Camco Financial Corporation (Nasdaq:CAFI), the bank holding company
for Advantage Bank, today announced financial results for the three
months ended September 30, 2013.
Net earnings increased to $0.7 million for the third quarter
2013 from $0.5 million for the same period in 2012. For the three
months ended September 30, 2013, earnings per fully diluted share
were $0.05 versus $0.07 a year ago. The third quarter 2013 results
included recognition of mortgage servicing rights ($0.4 million)
and release of a portion ($0.6 million) of the allowance for loan
losses. There were 15,027,666 diluted weighted shares outstanding
for the third quarter 2013 compared with 7,473,123 diluted weighted
shares outstanding for the same period in 2012. The year-over-year
increase in the number of diluted shares outstanding is principally
due to common shares issued in the Company's stock offering
completed in the fourth quarter 2012.
James E. Huston, President and CEO, stated, "As a result of the
solid year-over-year third quarter performance, we were able to
further strengthen our balance sheet and continue to improve credit
quality. Stockholders' equity to total assets increased to 8.85% of
total assets at September, 30, 2013, from 6.29% on the same date
last year. Classified loans and non-performing loans at quarter-end
were 31% and 35%, respectively, below levels at the same date in
2012. We are continuing to implement multiple initiatives related
to growth opportunities and are also focused on adapting to the
continuing sluggish economy while maintaining strong liquidity. The
sequential quarter improvement in the third quarter 2013 net
interest margin to 3.27% is a positive sign of these efforts."
Mr. Huston continued, "On October 10, 2013, we announced a
definitive agreement with Huntington Bancshares Incorporated under
which they will acquire Camco Financial Corporation in a cash and
stock transaction. Under the terms of the agreement, which was
unanimously approved by the boards of both companies, shareholders
of Camco Financial may elect to receive 0.7264 shares of Huntington
common stock, or $6.00 in cash, for each share of Camco Financial
common stock, subject to proration provisions specified in the
merger agreement that provide for a targeted aggregate split of
total consideration of 80% common stock and 20% cash. Previously
issued warrants and options may be exercised according to their
original terms up until closing and will convert to rights to
acquire shares of Huntington common stock after the consummation of
the merger. We are excited to be joining a financial institution
that, like Camco Financial, has a longstanding commitment to
customer service, innovative products and investing in the
communities it serves. This transaction is expected to close
in the first half of 2014, subject to the satisfaction of customary
closing conditions, including regulatory approvals and the approval
of the Camco Financial stockholders."
Review of Financial Performance
Overview:
The following items summarize key aspects of the Company's
performance during the quarter ended September 30, 2013 compared to
the same period in 2012:
- Total deposit balances decreased $21.3 million, or 3%, to
$609.0 million driven by the anticipated reduction of higher-cost,
single-product certificates of deposit.
- Net interest income declined $0.3 million to $5.7 million. This
decrease was attributable to a reduction in loan balances,
especially related to early loan payoffs in the fourth quarter of
2012, coupled with lower loan yields. The anticipated
reduction in certificates of deposit balances during this same
period reduced the cost of funds and partially offset the impact of
the lower earning asset yield.
- Noninterest income increased to $1.9 million driven by a higher
value for mortgage servicing rights as a result of mortgage
originations and lower prepayments of mortgages, partially offset
by lower spreads on gain on sale of residential mortgage
loans.
- Noninterest expense was $7.3 million for the third quarter of
2013. The increase from the same period in 2012 was
principally due to growth initiatives, which was partially offset
by lower REO and classified assets expenses attributable to credit
quality improvements.
- Classified assets (which include substandard, doubtful, loss,
and real estate owned) were $27.1 million at September 30, 2013,
representing a decrease of 38% compared to the same date in
2012.
Net Interest Margin:
Net interest margin was 3.27% for the third quarter of 2013
compared to 3.49% for the same period last year due to the lower
yield on earning assets. Net interest margin is expected to be
under pressure during the remainder of 2013 due to low interest
rates and slow economic growth. The Company continues to
pursue favorable risk-adjusted pricing opportunities, further
improvement in credit quality, and other balance sheet changes to
enhance net interest margin in future periods.
Net Interest Income:
Net interest income before the provision for loan losses was
$5.7 million for the third quarter of 2013 compared to $6.0 million
for the same period a year ago. The decline was attributable
to a reduction in the yield on the earning assets, partially offset
by a decrease in the cost of funds.
