Franklin Financial Network, Inc. (the "Company") (NYSE: FSB), parent company of Franklin Synergy Bank, reported net income of $11.3 million, or $0.75 per diluted common share, for the quarter-ended September 30, 2019, compared to $10.5 million, or $0.70 per diluted common share, for the quarter-ended September 30, 2018.
Pre-tax pre-provision profit was $14.4 million, representing an annualized increase of 46.8% from the second quarter of 2019 and a 22.9% increase from the third quarter of 2018. Core net income for the quarter-ended September 30, 2019 was $10.9 million, or $0.72 per diluted common share, compared to $10.5 million, or $0.70 per diluted common share, for the quarter-ended September 30, 2018.
Chief Executive Officer, J. Myers Jones, III, stated, "Our Company's strength continues to be our team, from our originators, to our front-line branch folks and our support group, and I could not be more proud of the attitude and excellence they show each and every day. Their efforts drive the execution of our strategic balance sheet actions that continue to unlock our core Bank's value, demonstrated this quarter by our improved financial performance and focused deleveraging of non-core assets and liabilities."
Jones continued, "Accordingly, our focus on enhancing the strength of our core balance sheet drove an $87 million reduction in our Shared National Credit (SNC) portfolio, which now stands near 5% of loans held for investment (HFI). Similarly, brokered deposit balances decreased by $109 million and retail deposits increased by $226 million during the quarter. We remain completely focused on core customer deposit and loan initiatives and are highly engaged in the execution of our strategic plan, with particular emphasis on balancing profitability and growth."
Key Highlights and Recent Developments
Performance Summary
|
|
Reported GAAP Results |
|
Non-GAAP "Core" Results(1) |
|
|||||||||||||||||||
(dollars in thousands, except share data and %) |
|
3Q 2019 |
|
|
2Q 2019 |
|
|
3Q 2018 |
|
|
3Q 2019 |
|
|
2Q 2019 |
|
|
3Q 2018 |
|
||||||
Net Interest Income |
|
$ |
28,262 |
|
|
$ |
27,365 |
|
|
$ |
26,562 |
|
|
$ |
28,262 |
|
|
$ |
27,365 |
|
|
$ |
26,562 |
|
Net Interest Margin (FTE)(2) |
|
|
2.98 |
% |
|
|
2.84 |
% |
|
|
2.70 |
% |
|
|
2.98 |
% |
|
|
2.84 |
% |
|
|
2.70 |
% |
Provision for Loan Losses |
|
$ |
1,000 |
|
|
$ |
7,031 |
|
|
$ |
136 |
|
|
$ |
1,000 |
|
|
$ |
7,031 |
|
|
$ |
136 |
|
Net Charge-offs / Average Loans |
|
|
0.27 |
% |
|
|
1.04 |
% |
|
|
0.00 |
% |
|
|
0.27 |
% |
|
|
1.04 |
% |
|
|
0.00 |
% |
Noninterest Income |
|
$ |
4,793 |
|
|
$ |
4,923 |
|
|
$ |
3,442 |
|
|
$ |
5,065 |
|
|
$ |
4,923 |
|
|
$ |
3,442 |
|
Noninterest Expense |
|
$ |
18,614 |
|
|
$ |
19,370 |
|
|
$ |
18,251 |
|
|
$ |
19,371 |
|
|
$ |
19,370 |
|
|
$ |
18,251 |
|
Efficiency Ratio |
|
|
56.3 |
% |
|
|
60.0 |
% |
|
|
60.8 |
% |
|
|
58.1 |
% |
|
|
60.0 |
% |
|
|
60.8 |
% |
Pre-tax Income |
|
$ |
13,441 |
|
|
$ |
5,887 |
|
|
$ |
11,617 |
|
|
$ |
12,956 |
|
|
$ |
5,887 |
|
|
$ |
11,617 |
|
Net Income available to common shareholders |
|
$ |
11,324 |
|
|
$ |
5,173 |
|
|
$ |
10,549 |
|
|
$ |
10,926 |
|
|
$ |
5,173 |
|
|
$ |
10,549 |
|
Pre-tax pre-provision profit |
|
$ |
14,441 |
|
|
$ |
12,918 |
|
|
$ |
11,753 |
|
|
$ |
13,956 |
|
|
$ |
12,918 |
|
|
$ |
11,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.75 |
|
|
$ |
0.34 |
|
|
$ |
0.70 |
|
|
$ |
0.72 |
|
|
$ |
0.34 |
|
|
$ |
0.70 |
|
Effective Tax Rate |
|
|
15.8 |
% |
|
|
12.0 |
% |
|
|
9.2 |
% |
|
|
15.7 |
% |
|
|
12.0 |
% |
|
|
9.2 |
% |
Weighted Average Diluted Shares |
|
|
14,991,363 |
|
|
|
14,894,140 |
|
|
|
14,903,751 |
|
|
|
14,991,363 |
|
|
|
14,894,140 |
|
|
|
14,903,751 |
|
Actual Shares Outstanding |
|
|
14,636,484 |
|
|
|
14,628,287 |
|
|
|
14,525,351 |
|
|
|
14,636,484 |
|
|
|
14,628,287 |
|
|
|
14,525,351 |
|
Return on Average: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
1.12 |
% |
|
|
0.51 |
% |
|
|
1.01 |
% |
|
|
1.08 |
% |
|
|
0.51 |
% |
|
|
1.01 |
% |
Equity |
|
|
11.3 |
% |
|
|
5.3 |
% |
|
|
11.9 |
% |
|
|
10.9 |
% |
|
|
5.3 |
% |
|
|
11.9 |
% |
Tangible Common Equity |
|
|
11.8 |
% |
|
|
5.6 |
% |
|
|
12.6 |
% |
|
|
11.4 |
% |
|
|
5.6 |
% |
|
|
12.6 |
% |
(1) |
Non-GAAP financial measures that adjust GAAP reported net income and other metrics for certain income and expense items. Excludes 3Q'19 nonrecurring Federal Deposit Insurance Corporation (FDIC) assessment credit of $757, gain on sales of securities of $1,493, and loss on sales of loans of $1,765. See "GAAP reconciliation and use of non-GAAP financial measures" below for a discussion and reconciliation of non-GAAP financial measures. |
(2) |
Interest income and rates include the effects of tax-equivalent adjustments to adjust tax-exempt interest income on tax-exempt loans and investment securities to a fully taxable basis (FTE). |
Continued Focus on Reducing Non-Core Assets and Liabilities
Driven by the expected reduction in SNCs and anticipated construction loan paydowns, loans HFI decreased $84.2 million from the second quarter of 2019, or 11.6% annualized, and increased $246.1 million year-over-year, or 9.7%. Non-SNC-related loan growth was $2.5 million, or 0.4% annualized from the second quarter of 2019.
Total deposits decreased by $84.7 million, or 10.7% annualized from the second quarter of 2019 and by $309.6 million, or 9.2% from the third quarter of 2018, reflecting a deliberate reduction in non-core deposits as a part of the Company's continued balance sheet optimization. As a part of this effort, brokered deposits decreased $109.7 million from the second quarter of 2019, an annualized decline of 62.3%, and reciprocal deposits decreased by $70.1 million, to $366.4 million, or 63.8% annualized, while during the same time period, retail and other deposits grew $225.8 million, or 58.5% annualized and 14.5% year-over-year.
Largely as a result of the deliberate reduction in non-core funding and securities, net interest income increased to $28.3 million for the third quarter of 2019, or 13.0% annualized, compared to the second quarter of 2019, and increased $1.7 million compared to the third quarter of 2018, representing a 6.4% year-over-year increase.
Executive Vice President and Chief Financial Officer, Christopher J. Black stated, "While these strategic shifts in our operating model will take time to fully reflect themselves in our core profitability metrics, our organizational realignment and funding-driven profitability processes are producing positive results in these early stages. We are pleased with the positive impact to both net interest income and net interest margin demonstrated this quarter, which was driven by the reduction in non-core assets and liabilities, as well as positive loan and deposit pricing dynamics."
Balance Sheet Deleverage Strategy Drives Margin Expansion; SNC Portfolio Reduction Continues
Net interest margin (tax-equivalent basis) was 2.98% for the three months ended September 30, 2019, a 14 basis point increase quarter-over-quarter, and a 28 basis point increase year-over-year, primarily driven by balance sheet rotation and optimization strategies that have focused on the reduction in non-core assets and liabilities.
