10/24/2024 | Press release | Distributed by Public on 10/24/2024 06:17
Three months ended | Nine months ended | |||||||
9/30/2024 | 9/30/2023 | 9/30/2024 | 9/30/2023 | |||||
(In thousands) | ||||||||
Mortgage loan servicing, net: | ||||||||
Revenue, net | $ | 2,248 | $ | 2,197 | $ | 6,681 | $ | 6,612 |
Fair value change due to price | (4,155) | 1,556 | (1,979) | 3,364 | ||||
Fair value change due to pay-downs | (1,223) | (1,085) | (3,016) | (2,908) | ||||
Total | $ | (3,130) | $ | 2,668 | $ | 1,686 | $ | 7,068 |
9/30/2024 | 12/31/2023 | 9/30/2023 | ||||
Loan Type | (Dollars in thousands) | |||||
Commercial | $ | 59 | $ | 28 | $ | 31 |
Mortgage | 6,525 | 6,425 | 6,137 | |||
Installment | 666 | 970 | 801 | |||
Sub total | 7,250 | 7,423 | 6,969 | |||
Less - government guaranteed loans | 2,102 | 2,191 | 2,254 | |||
Total non-performing loans | $ | 5,148 | $ | 5,232 | $ | 4,715 |
Ratio of non-performing loans to total portfolio loans | 0.13 | % | 0.14 | % | 0.13 | % |
Ratio of non-performing assets to total assets | 0.11 | % | 0.11 | % | 0.10 | % |
Ratio of allowance for credit losses to total non-performing loans | 1115.85 | % | 1044.69 | % | 1176.99 | % |
Regulatory Capital Ratios | 9/30/2024 | 12/31/2023 |
Well Capitalized Minimum |
|||
Tier 1 capital to average total assets | 9.36 | % | 8.80 | % | 5.00 | % |
Tier 1 common equity to risk-weighted assets | 11.74 | % | 11.21 | % | 6.50 | % |
Tier 1 capital to risk-weighted assets | 11.74 | % | 11.21 | % | 8.00 | % |
Total capital to risk-weighted assets | 13.00 | % | 12.46 | % | 10.00 | % |
September 30, 2024 | December 31, 2023 | |||
(Unaudited) | ||||
(In thousands, except share amounts) |
||||
Assets | ||||
Cash and due from banks | $ | 61,503 | $ | 68,208 |
Interest bearing deposits | 60,057 | 101,573 | ||
Cash and Cash Equivalents | 121,560 | 169,781 | ||
Securities available for sale | 588,950 | 679,350 | ||
Securities held to maturity (fair value of $314,638 at September 30, 2024 and $318,606 at December 31, 2023)
|
343,362 | 353,988 | ||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost | 16,099 | 16,821 | ||
Loans held for sale, carried at fair value | 14,029 | 12,063 | ||
Loans | ||||
Commercial | 1,825,247 | 1,679,731 | ||
Mortgage | 1,511,400 | 1,485,872 | ||
Installment | 605,640 | 625,298 | ||
Total Loans | 3,942,287 | 3,790,901 | ||
Allowance for credit losses | (57,444) | (54,658) | ||
Net Loans | 3,884,843 | 3,736,243 | ||
Other real estate and repossessed assets, net | 781 | 569 | ||
Property and equipment, net | 35,250 | 35,523 | ||
Bank-owned life insurance | 54,017 | 54,341 | ||
Capitalized mortgage loan servicing rights, carried at fair value | 40,204 | 42,243 | ||
Other intangibles | 1,617 | 2,004 | ||
Goodwill | 28,300 | 28,300 | ||
Accrued income and other assets | 130,256 | 132,500 | ||
Total Assets | $ | 5,259,268 | $ | 5,263,726 |
Liabilities and Shareholders' Equity | ||||
Deposits | ||||
Non-interest bearing | $ | 1,023,739 | $ | 1,076,093 |
Savings and interest-bearing checking | 1,947,571 | 1,905,701 | ||
Reciprocal | 995,469 | 832,020 | ||
Time | 620,446 | 524,325 | ||
Brokered time | 39,650 | 284,740 | ||
Total Deposits | 4,626,875 | 4,622,879 | ||
Other borrowings | - | 50,026 | ||
Subordinated debt | 39,567 | 39,510 | ||
Subordinated debentures | 39,779 | 39,728 | ||
Accrued expenses and other liabilities | 100,678 | 107,134 | ||
Total Liabilities | 4,806,899 | 4,859,277 | ||
