ELIZABETHTOWN, Ky.,
March 30, 2011 /PRNewswire/ -- First
Financial Service Corporation (the Company, Nasdaq: FFKY) today
announced a net loss per common share of $(1.42) for the quarter ended December 31, 2010, compared to diluted net loss
per common share of $(1.92) for the
quarter ended December 31, 2009.
Diluted net loss per common share for the year ended
December 31, 2010, was $(1.97), compared to diluted net loss per common
share of $(1.65) for the year ended
December 31, 2009.
Included in the loss for the fourth quarter of 2010 was a
$4.4 million, or $0.94 per diluted net income per share, non-cash
charge for a valuation allowance against the Company's deferred tax
assets. Excluding the impact of this charge, diluted net loss
per common share would have been $(0.48) for the quarter ended December 31, 2010 and $(1.03) for the year ended December 31, 2010.
Included in the loss for the fourth quarter of 2009 is a
non-operating, non-cash, goodwill impairment charge of $11.9 million (on a pre-tax basis).
Excluding the impact of this charge, diluted net income per
common share would have been $0.23
for the quarter ended December 31,
2009 and $0.50 for the year
ended December 31, 2009. See
Regulation G disclosure below for reconciliation.
"The Company had a challenging year during 2010 as we continue
to work through the remnants of the worst recession since the Great
Depression," stated Chief Executive Officer, B. Keith Johnson. "While the bank's core
earnings are still strong, the credit quality issues in the
commercial real estate loan portfolio have overshadowed the
profitability of the bank's retail franchise. Management will
continue to focus a great deal of time and effort on working
through these credit issues."
"Loan quality metrics improved from the quarter ended
September 30, 2010 though they remain
elevated from December 31, 2009.
The percentage of non-performing loans to total loans was
5.22% at December 31, 2010, a
decrease from 6.53% at September 30,
2010 and an increase from 3.82% at December 31, 2009. Non-performing assets
were 5.50% of total assets at December 31,
2010, a decrease from 5.84% at September 30, 2010 and an increase from 3.85% at
December 31, 2009."
The following table provides information with respect to
non-performing assets for the periods indicated.
|
12/31/2010
|
9/30/2010
|
12/31/2009
|
|
|
(Dollar in
thousands)
|
|
Restructured
loans
|
$ 3,906
|
$ 2,008
|
$ 9,812
|
|
Non-accrual
loans
|
42,169
|
58,054
|
28,186
|
|
Total
non-performing loans
|
46,075
|
60,062
|
37,998
|
|
Real estate acquired through
foreclosure
|
26,604
|
12,781
|
8,428
|
|
Other repossessed
assets
|
40
|
48
|
103
|
|
Total
non-performing assets
|
$
72,719
|
$
72,891
|
$
46,529
|
|
|
|
|
|
|
Non-performing loans to
loans
|
5.22%
|
6.53%
|
3.82%
|
|
Non-performing assets to
assets
|
5.50%
|
5.84%
|
3.85%
|
|
|
|
|
|
"Our non-performing assets are largely comprised of residential
housing development loans and other real estate acquired through
foreclosure in Jefferson and
Oldham Counties. Five
individual relationships totaling $34.7
million make up over 48% of our non-performing assets.
These high-end subdivisions, while showing initial
progress, have stalled due to the recession. At December 31, 2010, substantially all of the loan
portfolio concentration in these counties has been classified as
impaired. Most of the remaining concentration related to the
housing industry is located outside of Jefferson and Oldham counties, are smaller subdivision
development projects, have stronger guarantors, and are generally
having a sufficient amount of business activity."
"Most of our geographic market surrounds the Ft. Knox military base, which has undergone a
major transformation, as a result of the 2005 Base Realignment and
Closure Act. The Army's Human Resource Command has been
relocated to the Ft. Knox military
base, resulting in a substantial economic benefit to this area.
Over $1.1 billion in new
construction has been completed in department of defense
renovations to Ft. Knox. An
additional $200 million in state funding for infrastructure
has yet to begin. The Ft. Knox transformation will result in a net
increase in employment of 7,800 to the area including 3,500 new
civilian families with the Human Resource Command Center.
These positions include higher paying jobs in information
systems, information technology, and human resources. The MLS
listing from the Heart of Kentucky Association of Realtors
indicated a robust residential real estate market in Hardin and surrounding counties for 2010 with
sales for the year ended December 31,
2010 hitting a record of $708
million, an increase of $213
million, or 43% from 2009."
