Once again we met our performance goals of double-digit earnings per share growth and a return on tangible equity above 18 for the year. This year was exceptional. We took an opportunity to leverage our strong earnings performance by making strategic investments in the future growth of our company through a significant de novo expansion. We grew deposits faster than loans while expanding our margin. We raised additional capital through a very successful equity offering during the fourth quarter. And most importantly, this was all done while continuing to meet our primary financial goals.
More Quotes from Jimmy Tallent:
This represents an annual cash dividend of .32 per share and an increase of .04 per share, or 14, over the dividends paid for 2005. This increase reflects our continued strong performance and commitment to deliver value to our shareholders.Jimmy Tallent
Our balance sheet remains asset sensitive, which allowed us to benefit modestly from the rise in interest rates that produced a slight margin expansion throughout 2005.
Jimmy Tallent
Our outlook for 2006 is for operating earnings per share growth within our long-term goal of 12 to 15, but at the lower end of the range due to the expected dilution related to the equity offering completed during the fourth quarter. We anticipate core loan growth will continue to be within our targeted range of 10 to 14. Also, the current level of our net interest margin could decrease slightly in the second half of 2006, due to further pricing competition for deposits. Our outlook assumes a stable economic environment and continued strong credit quality.
Jimmy Tallent
During the fourth quarter, we resolved several non-performing assets, which slightly increased net charge-offs while lowering non-performing assets. Asset quality continues to compare favorably with peer banks and remains well within our tolerance levels. Strong credit quality, rooted with our guiding principle of securing loans with hard assets, is essential to our balanced growth strategy and overall success.
Jimmy Tallent
We are committed to excellent customer service, superior operating performance and solid credit quality as we continue our efforts to build shareholder value through our balanced growth strategy of strong internal growth, complemented by selective de novo and merger expansion.
Jimmy Tallent
Excluding securities losses in the fourth quarter of 2005, core fee revenue growth from a year ago was 1.3 million, or 12, with steady growth achieved in nearly every category. Service charges and fees on deposit accounts increased 970,000 to 6.6 million, primarily due to growth in transactions and new accounts resulting from core deposit program and the cross-selling of other products and services. Brokerage fees increased 85 to 789,000 due to strong market activity. Consulting fees of 1.7 million were down slightly, due to the timing of work completed last year for the documentation and testing of internal controls in our risk management practice.
Jimmy Tallent
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