HOUSTON, Oct. 29, 2009 (GLOBE NEWSWIRE) -- MetroCorp Bancshares, Inc. (Nasdaq:MCBI), a Texas corporation, which provides community banking services through its subsidiaries, MetroBank, N.A., serving Texas, and Metro United Bank, serving California, today announced the results for the third quarter of 2009.
Third Quarter Highlights
- Net income of $1.1 million compared with net income of $2.1 million for third quarter of 2008, and $1.2 million for the second quarter of 2009.
- Diluted earnings per common share of $0.05 compared with $0.19 for third quarter of 2008, and $0.05 for the second quarter of 2009.
- Net interest margin rose to 3.86% compared with 3.70% for the third quarter of 2008, and 3.58% for the second quarter of 2009.
- Total deposits grew 9.67% from December 31, 2008 to $1.39 billion at September 30, 2009.
- Liquidity continued to increase through deposit growth, and the total loan to total deposit ratio was reduced from 106.04% in the third quarter of 2008 to 94.23% in the current quarter.
- Total risk-based capital ratio increased to 13.76% at September 30, 2009 compared with 10.17% at December 31, 2008 and 13.56% at June 30, 2009.
- Provision for loan losses for the third quarter of 2009 was $3.6 million compared with $1.8 million in the third quarter of 2008, and $1.8 million for the second quarter of 2009.
- Allowance for loan losses was 1.95% of total loans at September 30, 2009 compared with 1.80% at December 31, 2008, and 1.84% at June 30, 2009.
- Net nonperforming assets to total assets at September 30, 2009 was 4.05% compared with 3.53% at December 31, 2008, and 3.45% at June 30, 2009.
George M. Lee, President and CEO of MetroCorp Bancshares, Inc. stated, "Our third quarter net income of $1.1 million was relatively stable as compared to the $1.2 million net income for the second quarter of 2009. This was achieved mainly as a result of management's continual focus on net interest margin ("NIM") and noninterest expenses in addition to our unyielding attention to credit quality and nonperforming loan management. Our NIM improved by 28 basis points on a linked quarter basis from 3.58% for the second quarter of 2009 to 3.86% for this quarter. In fact, the current quarter's NIM was 16 basis points higher as compared to that of the third quarter of 2008.
"Our effort in balance sheet management through stringent controls over loan extensions and loan concentrations, while growing our deposits has continued to strengthen our liquidity, and our loan to deposit ratio, reduced from 106% at the end of the third quarter last year to 96% at end of the second quarter this year and further to 94% as of the end of the third quarter this year. This has allowed us to have better pricing control on both deposits and loans with tighter reins.
"Management's tenacity during these challenging economic times has resulted in a linked quarter reduction of $509,000 in noninterest expenses between the second and third quarters of this year, in spite of a $323,000 increase in ORE related expenses and a $279,000 increase in impairment charges on securities. We are encouraged by the improvement in our efficiency ratio to 66.7% for this quarter compared with 77.4% for the second quarter of this year."
Lee continued, "On the other hand, the increase of nonperforming assets during third quarter of 2009 diminished our expectation of seeing the beginning of an asset quality improvement trend. Total nonperforming assets of $68.8 million, which included a $4.9 million increase in restructured debt ("TDR") at September 30, 2009, was higher than the $57.7 million at June 30, 2009, and $62.4 million at March 31, 2009. Our allowance for loan losses increased to 1.95% of total loans at September 30, 2009 compared with 1.84% at June 30, 2009. Our capital remained stable and our risk-based capital ratio grew from 13.56% at June 30, 2009 to 13.76% at September 30, 2009. We anticipate strong economic headwinds and more stringent regulatory guidance going forward, but with the strong focus in credit and operations we have in place, complemented by stable and experienced leadership, we remain confident about our strategic business model."
Interest income and expense
Net interest income before the provision for loan losses for the three months ended September 30, 2009 was $14.6 million, an increase of $795,000 or 5.8% compared to $13.8 million for the same period in 2008. The increase was due primarily to lower deposit costs as a result of interest rate cuts by the Federal Reserve. On a linked-quarter basis, net interest income before the provision for loan losses for the three months ended September 30, 2009 increased $951,000 or 7.0% compared to $13.7 million for the period ended June 30, 2009 primarily as a result of lower deposit costs.
