Investar Holding Corporation Announces 2024 Second Quarter Results
July 22, 2024
On a non-GAAP basis, core earnings per diluted common share for the second quarter of 2024 were
"I am excited about our second quarter results as we continued to execute our strategy of consistent, quality earnings through the optimization of our balance sheet. Despite the higher for longer rate environment, our net interest margin expanded for the second consecutive quarter to 2.62% as we remained focused on originating higher yielding loans and securing lower cost funding sources that are accretive to our margin. During the second quarter we originated and renewed loans, 80% of which were variable-rate loans, at an 8.6% blended interest rate.
We remain inwardly focused on controlling the things that we can control. We are originating high quality loans and allowing higher risk credit relationships to run off. As a result, credit quality remained very solid as nonperforming loans represented only 0.23% of total loans. Additionally, we repurchased
Finally, I could not be more excited about the future of
As always, we remain focused on shareholder value and returning capital to shareholders. We repurchased 6,096 shares of our common stock during the second quarter at an average price of
Second Quarter Highlights
Net interest margin improved to 2.62% for the quarter ended
June 30, 2024 compared to 2.59% for the quarter endedMarch 31, 2024 .Credit quality continued to strengthen with nonperforming loans improving to 0.23% of total loans at
June 30, 2024 compared to 0.26% atMarch 31, 2024 .Consistent with our strategy of optimizing the balance sheet, total loans decreased
$13.8 million , or 0.6%, to$2.17 billion atJune 30, 2024 , compared to$2.18 billion atMarch 31, 2024 .Variable-rate loans as a percentage of total loans improved to 30% at
June 30, 2024 compared to 28% atMarch 31, 2024 . During the second quarter, we originated and renewed loans, 80% of which were variable-rate loans, at an 8.6% blended interest rate.The yield on the loan portfolio increased to 5.96% for the quarter ended
June 30, 2024 compared to 5.89% for the quarter endedMarch 31, 2024 .Book value per common share increased to
$23.42 atJune 30, 2024 , or 0.9%, compared to$23.21 atMarch 31, 2024 . Tangible book value per common share increased to$19.15 atJune 30, 2024 , or 1.3%, compared to$18.90 atMarch 31, 2024 .Investar repurchased$5.0 million in principal amount of our 5.125% Fixed-to-Floating Rate Subordinated Notes due 2029 (the "2029 Notes") and$2.0 million of our 5.125% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "2032 Notes") and recognized a gain on early extinguishment of subordinated debt of$0.3 million .Investar sold other real estate owned with a cost basis of$1.0 million related to one loan relationship that became impaired in the third quarter of 2021 as a result of Hurricane Ida and recognized a gain of$0.7 million during the quarter endedJune 30, 2024 .Investar repurchased 6,096 shares of its common stock through its stock repurchase program at an average price of$15.25 per share during the quarter endedJune 30, 2024 , leaving 497,645 shares authorized for repurchase under the program atJune 30, 2024 .
Loans
Total loans were
The following table sets forth the composition of the total loan portfolio as of the dates indicated (dollars in thousands).
|
|
|
|
|
|
|
| Linked Quarter Change |
|
| Year/Year Change |
|
| Percentage of Total Loans |
| |||||||||||||||||||
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|
|
|
|
| $ |
|
| % |
|
| $ |
|
| % |
|
|
|
|
| ||||||||||||||
Mortgage loans on real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |||||||||
Construction and development |
| $ | 177,840 |
| $ | 173,511 |
| $ | 197,850 |
|
| $ | 4,329 |
|
|
| 2.5 | % |
| $ | (20,010 | ) |
|
| (10.1 | )% |
|
| 8.2 | % |
|
| 9.4 | % |
1-4 Family |
|
| 414,756 |
|
| 414,480 |
|
| 414,380 |
|
|
| 276 |
|
|
| 0.1 |
|
|
| 376 |
|
|
| 0.1 |
|
|
| 19.1 |
|
|
| 19.9 |
|
Multifamily |
|
| 104,269 |
|
| 105,124 |
|
| 80,424 |
|
|
| (855 | ) |
|
| (0.8 | ) |
|
| 23,845 |
|
|
| 29.6 |
|
|
| 4.8 |
|
|
| 3.9 |
|
Farmland |
|
| 7,542 |
|
| 7,539 |
|
| 8,434 |
|
|
| 3 |
|
|
| 0.0 |
|
|
| (892 | ) |
|
| (10.6 | ) |
|
| 0.4 |
|
|
| 0.4 |
|
Commercial real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner-occupied |
|
| 453,456 |
|
| 453,414 |
|
| 441,393 |
|
|
| 42 |
|
|
| 0.0 |
|
|
| 12,063 |
|
|
| 2.7 |
|
|
| 20.9 |
|
|
| 21.2 |
|
Nonowner-occupied |
|
| 489,984 |
|
| 495,844 |
|
| 530,820 |
|
|
| (5,860 | ) |
|
| (1.2 | ) |
|
| (40,836 | ) |
|
| (7.7 | ) |
|
| 22.6 |
|
|
| 25.4 |
|
Commercial and industrial |
|
| 507,822 |
|
| 518,969 |
|
| 399,488 |
|
|
| (11,147 | ) |
|
| (2.1 | ) |
|
| 108,334 |
|
|
| 27.1 |
|
|
| 23.5 |
|
|
| 19.2 |
|
Consumer |
|
| 11,090 |
|
| 11,697 |
|
| 12,074 |
|
|
| (607 | ) |
|
| (5.2 | ) |
|
| (984 | ) |
|
| (8.1 | ) |
|
| 0.5 |
|
|
| 0.6 |
|
Total loans |
| $ | 2,166,759 |
| $ | 2,180,578 |
| $ | 2,084,863 |
|
| $ | (13,819 | ) |
|
| (0.6 | )% |
| $ | 81,896 |
|
|
| 3.9 | % |
|
| 100 | % |
|
| 100 | % |
At
Nonowner-occupied loans totaled
Construction and development loans totaled
Credit Quality
Nonperforming loans were
The allowance for credit losses was
Deposits
Total deposits at
The following table sets forth the composition of deposits as of the dates indicated (dollars in thousands).
