annual report on Form 10-K
for the fiscal year ended December 31, 2003, and the Company's other filings
with the Securities and Exchange Commission. These uncertainties and risks
could cause future results to differ materially from those anticipated by
such statements.
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
Unaudited
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2004 2003
--------- --------------------------------------------
First Fourth Third Second First
(Dollars in thousands, except per share data) Quarter Quarter Quarter Quarter Quarter
- ----------------------------------------------------------------------------------------------------------------
INTEREST INCOME
Interest and Fees on Loans $ 21,272 21,398 21,747 22,126 22,164
Interest on Investment Securities 1,176 1,350 1,434 1,539 1,811
Interest on Funds Sold 222 274 303 332 352
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Total Interest Income 22,670 23,022 23,484 23,997 24,327
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INTEREST EXPENSE
Interest on Deposits 2,394 2,558 2,729 3,053 3,226
Interest on Short-term Borrowings 287 319 282 340 329
Interest on Long-term Debt 497 462 495 501 545
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Total Interest Expense 3,178 3,339 3,506 3,894 4,100
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Net Interest Income 19,492 19,683 19,978 20,103 20,227
Provision for Loan Losses 961 850 921 886 779
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Net Interest Income after Provision for Loan Losses 18,531 18,833 19,057 19,217 19,448
================================================================================================================
NONINTEREST INCOME
Service Charge Revenue 3,944 4,155 4,123 4,074 3,967
Data Processing Revenue 633 656 578 611 558
Asset Management Fees 741 735 660 650 605
Mortgage Banking Revenue 694 1,140 2,066 1,540 1,344
Other Fees 3,869 3,928 3,525 3,553 3,471
- ----------------------------------------------------------------------------------------------------------------
Total Noninterest Income 9,881 10,614 10,952 10,428 9,945
================================================================================================================
NONINTEREST EXPENSE
Compensation 10,740 10,016 10,551 9,766 10,128
Premises 1,617 1,504 1,589 1,510 1,369
FF&E 2,063 2,123 2,048 1,874 1,795
Intangible Amortization 826 810 810 810 811
Other Expense 5,829 6,140 5,186 5,556 5,325
- ----------------------------------------------------------------------------------------------------------------
Total Noninterest Expense 21,075 20,593 20,184 19,516 19,428
================================================================================================================
OPERATING PROFIT 7,337 8,854 9,825 10,129 9,965
Provision for Income Taxes 2,490 2,758 3,529 3,689 3,604
- ----------------------------------------------------------------------------------------------------------------
NET INCOME $ 4,847 6,096 6,296 6,440 6,361
================================================================================================================
PER SHARE DATA
Basic Earnings $ 0.37 0.47 0.47 0.49 0.48
Diluted Earnings 0.37 0.46 0.47 0.49 0.48
Cash Dividends 0.180 0.180 0.170 0.170 0.136
AVERAGE SHARES
Basic 13,262 13,223 13,221 13,209 13,207
Diluted 13,286 13,265 13,260 13,255 13,253
================================================================================================================
CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
Unaudited
================================================================================================================
2004 2003
---------- --------------------------------------------
First Fourth Third Second First
(Dollars in thousands) Quarter Quarter Quarter Quarter Quarter
- ----------------------------------------------------------------------------------------------------------------
ASSETS
Cash and Due From Banks $ 93,427 93,140 105,407 98,388 85,976
Funds Sold 90,469 125,452 161,579 168,773 176,428
- ----------------------------------------------------------------------------------------------------------------
Total Cash and Cash Equivalents 183,896 218,592 266,986 267,161 262,404
Investment Securities, Available-for-Sale 188,763 181,734 162,734 170,745 190,119
Loans, Net of Unearned 1,465,804 1,341,632 1,322,888 1,332,387 1,311,556
Allowance for Loan Losses (13,720) (12,429) (12,424) (12,434) (12,437)
- ----------------------------------------------------------------------------------------------------------------
Loans, Net 1,452,084 1,329,203 1,310,464 1,319,953 1,299,119
Premises and Equipment 56,394 54,011 55,347 53,132 51,484
Intangible Assets 41,512 25,792 26,603 27,413 28,223
Other Assets 34,604 37,170 32,289 32,186 33,168
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Total Other Assets 132,510 116,973 114,239 112,731 112,875
- ----------------------------------------------------------------------------------------------------------------