Shareholders' Equity | ||||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding
|
- | - | ||
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 20,893,800 shares at September 30, 2024 and 20,835,633 shares at December 31, 2023
|
318,216 | 317,483 | ||
Retained earnings | 192,405 | 159,108 | ||
Accumulated other comprehensive loss | (58,252) | (72,142) | ||
Total Shareholders' Equity | 452,369 | 404,449 | ||
Total Liabilities and Shareholders' Equity | $ | 5,259,268 | $ | 5,263,726 |
Three Months Ended | Nine Months Ended | |||||||||
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, | |||||||
2024 | 2023 | |||||||||
(Unaudited) | ||||||||||
Interest Income | (In thousands, except per share amounts) | |||||||||
Interest and fees on loans | $ | 58,410 | $ | 56,786 | $ | 51,419 | $ | 170,239 | $ | 143,392 |
Interest on securities | ||||||||||
Taxable | 4,502 | 4,713 | 5,865 | 14,466 | 17,668 | |||||
Tax-exempt | 3,404 | 3,400 | 3,409 | 10,195 | 9,775 | |||||
Other investments | 2,018 | 1,439 | 1,739 | 4,898 | 3,481 | |||||
Total Interest Income | 68,334 | 66,338 | 62,432 | 199,798 | 174,316 | |||||
Interest Expense | ||||||||||
Deposits | 24,462 | 22,876 | 20,743 | 70,148 | 51,964 | |||||
Other borrowings and subordinated debt and debentures | 2,018 | 2,116 | 2,262 | 6,253 | 6,134 | |||||
Total Interest Expense | 26,480 | 24,992 | 23,005 | 76,401 | 58,098 | |||||
Net Interest Income | 41,854 | 41,346 | 39,427 | 123,397 | 116,218 | |||||
Provision for credit losses | 1,488 | 19 | 1,350 | 2,251 | 6,827 | |||||
Net Interest Income After Provision for Credit Losses | 40,366 | 41,327 | 38,077 | 121,146 | 109,391 | |||||
Non-interest Income | ||||||||||
Interchange income | 4,146 | 3,401 | 4,100 | 10,698 | 10,660 | |||||
Service charges on deposit accounts | 3,085 | 2,937 | 3,309 | 8,894 | 9,300 | |||||
Net gains (losses) on assets | ||||||||||
Mortgage loans | 2,177 | 1,333 | 2,099 | 4,874 | 5,475 | |||||
Equity securities at fair value | (8) | 2,693 | - | 2,685 | - | |||||
Securities available for sale | (145) | - | - | (414) | (222) | |||||
Mortgage loan servicing, net | (3,130) | 2,091 | 2,668 | 1,686 | 7,068 | |||||
Other | 3,383 | 2,717 | 3,435 | 8,818 | 9,298 | |||||
Total Non-interest Income | 9,508 | 15,172 | 15,611 | 37,241 | 41,579 | |||||
Non-interest Expense | ||||||||||
Compensation and employee benefits | 20,048 | 21,251 | 19,975 | 62,069 | 59,916 | |||||
Data processing | 3,379 | 3,257 | 3,071 | 9,891 | 8,953 | |||||
Occupancy, net | 1,893 | 1,886 | 1,971 | 5,853 | 5,975 | |||||
Interchange expense | 1,149 | 1,127 | 1,119 | 3,373 | 3,222 | |||||
Furniture, fixtures and equipment | 932 | 948 | 927 | 2,834 | 2,782 | |||||
FDIC deposit insurance | 664 | 695 | 677 | 2,141 | 2,209 | |||||
Loan and collection | 657 | 699 | 520 | 1,868 | 1,718 | |||||
Advertising | 581 | 788 | 360 | 1,860 | 1,286 | |||||
Legal and professional | 687 | 544 | 543 | 1,717 | 1,623 | |||||
Communications | 519 | 499 | 568 | 1,633 | 1,871 | |||||
Costs (recoveries) related to unfunded lending commitments | 113 | (137) | 451 | (676) | 76 | |||||
Other | 1,961 | 1,776 | 1,854 | 5,546 | 5,610 | |||||
Total Non-interest Expense | 32,583 | 33,333 | 32,036 | 98,109 | 95,241 | |||||
Income Before Income Tax | 17,291 | 23,166 | 21,652 | 60,278 | 55,729 | |||||
Income tax expense | 3,481 | 4,638 | 4,109 | 11,949 | 10,405 | |||||
Net Income | $ | 13,810 | $ | 18,528 | $ | 17,543 | $ | 48,329 | $ | 45,324 |
Net Income Per Common Share | ||||||||||
