Silver State Bancorp (NASDAQ: SSBX) today announced that it has restated its earlier reported 2008 second quarter financial results.
The Company reported a restated net loss for the quarter ended June 30, 2008 of $73.2 million, or ($4.84) per diluted share, compared to the previously disclosed net loss of $62.7 million, or ($4.15) per diluted share. The reason for the increase in the net loss is an increase in the Company's provision for loan loss reserve for the quarter to $69.1 million from the previously reported $58.6 million. The increased provision is due primarily to the Company receiving an updated appraisal on the collateral underlying one of the Company's commercial land loans subsequent to issuing the initial earnings press release.
The restatement does not affect any financial statements filed with the SEC for any period. All of our reports previously filed with the SEC can continue to be relied upon and fairly present in all material respects our financial condition and our results of operations and changes in financial condition as of the dates specified in the reports, and our second quarter 2008 Form 10-Q filed today contains the financial statements and related disclosures for the 2008 second quarter, as restated.
The Company's restated financial statements and selected financial information are attached to this press release.
About Silver State Bancorp
Silver State Bancorp, through its wholly owned subsidiary Silver State Bank, currently operates thirteen full service branches in southern Nevada and four full service branches in the Phoenix/Scottsdale market area. Silver State Bank also operates loan production offices located in Nevada, California, Washington, Oregon, Utah, Colorado and Florida. Please visit www.silverstatebancorp.com for more information. The deposit accounts of Silver State Bank are insured up to applicable limits by the Federal Deposit Insurance Corporation.
Forward-Looking Statements
This press release contains forward-looking statements. Terms such as "will," "should," "plan," "intend," "expect," "continue," "believe," "anticipate," "seek," and similar expressions are forward-looking in nature and reflect management's view only as the date hereof. Actual results and events could differ materially from those expressed or anticipated and are subject to a number of risks and uncertainties including but not limited to fluctuations in interest rates, asset quality, government regulations, economic conditions and competition in the geographic and business areas in which Silver State Bancorp conducts its operations. We undertake no obligation to review or update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Silver State Bancorp and Subsidiary | ||||||||
 | ||||||||
Consolidated Balance Sheets | ||||||||
June 30, 2008 and December 31, 2007 | ||||||||
(Dollars in thousands) | ||||||||
(UNAUDITED) | ||||||||
 | June 30, |  | December 31, | |||||
 |  | 2008 |  | 2007 | ||||
Assets | ||||||||
Cash and cash equivalents | $ | 15,918 | $ | 13,838 | ||||
Federal funds sold |  | 224,183 |  |  |  | - |  | |
Total cash and cash equivalents | 240,101 | 13,838 | ||||||
Securities available-for-sale | 51,821 | 51,966 | ||||||
Federal Home Loan Bank stock, at cost | 5,957 | 5,469 | ||||||
Loans held for sale | 86,543 | 68,868 | ||||||
Loans, net of allowance for losses of $78,869 and $19,304, respectively | 1,473,698 | 1,539,667 | ||||||
Premises and equipment, net | 40,666 | 43,081 | ||||||
Land held for sale | 5,508 | - | ||||||
