SOURCE: Guaranty Bancorp

Guaranty Bancorp

January 28, 2010 11:01 ET

Guaranty Bancorp Announces 2009 Fourth Quarter Financial Results

DENVER, CO--(Marketwire - January 28, 2010) - Guaranty Bancorp (NASDAQ: GBNK)

--  Quarterly loss narrowed from the prior quarter to $1.9 million
--  Non-performing loans declined by $21.5 million, or 26.5% from the end
    of the prior quarter, while the Allowance for Loan Losses to Loans
    increased to 3.42%
--  Delinquent loans declined by $39.8 million, or 64.5%
--  Total capital ratio increased to 13.80%, an all-time high
--  Low-cost deposits grew by $50.7 million in the fourth quarter
    

Guaranty Bancorp (NASDAQ: GBNK) today reported a fourth quarter 2009 net loss of $1.9 million, or $0.07 loss per basic and diluted common share, compared to a fourth quarter 2008 net income of $3.8 million, or $0.08 earnings per basic and diluted common share. Included in the basic and diluted common share computation for the fourth quarter 2009 is a $1.4 million preferred stock dividend paid in the form of additional shares of Series A convertible preferred stock. The primary reason for the decrease from the prior year period is an $8.8 million increase in the provision for loan losses. In addition, noninterest expense increased by $4.5 million from the prior year mostly due to greater other real estate owned expenses related to our aggressive disposition strategy and higher FDIC insurance assessments. These increases were partially offset by an increase in tax benefit primarily caused by a reversal of the valuation allowance established in the third quarter 2009 associated with deferred taxes.

Dan Quinn, Guaranty Bancorp President and CEO, stated, "While the results of a particular quarter do not constitute a trend, the results of the fourth quarter were significant as they gave further evidence of the overall improvement in loan quality that began in August of last year. During the fourth quarter, nonperforming loans were reduced by $21.5 million, or 26.5%. Of greater significance was the reduction in delinquent loans from $61.6 million at the end of the third quarter 2009 to $21.8 million at year end, as this suggests that the future inflow of nonperforming loans is slowing. Delinquent loans have declined from 3.9% of loans at September 30, 2009 to 1.4% of loans at December 31, 2009."

Mr. Quinn continued, "We are also pleased with a $60.9 million increase in deposits during the fourth quarter 2009. Most of this deposit growth was related to overall transaction and savings deposits, which grew by $50.7 million during the fourth quarter 2009. Our net interest margin also increased during the fourth quarter 2009 to 3.26%, compared to 3.14% in the prior quarter. This increase in net interest margin is primarily attributable to an increase in loan yields and a decline in our cost of funds."

The Company's net loss for 2009 was $29.2 million, or $0.60 loss per basic and diluted common share, compared to a net loss of $256.7 million or $5.03 loss per basic and diluted common share for the same period in 2008. Included in the basic and diluted common share computation for 2009 is a $1.4 million preferred stock dividend paid in the form of additional shares of Series A convertible preferred stock. The primary cause for the decrease in net loss in 2009 as compared to 2008 is that there was no goodwill impairment charge in 2009 as compared to the $250.7 million goodwill impairment charge recorded during the third quarter 2008. Other differences for 2009 as compared to 2008 include a $16.8 million reduction in net interest income due to lower interest rates and a decrease in earning assets, as well as a $17.3 million increase to the provision for loan losses.

Key Financial Measures

Income Statement

                         Quarter Ended                   Year Ended
               ----------------------------------  ----------------------
                December   September    December    December    December
                31, 2009    30, 2009    31, 2008    31, 2009    31, 2008
               ----------  ----------  ----------  ----------  ----------

Earnings
 (loss) per
 share-basic
 & diluted     $    (0.07) $    (0.33) $     0.08  $    (0.60) $    (5.03)
Return on
 average
 assets             (0.35%)     (3.32%)      0.72%      (1.42%)    (11.19%)
Net Interest
 Margin              3.26%       3.14%       3.55%       3.26%       4.05%

Balance Sheet

               December 31, September 30,          December 31,
                   2009         2009    % Change       2008      % Change
                ----------  ----------  ---------   ----------  ---------
                       (Dollars in thousands, except per share amounts)
Cash and cash
 equivalents    $  234,483  $  148,194       58.2%  $   45,711      413.0%
Total
 investments       248,236     209,297       18.6%     144,264       72.1%
Total loans,
 net of
 unearned
 discount        1,519,608   1,587,265       (4.3%)  1,826,333      (16.8%)
Loans held for
 sale                9,862       5,500       79.3%       5,760       71.2%
Allowance for
 loan losses       (51,991)    (49,038)       6.0%     (44,988)      15.6%
Total assets     2,127,580   2,057,378        3.4%   2,102,741        1.2%
Average assets,
 quarter-to-
 date            2,117,257   2,022,679        4.7%   2,099,519        0.8%
Total deposits   1,693,290   1,632,436        3.7%   1,698,651       (0.3%)
Book value per
 common share         2.50        2.60       (3.8%)       3.07      (18.6%)
Tangible book
 value per
 common share         2.13        2.21       (3.6%)       2.58      (17.4%)
Tangible book
 value per
 common share
  (after giving
   effect to
   conversion of
   preferred
   stock)             2.00        2.05       (2.4%)       2.58      (22.5%)
Book value of
 preferred
 stock              59,227      57,883        2.3%        None        N/A
Liquidation
 value of
 preferred
 stock              60,434      59,053        2.3%        None        N/A
Equity ratio -
 GAAP                 9.05%       9.51%      (4.8%)       7.68%      17.8%
Tangible equity
 ratio                8.23%       8.59%      (4.2%)       6.55%      25.6%
Total
 risk-based
 capital ratio       13.80%      13.42%       3.1%       10.61%      30.3%

Net Interest Income and Margin

                          Quarter Ended                   Year Ended
                ----------------------------------  ----------------------
                 December   September    December    December    December
                 31, 2009    30, 2009    31, 2008    31, 2009    31, 2008
                ----------  ----------  ----------  ----------  ----------
                                  (Dollars in thousands)

Net interest
 income         $   16,284  $   14,911  $   17,679  $   62,773  $   79,562
Interest rate
 spread               2.81%       2.65%       2.92%       2.71%       3.35%
Net interest
 margin               3.26%       3.14%       3.55%       3.26%       4.05%
Net interest
 margin, fully
 tax equivalent       3.34%       3.23%       3.64%       3.34%       4.14%

