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Available post-call on: Replay available at 877-213-9653 (passcode 11563078#) and at http://www.irwinfinancial.com/ir-set.html COLUMBUS, Indiana -- April 29, 2005 -- Irwin Financial Corporation (NYSE: IFC), a bank holding company focusing on mortgage banking, small business and home equity lending, today announced net income for the first quarter of 2005 of $3.6 million or $0.13 per diluted share. This compares with net income of $14.4 million or $0.48 per diluted share in the fourth quarter of 2004. The decline is largely attributable to a reduction in net income from mortgage banking operations. Return on average equity totaled 2.9 percent compared to 11.7 percent a year earlier. In a previous press release, the company had stated that it expected a small loss in the quarter. The change to a profit resulted from updated estimates of the value of incentive servicing fee agreements at the home equity line of business made during the closing process. "We are obviously disappointed with our performance in mortgage banking," noted Irwin Financial Chairman Will Miller. "Like many in the industry, we have found it difficult to reduce the size of operations after the refinance boom of 2001-2003 in a rapid enough fashion to align with the reduced margins of the past several quarters. In addition, the direction of interest rates started the quarter by declining rapidly, leading us to reposition our hedges. Rates then rose approximately three quarters of a percent over the last half of the quarter, driving our servicing values over the 'lower of cost or market' cap in GAAP that caused us to book hedge losses greater than the amount by which we could have otherwise recognized increases in servicing values. The economic value of our servicing rights continued to rise and would have offset the hedge losses had we been allowed to book the increase in value under GAAP. We have implemented a number of difficult and painful actions in our mortgage banking business that should bring it back to profitability. These steps include a strategic paring of our production operation to focus on our traditional strengths in first-time and emerging market homebuyers and selective servicing sales." "At the same time, we are pleased with the first quarter performance in our other three segments. We had strong origination volumes in the home equity sector and steady growth in the commercial portfolios, coupled with satisfactory overall credit quality." Miller continued, "In our home equity segment, we sell a portion of our current production on a credit-risk sold basis to manage the balance sheet, but have retained servicing rights to leverage the strength of our servicing operations. Certain buyers of these whole loans have granted us incentive servicing rights in order to align interests by encouraging servicing practices to produce better-than-industry-norm credit performance. SFAS 133 requires we mark certain derivatives associated with these incentive servicing rights to market on a quarterly basis. While we would prefer to limit our mark-to-market activities, we would have to forgo substantial potential economic value by dropping the incentive servicing agreements to do so. We believe the value created in the long-term from these fees will outweigh the negatives of the mark-to-market requirement. Our improved consolidated results for the quarter compared to the expectation we announced in early April resulted from updated forecasts of the value of these incentive servicing agreements. To limit volatility in our capital accounts, we hold dollar-for- dollar capital against these derivatives." Financial highlights for the period include: 1Q 1Q Percent 4Q Percent
$ in millions, except EPS Change Change
2005 2004 2004
Net Interest Income
After Provision for Losses $57 $51 11% $61 (6)%
Non-Interest Income 46 83 (44) 61 (24)
Total Consolidated Net 103 134 (23) 121 (15)
Revenues
Non-Interest Expense 98 100 (2) 97 2
Net Income 4 20 (82) 14 (75)
Earning per Share
(diluted) 0.13 0.67 (81) 0.48 (73)
Loans and Leases 3,488 3,222 8 3,450 1
Mortgage Loans Held for
Sale 1,054 996 6 891 18
Deposits 3,770 3,309 14 3,395 11
Shareholders' Equity 504 453 11 503 NM
Total Risk-Based 15.0% 15.3% 15.9%
Capital Ratio
Return on Average Equity 2.9 18.4 11.7
Consolidated net revenues declined on both a sequential quarter basis and compared with the year earlier quarter. The majority of the declines in each period occurred in our first mortgage segment reflecting a combination of lower loan production, reduced gains on secondary market activities, and reduced net recovery of mortgage servicing impairment.
