SECURITIES AND EXCHANGE COMMISSION
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(Commission file number) |
(I.R.S. employer identification number) |
701 North Haven Avenue, Ontario, California (Address of principal executive offices) |
91764 (Zip Code) |
Registrant's telephone number, including area code: (909) 980-4030
Not Applicable
(Former name or former address, if changed since last report)
Item 12. Results of Operations and Financial Condition
| On July 21, 2004, CVB Financial Corp. issued a press release setting forth its second quarter 2004 earnings. A copy of this press release is attached hereto as Exhibit 99.1, incorporated herein by reference. This press release includes certain non-GAAP financial measures. A reconciliation of these measures to the most comparable GAAP measures is included as part of Exhibit 99.1. |
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
| Date: July 26, 2004 | CVB FINANCIAL CORP. By: /s/ Edward J. Biebrich Jr. Edward J. Biebrich Jr., Executive Vice President and Chief Financial Officer |
99.1 Press Release, dated July 21, 2004
Press Release
For Immediate Release
| Contact: D. Linn Wiley President and CEO (909) 980-4030 |
CVB Financial Corp. Reports Second Quarter Earnings
Ontario, CA, July 21, 2004-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank, announced record results for the second quarter of 2004. This included record deposits, record loans, record assets and record earnings. It was the strongest second quarter in the history of the Company.
Net Income
CVB Financial Corp. reported net income of $17.5 million for the second quarter ending June
30, 2004. This represents an increase of $4.9 million, or 39.39%, when compared with the
$12.5 million in net income reported for the second quarter of 2003. Diluted earnings per
share were $0.36 for the second quarter of 2004. This is up $0.11, or 44.00%, when
compared with earnings per share of $0.25 for the second quarter of 2003.
Net income for the second quarter of 2004 produced a return on beginning equity of 25.77%, a return on average equity of 23.05% and a return on average assets of 1.71%. The efficiency ratio for the second quarter was 43.83%, and operating costs as a percentage of average assets were 2.06%.
Net income for the six months ending June 30, 2004 was $27.5 million. This represents an increase of $2.3 million, or 9.11%, when compared with net earnings of $25.2 million for the same period of 2003. Diluted earnings per share were $0.56. This was up $0.05, or 9.80%, from diluted earnings per share of $0.51 for the same period last year.
Net income for the six months ending June 30, 2004 produced a return on beginning equity of 19.30%, a return on average equity of 18.51% and a return on average assets of 1.38%. The efficiency ratio for the six-month period was 50.45%, and operating expenses as a percentage of average assets were 2.13%.
Net Interest Income and Net Interest Margin
Net interest income (before provision for credit losses) for the second quarter
of 2004 totaled $35.9 million. This represented an increase of $5.4 million, or
17.54%, over the net interest income of $30.5 million for the second quarter of
2003. These increases resulted from a $5.8 million increase in interest income,
offset by a $0.4 million increase in interest expense.
Net interest income increased $343,000 or 0.96%, from $35.6 million for the first quarter of 2004 to $35.9 million for the second quarter of 2004. This nominal growth in net interest income was the result of the sale of $63.0 million in securities with relatively short maturities. This sale resulted in securities gains of $4.3 million. It is believed that this opportunity to take advantage of these gains would have dissipated rapidly with the anticipated rise in interest rates.
The yield on the $63.0 million in securities that were sold was 5.58%. Proceeds from the sale were used to purchase securities with a yield of 5.01%. Although the yields are reasonably comparable, interest income on investments was adversely impacted by the delay between the time the $63.0 million in securities were sold and the new securities were purchased and settled. This reduced interest income from investments by $295,000 for the quarter. The $4.3 million gain on the sale of the securities appears to far outweigh this reduction in investment interest income. Interest income on investments is expected to increase in the third quarter.
Net interest income (before provision for credit losses) totaled $71.5 million for the six months ending June 30, 2004. This represented an increase of $9.7 million, or 15.67%, over the net interest income of $61.8 million for the same period of 2003. This increase resulted from an $11.4 million increase in interest income, partially offset by a $1.7 million increase in interest expense. The increases in interest income period over period were primarily due to the increase in average earnings assets, partially offset by a decline in interest rates.