Fourth quarter 2009 net interest income of $16.3 million increased by $1.4 million from the third quarter 2009, and decreased $1.4 million from the fourth quarter 2008. The Company's net interest margin of 3.26% for the fourth quarter 2009 reflected an increase of 12 basis points from the third quarter 2009 and a decline of 29 basis points from the fourth quarter 2008. The increase in net interest margin and net interest spread in the fourth quarter 2009, as compared to the third quarter 2009, is primarily a result of an increase in loan yields and a reduction in the cost of funds during the fourth quarter 2009. The cost of funds was 2.00% for the fourth quarter 2009 as compared to 2.30% in the previous quarter, a decline of 30 basis points. The decrease in net interest margin in the fourth quarter 2009 as compared to the same quarter in 2008 is primarily due to the 11 basis point decrease in spread. The cost of funds declined by 70 basis points in the fourth quarter 2009 as compared to the same quarter in 2008 due mostly to the lower cost of time deposits and the yield on earning assets declined by 81 basis points over the same time period. The yield on earning assets declined from 5.62% in the fourth quarter 2008 to 4.81% for the same quarter in 2009, while loan yields declined from 5.67% to 5.44% over the same time period. The primary reason for the larger overall decline in the yield on earning assets is due to a change in the mix of earning assets. The Company maintained a higher level of short-term liquidity as reflected by a $163.0 million increase in average cash equivalents in the fourth quarter 2009 as compared to the same quarter in 2008. These cash equivalent assets earned 0.26% in the fourth quarter 2009 as compared to 2.56% in the same quarter in 2008. Excluding these low-yielding cash equivalents, the Company's net interest margin would have been 29 basis points higher in the fourth quarter 2009.

Interest income in the fourth quarter 2009 decreased by $3.9 million to $24.1 million, from $28.0 million in the fourth quarter 2008. Lower yields on earning assets contributed to $1.3 million of the $3.9 million decrease in interest income with the remainder due to a decline in earning assets, as well as a change in mix. Other causes for the decline in interest income include an increase in nonaccrual loan balances in 2009 as compared to the prior year, as well as a reduction in loan fee income as a result of a reduction in overall loan balances. The Company remains asset sensitive at the end of fourth quarter 2009 and expects that as interest rates rise, net interest income will also increase.

Interest expense decreased by $2.5 million to $7.8 million for the fourth quarter 2009 as compared to $10.3 million in the fourth quarter 2008. The $2.5 million decrease in interest expense is attributable to a $3.1 million favorable rate variance, partially offset by a $0.6 million unfavorable volume variance due mostly to higher average time deposit balances. The overall cost of funds declined by 70 basis points to 2.00% from the fourth quarter 2008 to the fourth quarter 2009, primarily as a result of the overall cost of interest bearing deposits decreasing by 73 basis points.

For the year ended December 31, 2009, the Company's net interest income declined by $16.8 million to $62.8 million as compared to $79.6 million for the same period in 2008. This decline is mostly attributable to a $9.3 million unfavorable rate variance due to a 79 basis point decrease in net interest margin, primarily attributable to the Company being asset sensitive coupled with a greater than 400 basis point cut in the target federal funds rate by the Federal Open Market Committee of the Federal Reserve Board throughout 2008. Approximately 56% of the Company's outstanding loan balances are variable rate loans and are generally tied to an index, such as prime or LIBOR. Although many of these loans have interest rate floors, the overall decline in interest rates discussed above caused the average yield on loans for the Company to decrease by 96 basis points from 6.28% for the year ended December 31, 2008 to 5.32% in 2009. The remainder of the decrease in net interest income is primarily due to a reduced volume of earning assets, as well as a change in the mix of earning assets.

Noninterest Income

The following table presents noninterest income as of the dates indicated:


                          Quarter Ended                   Year Ended
                ----------------------------------  -----------------------
                 December   September    December    December    December
                 31, 2009    30, 2009    31, 2008    31, 2009    31, 2008
                ----------  ----------  ----------  ----------  -----------
                                      (In thousands)
Noninterest
 income:
  Customer
   service and
   other fees   $    2,206  $    2,281  $    2,357  $    9,520  $     9,682
  Gain (loss)
   on sale of
   securities           (1)         (1)          -          (2)         138
  Other                215         170         (91)        894          800
                ----------  ----------  ----------  ----------  -----------
  Total
   noninterest
   income       $    2,420  $    2,450  $    2,266  $   10,412  $    10,620
                ==========  ==========  ==========  ==========  ===========

Noninterest income for the fourth quarter 2009 remained relatively flat as compared to the third quarter 2009 and fourth quarter 2008.

Noninterest income remained relatively flat in 2009, with a $0.2 million, or 2% decline in 2009 as compared to 2008. The decline in noninterest income is mostly due to customer service and other fees, which declined primarily as a result of a decline in NSF and ATM fees, partially offset by an increase in analysis account fees due to a lower earnings credit on compensating balances.

Noninterest Expense

The following table presents noninterest expense as of the dates indicated:

                          Quarter Ended                   Year Ended
                ----------------------------------- -----------------------
                 December   September    December    December    December
                 31, 2009    30, 2009    31, 2008    31, 2009    31, 2008
                ----------- ----------- ----------- ----------- -----------
                                       (In thousands)
Noninterest
 expense:
  Salaries and
   employee
   benefits     $     6,560 $     6,536 $     6,255 $    26,547 $    31,086
  Occupancy
   expense            1,854       1,908       1,725       7,609       7,815
  Furniture and
   equipment          1,060       1,103       1,203       4,441       5,290
  Impairment of
   goodwill               -           -           -           -     250,748
  Amortization
   of intangible
   assets             1,556       1,559       1,803       6,278       7,433
  Other real
   estate owned       3,369       1,582         313       5,931       1,612
  Insurance and
   assessments        1,612       1,688         713       6,536       2,956
  Professional
   fees                 963         516         998       3,224       3,256
  Other general
   and
   administrative     2,860       2,517       2,357       9,872       9,460
                ----------- ----------- ----------- ----------- -----------
  Total
   noninterest
   expense      $    19,834 $    17,409 $    15,367 $    70,438 $   319,656
                =========== =========== =========== =========== ===========


Noninterest expense for the fourth quarter 2009 increased by $2.4 million as compared to the third quarter 2009 and increased by $4.5 million from the fourth quarter 2008. The increase in the fourth quarter 2009 noninterest expense as compared to the third quarter 2009 is mostly due to a $1.8 million increase in expenses related to the disposition of other real estate owned. Expenses related to other real estate owned increased mostly due to valuation adjustments and sales of other real estate owned. The increase in fourth quarter 2009 noninterest expense as compared to the same quarter in 2008 is mostly due to a $3.1 million increase in expenses associated with other real estate owned, a $0.9 million increase in insurance and assessments, primarily due to higher FDIC insurance, and a $0.5 million increase in other general and administrative expense. The increase in other general and administrative expense is mostly due to higher loan workout related expenses.