The Company reduced its SNC loan portfolio by $86.7 million in the third quarter of 2019, to $144.5 million. This reduction in the SNC portfolio represents an 11.1% year-over-year decrease and is the lowest SNC balance held by the Company during the last five quarters, representing 5.2% of loans HFI, which is almost half of the Company's concentration of 9.3% of loans HFI at the peak of the SNC portfolio at December 31, 2018.
Illustrating further progress, the Company has reduced its securities portfolio by a total of $539.9 million through the first nine months of 2019. This has been accomplished through a combination of rotating lower-yielding securities into higher-yielding assets and selling lower-yielding securities that had been funded by non-core liabilities. As a result of this effort to reduce reliance upon non-core funding sources, securities represent 16.0% of total assets at September 30, 2019, down from 31.7% at September 30, 2018. As the Company has effectively rotated and optimized its balance sheet, loans HFI increased to 91.3% of total deposits at September 30, 2019, up from 77.7% and 75.6% at December 31, 2018, and September 30, 2018, respectively.
Black stated, "The inversion of the yield curve provided us with the opportunity to further deleverage the balance sheet of non-core assets and liabilities. This was done through an additional reduction of the securities portfolio and the concurrent decision to continue to shrink various components of non-core funding. Despite inherent market-driven margin pressure in this yield curve environment, our deleveraging strategy was a key driver in this quarter's net interest margin expansion."
Black continued, "Reflective of our focus on growing deeper core customer relationships, we were able to reduce our SNC portfolio to 5.2% of loans HFI, with expectations for further reductions in the coming quarters."
Core Noninterest Income Increases
Total noninterest income was $4.8 million, $4.9 million for the third and second quarters of 2019, respectively, and $3.4 million for the third quarter of 2018. After non-core adjustments, core noninterest income was $5.1 million for the third quarter of 2019, an increase of 11.4% annualized from the second quarter of 2019, or 47.2% on a year-over-year basis.
Core Noninterest Expenses Held In Check
Noninterest expense was $18.6 million and $19.4 million during the third and second quarters of 2019, respectively. When adjusted for a nonrecurring FDIC assessment credit during the third quarter of 2019, core noninterest expense was $19.4 million, a 6.1% year-over-year increase when compared to the third quarter of 2018 expense of $18.3 million.
Asset Quality
As disclosed previously, the Company had allocated a specific reserve for a single SNC relationship in the amount of approximately $2.2 million, which then represented the total remaining relationship balance. During the third quarter of 2019, the Company determined that, excluding a principal repayment of approximately $500 thousand, the balance of this relationship should be charged-off, resulting in the recognition of a charge-off of approximately $1.7 million. Given that the specific reserve had been established during the second quarter of 2019, there is no further potential negative financial impact related to this relationship.
The allowance for loan and lease losses (ALLL) was $26.5 million at September 30, 2019, representing an increase of $3.0 million from $23.5 million at December 31, 2018, resulting from an uptick in, and developments relating to, our classified assets. The allowance for loan and lease losses equates to 0.95% of total loans HFI at September 30, 2019. The Company reported no bank-owned real estate (OREO) at September 30, 2019.
As of September 30, 2019, the Company's total non-performing assets (NPA) were 0.08% of assets, or $3.1 million, a decrease of approximately $2.6 million from December 31, 2018. The NPA/ALLL coverage ratio was 852% at September 30, 2019, more than double the 415% coverage present at December 31, 2018. Classified Assets were $49.4 million at September 30, 2019, representing 1.77% of loans HFI, up from 1.45% of loans HFI at December 31, 2018.
Strong Capital to Support Future Growth and Expansion
The ratio of tangible common equity to tangible assets was 10.2% at September 30, 2019, compared with 9.2% and 8.1% at June 30, 2019, and September 30, 2018, respectively. The Company's tangible book value per share increased to $26.61, which represents a 15.5% annualized quarterly increase and 14.8% year-over-year growth.
Black commented, "As we continue to strengthen our balance sheet, our tangible book value growth clearly demonstrates one of our Company's strengths that has been consistent throughout our time as a public company. Given our strong capital position, we expect to continue to return capital to shareholders through repurchases, along with a newly-authorized 50% increase in our established quarterly dividend to $0.06 per share."
Summary
Jones concluded, "As we move towards the end of 2019, I am happy with the progress that we have made thus far in the execution of our balance sheet optimization and strategic plan. Our team remains optimistic about the future and the tremendous opportunities we have to grow and enhance our relationships with our customers, community, teammates and shareholders. We remain committed to our core values of integrity, accountability, excellence and reliability. Underlying our quarterly financial results is a strong foundation that we firmly believe has our Company well-positioned for the future, which we are confident will be guided by our strong, unified leadership team."
WEBCAST AND CONFERENCE CALL INFORMATION
The live broadcast of the Company's earnings webcast and conference call will begin at 8:00 a.m. CDT on Thursday, October 24, 2019, and the presentation and conference call will be broadcast live over the Internet at http://www.snl.com/IRW/CorporateProfile/4185772. This Earnings Release and the Earnings Presentation will be available for twelve months, and are also included on a Form 8-K that the Company furnished to the U.S. Securities and Exchange Commission (SEC) on October 23, 2019. To access the call for audio only, please call 1-844-378-6480 which will be available for 90 days.
ABOUT THE COMPANY
Franklin Financial Network, Inc. (NYSE: FSB) is a financial holding company headquartered in Franklin, Tennessee. The Company's wholly owned bank subsidiary, Franklin Synergy Bank, a Tennessee-chartered commercial bank founded in November 2007 and a member of the Federal Reserve System, provides a full range of banking and related financial services with a focus on service to small businesses, corporate entities, local governments and individuals. With consolidated total assets of $3.8 billion at September 30, 2019, the Bank currently operates through 15 branches in the growing Williamson, Rutherford and Davidson Counties, all within the Nashville metropolitan statistical area. Additional information about the Company, which is included in the NYSE Financial-100 Index, the FTSE Russell 2000 Index and the S&P SmallCap 600 Index, is available at www.FranklinSynergyBank.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This Earnings Release contains forward-looking statements regarding, among other things, our anticipated financial and operating results and our plans regarding future share repurchases, payment of quarterly dividends, and reduction in our SNC portfolio. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our management's current assumptions, beliefs, and expectations. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "objective," "should," "hope," "pursue," "seek," and similar expressions are intended to identify forward-looking statements. While we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations will prove correct. Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the future results, performance, or achievements expressed in or implied by any forward-looking statement we make. Some of the relevant risks and uncertainties that could cause our actual performance to differ materially from the forward-looking statements contained in this Earnings Release are discussed below and under the heading "Risk Factors" and elsewhere in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on March 19, 2019. We caution readers that these discussions of important risks and uncertainties are not exclusive, and our business may be subject to other risks and uncertainties which are not detailed there. Readers are cautioned not to place undue reliance on our forward-looking statements. We make forward-looking statements as of the date on which this Earnings Release is filed with the SEC, and we assume no obligation to update the forward-looking statements after the date hereof whether as a result of new information or events, changed circumstances, or otherwise, except as required by law.
There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:
The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K filed March 19, 2019 with the SEC and our Quarterly Reports on Form 10-Q filed May 9, 2019 and August 6, 2019 with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from our forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence or how they will affect the Company.
GAAP RECONCILIATION AND USE OF NON-GAAP FINANCIAL MEASURES
Some of the financial data included in this earnings release and our selected historical consolidated financial information are not measures of financial performance recognized by GAAP. Our management uses these non-GAAP financial measures in its analysis of our performance:
We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that our non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use.