Accrued interest receivable | 7,035 | 9,874 | ||||||
Deferred taxes, net | 16,586 | 5,902 | ||||||
Other real estate owned | 16,303 | 110 | ||||||
Goodwill | - | 18,835 | ||||||
Intangible asset, net of amortization of $378 and $247, respectively | 786 | 917 | ||||||
Prepaids and other assets |  | 16,413 |  |  |  | 5,656 |  | |
Total assets | $ | 1,961,417 |  |  | $ | 1,764,183 |  | |
 | ||||||||
Liabilities and Stockholders' Equity | ||||||||
Deposits: | ||||||||
Non-interest bearing demand | $ | 122,052 | $ | 177,084 | ||||
Interest bearing: | ||||||||
Checking | 414,308 | 535,902 | ||||||
Savings | 25,774 | 22,943 | ||||||
Time, $100 and over | 415,440 | 256,392 | ||||||
Other time |  | 754,906 |  |  |  | 434,183 |  | |
Total deposits | 1,732,480 | 1,426,504 | ||||||
Accrued interest payable and other liabilities | 11,969 | 9,890 | ||||||
Federal funds purchased and securities sold under repurchase agreements | 1,595 | 9,983 | ||||||
Federal Home Loan Bank advances and other borrowings: | ||||||||
Short-term borrowings | 30,000 | 34,000 | ||||||
Long-term borrowings | 47,000 | 56,600 | ||||||
Junior subordinated debt |  | 69,589 |  |  |  | 69,589 |  | |
Total liabilities |  | 1,892,633 |  |  |  | 1,606,566 |  | |
 | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, par value of .001 cents; 10,000,000 shares authorized; none issued or outstanding | - | - | ||||||
Common stock, par value of .001 cents; 60,000,000 shares authorized; shares issued 2008: 15,954,098; 2007: 15,944,154; shares outstanding 2008: 15,134,765; 2007: 15,271,421 | 16 | 16 | ||||||
Additional paid-in capital | 80,224 | 79,721 | ||||||
Retained earnings (accumulated deficit) | (5,695 | ) | 81,974 | |||||
Accumulated other comprehensive income (loss) |  | (95 | ) |  |  | 64 |  | |
74,450 | 161,775 | |||||||
Less cost of treasury stock, 2008: 819,333 shares, 2007: 672,733 shares |  | (5,666 | ) |  |  | (4,158 | ) | |
Total stockholders' equity |  | 68,784 |  |  |  | 157,617 |  | |
Total liabilities and stockholders' equity | $ | 1,961,417 |  |  | $ | 1,764,183 |  |
Silver State Bancorp and Subsidiary | ||||||||||||||||
 |  |  |  | |||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
For the three months and six months ended June 30, 2008 and 2007 | ||||||||||||||||
(Dollars in thousands, except per share information) | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
 |  | 2008 |  | 2007 |  | 2008 |  | 2007 | ||||||||
Interest and dividend income on: | ||||||||||||||||
Loans, including fees | $ | 27,219 | $ | 33,411 | $ | 62,132 | $ | 61,844 | ||||||||
Securities, taxable | 1,022 | 634 | 1,667 | 1,327 | ||||||||||||
Dividends on FHLB stock | 83 | 40 | 154 | 99 | ||||||||||||
Federal funds sold and other |  | 729 |  |  |  | 258 |  |  | 853 |  |  |  | 470 |  | ||
Total interest income |  | 29,053 |  |  |  | 34,343 |  |  | 64,806 |  |  |  | 63,740 |  | ||
Interest expense on: | ||||||||||||||||
Deposits | 15,626 | 12,713 | 29,986 | 23,480 | ||||||||||||
Federal funds purchased and securities sold under repurchase agreements | ||||||||||||||||
31 | 88 | 123 | 242 | |||||||||||||
Short-term borrowings | 357 | 250 | 996 | 415 | ||||||||||||
Long-term borrowings | 620 | 643 | 1,283 | 1,214 | ||||||||||||
Junior subordinated debt |  | 772 |  |  |  | 689 |  |  | 1,840 |  |  |  | 1,355 |  | ||
Total interest expense |  | 17,406 |  |  |  | 14,383 |  |  | 34,228 |  |  |  | 26,706 |  | ||
Net interest income | 11,647 | 19,960 | 30,578 | 37,034 | ||||||||||||
Provision for loan losses |  | 69,100 |  |  |  | 1,860 |  |  | 100,100 |  |  |  | 3,190 |  | ||
