Capitol Bancorp Reports Year-End Results
2009 SUMMARY
- Sale of Two Affiliate Banks Completed
- Bank Divestiture Activities Continue with Seven Transactions Pending
- Regional Consolidation of Banks in Process
- Capitol Remains Well-Capitalized
- Total Assets Approximate $5.2 Billion
LANSING, Mich. and PHOENIX, Jan. 28 /PRNewswire-FirstCall/ -- A net loss attributable to Capitol Bancorp was reported for the fourth quarter of 2009 of $50.2 million or $2.88 per share, compared to earnings of approximately $1.1 million or $0.06 per share reported for the fourth quarter of 2008. Adverse operating results in 2009 resulted from significantly increased levels of loan losses and costs associated with other real estate owned.
Consolidated assets decreased nearly nine percent to approximately $5.2 billion at December 31, 2009 from the approximate $5.7 billion reported at year-end 2008 (and nearly 19 percent on an annualized linked-quarter basis), as a result of the implementation of the Corporation's capital preservation and balance sheet deleveraging strategies. Consistent with these efforts, total portfolio loans approximated $4.0 billion at December 31, 2009, a 14 percent decline for the year. Total deposits reflected a modest two percent decline to $4.4 billion from the approximate $4.5 billion reported at December 31, 2008, as the Corporation continues to focus on core funding sources.
Capitol's Chairman and CEO Joseph D. Reid said, "To mitigate the economic challenges that Capitol continues to face, we have implemented a strategy to deleverage the consolidated balance sheet and preserve core capital through regional consolidations and selective bank divestitures. These transactions support our objective to redeploy capital and resources to those markets currently facing challenges. We remain focused on enhancing balance sheet strength, improving corporate-wide liquidity and strengthening core capital ratios."
Income taxes, which are subject to significant accounting policies, notably impacted quarterly and year-end operating results. For the year, income tax expense approximated $19 million, despite an operating loss, including an approximate $91 million adjustment reflected at September 30, 2009 to record a valuation allowance to reduce deferred income tax assets to zero. In 2009's fourth quarter, an income tax benefit of nearly $25 million was realized, as changes in federal tax laws permitted the "carryback" of current year losses to the preceding five years, representing amounts anticipated to be refunded in 2010.
Affiliate Bank Divestitures and Regional Bank Consolidations
Capitol previously announced intentions to sell certain affiliate banks. In the fourth quarter, Capitol announced that it had entered into definitive agreements to sell Ohio Commerce Bank, in Beachwood, Ohio and Mountain View Bank of Commerce, in Westminster, Colorado. Additionally, in January 2010 Capitol announced agreements to sell Adams Dairy Bank, in Blue Springs, Missouri, Bank of Las Colinas, in Irving, Texas and Community Bank of Lincoln in Nebraska. These, coupled with two other pending transactions involving affiliates in North Carolina and Illinois, reflect seven divestitures awaiting regulatory approvals and represent more than $450 million of total assets and projected cash proceeds approximating $37 million. The seven pending divestitures, with transaction book value multiples in a range of 1.3x to 1.6x of tangible equity, are expected to be completed in 2010. Sales of Yuma Community Bank and Bank of Santa Barbara were completed in the second half of 2009.
Additionally, Capitol has announced its plans to consolidate affiliate banks in several regions. During the first quarter of 2009, nine Michigan bank affiliates were consolidated into what is today Michigan Commerce Bank, with applications to merge two additional Michigan-based affiliates into this entity currently pending regulatory approval. In the fourth quarter of 2009, six Phoenix, Arizona-based affiliate banks were consolidated and now operate as Sunrise Bank of Arizona. In Nevada, regulatory approval has been received to consolidate four affiliate banks into one charter, effective January 29, 2010 as Bank of Las Vegas. In Washington, the Corporation intends to consolidate four affiliate banks into one charter in 2010, subject to the approval of the banks' shareholders, to operate as Bank of the Northwest.
Mr. Reid further stated, "These selective divestitures and consolidations will allow us to redeploy capital resources into those communities experiencing growth, as well as those markets currently challenged due to the volatile economy. Additionally, these initiatives will improve operational efficiencies within our network and help to strengthen our risk-management oversight nationwide."