Noninterest expense for the year ended December 31, 2009 decreased by $249.2 million to $70.4 million compared with the same period in 2008. Excluding the $250.7 million goodwill impairment, noninterest expense increased by $1.5 million in 2009 as compared to 2008. This increase is primarily the result of a $4.3 million increase in expenses related to other real estate owned, a $3.6 million increase in insurance and assessments expense and a $0.4 million increase in other general and administrative expenses. These increases were partially offset by a $4.5 million decrease in salaries and employee benefits, a $1.1 million decrease in occupancy and furniture & equipment expense and a $1.2 million decrease in the amortization of intangible assets.

The increase in expenses for other real estate owned in 2009 as compared to 2008 is mostly due to valuation adjustments and sales of other real estate owned, as well as $1.0 million of property holding expenses, including taxes and insurance. The increase in insurance and assessments expense is mostly related to higher FDIC insurance assessment rates on deposits in 2009 as compared to 2008, as well as a $0.9 million special assessment charged by the FDIC. This special assessment was charged on all banks as a percentage of net assets in the second quarter 2009. The increase in other general and administrative expense is mostly due to higher loan workout related expenses.

The decreases in salaries and benefits expense in 2009 as compared to 2008 is due to a $4.2 million decrease to base salaries and benefits and a $1.9 million decrease to bonus and incentives. These decreases were partially offset by a $1.6 million increase to equity-based compensation expense, mostly as a result of a cumulative reversal of equity-based compensation expense in 2008 as a result of a determination that performance-based restricted shares were no longer expected to meet their performance target prior to their expiration date. The declines in occupancy, furniture and equipment and intangible asset amortization are primarily a result of the closure of two branches in 2008 and the use of accelerated amortization on our core deposit intangible assets, respectively.

Income Taxes

In the fourth quarter 2009, management determined that a deferred tax valuation allowance was no longer required. Therefore, the $5.0 million deferred tax valuation allowance booked in the third quarter 2009 was reversed. In making this determination, management considered all evidence currently available, both positive and negative, including existence of taxes paid in available carry-back years, forecasts of future income, a three-year cumulative loss for financial reporting purposes, applicable tax planning strategies, and assessments of the current and future economic and business conditions. The most significant change in positive evidence causing the reversal of the valuation allowance was the legislative increase in carry-back years from two years to five years as a result of the passage of the Worker, Homeownership, and Business Assistance Act of 2009, which was signed into law by President Obama on November 6, 2009. This change caused a significant increase in the amount of taxes available for recovery, allowing businesses to elect to carry-back a net operating loss from 2009 for five years instead of only two years. This new carry-back period does not apply to companies who received payments under the Troubled Asset Relief Program (TARP). As the Company did not receive payments under TARP, we elected to carry-back our 2009 net operating loss five years, which has significantly reduced the deferred tax asset on our books as of December 31, 2009.

Because the Company continues to have a deferred tax asset, the Company will, on a quarterly basis, evaluate the need for a valuation allowance and whether the allowance should be adjusted based on then available evidence.

The effective tax benefit rate in 2009 was 39.6% as compared to 2.5% in 2008. In 2009, the primary differences between the expected tax benefit rate and the actual tax benefit rate are state taxes and tax-exempt income. In 2008, the primary difference between the expected benefit rate and the actual benefit rate was the significant goodwill impairment charge which was not deductible for income tax purposes.

Preferred Stock Dividend

On November 15, 2009, a non-cash preferred stock dividend was paid in the form of additional shares of Series A convertible preferred stock to holders of Series A convertible preferred stock in the amount of $1.4 million. The effect of this preferred stock dividend was to reduce the amount available to common shareholders as reflected in the earnings (loss) per share computation.

Balance Sheet

                December 31, September 30,    %     December 31,    %
                    2009          2009      Change      2008      Change
                 -----------  -----------  -------   -----------  -------
                     (Dollars in thousands, except per share amounts)

Total assets     $ 2,127,580  $ 2,057,378      3.4%  $ 2,102,741      1.2%
Average assets,
 quarter-to-date   2,117,257    2,022,679      4.7%    2,099,519      0.8%
Loans, net of
 unearned
 discount          1,519,608    1,587,265     (4.3%)   1,826,333    (16.8%)
Total deposits     1,693,290    1,632,436      3.7%    1,698,651     (0.3%)


Equity ratio -
 GAAP                   9.05%        9.51%    (4.8%)        7.68%    17.8%
Tangible equity
 ratio                  8.23%        8.59%    (4.2%)        6.55%    25.6%

At December 31, 2009, total assets of $2.1 billion remained relatively flat as compared to September 30, 2009 and December 31, 2008. Although total assets remained consistent with prior periods, there has been a shift to more liquid assets during 2009, including investment securities and short-term funding due to current economic conditions. Total loans have declined by $307 million from $1.8 billion as of December 31, 2008 to $1.5 billion as of December 31, 2009. During this same time period, the Company's investments have increased by $104 million from $144 million as of December 31, 2008 to $248 million as of December 31, 2009, and total cash and cash equivalents increased by $189 million to $235 million at December 31, 2009 as compared to $46 million at December 31, 2008. The increase in cash and cash equivalents is primarily a result of the decline in loan balances, coupled with the issuance of $57.8 million, net of expenses, of preferred stock in the third quarter of 2009. Management continues to evaluate alternatives for the utilization of this additional liquidity to improve our future net interest margin, including a combination of purchasing new investments securities, making new loans and not renewing certain maturing time deposits.

The decline in loan balances from December 31, 2008 is primarily a result of a $77 million decrease in real estate loans and a $225 million decrease in commercial loans. The decline in commercial loans is partly attributable to planned efforts by the bank to reduce lower yielding syndicated and participated loans.