Our total loan and lease portfolio of $3.5 billion as of March 31, 2005, increased $37 million or 1 percent from the end of the fourth quarter. Our two commercial portfolios increased $75 million or 11 percent on an annualized basis during the quarter, whereas our second mortgage loan portfolio declined $37 million, due to run-off and whole loan sales. However, our loans held for sale in the first and second mortgage segments increased $163 million during the quarter and totaled $1.1 billion at quarter end, up 18 percent from December 31. Deposits totaled $3.8 billion at March 31, up $375 million or 11 percent from December 31. Average core deposits of $2.2 billion rose at a modest annualized rate of 5 percent during the first quarter, but have increased $458 million or 26 percent during the past year as we continue to shift our funding focus to core deposits from wholesale sources. We had $504 million or $17.67 per share in common shareholders' equity as of March 31, 2005. At quarter end, our Tier 1 Leverage Ratio and Total Risk- based Capital Ratio were 12.0 percent and 15.0 percent, respectively, compared to 11.6 percent and 15.9 percent as of December 31, 2004. The Risk-based Capital Ratio declined principally as a result of loan growth in excess of capital growth. Nonperforming assets (including other real estate owned of $13 million) were $41 million or 0.75 percent of total assets as of March 31, 2005, down from $45 million or 0.86 percent of total assets at the end of December. Our on-balance sheet allowance for loan and lease losses totaled $45 million as of March 31, up $1 million from the end of the year. The ratio of on-balance sheet allowance for loan and lease losses to nonperforming loans and leases increased to 163 percent at March 31, compared to 132 percent at December 31 principally as the result of one commercial banking credit which moved from non-performing to real estate owned. Our consolidated loan and lease loss provision totaled $3 million, up $1 million from the fourth quarter of 2004 and compared favorably to net charge- offs, which totaled $2 million, down $4 million from the fourth quarter. The amount of 30-day and greater delinquencies, the ratio of charge-offs to average loans and leases, and the allowance for loan and lease losses to total loans and leases for our principal credit-related portfolios are shown below. In general, despite the rising delinquencies in our commercial portfolios, which we believe are manageable, we are pleased with the recent credit performance of the portfolios and anticipate similar credit results in the near future. Home Equity Home Equity
Commercial Lending On- Lending Off- Commercial
Banking Balance Balance Finance
Sheet(1) Sheet(2)
30-Day and Greater
Delinquencies
March 31, 2005 0.66% 1.82% 9.38% 1.10%
December 31, 2004 0.11 1.93 11.71 0.70
September 30, 2004 0.24 1.87 10.78 0.95
June 30, 2004 0.19 1.45 9.92 0.88
March 31, 2004 0.29 2.46 8.65 0.86
Annualized Charge-offs
1Q05 0.07% 0.15% 2.98% 0.88%
4Q04 0.10 0.79 4.48 2.67
3Q04 0.11 0.68 3.19 1.47
2Q04 0.15 1.08 4.25 0.87
1Q04 0.24 2.61 6.28 1.12
Allowance to Loans and
Leases
March 31, 2005 1.00% 2.05% 2.54% 1.58%
December 31, 2004 1.00 1.92 3.40 1.54
September 30, 2004 1.02 1.97 5.97 2.05
June 30, 2004 1.06 3.16 8.12 2.30
March 31, 2004 1.10 4.08 10.25 2.29
1. Home Equity on -balance sheet Allowance to Loans and Leases relates to
Loans Held for Investment portfolio only.
2. Off-balance sheet loans underlie our residual interests. These loans
have been treated as sold under SFAS 140 and have a reserve
methodology that reflects life-of-account loss expectations, whereas
our policy for on-balance sheet loans requires that we hold loss
reserve coverage sufficient for potential losses inherent in the
portfolio at the balance sheet date. The figures for reserves in the
column labeled "Home Equity Lending Off-Balance Sheet," therefore, are
not balance sheet accounts of "allowance for loan and lease losses,"
but instead represent the percentage of undiscounted losses assumed in
our residual valuation relative to the underlying loan balances
supporting the residual interests.
Segment Results Net income by line of business is shown below, with additional detail available in the segment summary tables at the end of this release and in our Form 10-Q. Net Income ($ in millions) 1Q 1Q Percent 4Q Percent
Change Change
2005 2004 2004
Mortgage Banking $(9.6) $9.7 NM $1.0 NM
Commercial Banking 5.5 5.4 1 6.7 (19)
Home Equity 6.9 6.6 4 6.4 8
Commercial Finance 0.7 (0.3) NM 1.1 (36)
Other Segments, 0.1 (1.1) NM (0.8) NM
Including Parent
Consolidated Net Income 3.6 20.3 (82) 14.4 (75)
Mortgage banking recorded a net loss of $9.6 million, compared to earnings of $9.7 million a year earlier. These results reflect servicing hedge costs in excess of servicing impairment recovery of $15 million, compared with a net recovery of $10 million in the year earlier as well as significantly reduced secondary market loan margins.