Net interest income (loss) after provision for loan losses | ||||||||||||||||
 | (57,453 | ) |  |  | 18,100 |  |  | (69,522 | ) |  |  | 33,844 |  | |||
Other income: | ||||||||||||||||
Gain on sale of loans | 577 | 1,202 | 1,822 | 3,033 | ||||||||||||
Net realized gain on sale of available-for-sale securities | ||||||||||||||||
- | - | 52 | 31 | |||||||||||||
Service charges on deposit accounts | 258 | 221 | 523 | 420 | ||||||||||||
Loan servicing fees, net of amortization | 74 | 61 | 141 | 250 | ||||||||||||
Other income | 538 | 406 | 875 | 830 | ||||||||||||
Gain (loss) on disposal of other assets |  | (2 | ) |  |  | (16 | ) |  | 1 |  |  |  | (16 | ) | ||
Total non-interest income |  | 1,445 |  |  |  | 1,874 |  |  | 3,414 |  |  |  | 4,548 |  | ||
Non-interest expense: | ||||||||||||||||
Salaries, wages and employee benefits | 5,160 | 6,414 | 12,527 | 12,244 | ||||||||||||
Occupancy | 1,208 | 852 | 2,365 | 1,568 | ||||||||||||
Depreciation and amortization | 800 | 613 | 1,572 | 1,205 | ||||||||||||
Insurance | 613 | 552 | 927 | 621 | ||||||||||||
Professional fees | 1,544 | 463 | 2,474 | 1,314 | ||||||||||||
Advertising, public relations and business development | 286 | 226 | 599 | 451 | ||||||||||||
Customer service expense | 57 | 100 | 149 | 187 | ||||||||||||
Goodwill impairment | 18,835 | - | 18,835 | - | ||||||||||||
Loss on other real estate owned | 152 | - | 168 | 182 | ||||||||||||
Other |  | 1,358 |  |  |  | 943 |  |  | 2,717 |  |  |  | 1,822 |  | ||
Total non-interest expense |  | 30,013 |  |  |  | 10,163 |  |  | 42,333 |  |  |  | 19,594 |  | ||
Income (loss) before income taxes | (86,021 | ) | 9,811 | (108,441 | ) | 18,798 | ||||||||||
Income taxes (benefit) |  | (12,827 | ) |  |  | 3,641 |  |  | (20,826 | ) |  |  | 7,040 |  | ||
Net income (loss) |  | (73,194 | ) |  |  | 6,170 |  |  | (87,615 | ) |  |  | 11,758 |  | ||
 | ||||||||||||||||
Basic income (loss) per common share | $ | (4.84 | ) |  | $ | 0.45 |  | $ | (5.78 | ) |  | $ | 0.86 |  | ||
Diluted income (loss) per common share | $ | (4.84 | ) |  | $ | 0.44 |  | $ | (5.78 | ) |  | $ | 0.83 |  |
Silver State Bancorp and Subsidiary | |||||||||||||||
Summary Consolidated Financial and Other Data | |||||||||||||||
(Dollars in thousands, except per share data and ratios) | |||||||||||||||
(UNAUDITED) | |||||||||||||||
 | At or for the Three Months Ended |  | For the Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||||
2008 |  | 2007 | 2008 |  | 2007 | ||||||||||
 | |||||||||||||||
Selected Financial Data: | |||||||||||||||
Interest income | $ | 29,053 | $ | 34,343 | $ | 64,806 | $ | 63,740 | |||||||
Interest expense | 17,406 |  | 14,383 |  | 34,228 |  | 26,706 | ||||||||
Net interest income | 11,647 | 19,960 | 30,578 | 37,034 | |||||||||||
Provision for loans losses | 69,100 |  | 1,860 |  | 100,100 |  | 3,190 | ||||||||
Net interest income (loss) after provision for loan losses | (57,453 | ) | 18,100 | (69,522 | ) | 33,844 | |||||||||
Non-interest income | 1,445 | 1,874 | 3,414 | 4,548 | |||||||||||
Non-interest expense | 30,013 |  | 10,163 |  | 42,333 |  | 19,594 | ||||||||
Income (loss) before income taxes | (86,021 | ) | 9,811 | (108,441 | ) | 18,798 | |||||||||
Provision for income taxes (benefit) | (12,827 | ) | 3,641 |  | (20,826 | ) | 7,040 | ||||||||
Net Income (loss) | $ | (73,194 | ) | $ | 6,170 |  | $ | (87,615 | ) | $ | 11,758 | ||||
 | |||||||||||||||
Share data: | |||||||||||||||
Earnings (loss) per share--basic | $ | (4.84 | ) | $ | 0.45 | $ | (5.78 | ) | $ | 0.86 | |||||