The yield on earning assets declined to 4.06% in the third
quarter of 2013 from 4.52% a year ago. This decrease was due
to lower loan balances in the higher earning asset mix, which
resulted from early loan payoffs in late-2012 as well as lower loan
yields attributable to the current interest rate
environment. The planned runoff of higher-yielding
certificates of deposit, along with the restructuring of $25
million of FHLB advances, contributed to a reduction in the cost of
funds and helped to mitigate the impact of the yield on earning
assets. Cost of funds for the quarter ended September 30,
2013, declined to 0.91% from 1.12% for the third quarter of
2012.
Provision Expense, Credit Quality, and Allowance for
Loan Losses:
The allowance for loan and lease losses was $9.7 million at
September 30, 2013, compared to $14.5 million on the same date a
year ago. This decrease was due to further improvement in
asset quality and, therefore, a ($0.6) million provision for loan
losses was recorded for the third quarter of 2013 compared to $0.5
million for the same period in 2012. The Company maintains a
strong allowance for loan and lease losses and remains committed to
further improvement in asset quality.
- Total delinquent loans were $12.7 million at September 30,
2013, a 24% decrease since the same date last year.
- Classified loans (which include substandard, doubtful, and
loss) were $22.5 million at September 30, 2013, or 31% below the
same date in 2012.
- Non-performing loans were $14.9 million at September 30, 2013
or 35% below the September 30, 2012 amount.
- Non-performing loans as a percentage of total loans (including
loans held for sale) were 2.53% at September 30, 2013, compared to
3.80% on the same date of the prior year.
- The allowance for loan and lease losses, expressed as a
percentage of non-performing loans, was 65.1% at September 30, 2013
compared to 63.7% on the same date a year ago.
Noninterest Income:
Noninterest income increased 2% to $1.9 million for the third
quarter of 2013. This was primarily attributable to higher
value of mortgage servicing rights versus the same period last year
as a result of mortgage originations and lower prepayment of
mortgages, partially offset by lower spreads on gain on sale of
residential mortgage loans.
Noninterest Expense:
Noninterest expense was $7.3 million for the third quarter of
2013 compared to $6.9 million for the same quarter a year
ago. The increase was principally due to growth initiatives,
which was partially offset by lower REO and classified assets
expenses attributable to credit quality improvements.
Balance Sheet:
Total assets were $760.6 million at September 30, 2013, compared
to $754.2 million on the same date last year. This increase
was principally due to the increase in stockholder equity, which
more than offset the anticipated runoff of higher cost, single
product certificates of deposit, being used to fund additional
earning assets. The increased stockholder equity resulted from
the $10 million stock offering, the recognition of the deferred tax
asset, and normal earnings. We continue to focus on profitable
lending opportunities and investments as a means of employing our
cash efficiently.
Asset Quality:
Loan quality continued to improve during the third quarter of
2013 resulting in steady progress concerning classified loans and
non-performing loans over the past twelve months.
The following table provides a comparison of changes in key
factors for the third quarter of 2013, year-end 2012 and the third
quarter of 2012:
(Dollars in thousands) |
9/30/2013 |
12/31/2012 |
9/30/2012 |
Classified Loans* |
$22,492 |
$29,184 |
$32,649 |
Non-Performing Loans |
$14,860 |
$19,594 |
$22,787 |
Loan Loss Reserve |
$9,671 |
$12,147 |
$14,508 |
Loan Loss Reserve/Total Loans |
1.64% |
2.12% |
2.42% |
*Includes substandard, doubtful and loss (including homogenous
loans)
Deposits and Borrowings:
Total deposits at the end of the third quarter of 2013 were
$21.3 million below September 30, 2012. The decrease is mostly
due to a planned reduction in certain categories of certificates of
deposit, which declined $19.1 million since September 30,
2012. The Company is focused on continuing to reduce the level
of non-core deposits, particularly higher-yielding, single-product
certificates of deposit related to rate sensitive depositors.
FHLB advances and other borrowings were $71.4 million at
September 30, 2013, an increase of 11%, compared to the same date
last year. This increase was due to an increase in customer
repurchase agreements and an increase in borrowing on the FHLB cash
advance line to fund earning assets on a short-term basis.
