(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) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2.):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On July 19, 2007, CVB Financial Corp. issued a press release setting forth its earnings for the second quarter ending June 30, 2007. A copy of this press release is attached hereto as Exhibit 99.1 and is being furnished pursuant to this Item 2.02.
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.
CVB FINANCIAL CORP.
(Registrant)
Date: July 19, 2007 | By: /s/ Edward J. Biebrich, Jr. Edward J. Biebrich, Jr., Executive Vice President and Chief Financial Officer |
99.1 Press Release, dated July 19, 2007
701 North Haven Ave., Suite 350
Ontario, CA 91764
(909) 980-4030
Contact: Christopher D. Myers
President and CEO
(909) 980-4030
Ontario, CA, July 19, 2007-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the Company), announced the results for the second quarter of 2007.
CVB Financial Corp. reported net income of $15.9 million for the second quarter ending June 30, 2007. This represents a decrease of $3.1 million, or 16.19%, when compared with $18.9 million in net earnings reported for the second quarter of 2006. Diluted earnings per share were $0.19 for the second quarter of 2007. This was down $0.03, or 14.73%, when compared with earnings per share of $0.22 for the second quarter of 2006. These per share amounts have been adjusted to reflect a 10% stock dividend declared in December of 2006.
Net income for the second quarter of 2007 produced a return on beginning equity of 16.15%, a return on average equity of 15.86% and a return on average assets of 1.06%. The efficiency ratio for the second quarter was 54.36%, and operating expenses as a percentage of average assets were 1.66%.
Net income for the six months ending June 30, 2007 was $31.0 million. This represents a decrease of $6.1 million, or 16.48%, when compared with net earnings of $37.2 million for the same period of 2006. Diluted earnings per share were $0.37. This was down $0.07, or 15.82%, from diluted earnings per share of $0.44 for the same period last year.
Net income for the six months ending June 30, 2007 produced a return on beginning equity of 16.07%, a return on average equity of 15.62% and a return on average assets of 1.04%. The efficiency ratio for the six-month period was 54.31%, and operating expenses as a percentage of average assets was 1.70%.
Net interest income totaled $38.1 million for the second quarter of 2007. This represented a decrease of $4.2 million, or 9.82%, from net interest income of $42.3 million for the second quarter of 2006. This decrease resulted from a $6.7 million increase in interest income, offset by an $11.7 million increase in interest expense and a $900,000 decrease in the provision for credit losses. Net interest income before the provision for credit losses decreased $5.1 million, or 11.70%, in the second quarter of 2007. The increases in interest income were primarily due to the growth in average earning assets and an increase in interest rates. The increases in interest expense were due to the increase in the cost of interest bearing deposits and borrowed funds caused by deposit and borrowing instruments repricing at higher rates this year.
The net interest margin (tax equivalent) declined from 3.48% for the second quarter of 2006 to 2.91% for the second quarter of 2007. Total average earning asset yields have increased from 6.02% for the second quarter of 2006 to 6.12% for the second quarter of 2007. The cost of funds has increased from 3.47% for the second quarter of 2006 to 4.21% for the second quarter of 2007. The decline in net interest margin is due to the cost of interest-bearing liabilities rising faster than the increase in yields on earning assets.
Net interest income totaled $77.9 million for the six months ending June 30, 2007. This represents a decrease of $7.9 million, or 9.20%, from the net interest income of $85.8 million for the same period in 2006. This decrease resulted from an $18.8 million increase in interest income, which was offset by a $27.8 million increase in interest expense and a $1.2 million decrease in the provision for credit losses. Net interest income before the provision for credit losses decreased $9.0 million, or 10.40%, for the first six months of 2007. The increases in interest income were primarily due to the growth in average earning assets and an increase in interest rates. The increases in interest expense were due to the increases in interest rates on deposits and borrowed funds.
The net interest margin (tax equivalent) decreased from 3.47% for the first six months of 2006 to 2.97% for the first six months of 2007. Total average earning asset yields have increased from 5.86% for the first six months of 2006 to 6.15% for the first six months of 2007. The cost of funds has increased from 3.29% for the first six months of 2006 to 4.18% for the first six months of 2007.