Financial Summary and Key Metrics (Unaudited) (In Thousands, Except Share Data and %) |
|||||||||||||||||||||||||
|
|
2019 |
|
|
|
2018 |
|
|
|||||||||||||||||
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
|
|
Fourth Quarter |
|
|
Third Quarter |
|||||||||||||
Statement of Income Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total interest income |
|
$ |
46,531 |
|
|
|
$ |
47,453 |
|
|
|
$ |
47,523 |
|
|
|
$ |
46,046 |
|
|
|
$ |
43,717 |
|
|
Total interest expense |
|
|
18,269 |
|
|
|
|
20,088 |
|
|
|
|
20,103 |
|
|
|
|
19,125 |
|
|
|
|
17,155 |
|
|
Net interest income |
|
|
28,262 |
|
|
|
|
27,365 |
|
|
|
|
27,420 |
|
|
|
|
26,921 |
|
|
|
|
26,562 |
|
|
Provision for loan losses |
|
|
1,000 |
|
|
|
|
7,031 |
|
|
|
|
5,055 |
|
|
|
|
975 |
|
|
|
|
136 |
|
|
Total noninterest income |
|
|
4,793 |
|
|
|
|
4,923 |
|
|
|
|
3,486 |
|
|
|
|
(384 |
) |
|
|
|
3,442 |
|
|
Total noninterest expense |
|
|
18,614 |
|
|
|
|
19,370 |
|
|
|
|
22,616 |
|
|
|
|
21,689 |
|
|
|
|
18,251 |
|
|
Net income before income taxes |
|
|
13,441 |
|
|
|
|
5,887 |
|
|
|
|
3,235 |
|
|
|
|
3,873 |
|
|
|
|
11,617 |
|
|
Income tax expense |
|
|
2,117 |
|
|
|
|
706 |
|
|
|
|
334 |
|
|
|
|
122 |
|
|
|
|
1,068 |
|
|
Net income available to common shareholders (a) |
|
$ |
11,324 |
|
|
|
$ |
5,173 |
|
|
|
$ |
2,901 |
|
|
|
$ |
3,743 |
|
|
|
$ |
10,549 |
|
|
Pre-tax pre-provision profit |
|
$ |
14,441 |
|
|
|
$ |
12,918 |
|
|
|
$ |
8,290 |
|
|
|
$ |
4,848 |
|
|
|
$ |
11,753 |
|
|
Net interest income (tax-equivalent basis) |
|
$ |
28,809 |
|
|
|
$ |
27,921 |
|
|
|
$ |
27,955 |
|
|
|
$ |
27,516 |
|
|
|
$ |
27,263 |
|
|
Core net income* (a) |
|
$ |
10,926 |
|
|
|
$ |
5,173 |
|
|
|
$ |
6,103 |
|
|
|
$ |
9,178 |
|
|
|
$ |
10,549 |
|
|
Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income |
|
$ |
0.75 |
|
|
|
$ |
0.34 |
|
|
|
$ |
0.19 |
|
|
|
$ |
0.25 |
|
|
|
$ |
0.70 |
|
|
Core diluted net income * |
|
|
0.72 |
|
|
|
|
0.34 |
|
|
|
|
0.41 |
|
|
|
|
0.61 |
|
|
|
|
0.70 |
|
|
Book value |
|
|
27.89 |
|
|
|
|
26.90 |
|
|
|
|
26.31 |
|
|
|
|
25.64 |
|
|
|
|
24.51 |
|
|
Tangible book value* |
|
|
26.61 |
|
|
|
|
25.61 |
|
|
|
|
25.00 |
|
|
|
|
24.32 |
|
|
|
|
23.18 |
|
|
Weighted average number of shares-diluted |
|
|
14,991,363 |
|
|
|
|
14,894,140 |
|
|
|
|
14,804,830 |
|
|
|
|
14,821,540 |
|
|
|
|
14,903,751 |
|
|
Period-end number of shares |
|
|
14,636,484 |
|
|
|
|
14,628,287 |
|
|
|
|
14,574,339 |
|
|
|
|
14,538,085 |
|
|
|
|
14,525,351 |
|
|
Selected Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
178,747 |
|
|
|
$ |
150,721 |
|
|
|
$ |
300,113 |
|
|
|
$ |
280,212 |
|
|
|
$ |
144,660 |
|
|
Securities available-for-sale, at fair value |
|
|
612,371 |
|
|
|
|
715,132 |
|
|
|
|
799,301 |
|
|
|
|
1,030,668 |
|
|
|
|
1,115,187 |
|
|
Securities held to maturity |
|
|
- |
|
|
|
|
118,963 |
|
|
|
|
118,831 |
|
|
|
|
121,617 |
|
|
|
|
204,587 |
|
|
Loans held for sale, at fair value |
|
|
56,570 |
|
|
|
|
27,093 |
|
|
|
|
21,730 |
|
|
|
|
11,103 |
|
|
|
|
14,563 |
|
|
Loans held for investment |
|
|
2,796,233 |
|
|
|
|
2,880,433 |
|
|
|
|
2,807,377 |
|
|
|
|
2,665,399 |
|
|
|
|
2,550,121 |
|
|
Allowance for loan losses |
|
|
(26,474 |
) |
|
|
|
(27,443 |
) |
|
|
|
(27,857 |
) |
|
|
|
(23,451 |
) |
|
|
|
(22,479 |
) |
|
Other real estate owned, net |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,853 |
|
|
Total assets |
|
|
3,818,324 |
|
|
|
|
4,071,971 |
|
|
|
|
4,238,436 |
|
|
|
|
4,249,439 |
|
|
|
|
4,167,813 |
|
|
Retail and other deposits |
|
|
1,756,558 |
|
|
|
|
1,530,722 |
|
|
|
|
1,532,984 |
|
|
|
|
1,538,441 |
|
|
|
|
1,534,014 |
|
|
Local Government deposits |
|
|
349,535 |
|
|
|
|
480,206 |
|
|
|
|
628,985 |
|
|
|
|
782,889 |
|
|
|
|
833,052 |
|
|
Brokered deposits |
|
|
589,482 |
|
|
|
|
699,195 |
|
|
|
|
718,683 |
|
|
|
|
797,795 |
|
|
|
|
887,112 |
|
|
Reciprocal deposits |
|
|
366,375 |
|
|
|
|
436,522 |
|
|
|
|
435,191 |
|
|
|
|
312,682 |
|
|
|
|
117,372 |
|
|
Total deposits |
|
|
3,061,950 |
|
|
|
|
3,146,645 |
|
|
|
|
3,315,843 |
|
|
|
|
3,431,807 |
|
|
|
|
3,371,550 |
|
|
Borrowings |
|
|
278,827 |
|
|
|
|
455,282 |
|
|
|
|
475,238 |
|
|
|
|
427,193 |
|
|
|
|
430,149 |
|
|
Total shareholders' equity |
|
|
408,168 |
|
|
|
|
393,516 |
|
|
|
|
383,421 |
|
|
|
|
372,740 |
|
|
|
|
356,074 |
|
|
Total equity |
|
|
408,261 |
|
|
|
|
393,609 |
|
|
|
|
383,514 |
|
|
|
|
372,833 |
|
|
|
|
356,177 |
|
|
Selected Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
1.12 |
|
% |
|
|
0.51 |
|
% |
|
|
0.28 |
|
% |
|
|
0.35 |
|
% |
|
|
1.01 |
|
% |
Shareholders' equity |
|
|
11.3 |
|
% |
|
|
5.3 |
|
% |
|
|
3.1 |
|
% |
|
|
4.1 |
|
% |
|
|
11.9 |
|
% |
Tangible common equity* |
|
|
11.8 |
|
% |
|
|
5.6 |
|
% |
|
|
3.3 |
|
% |
|
|
4.3 |
|
% |
|
|
12.6 |
|
% |
Average shareholders' equity to average assets |
|
|
10.0 |
|
% |
|
|
9.5 |
|
% |
|
|
8.9 |
|
% |
|
|
8.6 |
|
% |
|
|
8.5 |
|
% |
Net interest margin (NIM) (tax-equivalent basis) |
|
|
2.98 |
|
% |
|
|
2.84 |
|
% |
|
|
2.80 |
|
% |
|
|
2.69 |
|
% |
|
|
2.70 |
|
% |
Efficiency ratio (GAAP) |
|
|
56.3 |
|
% |
|
|
60.0 |
|
% |
|
|
73.2 |
|
% |
|
|
81.7 |
|
% |
|
|
60.8 |
|
% |
Core efficiency ratio (tax-equivalent basis)* |
|
|
58.1 |
|
% |
|
|
60.0 |
|
% |
|
|
59.8 |
|
% |
|
|
60.4 |
|
% |
|
|
60.8 |
|
% |
Loans held for investment to deposit ratio |
|
|
91.3 |
|
% |
|
|
91.5 |
|
% |
|
|
84.7 |
|
% |
|
|
77.7 |
|
% |
|
|
75.6 |
|
% |
Total loans to deposit ratio |
|
|
93.2 |
|
% |
|
|
92.4 |
|
% |
|
|
85.3 |
|
% |
|
|
78.0 |
|
% |
|
|
76.1 |
|
% |
Yield on interest-earning assets |
|
|
4.87 |
|
% |
|
|
4.89 |
|
% |
|
|
4.82 |
|
% |
|
|
4.56 |
|
% |
|
|
4.40 |
|
% |
Cost of interest-bearing liabilities |
|
|
2.26 |
|
% |
|
|
2.41 |
|
% |
|
|
2.34 |
|
% |
|
|
2.16 |
|
% |
|
|
1.97 |
|
% |
Cost of total deposits |
|
|
1.91 |
|
% |
|
|
2.07 |
|
% |
|
|
2.06 |
|
% |
|