Total Assets $1,957,253 1,846,502 1,854,423 1,870,590 1,864,517
================================================================================================================
LIABILITIES
Deposits:
Noninterest Bearing Deposits $ 482,703 455,550 456,302 456,050 426,269
Interest Bearing Deposits 1,088,963 1,018,655 1,029,139 1,042,527 1,032,801
- ----------------------------------------------------------------------------------------------------------------
Total Deposits 1,571,666 1,474,205 1,485,441 1,498,577 1,459,070
Short-Term Borrowings 112,343 108,184 112,255 101,629 140,138
Long-Term Debt 49,950 46,475 38,016 57,664 53,651
Other Liabilities 16,366 14,829 19,820 17,251 20,644
- ----------------------------------------------------------------------------------------------------------------
Total Liabilities 1,750,325 1,643,693 1,655,532 1,675,121 1,673,503
- ----------------------------------------------------------------------------------------------------------------
SHAREOWNERS' EQUITY
Common Stock 132 132 132 132 106
Additional Paid-in-Capital 17,788 16,157 15,578 15,447 15,120
Retained Earnings 187,592 185,134 181,395 177,346 173,152
Accumulated Other Comprehensive Income 1,416 1,386 1,786 2,544 2,636
- ----------------------------------------------------------------------------------------------------------------
Total Shareowners' Equity 206,928 202,809 198,891 195,469 191,014
- ----------------------------------------------------------------------------------------------------------------
Total Liabilities and Shareowners' Equity $1,957,253 1,846,502 1,854,423 1,870,590 1,864,517
================================================================================================================
OTHER BALANCE SHEET DATA
Earning Assets $1,745,036 1,648,818 1,647,201 1,671,905 1,678,103
Intangible Assets
Goodwill 19,633 6,680 6,680 6,680 6,680
Deposit Base 20,683 19,112 19,923 20,733 21,543
Other 1,196 - - - -
Interest Bearing Liabilities 1,251,256 1,173,314 1,179,410 1,201,820 1,226,590
- ----------------------------------------------------------------------------------------------------------------
Book Value Per Diluted Share $ 15.54 15.27 15.00 14.73 14.42
Tangible Book Value Per Diluted Share 12.43 13.33 13.00 12.67 12.28
- ----------------------------------------------------------------------------------------------------------------
Actual Basic Shares Outstanding 13,273 13,236 13,222 13,221 13,207
Actual Diluted Shares Outstanding 13,312 13,280 13,256 13,267 13,254
================================================================================================================
CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR LOAN LOSSES
AND NONPERFORMING ASSETS
Unaudited
================================================================================================================
2004 2003
---------- --------------------------------------------
First Fourth Third Second First
(Dollars in thousands) Quarter Quarter Quarter Quarter Quarter
- ----------------------------------------------------------------------------------------------------------------
ALLOWANCE FOR LOAN LOSSES
Balance at Beginning of Period $ 12,429 12,424 12,434 12,437 12,495
Acquired Reserves 1,307 0 0 0 0
Provision for Loan Losses 961 850 921 886 779
Net Charge-offs 977 845 931 889 837
- ----------------------------------------------------------------------------------------------------------------
Balance at End of Period $ 13,720 12,429 12,424 12,434 12,437
================================================================================================================
As a % of Loans 0.94% 0.93 0.94 0.93 0.95
As a % of Nonperforming Loans 717.20 529.80 183.35 331.15 485.06
As a % of Nonperforming Assets 459.63 170.24 148.51 244.73 329.89
================================================================================================================
CHARGE-OFFS
Commercial, Financial and Agricultural $ 167 46 61 177 142
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 39 0 91 0 0
Real Estate - Residential 83 58 119 32 19
Consumer 1,047 1,054 937 916 887
- ----------------------------------------------------------------------------------------------------------------
Total Charge-offs $ 1,336 1,158 1,208 1,125 1,048
================================================================================================================
RECOVERIES
Commercial, Financial and Agricultural $ 12 13 73 42 14
Real Estate - Construction 0 0 0 0 0
Real Estate - Mortgage 0 0 0 0 0
Real Estate - Residential 0 17 0 0 0
Consumer 347 283 204 194 197
- ----------------------------------------------------------------------------------------------------------------
Total Recoveries $ 359 313 277 236 211
================================================================================================================
NET CHARGE-OFFS $ 977 845 931 889 837
================================================================================================================