The credit quality of the loan portfolio continues to be strong. The allowance for credit losses increased from $25.6 million as of June 30, 2006 to $30.2 million as of June 30, 2007. This increase was due to the provision for credit losses of $1.9 million in the second half of 2006 and the addition of $2.7 million from the acquisition of First Coastal Bank in June, 2007. During the first six months of 2007, the Company experienced net charge-offs of $164,000. No additional provision for credit losses was made in 2007, thus far. During the first six months of 2006, the Company had net recoveries of $1.3 million and a provision for credit losses of $1.2 million. The allowance for credit losses was 0.92% and 0.90% of the total loans and leases outstanding as of June 30, 2007 and 2006, respectively.
The Company reported total assets of $6.14 billion at June 30, 2007. This represented an increase of $184.6 million, or 3.10%, over total assets of $5.95 billion on June 30, 2006. Earning assets totaling $5.70 billion were up $140.8 million, or 2.53%, when compared with earning assets of $5.56 billion as of June 30, 2006. Total deposits were $3.51 billion as of June 30, 2007. This represents a decrease of $84.1 million, or 2.34%, from $3.59 billion at June 30, 2006. The Company has $1.34 billion, or 38.21%, of its deposits in non-interest bearing demand deposits. Gross loans and leases totaled $3.30 billion at June 30, 2007. This represents an increase of $464.1 million, or 16.35%, when compared with gross loans and leases of $2.84 billion at June 30, 2006.
Total assets of $6.14 billion as of June 30, 2007 reflect an increase of $42.8 million, or 0.70%, over total assets of $6.09 billion on December 31, 2006. Earning assets of $5.70 billion were comparable to total earning assets at December 31, 2006. Total deposits of $3.51 billion at June 30, 2007 increased $101.9 million, or 2.99%, when compared with total deposits of $3.41 billion at December 31, 2006. Gross loans and leases of $3.30 billion increased $233.1 million, or 7.59%, from $3.07 billion at December 31, 2006.
Investment securities totaled $2.35 billion as of June 30, 2007. This represents a decrease of $330.6 million, or 12.36%, when compared with the $2.68 billion in securities at June 30, 2006. It represents a decrease of $238.4 million, or 9.23%, when compared with $2.58 billion in investment securities at December 31, 2006. The Company is utilizing the monthly cash flow from investments to pay down borrowings or fund new loans. This is in keeping with their plan to reduce the size of the investment portfolio.
The Financial Advisory Services Group has over $2.6 billion in assets under administration. They provide trust, investment and brokerage related services, as well as financial, estate and business succession planning.
CVB Financial Corp. reported $806,000 in non-performing assets as of June 30, 2007. This consisted of one loan from the First Coastal Bank acquisition. Subsequent to June 30, 2007, this loan was paid off. There were no non-performing assets as of December 31, 2006. The allowance for credit losses was $30.2 million as of June 30, 2007. This represents 0.92% of gross loans and leases. It compares with an allowance for credit losses of $27.7 million, or 0.90%, of gross loans and leases on December 31, 2006. The increase was primarily due to the addition of $2.7 million from the acquisition of First Coastal Bank in June, 2007, offset by loan net charge-offs of $164,000 during the first six months of 2007.
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 39 cities with 44 business financial centers in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Its leasing division, Golden West Financial Services, provides vehicle leasing, equipment leasing and real estate loan services.
U.S. Banker Magazine named Citizens Business Bank the Top Business Bank in the nation in their January 2007 issue. The Bank was also recognized for having the fifteenth highest return on equity in the nation at 20.88%.
For the fourth consecutive year, CVB Financial Corp. received the KBW Honor Roll award at the Annual Community Bank Investor Conference hosted by Keefe, Bruyette & Woods, Inc. in New York on August 1 2, 2006. The Company was also recognized as a SmAll-Star by Sandler ONeill, and named to the FPK Honor Roll by Fox-Pitt, Kelton.
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.
Certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Companys current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the impact of changes in interest rates, a decline in economic conditions, adverse changes resulting from natural and manmade disasters, effects of government regulation and increased competition among financial services providers and other factors set forth in the Companys public reports including its Annual Report on Form 10-K for the year ended December 31, 2006, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.