The majority of the hedge losses occurred as interest rates rose rapidly toward the end of the quarter. This increase in rates resulted in hedge losses that exceeded our servicing asset impairment reversal, which is capped under GAAP at the lower-of-cost-or-market (LOCOM). By the end of the quarter, the market value of our first mortgage servicing asset had increased in value to $26 million more than the LOCOM-capped carrying value. Therefore, absent this LOCOM cap, our economic, non-GAAP impairment reversal, net of hedge costs, would have been approximately $11 million. We do not seek hedge accounting under SFAS 133 due to the insufficient short-term correlation between mortgages and hedging instruments. During the first quarter, we recorded $1 million of revenue related to a sale of $1 billion in servicing assets, a $7 million sequential quarter decline. To further reduce our risk of future servicing asset impairment, we intend to make selective servicing sales later in the year. We originated $2.8 billion of mortgage loans during the quarter, recording net origination fees and gains on sales of $25 million, compared with $3.5 billion of originations and $34 million of gains during the fourth quarter. As previously announced, during the quarter, we sold certain retail and credit union channel branches which no longer fit our growth strategy. Exit costs attributed to these sales totaled approximately $1.2 million; we anticipate modest additional costs will be incurred in the second quarter as these transactions are finalized. We anticipate that we will recognize some incremental revenue over the next three years as part of an earn-out based remuneration for these branches. Commercial banking net revenues were largely unchanged from the fourth quarter. Net income of $5.5 million for this segment was a decline of $1.3 million from the prior quarter principally reflecting increased personnel expenses related to recent new office expansions in Sacramento and Southern California. Deposit growth of $294 million outpaced loan portfolio growth of $56 million. Net interest margin was 3.75 percent during the quarter, down from 3.81 percent during the fourth quarter, reflecting temporary investment of excess deposits in lower yielding investments and an increase in internally allocated coupon-bearing capital. We anticipate stronger loan growth in the second quarter and with that growth, believe both net interest income and margin will expand, aided by our strong deposit growth. Credit quality continues to be strong, notwithstanding an increase in thirty-day and greater delinquencies to 0.66 percent at March 31. The increase in delinquencies was attributable to three commercial credits, each of which we believe to have minimal loss exposure. Our loan and lease loss provision of $1.0 million increased modestly during the quarter and compared to charge-offs of only $0.4 million. We anticipate our quarterly provision will increase modestly in 2005 as loan growth continues. Net income in our home equity segment totaled $6.9 million, up from $6.4 million during the fourth quarter. As noted in the table above, credit quality continues to show improvement. Loan originations totaled $430 million in the first quarter, up 28 percent from $335 million in the fourth quarter. We sold $322 million of loans during the quarter, for a net gain on sale of $8 million. Our loan and lease loss provision of $0.4 million compared to net charge-offs of $0.3 million. Our residual interests totaled $46 million at March 31, down from $52 million at December 31. We recorded $0.5 million in residual trading gains during the quarter, compared to $10 million during the fourth quarter. In addition, we recorded $10.5 million of other revenues during the quarter related to increased valuations of our incentive servicing fee derivatives. These derivatives are created through certain whole loan sales transactions (credit risk sold) and have value when our servicing and collections practices exceed industry-based credit standards. At March 31, 2005, we discounted these derivatives at rates between 30 and 40 percent, taking into consideration a variety of