First Oak Brook Bancshares, Inc. (NASDAQ:FOBB): -0- *T 2005 Third
Quarter Earnings (Unaudited) *T FIRST OAK BROOK BANCSHARES, INC.,
(NASDAQ:FOBB) announced net income for the third quarter of 2005 of
$4.064 million, down from $4.566 million for the third quarter of
2004. Diluted earnings per share were $.41 in the third quarter of
2005 compared to $.46 in 2004, down 11%. Net interest income was
$12.718 million in the third quarter of 2005 compared to $13.768
million in the third quarter of 2004. The decrease in net interest
income resulted from a 33 basis point decrease in the net interest
margin to 2.48%, partially offset by a 4% increase in average
earning assets. Margin compression in the third quarter of 2005 was
primarily the result of interest rates rising faster on deposits
than on loans and investments and the flattening yield curve. The
growth in average earning assets included an increase in average
loans of $205.3 million offset by a decrease in average investment
securities of $97.3 million. The Company recorded a provision for
loan losses of $180,000 during the third quarter of 2005. No
provision for loan losses was recorded for the third quarter of
2004. Other income, excluding securities gains and losses,
increased 18% primarily as a result of the following: -- Merchant
credit card processing fees - up $641,000, primarily due to new
customer growth and increased volume. Merchant outlets totaled 640
at September 30, 2005 as compared to 522 at September 30, 2004. --
Gain on mortgages sold - up $365,000, primarily due to increased
mortgage originations arising from the "Guaranteed Best Rate"
promotion. -- Investment management and trust fees - up $136,000,
primarily from increases in discretionary assets under management
which rose to $803.6 million, up from $665.3 million at September
30, 2004. -- Treasury management fees - down $350,000, primarily
due to higher earnings credit rates being paid on demand deposit
account balances. Other expenses rose 1% for the third quarter of
2005 primarily as a result of the following: -- Merchant credit
card interchange expense - up $560,000, primarily due to increased
volume. -- Salaries and employee benefits - up $433,000, due in
part to staffing for three new branches opening in October 2005. --
Professional fees - up $114,000, primarily due to increased ongoing
costs related to compliance with the Sarbanes-Oxley Act and legal
fees arising from the Company's prosecution of lawsuits related to
the 60 W. Erie loan fraud discovered in 2002. -- Provision for
other real estate owned - down $1,217,000. No valuation adjustment
was necessary in 2005. See "Asset Quality." Nine Month Earnings
(Unaudited) Net income for the first nine months of 2005 was
$12.799 million, down from $14.132 million for the first nine
months of 2004. Diluted earnings per share were $1.28 in the first
nine months of 2005 compared to $1.41 in 2004, down 9%. Net
interest income was $38.556 million in the first nine months of
2005 compared to $40.151 million in the first nine months of 2004.
The decrease in net interest income resulted from a 35 basis point
decrease in the net interest margin to 2.60%, partially offset by a
9% increase in average earning assets. The growth in average
earning assets included an increase in average loans of $181.0
million and a slight increase in average investment securities of
$4.0 million. Margin compression in the first nine months of 2005
was primarily the result of interest rates rising faster on
deposits than on loans and investments and the flattening yield
curve. The Company recorded a provision for loan losses of $180,000
in the first nine months of 2005 compared to $500,000 recorded in
2004. The decrease is primarily due to high asset quality and net
recoveries for the first nine months of 2005. Other income,
excluding security gains, increased 10%, primarily as a result of
the following: -- Merchant credit card processing fees - up
$1,531,000, primarily due to new customer growth and increased
volume. -- Gain on mortgages sold - up $515,000, primarily due to
increased mortgage originations arising from the "Guaranteed Best
Rate" promotion. -- Investment management and trust fees - up
$332,000, primarily from an increase in discretionary assets under
management. -- Other operating income - up $175,000, primarily due
to an increase of $85,000 in retail annuity sales and a gain of
$87,000 on the sale of repossessed property. -- Income from sale of
covered call options - down $495,000. -- Treasury management fees -
down $778,000, primarily due to higher earnings credit rates being
paid on demand deposit account balances. Other expenses rose 6% for
the first nine months of 2005 primarily as a result of the
following: -- Merchant credit card interchange expense - up
$1,363,000, primarily due to increased volume. -- Salaries and
employee benefits - up $1,054,000. -- Professional fees - up
$284,000, primarily due to increased ongoing costs related to
compliance with the Sarbanes-Oxley Act, legal fees arising from the
Company's prosecution of lawsuits related to the 60 W. Erie loan
fraud discovered in 2002 and a reimbursement of legal fees in 2004
related to a fully recovered problem credit. -- Advertising and
business development - up $189,000, due primarily to the promotion
of the new "Guaranteed Best Rate" mortgage product. Chief Executive
Officer & President's Comments Richard M. Rieser, Jr., Company
CEO and President said, "Despite the pressure on our margin from
rising deposit costs, we are very pleased with our robust loan
growth of over $195 million since year end to a record high of
$1.267 billion at September 30, 2005. "Loan growth has been strong
in 2005 in all categories except Commercial and Industrial Lending.