Quarterly Performance
In the fourth quarter of 2009, consolidated net operating revenues approximated $44.6 million, a one percent decrease compared to the $45.1 million reported for the same period in 2008, reflecting the impact of a lower earning asset profile over the past twelve months, combined with elevated levels of nonperforming assets causing pressure on net interest income. A concerted effort to focus on core deposit funding sources, as referenced earlier, helped mitigate some of the margin pressure, but elevated levels of nonearning assets coupled with ongoing efforts to build system-wide liquidity yielded modest linked-quarter expansion in the net interest margin, to 3.04 percent from 3.00 percent and reflects slight improvement from 2008's fourth quarter margin of 2.98 percent. Cash and cash equivalents totaled $809 million, or nearly 16 percent of the Corporation's consolidated total assets at December 31, 2009.
The Corporation continues to emphasize the reduction of operating expenses through salary and staffing reductions, operational efficiencies and tight controls on corporate overhead. Salaries and employee benefit costs declined 13.5 percent year-over-year and reflect an annualized 15.4 percent decrease on a linked-quarter basis. Noninterest, or operating, expenses increased year-over-year to $77.7 million in the quarter ended December 31, 2009. Both costs associated with foreclosed properties and other real estate owned (which approximated $26.2 million in the recent quarter versus $2.7 million in the 2008 period) and FDIC insurance premiums and other regulatory fees (which jumped from approximately $1.2 million in 2008's fourth quarter to approximately $4.2 million in the most recent three-month period) increased dramatically. Combined, these two expense areas increased to $30.4 million in the current quarter, representing a more than seven-fold increase from the combined $3.9 million figure posted in 2008. Other noninterest expense increased approximately $5 million year-over-year, primarily attributable to costs associated with restructuring activities.
Concerted cost control efforts are reflected in the Corporation's core operating expense components, highlighted by the reduction in compensation-related costs, but were more than offset as total operating expenses increased approximately $33.7 million year-over-year due to increases in aforementioned nonperforming asset administration costs (+$23.5 million), regulatory fees (+ $3 million), goodwill impairment (+ $2.5 million) and nonrecurring equipment-related costs (+ $7 million) as the Corporation continues to delever its operations.
The fourth quarter 2009 provision for loan losses increased to nearly $48.7 million versus $10.7 million for the corresponding period of 2008, but decreased somewhat from $48.8 million recorded in the third quarter of 2009. During the fourth quarter of 2009, net loan charge-offs approximated $57.3 million as the Corporation continued to aggressively manage its nonperforming loans.
Results for the Year
Net operating revenues approximated $185.0 million for 2009, a 2.8 percent decrease compared to the approximate $190.3 million in 2008, due to a lower earning-asset base and general softness across all major revenue components. Noninterest, or operating, expenses expanded 25 percent year-over-year to approximately $238.1 million, due to dramatic increases in costs associated with foreclosed properties and other real estate owned coupled with FDIC insurance premiums and other regulatory fees. For 2009, costs associated with foreclosed properties and other real estate owned increased to $45.7 million from $6.9 million reported in 2008, while FDIC insurance premiums and other regulatory fees increased from approximately $4.1 million in 2008 to $15.4 million in 2009. Combining both expense categories reflects $61.1 million for 2009, or more than five times greater than the combined $10.9 million total in 2008. A significant increase in the provision for loan losses, which totaled $161.4 million in 2009 versus approximately $82.5 million in 2008 was a primary contributor to Capitol's loss for the period. The net loss per share attributable to Capitol Bancorp for the year ended December 31, 2009 was $9.73, compared to a net loss of $1.67 per share in 2008. Bank performance, reserve building and related operating losses of the Corporation's banks in its Great Lakes Region and Arizona were major reasons for the net loss, coupled with an adverse income tax expense for the year, as discussed previously. Chairman Reid stated, "We expect to reduce, and ultimately eliminate, the deferred tax asset valuation allowance in future periods when we return to profitability."
Balance Sheet
With total capital resources approximating $432.1 million at December 31, 2009, the total capital-to-asset ratio was 8.37 percent, providing continued support for the Corporation's $5.2 billion balance sheet.