factors, including volatility of anticipated cash flow, credit quality, loan-to-value ratio, and anticipated prepayment speeds. We service $0.9 billion of loans for third parties on which we own incentive servicing rights and carry those incentive rights at $13.7 million as of March 31. Please see the MD&A of our home equity segment in our 10-Q filing for more detail. Our commercial finance line of business earned $0.7 million in the first quarter, a $0.4 million decline as compared to the fourth quarter. The decline in quarterly net income was largely attributable to a one-time increase in non-interest expenses related to our resolution of a contract dispute. Loan and lease fundings totaled $83 million during the quarter compared to $115 million in the fourth quarter. Our loan and lease portfolio in this segment now totals $644 million, a $19 million increase from December 31. Net interest margin declined modestly to 4.85 percent, from 4.95 percent during the fourth quarter. Our loan and lease loss provision in this segment totaled $2.1 million during the quarter, up modestly from $2.0 million in the fourth quarter. Net charge-offs declined on a sequential quarter basis by $2.6 million or 65 percent to $1.4 million, largely reflecting an elevated level in our commercial finance segment during the fourth quarter. Our thirty-day and greater delinquency ratio in this segment increased to 1.10 percent from 0.70 percent as of December 31. Our non-performing assets increased approximately 3 percent to $4 million. About Irwin Financial Irwin® Financial Corporation (http://www.irwinfinancial.com) is a bank holding company with a history tracing to 1871. The Corporation, through its principal lines of business - Irwin Mortgage Corporation, Irwin Union Bank, Irwin Home Equity Corporation and Irwin Commercial Finance - provides a broad range of financial services to consumers and small businesses in selected markets in the United States and Canada. About Forward-Looking Statements This press release contains forward-looking statements and estimates that are based on management's expectations, estimates, projections, and assumptions. These statements and estimates include but are not limited to earnings estimates and projections of financial performance and profitability, and projections of business strategies and future activities. These statements involve inherent risks and uncertainties that are difficult to predict and are not guarantees of future performance. Words that convey our beliefs, views, expectations, assumptions, estimates, forecasts, outlook and projections or similar language, or that indicate events we believe could, would, should, may or will occur (or might not occur) or are likely (or unlikely) to occur, and similar expressions, are intended to identify forward- looking statements, which may include, among other things:
Actual future results may differ materially from what is projected due to a variety of factors including: potential changes in, volatility and relative movement (basis risk) of interest rates, which may affect consumer demand for our products and the success of our interest rate risk management strategies; staffing fluctuations in response to product demand; the relative profitability of our lending operations; the valuation and management of our servicing and derivatives portfolios, including assumptions we embed in the valuation and short-term swings in the valuation of such portfolios due to quarter-end movements in secondary market interest rates which are inherently volatile; borrowers' refinancing opportunities, which may affect the prepayment assumptions used in our valuation estimates and which may affect loan demand; unanticipated deterioration in the credit quality of our loan assets; unanticipated deterioration in or changes in estimates of the carrying value of our other assets, difficulties in delivering loans to the secondary market as planned; difficulties in expanding our business and obtaining funding as needed; competition from other financial service providers for experienced managers as well as for customers; changes in the value of companies in which we invest; changes in variable