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COLUMBUS, Indiana -- July 30, 2004 -- 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 second quarter of 2004 of $17.9 million or $0.60 per diluted share. This compares with net income of $13.2 million or $0.45 per diluted share during the same period in 2003. Earnings for the first half of 2004 totaled $38.3 million or $1.27 per diluted share, compared with $25.0 million or $0.86 per share during the same period in 2003. "Irwin Financial produced good, balanced earnings in the second quarter, in spite of the decline in our first mortgage business. Improved commercial loan and lease originations, lower credit costs, and an increase in core deposits drove higher earnings in our portfolio businesses-in particular, our home equity business. These increases offset the decline caused by the extremely competitive conditions in first mortgages due to the rise in long-term interest rates," said Will Miller, Chairman and CEO. "We believe our performance was good in light of the extraordinary conditions that existed in the mortgage market in the comparable period a year ago. The turn in mortgage banking production, from record levels in 2003 to a lower volume and fiercely price-competitive market today, is testing our ability to maintain production-driven profitability in that line of business. As anticipated, we have benefited from the increase in value of our mortgage servicing portfolio, which provided an economic counter-balance to the production operation, and the improved performance of our other lines of business." "In the second half of 2004," Miller continued, "if rates rise as predicted by nationally-recognized mortgage economists, leading to an increase in the value of our servicing portfolio and improved margins in our commercial and consumer portfolios, we would expect full year earnings to modestly exceed those produced in 2003. However, should long-term rates not rise as expected, we would anticipate continued price competition in the mortgage market, but little or no increase in servicing value. In this case, we would anticipate that portfolio loan growth and improving credit quality would likely produce earnings for the year in a narrow range around those produced in 2003 during the mortgage refinance boom, notwithstanding the difficult environment for mortgage banking." Financial highlights for the period include:
Consolidated Results
2Q 2Q Percent 1Q Percent
$ in millions, except EPS 2004 2003 Change 2004 Change
Net Interest Income After $62 $58 7 % $51 22 %
Provision
for Losses
Non-Interest Income 76 64 20 82 -8
Total Consolidated Net Revenues 139 122 14 134 4
Non-Interest Expense 108 100 7 100 7
Net Income 17.9 13.2 36 20.3 -12
Earning per Share (diluted) 0.60 0.45 33 0.67 -10
Loans and Leases 3,203 3,049 5 3,222 0
Mortgage Loans Held for Sale 1,196 1,666 -28 996 20
Deposits 3,361 3,349 0 3,309 2
Shareholders' Equity 469 385 22 453 4
Total Risk-Based Capital Ratio 14.8 % 13.5 % 15.3 %
Return on Average Equity 15.4 14.2 18.4