Net charge-offs of 5.48 percent of average loans (annualized) for the quarter ended December 31, 2009 increased from the 2.90 percent reported for the third quarter and 1.30 percent reported for the corresponding period of 2008. The ratio of nonperforming loans to total portfolio loans was 7.59 percent at December 31, 2009 compared to 6.72 percent reported at September 30, 2009 and 3.59 percent at the beginning of the year. The continued increase in nonperforming assets is attributable to borrower stress and nonperformance, coupled with a virtually nonexistent market, especially in the state of Michigan, for the sale of real estate, which hinders the disposition of such assets. The allowance coverage ratio of nonperforming loans decreased to approximately 38 percent at December 31, 2009, while the allowance for loan losses increased nearly 100 basis points year-over-year, from 1.96 percent to 2.90 percent at year-end 2009, as annual provisioning exceeded the significant level of net charge-off activity during 2009.
During the course of the year, Capitol experienced moderating rates of increase in total nonperforming assets, slowing from an approximate increase of 34 percent in the first quarter, to roughly 15 percent in the second quarter, nine percent in the third quarter and a more modest four percent increase in the final quarter of 2009. The Michigan market, struggling with significant secular change versus what had historically been cyclical challenges, continues to be the source of a dominant portion of nonperforming loans, representing approximately 47 percent of consolidated nonperforming loans although total Michigan-based loans compose only 32 percent of the Corporation's consolidated loan portfolio. Capitol's loan management practices continue to reflect a disciplined approach to review, analysis and proper identification of portfolio issues with a long-term view to value preservation.
Subsequent Events
A new accounting standard became effective for 2009 financial reporting which requires the consideration of subsequent events occurring after the balance-sheet date for matters which may require adjustment to, or disclosure in, financial statements. The review period for subsequent events extends up to and including the filing date of a public company's financial statements when filed with the Securities and Exchange Commission. Accordingly, the financial information in this announcement is subject to change.
About Capitol Bancorp Limited
Capitol Bancorp Limited (NYSE: CBC) is a national community banking company, with a network of separately chartered banks with operations in 17 states. Founded in 1988, the Corporation has executive offices in Lansing, Michigan, and Phoenix, Arizona.
CAPITOL BANCORP LIMITED
SUMMARY OF SELECTED FINANCIAL DATA
(in thousands, except share and per share data)
Three Months Ended Year Ended
December 31 December 31
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Condensed results of
operations:
Interest income $61,366 $73,179 $266,899 $304,315
Interest expense 23,075 34,496 110,517 140,466
------ ------ ------- -------
Net interest income 38,291 38,683 156,382 163,849
Provision for loan losses 48,669 10,705 161,425 82,492
Noninterest income 6,269 6,439 28,641 26,432
Noninterest expense 77,716 44,003 238,135 190,388
Loss before income taxes
(benefit) (81,825) (9,586) (214,537) (82,599)
Net income (loss)
attributable to Capitol
Bancorp Limited $(50,150) $1,074 $(168,268) $(28,607)
======== ====== ========= ========
Net income (loss) per
share attributable to
Capitol Bancorp Limited:
Basic $(2.88) $0.06 $(9.73) $(1.67)
Diluted (2.88) 0.06 (9.73) (1.67)
Book value per share at
end of period 10.73 20.46 10.73 20.46
Common stock closing
price at end of period $1.96 $7.80 $1.96 $7.80
Common shares
outstanding at end of
period 17,546,000 17,294,000 17,546,000 17,294,000
Number of shares
used to compute:
Basic loss per share 17,401,000 17,157,000 17,302,000 17,147,000
Diluted loss per
share 17,401,000 17,194,000 17,302,000 17,147,000
4th Qtr. 3rd Qtr. 2nd Qtr. 1st Qtr. 4th Qtr.