The GAAP equity ratio and tangible equity ratio each increased from December 31, 2008 primarily as a result of the issuance of $57.8 million, net of expenses, of convertible preferred stock in August 2009. The GAAP equity ratio and tangible equity ratio declined during the fourth quarter 2009 primarily as a result of the increase in shorter-term cash and cash equivalents.

The following table sets forth the amounts of our loans outstanding (excluding loans held for sale) at the dates indicated:

                               December 31,   September 30,  December 31,
                                   2009           2009           2008
                               -------------  -------------  -------------
                                              (In thousands)
Loans on real estate:
  Residential and commercial   $     760,719  $     715,005  $     680,030
  Construction                       105,612        163,074        268,306
  Equity lines of credit              54,852         56,591         50,270
Commercial loans                     521,016        573,562        746,241
Agricultural loans                    18,429         19,428         22,738
Lease financing                        4,011          4,722          3,549
Installment loans to
 individuals                          36,175         38,704         38,352
Overdrafts                               358            768            855
SBA and other                         20,997         18,181         19,592
                               -------------  -------------  -------------
                                   1,522,169      1,590,035      1,829,933
Unearned discount                     (2,561)        (2,770)        (3,600)
                               -------------  -------------  -------------
Loans, net of unearned
 discount                      $   1,519,608  $   1,587,265  $   1,826,333
                               =============  =============  =============

There were $921.2 million of real estate loans at December 31, 2009 as compared to $998.6 million at December 31, 2008, a decrease of $77.4 million as management continues efforts to decrease its exposure to residential and commercial real-estate.

At December 31, 2009, there were approximately $18 million of loans secured by for-sale residential real estate and approximately $57 million of residential land and land development loans. This compares to December 31, 2008, with approximately $57 million of loans secured by for-sale residential real estate and approximately $114 million of residential land and land development loans.

The $162.7 million decrease in construction loans, and the $80.7 million increase in residential and commercial real estate loans at December 31, 2009 as compared to December 31, 2008 is partially due to reclassifying $124.0 million of construction loans to commercial real estate loans because of the completion of the underlying building projects and the commencement of amortization of these loans. A portion of the remainder of the decrease in construction loans was a result of payoffs on existing loans, as well as moving loans to other real estate owned during 2009.

The following table sets forth the amounts of our deposits outstanding at the dates indicated:

                                  December 31,  September 30, December 31,
                                      2009          2009          2008
                                  ------------- ------------- -------------
                                               (In thousands)
Noninterest bearing deposits      $     366,103 $     366,308 $     433,761
Interest bearing demand                 171,844       152,914       145,492
Money market                            352,127       319,504       315,364
Savings                                  71,816        72,483        68,064
Time                                    731,400       721,227       735,970
                                  ------------- ------------- -------------
Total deposits                    $   1,693,290 $   1,632,436 $   1,698,651
                                  ============= ============= =============

Total deposits increased by $60.9 million to $1.69 billion at December 31, 2009 as compared to $1.63 billion at September 30, 2009, and decreased by $5.4 million as compared to $1.70 billion at December 31, 2008. The increase in deposits during the fourth quarter 2009 is primarily a result of increases to overall transaction and savings accounts, including money market accounts, which increased by $50.7 million primarily as a result of a deposit campaign initiated late in the third quarter of 2009. The $5.4 million decrease in deposits from December 31, 2008 to December 31, 2009 is primarily due to a $4.6 million decrease in time deposits. The $67.7 million decrease in noninterest bearing deposits at December 31, 2009 as compared to December 31, 2008, is mostly due to a $66.5 million movement of funds from a noninterest bearing account to a money market account by a single account holder who administers an omnibus account on behalf of bank cash sweep account customers.

At December 31, 2009, there were approximately $255 million in brokered time deposits, excluding reciprocal balances with other banks through the Certificate of Deposit Account Registry Service (CDARS), as compared to $193 million in brokered deposits at December 31, 2008. Noninterest bearing deposits comprised 21.6% of total deposits at December 31, 2009 as compared to 25.5% at December 31, 2008.

Borrowings remained relatively flat throughout 2009. Total borrowings were $164.4 million at December 31, 2009 as compared to $166.4 million at December 31, 2008. The entire balance of borrowings at each balance sheet date consisted of term advances with the Federal Home Loan Bank.

Regulatory Capital Ratios

The Company's and the subsidiary bank's capital ratios increased at December 31, 2009 as compared to December 31, 2008, due primarily to the issuance of $57.8 million, net of expenses, of convertible preferred stock during the third quarter 2009. As a result of this issuance, the Company injected an aggregate of $40.0 million of capital into its bank subsidiary. All of the regulatory capital ratios are above the highest regulatory capital requirement of "well-capitalized" at December 31, 2009. The Company's and the bank subsidiary's actual capital ratios for December 31, 2009 and December 31, 2008 are presented in the table below:

                                                                Minimum
                                                              Requirement
                      Ratio at      Ratio at      Minimum       for "Well
                    December 31,  December 31,    Capital     Capitalized"
                        2009          2008      Requirement   Institution
                    ------------  ------------  ------------  ------------

Total Risk-Based
 Capital Ratio:
  Consolidated             13.80%        10.61%         8.00%          N/A
  Guaranty Bank and
   Trust Company           12.82%        10.52%         8.00%        10.00%
Tier 1 Risk-Based
 Capital Ratio:
  Consolidated              9.43%         9.35%         4.00%          N/A
  Guaranty Bank and
   Trust Company           11.55%         9.26%         4.00%         6.00%
Leverage Ratio:
  Consolidated              7.89%         8.98%         4.00%          N/A
  Guaranty Bank and
   Trust Company            9.66%         8.90%         4.00%         5.00%



Generally, the allowance for loan losses is included in total capital for regulatory purposes; however, it is limited to 1.25% of total risk-weighted assets. At December 31, 2009, approximately $29.9 million of the bank subsidiary's allowance for loan losses is disallowed from being included in total risk-based capital under the regulatory capital rules, or approximately 1.67% of the bank subsidiary's risk-weighted assets.