To energize C&I Lending, we are pleased to announce that
William McGowan, 43, has just joined the Bank as the new Executive
Vice President and Department Head. Bill comes to us with
outstanding credentials. Most recently, Bill was Executive Vice
President and a Director of Cornerstone Bank, a de novo founded by
the Fitzgerald family in Palatine, Illinois. Previously, Bill was
Senior Vice President for Fifth-Third Bank in Illinois where he
oversaw 9 middle market commercial lending divisions, and before
that Bill served as President and Market Manager of Corporate
Banking for Old Kent Bank-Illinois, Fifth-Third's predecessor. Bill
started his banking career at American National Bank in 1984 and
remained there until 1998, leaving American as First Vice President
and a division head in commercial lending. Bill earned his BBA in
Finance at the University of Notre Dame in 1984 and his MBA at
DePaul University. We are confident that with Bill's strong credit,
relationship management, recruiting and team-building skills, he
will provide the leadership necessary to build our C&I lending
business. "We are also excited by the Wealth Advisory Group's
progress. Not only did our Wealth Advisory Group surpass $1 billion
in assets under administration in the Third Quarter, but also it
just introduced a new brand, "Chicago Private Bank," in the North
Shore market. The "Chicago Private Bank" is the way we are
identifying Oak Brook Bank's 19th and 20th offices, which opened on
Monday, October 17th in Glencoe and Northbrook, Illinois. Our brand
promise is to bring a new, different and better kind of bank to
high net worth individuals, professionals and business owners on
the North Shore by having exceptional bankers deliver extraordinary
service in elegant surroundings. To differentiate our services, we
are emphasizing the knowledge, know-how, and networking capacity of
our managers. We believe we have hired leaders who are more than
smart and analytical, but who are also experts in their specialized
fields and familiar with these affluent communities and who,
because of their deep understanding, can be more creative,
imaginative, and empathetic -- bankers worthy of clients' trust. We
have also hired doormen and concierges to cater to clients. If
customers need something picked up or dropped-off at their homes or
businesses, our Mini-Cooper concierge cars will arrive in a jiffy.
"To head this private banking initiative, we're pleased to announce
that Scott Landau has joined the Chicago Private Bank as President.
Previously, Scott was Senior Vice President in the Wealth
Management Group of LaSalle Bank and head of LaSalle's Highland
Park office. Teamed with Scott is Jill Greenberg, Managing Director
of Chicago Private Bank and head of our new Glencoe office.
Formerly, Jill was Vice President and manager of residential
lending in LaSalle's Wealth Management Group. "What we think is
especially novel about our Chicago Private Bank strategy is the way
we have married, in our new Glencoe and Northbrook offices, more
traditional retail and commercial banking services to specialized
private banking products. Essentially, our mission is to deliver
absolutely first-rate service, the banking equivalent of what you'd
expect to find at a five-star hotel." Assets and Equity at
September 30, 2005 (Unaudited) Total assets were a record $2.179
billion at September 30, 2005, up 5% from $2.083 billion at
December 31, 2004. Shareholders' equity was $135.0 million at
September 30, 2005 compared to $133.8 million at December 31, 2004.