"We are pleased with the results of our core banking franchise.
Overall deposits increased 12%, or $124 million, driven largely by a 12% or
$22 million increase in checking
balances. The bank's checking accounts experienced a 8%
growth in the number of retail checking accounts, and a 10% growth
in the number of commercial checking accounts. The Jefferson
County footprint had a $106 million,
or 65% growth in deposits during 2010, to $272 million in deposits and the Southern Indiana footprint increased deposits
$32 million, or 38% for the year, to
$121 million."
Balance sheet changes during 2010 include an increase in total
assets of $111.0 million to $1.32
billion. This increase was due to building our
investment portfolio to $196.2
million, an increase of $149.2
million since December 31,
2009 and an increase in total cash and cash equivalents to
$166.2 million, an increase of
$67.6 million compared to
December 31, 2009. Loan
receivable, net of unearned fees decreased $113.0 million to $882.0 million at December 31, 2010 compared to December 31, 2009.
Net interest margin decreased to 3.05% for the year ended
December 31, 2010, compared to 3.66%
for the same period in 2009. The decline is mostly attributed
to the Bank's increased liquidity efforts as well as the increase
in the amount of non-accrual loans.
Provision for loan loss expense increased by $2.4 million to $5.5 million for the three months
ended December 31, 2010, compared to
the same period ended December 31,
2009. For the year ended December 31, 2010, provision for loan loss
expense increased by $7.4 million to $16.9
million compared to the year ended December 31, 2009. Annualized net
charge-offs as a percentage of average total loans increased to
1.25% for the year ended December 31,
2010, compared to 0.55% for the year ended December 31, 2009. During the year ended
December 31, 2010, the Company
continued its efforts to ensure the adequacy of the allowance by
adding specific reserves to several large commercial real estate
relationships based on updated appraisals received by the Bank. As
economic conditions continue to impact our loan portfolio,
management's emphasis is to aggressively review credit quality and
the adequacy of the allowance for loan losses. As a result of
this provisioning, allowance for loan losses as a percent of total
loans increased to 2.57% from 1.78% at December 31, 2009.
For the quarter ended December 31,
2010, non-interest income decreased $729,000 to $1.8 million, from $2.5 million for the fourth quarter ended a year
ago. Loss on sale and write downs on real estate acquired
through foreclosure increased $698,000 for the fourth quarter of 2010 as a
result of the decline in market value of properties held in this
portfolio. Customer service fees on deposit accounts
decreased $261,000; to $1.5 million for the fourth quarter of 2010
compared to the same quarter in 2009, largely due to the impact of
newly mandated industry wide regulations. Gain on sale of
mortgage loans increased $171,000 to
$533,000 due to continued refinancing activity at
historically low rates.
For the year ended December 31,
2010 non-interest income decreased $418,000 to $8.1 million, compared to the year
ended December 31, 2009. Gain
on the sale of mortgage loans increased $566,000 to $1.8 million for the year. Loss
on sale and write downs of real estate acquired through foreclosure
increased $958,000 to $1.5 million
for the year. Loss on securities transactions increased
$186,000 to $1.0 million for the
year.
Non-interest expense decreased $11.6
million to $8.1 million for the three months ended
December 31, 2010, compared to the
same period ended September 30, 2009.
The Company recorded a goodwill impairment of $11.9 million during the fourth quarter of 2009.
Employee compensation and benefits expense decreased
$150,000 to $3.5 million for the
three months ended December 31, 2010
compared to the same three month period ended in 2009. Real
estate acquired through foreclosure expense increased $460,000 to $762,000 for the three months ended
December 31, 2010 compared to the
same three month period a year ago.
Non-interest expense for the year ended December 31, 2010 was $33.7 million, a decrease of $10.2 million from year ended December 31, 2009. The Company recorded a
goodwill impairment of $11.9 million
during 2009. Employee compensation and benefits was
$15.7 million, a decrease of
$172,000 for the year. FDIC
insurance premiums increased to $2.7
million, an $813,000 or 43%
increase for the year. Outside services and data processing
fees were $2.6 million for the year,
a decrease of $557,000 over 2009.