We experienced a decline in the net interest margin when compared with the same period last year due to the lower interest rate environment. Net interest margin (tax equivalent) declined from 4.04% for the second quarter of 2003 to 3.91% for the second quarter of 2004. It declined from 4.29% for the first six months of 2003 to 3.97% for the first six months of 2004. Asset yields have declined from 5.57% for the first six months of 2003 to 5.08% for the first six months of 2004. This has been mitigated by the strong growth in the balance sheet, and the decline in the cost of funds from 1.92% to 1.65% for the same periods.
Asset yields for the second quarter of 2004 were 5.01%, compared with asset yields of 5.31% for the second quarter last year. The cost of funds was 1.64% and 1.89% for the same periods, respectively. The margin compression appears to be moderating with the recent stability of interest rates. The Company has approximately $1.29 billion, or 45.57%, of its deposits in interest free demand deposits. This should position it well for a rising interest rate environment.
Investment Securities
Investment securities totaled $2.12 billion as of June 30, 2004. This represents
an increase of $212.3 million, or 11.15%, when compared with $1.90 billion in
investment securities as of December 31, 2003. It represents an increase of
$291.5 million, or 15.98%, when compared with $1.82 billion for the second
quarter of 2003.
Balance Sheet
The Company reported total assets of $4.36 billion at June 30, 2004. This
represented an increase of $851.0 million, or 24.22%, over total assets of $3.51
billion on June 30, 2003. Earning assets totaling $4.03 billion were up $725.0
million, or 21.92%, when compared with earning assets of $3.31 billion as of
June 30, 2003. Deposits of $2.83 billion grew $424.4 million, or 17.63%, from
$2.41 billion for the prior year. Demand deposits of $1.29 billion jumped $282.7
million, or 28.03%, from $1.01 billion. Gross loans and leases of $1.94 billion
on June 30, 2004 rose $434.8 million, or 28.91%, from $1.50 billion on June 30,
2003.
Total assets of $4.36 billion as of June 30, 2004 reflect an increase of $509.7 million, or 13.22%, over total assets of $3.85 billion on December 31, 2003. Earning assets of $4.03 billion were up $390.4 million, or 10.72%, during the same period. Deposits of $2.83 billion on June 30, 2004 grew $171.1 million, or 6.43%, from $2.66 billion as of December 31, 2003. Demand deposits of $1.29 billion were up $148.9 million, or 13.04%, from $1.14 billion. Gross loans and leases of $1.94 billion increased $179.0 million, or 10.17%, from $1.76 billion on December 31, 2003. Total equity of $280.9 million on June 30, 2004 was down $5.9 million, or 2.05%, from $286.7 million as of December 31, 2003. This decline was the result of a $20.1 million reduction in the unrealized gain in the investment portfolio.
Assets Under Administration
The Wealth Management Group has over $1.1 billion in assets under
administration. They provide trust, investment and related services.
Loan and Lease Quality
CVB Financial Corp reported non-performing assets of $1.5 million as of June 30,
2004. This represents a ratio of non-performing assets to total assets of 0.03%,
and it represents 0.07% of gross loans and leases. The allowance for loan and
lease losses was $22.1 million as of June 30, 2004. This represents 1.14% of
gross loans and leases, and it compares with 1.38% on June 30, 2003.
Non-performing loans and leases represented 6.57% of the allowance for loan and
lease losses. Non-performing assets increased by $736,000 from the $719,000
reported as of March 31, 2004.
The Company has not made a provision for loan and lease losses due to the high quality of its loan portfolio. This has been the case even though loans increased from $1.50 billion as of June 30, 2003 to $1.94 billion as of June 30, 2004. Recoveries of $2.5 million and the addition of $2.8 million from acquisitions more than offset charge offs of $2.2 million during this twelve-month period.
Corporate Overview
CVB Financial Corp. is the holding company for Citizens Business Bank. The Bank
is the largest financial institution headquartered in the Inland Empire Region
of Southern California. It serves 30 cities with 37 business financial centers
in the Inland Empire, Los Angeles County, Orange County and the Central Valley
areas of California. Its subsidiary, Golden West Financial Services, provides
vehicle leasing, equipment leasing and real estate loan services.