Book value per share was $13.50 at September 30, 2005. Under the
Company's Stock Repurchase Program, the Company repurchased 88,603
shares at an average price of $29.75 during the first nine months
of 2005. The repurchased stock is held as treasury stock and used
for general corporate purposes. The Company's and Oak Brook Bank's
capital ratios met the "well capitalized" criteria of the Federal
Reserve and FDIC, respectively. "Well-capitalized" status reduces
Federal Reserve regulatory burdens and helps lessen FDIC insurance
assessments. Asset Quality (Unaudited) Net recoveries for the first
nine months of 2005 totaled $8,000 compared to net charge-offs of
$69,000 in the first nine months of 2004. In 2005, charge-offs
totaled $293,000, which related primarily to the indirect vehicle
portfolio. Recoveries totaled $301,000 including $32,000 in
restitution from the 60 W. Erie loan fraud and a $39,000 recovery
on a commercial loan charged-off in 2002. The remaining recoveries
relate primarily to the Company's indirect vehicle portfolio. In
2004, charge-offs of $365,000 and recoveries of $296,000 related
primarily to the indirect vehicle portfolio. As of September 30,
2005, the Company's allowance for losses stood at $8.7 million, or
.69% of loans outstanding, compared to $8.5 million, or .80% of
loans outstanding at December 31, 2004. At September 30, 2005,
nonperforming loans (including nonaccrual loans of $232,000 and
loans past due greater than 90 days of $63,000) were $295,000,
compared to $148,000 at December 31, 2004. At September 30, 2005,
nonperforming assets totaled $1.3 million, a substantial decrease
from $10.2 million at December 31, 2004. Nonperforming assets
include Other Real Estate Owned (OREO) of $963,000, nonperforming
loans of $295,000, and repossessed vehicles held for sale of
$66,000. OREO totaled $963,000 at September 30, 2005, down from
$9.857 million at December 31, 2004. OREO consists of one remaining
full-floor unit and six parking spaces from the 60 W. Erie
condominium project in Chicago. Expanding Branch Network
(Unaudited) Oak Brook Bank currently operates 20 banking offices,
16 in the western suburbs of Chicago, three in the northern suburbs
of Chicago, and one at Huron and Dearborn Streets in downtown
Chicago, in addition to an Internet branch at www.obb.com. In March
2005, Oak Brook Bank opened its 18th office in Darien, Illinois,
which currently has deposits of over $58 million. On October 17,
2005, Oak Brook opened its new 19th and 20th offices in Glencoe and
Northbrook, Illinois, branded as "Chicago Private Bank." (See CEO
& President's comments above for details.) Later this October,
Oak Brook Bank expects to open its 21st office in Wheaton,
Illinois. The Bank has also announced two additional offices in
Homer Glen in the southwest suburbs and Oak Lawn in the south
suburbs of Chicago, both of which are expected to open in 2006. The
Bank continues to evaluate branch expansion opportunities in the
greater Chicago area. Although the opening of new offices increases
operating expenses until breakeven is reached, management believes
judicious branch expansion is a key to the Company's longer-term
profitable growth prospects. Anticipated Fourth Quarter Outlook For
the fourth quarter 2005, the Company anticipates continued margin
pressure, particularly due to rising competitive rates for
deposits. In addition, the Company will have opened three new
branches in October 2005, the costs of and promotions for which
will increase operating expenses. Offsetting these expected costs,
the Company received $844,000 in loan prepayment fees on $15
million in commercial mortgages paid-off in early October.
Shareholder Information (Unaudited) The Company's Common Stock
trades on the Nasdaq Stock Market(R) under the symbol FOBB. FOBB
remained a member of the Russell 2000(R) Index effective July 1,
2005 for a term of one year. Twenty-two firms make a market in the
Company's Common stock. The following six firms provide research
coverage: Howe Barnes Investments, Inc.; Sandler, O'Neill &
Partners; Stifel Nicolaus & Co.; Keefe, Bruyette & Woods,
Inc.; FTN Financial Securities Corp.; and Sidoti & Co. At our
Web site www.firstoakbrook.com you will find shareholder
information including this press release and electronic mail boxes.
You will also have the option of directly linking to additional
financial information filed with the SEC. The consolidated balance
sheets, income statements, and selected financial data are
enclosed. Forward-Looking Statements This release contains certain
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and this statement is
included for purposes of invoking these safe harbor provisions.