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| Linked Quarter Change |
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| Year/Year Change |
|
| Percentage of Total Deposits |
| ||||||||||||||||||
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|
| $ |
|
| % |
|
| $ |
|
| % |
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|
| ||||||||||||||
Noninterest-bearing demand deposits |
| $ | 436,571 |
|
| $ | 435,397 |
|
| $ | 488,311 |
|
| $ | 1,174 |
|
|
| 0.3 | % |
| $ | (51,740 | ) |
|
| (10.6 | )% |
|
| 19.8 | % |
|
| 22.4 | % |
Interest-bearing demand deposits |
|
| 467,184 |
|
|
| 502,818 |
|
|
| 514,501 |
|
|
| (35,634 | ) |
|
| (7.1 | ) |
|
| (47,317 | ) |
|
| (9.2 | ) |
|
| 21.1 |
|
|
| 23.6 |
|
Money market deposits |
|
| 177,191 |
|
|
| 171,113 |
|
|
| 158,984 |
|
|
| 6,078 |
|
|
| 3.6 |
|
|
| 18,207 |
|
|
| 11.5 |
|
|
| 8.0 |
|
|
| 7.3 |
|
Savings deposits |
|
| 128,583 |
|
|
| 132,449 |
|
|
| 125,442 |
|
|
| (3,866 | ) |
|
| (2.9 | ) |
|
| 3,141 |
|
|
| 2.5 |
|
|
| 5.8 |
|
|
| 5.8 |
|
Brokered time deposits |
|
| 249,354 |
|
|
| 237,850 |
|
|
| 153,365 |
|
|
| 11,504 |
|
|
| 4.8 |
|
|
| 95,989 |
|
|
| 62.6 |
|
|
| 11.3 |
|
|
| 7.0 |
|
Time deposits |
|
| 751,319 |
|
|
| 728,201 |
|
|
| 740,250 |
|
|
| 23,118 |
|
|
| 3.2 |
|
|
| 11,069 |
|
|
| 1.5 |
|
|
| 34.0 |
|
|
| 33.9 |
|
Total deposits |
| $ | 2,210,202 |
|
| $ | 2,207,828 |
|
| $ | 2,180,853 |
|
| $ | 2,374 |
|
|
| 0.1 | % |
| $ | 29,349 |
|
|
| 1.3 | % |
|
| 100 | % |
|
| 100 | % |
The decrease in interest-bearing demand deposits and savings deposits at
The decrease in noninterest-bearing demand deposits and interest-bearing demand deposits at
Stockholders' Equity
Stockholders' equity was
Net Interest Income
Net interest income for the second quarter of 2024 totaled
The yield on interest-earning assets was 5.45% for the quarter ended
Exclusive of the interest income accretion from the acquisition of loans and interest recoveries, adjusted net interest margin was 2.61% for the quarter ended
The cost of deposits increased seven basis points to 3.38% for the quarter ended
The cost of short-term borrowings increased two basis points to 4.68% for the quarter ended
The overall cost of funds for the quarter ended
Noninterest Income
Noninterest income for the second quarter of 2024 totaled
The increase in noninterest income compared to the quarter ended
The increase in noninterest income compared to the quarter ended
Noninterest Expense
Noninterest expense for the second quarter of 2024 totaled
The increase in noninterest expense for the quarter ended
The increase in noninterest expense for the quarter ended
Taxes
Basic and Diluted Earnings Per Common Share
About
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles in
Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect
Any forward-looking statements contained in this press release are based on the historical performance of
the significant risks and uncertainties for our business, results of operations and financial condition, as well as our regulatory capital and liquidity ratios and other regulatory requirements caused by business and economic conditions generally and in the financial services industry in particular, whether nationally, regionally or in the markets in which we operate;
changes in inflation, interest rates, yield curves and interest rate spread relationships that affect our loan and deposit pricing;
our ability to continue to successfully execute the pivot of our near-term strategy from primarily a growth strategy to a strategy primarily focused on consistent, quality earnings through the optimization of our balance sheet, and our ability to successfully execute a long-term growth strategy;
our ability to achieve organic loan and deposit growth, and the composition of that growth;
a reduction in liquidity, including as a result of a reduction in the amount of deposits we hold or other sources of liquidity, which may be caused by, among other things, disruptions in the banking industry similar to those that occurred in early 2023 that caused bank depositors to move uninsured deposits to other banks or alternative investments outside the banking industry;
our ability to identify and enter into agreements to combine with attractive acquisition candidates, finance acquisitions, complete acquisitions after definitive agreements are entered into, and successfully integrate and grow acquired operations;
our adoption on
January 1, 2023 of ASU 2016-13, and inaccuracy of the assumptions and estimates we make in establishing reserves for credit losses and other estimates;changes in the quality or composition of our loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers;
changes in the quality and composition of, and changes in unrealized losses in, our investment portfolio, including whether we may have to sell securities before their recovery of amortized cost basis and realize losses;
the extent of continuing client demand for the high level of personalized service that is a key element of our banking approach as well as our ability to execute our strategy generally;
our dependence on our management team, and our ability to attract and retain qualified personnel;
the concentration of our business within our geographic areas of operation in
Louisiana ,Texas andAlabama ;increasing costs of complying with new and potential future regulations;
new or increasing geopolitical tensions, including resulting from wars in
Ukraine andIsrael and surrounding areas;the emergence or worsening of widespread public health challenges or pandemics including COVID-19;
concentration of credit exposure;
any deterioration in asset quality and higher loan charge-offs, and the time and effort necessary to resolve problem assets;
fluctuations in the price of oil and natural gas;
data processing system failures and errors;
risks associated with our digital transformation process, including increased risks of cyberattacks and other security breaches and challenges associated with addressing the increased prevalence of artificial intelligence;
risks of losses resulting from increased fraud attacks against us and others in the financial services industry;
potential impairment of our goodwill and other intangible assets;
our potential growth, including our entrance or expansion into new markets, and the need for sufficient capital to support that growth;
the impact of litigation and other legal proceedings to which we become subject;
competitive pressures in the commercial finance, retail banking, mortgage lending and consumer finance industries, as well as the financial resources of, and products offered by, competitors;
the impact of changes in laws and regulations applicable to us, including banking, securities and tax laws and regulations and accounting standards, as well as changes in the interpretation of such laws and regulations by our regulators;
changes in the scope and costs of
FDIC insurance and other coverages;governmental monetary and fiscal policies; and
hurricanes, tropical storms, tropical depressions, floods, winter storms, droughts and other adverse weather events, all of which have affected
Investar's market areas from time to time; other natural disasters; oil spills and other man-made disasters; acts of terrorism; other international or domestic calamities; acts of God; and other matters beyond our control.