As noted in the table above, net revenues increased four percent on a sequential quarter basis and 14 percent compared with the year earlier quarter. Net revenues increased in each of our credit portfolio lines of business, successfully offsetting a decline in net revenue in our mortgage bank. Mortgage banking revenues declined modestly on a sequential quarter basis reflecting reduced gains on sales of loans due to lower margins, despite a 36 percent sequential quarterly increase in the dollar amount of shipped loans. Consolidated net income declined 12 percent on a sequential quarter basis, largely reflecting lower net income from our mortgage banking segment. Our loan and lease portfolio totaled $3.2 billion as of June 30, 2004, unchanged from the end of the first quarter, but up five percent from a year earlier. The flat sequential quarter number reflects a $205 million portfolio sale by our home equity segment during the quarter. Our first and second mortgage loans held for sale totaled $1.2 billion at quarter end, up 20 percent from March 31. Deposits totaled $3.4 billion at June 30, unchanged from a year earlier, but the composition changed meaningfully as core deposits have been replacing mortgage escrows that were abnormally high due to refinancing conditions a year earlier. Average core deposits of $2.0 billion rose at an annualized rate of 43 percent during the second quarter and have increased $343 million or 21 percent during the past year. We had $469 million or $16.60 per share in common shareholders' equity as of June 30, 2004. At quarter end, our Tier 1 Leverage Ratio and Total Risk-based Capital Ratio were 11.5 percent and 14.8 percent, respectively, compared to 11.8 percent and 15.3 percent as of March 31, 2004. Our consolidated loan and lease loss provision totaled $2 million, a $6 million decrease compared with the first quarter of 2004, principally reflecting a reversal in provision due to the home equity loan sale noted above and improving credit quality in each of our portfolios. Nonperforming assets (including other real estate owned of $6 million) were $40 million or 0.74 percent of total assets as of June 30, 2004, down from $45 million or 0.87 percent of total assets at the end of March. Our on-balance sheet allowance for loan and lease losses totaled $54 million as of June 30, down $10 million from the end of March. The allowance declined during the quarter largely as a result of a re-classification of loans to loans held for sale. The ratio of on-balance sheet allowance for loan and lease losses to nonperforming loans and leases totaled 163 percent at June 30, compared to 176 percent at March 31. Net charge-offs totaled $4 million, down $4 million from the first quarter. The amount of 30-day and greater delinquencies, the ratio of charge-offs to average loans and leases, and the allowance for loans and lease losses to total loans and leases for our principal credit-related portfolios are shown below: Home Equity Home Equity
Commercial Lending On- Lending Off- Commercial
Banking Balance Balance Finance
Sheet Sheet(1)
30-Day and Greater
Delinquencies
* June 30, 2004 0.19% 1.45% 9.92% 0.88%
* March 31, 2004 0.29 2.46 8.65 0.93
* December 31, 2003 0.36 2.91 10.18 0.87
* September 30, 2003 0.72 3.29 9.55 1.10
* June 30, 2003 0.38 2.70 8.66 0.91
Annualized Charge-offs
* 2Q04 0.15% 1.08% 4.25% 0.87%
* 1Q04 0.24 2.61 6.28 1.12
* 4Q03 0.30 3.03 7.13 1.19
* 3Q03 0.20 2.45 6.23 1.97
* 2Q03 0.25 2.58 6.05 2.72
Allowance to Loans and
Leases
* June 30, 2004 1.06% 3.16% 8.12% 2.30%
* March 31, 2004 1.10 4.08 10.25 2.29
* December 31, 2003 1.11 4.22 10.47 2.47
* September 30, 2003 1.12 4.17 11.16 2.51
* June 30, 2003 1.13 3.45 11.94 2.59