Forward-looking statements, which are based on certain assumptions
and describe the Company's future plans, strategies and
expectations, can generally be identified by use of the words
"believe," "expect," "intend," "anticipate," "estimate," "project,"
or similar expressions. The Company's ability to predict results or
the actual effect of future plans or strategies is inherently
uncertain and actual results may differ materially from the results
projected in forward-looking statements due to various factors.
These risks and uncertainties include, but are not limited to,
fluctuations in market rates of interest and loan and deposit
pricing; a deterioration of general economic conditions in the
Company's market areas; legislative or regulatory changes; adverse
developments in our loan or investment portfolios; the assessment
of the provision and reserve for loan losses; developments
pertaining to the loan fraud and condominium project at 60 W. Erie,
Chicago; significant increases in competition or changes in
depositor preferences or loan demand, difficulties in identifying
attractive branch sites or other expansion opportunities, or
unanticipated delays in regulatory approval or construction
buildout; difficulties in attracting and retaining qualified
personnel; and possible dilutive effect of potential acquisitions
or expansion. These risks and uncertainties should be considered in
evaluating forward-looking statements and undue reliance should not
be placed on such statements. We undertake no obligation to update
publicly any of these statements in light of future events except
as may be required in subsequent periodic reports filed with the
Securities and Exchange Commission. -0- *T FIRST OAK BROOK
BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Unaudited) (Unaudited) September 30, December 31, September 30,
2005 2004 2004 ----------------------------------------- (Dollars
in thousands) Assets Cash and due from banks $34,457 $34,273
$32,755 Fed funds sold and interest-bearing deposits with other
banks 4,629 51,479 76,631 Investment securities: Held-to-maturity,
at amortized cost 35,597 35,469 37,264 Available-for-sale, at fair
value 736,186 786,198 810,749 Trading, at fair value 921 - -
Non-marketable securities - FHLB stock 20,188 19,410 19,087
------------- ------------- ------------- Total investment
securities 792,892 841,077 867,100 Loans: Commercial 80,256 88,087
87,974 Lease financing 36,954 28,566 18,579 Syndicated 66,511
34,958 30,542 Construction 94,029 75,833 77,352 Commercial mortgage
290,919 247,840 235,730 Residential mortgage 130,047 109,097
104,219 Home equity 159,990 151,873 148,870 Indirect auto 326,610
276,398 266,693 Indirect Harley Davidson 71,322 51,560 50,529 Other
consumer 10,729 7,443 7,880 ------------- -------------
------------- Total loans, net of unearned income 1,267,367
1,071,655 1,028,368 Allowance for loan losses (8,734) (8,546)
(8,800) ------------- ------------- ------------- Net loans
1,258,633 1,063,109 1,019,568 Other real estate owned, net of
valuation reserve 963 9,857 11,187 Premises and equipment, net of
accumulated depreciation 39,077 34,561 34,780 Bank owned life
insurance 25,600 24,858 21,645 Other assets 23,191 23,310 47,118
------------- ------------- ------------- Total assets $2,179,442
$2,082,524 $2,110,784 ============= ============= =============
FIRST OAK BROOK BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED
BALANCE SHEETS (Unaudited) (Unaudited) September 30, December 31,
September 30, 2005 2004 2004
----------------------------------------- (Dollars in thousands)
Liabilities Noninterest-bearing demand deposits $280,544 $265,251
$260,715 Interest-bearing deposits: Savings deposits and NOW
accounts 259,430 291,028 289,923 Money market accounts 242,049
166,777 142,612 Time deposits: Under $100,000 452,737 376,841
397,408 $100,000 and over 592,134 614,639 631,075 -------------
------------- ------------- Total interest-bearing deposits