Citizens Business Bank was recently recognized at the Annual Strategic Issues Summit with the "Market Cap" Award. This Award was presented to recognize the Company for producing a return to its original shareholders of 41,034%--over 400 times the original investment. This is the highest return in the history of the banking industry in California. The Strategic Issues Summit is co-sponsored by Carpenter & Company and the California Bankers Association.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the CVB Investor tab.
Safe Harbor
This document may contain forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially from the
projected. For a discussion of factors that could cause actual results to
differ, please see the publicly available Securities and Exchange Commission
filings of CVB Financial Corp., including its Annual Report on Form 10-K for the
year ended December 31, 2003, and particularly the discussion on risk factors
within that document.
| CVB FINANCIAL CORP. CONSOLIDATED BALANCE SHEET (unaudited) dollars in thousands | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30,
|
December 31, | ||||||||||
| 2004 |
2003 |
2003 | |||||||||
| Assets: | |||||||||||
| Federal funds sold and reverse repos | $ | -- | $ | -- | $ | -- | |||||
| Investment Securities trading | 58,340 | -- | -- | ||||||||
| Investment Securities available-for-sale | 2,011,751 | 1,788,606 | 1,865,782 | ||||||||
| Investment in stock of Federal Home Loan Bank (FHLB) | 45,919 | 35,933 | 37,966 | ||||||||
| Loans and lease finance receivables | 1,938,960 | 1,504,116 | 1,759,941 | ||||||||
| Less allowance for credit losses | (22,140 | ) | (20,808 | ) | (21,282 | ) | |||||
| Net loans and lease finance receivables | 1,916,820 | 1,483,308 | 1,738,659 | ||||||||
| Total earning assets | 4,032,830 | 3,307,847 | 3,642,407 | ||||||||
| Cash and due from banks | 164,988 | 114,012 | 112,008 | ||||||||
| Premises and equipment, net | 29,607 | 31,602 | 31,069 | ||||||||
| Goodwill and intangibles | 26,309 | 15,405 | 26,901 | ||||||||
| Cash value of life insurance | 66,262 | 13,189 | 15,800 | ||||||||
| Other assets | 44,026 | 30,956 | 26,164 | ||||||||
| TOTAL | $ | 4,364,022 | $ | 3,513,011 | $ | 3,854,349 | |||||
| Liabilities and Stockholders' Equity | |||||||||||
| Liabilities: | |||||||||||
| Deposits: | |||||||||||
| Demand Deposits(noninterest-bearing) | $ | 1,291,278 | $ | 1,008,555 | $ | 1,142,330 | |||||
| Investment Checking | 227,269 | 204,529 | 227,031 | ||||||||
| Savings/MMDA | 805,390 | 642,979 | 732,992 | ||||||||
| Time Deposits | 507,666 | 551,107 | 558,157 | ||||||||
| Total Deposits | 2,831,603 | 2,407,170 | 2,660,510 | ||||||||
| Demand Note to U.S. Treasury | 2,431 | 4,538 | 3,834 | ||||||||
| Borrowings | 1,119,700 | 787,000 | 786,500 | ||||||||
| Junior Subordinated Debentures | 82,476 | -- | 82,476 | ||||||||
| Other liabilities | 46,955 | 42,504 | 34,308 | ||||||||
| Total Liabilities | 4,083,165 | 3,241,212 | 3,567,628 | ||||||||
| Stockholders' equity: | |||||||||||
| Stockholders' equity | 283,727 | 249,203 | 269,441 | ||||||||
| Accumulated other comprehensive income | |||||||||||
| (loss), net of tax | (2,870 | ) | 22,596 | 17,280 | |||||||
| 280,857 | 271,799 | 286,721 | |||||||||
| TOTAL | $ | 4,364,022 | $ | 3,513,011 | $ | 3,854,349 | |||||
| CVB FINANCIAL CORP. CONSOLIDATED AVERAGE BALANCE SHEET (unaudited) dollars in thousands | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2004 |
