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Ohio Legacy Corp Announces First Quarter Results and Management Appointment
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Ohio Legacy Corp Announces First Quarter Results and Management Appointment
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Ohio Legacy Corp Announces First Quarter Results and Management Appointment
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Newsletter
Ohio Legacy Corp Announces First Quarter Results and Management Appointment
2005
Overview
Net Interest Income - During the three months ended March 31, 2005, net interest income grew to $1.5 million, compared to $1.2 million in the first quarter of 2004. Net interest income was negatively impacted by a $46,000 charge to interest income related to nonaccrual loans during the first quarter of 2005. Net interest margin increased to 3.28% in the first quarter of 2005 compared to 3.23% in 2004. Interest rate spread was 2.99% compared to 2.93% in the year-ago period. Excluding the impact of the interest charge-off, margin and spread in 2005 were 3.38% and 3.08%, respectively. The yield on assets fell to 5.50% during 2005 compared to 5.66% in 2004. Excluding the impact of the interest reversal, the yield on performing assets was 5.60%, an increase of 7 basis points from the linked quarter. The cost of funds increased 24 basis points during the quarter, primarily due to a higher volume of and an increasing rate paid on money market accounts. Noninterest Income - Noninterest income increased $38,000 during the first quarter of 2005 compared to the first quarter of 2004, primarily due to a higher number of deposit accounts serviced in 2005. The Company sold its credit card portfolio during the first quarter of 2005. Proceeds from the sale of the portfolio were approximately $257,000 and the gain on the sale was approximately $10,000. Nonperforming loans totaled $1.2 million at March 31, 2005, compared to $1.1 million at December 31, 2004. Loans are considered nonperforming if they are impaired or if they are in nonaccrual status. Most of the nonperforming loan balances were associated with two loans to one borrower, each secured by multifamily residential real estate. These loans totaled $723,000 at March 31, 2005. The properties securing these loans were sold and the notes refinanced to unrelated borrowers in April 2005 with no loss of principal. The allowance for loan losses totaled $1.3 million at March 31, 2005. Net charge-offs and the provision for loan losses totaled $12,000 and $92,000 during the quarter, respectively.