Net charge-offs as a % of Average Loans 0.29% 0.25 0.28 0.27 0.26
================================================================================================================
RISK ELEMENT ASSETS
Nonaccruing Loans $ 1,913 2,346 6,776 3,755 2,564
Restructured 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------------------
Total Nonperforming Loans 1,913 2,346 6,776 3,755 2,564
Other Real Estate 1,072 4,955 1,590 1,326 1,206
- ----------------------------------------------------------------------------------------------------------------
Total Nonperforming Assets $ 2,985 7,301 8,366 5,081 3,770
================================================================================================================
Past Due Loans 90 Days or More $ 1,351 328 410 1,976 1,685
================================================================================================================
Nonperforming Loans as a % of Loans 0.13% 0.17 0.51 0.28 0.20
Nonperforming Assets as a % of
Loans and Other Real Estate 0.20 0.54 0.63 0.38 0.29
Nonperforming Assets as a % of Capital 1.35 3.39 3.96 2.44 1.85
================================================================================================================
Annualized
Capital includes allowance for loan losses.
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
================================================================================================================================
First Quarter of 2004 Fourth Quarter 2003 Third Quarter 2003
------------------------- ------------------------- ------------------------
Average Average Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate Balance Interest Rate
- ------------------------------------------------------------------------ ------------------------- ------------------------
ASSETS:
Loans, Net of Unearned Interest $1,357,206 $21,310 6.32% 1,329,673 21,436 6.40 1,336,139 21,796 6.47
Investment Securities
Taxable Investment Securities 121,702 635 2.09 133,029 774 2.31 108,234 841 3.09
Tax-Exempt Investment Securities 54,274 822 6.06 58,006 875 6.03 60,306 898 5.96
- --------------------------------------------------------------------------------------------------------------------------------
Total Investment Securities 175,976 1,457 3.31 191,035 1,649 3.45 168,540 1,739 4.12
Funds Sold 101,286 222 0.87 115,561 274 0.93 130,010 303 0.91
- --------------------------------------------------------------------------------------------------------------------------------
Total Earning Assets 1,634,468 $22,989 5.66% 1,636,269 23,359 5.66 1,634,689 23,838 5.79
============== ============ ============
Cash and Due From Banks 90,327 81,272 80,246
Allowance For Loan Losses (12,725) (12,494) (12,534)
Other Assets 118,426 114,505 113,604
- -------------------------------------------------------- --------- ---------
Total Assets $1,830,496 1,819,552 1,816,005
======================================================== ========= =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 271,878 124 0.18% 273,497 130 0.19 263,729 151 0.23
Money Market Accounts 215,078 239 0.45 215,540 242 0.44 220,924 257 0.46
Savings Accounts 115,985 28 0.10 111,957 28 0.10 111,644 28 0.10
Time Deposits 420,501 2,003 1.92 429,209 2,158 1.99 434,206 2,293 2.10
- --------------------------------------------------------------------------------------------------------------------------------
1,023,442 2,394 0.94 1,030,203 2,558 0.99 1,030,503 2,729 1.05
Short-Term Borrowings 104,406 288 1.11 103,606 319 1.22 92,316 282 1.21
Long-Term Debt 47,023 497 4.25 42,881 462 4.27 53,041 495 3.70
- --------------------------------------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,174,871 $ 3,179 1.09% 1,176,690 3,339 1.13 1,175,860 3,506 1.18
============== ============ ============
Noninterest Bearing Deposits 433,718 420,892 421,376
Other Liabilities 15,512 20,031 19,709
- -------------------------------------------------------- --------- ---------
Total Liabilities 1,624,101 1,617,613 1,616,945
SHAREOWNERS' EQUITY: $ 206,395 201,939 199,060
- -------------------------------------------------------- --------- ---------
Total Liabilities and Shareowners' Equity $1,830,496 1,819,552 1,816,005
======================================================== ========= =========
Interest Rate Spread $19,810 4.57% 20,020 4.53 20,332 4.61
======================================================================== ============ ============
Interest Income and Rate Earned $22,989 5.66 23,359 5.66 23,838 5.79
Interest Expense and Rate Paid 3,179 0.78 3,339 0.81 3,506 0.85
- ------------------------------------------------------------------------ ------------ ------------
Net Interest Margin $19,810 4.88% 20,020 4.85 20,332 4.94
======================================================================== ============ ============
Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
Rate calculated based on average earning assets.
CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
Unaudited
===================================================================================================
Second Quarter of 2003 First Quarter 2003
------------------------- ------------------------
Average Average Average Average
(Dollars in thousands) Balance Interest Rate Balance Interest Rate
- -------------------------------------------- ------------------------- ------------------------
ASSETS:
Loans, Net of Unearned Interest $1,316,705 $22,166 6.75% 1,289,161 22,210 6.99
Investment Securities
Taxable Investment Securities 118,494 929 3.13 138,646 1,180 3.41
Tax-Exempt Investment Securities 62,552 923 5.90 64,772 955 5.89
- ---------------------------------------------------------------------------------------------------
Total Investment Securities 181,046 1,852 4.09 203,418 2,135 4.21
Funds Sold 114,382 332 1.15 122,708 352 1.15
- ---------------------------------------------------------------------------------------------------
Total Earning Assets 1,612,133 $24,350 6.06% 1,615,287 24,697 6.20
============== ============
Cash and Due From Banks 74,537 82,453
Allowance For Loan Losses (12,531) (12,619)
Other Assets 112,852 111,536
- -------------------------------------------------------- ---------
Total Assets $1,786,991 1,796,657
======================================================== =========
LIABILITIES:
Interest Bearing Deposits
NOW Accounts $ 256,675 193 0.30% 262,618 202 0.31
Money Market Accounts 211,314 392 0.74 214,539 420 0.79
Savings Accounts 109,424 68 0.25 106,241 65 0.25
Time Deposits 434,515 2,400 2.22 434,825 2,539 2.37
- ---------------------------------------------------------------------------------------------------
1,011,928 3,053 1.21 1,018,223 3,226 1.29
Short-Term Borrowings 102,510 340 1.33 106,798 329 1.25
Long-Term Debt 54,434 501 3.69 72,372 545 3.05
- ---------------------------------------------------------------------------------------------------
Total Interest Bearing Liabilities 1,168,872 $ 3,894 1.34% 1,197,393 4,100 1.39
============== ============
Noninterest Bearing Deposits 403,870 389,540
Other Liabilities 19,468 19,308
- -------------------------------------------------------- ---------
Total Liabilities 1,592,210 1,606,241
SHAREOWNERS' EQUITY: $ 194,781 190,416
- -------------------------------------------------------- ---------
Total Liabilities and Shareowners' Equity $1,786,991 1,796,657
======================================================== =========
Interest Rate Spread $20,456 4.72% 20,597 4.81
======================================================================== ============
Interest Income and Rate Earned $24,350 6.06 24,697 6.20
Interest Expense and Rate Paid 3,894 0.97 4,100 1.03
- ------------------------------------------------------------------------ ------------
Net Interest Margin $20,456 5.09% 20,597 5.17
======================================================================== ============
Interest and average rates are calculated on a tax-equivalent basis using the 35% Federal tax rate.
Rate calculated based on average earning assets.