1,546,350 1,449,285 1,461,018 ------------- -------------
------------- Total deposits 1,826,894 1,714,536 1,721,733 Fed
funds purchased and securities sold under agreements to repurchase
35,194 25,285 35,246 Treasury, tax and loan demand notes 4,170
7,792 16,937 FHLB of Chicago borrowings 138,896 161,418 165,500
Junior subordinated notes issued to capital trusts 23,713 23,713
23,713 Other liabilities 15,555 15,993 16,246 -------------
------------- ------------- Total liabilities 2,044,422 1,948,737
1,979,375 Shareholders' equity: Preferred stock - - - Common stock
21,850 21,850 21,850 Surplus 8,636 7,751 6,447 Accumulated other
comprehensive (loss) income (5,052) 432 1,699 Retained earnings
122,402 114,897 111,517 Less cost of shares in treasury (12,816)
(11,143) (10,104) ------------- ------------- ------------- Total
shareholders' equity 135,020 133,787 131,409 -------------
------------- ------------- Total liabilities and shareholders'
equity $2,179,442 $2,082,524 $2,110,784 ============= =============
============= FIRST OAK BROOK BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three months Nine
months ended ended (In thousands except September 30, % September
30, % per share data) 2005 2004 Change 2005 2004 Change
------------------------ ------------------------ Interest and
dividend income: Loans $17,398 $12,788 36 $46,973 $36,638 28
Investment securities: U.S. Treasuries and U.S. Government agencies
7,180 8,068 (11) 22,259 22,006 1 State and municipal obligations
451 502 (10) 1,315 1,457 (10) Other securities 851 1,135 (25) 2,511
3,403 (26) Fed funds sold and interest-bearing deposits with banks
386 238 62 763 455 68 -------- -------- -------- -------- Total
interest and dividend income 26,266 22,731 16 73,821 63,959 15
Interest expense: Savings deposits and NOW accounts 994 804 24
2,718 2,260 20 Money market accounts 1,530 459 233 3,218 1,227 162
Time deposits 8,913 5,880 52 23,290 15,099 54 Fed funds purchased
and securities sold under agreements to repurchase 274 86 219 692
275 152 Treasury, tax and loan demand notes 22 4 450 96 35 174 FHLB
of Chicago borrowings 1,307 1,342 (3) 3,830 3,792 1 Junior
subordinated notes issued to capital trusts 508 388 31 1,421 1,120
27 -------- -------- -------- -------- Total interest expense
13,548 8,963 51 35,265 23,808 48 -------- -------- --------
-------- Net interest income 12,718 13,768 (8) 38,556 40,151 (4)
Provision for loan losses 180 - (a) 180 500 (a) -------- --------
-------- -------- Net interest income after provision for loan
losses 12,538 13,768 (9) 38,376 39,651 (3) FIRST OAK BROOK
BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED) Three months Nine months ended ended (In thousands
except September 30, % September 30, % per share data) 2005 2004
Change 2005 2004 Change ------------------------
------------------------ Other income: Service charges on deposit
accounts: Treasury management 815 1,165 (30) 2,681 3,459 (22)
Retail and small business 322 330 (2) 904 949 (5) Investment
management and trust fees 781 645 21 2,277 1,945 17 Merchant credit
card processing fees 2,235 1,594 40 5,942 4,411 35 Gains on
mortgages sold, net of fees and costs 417 52 702 692 177 291 Income
from bank owned life insurance 251 210 20 742 634 17 Income from
sale of covered call options 172 193 (11) 478 973 (51) Securities
dealer income 60 51 18 152 152 0 Other operating income 350 351 (0)
1,201 1,026 17 Net investment securities gains (losses) (54) 255
(a) 244 417 (a) -------- -------- -------- -------- Total other
income 5,349 4,846 10 15,313 14,143 8 Other expenses: Salaries and
employee benefits 6,442 6,009 7 19,230 18,176 6 Occupancy 894 843 6
2,629 2,497 5 Equipment 544 530 3 1,617 1,559 4 Data processing 556
503 11 1,539 1,397 10 Professional fees 379 265 43 961 677 42
Postage, stationery and supplies 273 253 8 796 758 5 Advertising
and business development 615 562 9 1,832 1,643 12 Merchant credit
card interchange 1,822 1,262 44 4,884 3,521 39 Provision for other