Equity:
Stockholders' equity was $67.3 million at September 30, 2013,
compared to $47.4 million at September 30, 2012. Key factors
that contributed to this 42% increase included completion of the
Company's $10.0 million stock offering in November 2012,
recognition of a $5.9 million deferred tax asset in the
second quarter of 2013, net earnings during the past
twelve months, and proceeds from the exercise of warrants related
to the rights offering. Stockholders' equity at September 30,
2013 was 8.85% of total assets compared to 6.29% on the same date
last year.
About Camco Financial Corporation: Camco
Financial Corporation, holding company for Advantage Bank, is a
multi-state bank holding company headquartered in Cambridge,
Ohio. Advantage Bank offers community banking that includes
commercial, business and consumer financial services and internet
banking from 22 offices. Additional information about Camco
Financial may be found on the Company's web sites:
www.camcofinancial.com or www.advantagebank.com.
Forward Looking Statements
The words or phrases "will likely result," "are expected to,"
"will continue," "is anticipated," "estimate," "project" or similar
expressions are intended to identify "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements are subject to certain risks and
uncertainties including changes in economic conditions in the
Company's market area, changes in policies by regulatory agencies,
fluctuations in interest rates, demands for loans in the Company's
market area and competition, that could cause actual results to
differ materially from historical earnings and those presently
anticipated or projected. The Company wishes to caution
readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. The Company does
not undertake, and specifically disclaims any obligation, to
publicly release the result of any revisions that may be made to
any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
Important Information for Investors and
Shareholders
In connection with the proposed merger transaction, Huntington
will file with the Securities and Exchange Commission a
Registration Statement on Form S-4 that will include a Proxy
Statement of the Company, and a Prospectus of Huntington, as well
as other relevant documents concerning the proposed transaction.
Shareholders are urged to read the Registration Statement and the
Proxy Statement/Prospectus regarding the proposed merger when it
becomes available and any other relevant documents filed with the
SEC, as well as any amendments or supplements to those documents,
because they will contain important information. A free copy of the
Proxy Statement/Prospectus, as well as other filings containing
information about Huntington and Camco Financial, may be obtained
at the SEC's Internet site (http://www.sec.gov). You will also be
able to obtain these documents, free of charge, from Huntington at
www.Huntington.com under the tab "Investor Relations" and then
under the heading "Publications and Filings", from Huntington
Investor Relations at 800-576-5007, and from the Company by
accessing Camco Financial's website at
https://www.advantagebankonline.com under the tab "Investor
Relations" and then under the heading "SEC Filings", or from Camco
Financial Investor Relations at 740-435-2020.
Huntington and the Company and certain of their directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the stockholders of Camco Financial in
connection with the proposed merger. Information about the
directors and executive officers of Huntington is set forth in the
proxy statement for Huntington's 2013 annual meeting of
shareholders, as filed with the SEC on Schedule 14A on March 7,
2013. Information about the directors and executive officers of
Camco Financial is set forth in the proxy statement for the
Company's 2013 annual meeting of stockholders, as filed with the
SEC on a Schedule 14A on April 19, 2013. Additional information
regarding the interests of those participants and other persons who
may be deemed participants in the transaction may be obtained by
reading the Proxy Statement/Prospectus regarding the proposed
merger when it becomes available. Free copies of this document may
be obtained as described in the preceding paragraph.