(1) Off-balance sheet loans underlie our residual interests. These loans have been treated as sold under SFAS 140 and have a reserve methodology that reflects life-of-account loss expectations, whereas our policy for on-balance sheet loans requires that we hold loss reserve coverage sufficient for potential losses inherent in the portfolio at the balance sheet date. The figures for reserves in the column labeled "Home Equity Lending Off-Balance Sheet," therefore, are not balance sheet accounts of "allowance for loan and lease losses," but instead represent the percentage of undiscounted losses assumed in our residual valuation relative to the underlying loan balances supporting the residual interests. Segment Results Net income by line of business is shown below, with additional detail available in the segment summary tables at the end this release and in the Form 10-Q. 2Q 2Q Percent 1Q Percent
Net Income ($ in millions) 2004 2003 Change 2004 Change
Mortgage Banking $5.5 $23.2 -76% $9.7 -43%
Commercial Banking 5.8 5.9 -2 5.4 6
Home Equity 8.9 -14.4 NM 6.6 34
Commercial Finance 1.3 0.0 NM -0.3 NM
Venture Capital -0.2 -0.1 NM 0.0 NM
Other Segments, Including Parent -3.4 -1.4 143 -1.1 209
Consolidated Net Income 17.9 13.2 36 20.3 -12
More complete details on operations of each of our lines of business can be found in our Form 10-Q, which is being filed today with the SEC. About Irwin Financial Irwin® Financial Corporation (http://www.irwinfinancial.com) is an interrelated group of specialized financial services companies organized as a bank holding company, with a history tracing to 1871. The Corporation, through its major subsidiaries -- Irwin Mortgage Corporation, Irwin Union Bank, Irwin Home Equity Corporation, Irwin Commercial Finance, and Irwin Ventures -- 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:
We undertake no obligation to update publicly any of these statements in light of future events, except as required in subsequent periodic reports we file with the Securities and Exchange Commission. Actual future results may differ materially from what is projected due to a variety of factors including: potential changes in and volatility 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 short-term swings in 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; 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 governmental changes in monetary or fiscal policies. IRWIN FINANCIAL CORPORATION
Selected Consolidated Financial Highlights
($'s in thousands, except per share data)
Q2-2004 Q2-2003 $Change %Change Q1-2004
Net Interest Income $64,256 $71,961 ($7,705) (10.7) $59,203
Provision for Loan and Lease
Losses (1,794) (13,634) 11,840 86.8 (8,146)
Noninterest Income 76,106 63,521 12,585 19.8 82,454
Total Net Revenues 138,568 121,848 16,720 13.7 133,511
Noninterest Expense 107,855 100,482 7,373 7.3 100,436
Income before Income Taxes 30,713 21,366 9,346 43.7 33,075
Income Taxes 12,769 8,139 4,630 56.9 12,734
Net Income $17,944 $13,227 $4,717 35.7 $20,341
Dividends on Common Stock $2,262 $1,957 $305 15.6 $2,260
Diluted Earnings Per Share
(31,186 Weighted Average
Shares Outstanding) $0.60 $0.45 0.15 33.3 $0.67
Basic Earnings Per Share
(28,244 Weighted Average
Shares Outstanding) 0.64 0.47 0.17 36.2 0.72
Dividends Per Common Share 0.08 0.07 0.01 14.3 0.08
Net Charge-Offs $4,460 $9,696 ($5,236) (54.0) $8,158
Performance Ratios - Quarter to
Date:
Return on Average Assets 1.4% 1.0% 1.7%
Return on Average Equity 15.4% 14.2% 18.4%
YTD-2004 YTD-2003 $Change %Change
Net Interest Income $123,459 $136,352 ($12,893) (9.5)
Provision for Loan and Lease Losses (9,940) (22,877) 12,937 56.6
Noninterest Income 158,561 126,332 32,229 25.5
Total Net Revenues 272,080 239,807 32,273 13.5
Noninterest Expense 208,291 199,294 8,997 4.5
Income before Income Taxes 63,789 40,513 23,276 57.5
Income Taxes 25,503 15,510 9,993 64.4
Net Income $38,286 $25,003 $13,283 53.1
Dividends on Common Stock $4,523 $3,905 $618 15.8