Asset Quality

The following table presents selected asset quality data (excluding loans held for sale) as of the dates indicated:

                     December   September  June 30,   March 31,  December
                     31, 2009   30, 2009     2009       2009     31, 2008
                     ---------  ---------  ---------  ---------  ---------
                                     (Dollars in thousands)

Nonaccrual loans,
 not restructured    $  59,584  $  81,035  $  52,483  $  57,299  $  54,594
Other nonperforming
 loans                     123        150      2,671        911        228
                     ---------  ---------  ---------  ---------  ---------

Total nonperforming
 loans (NPLs)        $  59,707  $  81,185  $  55,154  $  58,210  $  54,822
Other real estate
 owned and
 foreclosed assets      37,192     32,246     34,746     14,524        484
                     ---------  ---------  ---------  ---------  ---------

Total nonperforming
 assets (NPAs)       $  96,899  $ 113,431  $  89,900  $  72,734  $  55,306
                     =========  =========  =========  =========  =========

Accruing loans past
 due 90 days or more $     123  $   9,140  $   2,671  $     911  $     228
                     =========  =========  =========  =========  =========

Accruing loans past
 due 30-89 days      $  21,709  $  52,443  $  39,836  $  31,957  $  35,169
                     =========  =========  =========  =========  =========

Allowance for loan
 losses              $  51,991  $  49,038  $  43,041  $  37,598  $  44,988
                     =========  =========  =========  =========  =========

Selected ratios:
NPLs to loans, net
 of unearned
 discount                 3.93%      5.11%      3.34%      3.31%      3.00%
NPAs to total assets      4.55%      5.51%      4.62%      3.57%      2.63%
Allowance for loan
 losses to NPAs          53.65%     43.23%     47.88%     51.69%     81.34%
Allowance for loan
 losses to NPLs          87.08%     60.40%     78.04%     64.59%     82.06%
Allowance for loan
 losses to loans,
 net of unearned
 discount                 3.42%      3.09%      2.61%      2.14%      2.46%
Loans 30-89 days
 past due to loans,
 net of unearned
 discount                 1.43%      3.30%      2.41%      1.82%      1.93%


The types of nonperforming loans (excluding loans held for sale) as of December 31, 2009 and September 30, 2009 are as follows:

                                    Nonperforming Loans
                -----------------------------------------------------------
                      December 31, 2009            September 30, 2009
                ----------------------------- -----------------------------
                  Loan              Related     Loan              Related
                Balance   Percent   Allowance Balance   Percent   Allowance
                --------- --------  --------- --------- --------  ---------
                                  (Amounts in thousands)
Residential
 Construction,
 Land and Land
 Development    $  25,812     43.2% $   2,542 $  33,073     40.7% $   1,990
Other
 Residential
 Loans              3,131      5.2%       623     2,442      3.0%       421
Commercial and
 Industrial
 Loans             18,206     30.5%     1,960    19,527     24.1%     1,992
Commercial Real
 Estate            12,188     20.5%     1,468    25,626     31.6%     3,112
Other                 370      0.6%        10       517      0.6%         -
                --------- --------  --------- --------- --------  ---------
Total           $  59,707    100.0% $   6,603 $  81,185    100.0% $   7,515
                ========= ========  ========= ========= ========  =========


The decrease in nonperforming loans related to commercial real estate and land development loans is primarily the result of dispositions and loan transfers to other real estate owned during the fourth quarter.

The types of loans included in the accruing loans past due 30-89 days as of December 31, 2009 and September 30, 2009 are as follows:

                                        Accruing loans past due 30-89 days
                                        ----------------------------------
                                          December 31,      September 30,
                                              2009              2009
                                        ----------------- ----------------
                                          Loan              Loan
                                        Balance  Percent  Balance  Percent
                                        -------- -------  -------- -------
                                              (Amounts in thousands)
Residential Construction, Land and Land
 Development                            $ 10,265    47.3% $  5,751    11.0%
Other Residential Loans                    2,103     9.7%    2,253     4.3%
Commercial and Industrial Loans            4,038    18.6%    3,239     6.2%
Commercial Real Estate                     3,516    16.2%   40,452    77.1%
Other                                      1,787     8.2%      748     1.4%
                                        -------- -------  -------- -------
Total                                   $ 21,709   100.0% $ 52,443   100.0%
                                        ======== =======  ======== =======


At December 31, 2009, approximately $18.3 million of the $21.7 million of accruing loans past due 30-89 days were matured and in the process of renewal. These loans are current with respect to payments, but are considered past due as they have matured and must be renewed. Due to more conservative underwriting requirements and pricing increases being sought, it is taking longer to negotiate and redocument the matured loans.

Accruing loans over 90 days past due decreased to $0.1 million at December 31, 2009, from $9.1 million at September 30, 2009. Approximately $8.9 million of the September 30, 2009 balance was comprised of two loan relationships that were in the process of renewal as of September 30, 2009.

Net charge-offs in the fourth quarter 2009 were $7.1 million, as compared to $14.0 million in the third quarter 2009, and $1.0 million in the fourth quarter 2008. Impaired loans as of December 31, 2009 totaled $59.7 million, as compared to $81.2 million at September 30, 2009, and $54.8 million at December 31, 2008.

The Company recorded a provision for loan losses in the fourth quarter 2009 of $10.0 million, as compared to $20.0 million in the third quarter 2009 and $1.3 million in the fourth quarter 2008. The fourth quarter 2009 provision for loan losses is 50% lower than the third quarter 2009. A provision for loan losses of $3.9 million was made for the general component of the allowance for loan losses in the fourth quarter 2009, which was primarily for the impact of the quarterly net charge-offs on the historical loss and economic conditions components of our allowance for loan losses.

The allowance for loan losses to total loans outstanding was 3.42% at December 31, 2009, as compared to 3.09% at September 30, 2009 and 2.46% at December 31, 2008. The allowance for loan losses to nonperforming loans was 87.08% at December 31, 2009, compared to 60.4% at September 30, 2009 and 82.06% at December 31, 2008.

Regulatory Written Agreement

On January 22, 2010, the Company and our bank subsidiary, Guaranty Bank and Trust Company, entered into a Written Agreement with the Federal Reserve Bank of Kansas City and the Colorado Division of Banking. The Written Agreement is based in part on the findings of the Federal Reserve and Division of Banking during an examination that commenced in May 2009. Since the completion of the examination, the Company and Guaranty Bank have taken substantial steps to address many of the items included in the Written Agreement.