Net interest income before the provision for loan losses for the nine months ended September 30, 2009 was $41.1 million, down $1.2 million or 2.9% compared to $42.3 million for the same period in 2008. The decrease was due primarily to lower loan yields as a result of interest rate cuts and an increase in nonperforming assets.
The net interest margin for the three months ended September 30, 2009 was 3.86%, an increase of 16 basis points compared with 3.70% for the same period in 2008. The yield on average earning assets decreased 62 basis points, and the cost of average earning assets decreased 78 basis points. On a linked-quarter basis, the net interest margin for the three months ended September 30, 2009 increased 28 basis points compared with 3.58% for the three months ended June 30, 2009. The yield on average earning assets decreased 1 basis point, and the cost of average earning assets decreased 29 basis points as a result of lower deposit cost.
The net interest margin for the nine months ended September 30, 2009 was 3.63%, a decrease of 29 basis points compared with 3.92% for the same period in 2008. The yield on average earning assets decreased 104 basis points, and the cost of average earning assets decreased 75 basis points.
Interest income for the three months ended September 30, 2009 was $21.8 million, down $2.1 million or 8.7% compared to $23.9 million for the same period in 2008, primarily due to lower loan yields and increased nonperforming assets. However, the effect of the decrease was partially offset by floor rates set on certain variable rate loans, substantially all of which had reached the floor rate as of September 30, 2009. Average earning assets grew 1.0% for the third quarter of 2009 compared with the same period in 2008. Average total loans decreased 0.4% to $1.32 billion in the third quarter of 2009 compared with $1.33 billion for the third quarter of 2008. The yield on average earning assets for the third quarter of 2009 was 5.77% compared with 6.39% for the third quarter of 2008.
Interest income for the nine months ended September 30, 2009 was $65.6 million, down $8.0 million or 10.8% compared to $73.6 million for the same period in 2008, primarily due to lower loan yields and an increase in nonperforming assets, but partially offset by the effect of loan floor rates. Average earning assets grew 5.2% for the nine months ended September 30, 2009 compared with the same period in 2008. Average total loans increased 3.9% to $1.33 billion for the nine months ended September 30, 2009 compared with $1.28 billion for the same period of 2008. The yield on average earning assets for the nine months ended September 30, 2009 was 5.79% compared with 6.83% for the same period in 2008.
Interest expense for the three months ended September 30, 2009 was $7.2 million, down $2.9 million or 28.5% compared to $10.1 million for the same period in 2008, primarily due to lower cost of funds that was partially offset by the effect of an increase in interest-bearing deposits. Average interest-bearing deposits were $1.15 billion for the third quarter of 2009 compared with $1.03 billion for the third quarter of 2008, an increase of $122.1 million or 11.8%. The cost of interest-bearing deposits for the third quarter of 2009 was 2.22% compared with 3.31% for the third quarter of 2008. Average other borrowings, excluding junior subordinated debentures, were $28.8 million for the third quarter of 2009, a decrease of $125.9 million or 81.4% compared to $154.7 million for the third quarter of 2008. Other borrowings decreased primarily due to liquidity provided by deposit growth and the $45.0 million of funds received in January of 2009 from participation in the Capital Purchase Program ("CPP"). The cost of other borrowings for the third quarter of 2009 was 3.31% compared with 2.50% for the third quarter of 2008. The cost increased as lower cost short-term FHLB borrowings were repaid and higher cost long-term borrowings remained outstanding.
Interest expense for the nine months ended September 30, 2009 was $24.5 million, down $6.8 million or 21.6% compared to $31.3 million for the same period in 2008, primarily due to lower cost of funds that was partially offset by the effect of an increase in interest-bearing deposits. Average interest-bearing deposits were $1.15 billion for the nine months ended September 30, 2009 compared with $1.00 billion for the same period of 2008, an increase of 14.6%. The cost of interest-bearing deposits for the nine months ended September 30, 2009 was 2.58% compared with 3.59% for the same period of 2008. Average other borrowings excluding junior subordinated debentures, were $40.2 million for the nine months ended September 30, 2009, a decrease of $99.3 million or 71.2% compared to $139.5 million for the same period of 2008. Other borrowings decreased primarily due to liquidity provided by deposit growth and funds from the CPP. The cost of other borrowings for the nine months ended September 30, 2009 was 2.55% compared with 2.63% for the same period of 2008.