|
1.88 |
|
% |
|
|
1.68 |
|
% |
Credit Quality Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses as a percentage of loans held for investment |
|
|
0.95 |
|
% |
|
|
0.95 |
|
% |
|
|
0.99 |
|
% |
|
|
0.88 |
|
% |
|
|
0.88 |
|
% |
Net charge-offs (recoveries) as a percentage of average loans held for investment(b) |
|
|
0.27 |
|
% |
|
|
1.04 |
|
% |
|
|
0.00 |
|
% |
|
|
0.00 |
|
% |
|
|
0.00 |
|
% |
Nonperforming loans held for investment as a percentage of total loans held for investments |
|
|
0.11 |
|
% |
|
|
0.16 |
|
% |
|
|
0.42 |
|
% |
|
|
0.21 |
|
% |
|
|
0.16 |
|
% |
Nonperforming assets as a percentage of total assets |
|
|
0.08 |
|
% |
|
|
0.12 |
|
% |
|
|
0.28 |
|
% |
|
|
0.13 |
|
% |
|
|
0.14 |
|
% |
Preliminary capital ratios (Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity to assets |
|
|
10.7 |
|
% |
|
|
9.7 |
|
% |
|
|
9.0 |
|
% |
|
|
8.8 |
|
% |
|
|
8.5 |
|
% |
Tangible common equity to tangible assets* |
|
|
10.2 |
|
% |
|
|
9.2 |
|
% |
|
|
8.6 |
|
% |
|
|
8.4 |
|
% |
|
|
8.1 |
|
% |
Tier 1 capital (to average assets) |
|
|
9.8 |
|
% |
|
|
9.2 |
|
% |
|
|
8.8 |
|
% |
|
|
8.8 |
|
% |
|
|
8.7 |
|
% |
Tier 1 capital (to risk-weighted assets) |
|
|
12.0 |
|
% |
|
|
11.2 |
|
% |
|
|
11.3 |
|
% |
|
|
12.2 |
|
% |
|
|
12.2 |
|
% |
Total capital (to risk-weighted assets) |
|
|
14.7 |
|
% |
|
|
13.7 |
|
% |
|
|
14.0 |
|
% |
|
|
12.4 |
|
% |
|
|
15.0 |
|
% |
Common Equity Tier 1 (to risk-weighted assets) (CET1) |
|
|
12.0 |
|
% |
|
|
11.2 |
|
% |
|
11.3 |
|
% |
|
12.2 |
|
% |
|
12.2 |
|
% |
|||
*These measures are considered non-GAAP financial measures. See "GAAP Reconciliation and Use of Non-GAAP Financial Measures" and the corresponding financial tables below for reconciliations of these Non-GAAP measures. (a) - Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the second and fourth quarters. (b) - annualized |
Consolidated Statements of Income (Unaudited) (In Thousands, Except Share Data and %) |
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2019 |
|
Q3 2019 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. |
|
vs. |
||||||||||
|
|
2019 |
|
|
2018 |
|
|
Q2 2019 Percent |
|
Q3 2018 Percent |
|||||||||||||||||||||||||
|
|
Third Quarter |
|
|
Second Quarter |
|
|
First Quarter |
|
|
Fourth Quarter |
|
|
Third Quarter |
|
|
Variance |
|
Variance |
||||||||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, including fees |
|
$ |
|
40,118 |
|
|
$ |
|
40,202 |
|
|
$ |
|
38,338 |
|
|
$ |
|
36,314 |
|
|
$ |
|
34,435 |
|
|
|
(0.2 |
) |
% |
|
|
16.5 |
|
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
|
3,815 |
|
|
|
|
4,614 |
|
|
|
|
6,394 |
|
|
|
|
7,058 |
|
|
|
|
6,460 |
|
|
|
(17.3 |
) |
% |
|
|
(40.9 |
) |
% |
Tax-exempt |
|
|
|
1,471 |
|
|
|
|
1,410 |
|
|
|
|
1,470 |
|
|
|
|
1,615 |
|
|
|
|
1,926 |
|
|
|
4.3 |
|
% |
|
|
(23.6 |
) |
% |
Dividends on restricted equity securities |
|
|
|
291 |
|
|
|
|
348 |
|
|
|
|
332 |
|
|
|
|
334 |
|
|
|
|
313 |
|
|
|
(16.4 |
) |
% |
|
|
(7.0 |
) |
% |
Federal funds sold and other |
|
|
|
836 |
|
|
|
|
879 |
|
|
|
|
989 |
|
|
|
|
725 |
|
|
|
|
583 |
|
|
|
(4.9 |
) |
% |
|
|
43.4 |
|
% |
Total interest income |
|
|
|
46,531 |
|
|
|
|
47,453 |
|
|
|
|
47,523 |
|
|
|
|
46,046 |
|
|
|
|
43,717 |
|
|
|
(1.9 |
) |
% |
|
|
6.4 |
|
% |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
15,020 |
|
|
|
|
16,679 |
|
|
|
|
16,990 |
|
|
|
|
15,941 |
|
|
|
|
14,137 |
|
|
|
(9.9 |
) |
% |
|
|
6.2 |
|
% |
Federal funds purchased and repurchase agreements |
|
|
|
49 |
|
|
|
|
90 |
|
|
|
|
72 |
|
|
|
|
123 |
|
|
|
|
69 |
|
|
|
(45.6 |
) |
% |
|
|
(29.0 |
) |
% |
Federal Home Loan Bank advances and other |
|
|
|
2,118 |
|
|
|
|
2,237 |
|
|
|
|
1,959 |
|
|
|
|
1,979 |
|
|
|
|
1,867 |
|
|
|
(5.3 |
) |
% |
|
|
13.4 |
|
% |
Subordinated notes |
|
|
|
1,082 |
|
|
|
|
1,082 |
|
|
|
|
1,082 |
|
|
|
|
1,082 |
|
|
|
|
1,082 |
|
|
|
0.0 |
|
% |
|
|
0.0 |
|
% |
Total interest expense |
|
|
|
18,269 |
|
|
|
|
20,088 |
|
|
|
|
20,103 |
|
|
|
|
19,125 |
|
|
|
|
17,155 |
|
|
|
(9.1 |
) |
% |
|
|
6.5 |
|
% |
Net interest income |
|
|
|
28,262 |
|
|
|
|
27,365 |
|
|
|
|
27,420 |
|
|
|
|
26,921 |
|
|
|
|
26,562 |
|
|
|
3.3 |
|
% |
|
|
6.4 |
|
% |
Provision for loan losses |
|
|
|
1,000 |
|
|
|
|
7,031 |
|
|
|
|
5,055 |
|
|
|
|
975 |
|
|
|
|
136 |
|
|
|
(85.8 |
) |
% |
|
|
635.3 |
|
% |
Net interest income after provision |
|
|
|
27,262 |
|
|
|
|
20,334 |
|
|
|
|
22,365 |
|
|
|
|
25,946 |
|
|
|
|
26,426 |
|
|
|
34.1 |
|
% |
|
|
3.2 |
|
% |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
|
83 |
|
|
|
|
77 |
|
|
|
|
74 |
|
|
|
|
66 |
|
|
|
|
58 |
|
|
|
7.8 |
|
% |
|
|
43.1 |
|
% |
Other service charges and fees |
|
|
|
1,069 |
|
|
|
|
903 |
|
|
|
|
757 |
|
|
|
|
830 |
|
|
|
|
747 |
|
|
|
18.4 |
|
% |
|
|
43.1 |
|
% |
Mortgage banking revenue |
|
|
|
2,702 |
|
|
|
|
2,473 |
|
|
|
|
1,672 |
|
|
|
|
1,630 |
|
|
|
|
1,483 |
|
|
|
9.3 |
|
% |
|
|
82.2 |
|
% |
Wealth management |
|
|
|
767 |
|
|
|
|
673 |
|
|
|
|
627 |
|
|
|
|
741 |
|
|
|
|
705 |
|
|
|
14.0 |
|
% |
|
|
8.8 |
|
% |
Gain (loss) on sales and calls of securities |
|
|
|
1,493 |
|
|
|
|
367 |
|
|
|
|
149 |
|
|
|
|
(4,160 |
) |
|
|
|
(1 |
) |
|
|
306.8 |
|
% |
|
NM |
|
% |
|
Net (loss) gain on sale of loans |
|
|
|
(1,758 |
) |
|
|
|
3 |
|
|
|
|
(217 |
) |
|
|
|
5 |
|
|
|
|
7 |
|
|
NM |
|
% |
|
NM |
|
% |
||
Net gain on foreclosed assets |
|
|
|
2 |
|
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
107 |
|
|
|
|
3 |
|
|
|
(33.3 |
) |
% |
|
|
(33.3 |
) |
% |
Other income |
|
|
|
435 |
|
|
|
|
424 |
|
|
|
|
420 |
|
|
|
|
397 |
|
|
|
|
440 |
|
|
|
2.6 |
|
% |
|
|
(1.1 |
) |
% |
Total noninterest income |
|
|
|
4,793 |
|
|
|
|
4,923 |
|
|
|
|
3,486 |
|
|
|
|
(384 |
) |
|
|
|
3,442 |
|
|
|
(2.6 |
) |
% |
|
|
39.3 |
|
% |
Total revenue |
|
|
|
33,055 |
|
|
|
|
32,288 |
|
|
|
|
30,906 |
|
|
|
|
26,537 |