The Written Agreement primarily establishes timeframes for the completion of certain remedial measures identified as important to improve the Company's overall financial performance. In addition, the Written Agreement, among other things, provides that the Company obtain prior written approval from our regulators in order to pay dividends, incur, increase or guarantee any debt or make any payments on its trust preferred securities.

Dan Quinn, President and CEO of the Company, said, "We have been working proactively over the last year to address our capital position, liquidity and credit quality and are in a stronger financial position now than we were at the completion of last year's regulatory examination. We have raised $57.8 million, net of expenses, of additional capital. With this capital investment, we have prepared ourselves for a solid, long-term future. Our consolidated total risk-based capital ratio has increased from 10.61% at the end of 2008 to 13.80% at December 31, 2009, a 30.1% increase. The same capital ratio for Guaranty Bank has likewise increased from 10.52% at the end of 2008 to 12.82% at December 31, 2009, which exceeds the threshold to be considered well-capitalized under regulatory guidelines by 2.82 percentage points. In addition to strengthening our capital levels during 2009, we have improved liquidity with a $188.8 million increase to cash and cash equivalents, as well as a $104.0 million increase to investment securities at December 31, 2009 as compared to the end of 2008. We have also taken measures to reduce the Bank's credit risk profile through the identification and reduction of higher-risk loans and aggressively addressing our nonperforming loans and past dues as evidenced by the 26.5% decline in nonperforming loans in the fourth quarter 2009."

Mr. Quinn, continued, "The Written Agreement will not affect the operation of our business on a day-to-day basis, nor does it affect our long-term strategic plan. In addition, we will continue our heritage of providing our banking customers the exceptional service they expect and deserve."

Shares Outstanding

As of December 31, 2009, the Company had 52,822,897 shares of common stock outstanding, including 1,381,105 shares of unvested stock awards, but excluding 129,806 shares of common stock to be issued under its deferred compensation plan. In addition, the company had 60,434 shares of Series A convertible preferred stock outstanding, with a liquidation value of $1,000 per share.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures related to tangible assets, including tangible book value, tangible book value (after giving effect to conversion of preferred stock), and tangible equity ratio, which exclude intangible assets.

The Company discloses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company's operational performance and to enhance investors' overall understanding of the Company's core financial performance. Management believes that these non-GAAP financial measures allow for additional transparency and are used by some investors, analysts and other users of the Company's financial information as performance measures. These non-GAAP financial measures are presented for supplemental informational purposes only for understanding the Company's operating results and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP financial measures presented by the Company may be different from non-GAAP financial measures used by other companies.

The following non-GAAP schedule reconciles the book value per share to the tangible book value per share and the tangible equity ratio as of the dates indicated:


                                 December 31,  September 30,  December 31,
                                     2009          2009           2008
                                 ------------  -------------  ------------
                                           (Dollars in thousands,
                                          except per share amounts)
Tangible Book Value per Common
 Share
  Total stockholders' equity     $    192,638  $     195,670  $    161,580
  Less: Preferred share
   liquidation preference             (60,434)       (59,053)            -
                                 ------------  -------------  ------------
  Stockholders' equity
   attributable to common shares      132,204        136,617       161,580
  Less: Intangible assets             (19,222)       (20,778)      (25,500)
                                 ------------  -------------  ------------
  Tangible common equity         $    112,982  $     115,839  $    136,080
                                 ============  =============  ============

  Number of common shares
   outstanding and to be issued    52,952,703     52,531,840    52,654,131

  Number of shares of preferred
   stock outstanding                   60,434         59,053           N/A
  Number of shares of common
   stock to be issued upon
   conversion of preferred stock   33,574,444     32,807,222           N/A

  Book value per common share    $       2.50  $        2.60  $       3.07
  Tangible book value per common
   share                         $       2.13  $        2.21  $       2.58
  Tangible book value per common
   share (after giving effect
   to conversion of preferred
   stock)                        $       2.00  $        2.05  $       2.58

Tangible Equity Ratio
  Total assets                   $  2,127,580  $   2,057,378  $  2,102,741
  Less: Intangible assets             (19,222)       (20,778)      (25,500)
                                 ------------  -------------  ------------
  Tangible assets                $  2,108,358  $   2,036,600  $  2,077,241
                                 ============  =============  ============

Equity ratio - GAAP
  (Total stockholders' equity /
   total assets)                         9.05%          9.51%         7.68%
Tangible equity ratio
  (Tangible common equity +
   Preferred share
   liquidation preference) /
   tangible assets                       8.23%          8.59%         6.55%



About Guaranty Bancorp

Guaranty Bancorp is a bank holding company that operates 34 branches in Colorado through a single bank, Guaranty Bank and Trust Company. The bank provides banking and other financial services including real estate, construction, commercial and industrial, energy, consumer and agricultural loans throughout its targeted Colorado markets to consumers and small to medium-sized businesses, including the owners and employees of those businesses. The bank also provides trust services, including personal trust administration, estate settlement, investment management accounts and self-directed IRAs. More information about Guaranty Bancorp can be found at www.gbnk.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms and other comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: failure to maintain adequate levels of capital and liquidity to support Company's operations; the effect of the regulatory written agreement the Company and its bank subsidiary have entered into and potential future supervisory action against the Company or its bank subsidiary; general economic and business conditions in those areas in which the Company operates; demographic changes; competition; fluctuations in interest rates; continued ability to attract and employ qualified personnel; ability to receive regulatory approval for our bank subsidiary to declare dividends to the Company; adequacy of our allowance for loan losses, changes in credit quality and the effect of credit quality on our provision for credit losses and allowance for loan losses; changes in governmental legislation or regulation, including, but not limited to, any increase in FDIC insurance premiums; changes in accounting policies and practices; changes in the deferred tax asset valuation allowance; changes in business strategy or development plans; changes in the securities markets; changes in consumer spending, borrowing and savings habits; the availability of capital from private or government sources; competition for loans and deposits and failure to attract or retain loans and deposits; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; political instability, acts of war or terrorism and natural disasters; and additional "Risk Factors" referenced in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as supplemented from time to time. When relying on forward-looking statements to make decisions with respect to the Company, investors and others are cautioned to consider these and other risks and uncertainties. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. The forward-looking statements are made as of the date of this press release, and the Company does not intend, and assumes no obligation, to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

                    GUARANTY BANCORP AND SUBSIDIARIES
                  Unaudited Consolidated Balance Sheets