These factors should not be construed as exhaustive. Additional information on these and other risk factors can be found in Part I Item 1A. "Risk Factors" and in the "Special Note Regarding Forward-Looking Statements" in Part II Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in
For further information contact:
Executive Vice President and Chief Financial Officer
(225) 227-2215
John.Campbell@investarbank.com
SUMMARY FINANCIAL INFORMATION
(Amounts in thousands, except share data)
(Unaudited)
| As of and for the three months ended |
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| Year/Year |
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EARNINGS DATA |
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| |||||
Total interest income |
| $ | 35,790 |
|
| $ | 35,722 |
|
| $ | 32,396 |
|
|
| 0.2 | % |
|
| 10.5 | % |
Total interest expense |
|
| 18,592 |
|
|
| 18,506 |
|
|
| 14,009 |
|
|
| 0.5 |
|
|
| 32.7 |
|
Net interest income |
|
| 17,198 |
|
|
| 17,216 |
|
|
| 18,387 |
|
|
| (0.1 | ) |
|
| (6.5 | ) |
Provision for credit losses |
|
| (415 | ) |
|
| (1,419 | ) |
|
| (2,840 | ) |
|
| 70.8 |
|
|
| 85.4 |
|
Total noninterest income |
|
| 2,750 |
|
|
| 2,748 |
|
|
| 2,070 |
|
|
| 0.1 |
|
|
| 32.9 |
|
Total noninterest expense |
|
| 15,477 |
|
|
| 15,296 |
|
|
| 15,241 |
|
|
| 1.2 |
|
|
| 1.5 |
|
Income before income tax expense |
|
| 4,886 |
|
|
| 6,087 |
|
|
| 8,056 |
|
|
| (19.7 | ) |
|
| (39.3 | ) |
Income tax expense |
|
| 829 |
|
|
| 1,380 |
|
|
| 1,509 |
|
|
| (39.9 | ) |
|
| (45.1 | ) |
Net income |
| $ | 4,057 |
|
| $ | 4,707 |
|
| $ | 6,547 |
|
|
| (13.8 | ) |
|
| (38.0 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
AVERAGE BALANCE SHEET DATA |
|
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|
|
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Total assets |
| $ | 2,773,792 |
|
| $ | 2,802,192 |
|
| $ | 2,748,171 |
|
|
| (1.0 | )% |
|
| 0.9 | % |
Total interest-earning assets |
|
| 2,643,232 |
|
|
| 2,669,553 |
|
|
| 2,611,172 |
|
|
| (1.0 | ) |
|
| 1.2 |
|
Total loans |
|
| 2,168,762 |
|
|
| 2,195,496 |
|
|
| 2,100,751 |
|
|
| (1.2 | ) |
|
| 3.2 |
|
Total interest-bearing deposits |
|
| 1,770,985 |
|
|
| 1,805,569 |
|
|
| 1,655,506 |
|
|
| (1.9 | ) |
|
| 7.0 |
|
Total interest-bearing liabilities |
|
| 2,090,296 |
|
|
| 2,118,746 |
|
|
| 2,013,482 |
|
|
| (1.3 | ) |
|
| 3.8 |
|
Total deposits |
|
| 2,196,949 |
|
|
| 2,233,704 |
|
|
| 2,145,629 |
|
|
| (1.6 | ) |
|
| 2.4 |
|
Total stockholders` equity |
|
| 227,537 |
|
|
| 228,690 |
|
|
| 221,528 |
|
|
| (0.5 | ) |
|
| 2.7 |
|
|
|
|
|
|
|
|
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|
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|
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|
|
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| |
PER SHARE DATA |
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Earnings: |
|
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|
|
|
|
Basic earnings per common share |
| $ | 0.41 |
|
| $ | 0.48 |
|
| $ | 0.67 |
|
|
| (14.6 | )% |
|
| (38.8 | )% |
Diluted earnings per common share |
|
| 0.41 |
|
|
| 0.48 |
|
|
| 0.67 |
|
|
| (14.6 | ) |
|
| (38.8 | ) |
Core Earnings (1) : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core basic earnings per common share (1) |
|
| 0.36 |
|
|
| 0.44 |
|
|
| 0.67 |
|
|
| (18.2 | ) |
|
| (46.3 | ) |
Core diluted earnings per common share (1) |
|
| 0.36 |
|
|
| 0.43 |
|
|
| 0.67 |
|
|
| (16.3 | ) |
|
| (46.3 | ) |
Book value per common share |
|
| 23.42 |
|
|
| 23.21 |
|
|
| 22.21 |
|
|
| 0.9 |
|
|
| 5.4 |
|
Tangible book value per common share (1) |
|
| 19.15 |
|
|
| 18.90 |
|
|
| 17.87 |
|
|
| 1.3 |
|
|
| 7.2 |
|
Common shares outstanding |
|