compensation plans related to the performance and valuation of lines of business where we have compensation systems tied to line of business performance; unanticipated outcomes in litigation; legislative or regulatory changes, including changes in tax laws or regulations, changes in the interpretation of regulatory capital rules, changes in consumer or commercial lending rules or rules affecting corporate governance, and the availability of resources to address these rules; changes in applicable accounting policies or principles or their application to our businesses or final audit adjustments; or governmental changes in monetary or fiscal policies. We undertake no obligation to update publicly any of these statements in light of future events, except as required in subsequent reports we file with the Securities and Exchange Commission. The Corporation will host a conference call to review results today, April 29, at 1:00 p.m. EDT, 12:00 p.m. EST. The toll-free number for the call is (866) 406-3488; please tell the operator you would like to join the Irwin Financial call. A replay of the call will be available for 48 hours by calling (877) 213-9653, passcode 11563078# and on the Irwin Financial Corporation website at http://www.irwinfinancial.com/ir-set.html. IRWIN FINANCIAL CORPORATION
Selected Consolidated Financial Highlights
($'s in thousands, except per share data)
Q1-2005 Q1-2004 $ Change % Change Q4-2004
Net Interest Income $60,213 $59,203 $1,010 1.7 $62,959
Provision for Loan
and Lease Losses (3,291) (8,146) 4,855 59.6 (2,357)
Noninterest Income 46,220 82,454 (36,234) (43.9) 60,653
Total Net
Revenues 103,142 133,511 (30,369) (22.7) 121,255
Noninterest Expense 98,099 100,436 (2,337) (2.3) 96,550
Income before Income
Taxes 5,043 33,075 (28,032) (84.8) 24,705
Income Taxes 1,418 12,734 (11,316) (88.9) 10,281
Net Income $3,625 $20,341 ($16,716) (82.2) $14,424
Dividends on Common
Stock $2,851 $2,260 $591 26.2 $2,276
Diluted Earnings Per
Share (28,791
Weighted Average
Shares Outstanding) $0.13 $0.67 (0.54) (80.6) $0.48
Basic Earnings Per
Share (28,462
Weighted Average
Shares Outstanding) 0.13 0.72 (0.59) (81.9) 0.51
Dividends Per Common
Share 0.10 0.08 0.02 25.0 0.08
Net Charge-Offs $2,115 $8,158 ($6,043) (74.1) $5,757
Performance Ratios -
Quarter to Date:
Return on Average
Assets 0.3% 1.7% 1.0%
Return on Average
Equity 2.9% 18.4% 11.7%
March 31, March 31, $ % December 31,
2005 2004 Change Change 2004
Loans Held for Sale $1,053,871 $996,219 $57,652 5.8 $890,711
Loans and Leases in
Portfolio 3,487,697 3,222,296 265,401 8.2 3,450,440
Allowance for Loan
and Lease Losses (45,428) (63,681) 18,253 28.7 (44,443)
Total Assets 5,565,481 5,146,170 419,311 8.1 5,239,341
Total Deposits 3,770,415 3,309,007 461,408 13.9 3,395,263
Shareholders' Equity 503,849 453,185 50,664 11.2 502,644
Shareholders' Equity
available to Common
Shareholders (per
share) 17.67 16.04 1.63 10.2 17.67
Average Equity/Average
Assets 9.3% 9.1% 9.0%
Tier I Capital $657,468 $585,287 $72,181 12.3 $641,079
Tier I Leverage Ratio 12.0% 11.8% 11.6%
Total Risk-based
Capital Ratio 15.0% 15.3% 15.9%
Nonperforming Assets
to Total Assets 0.75% 0.87% 0.86%
MORTGAGE BANKING
Q1-2005 Q1-2004 $ Change % Change Q4-2004
Net Interest Income $7,723 $8,662 ($939) (10.8) $10,179
Recovery of (Provision
for) Loan Losses 189 107 82 76.6 (178)
Gain on Sales of Loans 24,973 42,782 (17,809) (41.6) 34,169
Gain on Sale of
Servicing 1,185 6,489 (5,304) (81.7) 7,824
Loan Servicing Fees,
Net of Amortization
Expense 4,415 (1,411) 5,826 412.9 5,123
Recovery (Impairment)
of Servicing Assets, Net
of Hedging (14,895) 10,168 (25,063) (246.5) (13,853)
Other Revenues 2,184 1,839 345 18.7 1,341
Total Net Revenues 25,774 68,636 (42,862) (62.4) 44,605
Salaries, Pension,
and Other Employee
Expense 23,868 29,528 (5,660) (19.2) 26,299
Other Expenses 17,541 22,941 (5,400) (23.5) 15,813
Income Before
Income Taxes (15,635) 16,167 (31,802) (196.7) 2,493
Income Taxes (6,018) 6,435 (12,453) (193.5) 1,526
Net Income ($9,617) $9,732 ($19,349) (198.8) $967
Total Mortgage Loan
Originations: $2,812,411 $2,930,716 ($118,305) (4.0) $3,460,886
Percent retail 16% 23% 16%
Percent wholesale 36% 43% 30%
