Mr. Gleason stated, “We had excellent origination volume of new loans and leases during the first quarter. Although our outstanding balance of loans and leases, excluding covered loans, increased only $8 million during the quarter, we had an increase of approximately $78 million during the quarter in our unfunded balance of closed loans. At March 31, 2012 our total unfunded balance of closed loans had increased to approximately $391 million, reflecting excellent prospects for growth in future quarters.”
Deposits were $2.93 billion at March 31, 2012 compared to $2.58 billion at March 31, 2011.
Total assets were $3.84 billion at March 31, 2012 compared to $3.33 billion at March 31, 2011.
Common stockholders’ equity was $443 million at March 31, 2012, a 32.2% increase from $335 million at March 31, 2011. Book value per common share was $12.81 at March 31, 2012, a 30.8% increase from $9.79 at March 31, 2011. Changes in common stockholders’ equity and book value per common share reflect earnings, dividends paid, stock option and stock grant transactions, and changes in the Company’s mark-to-market adjustment for unrealized gains and losses on investment securities available for sale.The Company’s ratio of common stockholders’ equity to total assets increased to 11.54% as of March 31, 2012 compared to 10.07% as of March 31, 2011. Its ratio of tangible common stockholders’ equity to tangible total assets increased to 11.26% as of March 31, 2012 compared to 9.85% as of March 31, 2011. NET INTEREST INCOME Net interest income for the first quarter of 2012 increased 21.5% to $43.8 million compared to $36.1 million for the first quarter of 2011, but decreased 4.4% compared to $45.8 million for the fourth quarter of 2011. Net interest margin, on a fully taxable equivalent (“FTE”) basis, increased 37 basis points to 5.98% in the first quarter of 2012 compared to 5.61% in the first quarter of 2011, but decreased seven basis points compared to 6.05% in the fourth quarter of 2011. Average earning assets were $3.10 billion in the first quarter of 2012 compared to $2.77 billion in the first quarter of 2011 and $3.15 billion in the fourth quarter of 2011.
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