| 9,828,825 |
|
|
| 9,781,946 |
|
|
| 9,831,145 |
|
|
| 0.5 |
|
|
| (0.0 | ) |
Weighted average common shares outstanding - basic |
|
| 9,827,903 |
|
|
| 9,769,626 |
|
|
| 9,880,721 |
|
|
| 0.6 |
|
|
| (0.5 | ) |
Weighted average common shares outstanding - diluted |
|
| 9,902,170 |
|
|
| 9,866,973 |
|
|
| 9,881,385 |
|
|
| 0.4 |
|
|
| 0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
PERFORMANCE RATIOS |
|
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Return on average assets |
|
| 0.59 | % |
|
| 0.68 | % |
|
| 0.96 | % |
|
| (13.2 | )% |
|
| (38.5 | )% |
Core return on average assets (1) |
|
| 0.52 |
|
|
| 0.61 |
|
|
| 0.97 |
|
|
| (14.8 | ) |
|
| (46.4 | ) |
Return on average equity |
|
| 7.17 |
|
|
| 8.28 |
|
|
| 11.85 |
|
|
| (13.4 | ) |
|
| (39.5 | ) |
Core return on average equity (1) |
|
| 6.31 |
|
|
| 7.52 |
|
|
| 11.98 |
|
|
| (16.1 | ) |
|
| (47.3 | ) |
Net interest margin |
|
| 2.62 |
|
|
| 2.59 |
|
|
| 2.82 |
|
|
| 1.2 |
|
|
| (7.1 | ) |
Net interest income to average assets |
|
| 2.49 |
|
|
| 2.47 |
|
|
| 2.68 |
|
|
| 0.8 |
|
|
| (7.1 | ) |
Noninterest expense to average assets |
|
| 2.24 |
|
|
| 2.20 |
|
|
| 2.22 |
|
|
| 1.8 |
|
|
| 0.9 |
|
Efficiency ratio (2) |
|
| 77.59 |
|
|
| 76.62 |
|
|
| 74.50 |
|
|
| 1.3 |
|
|
| 4.1 |
|
Core efficiency ratio (1) |
|
| 80.24 |
|
|
| 78.81 |
|
|
| 74.21 |
|
|
| 1.8 |
|
|
| 8.1 |
|
Dividend payout ratio |
|
| 24.39 |
|
|
| 20.83 |
|
|
| 14.93 |
|
|
| 17.1 |
|
|
| 63.4 |
|
Net charge-offs (recoveries) to average loans |
|
| 0.01 |
|
|
| - |
|
|
| (0.11 | ) |
|
| - |
|
|
| 109.1 |
|
(1) Non-GAAP financial measure. See reconciliation.
(2) Efficiency ratio represents noninterest expense divided by the sum of net interest income (before provision for credit losses) and noninterest income.
SUMMARY FINANCIAL INFORMATION
(Unaudited)
| As of and for the three months ended |
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| Year/Year |
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ASSET QUALITY RATIOS |
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| |||||
Nonperforming assets to total assets |
|
| 0.30 | % |
|
| 0.36 | % |
|
| 0.40 | % |
|
| (16.7 | )% |
|
| (25.0 | )% |
Nonperforming loans to total loans |
|
| 0.23 |
|
|
| 0.26 |
|
|
| 0.34 |
|
|
| (11.5 | ) |
|
| (32.4 | ) |
Allowance for credit losses to total loans |
|
| 1.32 |
|
|
| 1.34 |
|
|
| 1.44 |
|
|
| (1.5 | ) |
|
| (8.3 | ) |
Allowance for credit losses to nonperforming loans |
|
| 576.38 |
|
|
| 515.36 |
|
|
| 429.60 |
|
|
| 11.8 |
|
|
| 34.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
CAPITAL RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total equity to total assets |
|
| 8.26 | % |
|
| 8.14 | % |
|
| 7.93 | % |
|
| 1.5 | % |
|
| 4.2 | % |
Tangible equity to tangible assets (1) |
|
| 6.85 |
|
|
| 6.73 |
|
|
| 6.48 |
|
|
| 1.8 |
|
|
| 5.8 |
|
Tier 1 leverage capital |
|
| 8.81 |
|
|
| 8.62 |
|
|
| 8.45 |
|
|
| 2.2 |
|
|
| 4.3 |
|
Common equity tier 1 capital (2) |
|
| 10.02 |
|
|
| 9.79 |
|
|
| 9.86 |
|
|
| 2.3 |
|
|
| 1.6 |
|
Tier 1 capital (2) |
|
| 10.42 |
|
|
| 10.18 |
|
|
| 10.28 |
|
|
| 2.4 |
|
|
| 1.4 |
|
Total capital (2) |
|
| 13.16 |
|
|
| 13.21 |
|
|
| 13.49 |
|
|
| (0.4 | ) |
|
| (2.4 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Tier 1 leverage capital |
|
| 9.95 |
|
|
| 10.01 |
|
|
| 9.96 |
|
|
| (0.6 | ) |
|
| (0.1 | ) |
Common equity tier 1 capital (2) |
|
| 11.78 |
|
|
| 11.83 |
|
|
| 12.11 |
|
|
| (0.4 | ) |
|
| (2.7 | ) |
Tier 1 capital (2) |
|
| 11.78 |
|
|
| 11.83 |
|
|
| 12.11 |
|
|
| (0.4 | ) |
|
| (2.7 | ) |
Total capital (2) |
|
| 12.98 |
|
|
| 13.04 |
|
|
| 13.36 |
|
|
| (0.5 | ) |
|
| (2.8 | ) |
(1) Non-GAAP financial measure. See reconciliation.