Noninterest income and expense
Noninterest income for the three months ended September 30, 2009 was $2.3 million, an increase of $271,000 or 13.3% compared to the same period in 2008. The increase for the three months ended September 30, 2009 was primarily the result of a gain on the sale of securities partially offset by a decrease in service fees. Noninterest income for the nine months ended September 30, 2009 was $6.2 million, down $368,000 or 5.6% compared to the same period in 2008. The decrease for the nine months ended September 30, 2009 was primarily due to a decline in service fees and a decline in gains on the sale of loans, partially offset by increases in gains on securities transactions, rental income received on other real estate property, and in the cash value of bank owned life insurance.
Noninterest expense for the three months ended September 30, 2009 was $11.6 million, an increase of $907,000 or 8.5% compared to the same period in 2008. The increase was the result of higher expenses related to foreclosed assets and higher FDIC assessments, partially offset by decreases in salaries and employee benefit expenses (further described below). Noninterest expense for the nine months ended September 30, 2009 was $34.3 million, an increase of $850,000 or 2.5% compared to the same period in 2008. The increase was the result of higher expenses related to foreclosed assets and higher FDIC assessments, partially offset by decreases in salaries, employee benefit expenses and other-than-temporary impairment ("OTTI") charges.
For the three months ended September 30, 2009, a $338,000 OTTI write down of investment securities was charged against earnings (and an additional noncredit-related OTTI of $453,000 pre-tax was recognized through equity). For the nine months ended September 30, 2009, a $637,000 OTTI write down of investment securities was charged against earnings (and an additional noncredit-related OTTI of $1.3 million pre-tax was recognized through equity).
The FDIC assessment of $1.0 million and $2.7 million for the three and nine months ended September 30, 2009, represented an increase of $835,000 and $2.3 million, respectively, from the same periods in 2008, primarily due to the higher assessment rate effective in 2009 and the one-time special FDIC assessment that was expensed during the second quarter of 2009.
Salaries and employee benefits expense for the three months ended September 30, 2009 was $4.9 million, a decrease of $1.3 million or 22.0% compared to $6.2 million for the same period in 2008. Salaries and employee benefits expense for the nine months ended September 30, 2009 was $15.5 million, a decrease of $3.2 million or 16.9% compared to $18.7 million for the same period in 2008. Salaries and employee benefits expense for the three and nine months ended September 30, 2009 declined primarily due to streamlined operations and decreases in bonus accrual, stock-based compensation expense and employee health care benefit expenses. The number of full-time equivalent employees at September 30, 2009 was 295, a decrease of 10.9% compared with 331 at September 30, 2008.
Provision for loan losses
The following table summarizes the provision for loan losses and net charge-offs as of and for the quarters indicated:
(dollars in thousands)
Sept. 30, June 30, Dec. 31, Sept. 30,
2009 2009 2008 2008
---------- ---------- ---------- ----------
Allowance for Loan
Losses
Balance at beginning
of quarter $ 24,266 $ 24,158 $ 15,723 $ 15,520
Provision for loan
losses for quarter 3,596 1,827 11,846 1,754
Net charge-offs for
quarter (2,259) (1,719) (3,334) (1,551)
---------- ---------- ---------- ----------
Balance at end of
quarter $ 25,603 $ 24,266 $ 24,235 $ 15,723
========== ========== ========== ==========
Total loans $1,311,538 $1,321,478 $1,346,048 $1,341,647
Allowance for loan
losses to total
loans 1.95% 1.84% 1.80% 1.17%
Net charge-offs to
total loans (0.17)% (0.13)% (0.25)% (0.12)%
The provision for loan losses for the three months ended September 30, 2009 was $3.6 million, an increase of $1.8 million compared with $1.8 million for the same period in 2008. The increase was primarily due to an increase in nonperforming assets since September 30, 2008 and higher net charge-offs for the third quarter of 2009. The provision for loan losses for the nine months ended September 30, 2009 was $12.7 million, an increase of $7.9 million compared with $4.8 million for the same period in 2008. On a linked-quarter basis, the provision for loan losses in the third quarter of 2009 increased primarily as a result of higher charge-offs and nonperforming assets in the third quarter compared with the second quarter of 2009.