2003 |
2004 |
2003 | |||||||||||
| Assets: | ||||||||||||||
| Federal funds sold and reverse repos | $ | 264 | $ | 8,681 | $ | 571 | $ | 4,807 | ||||||
| Investment Securities trading | 641 | -- | 321 | -- | ||||||||||
| Investment securities available-for-sale | 1,920,760 | 1,679,243 | 1,904,247 | 1,552,383 | ||||||||||
| Investment in stock of Federal Home Loan Bank (FHLB) | 43,093 | 35,643 | 41,341 | 29,790 | ||||||||||
| Loans and lease finance receivables | 1,848,755 | 1,481,196 | 1,807,735 | 1,457,773 | ||||||||||
| Less allowance for credit losses | (22,137 | ) | (21,384 | ) | (21,935 | ) | (21,522 | ) | ||||||
| Net loans and lease finance receivables | 1,826,618 | 1,459,812 | 1,785,800 | 1,436,251 | ||||||||||
| Total earning assets | 3,791,376 | 3,183,379 | 3,732,280 | 3,023,231 | ||||||||||
| Cash and due from banks | 115,656 | 108,140 | 111,967 | 110,254 | ||||||||||
| Premises and equipment, net | 29,925 | 31,128 | 30,322 | 30,505 | ||||||||||
| Goodwill and intangibles | 26,429 | 15,490 | 26,582 | 15,611 | ||||||||||
| Cash value of life insurance | 66,050 | 13,161 | 50,222 | 13,021 | ||||||||||
| Other assets | 73,827 | 52,218 | 63,200 | 48,529 | ||||||||||
| TOTAL | $ | 4,103,263 | $ | 3,403,516 | $ | 4,014,573 | $ | 3,241,151 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Liabilities: | ||||||||||||||
| Deposits: | ||||||||||||||
| Noninterest-bearing | $ | 1,192,256 | $ | 916,311 | $ | 1,147,478 | $ | 904,966 | ||||||
| Interest-bearing | 1,528,356 | 1,426,371 | 1,532,785 | 1,410,219 | ||||||||||
| Total Deposits | 2,720,612 | 2,342,682 | 2,680,263 | 2,315,185 | ||||||||||
| Other borrowings | 949,134 | 708,515 | 907,654 | 590,174 | ||||||||||
| Junior Subordinated Debentures | 82,476 | -- | 82,476 | -- | ||||||||||
| Other liabilities | 46,589 | 79,912 | 45,101 | 65,554 | ||||||||||
| Total Liabilities | 3,798,811 | 3,131,109 | 3,715,494 | 2,970,913 | ||||||||||
| Stockholders' equity: | ||||||||||||||
| Stockholders' equity | 281,084 | 248,932 | 278,720 | 245,690 | ||||||||||
| Accumulated other comprehensive income | ||||||||||||||
| (loss), net of tax | 23,368 | 23,475 | 20,359 | 24,548 | ||||||||||
| 304,452 | 272,407 | 299,079 | 270,238 | |||||||||||
| TOTAL | $ | 4,103,263 | $ | 3,403,516 | $ | 4,014,573 | $ | 3,241,151 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) dollar amounts in thousands, except per share |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||
| 2004 |
2003 |
2004 |
2003 | |||||||||||
| Interest Income: | ||||||||||||||
| Loans, including fees | $ | 27,136 | $ | 23,813 | $ | 53,386 | $ | 47,633 | ||||||
| Investment securities: | ||||||||||||||
| Taxable | 15,659 | 12,802 | 31,387 | 25,186 | ||||||||||
| Tax-advantaged | 3,655 | 4,021 | 7,626 | 8,150 | ||||||||||
| Total investment income | 19,314 | 16,823 | 39,013 | 33,336 | ||||||||||
| Federal funds sold | 1 | 28 | 3 | 40 | ||||||||||
| Total interest income | 46,451 | 40,664 | 92,402 | 81,009 | ||||||||||
| Interest Expense: | ||||||||||||||
| Deposits | 3,605 | 4,266 | 7,288 | 8,782 | ||||||||||
| Borrowings and junior subordinated debentures | 6,939 | 5,851 | 13,644 | 10,441 | ||||||||||
| Total interest expense | 10,544 | 10,117 | 20,932 | 19,223 | ||||||||||
| Net interest income before provision for credit losses | 35,907 | 30,547 | 71,470 | 61,786 | ||||||||||
| Provision for credit losses | -- | -- | -- | -- | ||||||||||