2009 2009 2009 2009 2008
---- ---- ---- ---- ----
Condensed summary
of financial
position:
Total assets $5,163,491 $5,324,162 $5,726,148 $5,782,608 $5,654,836
Portfolio
loans 4,049,211 4,189,534 4,580,428 4,695,317 4,735,229
Deposits 4,410,633 4,508,343 4,695,019 4,706,562 4,497,612
Capitol Bancorp
Limited
stockholders'
equity 188,236 237,934 321,585 337,491 353,848
Total capital $432,116 $484,004 $631,874 $656,942 $680,361
Key performance
ratios:
Return on average
assets -- -- -- -- 0.08%
Return on average
Capitol Bancorp
Limited
stockholders'
equity -- -- -- -- 1.23%
Net interest margin 3.04% 3.00% 3.02% 2.81% 2.98%
Efficiency ratio 174.41% 117.50% 108.64% 117.87% 97.52%
Asset quality ratios:
Allowance for loan
losses / portfolio
loans 2.90% 3.01% 2.49% 2.12% 1.96%
Total nonperforming
loans / portfolio
loans 7.59% 6.72% 5.78% 4.95% 3.59%
Total nonperforming
assets / total
assets 8.12% 7.55% 6.44% 5.53% 4.20%
Net charge-offs
(annualized) /
average portfolio
loans 5.48% 2.90% 1.83% 1.83% 1.30%
Allowance for loan
losses /
nonperforming loans 38.22% 44.79% 43.17% 42.86% 54.66%
Capital ratios:
Capitol Bancorp
Limited
stockholders'
equity / total
assets 3.65% 4.47% 5.62% 5.84% 6.26%
Total capital /
total assets 8.37% 9.09% 11.03% 11.36% 12.03%
-------------------------------------------------------------------------
Forward-Looking Statements
--------------------------
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include expressions such as "expect,"
"intend," "believe," "estimate," "may," "will," "anticipate" and "should"
and similar expressions also identify forward-looking statements which
are not necessarily statements of belief as to the expected outcomes
of future events. Actual results could materially differ from those
presented due to a variety of internal and external factors. Actual
results could materially differ from those contained in, or implied by,
such statements. Capitol Bancorp Limited undertakes no obligation to
release revisions to these forward-looking statements or reflect events
or circumstances after the date of this release.
-------------------------------------------------------------------------
Supplemental analyses follow providing additional detail regarding
Capitol's results of operations, financial position, asset quality
and other supplemental data.
CAPITOL BANCORP LIMITED
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
Three Months Ended Year Ended
December 31 December 31
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
INTEREST INCOME:
Portfolio loans (including fees) $60,065 $71,792 $263,002 $296,689
Loans held for sale 158 93 902 774
Taxable investment securities 241 182 673 571
Federal funds sold 10 342 99 3,822
Other 892 770 2,223 2,459
--- --- ----- -----
Total interest income 61,366 73,179 266,899 304,315
INTEREST EXPENSE:
Deposits 18,332 27,544 87,312 112,370
Debt obligations and other 4,743 6,952 23,205 28,096
----- ----- ------ ------
Total interest expense 23,075 34,496 110,517 140,466
------ ------ ------- -------
Net interest income 38,291 38,683 156,382 163,849
PROVISION FOR LOAN LOSSES 48,669 10,705 161,425 82,492
------ ------ ------- ------
Net interest income
(deficiency) after
provision for loan losses (10,378) 27,978 (5,043) 81,357
NONINTEREST INCOME:
Service charges on deposit
accounts 1,345 1,565 5,914 5,881
Trust and wealth-management
revenue 1,146 1,183 4,957 6,182
Fees from origination of
non-portfolio residential
mortgage loans 739 732 3,925 3,642
Gain on sales of
government-guaranteed loans 924 229 2,811 2,060
Realized gains (losses) on sale
of investment securities
available for sale (35) - 7 50
Gain on sale of bank subsidiary - - 1,187 -
Other 2,150 2,730 9,840 8,617
----- ----- ----- -----
Total noninterest income 6,269 6,439 28,641 26,432
NONINTEREST EXPENSE:
Salaries and employee benefits 22,577 26,105 99,554 108,702