real estate owned - 1,217 (a) - 1,217 (a) Other operating expense
546 527 4 1,636 1,599 2 -------- -------- -------- -------- Total
other expense 12,071 11,971 1 35,124 33,044 6 -------- --------
-------- -------- Income before income taxes 5,816 6,643 (12)
18,565 20,750 (11) Income tax expense 1,752 2,077 (16) 5,766 6,618
(13) -------- -------- -------- -------- Net income $4,064 $4,566
(11) $12,799 $14,132 (9) ======== ======== ======== ========
Diluted earnings per share $0.41 $0.46 (11) $1.28 $1.41 (9)
======== ======== ======== ======== (a) Percentage change
information not meaningful. FIRST OAK BROOK BANCSHARES, INC. AND
SUBSIDIARIES SELECTED CONSOLIDATED FINANCIAL DATA (UNAUDITED) Three
months ended September 30, % (In thousands except per share data)
2005 2004 Change ---------------------------------- AVERAGE
BALANCES: Loans, net of unearned income $1,232,761 $1,027,441 20
Investment securities 789,183 886,452 (11) Earning assets 2,061,302
1,975,845 4 Total assets 2,174,043 2,091,967 4 Demand deposits
273,226 282,370 (3) Total deposits 1,821,105 1,734,660 5 Interest
bearing liabilities 1,747,926 1,674,294 4 Shareholders' equity
135,950 123,516 10 COMMON STOCK DATA: Earnings per share: Basic
0.41 0.47 (13) Diluted 0.41 0.46 (11) Weighted average shares
outstanding: Basic 9,859,509 9,790,318 1 Diluted 9,987,090
10,016,879 0 Cash dividends paid per share $0.18 $0.16 13 Market
price at period end $30.29 $30.84 (2) Book value per share $13.50
$13.11 3 Price to book ratio 2.24x 2.35x (5) Price to earnings
ratio (1) 17.11x 16.40x 4 Period end shares outstanding 9,840,223
9,762,847 1 FINANCIAL RATIOS Return on average assets (2) 0.74%
0.87% (15) Return on average shareholders' equity (2) 11.86% 14.71%
(19) Overhead ratio (2) 1.29% 1.43% (10) Efficiency ratio (2)
66.81% 64.31% 4 Net interest margin on average earning assets (2),
(3) 2.48% 2.81% (12) Net interest spread (2), (3) 2.00% 2.48% (19)
Dividend payout ratio (2) 43.46% 34.39% 26 Nine months ended
September 30, % (In thousands except per share data) 2005 2004
Change ---------------------------------- AVERAGE BALANCES: Loans,
net of unearned income $1,159,704 $978,667 18 Investment securities
815,981 811,976 0 Earning assets 2,007,978 1,839,809 9 Total assets
2,121,152 1,958,881 8 Demand deposits 273,824 271,365 1 Total
deposits 1,767,382 1,593,708 11 Interest bearing liabilities
1,698,282 1,551,590 9 Shareholders' equity 133,664 123,177 9 COMMON
STOCK DATA: Earnings per share: Basic 1.30 1.45 (10) Diluted 1.28
1.41 (9) Weighted average shares outstanding: Basic 9,834,117
9,749,714 1 Diluted 9,980,075 9,998,843 (0) Cash dividends paid per
share $0.52 $0.46 13 Market price at period end Book value per
share Price to book ratio Price to earnings ratio (1) Period end
shares outstanding FINANCIAL RATIOS Return on average assets (2)
0.81% 0.96% (16) Return on average shareholders' equity (2) 12.80%
15.33% (17) Overhead ratio (2) 1.32% 1.37% (4) Efficiency ratio (2)
65.20% 60.86% 7 Net interest margin on average earning assets (2),
(3) 2.60% 2.95% (12) Net interest spread (2), (3) 2.16% 2.63% (18)
Dividend payout ratio (2) 41.36% 33.10% 25 -----------------------
(1) Calculated using the end of period market price divided by the
last twelve months diluted earnings of $1.77 per share in 2005 and
$1.89 per share in 2004. (2) Annualized ratio. (3) Tax equivalent
basis. The net interest margin calculations include the effects of
tax equivalent adjustments for tax exempt loans and investment
securities using a tax rate of 35% in 2005 and 2004. Tax equivalent
interest income for the three months ended September 30, 2005 and
2004 includes a tax equivalent adjustment of $144 and $168,
respectively. Tax equivalent interest income for the nine months
ended September 30, 2005 and 2004 includes a tax equivalent
adjustment of $418 and $469, respectively. FIRST OAK BROOK
BANCSHARES, INC. AND SUBSIDIARIES SELECTED CONSOLIDATED FINANCIAL