|
|
|
|
30,004 |
|
|
|
2.4 |
|
% |
|
|
10.2 |
|
% |
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
|
11,632 |
|
|
|
|
11,365 |
|
|
|
|
14,743 |
|
|
|
|
13,657 |
|
|
|
|
10,723 |
|
|
|
2.3 |
|
% |
|
|
8.5 |
|
% |
Occupancy and equipment expense |
|
|
|
3,360 |
|
|
|
|
3,283 |
|
|
|
|
3,113 |
|
|
|
|
3,216 |
|
|
|
|
2,933 |
|
|
|
2.3 |
|
% |
|
|
14.6 |
|
% |
FDIC assessment expense |
|
|
|
(357 |
) |
|
|
|
660 |
|
|
|
|
990 |
|
|
|
|
990 |
|
|
|
|
1,020 |
|
|
|
(154.1 |
) |
% |
|
|
(135.0 |
) |
% |
Marketing expense |
|
|
|
315 |
|
|
|
|
301 |
|
|
|
|
319 |
|
|
|
|
236 |
|
|
|
|
306 |
|
|
|
4.7 |
|
% |
|
|
2.9 |
|
% |
Professional fees |
|
|
|
1,118 |
|
|
|
|
1,073 |
|
|
|
|
923 |
|
|
|
|
1,107 |
|
|
|
|
1,023 |
|
|
|
4.2 |
|
% |
|
|
9.3 |
|
% |
Other expense |
|
|
|
2,546 |
|
|
|
|
2,688 |
|
|
|
|
2,528 |
|
|
|
|
2,483 |
|
|
|
|
2,246 |
|
|
|
(5.3 |
) |
% |
|
|
13.4 |
|
% |
Total noninterest expense |
|
|
|
18,614 |
|
|
|
|
19,370 |
|
|
|
|
22,616 |
|
|
|
|
21,689 |
|
|
|
|
18,251 |
|
|
|
(3.9 |
) |
% |
|
|
2.0 |
|
% |
Net income before income taxes |
|
|
|
13,441 |
|
|
|
|
5,887 |
|
|
|
|
3,235 |
|
|
|
|
3,873 |
|
|
|
|
11,617 |
|
|
|
128.3 |
|
% |
|
|
15.7 |
|
% |
Income tax expense |
|
|
|
2,117 |
|
|
|
|
706 |
|
|
|
|
334 |
|
|
|
|
122 |
|
|
|
|
1,068 |
|
|
|
199.9 |
|
% |
|
|
98.2 |
|
% |
Net income |
|
$ |
|
11,324 |
|
|
$ |
|
5,181 |
|
|
$ |
|
2,901 |
|
|
$ |
|
3,751 |
|
|
$ |
|
10,549 |
|
|
|
118.6 |
|
% |
|
|
7.3 |
|
% |
Earnings attributable to noncontrolling interest |
|
|
|
- |
|
|
|
|
(8 |
) |
|
|
|
- |
|
|
|
|
(8 |
) |
|
|
|
- |
|
|
|
0.0 |
|
% |
|
|
0.0 |
|
% |
Net income available to common shareholders (a) |
|
$ |
|
11,324 |
|
|
$ |
|
5,173 |
|
|
$ |
|
2,901 |
|
|
$ |
|
3,743 |
|
|
$ |
|
10,549 |
|
|
|
118.9 |
|
% |
|
|
7.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
14,530,586 |
|
|
|
|
14,482,344 |
|
|
|
|
14,393,083 |
|
|
|
|
14,354,399 |
|
|
|
|
14,324,299 |
|
|
|
|
|
|
|
|
|
|
|
Fully diluted |
|
|
|
14,991,363 |
|
|
|
|
14,894,140 |
|
|
|
|
14,804,830 |
|
|
|
|
14,821,540 |
|
|
|
|
14,903,751 |
|
|
|
|
|
||||||
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
0.77 |
|
|
$ |
|
0.35 |
|
|
$ |
|
0.20 |
|
|
$ |
|
0.26 |
|
|
$ |
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
Fully diluted |
|
$ |
|
0.75 |
|
|
$ |
|
0.34 |
|
|
$ |
|
0.19 |
|
|
$ |
|
0.25 |
|
|
$ |
|
0.70 |
|
|
|
|
|
|
|
|
|
|
|
Dividend per share |
|
$ |
|
0.04 |
|
|
$ |
|
0.04 |
|
|
$ |
|
0.04 |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
|
|
|
|
|
|
|
|
|
(a) Includes a dividend declared and paid by the Company's REIT subsidiary to minority interest preferred shareholders in the second and fourth quarters. |
Consolidated Balance Sheets (Unaudited) (In Thousands, Except %) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2019 |
|
Q3 2019 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs. |
|
vs. |
||||||||||||||||
|
|
|
2019 |
|
|
|
|
2018 |
|
|
Q2 2019 |
|
Q3 2018 |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized |
|
Percent |
||||||
|
|
|
Third Quarter |
|
|
|
|
Second Quarter |
|
|
|
|
First Quarter |
|
|
|
|
Fourth Quarter |
|
|
|
|
Third Quarter |
|
|
Variance |
|
Variance |
|||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
$ |
|
178,747 |
|
|
|
$ |
|
150,721 |
|
|
|
$ |
|
300,113 |
|
|
|
$ |
|
280,212 |
|
|
|
$ |
|
144,660 |
|
|
|
73.8 |
|
% |
|
|
23.6 |
|
% |
Certificates of deposit at other financial institutions |
|
|
|
3,590 |
|
|
|
|
|
3,840 |
|
|
|
|
|
3,595 |
|
|
|
|
|
3,594 |
|
|
|
|
|
3,104 |
|
|
|
(25.8 |
) |
% |
|
|
15.7 |
|
% |
Securities available for sale, fair value |
|
|
|
612,371 |
|
|
|
|
|
715,132 |
|
|
|
|
|
799,301 |
|
|
|
|
|
1,030,668 |
|
|
|
|
|
1,115,187 |
|
|
|
(57.0 |
) |
% |
|
|
(45.1 |
) |
% |
Securities held to maturity |
|
|
|
- |
|
|
|
|
|
118,963 |
|
|
|
|
|
118,831 |
|
|
|
|
|
121,617 |
|
|
|
|
|
204,587 |
|
|
NM |
|
% |
|
|
(100.0 |
) |
% |
|
Loans held for sale, at fair value |
|
|
|
56,570 |
|
|
|
|
|
27,093 |
|
|
|
|
|
21,730 |
|
|
|
|
|
11,103 |
|
|
|
|
|
14,563 |
|
|
|
431.6 |
|
% |
|
|
288.5 |
|
% |
Loans held for investment |
|
|
|
2,796,233 |
|
|
|
|
|
2,880,433 |
|
|
|
|
|
2,807,377 |
|
|
|
|
|
2,665,399 |
|
|
|
|
|
2,550,121 |
|
|
|
(11.6 |
) |
% |
|
|
9.7 |
|
% |
Allowance for loan losses |
|
|
|
(26,474 |
) |
|
|
|
|
(27,443 |
) |
|
|
|
|
(27,857 |
) |
|
|
|
|
(23,451 |
) |
|
|
|
|
(22,479 |
) |
|
|
(14.0 |
) |
% |
|
|
17.8 |
|
% |
Net loans |
|
|
|
2,769,759 |
|
|
|
|
|
2,852,990 |
|
|
|
|
|
2,779,520 |
|
|
|
|
|
2,641,948 |
|
|
|
|
|
2,527,642 |
|
|
|
(11.6 |
) |
% |
|
|
9.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted equity securities, at cost |
|
|
|
24,764 |
|
|
|
|
|
24,524 |
|
|
|
|
|
22,510 |
|
|
|
|
|
21,538 |
|
|
|
|
|
21,500 |
|
|
|
3.9 |
|
% |
|
|
15.2 |
|
% |
Premises and equipment, net |
|
|
|
12,449 |
|
|
|
|
|
12,948 |
|
|
|
|
|
12,682 |
|
|
|
|
|
12,371 |
|
|
|
|
|
11,852 |
|
|
|
(15.3 |
) |
% |
|
|
5.0 |
|
% |
Accrued interest receivable |
|
|
|
12,077 |
|
|
|
|
|
14,281 |
|
|
|
|
|
14,232 |
|
|
|
|
|
13,337 |
|
|
|
|
|
14,391 |
|
|
|
(61.2 |
) |
% |
|
|
(16.1 |
) |
% |
Bank owned life insurance |
|
|
|
56,366 |
|
|
|
|
|
55,989 |
|
|
|
|
|
55,614 |
|
|
|
|
|
55,239 |
|
|
|
|
|
54,859 |
|
|
|
2.7 |
|
% |
|
|
2.7 |
|
% |
Deferred tax asset, net |
|
|
|
10,297 |
|
|
|
|
|
10,451 |
|
|
|
|
|
12,208 |
|
|
|
|
|
13,189 |
|
|
|
|
|
17,366 |
|
|
|
(5.8 |
) |
% |
|
|
(40.7 |
) |
% |
Foreclosed assets |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
1,853 |
|
|
|
0.0 |
|
% |
|
|
(100.0 |
) |
% |
Servicing rights, net |
|
|
|
3,128 |
|
|
|
|
|
3,299 |
|
|
|
|
|
3,366 |
|
|
|
|
|
3,403 |
|
|
|
|
|
3,465 |
|
|
|
(20.6 |
) |
% |
|
|
(9.7 |
) |
% |
Goodwill |
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
0.0 |
|
% |
|
|
0.0 |
|
% |
Core deposit intangible asset |
|
|
|
556 |