Occupancy 4,691 4,776 19,289 18,648
Equipment rent, depreciation and
maintenance 9,555 2,666 19,235 12,361
Costs associated with foreclosed
properties and other real estate
owned 26,244 2,746 45,674 6,878
FDIC insurance premiums and other
regulatory fees 4,154 1,161 15,412 4,060
Other 10,495 6,549 38,971 39,739
------ ----- ------ ------
Total noninterest expense 77,716 44,003 238,135 190,388
------ ------ ------- -------
Loss before income taxes
(benefit) (81,825) (9,586) (214,537) (82,599)
Income taxes (benefit) (25,786) (4,720) 18,935 (30,148)
------- ------ ------ -------
NET LOSS (56,039) (4,866) (233,472) (52,451)
Less interest in net losses
attributable to noncontrolling
interests 5,889 5,940 65,204 23,844
----- ----- ------ ------
NET INCOME (LOSS)
ATTRIBUTABLE TO CAPITOL
BANCORP LIMITED $(50,150) $1,074 $(168,268) $(28,607)
======== ====== ========= ========
NET INCOME (LOSS) PER SHARE
ATTRIBUTABLE TO CAPITOL
BANCORP LIMITED:
Basic $(2.88) $0.06 $(9.73) $(1.67)
====== ===== ====== ======
Diluted $(2.88) $0.06 $(9.73) $(1.67)
====== ===== ====== ======
CAPITOL BANCORP LIMITED
Condensed Consolidated Balance Sheets
(in thousands, except share data)
December 31
--------------------
(Unaudited)
2009 2008
---- ----
ASSETS
------
Cash and due from banks $88,188 $136,499
Money market and interest-bearing deposits 698,882 391,836
Federal funds sold 21,851 96,031
------ ------
Cash and cash equivalents 808,921 624,366
Loans held for sale 16,132 10,474
Investment securities:
Available for sale, carried at fair value 40,778 15,584
Held for long-term investment, carried at
amortized cost which approximates fair value 30,586 32,856
------ ------
Total investment securities 71,364 48,440
Portfolio loans:
Loans secured by real estate:
Commercial 1,996,032 2,115,515
Residential (including multi-family) 781,772 879,754
Construction, land development and other land 509,474 797,486
------- -------
Total loans secured by real estate 3,287,278 3,792,755
Commercial and other business-purpose loans 684,253 845,593
Consumer 44,168 61,340
Other 33,512 35,541
------ ------
Total portfolio loans 4,049,211 4,735,229
Less allowance for loan losses (117,519) (93,040)
-------- -------
Net portfolio loans 3,931,692 4,642,189
Premises and equipment 48,386 59,249
Accrued interest income 15,585 18,871
Goodwill 67,678 72,342
Other real estate owned 111,820 67,171
Other assets 91,913 111,734
------ -------
TOTAL ASSETS $5,163,491 $5,654,836
========== ==========
LIABILITIES AND EQUITY
----------------------
LIABILITIES:
Deposits:
Noninterest-bearing $679,100 $700,786
Interest-bearing 3,731,533 3,796,826
--------- ---------
Total deposits 4,410,633 4,497,612
Debt obligations:
Notes payable and short-term borrowings 276,159 446,925
Subordinated debentures 167,441 167,293
------- -------
Total debt obligations 443,600 614,218
Accrued interest on deposits and other liabilities 44,583 29,938
------ ------
Total liabilities 4,898,816 5,141,768
EQUITY:
Capitol Bancorp Limited stockholders' equity:
Preferred stock, 20,000,000 shares authorized;
none issued and outstanding
Common stock, no par value, 50,000,000 shares
authorized; issued and outstanding:
2009 - 17,545,631 shares
2008 - 17,293,908 shares 277,718 274,018
Retained earnings (88,850) 80,255
Undistributed common stock held by
employee-benefit trust (569) (569)
Fair value adjustment (net of tax effect) for
investment securities available for sale
(accumulated other comprehensive income) (63) 144
--- ---
Total Capitol Bancorp Limited
stockholders' equity 188,236 353,848
Noncontrolling interests in consolidated
subsidiaries 76,439 159,220
------ -------
Total equity 264,675 513,068
------- -------
TOTAL LIABILITIES AND EQUITY $5,163,491 $5,654,836
========== ==========
CAPITOL BANCORP LIMITED
Allowance for Loan Losses Activity
ALLOWANCE FOR LOAN LOSSES ACTIVITY (in thousands):
Periods Ended December 31