Camco Financial
Corporation |
Condensed Consolidated
Statements of Financial Condition |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
9/30/13 |
6/30/13 |
3/31/13 |
12/31/12 |
9/30/12 |
Assets |
|
|
|
|
|
Cash and Cash Equivalents |
$ 17,185 |
$ 27,125 |
$ 118,212 |
$ 58,379 |
$ 26,920 |
Investments |
101,936 |
103,529 |
39,432 |
86,201 |
80,648 |
|
|
|
|
|
|
Loans Held for Sale |
1,831 |
2,697 |
3,824 |
6,544 |
6,341 |
|
|
|
|
|
|
Loans Receivable |
586,674 |
571,470 |
555,180 |
566,722 |
594,030 |
Allowance for Loan Loss |
(9,671) |
(10,556) |
(11,532) |
(12,147) |
(14,508) |
Loans Receivable, Net |
577,003 |
560,914 |
543,648 |
554,575 |
579,522 |
|
|
|
|
|
|
Other Assets |
62,644 |
62,514 |
58,246 |
58,560 |
60,811 |
|
|
|
|
|
|
Total Assets |
$ 760,599 |
$ 756,779 |
$ 763,362 |
$ 764,259 |
$ 754,242 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits |
$ 609,012 |
$ 614,623 |
$ 626,741 |
$ 627,224 |
$ 630,304 |
Borrowed Funds |
71,408 |
65,788 |
63,981 |
64,219 |
64,466 |
Other Liabilities |
12,899 |
10,432 |
11,929 |
13,089 |
12,050 |
|
|
|
|
|
|
Total Liabilities |
$ 693,319 |
$ 690,843 |
$ 702,651 |
$ 704,532 |
$ 706,820 |
|
|
|
|
|
|
Stockholders' Equity |
$ 67,280 |
$ 65,936 |
$ 60,711 |
$ 59,727 |
$ 47,422 |
|
|
|
|
|
|
Total Liabilities and Stockholders'
Equity |
$ 760,599 |
$ 756,779 |
$ 763,362 |
$ 764,259 |
$ 754,242 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity to Total Assets |
8.85% |
8.71% |
7.95% |
7.82% |
6.29% |
|
|
|
|
|
|
Total Shares Outstanding |
13,603,438 |
13,549,082 |
13,529,287 |
13,233,036 |
7,465,563 |
|
|
|
|
|
|
Book Value Per Share |
$ 4.95 |
$ 4.87 |
$ 4.49 |
$ 4.51 |
$ 6.35 |
|
Camco Financial
Corporation |
Condensed Consolidated
Statements of Earnings |
Year to Date
Information |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
9 Months |
9 Months |
|
Ended |
Ended |
|
9/30/13 |
9/30/12 |
|
(Unaudited) |
(Unaudited) |
Interest Income: |
|
|
Loans |
$ 19,905 |
$ 23,434 |
Mortgage-backed securities |
27 |
48 |
Investment securities |
456 |
302 |
Interest-bearing deposits and other |
379 |
330 |
Total Interest
Income |
$ 20,767 |
$ 24,114 |
|
|
|
Interest Expense: |
|
|
Deposits |
$ 3,012 |
$ 4,191 |
Borrowings |
1,241 |
1,836 |
Total Interest
Expense |
4,253 |
6,027 |
Net Interest Income |
$ 16,514 |
$ 18,087 |
|
|
|
Provision for Losses on Loans |
$ (509) |
$ 1,599 |
Net Interest Income After Provision
for Loan Losses |
$ 17,023 |
$ 16,488 |
|
|
|
Noninterest Income: |
|
|
Late charges, rent and other |
$ 692 |
$ 872 |
Loan servicing fees |
836 |
849 |
Service charges and other fees on
deposits |
1,480 |
1,513 |
Gain on sale of loans |
1,486 |
1,714 |
Mortgage servicing rights |
861 |
(78) |
Gain (loss) on sale of investment, mbs
& fixed assets |
54 |
(2) |
Income on cash surrender value life
insurance |
633 |
642 |
Total noninterest
income |
$ 6,042 |
$ 5,510 |
|
|
|
Noninterest expense: |
|
|
Employee compensation and benefits |
$ 10,804 |
$ 9,392 |
Occupancy and equipment |
2,182 |
2,192 |
FDIC premium and other insurances |
1,310 |
1,380 |
Data processing |
821 |
821 |
Advertising |
405 |
296 |
Franchise taxes |
675 |
583 |
Other operating |
5,191 |
6,033 |
Total noninterest
expense |
$ 21,388 |
$ 20,697 |
|
|
|
Earnings (loss) before provision for
income taxes |
1,677 |
1,301 |
|
|
|