|
|
|
|
|
675 |
|
|
|
|
|
807 |
|
|
|
|
|
952 |
|
|
|
|
|
1,109 |
|
|
|
(69.9 |
) |
% |
|
|
(49.9 |
) |
% |
Other assets |
|
|
|
59,474 |
|
|
|
|
|
62,889 |
|
|
|
|
|
75,751 |
|
|
|
|
|
22,092 |
|
|
|
|
|
13,499 |
|
|
|
(21.5 |
) |
% |
|
|
340.6 |
|
% |
Total assets |
|
$ |
|
3,818,324 |
|
|
|
$ |
|
4,071,971 |
|
|
|
$ |
|
4,238,436 |
|
|
|
$ |
|
4,249,439 |
|
|
|
$ |
|
4,167,813 |
|
|
|
(24.7 |
) |
% |
|
|
(8.4 |
) |
% |
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
|
346,441 |
|
|
|
$ |
|
334,802 |
|
|
|
$ |
|
304,937 |
|
|
|
$ |
|
290,580 |
|
|
|
$ |
|
321,108 |
|
|
|
13.8 |
|
% |
|
|
7.9 |
|
% |
Interest-bearing |
|
|
|
2,715,509 |
|
|
|
|
|
2,811,843 |
|
|
|
|
|
3,010,906 |
|
|
|
|
|
3,141,227 |
|
|
|
|
|
3,050,442 |
|
|
|
(13.6 |
) |
% |
|
|
(11.0 |
) |
% |
Total deposits |
|
|
|
3,061,950 |
|
|
|
|
|
3,146,645 |
|
|
|
|
|
3,315,843 |
|
|
|
|
|
3,431,807 |
|
|
|
|
|
3,371,550 |
|
|
|
(10.7 |
) |
% |
|
|
(9.2 |
) |
% |
Federal Home Loan Bank advances |
|
|
|
220,000 |
|
|
|
|
|
396,500 |
|
|
|
|
|
416,500 |
|
|
|
|
|
368,500 |
|
|
|
|
|
371,500 |
|
|
|
(176.6 |
) |
% |
|
|
(40.8 |
) |
% |
Subordinated notes, net |
|
|
|
58,827 |
|
|
|
|
|
58,782 |
|
|
|
|
|
58,738 |
|
|
|
|
|
58,693 |
|
|
|
|
|
58,649 |
|
|
|
0.3 |
|
% |
|
|
0.3 |
|
% |
Accrued interest payable |
|
|
|
3,932 |
|
|
|
|
|
4,312 |
|
|
|
|
|
5,041 |
|
|
|
|
|
4,700 |
|
|
|
|
|
4,726 |
|
|
|
(35.0 |
) |
% |
|
|
(16.8 |
) |
% |
Other liabilities |
|
|
|
65,354 |
|
|
|
|
|
72,123 |
|
|
|
|
|
58,800 |
|
|
|
|
|
12,906 |
|
|
|
|
|
5,211 |
|
|
|
(37.2 |
) |
% |
|
NM |
|
% |
|
Total liabilities |
|
|
|
3,410,063 |
|
|
|
|
|
3,678,362 |
|
|
|
|
|
3,854,922 |
|
|
|
|
|
3,876,606 |
|
|
|
|
|
3,811,636 |
|
|
|
(28.9 |
) |
% |
|
|
(10.5 |
) |
% |
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
|
269,842 |
|
|
|
|
|
268,505 |
|
|
|
|
|
266,758 |
|
|
|
|
|
264,905 |
|
|
|
|
|
261,623 |
|
|
|
2.0 |
|
% |
|
|
3.1 |
|
% |
Retained earnings |
|
|
|
138,579 |
|
|
|
|
|
127,840 |
|
|
|
|
|
123,250 |
|
|
|
|
|
123,176 |
|
|
|
|
|
119,433 |
|
|
|
33.3 |
|
% |
|
|
16.0 |
|
% |
Accumulated other comprehensive gain/(loss), net |
|
|
|
(253 |
) |
|
|
|
|
(2,829 |
) |
|
|
|
|
(6,587 |
) |
|
|
|
|
(15,341 |
) |
|
|
|
|
(24,982 |
) |
|
|
(361.3 |
) |
% |
|
|
(99.0 |
) |
% |
Total shareholders' equity |
|
|
|
408,168 |
|
|
|
|
|
393,516 |
|
|
|
|
|
383,421 |
|
|
|
|
|
372,740 |
|
|
|
|
|
356,074 |
|
|
|
14.8 |
|
% |
|
|
14.6 |
|
% |
Noncontrolling interest in consolidated subsidiary |
|
|
|
93 |
|
|
|
|
|
93 |
|
|
|
|
|
93 |
|
|
|
|
|
93 |
|
|
|
|
|
103 |
|
|
|
0.0 |
|
% |
|
|
(9.7 |
) |
% |
Total equity |
|
|
|
408,261 |
|
|
|
|
|
393,609 |
|
|
|
|
|
383,514 |
|
|
|
|
|
372,833 |
|
|
|
|
|
356,177 |
|
|
|
14.8 |
|
% |
|
|
14.6 |
|
% |
Total liabilities and shareholders' equity |
|
$ |
|
3,818,324 |
|
|
|
$ |
|
4,071,971 |
|
|
|
$ |
|
4,238,436 |
|
|
|
$ |
|
4,249,439 |
|
|
|
$ |
|
4,167,813 |
|
|
|
(24.7 |
) |
% |
|
|
(8.4 |
) |
% |
Average Balance, Average Yield Earned and Average Rate Paid (7) For the Periods Ended (Unaudited) (In Thousands, Except %) |
||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||||||||||||
|
|
September 30, 2019 |
|
June 30, 2019 |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Interest |
|
|
Average |
|
|
|
|
Interest |
|
|
Average |
||||||||||||
|
|
Average |
|
|
income/ |
|
|
yield/ |
|
Average |
|
|
income/ |
|
|
yield/ |
||||||||||||||
|
|
balances |
|
|
expense |
|
|
rate |
|
balances |
|
|
expense |
|
|
rate |
||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans(1)(6) |
|
$ |
|
2,848,888 |
|
|
$ |
|
39,926 |
|
|
5.56 |
|
% |
|
$ |
|
2,858,713 |
|
|
$ |
|
40,003 |
|
|
5.61 |
|
% |
||
Loans held for sale |
|
|
|
22,048 |
|
|
|
|
217 |
|
|
|
3.90 |
|
% |
|
|
|
24,118 |
|
|
|
|
256 |
|
|
4.26 |
|
% |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
|
570,891 |
|
|
|
|
3,815 |
|
|
2.65 |
|
% |
|
|
|
673,386 |
|
|
|
|
4,614 |
|
|
2.75 |
|
% |
||
Tax-Exempt |
|
|
|
209,442 |
|
|
|
|
1,991 |
|
|
3.77 |
|
% |
|
|
|
208,417 |
|
|
|
|
1,909 |
|
|
3.67 |
|
% |
||
Restricted equity securities |
|
|
|
24,676 |
|
|
|
|
292 |
|
|
|
4.69 |
|
% |
|
|
|
24,331 |
|
|
|
|
348 |
|
|
|
5.74 |
|
% |
Total Securities |
|
|
|
805,009 |
|
|
|
|
6,098 |
|
|
3.01 |
|
% |
|
|
|
906,134 |
|
|
|
|
6,871 |
|
|
3.04 |
|
% |
||
Certificates of deposit at other financial institutions |
|
|
|
3,628 |
|
|
|
|
22 |
|
|
2.41 |
|
% |
|
|
|
3,759 |
|
|
|
|
22 |
|
|
2.35 |
|
% |
||
Fed funds sold and other (2) |
|
|
|
158,618 |
|
|
|
|
814 |
|
|
|
2.04 |
|
% |
|
|
|
147,542 |
|
|
|
|
857 |
|
|
2.33 |
|
% |
|
Total interest earning assets |
|
|
|
3,838,191 |
|
|
|
|
47,077 |
|
|
4.87 |
|
% |
|
|
|
3,940,266 |
|
|
|
|
48,009 |
|
|
4.89 |
|
% |
||
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses |
|
|
|
(27,364 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(28,007 |
) |
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
188,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
192,843 |
|
|
|
|
|
|
|
|
|
|
|
Total noninterest earning assets |
|
|
|
161,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,836 |
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
|
3,999,347 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
4,105,102 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Checking |
|
$ |
|
712,992 |
|
|
$ |
|
3,536 |
|
|
1.97 |
|
% |
|
$ |
|
816,429 |
|
|
$ |
|
4,357 |
|
|
2.14 |
|
% |
||
Money market |
|
|
|
1,112,573 |
|
|
|
|
5,815 |
|
|
|
2.07 |
|
% |
|
|
|
1,026,200 |
|
|
|
|
6,103 |
|
|
2.39 |
|
% |
|
Savings deposits |
|
|
|
38,952 |
|
|
|
27 |
|
|
0.28 |
|
% |
|
|
|
38,882 |
|
|
|
|
27 |
|
|
0.28 |
|
% |
|||
Time deposits |
|
|
|
928,571 |
|
|
|
|
5,642 |
|
|
|
2.41 |
|
% |
|
|
|
1,036,904 |
|
|
|
|
6,192 |
|
|
|
2.40 |
|
% |
Total interest bearing deposits |
|
|
|
2,793,088 |
|
|
|
|
15,020 |