-------------------------------------------
Three Month Period Year Ended
------------------ -------------------
2009 2008 2009 2008
---- ---- ---- ----
Allowance for loan losses
at beginning of period $126,188 $97,585 $93,040 $58,124
Loans charged-off:
Loans secured by real
estate:
Commercial (14,695) (3,794) (25,913) (9,217)
Residential (including
multi-family) (17,907) (3,350) (36,120) (8,942)
Construction, land
development and other
land (13,262) (5,214) (38,990) (20,668)
------- ------ ------- -------
Total loans secured
by real estate (45,864) (12,358) (101,023) (38,827)
Commercial and other
business-purpose loans (12,763) (3,066) (34,102) (11,116)
Consumer (371) (199) (1,402) (461)
Other -- (10) (35) (43)
--- --- --- ---
Total charge-offs (58,998) (15,633) (136,562) (50,447)
Recoveries:
Loans secured by real
estate:
Commercial 255 87 406 986
Residential (including
multi-family) 90 59 343 648
Construction, land
development and other
land 1,142 102 1,647 342
----- --- ----- ---
Total loans secured
by real estate 1,487 248 2,396 1,976
Commercial and other
business-purpose loans 155 112 1,197 798
Consumer 18 23 135 97
Other -- -- 2 --
--- --- --- ---
Total recoveries 1,660 383 3,730 2,871
----- --- ----- -----
Net charge-offs (57,338) (15,250) (132,832) (47,576)
Additions to allowance
charged to expense 48,669 10,705 161,425 82,492
------ ------ ------- ------
Less allowance for loan
losses of subsidiaries no
longer consolidated
-- -- (4,114) --
--- --- ------ ---
Allowance for loan
losses at December 31 $117,519 $93,040 $117,519 $93,040
======== ======= ======== =======
Average total
portfolio loans
for period ended
December 31
$4,188,542 $4,701,336 $4,507,293 $4,621,247
========== ========== ========== ==========
Ratio of net charge-offs
(annualized) to average
portfolio loans
outstanding 5.48% 1.30% 2.95% 1.03%
==== ==== ==== ====
CAPITOL BANCORP LIMITED
Asset Quality Data
ASSET QUALITY (in thousands):
Dec. 31 Sept. 30 June 30 March 31
---------- ---------- ---------- ----------
2009 2009 2009 2009
---- ---- ---- ----
Nonaccrual loans:
Loans secured by real
estate:
Commercial $131,990 $101,704 $84,879 $68,537
Residential (including
multi-family) 55,553 54,226 57,764 62,961
Construction, land
development and other
land 84,276 86,720 87,055 77,861
------ ------ ------ ------
Total loans secured
by real estate 271,819 242,650 229,698 209,359
Commercial and other
business-purpose loans 23,063 25,002 24,767 17,233
Consumer 380 513 586 356
--- --- --- ---
Total nonaccrual
loans 295,262 268,165 255,051 226,948
Past due (>/=90 days) loans
and accruing interest:
Loans secured by real
estate:
Commercial 6,234 4,520 2,706 2,345
Residential (including
multi-family) 228 1,787 1,318 2,371
Construction, land
development and other
land 3,713 2,990 4,284 109
----- ----- ----- ---
Total loans secured
by real estate 10,175 9,297 8,308 4,825
Commercial and other
business-purpose loans 1,546 4,223 1,152 636
Consumer 534 29 42 50
--- --- --- ---
Total past due
loans 12,255 13,549 9,502 5,511
------ ------ ----- -----
Total nonperforming
loans $307,517 $281,714 $264,553 $232,459
======== ======== ======== ========
Real estate owned
and other
repossessed
assets 111,885 120,107 103,953 87,074
------- ------- ------- ------
Total nonperforming
assets $419,402 $401,821 $368,506 $319,533
======== ======== ======== ========
CAPITOL BANCORP LIMITED
Selected Supplemental Data
EPS COMPUTATION COMPONENTS (in thousands):
Periods Ended December 31
------------------------------------------
Three Month Period Year Ended
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Numerator-net loss
attributable to Capitol
Bancorp Limited for the
period $(50,150) $1,074 $(168,268) $(28,607)
======== ====== ========= ========
Denominator:
Weighted average number
of shares outstanding,
excluding unvested
restricted shares
(denominator for basic