Provision for income taxes |
$ (5,703) |
$ (78) |
Net Earnings (Loss) |
$ 7,380 |
$ 1,379 |
|
|
|
Earnings (Loss) Per
Share: |
|
|
Basic |
$ 0.55 |
$ 0.19 |
Diluted |
$ 0.50 |
$ 0.19 |
|
|
|
Basic Weighted Number of |
|
|
Shares Outstanding |
13,506,120 |
7,385,423 |
Diluted Weighted Number of |
|
|
Shares Outstanding |
14,718,138 |
7,387,589 |
|
Camco Financial
Corporation |
Condensed Consolidated
Statements of Operations |
Quarterly
Information |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
|
|
|
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
Ended |
Ended |
Ended |
Ended |
Ended |
|
9/30/13 |
6/30/13 |
3/31/13 |
12/31/12 |
9/30/12 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
Interest Income: |
|
|
|
|
|
Loans |
$ 6,724 |
$ 6,591 |
$ 6,590 |
$ 7,240 |
$ 7,522 |
Mortgage-backed securities |
7 |
7 |
13 |
15 |
15 |
Investment securities |
187 |
163 |
106 |
119 |
116 |
Interest-bearing deposits and other |
108 |
122 |
149 |
135 |
112 |
Total Interest
Income |
$ 7,026 |
$ 6,883 |
$ 6,858 |
$ 7,509 |
$ 7,765 |
|
|
|
|
|
|
Interest Expense: |
|
|
|
|
|
Deposits |
$ 979 |
$ 1,000 |
$ 1,033 |
$ 1,128 |
$ 1,235 |
Borrowings |
386 |
429 |
426 |
577 |
545 |
Total Interest Expense |
1,365 |
1,429 |
1,459 |
1,705 |
1,780 |
Net Interest Income |
$ 5,661 |
$ 5,454 |
$ 5,399 |
$ 5,804 |
$ 5,985 |
|
|
|
|
|
|
Provision for Losses on Loans |
(609) |
-- |
100 |
(1,455) |
457 |
Net Interest Income After Provision
for Loan Losses |
$ 6,270 |
$ 5,454 |
$ 5,299 |
$ 7,259 |
$ 5,528 |
|
|
|
|
|
|
Noninterest Income: |
|
|
|
|
|
Rent and other |
$ 223 |
$ 168 |
$ 301 |
$ 484 |
$ 321 |
Loan servicing fees |
287 |
273 |
276 |
284 |
283 |
Service charges and other fees on
deposits |
501 |
517 |
462 |
528 |
515 |
Gain on sale of loans |
251 |
546 |
689 |
770 |
633 |
Mortgage servicing rights |
405 |
351 |
105 |
60 |
(117) |
Gain (loss) on sale of investment, mbs
& fixed assets |
-- |
(7) |
61 |
126 |
-- |
Income on CSVL (BOLI) |
214 |
211 |
208 |
237 |
216 |
Total noninterest
income |
$ 1,881 |
$ 2,059 |
$ 2,102 |
$ 2,489 |
$ 1,851 |
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
Employee compensation and benefits |
$ 3,777 |
$ 3,518 |
$ 3,509 |
$ 3,208 |
$ 2,996 |
Occupancy and equipment |
718 |
719 |
745 |
772 |
725 |
FDIC premium and other insurances |
428 |
441 |
441 |
436 |
457 |
Data processing |
261 |
277 |
283 |
326 |
250 |
Advertising |
133 |
128 |
144 |
77 |
101 |
Franchise taxes |
218 |
227 |
230 |
182 |
199 |
Other operating |
1,718 |
1,978 |
1,495 |
1,943 |
2,220 |
Total noninterest
expense |
$ 7,253 |
$ 7,288 |
$ 6,847 |
$ 6,944 |
$ 6,948 |
|
|
|
|
|
|
Earnings (loss) before provision for
income taxes |
$ 898 |
$ 225 |
$ 554 |
$ 2,804 |
$ 431 |
|
|
|
|
|
|
Provision for income taxes |
$ 171 |
$ (5,929) |
$ 55 |
$ 20 |
$ (53) |
Net Earnings (loss) |
$ 727 |
$ 6,154 |
$ 499 |
$ 2,784 |
$ 484 |
|
|
|
|
|
|
Earnings (Loss) Per
Share: |
|
|
|
|
|
Basic |
$ 0.05 |
$ 0.45 |
$ 0.04 |
$ 0.26 |
$ 0.07 |
Diluted |
$ 0.05 |
$ 0.42 |
$ 0.03 |
$ 0.26 |
$ 0.07 |
|
|
|
|
|
|
Basic Weighted Number of |
|
|
|
|
|
Shares Outstanding |
13,583,511 |
13,545,861 |
13,386,828 |
10,806,051 |
7,467,255 |
Diluted Weighted Number of |
|
|
|
|
|
Shares Outstanding |
15,027,666 |
14,718,045 |
14,392,077 |
10,806,269 |
7,473,123 |
|
Camco Financial
Corporation |
Selected Ratios and