Net charge-offs for the three months ended September 30, 2009 were $2.3 million or 0.17% of total loans compared with net charge-offs of $1.6 million or 0.12% of total loans for the three months ended September 30, 2008. The charge-offs primarily consisted of $1.6 million in loans from Texas and $794,000 in loans from California, partially offset by recoveries of $161,000 from both Texas and California. Net charge-offs for the nine months ended September 30, 2009 were $11.3 million or 0.86% of total loans compared with net charge-offs of $2.2 million or 0.16% of total loans for the nine months ended September 30, 2008.
Asset Quality
The following table summarizes nonperforming assets as of the dates indicated:
(dollars in thousands)
Sept. 30, June 30, Dec. 31,
2009 2009 2008
--------- --------- ---------
Nonperforming Assets
Nonaccrual loans $ 39,835 $ 32,556 $ 48,239
Accruing loans 90 days or more
past due -- 422 103
Troubled debt restructurings 5,962 1,059 4,474
Other real estate 23,012 23,649 4,825
--------- --------- ---------
Total nonperforming assets 68,809 57,686 57,641
Less nonperforming loans
guaranteed by the SBA, Ex-Im
Bank, or the OCCGF (2,803) (2,120) (1,843)
--------- --------- ---------
Net nonperforming assets $ 66,006 $ 55,566 $ 55,798
========= ========= =========
Net nonperforming assets to total
assets 4.05% 3.45% 3.53%
Total nonperforming assets at September 30, 2009 were $68.8 million compared with $57.6 million at December 31, 2008. On a linked-quarter basis, total nonperforming assets increased $11.1 million to $68.8 million at September 30, 2009 compared with $57.7 million at June 30, 2009. The ratio of net nonperforming assets to total assets increased to 4.05% at September 30, 2009 from 3.45% at June 30, 2009, and 3.53% at December 31, 2008.
On a linked-quarter basis, Texas total nonperforming assets increased by $12.0 million, partially offset by an $856,000 decrease in California. The increase in nonperforming assets in Texas consists primarily of $8.1 million in loans that were moved to nonaccrual status and $4.9 million in troubled debt restructurings ("TDR"), partially offset by reductions in loans over 90 days past due and other real estate ("ORE") assets. In California, the decrease in nonperforming assets was primarily the result of $794,000 in write-downs on loans.
On a linked-quarter basis, ORE decreased by approximately $637,000 compared with June 30, 2009, which included $1.4 million of ORE sales and write-downs on properties, partially offset by $1.1 million of new foreclosed properties in Texas.
Net nonperforming assets, which are total nonperforming assets net of the portion of loans guaranteed by the Small Business Administration, the Export Import Bank of the United States, or the Overseas Chinese Community Guaranty Fund, at September 30, 2009 were $66.0 million compared with $55.8 million at December 31, 2008. Approximately $37.3 million of the nonaccrual loans are collateralized by real estate, which represented 93.6% of total nonaccrual loans at September 30, 2009. Management has been aggressive in identifying problem loans but continued weak economic conditions could cause further deterioration in the loan portfolio. Management is closely monitoring the loan portfolio and diligently working on problem loan resolutions.
Management conference call. On Friday, October 30, 2009, the Company will hold a conference call at 10:00 a.m. Central (11:00 a.m. Eastern) to discuss the third quarter 2009 results. A brief management presentation will be followed by a question and answer period. To participate by phone, U.S. callers may dial 1.877.407.8291 (International callers may dial 1.201.689.8345) and ask for the MetroCorp conference. The call will be webcast by Shareholder.com and can be accessed at MetroCorp's web site at www.metrobank-na.com. An audio archive of the call will be available approximately one hour after the call and will be accessible at www.metrobank-na.com in the Investor Relations section.
MetroCorp Bancshares, Inc., provides a full range of commercial and consumer banking services through its wholly owned subsidiaries, MetroBank, N.A. and Metro United Bank. The Company has thirteen full-service banking locations in the greater Houston and Dallas, Texas metropolitan areas, and six full service banking locations in the greater San Diego, Los Angeles and San Francisco, California metropolitan areas. As of September 30, 2009, the Company had consolidated assets of $1.6 billion. For more information, visit the Company's web site at www.metrobank-na.com.