Bank franchise tax was $1.8
million for the year, an increase of $850,000 over 2009. Real estate acquired
through foreclosure expense was $1.7
million for 2010, a $1.0
million increase over 2009.
During the fourth quarter of 2010, the Company recorded a
valuation allowance on the Company's deferred tax assets.
During the fourth quarter of 2009, the Company recorded a
non-cash goodwill impairment charge. The Company believes that
excluding the after-tax effects of these charges from its
discussion of the Company's core operating results will provide
investors with a basis to compare the Company's operating results
on a quarter by quarter basis without the material distortions
caused by this non-operating charge. The following table
reconciles the non-GAAP financial measure "Net income/ (loss)
available to common shareholders excluding valuation allowance on
deferred tax assets and goodwill impairment charge" with Net
income/ (loss) available to common shareholders calculated and
presented in accordance with GAAP.
|
|
Quarter
Ended
|
Year
Ended
|
|
|
|
12/31/2010
|
12/31/2009
|
12/31/2010
|
12/31/2009
|
|
Net income/(loss) attributable
to common shareholders as reported
|
|
$
(6,738)
|
$
(9,024)
|
$
(9,329)
|
$
(7,741)
|
|
Valuation allowance on deferred
tax assets
|
|
4,446
|
-
|
4,446
|
-
|
|
Goodwill impairment charge, net
of income tax
|
|
-
|
10,104
|
-
|
10,104
|
|
Net income/ (loss) attributable
to common shareholders, excluding
|
|
|
|
|
|
|
valuation allowance
on deferred tax assets and goodwill
|
|
|
|
|
|
|
impairment
charge
|
|
$
(2,292)
|
$
1,080
|
$
(4,883)
|
$
2,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) attributable
to common shareholders as reported
|
|
$
(1.42)
|
$
(1.92)
|
$
(1.97)
|
$
(1.65)
|
|
Valuation allowance on deferred
tax assets
|
|
0.94
|
-
|
0.94
|
-
|
|
Goodwill impairment charge, net
of income tax
|
|
-
|
2.15
|
-
|
2.15
|
|
Net income/(loss) attributable
to common shareholders, excluding
|
|
|
|
|
|
|
valuation allowance
on deferred tax assets and goodwill
|
|
|
|
|
|
|
impairment
charge
|
|
$
(0.48)
|
$
0.23
|
$
(1.03)
|
$
0.50
|
|
|
|
|
|
|
|
Regulation G Disclosure:
This press release includes non-GAAP financial measures. The
non-GAAP financial information should be considered supplemental
to, and not as a substitute for, or superior to, financial measures
calculated in accordance with GAAP. However, we believe that
non-GAAP reporting, giving effect to the adjustments shown in the
reconciliations provided below, provides meaningful information and
therefore we use it to supplement our GAAP information. We have
chosen to provide this supplemental information to investors,
analysts and other interested parties to enable them to perform
additional analyses of operating results, to illustrate the results
of operations giving effect to the non-GAAP adjustments shown in
the reconciliations and to provide an additional measure of
performance. We believe this information is helpful in
understanding the results of operations separate and apart from
items that may, or could, have a disproportionate positive or
negative impact in any given period.
First Financial Service Corporation is the parent bank holding
company of First Federal Savings Bank of Elizabethtown, which was chartered in 1923.
The Bank serves the needs and caters to the economic
strengths of the local communities in which it operates and strives
to provide a high level of personal and professional customer
service. The Bank offers a variety of financial services to
its retail and commercial banking customers. These services
include personal and corporate banking services, and personal
investment financial counseling services. Today, the Bank
serves eight contiguous counties encompassing Central Kentucky and the Louisville Metropolitan area, including
Southern Indiana, through its 22
full-service banking centers and a commercial private banking
center.
This press release contains forward-looking statements.
Statements that are not historical or current facts, including
statements about beliefs and expectations, are forward-looking
statements and are based on the information available to, and
assumptions and estimates made by, management as of the date made.