| Net interest income after | ||||||||||||||
| provision for credit losses | 35,907 | 30,547 | 71,470 | 61,786 | ||||||||||
| Other Operating Income: | ||||||||||||||
| Service charges on deposit accounts | 3,512 | 3,749 | 7,305 | 7,445 | ||||||||||
| Wealth Management services | 1,111 | 925 | 2,274 | 1,972 | ||||||||||
| Gains on sale of investment securities | 5,212 | 29 | 5,212 | 823 | ||||||||||
| Other-than-temporary impairment write down | -- | -- | (6,300 | ) | -- | |||||||||
| Other | 2,175 | 1,777 | 4,301 | 3,129 | ||||||||||
| Total other operating income | 12,010 | 6,480 | 12,792 | 13,369 | ||||||||||
| Other operating expenses: | ||||||||||||||
| Salaries and employee benefits | 11,610 | 9,907 | 23,352 | 19,895 | ||||||||||
| Occupancy | 1,907 | 1,621 | 3,680 | 3,172 | ||||||||||
| Equipment | 1,855 | 1,579 | 3,711 | 3,071 | ||||||||||
| Professional services | 1,001 | 1,302 | 2,122 | 1,983 | ||||||||||
| Amortization of intangible assets | 296 | 203 | 592 | 315 | ||||||||||
| Other | 4,334 | 3,246 | 9,052 | 7,161 | ||||||||||
| Total other operating expenses | 21,003 | 17,858 | 42,509 | 35,597 | ||||||||||
| Earnings before income taxes | 26,914 | 19,169 | 41,753 | 39,558 | ||||||||||
| Income taxes | 9,462 | 6,649 | 14,230 | 14,334 | ||||||||||
| Net earnings | $ | 17,452 | $ | 12,520 | $ | 27,523 | $ | 25,224 | ||||||
| Basic earnings per common share | $ | 0.36 | $ | 0.26 | $ | 0.57 | $ | 0.52 | ||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.25 | $ | 0.56 | $ | 0.51 | ||||||
| Cash dividends per common share | $ | 0.12 | $ | 0.12 | $ | 0.24 | $ | 0.24 | ||||||
All per share information has been retroactively adjusted to reflect the 10% stock dividend declared on December 17, 2003.
| CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (unaudited) |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2004 |
2003 |
2004 |
2003 | |||||||||||
| Interest income - (Tax Effective)(te) | $ | 47,624 | $ | 41,959 | $ | 94,858 | $ | 83,631 | ||||||
| Interest Expense | 10,544 | 10,117 | 20,932 | 19,223 | ||||||||||
| Net Interest income - (te) | $ | 37,080 | $ | 31,842 | $ | 73,926 | $ | 64,408 | ||||||
Other-than-temporary impairment write-down | $ | -- | -- | ($ 6,300 | ) | -- | ||||||||
| Gains on sales of securities | $ | 5,212 | $ | 29 | $ | 5,212 | $ | 823 | ||||||
| Gain on sale of OREO | -- | -- | -- | -- | ||||||||||
Return on average assets | 1.71 | % | 1.48 | % | 1.38 | % | 1.49 | % | ||||||
| Return on average equity | 23.05 | % | 18.43 | % | 18.51 | % | 18.67 | % | ||||||
| Efficiency ratio | 43.83 | % | 48.23 | % | 50.45 | % | 47.36 | % | ||||||
| Net interest margin (te) | 3.69 | % | 3.86 | % | 3.77 | % | 4.09 | % | ||||||
Weighted average shares outstanding | ||||||||||||||
| Diluted | 49,189,544 | 49,283,376 | 49,187,787 | 49,053,725 | ||||||||||
| Basic | 48,356,327 | 48,402,709 | 48,379,814 | 48,078,558 | ||||||||||
Dividends declared | $ | 5,836 | $ | 5,249 | $ | 11,687 | $ | 10,492 | ||||||
| Dividend payout ratio | 33.44 | % | 41.92 | % | 42.46 | % | 41.60 | % | ||||||
Number of shares outstanding-EOP | 48,371,663 | 48,114,022 | ||||||||||||
| Book value per share | $ | 5.81 | $ | 5.96 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||
|---|---|---|---|---|---|---|---|---|
| June 30, | ||||||||
| 2004 |
2003 | |||||||
| Non-performing Assets (dollar amount in thousands): | ||||||||
| Non-accrual loans | $ | 1,455 | $ | 1,126 | ||||