_________________
CVB FINANCIAL CORP. CONSOLIDATED BALANCE SHEET (unaudited) dollars in thousands | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
June 30,
|
December 31,
| ||||||||||
2007
|
2006
|
2006
| |||||||||
Assets: | |||||||||||
Investment Securities available-for-sale | $ | 2,344,537 | $ | 2,675,165 | $ | 2,582,902 | |||||
Interest-bearing balances due from depository institutions | 3,070 | 99 | -- | ||||||||
Investment in stock of Federal Home Loan Bank (FHLB) | 83,392 | 74,441 | 78,866 | ||||||||
Loans and lease finance receivables | 3,303,273 | 2,839,145 | 3,070,196 | ||||||||
Less allowance for credit losses | (30,244 | ) | (25,620 | ) | (27,737 | ) | |||||
Net loans and lease finance receivables | 3,273,029 | 2,813,525 | 3,042,459 | ||||||||
Total earning assets | 5,704,028 | 5,563,230 | 5,704,227 | ||||||||
Cash and due from banks | 142,699 | 143,212 | 146,411 | ||||||||
Premises and equipment, net | 46,391 | 43,862 | 44,963 | ||||||||
Intangibles | 8,944 | 11,297 | 10,121 | ||||||||
Goodwill | 60,357 | 31,531 | 31,531 | ||||||||
Cash value of life insurance | 101,222 | 73,282 | 99,861 | ||||||||
Other assets | 73,402 | 86,005 | 57,148 | ||||||||
TOTAL | $ | 6,137,043 | $ | 5,952,419 | $ | 6,094,262 | |||||
Liabilities and Stockholders' Equity | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Demand Deposits (noninterest-bearing) | $ | 1,340,768 | $ | 1,367,015 | 1,363,411 | ||||||
Investment Checking | 334,229 | 299,393 | 318,431 | ||||||||
Savings/MMDA | 912,001 | 910,083 | 896,988 | ||||||||
Time Deposits | 921,756 | 1,016,362 | 827,978 | ||||||||
Total Deposits | 3,508,754 | 3,592,853 | 3,406,808 | ||||||||
Demand Note to U.S. Treasury | 4,754 | 4,462 | 7,245 | ||||||||
Repurchase Agreements | 507,202 | 250,000 | 344,350 | ||||||||
Borrowings | 1,561,000 | 1,496,000 | 1,794,900 | ||||||||
Junior Subordinated Debentures | 115,859 | 108,250 | 108,250 | ||||||||
Other liabilities | 42,640 | 162,600 | 43,370 | ||||||||
Total Liabilities | 5,740,209 | 5,614,165 | 5,704,923 | ||||||||
Stockholders' equity: | |||||||||||
Stockholders' equity | 422,167 | 380,564 | 402,560 | ||||||||
Accumulated other comprehensive income | |||||||||||
(loss), net of tax | (25,333) | (42,310) | (13,221) | ||||||||
396,834 | 338,254 | 389,339 | |||||||||
TOTAL | $ | 6,137,043 | $ | 5,952,419 | $ | 6,094,262 | |||||
CVB FINANCIAL CORP. CONSOLIDATED AVERAGE BALANCE SHEET (unaudited) dollars in thousands | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Three months ended June 30, | Six months ended June 30, | |||||||||||||
2007
|
2006
|
2007
|
2006
| |||||||||||
Assets: | ||||||||||||||
Investment securities available-for-sale | $ | 2,404,257 | $ | 2,417,985 | $ | 2,457,960 | $ | 2,404,090 | ||||||
Interest-bearing balances due from depository institutions | 155 | 2,745 | 299 | 3,701 | ||||||||||
Investment in stock of Federal Home Loan Bank (FHLB) | 81,657 | 73,541 | 80,853 | 72,426 | ||||||||||
Loans and lease finance receivables | 3,145,131 | 2,767,014 | 3,102,396 | 2,710,070 | ||||||||||
Less allowance for credit losses | (27,856 | ) | (24,424 | ) | (27,788 | ) | (23,865 | ) | ||||||