DATA (UNAUDITED) September 30, December 31, September 30, (Dollars
in thousands) 2005 2004 2004
------------------------------------------ CAPITAL RATIOS Company
Consolidated (minimum for "well capitalized"): Tier 1 capital ratio
(6%) $162,888 $156,019 $152,434 10.49% 11.57% 11.47% Total
risk-based capital ratio (10%) $171,622 $164,566 $161,234 11.06%
12.20% 12.13% Capital leverage ratio (5%) $162,888 $156,019
$152,434 7.44% 7.47% 7.22% Oak Brook Bank: Tier 1 capital ratio
(6%) $150,262 $142,000 $139,046 9.76% 10.61% 10.52% Total
risk-based capital ratio (10%) $158,996 $150,547 $147,846 10.33%
11.24% 11.19% Capital leverage ratio (5%) $150,262 $142,000
$139,046 6.91% 6.82% 6.61% TRUST ASSETS Discretionary assets under
management $803,602 $751,046 $665,328 Total assets under
administration 1,008,477 944,318 845,436 ASSET QUALITY RATIOS
Nonperforming loans $295 $148 $252 Nonperforming assets (1) 1,324
10,150 11,511 Nonperforming loans to total loans 0.02% 0.01% 0.02%
Nonperforming assets to total assets 0.06% 0.49% 0.55% Net
charge-offs to average loans (annualized) 0.00% 0.03% 0.01%
Allowance for loan losses to total loans 0.69% 0.80% 0.86%
Allowance for loan losses 29.61x 57.74x 34.92x to nonperforming
loans ROLLFORWARD OF ALLOWANCE FOR LOAN LOSSES Balance at January 1
$8,546 $8,369 -------------- -------------- Charge-offs during the
period: Commercial loans (1) - Home equity loans (1) (15) Indirect
vehicle loans (286) (338) Consumer loans (5) (12) --------------
-------------- Total charge-offs (293) (365) --------------
-------------- Recoveries during the period: Commercial loans 39 1
Construction, land acquisition and development loans 32 15 Home
equity - 15 Indirect vehicle loans 210 208 Consumer loans 20 57
-------------- -------------- Total recoveries 301 296
-------------- -------------- Net recoveries (charge- offs) during
the period 8 (69) Provision for loan losses 180 500 --------------
-------------- Allowance for loan losses at September 30 $8,734
$8,800 ============== ============== (1) Includes nonperforming
loans, OREO and repossessed vehicles. FIRST OAK BROOK BANCSHARES,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED QUARTERLY STATEMENT OF
INCOME (UNAUDITED) 2005 2004 --------------------------
----------------------------------- Third Second First Fourth Third
Second First Quarter Quarter Quarter Quarter Quarter Quarter
Quarter -------- -------- -------- -------- -------- --------
-------- (In thousands except per share data) Interest income
$26,266 $24,681 $22,874 $22,752 $22,731 $20,856 $20,372 Interest
expense 13,548 11,658 10,059 9,492 8,963 7,591 7,254 --------
-------- -------- -------- -------- -------- -------- Net interest
income 12,718 13,023 12,815 13,260 13,768 13,265 13,118 Provision
for loan losses 180 - - - - 250 250 Other income 5,349 5,226 4,738
4,389 4,846 4,731 4,566 Other expense 12,071 11,735 11,318 10,688
11,971 10,670 10,403 -------- -------- -------- -------- --------
-------- -------- Income before income taxes 5,816 6,514 6,235
6,961 6,643 7,076 7,031 Income tax expense 1,752 2,059 1,955 2,021
2,077 2,275 2,266 -------- -------- -------- -------- --------
-------- -------- Net income $4,064 $4,455 $4,280 $4,940 $4,566
$4,801 $4,765 ======== ======== ======== ======== ======== ========
======== Basic earnings per share $0.41 $0.45 $0.43 $0.50 $0.47
$0.49 $0.49 ======== ======== ======== ======== ======== ========
======== Diluted earnings per share $0.41 $0.45 $0.43 $0.49 $0.46
$0.48 $0.48 ======== ======== ======== ======== ======== ========
======== ROA (1) 0.74% 0.84% 0.84% 0.94% 0.87% 1.00% 1.04% ROE (1)
11.86% 13.54% 13.04% 14.88% 14.71% 15.86% 15.42% Net interest
margin (1) 2.48% 2.62% 2.70% 2.72% 2.81% 2.98% 3.08%
----------------------- (1) Annualized ratio. *T
First Oak Brook Bancshares (NASDAQ:FOBB)
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First Oak Brook Bancshares (NASDAQ:FOBB)
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