Earnings (loss) per share--diluted | (4.84 | ) | 0.44 | (5.78 | ) | 0.83 | |||||||||
Book value per share | 4.54 | 8.64 | |||||||||||||
Tangible book value per share | 4.49 | 7.20 | |||||||||||||
Shares outstanding at period end | 15,134,765 | 13,746,162 | |||||||||||||
Weighted average shares outstanding--basic | 15,121,715 | 13,723,765 | 15,166,228 | 13,710,441 | |||||||||||
Weighted average shares outstanding--diluted | 15,121,715 | 14,141,082 | 15,166,228 | 14,155,906 | |||||||||||
 | |||||||||||||||
Selected Balance Sheet Data: | |||||||||||||||
Cash and cash equivalents | $ | 240,101 | $ | 28,035 | |||||||||||
Investments and other securities | 51,821 | 52,466 | |||||||||||||
Loans held for sale | 86,543 | 52,121 | |||||||||||||
Gross loans, including net deferred loan fees | 1,552,567 | 1,311,525 | |||||||||||||
Allowance for loan losses | 78,869 | 14,334 | |||||||||||||
Assets | 1,961,417 | 1,510,619 | |||||||||||||
Deposits | 1,732,480 | 1,245,305 | |||||||||||||
Junior subordinated debt | 69,589 | 38,661 | |||||||||||||
Stockholders' equity | 68,784 | 118,767 | |||||||||||||
 | |||||||||||||||
Selected Other Balance Sheet Data: | |||||||||||||||
Average assets | $ | 2,044,681 | $ | 1,443,194 | $ | 1,939,020 | $ | 1,362,938 | |||||||
Average earning assets | 1,972,159 | 1,367,547 | 1,864,017 | 1,288,871 | |||||||||||
Average stockholders' equity | 139,817 | 116,569 | 150,109 | 113,255 | |||||||||||
 | |||||||||||||||
Selected Capital Ratios: | |||||||||||||||
Leverage Ratio | 4.5 | % | 9.6 | % | |||||||||||
Tier 1 Risk-Based Capital ratio | 5.1 | % | 9.0 | % | |||||||||||
Total Risk-Based Capital ratio | 9.0 | % | 9.9 | % |
Silver State Bancorp and Subsidiary | |||||||||||||
Summary Consolidated Financial and Other Data (continued) | |||||||||||||
(Dollars in thousands, except per share data and ratios) | |||||||||||||
(UNAUDITED) | |||||||||||||
 | At or for the Three Months Ended |  |  | For the Six Months Ended | |||||||||
June 30, | June 30, | ||||||||||||
2008 |  | 2007 | 2008 |  | 2007 | ||||||||
 | |||||||||||||
Selected Financial & Performance Ratios: | |||||||||||||
Return on average assets (1) | -14.40 | % | 1.71 | % | -9.09 | % | 1.74 | % | |||||
Return on average stockholders' equity (1) | -210.55 | % | 21.23 | % | -117.38 | % | 20.94 | % | |||||
Net interest rate spread (1)(2) | 1.94 | % | 5.04 | % | 2.78 | % | 4.96 | % | |||||
Net interest margin (1)(3) | 2.38 | % | 5.85 | % | 3.30 | % | 5.79 | % | |||||
Efficiency ratio (4) | 229.25 | % | 46.55 | % | 124.54 | % | 47.12 | % | |||||
Loan to deposit ratio | 89.62 | % | 105.32 | % | |||||||||
Average earning assets to average interest-bearing liabilities | 112.37 | % | 119.34 | % | 114.09 | % | 119.99 | % | |||||
Average stockholders' equity to average assets | 6.84 | % | 8.08 | % | 7.74 | % | 8.31 | % | |||||
 | |||||||||||||
Selected Asset Quality Ratios: | |||||||||||||
Nonperforming loans to gross loans (5) | 16.23 | % | 0.01 | % | |||||||||
Nonperforming assets to total assets (6) | 13.68 | % | 0.02 | % | |||||||||
Loans past due 90 days or more and still accruing to total loans | 0.66 | % | - | ||||||||||
Allowance for loan losses to gross loans | 5.08 | % | 1.09 | % | |||||||||
Allowance for loan losses to nonperforming loans | 31.29 | % | 12045.38 | % | |||||||||
Net charge-offs to average loans outstanding | 1.82 | % | 0.00 | % | 2.40 | % | 0.00 | % | |||||
 | |||||||||||||
Selected Other Data: | |||||||||||||
Number of full service branch offices | 17 | 12 | |||||||||||
 | |||||||||||||