These forward-looking statements cover, among other things,
anticipated future revenue and expenses and the future plans and
prospects of First Federal Savings Bank. Forward-looking statements
involve inherent risks and uncertainties, and important factors
could cause actual results to differ materially from those
anticipated. Adverse conditions in the commercial real estate
markets, as well as a delay or failure of recovery in the
residential real estate markets, could cause additional credit
losses and deterioration in asset values. First Financial Service
Corporation's results can also be adversely affected by further
deterioration in business and economic conditions both generally
and in the markets we serve; changes in interest rates;
deterioration in the credit quality of its loan portfolios or in
the value of the collateral securing those loans; deterioration in
the value of securities held in its investment securities
portfolio; legal and regulatory developments; increased competition
from both banks and non-banks; changes in customer behavior and
preferences; effects of critical accounting policies and judgments;
and management's ability to effectively manage credit risk,
residual value risk, market risk, operational risk, interest rate
risk, and liquidity risk.
For discussion of these and other risks that may cause actual
results to differ from expectations, refer to First Financial
Service Corporation's Annual Report on Form 10-K for the year ended
December 31, 2009, on file with the
Securities and Exchange Commission, including the section entitled
"Risk Factors," and all subsequent filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the date they are made, and First Financial Service Corporation
undertakes no obligation to update them in light of new information
or future events.
First Financial Service Corporation's stock is traded on the
Nasdaq Global Market under the symbol "FFKY." Market makers
for the stock are:
Keefe, Bruyette & Woods,
Inc.
|
FTN Midwest
Securities
|
|
|
|
|
J.J.B. Hilliard, W.L. Lyons
Company, Inc.
|
Howe Barnes Investments,
Inc.
|
|
|
|
|
Stifel Nicolaus &
Company
|
Knight Securities,
LP
|
|
|
|
FIRST
FINANCIAL SERVICE CORPORATION
|
|
Consolidated
Balance Sheets
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
December
31,
|
|
(Dollars in thousands, except
share data)
|
2010
|
2009
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
Cash and due from
banks
|
|
$
14,840
|
$
21,253
|
|
Interest bearing
deposits
|
|
151,336
|
77,280
|
|
Total cash and cash
equivalents
|
166,176
|
98,533
|
|
|
|
|
|
|
Securities
available-for-sale
|
196,029
|
45,764
|
|
Securities held-to-maturity,
fair value of $126 (2010)
|
|
|
|
and $1,176
(2009)
|
|
124
|
1,167
|
|
Total
securities
|
|
196,153
|
46,931
|
|
|
|
|
|
|
Loans held for sale
|
|
6,388
|
8,183
|
|
Loans, net of unearned
fees
|
881,934
|
994,926
|
|
Allowance for loan
losses
|
|
(22,665)
|
(17,719)
|
|
Net
loans
|
|
865,657
|
985,390
|
|
|
|
|
|
|
Federal Home Loan Bank
stock
|
4,909
|
8,515
|
|
Cash surrender value of life
insurance
|
9,354
|
9,008
|
|
Premises and equipment,
net
|
31,988
|
31,965
|
|
Real estate owned:
|
|
|
|
|
Acquired through
foreclosure
|
26,604
|
8,428
|
|
Held for
development
|
|
45
|
45
|
|
Other repossessed
assets
|
|
40
|
103
|
|
Core deposit
intangible
|
|
994
|
1,300
|
|
Accrued interest
receivable
|
6,404
|
5,658
|
|
Accrued income taxes
|
|
2,102
|
-
|
|
Deferred income taxes
|
|
2,982
|
4,515
|
|
Prepaid FDIC
Insurance
|
|
4,449
|
7,022
|
|
Other assets
|
|
2,638
|
2,091