Net loans and lease finance receivables | 3,117,275 | 2,742,590 | 3,074,608 | 2,686,205 | ||||||||||
Total earning assets | 5,603,344 | 5,236,861 | 5,613,720 | 5,166,422 | ||||||||||
Cash and due from banks | 122,164 | 125,323 | 123,289 | 127,045 | ||||||||||
Premises and equipment, net | 46,017 | 43,019 | 45,746 | 41,844 | ||||||||||
Intangibles | 9,175 | 11,527 | 9,468 | 11,820 | ||||||||||
Goodwill | 31,805 | 31,531 | 31,669 | 31,673 | ||||||||||
Cash value of life insurance | 100,891 | 72,871 | 100,548 | 72,456 | ||||||||||
Other assets | 89,736 | 95,101 | 88,874 | 90,825 | ||||||||||
TOTAL | $ | 6,003,132 | $ | 5,616,233 | $ | 6,013,314 | $ | 5,542,085 | ||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest-bearing | $ | 1,268,150 | $ | 1,343,664 | $ | 1,275,906 | $ | 1,365,198 | ||||||
Interest-bearing | 2,120,022 | 2,155,113 | 2,117,099 | 2,108,302 | ||||||||||
Total Deposits | 3,388,172 | 3,498,777 | 3,393,005 | 3,473,500 | ||||||||||
Other borrowings | 2,062,509 | 1,611,443 | 2,070,300 | 1,561,480 | ||||||||||
Junior Subordinated Debentures | 108,501 | 108,250 | 108,376 | 103,978 | ||||||||||
Other liabilities | 42,883 | 46,109 | 41,084 | 49,625 | ||||||||||
Total Liabilities | 5,602,065 | 5,264,579 | 5,612,765 | 5,188,583 | ||||||||||
Stockholders' equity: | ||||||||||||||
Stockholders' equity | 409,050 | 380,391 | 411,075 | 374,690 | ||||||||||
Accumulated other comprehensive income | ||||||||||||||
(loss), net of tax | (7,983 | ) | (28,737 | ) | (10,527 | ) | (21,188 | ) | ||||||
401,067 | 351,654 | 400,548 | 353,502 | |||||||||||
TOTAL | $ | 6,003,132 | $ | 5,616,233 | $ | 6,013,313 | $ | 5,542,085 | ||||||
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, | |||||||||||||
2007
|
2006
|
2007
|
2006
| |||||||||||
Interest Income: | ||||||||||||||
Loans, including fees | $ | 53,726 | $ | 47,913 | $ | 106,440 | $ | 92,205 | ||||||
Investment securities: | ||||||||||||||
Taxable | 21,717 | 21,163 | 44,810 | 41,900 | ||||||||||
Tax-advantaged | 7,305 | 6,807 | 14,536 | 13,052 | ||||||||||
Total investment income | 29,022 | 27,970 | 59,346 | 54,952 | ||||||||||
Dividends from FHLB Stock | 795 | 990 | 1,995 | 1,790 | ||||||||||
Federal funds sold & Interest-bearing CDs with other institutions | 14 | 28 | 20 | 86 | ||||||||||
Total interest income | 83,557 | 76,901 | 167,801 | 149,033 | ||||||||||
Interest Expense: | ||||||||||||||
Deposits | 17,928 | 16,294 | 35,086 | 29,495 | ||||||||||
Borrowings and junior subordinated debentures | 27,518 | 17,446 | 54,778 | 32,552 | ||||||||||
Total interest expense | 45,446 | 33,740 | 89,864 | 62,047 | ||||||||||
Net interest income before provision for credit losses | 38,111 | 43,161 | 77,937 | 86,986 | ||||||||||
Provision for credit losses | -- | 900 | -- | 1,150 | ||||||||||
Net interest income after provision for credit losses | 38,111 | 42,261 | 77,937 | 85,836 | ||||||||||
Other Operating Income: | ||||||||||||||
Service charges on deposit accounts | 3,211 | 3,288 | 6,487 | 6,579 | ||||||||||
Financial Advisory Services | 1,747 | 1,815 | 3,698 | 3,660 | ||||||||||
Gain/(Loss) on sale of investment securities | -- | -- | -- | 33 | ||||||||||