                                    December 31, September 30, December 31,
                                        2009         2009         2008
                                     -----------  -----------  -----------
                                                 (In thousands)
Assets
Cash and due from banks              $   234,483  $   148,194  $    32,189
Federal funds sold                             -            -       13,522
                                     -----------  -----------  -----------
     Cash and cash equivalents           234,483      148,194       45,711
                                     -----------  -----------  -----------
Securities available for sale, at
 fair value                              221,134      182,573      102,874
Securities held to maturity                9,942       10,377       13,114
Bank stocks, at cost                      17,160       16,347       28,276
                                     -----------  -----------  -----------
     Total investments                   248,236      209,297      144,264
                                     -----------  -----------  -----------

Loans, net of unearned discount        1,519,608    1,587,265    1,826,333
  Less allowance for loan losses         (51,991)     (49,038)     (44,988)
                                     -----------  -----------  -----------
     Net loans                         1,467,617    1,538,227    1,781,345
                                     -----------  -----------  -----------
Loans held for sale                        9,862        5,500        5,760
Premises and equipment, net               60,267       61,110       63,018
Other real estate owned and
 foreclosed assets                        37,192       32,246          484
Other intangible assets, net              19,222       20,778       25,500
Other assets                              50,701       42,026       36,659
                                     -----------  -----------  -----------
     Total assets                    $ 2,127,580  $ 2,057,378  $ 2,102,741
                                     ===========  ===========  ===========

Liabilities and Stockholders' Equity
Liabilities:
  Deposits:
    Noninterest-bearing demand       $   366,103  $   366,308  $   433,761
    Interest-bearing demand              523,971      472,418      460,856
    Savings                               71,816       72,483       68,064
    Time                                 731,400      721,227      735,970
                                     -----------  -----------  -----------
      Total deposits                   1,693,290    1,632,436    1,698,651
                                     -----------  -----------  -----------
Securities sold under agreements to
 repurchase and federal funds
 purchased                                22,990       12,424       21,781
Borrowings                               164,364      164,420      166,404
Subordinated debentures                   41,239       41,239       41,239
Interest payable and other
 liabilities                              13,059       11,189       13,086
                                     -----------  -----------  -----------
     Total liabilities                 1,934,942    1,861,708    1,941,161
                                     -----------  -----------  -----------

Stockholders' equity:
  Preferred stock and Additional
   paid-in capital - Preferred stock      59,227       57,883            -
  Common stock and Additional
   paid-in capital - Common stock        618,408      618,011      617,253
  Shares to be issued for deferred
   compensation obligations                  199          156          710
  Accumulated deficit                   (382,599)    (379,325)    (352,003)
  Accumulated other comprehensive
   income (loss)                            (143)       1,387       (1,302)
  Treasury Stock                        (102,454)    (102,442)    (103,078)
                                     -----------  -----------  -----------
     Total stockholders' equity          192,638      195,670      161,580
                                     -----------  -----------  -----------
     Total liabilities and
      stockholders' equity           $ 2,127,580  $ 2,057,378  $ 2,102,741
                                     ===========  ===========  ===========





                    GUARANTY BANCORP AND SUBSIDIARIES
            Unaudited Consolidated Statements of Income (Loss)


                              Three Months Ended         Year Ended
                                 December 31,            December 31,
                            ----------------------  ----------------------
                               2009        2008        2009        2008
                            ----------  ----------  ----------  ----------
                              (In thousands, except share and per share
                                                data)
Interest income:
  Loans, including fees     $   21,631  $   26,022  $   89,625  $  112,844
  Investment securities:
    Taxable                      1,412         779       3,479       2,991
    Tax-exempt                     738         788       3,033       3,404
  Dividends                        155         301         825       1,647
  Federal funds sold and
   other                           115          84         193         426
                            ----------  ----------  ----------  ----------
    Total interest income       24,051      27,974      97,155     121,312
                            ----------  ----------  ----------  ----------
Interest expense:
  Deposits                       5,786       7,902      26,402      32,562
  Federal funds purchased
   and repurchase
   agreements                       42          85         140         527
  Borrowings                     1,328       1,402       5,284       5,333
  Subordinated debentures          611         906       2,556       3,328
                            ----------  ----------  ----------  ----------
    Total interest expense       7,767      10,295      34,382      41,750
                            ----------  ----------  ----------  ----------
    Net interest income         16,284      17,679      62,773      79,562
Provision for loan losses       10,005       1,250      51,115      33,775
                            ----------  ----------  ----------  ----------
Net interest income, after
 provision for loan losses       6,279      16,429      11,658      45,787
Noninterest income:
  Customer service and
   other fees                    2,206       2,357       9,520       9,682
  Gain (loss) on sale of
   securities                       (1)          -          (2)        138
  Other                            215         (91)        894         800
                            ----------  ----------  ----------  ----------
    Total noninterest
     income                      2,420       2,266      10,412      10,620
Noninterest expense:
  Salaries and employee
   benefits                      6,560       6,255      26,547      31,086
  Occupancy expense              1,854       1,725       7,609       7,815
  Furniture and equipment        1,060       1,203       4,441       5,290
  Impairment of goodwill             -           -           -     250,748
  Amortization of
   intangible assets             1,556       1,803       6,278       7,433
  Other real estate owned        3,369         313       5,931       1,612
  Insurance and assessments      1,612         713       6,536       2,956
  Professional fees                963         998       3,224       3,256
  Other general and
   administrative                2,860       2,357       9,872       9,460
                            ----------  ----------  ----------  ----------
    Total noninterest
     expense                    19,834      15,367      70,438     319,656
                            ----------  ----------  ----------  ----------
    Income (loss) before
     income taxes              (11,135)      3,328     (48,368)   (263,249)
Income tax benefit              (9,250)       (496)    (19,161)     (6,513)
                            ----------  ----------  ----------  ----------
    Net income (loss)           (1,885)      3,824     (29,207)   (256,736)
Preferred stock dividends       (1,389)          -      (1,389)          -
                            ----------  ----------  ----------  ----------
Net income (loss)
 applicable to common
 shareholders               $   (3,274) $    3,824  $  (30,596) $ (256,736)
                            ==========  ==========  ==========  ==========

Earnings (loss) per common
 share-basic:               $    (0.07) $     0.08  $    (0.60) $    (5.03)
Earnings (loss) per common
 share-diluted:                  (0.07)       0.08       (0.60)      (5.03)