Percent brokered 11% 9% 11%
Percent correspondent 37% 25% 43%
Refinancings as a
Percentage of Total
Originations 54% 61% 52%
March 31, March 31, $ % December 31,
2005 2004 Change Change 2004
Owned Servicing
Portfolio
Balance $24,458,656 $29,563,330 ($5,104,674) (17.3) $26,196,627
Weighted average
interest rate 5.72% 5.73% 5.75%
Delinquency ratio
(30+days): 3.46% 2.74% 4.59%
Conventional 2.01% 1.57% 2.94%
Government 5.67% 5.41% 7.43%
Loans held for sale $727,310 $781,224 (53,914) (6.9) $662,832
Servicing Asset 336,555 298,486 38,069 12.8 319,225
HOME EQUITY LENDING
Q1-2005 Q1-2004 $ Change % Change Q4-2004
Residual Asset Interest
Income $2,340 $3,258 ($918) (28.2) $2,615
Net Interest Income -
Unsold Loans and Other 18,092 21,438 (3,346) (15.6) 19,146
(Provision for) Recovery
of Loan Losses (371) (5,899) 5,528 93.7 592
Trading Gains 480 4,641 (4,161) (89.7) 9,536
Gain on Sales of
Loans, Including
Points and Fees 8,268 8,689 (421) (4.8) 9,017
Servicing Income, net 2,419 3,064 (645) (21.0) 2,675
Other Revenues 11,537 1,261 10,276 814.9 1,360
Total Net Revenues 42,765 36,452 6,313 17.3 44,941
Salaries, Pension,
and Other Employee
Expense 21,069 16,126 4,943 30.7 23,031
Other Expense 10,152 9,260 892 9.6 10,457
Income Before Income
Taxes 11,544 11,066 478 4.3 11,453
Income Taxes 4,624 4,433 191 4.3 5,064
Net Income $6,920 $6,633 $287 4.3 $6,389
Loan Volume $429,614 $306,877 $122,737 40.0 $334,838
Loans Sold 322,054 202,432 119,622 59.1 469,683
Net Charge-offs
(Loans Held for
Investment) 336 5,694 (5,358) (94.1) 1,257
March 31, March 31, $ % December 31,
2005 2004 Change Change 2004
Home Equity Loans
Held for Sale $325,719 $213,864 $111,855 52.3 $227,740
Home Equity Loans Held
for Investment 553,310 721,685 (168,375) (23.3) 590,175
Allowance for Loan and
Lease Losses (11,364) (29,456) 18,092 61.4 (11,330)
Residual Asset 45,900 68,692 (22,792) (33.2) 51,542
Servicing Asset 46,765 30,870 15,895 51.5 44,000
Managed Portfolio 1,159,076 1,473,356 (314,280) (21.3) 1,147,137
Delinquency Ratio
(30+ days) 3.69% 4.72% 4.76%
COMMERCIAL BANKING
Q1-2005 Q1-2004 $ Change % Change Q4-2004
Net Interest Income $24,560 $20,546 $4,014 19.5 $24,513
Provision for Loan
and Lease Losses (1,000) (1,200) 200 16.7 (750)
Other Revenues 4,381 4,776 (395) (8) 4,590
Total Net Revenues 27,941 24,122 3,819 15.8 28,353
Salaries, Pension,
and Other Employee
Expense 11,947 9,322 2,625 28.2 10,311
Other Expenses 6,808 5,761 1,047 18.2 6,778
Income Before Income
Taxes 9,186 9,039 147 1.6 11,264
Income Taxes 3,717 3,622 95 2.6 4,544
Net Income $5,469 $5,417 $52 1.0 $6,720
Net Charge-offs $412 $1,170 ($758) (64.8) $565
Net Interest Margin 3.75% 3.79% 3.81%
March 31, March 31, $ % December 31,
2005 2004 Change Change 2004
Securities and Short-
Term Investments $493,251 $210,647 $282,604 134.2 $327,664
Loans and Leases 2,279,907 2,007,917 271,990 13.5 2,223,474
Allowance for Loan
and Lease Losses (22,819) (22,086) (733) (3.3) (22,230)
Interest-Bearing
Deposits 2,352,569 1,800,571 551,998 30.7 2,095,644
Noninterest-Bearing
Deposits 331,888 281,986 49,902 17.7 295,195
Delinquency Ratio
(30+ days): 0.66% 0.29% 0.11%
COMMERCIAL FINANCE
Q1-2005 Q1-2004 $ Change % Change Q4-2004
Net Interest Income $7,612 $6,754 $858 12.7 $7,392
Provision for Loan and
Lease Losses (2,110) (1,153) (957) (83.0) (2,021)
Other Revenues 1,908 448 1,460 325.9 1,838
Total Net Revenues 7,410 6,049 1,361 22.5 7,209
Salaries, Pension, and
Other Employee Expense 3,948 3,362 586 17.4 3,848
Other Expenses 2,238 836 1,402 167.7 759
Income Before Income
Taxes 1,224 1,851 (627) (33.9) 2,602
Income Taxes 528 2,144 (1,616) (75.4) 1,520
Net Income (Loss) $696 ($293) $989 337.5 $1,082
Net Charge-Offs $1,368 $1,294 $74 5.7 $3,932
Loans sold 12,403 7,694 4,709 61 9,313
Net Interest Margin 4.85% 5.74% 4.95%
Total Fundings of Loans
and Leases $83,362 $71,652 $11,710 16.3 $115,344
March 31, March 31, $ % December 31,
2005 2004 Change Change 2004
Investment in Loans and
Leases $644,020 $479,364 $164,657 34.3 $625,140
Allowance for Loan and
Lease Losses (10,186) (10,962) 776 7.1 (9,624)
Weighted Average Yield 8.77% 9.24% 8.93%
Delinquency ratio
(30+ days) 1.10% 0.86% 0.70%
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