Other | 2,638 | 2,988 | 5,309 | 5,548 | ||||||||||
Total other operating income | 7,596 | 8,091 | 15,494 | 15,820 | ||||||||||
Other operating expenses: | ||||||||||||||
Salaries and employee benefits | 13,583 | 12,771 | 27,655 | 25,491 | ||||||||||
Occupancy | 2,345 | 2,075 | 4,750 | 4,104 | ||||||||||
Equipment | 1,815 | 1,756 | 3,550 | 3,501 | ||||||||||
Professional services | 1,587 | 1,485 | 2,691 | 2,758 | ||||||||||
Amortization of intangible assets | 588 | 589 | 1,177 | 1,177 | ||||||||||
Other | 4,927 | 5,583 | 10,922 | 10,698 | ||||||||||
Total other operating expenses | 24,845 | 24,259 | 50,745 | 47,729 | ||||||||||
Earnings before income taxes | 20,862 | 26,093 | 42,686 | 53,927 | ||||||||||
Income taxes | 5,008 | 7,176 | 11,654 | 16,770 | ||||||||||
Net earnings | $ | 15,854 | $ | 18,917 | $ | 31,032 | $ | 37,157 | ||||||
Basic earnings per common share | $ | 0.19 | $ | 0.22 | $ | 0.37 | $ | 0.44 | ||||||
Diluted earnings per common share | $ | 0.19 | $ | 0.22 | $ | 0.37 | $ | 0.44 | ||||||
Cash dividends per common share | $ | 0.085 | $ | 0.09 | $ | 0.17 | $ | 0.18 | ||||||
All per share information has been retroactively adjusted to reflect the 10% stock dividend declared on December 20, 2006.
CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (unaudited) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Three Months Ended June 30, |
Six Months Ended June 30, | |||||||||||||
2007
|
2006
|
2007
|
2006
| |||||||||||
Interest income - (Tax Effective)(te) | $ | 86,012 | $ | 79,111 | $ | 172,686 | $ | 153,262 | ||||||
Interest Expense | 45,446 | 33,740 | 89,864 | 62,047 | ||||||||||
Net Interest income - (te) | $ | 40,566 | $ | 45,371 | $ | 82,822 | $ | 91,215 | ||||||
Return on average assets | 1.06 | % | 1.35 | % | 1.04 | % | 1.35 | % | ||||||
Return on average equity | 15.86 | % | 21.58 | % | 15.62 | % | 21.20 | % | ||||||
Efficiency ratio | 54.36 | % | 48.18 | % | 54.31 | % | 46.95 | % | ||||||
Net interest margin (te) | 2.91 | % | 3.48 | % | 2.97 | % | 3.47 | % | ||||||
Weighted average shares outstanding |
||||||||||||||
Basic | 83,489,680 | 84,142,733 | 83,691,851 | 84,124,625 | ||||||||||
Diluted | 84,143,533 | 84,903,310 | 84,213,269 | 84,893,549 | ||||||||||
Dividends declared | $ | 7,234 | $ | 6,885 | $ | 14,333 | $ | 13,768 | ||||||
Dividend payout ratio | 45.63 | % | 36.40 | % | 46.19 | % | 37.05 | % | ||||||
Number of shares outstanding-EOP |
84,603,880 | 84,150,986 | ||||||||||||
Book value per share | $ | 4.69 | $ | 4.02 | ||||||||||
June 30, | ||||||||||||||
2007
|
2006
| |||||||||||||
Non-performing Assets (dollar amount in thousands): | ||||||||||||||
Non-accrual loans | $ | 806 | $ | 885 | ||||||||||
Loans past due 90 days or more | ||||||||||||||
and still accruing interest | -- | -- | ||||||||||||
Restructured loans | -- | -- | ||||||||||||
Other real estate owned (OREO), net | -- | -- | ||||||||||||
Total non-performing assets | $ | 806 | $ | 885 | ||||||||||
Percentage of non-performing assets | ||||||||||||||
to total loans outstanding and OREO | 0.02 | % | 0.03 | % | ||||||||||
Percentage of non-performing | ||||||||||||||
assets to total assets | 0.01 | % | 0.01 | % | ||||||||||