Weighted average shares
 outstanding-basic          51,468,231  51,116,291  51,378,360  51,044,372
Weighted average shares
 outstanding- diluted       51,468,231  51,116,291  51,378,360  51,044,372





                    GUARANTY BANCORP AND SUBSIDIARIES
              Unaudited Consolidated Average Balance Sheets


                            QTD Average                   YTD Average
                ----------------------------------- -----------------------
                 December   September    December    December    December
                 31, 2009    30, 2009    31, 2008    31, 2009    31, 2008
                ----------- ----------- ----------- ----------- -----------
                                      (In thousands)
Assets
Interest
 earning assets
  Loans, net of
   unearned
   discount     $ 1,578,761 $ 1,627,066 $ 1,825,489 $ 1,686,136 $ 1,797,357
  Securities        228,608     153,657     141,005     164,094     154,548
  Other earning
   assets           176,049     101,585      13,022      75,887      14,763
                ----------- ----------- ----------- ----------- -----------
Average earning
 assets           1,983,418   1,882,308   1,979,516   1,926,117   1,966,668
Other assets        133,839     140,371     120,003     128,168     328,440
                ----------- ----------- ----------- ----------- -----------

Total average
 assets         $ 2,117,257 $ 2,022,679 $ 2,099,519 $ 2,054,285 $ 2,295,108
                =========== =========== =========== =========== ===========

Liabilities and
 Stockholders'
 Equity
Average
 liabilities:
Average
 deposits:
  Noninterest-
   bearing
   deposits     $   363,177 $   345,831 $   410,663 $   387,597 $   440,359
  Interest-
   bearing
   deposits       1,320,410   1,259,751   1,275,220   1,252,903   1,242,425
                ----------- ----------- ----------- ----------- -----------
  Average
   deposits       1,683,587   1,605,582   1,685,883   1,640,500   1,682,784
Other
 interest-
 bearing
 liabilities        223,835     218,491     241,453     223,703     236,156
Other
 liabilities         11,979      12,120      15,001      11,671      19,522
                ----------- ----------- ----------- ----------- -----------
Total average
 liabilities      1,919,401   1,836,193   1,942,337   1,875,874   1,938,462
Average
 stockholders'
 equity             197,856     186,486     157,182     178,411     356,646
                ----------- ----------- ----------- ----------- -----------
Total average
 liabilities
 and
 stockholders'
 equity         $ 2,117,257 $ 2,022,679 $ 2,099,519 $ 2,054,285 $ 2,295,108
                =========== =========== =========== =========== ===========





                             GUARANTY BANCORP
                    Unaudited Credit Quality Measures


                                            Quarter Ended
                          ------------------------------------------------
                          December  September   June     March    December
                          31, 2009  30, 2009  30, 2009  31, 2009  31, 2008
                          --------  --------  --------  --------  --------
                                       (Dollars in thousands)
Nonaccrual loans and
 leases, not
 restructured             $ 59,584  $ 81,035  $ 52,483  $ 57,299  $ 54,594
Other nonperforming loans      123       150     2,671       911       228
                          --------  --------  --------  --------  --------
  Total nonperforming
   loans                  $ 59,707  $ 81,185  $ 55,154  $ 58,210  $ 54,822
                          --------  --------  --------  --------  --------
Other real estate owned
 and foreclosed assets      37,192    32,246    34,746    14,524       484
                          --------  --------  --------  --------  --------
  Total nonperforming
   assets                 $ 96,899  $113,431  $ 89,900  $ 72,734  $ 55,306
                          ========  ========  ========  ========  ========

Impaired loans            $ 59,707  $ 81,185  $ 55,154  $ 58,210  $ 54,822
Allocated allowance for
 loan losses                (6,603)   (7,515)   (7,291)   (6,342)  (11,064)
                          --------  --------  --------  --------  --------
  Net investment in
   impaired loans         $ 53,104  $ 73,670  $ 47,863  $ 51,868  $ 43,758
                          ========  ========  ========  ========  ========

Accruing loans past due
 90 days or more          $    123  $  9,140  $  2,671  $    911  $    228
                          ========  ========  ========  ========  ========

Accruing loans past due
 30-89 days               $ 21,709  $ 52,443  $ 39,836  $ 31,957  $ 35,169
                          ========  ========  ========  ========  ========

Charged-off loans         $  7,618  $ 14,618  $ 13,509  $ 10,262  $  2,032
Recoveries                    (566)     (615)     (347)     (367)   (1,005)
                          --------  --------  --------  --------  --------
  Net charge-offs         $  7,052  $ 14,003  $ 13,162  $  9,895  $  1,027
                          ========  ========  ========  ========  ========

Provision for loan loss   $ 10,005  $ 20,000  $ 18,605  $  2,505  $  1,250
                          ========  ========  ========  ========  ========

Allowance for loan
 losses                   $ 51,991  $ 49,038  $ 43,041  $ 37,598  $ 44,988
                          ========  ========  ========  ========  ========

Allowance for loan losses
 to loans, net of
 unearned discount            3.42%     3.09%     2.61%     2.14%     2.46%
Allowance for loan losses
 to nonaccrual loans         87.26%    60.51%    82.01%    65.62%    82.41%
Allowance for loan losses
 to nonperforming assets     53.65%    43.23%    47.88%    51.69%    81.34%
Allowance for loan losses
 to nonperforming loans      87.08%    60.40%    78.04%    64.59%    82.06%
Nonperforming assets to
 loans, net of unearned
 discount, and other
 real estate owned            6.22%     7.00%     5.33%     4.11%     3.03%
Nonperforming assets to
 total assets                 4.55%     5.51%     4.62%     3.57%     2.63%
Nonaccrual loans to
 loans, net of unearned
 discount                     3.92%     5.11%     3.18%     3.26%     2.99%
Nonperforming loans to
 loans, net of unearned
 discount                     3.93%     5.11%     3.34%     3.31%     3.00%
Annualized net charge-offs
 to average loans             1.77%     3.42%     3.05%     2.22%     0.22%

Contact Information

  • Contact:
    Daniel M. Quinn
    President & Chief Executive Officer
    1331 Seventeenth Street, Suite 300
    Denver, CO 80202
    303/313-6763

    Paul W. Taylor
    E.V.P., Chief Financial & Operating Officer & Secretary
    1331 Seventeenth Street, Suite 300
    Denver, CO 80202
    303/293-5563