| Loans past due 90 days or more | ||||||||
| and still accruing interest | -- | -- | ||||||
| Restructured loans | -- | -- | ||||||
| Other real estate owned (OREO), net | -- | -- | ||||||
| Total non-performing assets | $ | 1,455 | $ | 1,126 | ||||
| Percentage of non-performing assets | ||||||||
| to total loans outstanding and OREO | 0.08 | % | 0.07 | % | ||||
Percentage of non-performing | ||||||||
| assets to total assets | 0.03 | % | 0.03 | % | ||||
Non-performing assets to | ||||||||
| allowance for loan losses | 6.57 | % | 5.41 | % | ||||
Net Charge-off (Recovered) to Average loans | -0.05 | % | 0.06 | % | ||||
Allowance for Credit Losses: | ||||||||
| Beginning Balance | $ | 21,282 | $ | 21,666 | ||||
| Total Loans Charged-Off | (476 | ) | (1,309 | ) | ||||
| Total Loans Recovered | 1,334 | 451 | ||||||
| Net Loans Recovery (Charged-Off) | 858 | (858 | ) | |||||
| Provision Charged to Operating Expense | -- | -- | ||||||
| Allowance for Credit Losses at End of period | $ | 22,140 | $ | 20,808 | ||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (in thousands, except per share data) (unaudited) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarterly Common Stock Price | ||||||||||||||||||||
| 2004 |
2003 |
2002 | ||||||||||||||||||
| Quarter End | High |
Low |
High |
Low |
High |
Low | ||||||||||||||
| March 31, | $ | 21.30 | $ | 18.91 | $ | 23.12 | $ | 17.62 | $ | 14.66 | $ | 12.75 | ||||||||
| June 30, | $ | 21.95 | $ | 19.65 | $ | 20.08 | $ | 17.59 | $ | 17.51 | $ | 14.52 | ||||||||
| September 30, | $ | 19.61 | $ | 16.69 | $ | 17.04 | $ | 12.51 | ||||||||||||
| December 31, | $ | 19.84 | $ | 17.43 | $ | 19.44 | $ | 14.89 | ||||||||||||
Quarterly Consolidated Statements of Income | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2Q 2004 |
1Q 2004 |
4Q 2003 |
3Q 2003 |
2Q 2003 | |||||||||||||
| Interest income | |||||||||||||||||
| Loans, including fees | $ | 27,136 | $ | 26,250 | $ | 26,780 | $ | 24,629 | $ | 23,813 | |||||||
| Investment securities and federal funds sold | 19,315 | 19,701 | 18,208 | 15,719 | 16,851 | ||||||||||||
| 46,451 | 45,951 | 44,988 | 40,348 | 40,664 | |||||||||||||
| Interest expense | |||||||||||||||||
| Deposits | 3,605 | 3,683 | 3,818 | 3,723 | 4,266 | ||||||||||||
| Other borrowings | 6,939 | 6,704 | 5,098 | 5,191 | 5,851 | ||||||||||||
| 10,544 | 10,387 | 8,916 | 8,914 | 10,117 | |||||||||||||
| Net interest income before | |||||||||||||||||
| provision for credit losses | 35,907 | 35,564 | 36,072 | 31,434 | 30,547 | ||||||||||||
| Provision for credit losses | -- | -- | -- | -- | -- | ||||||||||||
| Net interest income after | |||||||||||||||||
| provision for credit losses | 35,907 | 35,564 | 36,072 | 31,434 | 30,547 | ||||||||||||
| Non-interset income | 12,011 | 781 | 6,480 | 10,140 | 6,480 | ||||||||||||
| Non-interest expenses | 21,004 | 21,505 | 20,909 | 21,287 | 17,858 | ||||||||||||
| Earnings before income taxes | 26,914 | 14,840 | 21,643 | 20,287 | 19,169 | ||||||||||||
| Income taxes | 9,462 | 4,768 | 7,538 | 6,785 | 6,649 | ||||||||||||
| Net earnings | $ | 17,452 | $ | 10,072 | $ | 14,105 | $ | 13,502 | $ | 12,520 | |||||||
| Basic earning per common share | $ | 0.36 | $ | 0.21 | $ | 0.29 | $ | 0.29 | $ | 0.26 | |||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.20 | $ | 0.29 | $ | 0.28 | $ | 0.25 | |||||||
| Cash dividends per common share | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.12 | |||||||