=================================================== | |||||||||||||
(1) Annualized for the three month and six month periods ended June 30, 2008 and 2007. | |||||||||||||
(2) Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities. | |||||||||||||
(3) Net interest margin represents net interest income as a percentage of average interest-earning assets. | |||||||||||||
(4) Efficiency ratio represents non-interest expenses as a percentage of the total of net interest income plus non-interest income. | |||||||||||||
(5) Nonperforming loans are defined as loans that are past due 90 days or more plus loans placed in nonaccrual status. | |||||||||||||
(6) Nonperforming assets include nonperforming loans plus other real estate owned. |
 | Three Months Ended June 30, | |||||||||||||||||||
2008 |  | 2007 | ||||||||||||||||||
Average |  | Interest |  | Average Yield/ Cost (5) |  | Average Balance |  | Interest |  | Average Yield/ Cost (5) | ||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Interest-earning assets |  |  |  |  |  | |||||||||||||||
Investment Securities-taxable | $ | 127,796 | $ | 1,022 | 3.22 | % | $ | 53,214 | $ | 634 | 4.78 | % | ||||||||
Federal funds sold and other | 141,050 | 729 | 2.08 | % | 22,968 | 258 | 4.51 | % | ||||||||||||
Loans (1)(2) | 1,697,417 | 27,219 | 6.45 | % | 1,287,071 | 33,411 | 10.41 | % | ||||||||||||
FHLB stock |  | 5,896 |  |  |  | 83 | 5.66 | % |  | 4,294 |  |  |  | 40 | 3.74 | % | ||||
Total earning assets | 1,972,159 | 29,053 | 5.93 | % | 1,367,547 | 34,343 | 10.07 | % | ||||||||||||
Non-interest earning assets | ||||||||||||||||||||
Cash and due from banks | 20,011 | 17,377 | ||||||||||||||||||
Allowance for loan losses | (42,009 | ) | (13,230 | ) | ||||||||||||||||
Other assets |  | 94,520 |  |  | 71,500 |  | ||||||||||||||
Total assets | $ | 2,044,681 |  | $ | 1,443,194 |  | ||||||||||||||
 | ||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||
Interest checking | $ | 17,448 | $ | 85 | 1.96 | % | $ | 16,481 | $ | 44 | 1.07 | % | ||||||||
Savings and money market | 499,456 | 3,852 | 3.10 | % | 522,192 | 6,161 | 4.73 | % | ||||||||||||
Time deposits |  | 1,071,521 |  |  |  | 11,689 | 4.39 | % |  | 487,380 |  |  |  | 6,508 | 5.36 | % | ||||
Total interest-bearing deposits | 1,588,425 | 15,626 | 3.96 | % | 1,026,053 | 12,713 | 4.97 | % | ||||||||||||
Short-term borrowings | 45,410 | 388 | 3.44 | % | 27,024 | 338 | 5.02 | % | ||||||||||||
Long-term debt | 51,642 | 620 | 4.83 | % | 54,207 | 643 | 4.76 | % | ||||||||||||
Junior subordinated debt |  | 69,589 |  |  |  | 772 | 4.46 | % |  | 38,661 |  |  |  | 689 | 7.15 | % | ||||
Total interest-bearing liabilities | 1,755,066 | 17,406 | 3.99 | % | 1,145,945 | 14,383 | 5.03 | % | ||||||||||||
Non-interest bearing liabilities | ||||||||||||||||||||
Non-interest bearing demand deposits | 137,570 | 169,333 | ||||||||||||||||||
Other liabilities | 12,228 | 11,347 | ||||||||||||||||||
Stockholders' equity |  | 139,817 |  |  | 116,569 |  | ||||||||||||||
Total liabilities and stockholders' equity | $ | 2,044,681 |  | $ | 1,443,194 |  | ||||||||||||||
Net interest rate spread (3) | 1.94 | % | 5.04 | % | ||||||||||||||||
Net interest income/net interest margin (4) | $ | 11,647 | 2.38 | % | $ | 19,960 | 5.85 | % | ||||||||||||
Total interest-earning assets to interest-bearing liabilities | 112.37 | % | 119.34 | % | ||||||||||||||||
 | ||||||||||||||||||||
(1) Net loan fees of $2.8 million and $3.5 million are included in the yield computation for the three months ended June 30, 2008 and 2007, respectively. | ||||||||||||||||||||