Diluted Earnings Per Share (31,248
Weighted Average Shares
Outstanding) $1.27 $0.86 0.41 47.7
Basic Earnings Per Share (28,218
Weighted Average Shares
Outstanding) 1.36 0.90 0.46 51.1
Dividends Per Common Share 0.16 0.14 0.02 14.3
Net Charge-Offs $12,618 $15,823 ($3,205) (20.3)
Performance Ratios - Year to Date:
Return on Average Assets 1.52% 1.00%
Return on Average Equity 15.82% 13.69%
June 30, June 30, March 31,
2004 2003 $ Change % Change 2004
Loans Held for Sale $1,196,130 $1,665,983 ($469,853) (28.2) $996,219
Loans and Leases in
Portfolio 3,203,279 3,049,405 153,874 5.0 3,222,296
Allowance for Loan
and Lease Losses (53,837) (57,935) 4,098 7.1 (63,681)
Total Assets 5,425,172 5,530,153 (104,981) (1.9) 5,146,170
Total Deposits 3,361,264 3,349,077 12,187 0.4 3,309,007
Shareholders'
Equity 469,486 384,835 84,650 22.0 453,185
Shareholders'
Equity available
to Common
Shareholders (per
share) 16.60 13.76 2.84 20.6 16.04
Average
Equity/Average
Assets (YTD) 9.6% 7.3% 9.1%
Tier I Capital $614,003 $485,342 $128,661 26.5 $585,287
Tier I Leverage
Ratio 11.5% 9.1% 11.8%
Total Risk-based
Capital Ratio 14.8% 13.5% 15.3%
Nonperforming
Assets to Total
Assets 0.74% 0.76% 0.87%
MORTGAGE BANKING
Q2-2004 Q2-2003 $ Change % Change Q1-2004
Net Interest
Income $11,781 $20,904 ($9,123) (43.6) $8,662
Recovery of
(Provision for)
Loan Losses 284 (83) 367 442.2 107
Gain on Sales of
Loans 34,870 111,511 (76,641) (68.7) 42,782
Gain (loss) on
Sale of
Servicing 1,928 (4) 1,932 48300.0 6,489
Loan Servicing
Fees, Net of
Amortization
Expense 1,484 (14,076) 15,560 110.5 (1,411)
Recovery
(impairment) of
Servicing Assets,
Net of Hedging 13,512 (11,736) 25,248 215.1 10,168
Other Revenues 2,052 3,129 (1,077) (34.4) 1,839
Total Net
Revenues 65,911 109,645 (43,734) (39.9) 68,636
Salaries, Pension,
and Other
Employee
Expense $31,654 $44,807 (13,153) (29.4) $29,528
Other Expenses 25,062 27,066 (2,004) (7.4) 22,941
Income Before
Income Taxes 9,195 37,772 (28,577) (75.7) 16,167
Income Taxes 3,680 14,530 (10,850) (74.7) 6,435
Net Income $5,515 $23,242 ($17,727) (76.3) $9,732
Total Mortgage
Loan
Originations: $3,727,591 $7,237,670 ($3,510,079) (48.5) $2,930,716
Percent retail 20% 27% 23%
Percent wholesale 33% 42% 43%
Percent brokered 11% 3% 9%
Percent correspondent 36% 28% 25%
Refinancings as a
Percentage of
Total Originations 54% 75% 61%
YTD-2004 YTD-2003 $Change %Change
Net Interest Income $20,443 $36,969 ($16,527) (44.7)
Recovery of (Provision
for) Loan Losses 390 (30) 420 1400.0
Gain on Sales of Loans 77,652 202,739 (125,087) (61.7)
Gain on Sale of Servicing 8,418 0 8,418 na
Loan Servicing Fees, Net
of Amortization Expense 73 (24,555) 24,628 100.3
Recovery (impairment) of
Servicing Assets, Net of
Hedging 23,680 (13,370) 37,049 277.1
Other Revenues 3,891 4,994 (1,103) (22.1)
Total Net Revenues 134,547 206,747 (72,200) (34.9)
Salaries, Pension, and
Other Employee Expense 61,182 85,819 (24,637) (28.7)
Other Expenses 48,003 51,267 (3,264) (6.4)
Income Before Income
Taxes 25,362 69,661 (44,299) (63.6)
Income Taxes 10,114 26,780 (16,666) (62.2)
Net Income $15,248 $42,881 ($27,633) (64.4)
Total Mortgage Loan
Originations: $6,658,307 $12,714,962 ($6,056,655) (47.6)
Percent retail 22% 27%
Percent wholesale 37% 45%
Percent brokered 10% 3%
Percent correspondent 31% 25%
Refinancings as a
Percentage of Total
Originations 57% 73%
June 30, June 30, March 31,
2004 2003 $ Change % Change 2004
Owned Servicing
Portfolio
Balance $28,844,599 $24,700,125 $4,144,474 16.8 $29,563,330
Weighted
average
interest
rate 5.70% 6.08% 5.73%
Delinquency
ratio