The statements contained in this release that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the Company's control. Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (1) general business and economic conditions in the markets the Company serves may be less favorable than expected which could decrease the demand for loan, deposit and other financial services and increase loan delinquencies and defaults; (2) changes in the interest rate environment which could reduce the Company's net interest margin; (3) the failure of or changes in management's assumptions regarding the adequacy of the allowance for loan losses; (4) legislative or regulatory developments including changes in laws concerning taxes, banking, securities, insurance and other aspects of the financial securities industry; (5) changes in the availability of funds which could increase costs or decrease liquidity; (6) the effects of competition from other financial institutions operating in the Company's market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; (7) changes in accounting principles, policies or guidelines; (8) a deterioration or downgrade in the credit quality and credit agency ratings of the securities in the Company's securities portfolio; (9) the incurrence and possible impairment of goodwill associated with an acquisition; and (10) the Company's ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace. All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. These and other risks and factors are further described from time to time in the Company's 2008 annual report on Form 10-K and other reports and other documents filed with the Securities and Exchange Commission.
MetroCorp Bancshares, Inc.
(In thousands, except share amounts)
(Unaudited)
Sept. 30, Dec. 31,
Consolidated Balance Sheets 2009 2008
----------- -----------
Assets
Cash and due from banks $ 41,178 $ 26,383
Federal funds sold and other investments 79,536 11,718
----------- -----------
Total cash and cash equivalents 120,714 38,101
Securities -available-for-sale, at fair
value 90,225 102,104
Securities -held to maturity, at cost
(fair value is $4,423 at September 30,
2009) 4,044 --
Other investments 25,351 29,220
Loans, net of allowance for loan losses of
$25,603 and $24,235, respectively 1,285,935 1,321,813
Accrued interest receivable 4,952 5,946
Premises and equipment, net 6,235 7,368
Goodwill 21,827 21,827
Core deposit intangibles 373 506
Customers' liability on acceptances 3,219 8,012
Foreclosed assets, net 23,012 4,825
Cash value of bank owned life insurance 28,161 27,090
Other assets 15,684 13,426
----------- -----------
Total assets $ 1,629,732 $ 1,580,238
=========== ===========
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing $ 211,189 $ 204,107
Interest-bearing 1,180,637 1,065,046
----------- -----------
Total deposits 1,391,826 1,269,153
Junior subordinated debentures 36,083 36,083
Other borrowings 25,118 139,046
Accrued interest payable 1,072 1,279
Acceptances outstanding 3,219 8,012
Other liabilities 8,647 7,506
----------- -----------
Total liabilities 1,465,965 1,461,079
Commitments and contingencies -- --
Shareholders' Equity:
Preferred stock, $1.00 par value,
2,000,000 shares are authorized; 45,000
shares are issued and outstanding 44,683 --
Common stock, $1.00 par value, 50,000,000
shares are authorized; 10,994,965
shares issued; 10,926,315 shares and
10,885,081 shares are outstanding at
September 30, 2009 and December 31, 2008,
respectively 10,995 10,995
Additional paid-in-capital 28,837 28,222
Retained earnings 80,431 82,311
Accumulated other comprehensive loss (259) (910)
Treasury stock, at cost (920) (1,459)
----------- -----------
Total shareholders' equity 163,767 119,159
----------- -----------
Total liabilities and shareholders'
equity $ 1,629,732 $ 1,580,238
=========== ===========
Nonperforming Assets and Asset Quality
Ratios
Nonaccrual loans $ 39,835 $ 48,239
Accruing loans 90 days or more past due -- 103
Troubled debt restructuring 5,962 4,474
Other real estate ("ORE") 23,012 4,825
----------- -----------
Total nonperforming assets 68,809 57,641
Less nonperforming loans guaranteed by the
SBA, Ex-Im Bank, or the OCCGF (2,803) (1,843)
----------- -----------
Net nonperforming assets $ 66,006 $ 55,798
=========== ===========
Net nonperforming assets to total assets 4.05% 3.53%
Net nonperforming assets to total loans and
ORE 4.95% 4.13%
Allowance for loan losses to total loans 1.95% 1.80%
Allowance for loan losses to net
nonperforming loans 59.55% 47.54%
Net charge-offs to total loans 0.86% 0.41%
Net charge-offs $ 11,342 $ 5,539
Total loans to total deposits 94.23% 106.06%
MetroCorp Bancshares, Inc.