Basic | $ | 0.66 | $ | 0.89 | $ | 0.84 | $ | 2.31 | $ | 2.16 |
Diluted | $ | 0.65 | $ | 0.88 | $ | 0.83 | $ | 2.29 | $ | 2.14 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
(unaudited) | ||||||||||
(Dollars in thousands except per share data) | ||||||||||
Three Months Ended | ||||||||||
Net interest income | $ | 41,854 | $ | 41,346 | $ | 40,197 | $ | 40,111 | $ | 39,427 |
Provision for credit losses | 1,488 | 19 | 744 | (617) | 1,350 | |||||
Non-interest income | 9,508 | 15,172 | 12,561 | 9,097 | 15,611 | |||||
Non-interest expense | 32,583 | 33,333 | 32,193 | 31,878 | 32,036 | |||||
Income before income tax | 17,291 | 23,166 | 19,821 | 17,947 | 21,652 | |||||
Income tax expense | 3,481 | 4,638 | 3,830 | 4,204 | 4,109 | |||||
Net income | $ | 13,810 | $ | 18,528 | $ | 15,991 | $ | 13,743 | $ | 17,543 |
Basic earnings per share | $ | 0.66 | $ | 0.89 | $ | 0.77 | $ | 0.66 | $ | 0.84 |
Diluted earnings per share | 0.65 | 0.88 | 0.76 | 0.65 | 0.83 | |||||
Cash dividend per share | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | |||||
Average shares outstanding | 20,896,019 | 20,901,741 | 20,877,067 | 20,840,680 | 20,922,431 | |||||
Average diluted shares outstanding | 21,115,273 | 21,105,387 | 21,079,607 | 21,049,030 | 21,114,445 | |||||
Performance Ratios | ||||||||||
Return on average assets | 1.04 | % | 1.44 | % | 1.24 | % | 1.04 | % | 1.34 | % |
Return on average equity | 12.54 | 17.98 | 15.95 | 14.36 | 18.68 | |||||
Efficiency ratio (1) | 62.82 | 61.49 | 60.26 | 64.27 | 57.52 | |||||
As a Percent of Average Interest-Earning Assets (1) | ||||||||||
Interest income | 5.48 | % | 5.45 | % | 5.34 | % | 5.29 | % | 5.10 | % |
Interest expense | 2.11 | 2.05 | 2.04 | 2.03 | 1.87 | |||||
Net interest income | 3.37 | 3.40 | 3.30 | 3.26 | 3.23 | |||||
Average Balances | ||||||||||
Loans | $ | 3,909,954 | $ | 3,849,199 | $ | 3,810,526 | $ | 3,764,752 | $ | 3,694,534 |
Securities | 933,750 | 944,435 | 999,140 | 1,027,240 | 1,071,211 | |||||
Total earning assets | 4,985,842 | 4,893,367 | 4,910,669 | 4,928,697 | 4,892,208 | |||||
Total assets | 5,275,623 | 5,181,317 | 5,201,452 | 5,233,666 | 5,192,114 | |||||
Deposits | 4,616,119 | 4,531,917 | 4,561,645 | 4,612,797 | 4,577,796 | |||||
Interest bearing liabilities | 3,689,684 | 3,611,972 | 3,627,446 | 3,635,771 | 3,554,179 | |||||
Shareholders' equity | 438,077 | 414,549 | 403,225 | 379,614 | 372,667 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||
(unaudited) | ||||||||||
(Dollars in thousands except per share data) | ||||||||||
End of Period | ||||||||||
Capital | ||||||||||
Tangible common equity ratio | 8.08 | % | 7.63 | % | 7.41 | % | 7.15 | % | 6.67 | % |
Tangible common equity ratio excluding accumulated other comprehensive loss | 8.99 | 8.76 | 8.57 | 8.31 | 8.20 | |||||
Average equity to average assets | 8.30 | 8.00 | 7.75 | 7.25 | 7.18 | |||||
Total capital to risk-weighted assets (2) | 14.25 | 14.21 | 13.85 | 13.71 | 13.58 | |||||
Tier 1 capital to risk-weighted assets (2) | 12.06 | 12.01 | 11.65 | 11.50 | 11.37 | |||||
Common equity tier 1 capital to risk-weighted assets (2) | 11.16 | 11.09 | 10.73 | 10.58 | 10.44 | |||||
Tier 1 capital to average assets (2) | 9.63 | 9.59 | 9.29 | 9.03 | 8.94 | |||||
Common shareholders' equity per share of common stock | $ | 21.65 | $ | 20.60 | $ | 19.88 | $ | 19.41 | $ | 17.99 |
Tangible common equity per share of common stock | 20.22 | 19.16 | 18.44 | 17.96 | 16.53 | |||||