(30+ days): 3.34% 4.26% 2.74%
Conventional 1.98% 1.80% 1.57%
Government 6.20% 8.41% 5.41%
Loans Held
for Sale $735,278 $1,542,863 ($807,585) (52.3) $781,224
Servicing Asset 365,775 194,288 171,487 88.3 298,486
COMMERCIAL BANKING
Q2-2004 Q2-2003 $Change %Change Q1-2004
Net Interest Income $21,191 $19,438 $1,754 9.0 $20,546
Provision for Loan and Lease
Losses (750) (1,333) 583 43.7 (1,200)
Other Revenues 5,061 5,645 (584) (10.3) 4,776
Total Net Revenues 25,502 23,750 1,751 7.4 24,122
Salaries, Pension, and Other
Employee Expense 9,665 8,716 949 10.9 9,322
Other Expenses 6,201 5,250 951 18.1 5,761
Income Before Income Taxes 9,636 9,784 (148) (1.5) 9,039
Income Taxes 3,867 3,904 (38) (1.0) 3,622
Net Income $5,769 $5,880 ($112) (1.9) $5,417
Net Charge-offs $787 $1,167 ($380) (32.6) $1,170
Net Interest Margin 3.64% 3.87% 3.79%
YTD-2004 YTD-2003 $ Change % Change
Net Interest Income $41,737 $38,465 $3,272 8.5
Provision for Loan and Lease
Losses (1,950) (2,913) 963 33.1
Other Revenues 9,837 10,774 (937) (8.7)
Total Net Revenues 49,624 46,326 3,298 7.1
Salaries, Pension, and Other
Employee Expense 18,987 17,641 1,346 7.6
Other Expenses 11,961 10,230 1,731 16.9
Income Before Income Taxes 18,676 18,455 221 1.2
Income Taxes 7,489 7,364 125 1.7
Net Income $11,187 $11,091 $96 0.9
Net Charge-offs $1,957 $2,113 ($156) (7.4)
Net Interest Margin 3.71% 3.95%
June 30, June 30, March 31,
2004 2003 $ Change % Change 2004
Securities and Short-
Term Investments $313,580 $114,102 $199,478 174.8 $210,647
Loans and Leases 2,081,788 1,900,975 180,813 9.5 2,007,917
Allowance for Loan
and Lease Losses (22,049) (21,525) (524) (2.4) (22,086)
Interest-Bearing
Deposits 1,938,282 1,681,787 256,495 15.3 1,800,571
Noninterest-Bearing
Deposits 341,896 247,189 94,707 38.3 281,986
Delinquency Ratio (30+
days): 0.19% 0.38% 0.29%
HOME EQUITY LENDING
Q2-2004 Q2-2003 $ Change % Change Q1-2004
Residual Asset Interest
Income $3,285 $6,006 ($2,721) (45.3) $3,258
Net Interest Income -
Unsold Loans and Other 22,874 22,216 658 3.0 21,438
Recovery of (provision
for) Loan Losses 706 (7,970) 8,676 108.9 (5,899)
Trading Gains (Losses) 6,688 (33,131) 39,819 120.2 4,641
Gain on Sales of Loans,
Including Points and
Fees 3,035 8,280 (5,245) (63.3) 8,689
Servicing Income, net 2,313 1,772 541 30.5 3,064
Other Revenues 2,797 587 2,210 376.5 1,261
Total Net Revenues 41,698 (2,240) 43,938 1961.5 36,452
Salaries, Pension, and
Other Employee Expense 17,865 12,664 5,201 41.1 16,126
Other Expense 8,990 9,146 (156) (1.7) 9,260
Income (Loss) Before
Income Taxes 14,843 (24,050) 38,893 161.7 11,066
Income Taxes 5,945 (9,620) 15,565 161.8 4,433
Net Income (Loss) $8,898 ($14,430) $23,328 161.7 $6,633
Loan Volume $403,822 $298,955 $104,867 35.1 $306,877
Loans Sold 223,956 242,235 (18,279) (7.5) 202,432
Net Charge-offs (Loans
Held for Investment) 2,626 5,827 (3,201) (54.9) 5,694
YTD-2004 YTD-2003 $ Change % Change
Residual Asset Interest Income $6,543 $12,969 ($6,426) (49.5)
Net Interest Income - Unsold
Loans and Other 44,310 41,665 2,645 6.3
Provision for Loan Losses (5,193) (12,850) 7,657 59.6
Trading Gains (Losses) 11,329 (50,919) 62,248 122.2
Gain on Sales of Loans, Including
Points and Fees 11,725 10,250 1,475 14.4
Servicing Income, net 5,377 2,544 2,833 111.4
Other Revenues 4,059 651 3,408 523.5
Total Net Revenues 78,150 4,310 73,841 1713.2
Salaries, Pension, and Other
Employee Expense 33,991 25,726 8,264 32.1
Other Expense 18,250 18,465 (215) (1.2)
Income (Loss) Before Income Taxes 25,909 (39,881) 65,789 165.0
Income Taxes 10,378 (15,952) 26,330 165.1