earnings per share) 17,401 17,157 17,302 17,147
Effect of dilutive
securities:
Unvested restricted
shares -- 37 -- --
Stock options -- -- -- --
--- --- --- ---
Total effect of
dilutive securities -- 37 -- --
--- --- --- ---
Denominator for diluted net
loss per share-
Weighted average number of
shares and potential
dilution 17,401 17,194 17,302 17,147
====== ====== ====== ======
Number of antidilutive stock
options excluded from
diluted net loss per share
computation 2,504 2,374 2,100 2,371
===== ===== ===== =====
Number of antidilutive
unvested restricted shares
excluded from diluted net
loss per share computation 145 93 145 136
=== === === ===
AVERAGE BALANCES (in thousands):
Periods Ended December 31
--------------------------------------------
Three Month Period Year Ended
------------------ ------------------
2009 2008 2009 2008
---- ---- ---- ----
Portfolio loans $4,188,542 $4,701,336 $4,507,293 $4,621,247
Earning assets 5,043,815 5,198,807 5,258,680 5,024,152
Total assets 5,335,720 5,551,803 5,607,375 5,372,138
Deposits 4,534,616 4,414,295 4,619,198 4,217,345
Capitol Bancorp Limited
stockholders' equity 225,033 349,728 299,551 371,025
Capitol Bancorp's National Network of Community Banks
Arizona Region: |
||
Bank of Tucson |
Tucson, Arizona |
|
Central Arizona Bank |
Casa Grande, Arizona |
|
Southern Arizona Community Bank |
Tucson, Arizona |
|
Sunrise Bank of Albuquerque |
Albuquerque, New Mexico |
|
Sunrise Bank of Arizona |
Phoenix, Arizona |
|
California Region: |
||
Bank of Escondido |
Escondido, California |
|
Bank of Feather River |
Yuba City, California |
|
Bank of San Francisco |
San Francisco, California |
|
Napa Community Bank |
Napa, California |
|
Point Loma Community Bank |
San Diego, California |
|
Sunrise Bank of San Diego |
San Diego, California |
|
Sunrise Community Bank |
Palm Desert, California |
|
Colorado Region: |
||
Fort Collins Commerce Bank |
Fort Collins, Colorado |
|
Larimer Bank of Commerce |
Fort Collins, Colorado |
|
Loveland Bank of Commerce |
Loveland, Colorado |
|
Mountain View Bank of Commerce |
Westminster, Colorado |
|
Great Lakes Region: |
||
Bank of Auburn Hills |
Auburn Hills, Michigan |
|
Bank of Maumee |
Maumee, Ohio |
|
Bank of Michigan |
Farmington Hills, Michigan |
|
Capitol National Bank |
Lansing, Michigan |
|
Elkhart Community Bank |
Elkhart, Indiana |
|
Evansville Commerce Bank |
Evansville, Indiana |
|
Goshen Community Bank |
Goshen, Indiana |
|
Michigan Commerce Bank |
Ann Arbor, Michigan |
|
Ohio Commerce Bank |
Beachwood, Ohio |
|
Paragon Bank & Trust |
Holland, Michigan |
|
Midwest Region: |
||
Adams Dairy Bank |
Blue Springs, Missouri |
|
Bank of Belleville |
Belleville, Illinois |
|
Community Bank of Lincoln |
Lincoln, Nebraska |
|
Summit Bank of Kansas City |
Lee's Summit, Missouri |
|
Nevada Region: |
||
1st Commerce Bank |
North Las Vegas, Nevada |
|
Bank of Las Vegas |
Las Vegas, Nevada |
|
Black Mountain Community Bank |
Henderson, Nevada |
|
Desert Community Bank |
Las Vegas, Nevada |
|
Red Rock Community Bank |
Las Vegas, Nevada |
|
Northeast Region: |
||
USNY Bank |
Geneva, New York |
|
Northwest Region: |
||
Bank of Bellevue |
Bellevue, Washington |
|
Bank of Everett |
Everett, Washington |
|
Bank of Tacoma |
Tacoma, Washington |
|
High Desert Bank |
Bend, Oregon |
|
Issaquah Community Bank |
Issaquah, Washington |
|
Southeast Region: |
||
Bank of Valdosta |
Valdosta, Georgia |
|
Community Bank of Rowan |
Salisbury, North Carolina |
|
First Carolina State Bank |
Rocky Mount, North Carolina |
|
Peoples State Bank |
Jeffersonville, Georgia |
|
Pisgah Community Bank |
Asheville, North Carolina |
|
Sunrise Bank of Atlanta |
Atlanta, Georgia |
|
Texas Region: |
||
Bank of Fort Bend |
Sugar Land, Texas |
|
Bank of Las Colinas |
Irving, Texas |
|
SOURCE Capitol Bancorp Limited
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article