(2) Estimated for
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
(Unaudited)
|
|
|
|
|
| |||||||
ASSETS |
|
|
|
|
|
|
|
|
| |||
Cash and due from banks |
| $ | 27,130 |
|
| $ | 18,083 |
|
| $ | 34,697 |
|
Interest-bearing balances due from other banks |
|
| 42,542 |
|
|
| 23,762 |
|
|
| 31,082 |
|
Federal funds sold |
|
| - |
|
|
| - |
|
|
| 128 |
|
Cash and cash equivalents |
|
| 69,672 |
|
|
| 41,845 |
|
|
| 65,907 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Available for sale securities at fair value (amortized cost of |
|
| 336,616 |
|
|
| 353,340 |
|
|
| 389,583 |
|
Held to maturity securities at amortized cost (estimated fair value of |
|
| 18,457 |
|
|
| 17,755 |
|
|
| 17,812 |
|
Loans |
|
| 2,166,759 |
|
|
| 2,180,578 |
|
|
| 2,084,863 |
|
Less: allowance for credit losses |
|
| (28,620 | ) |
|
| (29,114 | ) |
|
| (30,044 | ) |
Loans, net |
|
| 2,138,139 |
|
|
| 2,151,464 |
|
|
| 2,054,819 |
|
Equity securities at fair value |
|
| 2,260 |
|
|
| 2,260 |
|
|
| 1,134 |
|
Nonmarketable equity securities |
|
| 13,901 |
|
|
| 12,723 |
|
|
| 13,804 |
|
Bank premises and equipment, net of accumulated depreciation of |
|
| 42,383 |
|
|
| 42,659 |
|
|
| 45,925 |
|
Other real estate owned, net |
|
| 3,372 |
|
|
| 4,247 |
|
|
| 4,137 |
|
Accrued interest receivable |
|
| 14,186 |
|
|
| 15,047 |
|
|
| 12,661 |
|
Deferred tax asset |
|
| 17,595 |
|
|
| 17,779 |
|
|
| 17,658 |
|
|
| 41,996 |
|
|
| 42,154 |
|
|
| 42,677 |
| |
Bank owned life insurance |
|
| 61,208 |
|
|
| 60,745 |
|
|
| 58,068 |
|
Other assets |
|
| 27,793 |
|
|
| 25,688 |
|
|
| 29,489 |
|
Total assets |
| $ | 2,787,578 |
|
| $ | 2,787,706 |
|
| $ | 2,753,674 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
| $ | 436,571 |
|
| $ | 435,397 |
|
| $ | 488,311 |
|
Interest-bearing |
|
| 1,773,631 |
|
|
| 1,772,431 |
|
|
| 1,692,542 |
|
Total deposits |
|
| 2,210,202 |
|
|
| 2,207,828 |
|
|
| 2,180,853 |
|
Advances from |
|
| 23,500 |
|
|
| 23,500 |
|
|
| 23,500 |
|
Borrowings under Bank Term Funding Program |
|
| 229,000 |
|
|
| 229,000 |
|
|
| 235,800 |
|
Repurchase agreements |
|
| 7,432 |
|
|
| 7,850 |
|
|
| 5,183 |
|
Subordinated debt, net of unamortized issuance costs |
|
| 36,475 |
|
|
| 43,363 |
|
|
| 44,272 |
|
Junior subordinated debt |
|
| 8,683 |
|
|
| 8,657 |
|
|
| 8,574 |
|
Accrued taxes and other liabilities |
|
| 42,090 |
|
|
| 40,503 |
|
|
| 37,135 |
|
Total liabilities |
|
| 2,557,382 |
|
|
| 2,560,701 |
|
|
| 2,535,317 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value per share; 5,000,000 shares authorized |
|
| - |
|
|
| - |
|
|
| - |
|
Common stock, |
|
| 9,829 |
|
|
| 9,782 |
|
|
| 9,831 |
|
Surplus |
|
| 145,918 |
|
|
| 145,739 |
|
|
| 145,347 |
|
Retained earnings |
|
| 123,510 |
|
|
| 120,441 |
|
|
| 112,344 |
|
Accumulated other comprehensive loss |
|
| (49,061 | ) |
|
| (48,957 | ) |
|
| (49,165 | ) |
Total stockholders' equity |
|
| 230,196 |
|
|
| 227,005 |
|
|
| 218,357 |
|
Total liabilities and stockholders' equity |
| $ | 2,787,578 |
|
| $ | 2,787,706 |
|
| $ | 2,753,674 |
|
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share data)
(Unaudited)
| For the three months ended |
| ||||||||||
|
|
|
|
|
| |||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
| |||
Interest and fees on loans |
| $ | 32,161 |
|
| $ | 32,135 |
|
| $ | 28,513 |
|
Interest on investment securities |
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 2,766 |
|
|
| 2,817 |
|
|
| 3,262 |
|
Tax-exempt |
|
| 214 |
|
|
| 238 |
|
|
| 119 |
|
Other interest income |
|
| 649 |
|
|
| 532 |
|
|
| 502 |
|
Total interest income |
|
| 35,790 |
|
|
| 35,722 |
|
|
| 32,396 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
| 14,865 |
|
|
| 14,845 |
|
|
| 9,534 |
|
Interest on borrowings |
|
| 3,727 |
|
|
| 3,661 |
|
|
| 4,475 |
|
Total interest expense |
|
| 18,592 |
|
|
| 18,506 |
|
|
| 14,009 |
|
Net interest income |
|
| 17,198 |
|
|
| 17,216 |
|
|
| 18,387 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Provision for credit losses |
|
| (415 | ) |
|
| (1,419 | ) |
|
| (2,840 | ) |
Net interest income after provision for credit losses |
|
| 17,613 |
|
|
| 18,635 |
|
|
| 21,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
| 799 |
|
|
| 810 |
|
|
| 746 |
|
Loss on call or sale of investment securities, net |
|
| (383 | ) |
|
| - |
|
|
| - |
|
Gain (loss) on sale or disposition of fixed assets, net |
|
| - |
|
|