Net Income (Loss) $15,531 ($23,929) $39,460 164.9
Loan Volume $710,700 $577,505 $133,195 23.1
Loans Sold 426,388 328,303 98,085 29.9
Net Charge-offs (Loans Held for
Investment) 8,320 9,194 (874) (9.5)
June 30, June 30, March 31,
2004 2003 $ Change %Change 2004
Home Equity Loans Held
for Sale $460,118 $118,659 $341,459 287.8 $213,864
Home Equity Loans Held
for Investment 598,021 727,064 (129,043) (17.7) 721,685
Allowance for Loan and
Lease Losses (18,902) (25,084) 6,182 24.6 (29,456)
Residual Asset 73,219 92,847 (19,628) (21.1) 68,692
Servicing Asset 28,122 27,540 582 2.1 30,870
Managed Portfolio 1,543,457 1,698,876 (155,419) (9.1) 1,473,356
Delinquency Ratio
(30+ days) 4.16% 5.68% 4.72%
COMMERCIAL FINANCE
Q2-2004 Q2-2003 $Change %Change Q1-2004
Net Interest Income $6,881 $5,398 $1,483 27.5 $6,754
Provision for Loan and
Lease Losses (2,034) (4,069) 2,035 50.0 (1,153)
Other Revenues 2,622 2,663 (41) (1.5) 448
Total Net Revenues 7,469 3,992 3,477 87.1 6,049
Salaries, Pension, and
Other Employee Expense 3,477 2,852 625 21.9 3,362
Other Expenses 1,588 1,202 386 32.1 836
Income (Loss) Before Income
Taxes 2,404 (62) 2,466 3977.4 1,851
Income Taxes 1,087 (63) 1,150 1825.4 2,144
Net Income (Loss) $1,317 $1 $1,316 nm ($293)
Net Charge-Offs $1,051 $2,659 ($1,608) (60.5) $1,294
Loans Sold 15,939 21,067 (5,128) (24.3) 7,694
Net Interest Margin 5.62% 5.45% 5.74%
Total Fundings of Loans and
Leases $88,586 $66,300 $22,286 33.6 $71,652
YTD-2004 YTD-2003 $Change %Change
Net Interest Income $13,635 $10,205 $3,430 33.6
Provision for Loan and Lease
Losses (3,187) (6,933) 3,746 54.0
Other Revenues 3,070 3,497 (427) (12.2)
Total Net Revenues 13,518 6,769 6,749 99.7
Salaries, Pension, and Other
Employee Expense 6,839 5,141 1,698 33.0
Other Expenses 2,424 2,240 184 8.2
Income (Loss) Before Income Taxes 4,255 (612) 4,867 795.3
Income Taxes 3,231 (353) 3,584 1015.3
Net Income (Loss) $1,024 ($259) $1,283 495.4
Net Charge-Offs $2,345 $4,471 ($2,126) (47.6)
Loans Sold 23,634 21,067 2,567 12.2
Net Interest Margin 5.68% 5.73%
Total Fundings of Loans and Leases $160,238 $123,909 $36,329 29.3
June 30, June 30, March 31,
2004 2003 $ Change % Change 2004
Investment in Loans and
Leases $510,308 $399,358 $110,950 27.8 $479,364
Allowance for Loan and
Lease Losses (11,738) (10,325) (1,413) (13.7) (10,962)
Weighted Average Yield 9.10% 9.90% 9.24%
Delinquency ratio (30+
days) 0.88% 0.91% 0.86%
VENTURE CAPITAL
Q2-2004 Q2-2003 $ Change % Change Q1-2004
Net Interest Income ($2) $2 ($4) (200.0) ($1)
Mark to Market Adjustment on
Investments (350) (162) ($188) (116.0) 9
Other Revenues 179 (68) $247 363.2 149
Total Net Revenues (173) (228) 55 24.1 157
Operating Expenses 117 4 $113 nm 128
Income (Loss) Before Income
Taxes (290) (232) (58) (25.0) 29
Income Tax Expense (Benefit) (112) (96) ($16) (16.7) 11
Net Income (Loss) ($178) ($136) ($42) (30.9) $18
YTD-2004 YTD-2003 $ Change % Change
Net Interest Income ($3) $9 ($12) (133.3)
Mark to Market Adjustment on
Investments (341) (2,421) $2,080 85.9
Other Revenues 328 79 $249 315.2
Total Net Revenues (16) (2,333) 2,317 99.3
Operating Expenses 245 111 $134 120.7
Income (Loss) Before Income
Taxes (261) (2,444) 2,183 89.3
Income Tax Expense (Benefit) (100) (980) $880 89.8
Net Income (Loss) ($161) ($1,464) $1,303 89.0
June 30, June 30, March 31,
2004 2003 $ Change % Change 2004
Investment in Portfolio
Companies (cost) $14,592 $14,571 21 0.1 $14,592
Mark to Market Adjustment (11,418) (10,543) (875) (8.3) (11,068)
Carrying Value - Portfolio
Companies $3,174 $4,028 ($854) (21.2) $3,524
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