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
$
1,320,495
|
$
1,209,504
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
LIABILITIES:
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest
bearing
|
|
$
73,566
|
$
63,950
|
|
Interest
bearing
|
|
1,100,342
|
985,865
|
|
Total
deposits
|
|
1,173,908
|
1,049,815
|
|
|
|
|
|
|
Short-term borrowings
|
|
-
|
1,500
|
|
Advances from Federal Home Loan
Bank
|
52,532
|
52,745
|
|
Subordinated
debentures
|
|
18,000
|
18,000
|
|
Accrued interest
payable
|
|
594
|
360
|
|
Accounts payable and other
liabilities
|
3,023
|
1,952
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
1,248,057
|
1,124,372
|
|
Commitments and contingent
liabilities
|
-
|
-
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Serial preferred stock, $1 par
value per share;
|
|
|
|
authorized
5,000,000 shares; issued and
|
|
|
|
outstanding, 20,000
shares with a liquidation
|
|
|
|
preference of
$20,000
|
|
19,835
|
19,781
|
|
Common stock, $1 par value per
share;
|
|
|
|
authorized 35,000,000
shares; issued and
|
|
|
|
outstanding, 4,726,329
shares (2010), and 4,709,839
|
|
|
|
shares (2009)
|
|
4,726
|
4,710
|
|
Additional paid-in
capital
|
|
35,201
|
34,984
|
|
Retained earnings
|
|
17,391
|
26,720
|
|
Accumulated other comprehensive
loss
|
(4,715)
|
(1,063)
|
|
|
|
|
|
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
72,438
|
85,132
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
1,320,495
|
$
1,209,504
|
|
|
|
|
|
FIRST
FINANCIAL SERVICE CORPORATION
|
|
Consolidated
Statements of Income
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
(Dollars in thousands, except
per share data)
|
December
31,
|
|
December
31,
|
|
|
|
2010
|
2009
|
|
2010
|
2009
|
|
Interest and Dividend
Income:
|
|
|
|
|
|
|
Loans, including
fees
|
$ 13,120
|
$ 14,604
|
|
$ 54,977
|
$ 57,113
|
|
Taxable
securities
|
|
1,215
|
309
|
|
3,703
|
1,234
|
|
Tax exempt
securities
|
257
|
148
|
|
885
|
509
|
|
|
Total interest income
|
14,592
|
15,061
|
|
59,565
|
58,856
|
|
|
|
|
|
|
|
|
|
Interest Expense:
|
|
|
|
|
|
|
|
Deposits
|
|
5,087
|
4,558
|
|
19,729
|
17,917
|
|
Short-term
borrowings
|
-
|
35
|
|
38
|
152
|
|
Federal Home Loan Bank
advances
|
600
|
607
|
|
2,388
|
2,405
|
|
Subordinated
debentures
|
341
|
329
|
|
1,330
|
1,318
|
|
|
Total interest
expense
|
6,028
|
5,529
|
|
23,485
|
21,792
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
8,564
|
9,532
|
|
36,080
|
37,064
|
|
Provision for loan
losses
|
5,528
|
3,084
|
|
16,881
|
9,524
|
|
Net interest income after
provision for loan losses
|
3,036
|
6,448
|
|
19,199
|
27,540
|
|
|
|
|
|
|
|
|
|
Non-interest
Income:
|
|
|
|
|
|
|
Customer service fees on
deposit accounts
|
1,544
|
1,805
|
|
6,479
|
6,677
|
|
Gain on sale of mortgage
loans
|
533
|
362
|
|
1,760
|
1,194
|
|
Gain on sale of
investments
|
53
|
-
|
|
37
|
-
|
|
Net impairment losses
recognized in earnings
|
(216)
|
(159)
|
|
(1,048)
|
(862)
|
|
Loss on sale and write
downs on real estate acquired
|
|
|
|
|
|
|
through
foreclosure
|
(698)
|
(22)
|
|
(1,536)
|
(578)
|
|
Brokerage
commissions
|
104
|
92
|
|
413
|
373
|
|
Other income
|
|
482
|
453
|
|
1,996
|
1,715
|
|
|
Total non-interest
income
|
1,802
|
2,531
|
|
8,101
|
8,519
|
|
|
|
|
|
|
|
|
|
Non-interest
Expense:
|
|
|
|
|
|
|
Employee compensation and
benefits
|
3,491
|
3,641
|
|
15,662
|
15,834
|
|
Office occupancy expense
and equipment
|
823
|
784
|
|
3,174
|
3,271
|
|
Marketing and
advertising
|
40
|
109
|
|
715
|
844
|
|
Outside services and data
processing
|
617
|
813
|
|
2,637
|
3,194
|
|
Bank franchise
tax
|
|
328
|
183
|