|
|
|
2.13 |
|
% |
|
|
|
2,918,415 |
|
|
|
|
16,679 |
|
|
2.29 |
|
% |
|
Other interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances and other (8) |
|
|
|
343,419 |
|
|
|
|
2,117 |
|
|
2.45 |
|
% |
|
|
|
349,615 |
|
|
|
|
2,237 |
|
|
2.57 |
|
% |
||
Federal funds purchased and other (3) |
|
|
|
7,170 |
|
|
|
49 |
|
|
2.71 |
|
% |
|
|
|
13,249 |
|
|
|
|
90 |
|
|
2.72 |
|
% |
|||
Subordinated notes |
|
|
|
58,798 |
|
|
|
|
1,082 |
|
|
|
7.30 |
|
% |
|
|
|
58,754 |
|
|
|
|
1,082 |
|
|
7.39 |
|
% |
|
Total other interest-bearing liabilities |
|
|
|
409,387 |
|
|
|
|
3,248 |
|
|
3.15 |
|
% |
|
|
|
421,618 |
|
|
|
|
3,409 |
|
|
3.24 |
|
% |
||
Total Interest-bearing liabilities |
|
$ |
|
3,202,475 |
|
|
$ |
|
18,268 |
|
|
2.26 |
|
% |
|
$ |
|
3,340,033 |
|
|
$ |
|
20,088 |
|
|
2.41 |
|
% |
||
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
|
329,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
313,104 |
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
|
68,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,505 |
|
|
|
|
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
|
397,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
376,609 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
3,600,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,716,642 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
399,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
388,460 |
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
|
3,999,347 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
4,105,102 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
|
$ |
|
28,809 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
27,921 |
|
|
|
|
|
|
Interest rate spread (4) |
|
|
|
|
|
|
|
|
|
|
|
|
2.61 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
2.48 |
|
% |
Net interest margin (5) |
|
|
|
|
|
|
|
|
|
|
|
|
2.98 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
2.84 |
|
% |
Cost of total deposits |
|
|
|
|
|
|
|
|
|
|
|
|
1.91 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
2.07 |
|
% |
Average interest-earning assets to average interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
119.85 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
117.97 |
|
% |
|
Tax equivalent adjustment |
|
|
|
|
|
|
$ |
|
546 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
556 |
|
|
|
|
|
|
Loan yield components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual interest rate on loans held for investment (1) |
|
|
|
|
|
|
$ |
|
37,908 |
|
|
|
5.28 |
|
% |
|
|
|
|
|
|
$ |
|
37,925 |
|
|
|
5.32 |
|
% |
Origination and other loan fee income |
|
|
|
|
|
|
|
|
1,895 |
|
|
|
0.26 |
|
% |
|
|
|
|
|
|
|
|
1,904 |
|
|
|
0.27 |
|
% |
Accretion on purchased loans |
|
|
|
|
|
|
|
|
123 |
|
|
|
0.02 |
|
% |
|
|
|
|
|
|
|
|
174 |
|
|
|
0.02 |
|
% |
Nonaccrual interest collections |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
% |
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
% |
Total loan yield |
|
|
|
|
|
|
$ |
|
39,926 |
|
|
|
5.56 |
|
% |
|
|
|
|
|
|
$ |
|
40,003 |
|
|
|
5.61 |
|
% |
(1) Loan balances are net of deferred origination fees and costs. Nonaccrual loans are included in total loan balances. (2) Includes federal funds sold and capital stock in the Federal Reserve Bank and Federal Home Loan Bank, and interest-bearing deposits at the Federal Reserve Bank and the Federal Home Loan Bank. (3) Includes repurchase agreements. (4) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. (5) Represents net interest income (annualized) divided by total average earning assets. (6) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax-exempt interest income on tax exempt loans and investment securities to a fully taxable basis. (7) Average balances are average daily balances. (8) Includes finance lease. |
Average Balance, Average Yield Earned and Average Rate Paid (7) For the Quarters Ended (Unaudited) (In Thousands, Except %) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended |
Three Months Ended |
Three Months Ended |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
|||||||||||||||||||||||||||||||||||||||||||||||
|
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
Average |
|
Interest |
|
Average |
||||||||||||||||||||||||||||||||||
|
|
balances |
|
income/expense |
|
yield/rate |
|
balances |
|
income/expense |
|
yield/rate |
balances |
|
income/expense |
|
yield/rate |
||||||||||||||||||||||||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Loans held for investment(1)(6) |
|
$ |
|
2,764,675 |
|
|
|
$ |
|
38,238 |
|
|
|
5.61 |
|
% |
|
$ |
|
2,617,649 |
|
|
|
$ |
|
36,234 |
|
|
|
|
5.49 |
|
% |
|
$ |
|
2,517,545 |
|
|
|
$ |
|
34,337 |
|
|
|
5.41 |
|
% |
||
Loans held for sale |
|
|
|
9,438 |
|
|
|
|
|
115 |
|
|
|
4.94 |
|
% |
|
|
|
9,129 |
|
|
|
|
|
104 |
|
|
|
|
4.52 |
|
% |
|
|
|
11,059 |
|
|
|
|
|
120 |
|
|
|
|
4.30 |
|
% |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
|
919,549 |
|
|
|
|
|
6,394 |
|
|
|
|
2.82 |
|
% |
|
|
|
1,082,429 |
|
|
|
|
|
7,058 |
|
|
|
|
2.59 |
|
% |
|
|
|
1,111,376 |
|
|
|
|
|
6,460 |
|
|
|
2.31 |
|
% |
|
Tax-Exempt |
|
|
|
181,699 |
|
|
|
|
|
1,990 |
|
|
|
4.44 |
|
% |
|
|
|
193,004 |
|
|
|
|
|
2,186 |
|
|
|
|
4.49 |
|
% |
|
|
|
229,579 |
|
|
|
|
|
2,605 |
|
|
|
|
4.50 |
|
% |
|
Restricted equity securities |
|
|
|
22,082 |
|
|
|
|
|
332 |
|
|
|
6.1 |
|
% |
|
|
|
21,518 |
|
|
|
|
|
334 |
|
|
|
|
6.16 |
|
% |
|
|
|
20,775 |
|
|
|
|
|
311 |
|
|
|
5.94 |
|
% |
||
Total Securities |
|
|
|
1,123,330 |
|
|
|
|
|
8,716 |
|
|
|
3.15 |
|
% |
|
|
|
1,296,951 |
|
|
|
|
|
9,578 |
|
|
|
2.93 |
|
% |
|
|
|
1,361,730 |
|
|
|
|
|
9,376 |
|
|
|
2.73 |
|
% |
|||
Certificates of deposit at other financial institutions |
|
|
|
3,592 |
|
|
|
|
20 |
|
|
|
2.26 |
|
% |
|
|
|
3,123 |
|
|
|
|
16 |
|
|
|
2.03 |
|
% |
|
|
|