Non-performing assets to | ||||||||||||||
allowance for loan losses | 2.66 | % | 3.45 | % | ||||||||||
Net Charge-off (Recovered) to Average loans |
(0.08 | %) | (0.05 | %) | ||||||||||
Allowance for Credit Losses: | ||||||||||||||
Beginning Balance | $ | 27,737 | $ | 23,204 | ||||||||||
Total Loans Charged-Off | (216 | ) | (64 | ) | ||||||||||
Total Loans Recovered | 52 | 1,330 | ||||||||||||
Acquisition of First Coastal Bank | 2,671 | -- | ||||||||||||
Net Loans Recovery (Charged-Off) | 2,507 | 1,266 | ||||||||||||
Provision Charged to Operating Expense | -- | 1,150 | ||||||||||||
Allowance for Credit Losses at End of period | $ | 30,244 | $ | 25,620 | ||||||||||
CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (in thousands, except per share data (unaudited) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Quarterly Common Stock Price | ||||||||||||||||||||
2007
|
2006
|
2005
| ||||||||||||||||||
Quarter End | High
|
Low
|
High
|
Low
|
High
|
Low
| ||||||||||||||
March 31, | $ | 13.38 | $ | 11.42 | $ | 15.60 | $ | 14.71 | $ | 15.49 | $ | 12.80 | ||||||||
June 30, | $ | 12.40 | $ | 10.63 | $ | 15.59 | $ | 13.25 | $ | 14.63 | $ | 12.36 | ||||||||
September 30, | $ | 14.24 | $ | 12.83 | $ | 15.93 | $ | 13.12 | ||||||||||||
December 31, | $ | 14.13 | $ | 12.83 | $ | 15.20 | $ | 12.63 | ||||||||||||
Quarterly Consolidated Statements of Earnings | ||||||||||||||||||||
2Q 2007 |
1Q 2007 |
4Q 2006 |
3Q 2006 |
2Q 2006 | ||||||||||||||||
Interest income | ||||||||||||||||||||
Loans, including fees | $ | 53,726 | $ | 52,714 | $ | 51,935 | $ | 50,564 | $ | 47,913 | ||||||||||
Investment securities and federal funds sold | 29,831 | 31,530 | 32,687 | 32,441 | 28,988 | |||||||||||||||
83,557 | 84,244 | 84,622 | 83,005 | 76,901 | ||||||||||||||||
Interest expense | ||||||||||||||||||||
Deposits | 17,928 | 17,158 | 18,783 | 18,903 | 16,294 | |||||||||||||||
Other borrowings | 27,518 | 27,260 | 25,601 | 22,130 | 17,446 | |||||||||||||||
45,446 | 44,418 | 44,384 | 41,033 | 33,740 | ||||||||||||||||
Net interest income before provision for credit losses | 38,111 | 39,826 | 40,238 | 41,972 | 43,161 | |||||||||||||||
Provision for credit losses | -- | -- | 600 | 1,250 | 900 | |||||||||||||||
Net interest income after provision for credit losses | 38,111 | 39,826 | 39,638 | 40,722 | 42,261 | |||||||||||||||
Non-interest income | 7,596 | 7,898 | 8,567 | 8,871 | 8,091 | |||||||||||||||
Non-interest expenses | 24,845 | 25,900 | 25,465 | 22,630 | 24,259 | |||||||||||||||
Earnings before income taxes | 20,862 | 21,824 | 22,740 | 26,963 | 26,093 | |||||||||||||||
Income taxes | 5,008 | 6,646 | 6,446 | 8,508 | 7,176 | |||||||||||||||
Net earnings | $ | 15,854 | $ | 15,178 | $ | 16,294 | $ | 18,455 | $ | 18,917 | ||||||||||
Basic earning per common share | $ | 0.19 | $ | 0.18 | $ | 0.19 | $ | 0.22 | $ | 0.22 | ||||||||||
Diluted earnings per common share | $ | 0.19 | $ | 0.18 | $ | 0.19 | $ | 0.22 | $ | 0.22 | ||||||||||
Cash dividends per common share | $ | 0.085 | $ | 0.085 | $ | 0.085 | $ | 0.09 | $ | 0.09 | ||||||||||
Dividends Declared | $ | 7,234 | $ | 7,109 | $ | 7,164 | $ | 6,891 | $ | 6,885 |