(In thousands, except per share amounts)
(Unaudited)
For the three months For the nine months
ended September 30 ended September 30,
---------------------- ----------------------
2009 2008 2009 2008
---------- ---------- ---------- ----------
Average Balance Sheet
Data
Total assets $1,606,232 $1,577,864 $1,613,146 $1,532,787
Securities 117,123 111,927 109,477 123,677
Total loans 1,320,601 1,325,350 1,327,198 1,277,701
Allowance for loan
losses (24,918) (16,083) (24,525) (15,031)
Net loans 1,295,683 1,309,267 1,302,673 1,262,670
Total interest-earning
assets 1,500,854 1,486,490 1,514,312 1,439,339
Total deposits 1,363,723 1,245,301 1,360,254 1,215,849
Other borrowings and
junior subordinated
debt 64,891 190,772 76,279 175,613
Total shareholders'
equity 164,514 123,759 162,368 121,883
Income Statement Data
Interest income:
Loans $ 20,654 $ 22,295 $ 61,791 $ 68,715
Securities:
Taxable 965 1,207 3,048 3,855
Tax-exempt 85 47 210 184
Federal funds sold
and other
investments 118 345 536 810
---------- ---------- ---------- ----------
Total interest
income 21,822 23,894 65,585 73,564
Interest expense:
Time deposits 4,687 6,240 15,991 20,671
Demand and savings
deposits 1,761 2,341 6,190 6,308
Subordinated
debentures and other
borrowings 759 1,493 2,327 4,301
---------- ---------- ---------- ----------
Total interest
expense 7,207 10,074 24,508 31,280
Net interest income 14,615 13,820 41,077 42,284
Provision for loan
losses 3,596 1,754 12,710 4,803
---------- ---------- ---------- ----------
Net interest income
after provision for
loan losses 11,019 12,066 28,367 37,481
Noninterest income:
Service fees 1,134 1,241 3,309 3,690
Loan-related fees 136 174 429 538
Letters of credit
commissions and fees 256 264 769 826
Gain (loss) on
securities
transactions, net 335 (57) 344 91
Gain on sale of
loans, net -- 43 -- 288
Other noninterest
income 442 367 1,320 1,106
---------- ---------- ---------- ----------
Total noninterest
income 2,303 2,032 6,171 6,539
Noninterest expense:
Salaries and employee
benefits 4,864 6,236 15,495 18,653
Occupancy and
equipment 2,014 2,091 6,006 6,032
Foreclosed assets,
net 1,320 120 2,740 (212)
Impairment on
securities 791 119 1,971 1,659
Less: Noncredit
portion of other-
than-temporary
impairment (453) -- (1,334) --
---------- ---------- ---------- ----------
Net impairment on
securities 338 119 637 1,659
FDIC assessment 1,027 192 2,712 375
Other noninterest
expense 2,061 1,959 6,738 6,971
---------- ---------- ---------- ----------
Total noninterest
expense 11,624 10,717 34,328 33,478
Income before
provision for income
taxes 1,698 3,381 210 10,542
Provision (benefit)
for income taxes 560 1,305 (46) 3,963
---------- ---------- ---------- ----------
Net income $ 1,138 $ 2,076 $ 256 $ 6,579
========== ========== ========== ==========
Dividends - preferred
stock $ (563) $ -- $ (1,594) $ --
---------- ---------- ---------- ----------
Net income (loss)
applicable to common
stock $ 575 $ 2,076 $ (1,338) $ 6,579
========== ========== ========== ==========
Per Share Data
Earnings (loss) per
share - basic $ 0.05 $ 0.19 $ (0.12) $ 0.61
Earnings (loss) per
share - diluted 0.05 0.19 (0.12) 0.60
Weighted average
shares outstanding:
Basic 10,915 10,842 10,899 10,824
Diluted 10,923 10,911 10,900 10,899
Dividends per common
share $ -- $ 0.04 $ 0.04 $ 0.12
Performance Ratio Data
Return on average
assets 0.28% 0.52% 0.02% 0.57%
Return on average
shareholders' equity 2.74% 6.67% 0.21% 7.21%
Net interest margin 3.86% 3.70% 3.63% 3.92%
Efficiency ratio 66.71% 66.86% 71.31% 65.17%
Equity to assets
(average) 10.24% 7.84% 10.07% 7.95%