Total shares outstanding | 20,893,800 | 20,899,358 | 20,903,677 | 20,835,633 | 20,850,455 | |||||
Selected Balances | ||||||||||
Loans | $ | 3,942,287 | $ | 3,851,889 | $ | 3,839,965 | $ | 3,790,901 | $ | 3,741,486 |
Securities | 932,312 | 936,194 | 963,577 | 1,033,338 | 1,043,540 | |||||
Total earning assets | 4,964,784 | 4,979,555 | 4,949,496 | 4,954,696 | 4,884,720 | |||||
Total assets | 5,259,268 | 5,277,500 | 5,231,255 | 5,263,726 | 5,200,018 | |||||
Deposits | 4,626,875 | 4,614,328 | 4,582,414 | 4,622,879 | 4,585,612 | |||||
Interest bearing liabilities | 3,682,482 | 3,694,025 | 3,677,060 | 3,676,050 | 3,573,187 | |||||
Shareholders' equity | 452,369 | 430,459 | 415,570 | 404,449 | 374,998 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(Dollars in thousands) | ||||||||
Net Interest Margin, Fully Taxable Equivalent ("FTE") | ||||||||
Net interest income | $ | 41,854 | $ | 39,427 | $ | 123,397 | $ | 116,218 |
Add: taxable equivalent adjustment | 158 | 202 | 513 | 722 | ||||
Net interest income - taxable equivalent | $ | 42,012 | $ | 39,629 | $ | 123,910 | $ | 116,940 |
Net interest margin (GAAP) (1) | 3.35 | % | 3.21 | % | 3.34 | % | 3.25 | % |
Net interest margin (FTE) (1) | 3.37 | % | 3.23 | % | 3.35 | % | 3.26 | % |
September 30, 2024 |
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||
(Dollars in thousands) | ||||||||||
Common shareholders' equity | $ | 452,369 | $ | 430,459 | $ | 415,570 | $ | 404,449 | $ | 374,998 |
Less: | ||||||||||
Goodwill | 28,300 | 28,300 | 28,300 | 28,300 | 28,300 | |||||
Other intangibles | 1,617 | 1,746 | 1,875 | 2,004 | 2,141 | |||||
Tangible common equity | 422,452 | 400,413 | 385,395 | 374,145 | 344,557 | |||||
Addition: | ||||||||||
Accumulated other comprehensive loss for regulatory purposes | 52,454 | 65,030 | 65,831 | 66,344 | 86,507 | |||||
Tangible common equity excluding other comprehensive loss adjustments | $ | 474,906 | $ | 465,443 | $ | 451,226 | $ | 440,489 | $ | 431,064 |
Total assets | $ | 5,259,268 | $ | 5,277,500 | $ | 5,231,255 | $ | 5,263,726 | $ | 5,200,018 |
Less: | ||||||||||
Goodwill | 28,300 | 28,300 | 28,300 | 28,300 | 28,300 | |||||
Other intangibles | 1,617 | 1,746 | 1,875 | 2,004 | 2,141 | |||||
Tangible assets | 5,229,351 | 5,247,454 | 5,201,080 | 5,233,422 | 5,169,577 | |||||
Addition: | ||||||||||
Net unrealized losses on available for sale securities and derivatives, net of tax | 52,454 | 65,030 | 65,831 | 66,344 | 86,507 | |||||
Tangible assets excluding other comprehensive loss adjustments | $ | 5,281,805 | $ | 5,312,484 | $ | 5,266,911 | $ | 5,299,766 | $ | 5,256,084 |
Common equity ratio | 8.60 | % | 8.16 | % | 7.94 | % | 7.68 | % | 7.21 | % |
Tangible common equity ratio | 8.08 | % | 7.63 | % | 7.41 | % | 7.15 | % | 6.67 | % |
Tangible common equity ratio excluding other comprehensive loss | 8.99 | % | 8.76 | % | 8.57 | % | 8.31 | % | 8.20 | % |
Tangible Common Equity per Share of Common Stock: | ||||||||||
Common shareholders' equity | $ | 452,369 | $ | 430,459 | $ | 415,570 | $ | 404,449 | $ | 374,998 |
Tangible common equity | $ | 422,452 | $ | 400,413 | $ | 385,395 | $ | 374,145 | $ | 344,557 |
Shares of common stock outstanding (in thousands) | 20,894 | 20,899 | 20,904 | 20,836 | 20,850 | |||||
Common shareholders' equity per share of common stock | $ | 21.65 | $ | 20.60 | $ | 19.88 | $ | 19.41 | $ | 17.99 |
Tangible common equity per share of common stock | $ | 20.22 | $ | 19.16 | $ | 18.44 | $ | 17.96 | $ | 16.53 |