Statistics |
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
|
|
3 Months |
3 Months |
9 Months |
9 Months |
|
Ended |
Ended |
Ended |
Ended |
|
9/30/13 |
9/30/12 |
9/30/13 |
9/30/12 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Return on average equity |
4.38% |
4.12% |
14.81% |
3.96% |
|
|
|
|
|
Return on average assets |
0.38% |
0.25% |
1.30% |
0.24% |
|
|
|
|
|
Interest rate spread |
3.15% |
3.40% |
3.04% |
3.34% |
|
|
|
|
|
Net interest margin |
3.27% |
3.49% |
3.16% |
3.45% |
|
|
|
|
|
Yield on earning assets |
4.06% |
4.52% |
3.97% |
4.59% |
|
|
|
|
|
Cost of deposits |
0.73% |
0.87% |
0.74% |
0.98% |
|
|
|
|
|
Cost of borrowings |
2.27% |
3.16% |
2.52% |
3.32% |
|
|
|
|
|
Total cost of interest bearing
liabilities |
0.91% |
1.12% |
0.93% |
1.25% |
|
|
|
|
|
Noninterest expense to average assets |
3.83% |
3.64% |
3.76% |
3.58% |
|
|
|
|
|
Efficiency ratio |
96.17% |
88.67% |
94.82% |
87.71% |
|
|
|
|
|
Nonperforming assets to total assets |
2.69% |
4.60% |
2.69% |
4.60% |
|
|
|
|
|
Non performing loans to total net loans
including loans held for sale |
2.53% |
3.80% |
2.53% |
3.80% |
|
|
|
|
|
Allowance for loan losses to total loans
including loans held for sale |
1.64% |
2.42% |
1.64% |
2.42% |
|
|
|
|
|
Ratios are based upon the
mathematical average of the balances at the end of each month for
the quarter and were annualized where appropriate |
|
|
|
Camco Financial
Corporation |
|
Averages for Quarters
Ended |
|
(In thousands, except
for per share data and shares outstanding) |
|
|
|
|
September 30, 2013 |
September 30, 2012 |
|
Average |
|
Yield/ |
Average |
|
Yield/ |
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
Interest - Earning
Assets: |
|
|
|
|
|
|
Loans receivable - net (1) |
$ 565,448 |
$ 6,724 |
4.76% |
$ 583,587 |
$ 7,522 |
5.16% |
Securities (2) |
102,610 |
194 |
0.76% |
78,729 |
131 |
0.67% |
FHLB Stock |
9,888 |
105 |
4.25% |
9,888 |
104 |
4.21% |
Other interest bearing accounts |
15,069 |
3 |
0.08% |
14,605 |
8 |
0.22% |
Total interest earning
assets |
$ 693,015 |
$ 7,026 |
4.06% |
$ 686,809 |
$ 7,765 |
4.52% |
|
|
|
|
|
|
|
Noninterest-earning assets |
$ 64,827 |
|
|
$ 75,685 |
|
|
Total Average Assets |
$ 757,842 |
|
|
$ 762,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
Deposits |
$ 535,153 |
$ 979 |
0.73% |
$ 565,020 |
1,235 |
0.87% |
Advances & Borrowings |
67,873 |
386 |
2.27% |
68,908 |
545 |
3.16% |
Total interest-bearing
liabilities |
$ 603,026 |
$ 1,365 |
0.91% |
$ 633,928 |
$ 1,780 |
1.12% |
|
|
|
|
|
|
|
Noninterest-bearing
sources: |
|
|
|
|
|
|
Noninterest-bearing liabilities |
88,406 |
|
|
81,527 |
|
|
Shareholders' equity |
66,410 |
|
|
47,039 |
|
|
Total Liabilities and Shareholders'
Equity |
$ 757,842 |
|
|
$ 762,494 |
|
|
|
|
|
|
|
|
|
Net Interest margin |
|
|
3.27% |
|
|
3.49% |
|
|
|
|
|
|
|
Net Interest Income &
Spread |
|
$ 5,661 |
3.15% |
|
$ 5,985 |
3.40% |
|
|
|
|
|
|
|
(1) Includes LHFS but does not
include ALLL and Non-Accrual Loans |
(2) Includes securities
designated as available for sale and held to maturity |
CONTACT: James E. Huston, CEO
John E. Kirksey, CFO
Phone: 740-435-2020
Consumer Automotive Fina... (PK) (USOTC:CAFI)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Consumer Automotive Fina... (PK) (USOTC:CAFI)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024