(2) Nonaccrual loans have been included in average loan balances. | ||||||||||||||||||||
(3) Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities. | ||||||||||||||||||||
(4) Net interest margin is computed by dividing net interest income by total average earning assets. | ||||||||||||||||||||
(5) Annualized. |
 | Six Months Ended June 30, | |||||||||||||||||||
2008 |  | 2007 | ||||||||||||||||||
Average Balance |  | Interest |  | Average Yield/ Cost (5) |  | Average Balance |  | Interest |  | Average Yield/ Cost (5) | ||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Interest-earning assets |  |  |  |  |  | |||||||||||||||
Investment Securities-taxable | $ | 90,145 | $ | 1,667 | 3.72 | % | $ | 57,099 | $ | 1,327 | 4.69 | % | ||||||||
Federal funds sold and other | 79,103 | 853 | 2.17 | % | 18,637 | 470 | 5.09 | % | ||||||||||||
Loans (1)(2) | 1,688,929 | 62,132 | 7.40 | % | 1,208,934 | 61,844 | 10.32 | % | ||||||||||||
FHLB stock |  | 5,840 |  |  |  | 154 | 5.30 | % |  | 4,201 |  |  |  | 99 | 4.75 | % | ||||
Total earning assets | 1,864,017 | 64,806 | 6.99 | % | 1,288,871 | 63,740 | 9.97 | % | ||||||||||||
Non-interest earning assets | ||||||||||||||||||||
Cash and due from banks | 17,547 | 17,968 | ||||||||||||||||||
Allowance for loan losses | (31,091 | ) | (12,389 | ) | ||||||||||||||||
Other assets |  | 88,547 |  |  | 68,488 |  | ||||||||||||||
Total assets | $ | 1,939,020 |  | $ | 1,362,938 |  | ||||||||||||||
 | ||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||
Interest checking | $ | 13,970 | $ | 112 | 1.61 | % | $ | 18,676 | $ | 101 | 1.09 | % | ||||||||
Savings and money market | 521,681 | 8,671 | 3.34 | % | 494,714 | 11,537 | 4.70 | % | ||||||||||||
Time deposits |  | 917,245 |  |  |  | 21,203 | 4.65 | % |  | 445,118 |  |  |  | 11,842 | 5.36 | % | ||||
Total interest-bearing deposits | 1,452,896 | 29,986 | 4.15 | % | 958,508 | 23,480 | 4.94 | % | ||||||||||||
Short-term borrowings | 57,743 | 1,119 | 3.90 | % | 23,968 | 657 | 5.53 | % | ||||||||||||
Long-term debt | 53,544 | 1,283 | 4.82 | % | 52,971 | 1,214 | 4.62 | % | ||||||||||||
Junior subordinated debt |  | 69,589 |  |  |  | 1,840 | 5.32 | % |  | 38,661 |  |  |  | 1,355 | 7.07 | % | ||||
Total interest-bearing liabilities | 1,633,772 | 34,228 | 4.21 | % | 1,074,108 | 26,706 | 5.01 | % | ||||||||||||
Non-interest bearing liabilities | ||||||||||||||||||||
Non-interest bearing demand deposits | 143,521 | 166,499 | ||||||||||||||||||
Other liabilities | 11,618 | 9,076 | ||||||||||||||||||
Stockholders' equity |  | 150,109 |  |  | 113,255 |  | ||||||||||||||
Total liabilities and stockholders' equity | $ | 1,939,020 |  | $ | 1,362,938 |  | ||||||||||||||
Net interest rate spread (3) | 2.78 | % | 4.96 | % | ||||||||||||||||
Net interest income/net interest margin (4) | $ | 30,578 | 3.30 | % | $ | 37,034 | 5.79 | % | ||||||||||||
Total interest-earning assets to interest-bearing liabilities | 114.09 | % | 119.99 | % | ||||||||||||||||
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(1) Net loan fees of $6.5 million and $5.8 million are included in the yield computation for the six months ended June 30, 2008 and 2007, respectively. | ||||||||||||||||||||
(2) Nonaccrual loans have been included in average loan balances. | ||||||||||||||||||||
(3) Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities. | ||||||||||||||||||||
(4) Net interest margin is computed by dividing net interest income by total average earning assets. | ||||||||||||||||||||
(5) Annualized. |