| 427 |
|
|
| (58 | ) |
Gain on sale of other real estate owned, net |
|
| 712 |
|
|
| - |
|
|
| 5 |
|
Servicing fees and fee income on serviced loans |
|
| - |
|
|
| - |
|
|
| 4 |
|
Interchange fees |
|
| 410 |
|
|
| 395 |
|
|
| 443 |
|
Income from bank owned life insurance |
|
| 463 |
|
|
| 388 |
|
|
| 353 |
|
Change in the fair value of equity securities |
|
| - |
|
|
| 80 |
|
|
| (107 | ) |
Other operating income |
|
| 749 |
|
|
| 648 |
|
|
| 684 |
|
Total noninterest income |
|
| 2,750 |
|
|
| 2,748 |
|
|
| 2,070 |
|
Income before noninterest expense |
|
| 20,363 |
|
|
| 21,383 |
|
|
| 23,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 787 |
|
|
| 812 |
|
|
| 919 |
|
Salaries and employee benefits |
|
| 9,593 |
|
|
| 9,248 |
|
|
| 9,343 |
|
Occupancy |
|
| 696 |
|
|
| 581 |
|
|
| 646 |
|
Data processing |
|
| 893 |
|
|
| 937 |
|
|
| 827 |
|
Marketing |
|
| 72 |
|
|
| 41 |
|
|
| 82 |
|
Professional fees |
|
| 471 |
|
|
| 419 |
|
|
| 323 |
|
Gain on early extinguishment of subordinated debt |
|
| (287 | ) |
|
| (215 | ) |
|
| - |
|
Other operating expenses |
|
| 3,252 |
|
|
| 3,473 |
|
|
| 3,101 |
|
Total noninterest expense |
|
| 15,477 |
|
|
| 15,296 |
|
|
| 15,241 |
|
Income before income tax expense |
|
| 4,886 |
|
|
| 6,087 |
|
|
| 8,056 |
|
Income tax expense |
|
| 829 |
|
|
| 1,380 |
|
|
| 1,509 |
|
Net income |
| $ | 4,057 |
|
| $ | 4,707 |
|
| $ | 6,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
| $ | 0.41 |
|
| $ | 0.48 |
|
| $ | 0.67 |
|
Diluted earnings per share |
|
| 0.41 |
|
|
| 0.48 |
|
|
| 0.67 |
|
Cash dividends declared per common share |
|
| 0.10 |
|
|
| 0.10 |
|
|
| 0.10 |
|
CONSOLIDATED AVERAGE BALANCE SHEET, INTEREST EARNED AND YIELD ANALYSIS
(Amounts in thousands)
(Unaudited)
|
| For the three months ended |
| |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
|
| Interest |
|
|
|
|
|
|
|
| Interest |
|
|
|
|
|
|
|
| Interest |
|
|
|
| |||||||||
|
| Average |
|
| Income/ |
|
|
|
|
| Average |
|
| Income/ |
|
|
|
|
| Average |
|
| Income/ |
|
|
|
| |||||||||
|
| Balance |
|
| Expense |
|
| Yield/ Rate |
|
| Balance |
|
| Expense |
|
| Yield/ Rate |
|
| Balance |
|
| Expense |
|
| Yield/ Rate |
| |||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Loans |
| $ | 2,168,762 |
|
| $ | 32,161 |
|
|
| 5.96 | % |
| $ | 2,195,496 |
|
| $ | 32,135 |
|
|
| 5.89 | % |
| $ | 2,100,751 |
|
| $ | 28,513 |
|
|
| 5.44 | % |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 403,391 |
|
|
| 2,766 |
|
|
| 2.76 |
|
|
| 410,761 |
|
|
| 2,817 |
|
|
| 2.76 |
|
|
| 460,765 |
|
|
| 3,262 |
|
|
| 2.84 |
|
Tax-exempt |
|
| 23,558 |
|
|
| 214 |
|
|
| 3.66 |
|
|
| 26,963 |
|
|
| 238 |
|
|
| 3.55 |
|
|
| 17,235 |
|
|
| 119 |
|
|
| 2.77 |
|
Interest-bearing balances with banks |
|
| 47,521 |
|
|
| 649 |
|
|
| 5.50 |
|
|
| 36,333 |
|
|
| 532 |
|
|
| 5.89 |
|
|
| 32,421 |
|
|
| 502 |
|
|
| 6.22 |
|
Total interest-earning assets |
|
| 2,643,232 |
|
|
| 35,790 |
|
|
| 5.45 |
|
|
| 2,669,553 |
|
|
| 35,722 |
|
|
| 5.38 |
|
|
| 2,611,172 |
|
|
| 32,396 |
|
|
| 4.98 |
|
Cash and due from banks |
|
| 25,974 |
|
|
|
|
|
|
|
|
|
|
| 26,246 |
|
|
|
|
|
|
|
|
|
|
| 30,326 |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
| 42,082 |
|
|
|
|
|
|
|
|
|
|
| 42,243 |
|
|
|
|
|
|
|
|
|
|
| 42,777 |
|
|
|
|
|
|
|
|
|
Other assets |
|
| 91,439 |
|
|
|
|
|
|
|
|
|
|
| 94,311 |
|
|
|
|
|
|
|
|
|
|
| 94,467 |
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
| (28,935 | ) |
|
|
|
|
|
|
|
|
|
| (30,161 | ) |
|
|
|
|
|
|
|
|
|
| (30,571 | ) |
|
|
|
|
|
|
|
|
Total assets |
| $ | 2,773,792 |
|
|
|
|
|
|
|
|
|
| $ | 2,802,192 |
|
|
|
|
|
|
|
|
|
| $ | 2,748,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
| $ | 658,594 |
|
| $ | 3,083 |
|
|
| 1.88 | % |
| $ | 680,548 |
|
| $ | 3,166 |
|
|
| 1.87 | % |
| $ | 683,016 |
|
| $ | 2,013 |
|
|
| 1.18 | % |
Savings deposits |
|
| 128,957 |
|
|
| 342 |
|
|
| 1.07 |
|
|
| 134,853 |
|
|
| 339 |
|
|
| 1.01 |
|
|
| 127,028 |
|
|
| 22 |
|
|
| 0.07 |
|
Brokered time deposits |
|
| 241,777 |
|
|
| 3,126 |
|
|
| 5.20 |
|
|
| 255,694 |
|
|
| 3,314 |
|
|
| 5.21 |
|
|
| 151,370 |
|
|
| 1,870 |
|
|
| 4.95 |
|
Time deposits |
|
| 741,657 |
|
|
| 8,314 |
|
|
| 4.51 |
|
|
| 734,474 |
|
|
| 8,026 |
|
|
| 4.39 |
|
|
| 694,092 |
|
|
| 5,629 |
|
|
| 3.25 |
|
Total interest-bearing deposits |
|
| 1,770,985 |
|
|
| 14,865 |
|
|
| 3.38 |
|
|
| 1,805,569 |
|
|
| 14,845 |
|
|
| 3.31 |