|
1,810
|
960
|
|
FDIC insurance
premiums
|
744
|
518
|
|
2,713
|
1,900
|
|
Goodwill
impairment
|
|
-
|
11,931
|
|
-
|
11,931
|
|
Amortization of core
deposit intangible
|
77
|
101
|
|
306
|
403
|
|
Real estate acquired
through foreclosure expense
|
762
|
302
|
|
1,678
|
668
|
|
Other expense
|
|
1,226
|
1,280
|
|
5,035
|
4,912
|
|
|
Total non-interest
expense
|
8,108
|
19,662
|
|
33,730
|
43,917
|
|
|
|
|
|
|
|
|
|
Income/(loss) before income
taxes
|
(3,270)
|
(10,683)
|
|
(6,430)
|
(7,858)
|
|
Income
taxes/(benefits)
|
3,205
|
(1,922)
|
|
1,845
|
(1,149)
|
|
Net Income/(Loss)
|
|
(6,475)
|
(8,761)
|
|
(8,275)
|
(6,709)
|
|
Less:
|
|
|
|
|
|
|
|
Dividends on preferred
stock
|
(250)
|
(249)
|
|
(1,000)
|
(980)
|
|
Accretion on preferred
stock
|
(13)
|
(14)
|
|
(54)
|
(52)
|
|
Net loss attributable to common
shareholders
|
$
(6,738)
|
$
(9,024)
|
|
$
(9,329)
|
$
(7,741)
|
|
|
|
|
|
|
|
|
|
Shares applicable to basic
income per common share
|
4,735
|
4,709
|
|
4,724
|
4,695
|
|
Basic loss per common
share
|
$
(1.42)
|
$
(1.92)
|
|
$
(1.97)
|
$
(1.65)
|
|
|
|
|
|
|
|
|
|
Shares applicable to diluted
income per common share
|
4,735
|
4,709
|
|
4,724
|
4,695
|
|
Diluted loss per common
share
|
$
(1.42)
|
$
(1.92)
|
|
$
(1.97)
|
$
(1.65)
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
common share
|
$
-
|
$
-
|
|
$
-
|
$
0.43
|
|
|
|
|
|
|
|
|
FIRST
FINANCIAL SERVICE CORPORATION
|
|
Unaudited
Selected Ratios and Other Data
|
|
|
|
|
|
|
|
|
|
|
|
As of and
For the
|
|
As of and
For the
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
Selected Data
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
(1.97)%
|
|
(3.04)%
|
|
(.66)%
|
|
(.61)%
|
|
|
|
|
|
|
|
|
|
|
Return on average
equity
|
(30.78)%
|
|
(36.60)%
|
|
(9.67)%
|
|
(7.18)%
|
|
|
|
|
|
|
|
|
|
|
Average equity to average
assets
|
6.41%
|
|
8.30%
|
|
6.77%
|
|
8.56%
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
2.78%
|
|
3.56%
|
|
3.05%
|
|
3.66%
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio from continuing
operations (1)
|
78%
|
|
64%
|
|
76%
|
|
70%
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share
|
|
|
|
|
$
11.13
|
|
$
13.87
|
|
|
|
|
|
|
|
|
|
|
Average Balance Sheet
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total assets
|
$
1,301,063
|
|
$
1,144,142
|
|
$
1,263,179
|
|
$
1,092,229
|
|
|
|
|
|
|
|
|
|
|
Average interest earning
assets
|
1,239,896
|
|
1,069,740
|
|
1,199,775
|
|
1,020,803
|
|
|
|
|
|
|
|
|
|
|
Average loans
|
919,480
|
|
995,815
|
|
954,354
|
|
971,750
|
|
|
|
|
|
|
|
|
|
|
Average interest-bearing
deposits
|
1,071,132
|
|
909,506
|
|
1,033,875
|
|
815,426
|
|
|
|
|
|
|
|
|
|
|
Average total
deposits
|
1,145,463
|
|
973,597
|
|
1,103,309
|
|
874,371
|
|
|
|
|
|
|
|
|
|
|
Average total stockholders'
equity
|
83,462
|
|
94,966
|
|
85,550
|
|
93,441
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-performing loans as a
percent of total loans (2)
|
|
|
|
|
5.22%
|
|
3.82%
|
|
|
|
|
|
|
|
|
|
|
Non-performing assets as a
percent of total loans (2)
|
|
|
|
|
8.25%
|
|
4.68%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percent of total loans (2)
|
|
|
|
|
2.57%
|
|
1.78%
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a
percent of
|
|
|
|
|
|
|
|
|
non-performing
loans
|
|
|
|
|
49%
|
|
47%
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to total loans
(2)
|
|
|
|
|
1.25%
|
|
0.55%
|
|
__________________________________
|
|
|
|
|
|
|
|
|
(1) Excludes goodwill
impairment.
|
|
(2) Excludes loans held for
sale.
|
|
|
|
|
|
|
|
|
|
SOURCE First Financial Service Corporation