|
|
| 1,655,506 |
|
|
| 9,534 |
|
|
| 2.31 |
|
Short-term borrowings |
|
| 248,189 |
|
|
| 2,886 |
|
|
| 4.68 |
|
|
| 236,826 |
|
|
| 2,745 |
|
|
| 4.66 |
|
|
| 281,651 |
|
|
| 3,572 |
|
|
| 5.09 |
|
Long-term debt |
|
| 71,122 |
|
|
| 841 |
|
|
| 4.76 |
|
|
| 76,351 |
|
|
| 916 |
|
|
| 4.83 |
|
|
| 76,325 |
|
|
| 903 |
|
|
| 4.74 |
|
Total interest-bearing liabilities |
|
| 2,090,296 |
|
|
| 18,592 |
|
|
| 3.58 |
|
|
| 2,118,746 |
|
|
| 18,506 |
|
|
| 3.51 |
|
|
| 2,013,482 |
|
|
| 14,009 |
|
|
| 2.79 |
|
Noninterest-bearing deposits |
|
| 425,964 |
|
|
|
|
|
|
|
|
|
|
| 428,135 |
|
|
|
|
|
|
|
|
|
|
| 490,123 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
| 29,995 |
|
|
|
|
|
|
|
|
|
|
| 26,621 |
|
|
|
|
|
|
|
|
|
|
| 23,038 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
| 227,537 |
|
|
|
|
|
|
|
|
|
|
| 228,690 |
|
|
|
|
|
|
|
|
|
|
| 221,528 |
|
|
|
|
|
|
|
|
|
Total liability and stockholders' equity |
| $ | 2,773,792 |
|
|
|
|
|
|
|
|
|
| $ | 2,802,192 |
|
|
|
|
|
|
|
|
|
| $ | 2,748,171 |
|
|
|
|
|
|
|
|
|
Net interest income/net interest margin |
|
|
|
|
| $ | 17,198 |
|
|
| 2.62 | % |
|
|
|
|
| $ | 17,216 |
|
|
| 2.59 | % |
|
|
|
|
| $ | 18,387 |
|
|
| 2.82 | % |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
INTEREST EARNED AND YIELD ANALYSIS ADJUSTED FOR INTEREST RECOVERIES AND ACCRETION
(Amounts in thousands)
(Unaudited)
|
| For the three months ended |
| |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
|
| Interest |
|
|
|
|
|
|
|
| Interest |
|
|
|
|
|
|
|
| Interest |
|
|
|
| |||||||||
|
| Average |
|
| Income/ |
|
|
|
|
| Average |
|
| Income/ |
|
|
|
|
| Average |
|
| Income/ |
|
|
|
| |||||||||
|
| Balance |
|
| Expense |
|
| Yield/ Rate |
|
| Balance |
|
| Expense |
|
| Yield/ Rate |
|
| Balance |
|
| Expense |
|
| Yield/ Rate |
| |||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Loans |
| $ | 2,168,762 |
|
| $ | 32,161 |
|
|
| 5.96 | % |
| $ | 2,195,496 |
|
| $ | 32,135 |
|
|
| 5.89 | % |
| $ | 2,100,751 |
|
| $ | 28,513 |
|
|
| 5.44 | % |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest recoveries |
|
|
|
|
|
| 44 |
|
|
|
|
|
|
|
|
|
|
| 21 |
|
|
|
|
|
|
|
|
|
|
| - |
|
|
|
|
|
Accretion |
|
|
|
|
|
| 18 |
|
|
|
|
|
|
|
|
|
|
| 19 |
|
|
|
|
|
|
|
|
|
|
| 47 |
|
|
|
|
|
Adjusted loans |
|
| 2,168,762 |
|
|
| 32,099 |
|
|
| 5.95 |
|
|
| 2,195,496 |
|
|
| 32,095 |
|
|
| 5.88 |
|
|
| 2,100,751 |
|
|
| 28,466 |
|
|
| 5.44 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
| 403,391 |
|
|
| 2,766 |
|
|
| 2.76 |
|
|
| 410,761 |
|
|
| 2,817 |
|
|
| 2.76 |
|
|
| 460,765 |
|
|
| 3,262 |
|
|
| 2.84 |
|
Tax-exempt |
|
| 23,558 |
|
|
| 214 |
|
|
| 3.66 |
|
|
| 26,963 |
|
|
| 238 |
|
|
| 3.55 |
|
|
| 17,235 |
|
|
| 119 |
|
|
| 2.77 |
|
Interest-bearing balances with banks |
|
| 47,521 |
|
|
| 649 |
|
|
| 5.50 |
|
|
| 36,333 |
|
|
| 532 |
|
|
| 5.89 |
|
|
| 32,421 |
|
|
| 502 |
|
|
| 6.22 |
|
Adjusted interest-earning assets |
|
| 2,643,232 |
|
|
| 35,728 |
|
|
| 5.44 |
|
|
| 2,669,553 |
|
|
| 35,682 |
|
|
| 5.38 |
|
|
| 2,611,172 |
|
|
| 32,349 |
|
|
| 4.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
| 2,090,296 |
|
|
| 18,592 |
|
|
| 3.58 |
|
|
| 2,118,746 |
|
|
| 18,506 |
|
|
| 3.51 |
|
|
| 2,013,482 |
|
|
| 14,009 |
|
|
| 2.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net interest income/adjusted net interest margin |
|
|
|
|
| $ | 17,136 |
|
|
| 2.61 | % |
|
|
|
|
| $ | 17,176 |
|
|
| 2.59 | % |
|
|
|
|
| $ | 18,340 |
|
|
| 2.82 | % |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except share data)
(Unaudited)
|
|
|
|
|
| |||||||
Tangible common equity |
|
|
|
|
|
|
|
|
| |||
Total stockholders' equity |
| $ | 230,196 |
|
| $ | 227,005 |
|
| $ | 218,357 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 40,088 |
|
|
| 40,088 |
|
|
| 40,088 |
| |
Core deposit intangible |
|
| 1,808 |
|
|
| 1,966 |
|
|
| 2,489 |
|
Trademark intangible |
|
| 100 |
|
|
| 100 |
|
|
| 100 |
|
Tangible common equity |
| $ | 188,200 |
|
| $ | 184,851 |
|
| $ | 175,680 |
|
Tangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
| $ | 2,787,578 |
|
| $ | 2,787,706 |
|
| $ | 2,753,674 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 40,088 |
|
|
| 40,088 |
|
|
| 40,088 |
| |
Core deposit intangible |
|
| 1,808 |
|
|
| 1,966 |
|
|
| 2,489 |
|
Trademark intangible |
|
| 100 |
|
|
| 100 |
|
|
| 100 |
|
Tangible assets |
| $ | 2,745,582 |
|
| $ | 2,745,552 |
|
| $ | 2,710,997 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common shares outstanding |
|
| 9,828,825 |
|
|
| 9,781,946 |
|
|
| 9,831,145 |
|
Tangible equity to tangible assets |
|
| 6.85 | % |
|
| 6.73 | % |
|
| 6.48 | % |
Book value per common share |
| $ | 23.42 |
|
| $ | 23.21 |
|
| $ | 22.21 |
|
Tangible book value per common share |
|
| 19.15 |
|
|
| 18.90 |
|
|
| 17.87 |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Amounts in thousands, except share data)
(Unaudited)
| Three months ended |
| |||||||||||
|
|
|
|
|
| ||||||||
Net interest income | (a) |
| $ | 17,198 |
|
| $ | 17,216 |
|
| $ | 18,387 |
|
Provision for credit losses |
|
| (415 | ) |
|
| (1,419 | ) |
|
| (2,840 | ) | |
Net interest income after provision for credit losses |
|
| 17,613 |
|
|
| 18,635 |
|
|
| 21,227 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Noninterest income | (b) |
|
| 2,750 |
|
|
| 2,748 |
|
|
| 2,070 |
|
Loss on call or sale of investment securities, net |
|
| 383 |
|
|
| - |
|
|
| - |
| |
(Gain) loss on sale or disposition of fixed assets, net |
|
| - |
|
|
| (427 | ) |
|
| 58 |
| |
Gain on sale of other real estate owned, net |
|
| (712 | ) |
|
| - |
|
|
| (5 | ) | |
Change in the fair value of equity securities |
|
| - |
|
|
| (80 | ) |
|
| 107 |
| |
Change in the net asset value of other investments (1) |
|
| 27 |
|
|
| (70 | ) |
|
| (78 | ) | |
Core noninterest income | (d) |
|
| 2,448 |
|
|
| 2,171 |
|
|
| 2,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core earnings before noninterest expense |
|
| 20,061 |
|
|
| 20,806 |
|
|
| 23,379 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total noninterest expense | (c) |
|
| 15,477 |
|
|
| 15,296 |
|
|
| 15,241 |
|
Write down of other real estate owned (2) |
|
| - |
|
|
| (233 | ) |
|
| - |
| |
Gain on early extinguishment of subordinated debt |
|
| 287 |
|
|
| 215 |
|
|
| - |
| |
Core noninterest expense | (f) |
|
| 15,764 |
|
|
| 15,278 |
|
|
| 15,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core earnings before income tax expense |
|
| 4,297 |
|
|
| 5,528 |
|
|
| 8,138 |
| |
Core income tax expense (3) |
|
| 730 |
|
|
| 1,255 |
|
|
| 1,522 |
| |
Core earnings |
| $ | 3,567 |
|
| $ | 4,273 |
|
| $ | 6,616 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Core basic earnings per common share |
|
| 0.36 |
|
|
| 0.44 |
|
|
| 0.67 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Diluted earnings per common share (GAAP) |
| $ | 0.41 |
|
| $ | 0.48 |
|
| $ | 0.67 |
| |
Loss on call or sale of investment securities, net |
|
| 0.03 |
|
|
| - |
|
|
| - |
| |
(Gain) loss on sale or disposition of fixed assets, net |
|
| - |
|
|
| (0.03 | ) |
|
| - |
| |
Gain on sale of other real estate owned, net |
|
| (0.06 | ) |
|
| - |
|
|
| - |
| |
Change in the fair value of equity securities |
|
| - |
|
|
| (0.01 | ) |
|
| 0.01 |
| |
Change in the net asset value of other investments (1) |
|
| - |
|
|
| (0.01 | ) |
|
| (0.01 | ) | |
Write down of other real estate owned (2) |
|
| - |
|
|
| 0.02 |
|
|
| - |
| |
Gain on early extinguishment of subordinated debt |
|
| (0.02 | ) |
|
| (0.02 | ) |
|
| - |
| |
Core diluted earnings per common share |
| $ | 0.36 |
|
| $ | 0.43 |
|
| $ | 0.67 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Efficiency ratio | (c) / (a+b) |
|
| 77.59 | % |
|
| 76.62 | % |
|
| 74.50 | % |
Core efficiency ratio | (f) / (a+d) |
|
| 80.24 |
|
|
| 78.81 |
|
|
| 74.21 |
|
Core return on average assets (4) |
|
| 0.52 |
|
|
| 0.61 |
|
|
| 0.97 |
| |
Core return on average equity (4) |
|
| 6.31 |
|
|
| 7.52 |
|
|
| 11.98 |
| |
Total average assets |
| $ | 2,773,792 |
|
| $ | 2,802,192 |
|
| $ | 2,748,171 |
| |
Total average stockholders' equity |
|
| 227,537 |
|
|
| 228,690 |
|
|
| 221,528 |
|
(1) Change in net asset value of other investments represents unrealized gains or losses on
(2) Adjustment to noninterest expense for provision for estimated losses on other real estate owned when fair value is determined to be less than carrying values, which is included in other operating expense in the accompanying consolidated statements of income.
(3) Core income tax expense is calculated using the effective tax rates of 17.0%, 22.7% and 18.7% for the quarters ended
(4) Core earnings used in calculation. No adjustments were made to average assets or average equity.
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