3,113 |
|
|
|
|
16 |
|
|
|
2.04 |
|
% |
||||||
Fed funds sold and other (2) |
|
|
|
143,196 |
|
|
|
|
|
969 |
|
|
|
2.74 |
|
% |
|
|
|
127,769 |
|
|
|
|
|
709 |
|
|
|
2.2 |
|
% |
|
|
|
108,164 |
|
|
|
|
|
569 |
|
|
|
2.09 |
|
% |
|||
Total interest earning assets |
|
|
|
4,044,231 |
|
|
|
|
|
48,058 |
|
|
|
|
4.82 |
|
% |
|
|
|
4,054,621 |
|
|
|
|
|
46,641 |
|
|
|
4.56 |
|
% |
|
|
|
4,001,611 |
|
|
|
|
|
44,418 |
|
|
|
|
4.40 |
|
% |
|
Noninterest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses |
|
|
|
(24,054 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,667 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,588 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
200,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
151,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
153,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest earning assets |
|
|
|
176,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
129,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
|
4,220,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
4,183,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
4,132,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Checking |
|
$ |
|
857,096 |
|
|
|
$ |
|
4,420 |
|
|
|
|
2.09 |
|
% |
|
$ |
|
751,873 |
|
|
|
$ |
|
3,564 |
|
|
|
1.88 |
|
% |
|
$ |
|
790,733 |
|
|
|
$ |
|
3,406 |
|
|
|
|
1.71 |
|
% |
|
Money market |
|
|
|
992,842 |
|
|
|
|
|
5,979 |
|
|
|
|
2.44 |
|
% |
|
|
|
822,850 |
|
|
|
|
4499 |
|
|
|
2.17 |
|
% |
|
|
|
736,157 |
|
|
|
|
3489 |
|
|
|
1.88 |
|
% |
||||
Savings deposits |
|
|
|
40,609 |
|
|
|
|
28 |
|
|
|
|
0.28 |
|
% |
|
|
|
44,336 |
|
|
|
|
32 |
|
|
|
0.29 |
|
% |
|
|
|
46,589 |
|
|
|
|
34 |
|
|
|
0.29 |
|
% |
|||||
Time deposits |
|
|
|
1,165,666 |
|
|
|
|
|
6,563 |
|
|
|
2.28 |
|
% |
|
|
|
1,442,783 |
|
|
|
|
|
7,846 |
|
|
|
2.16 |
|
% |
|
|
|
1,466,903 |
|
|
|
|
|
7,208 |
|
|
|
1.95 |
|
% |
|||
Total interest bearing deposits |
|
|
|
3,056,213 |
|
|
|
|
|
16,990 |
|
|
|
2.25 |
|
% |
|
|
|
3,061,842 |
|
|
|
|
|
15,941 |
|
|
|
2.07 |
|
% |
|
|
|
3,040,382 |
|
|
|
|
|
14,137 |
|
|
|
1.84 |
|
% |
|||
Other interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB advances |
|
|
|
364,711 |
|
|
|
|
|
1,959 |
|
|
|
2.18 |
|
% |
|
|
|
365,696 |
|
|
|
|
|
1,979 |
|
|
|
2.15 |
|
% |
|
|
|
351,228 |
|
|
|
|
|
1,867 |
|
|
|
2.11 |
|
% |
|||
Federal funds purchased and other (3) |
|
|
|
10,594 |
|
|
|
|
72 |
|
|
|
2.76 |
|
% |
|
|
|
19,626 |
|
|
|
|
123 |
|
|
|
2.49 |
|
% |
|
|
|
12,805 |
|
|
|
|
69 |
|
|
|
2.14 |
|
% |
||||||
Subordinated notes |
|
|
|
58,709 |
|
|
|
|
|
1,082 |
|
|
|
7.47 |
|
% |
|
|
|
58,664 |
|
|
|
|
|
1,082 |
|
|
|
7.32 |
|
% |
|
|
|
58,622 |
|
|
|
|
|
1,082 |
|
|
|
|
7.32 |
|
% |
||
Total other interest-bearing liabilities |
|
|
|
434,014 |
|
|
|
|
|
3,113 |
|
|
|
2.91 |
|
% |
|
|
|
443,986 |
|
|
|
|
|
3,184 |
|
|
|
2.85 |
|
% |
|
|
|
422,655 |
|
|
|
|
|
3,018 |
|
|
|
|
2.83 |
|
% |
||
Total Interest-bearing liabilities |
|
$ |
|
3,490,227 |
|
|
|
$ |
|
20,103 |
|
|
|
2.34 |
|
% |
|
$ |
|
3,505,828 |
|
|
|
$ |
|
19,125 |
|
|
|
2.16 |
|
% |
|
$ |
|
3,463,037 |
|
|
|
$ |
|
17,155 |
|
|
|
1.97 |
|
% |
|||
Noninterest bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
|
291,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
303,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
305,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
|
61,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
|
|
352,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
317,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
318,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
3,843,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,822,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,781,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
377,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
360,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
351,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
|
4,220,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
4,183,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
4,132,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
|
|
|
$ |
|
27,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
27,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
27,263 |
|
|
|
|
|
|
|
Interest rate spread (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.48 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.40 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.43 |
|
% |
Net interest margin (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.80 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.69 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.70 |
|
% |
Cost of total deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.06 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.88 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.68 |
|
% |
Average interest-earning assets to average interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115.87 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115.65 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115.55 |
|
% |
Tax equivalent adjustment |
|
|
|
|
|
|
|
$ |
|
535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
701 |
|
|
|
|
|
|
|
Loan yield components: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual interest rate on loans held for investment (1) |
|
|
|
|
|
|
|
$ |
|
36,465 |
|
|
|
|
5.34 |
|
% |
|
|
|
|
|
|
|
$ |
|
34,324 |
|
|
|
|
5.20 |
|
% |
|
|
|
|
|
|
|
$ |
|
32,292 |
|
|
|
5.06 |
|
% |
|
Origination and other loan fee income |
|
|
|
|
|
|
|
|
|
1,600 |
|
|
|
0.24 |
|
% |
|
|
|
|
|
|
|
|
|
1,647 |
|
|
|
0.25 |
|
% |
|
|
|
|
|
|
|
|
|
1,434 |
|
|
|
0.24 |
|
% |
|||
Accretion on purchased loans |
|
|
|
|
|
|
|
|
|
173 |
|
|
|
0.03 |
|
% |
|
|
|
|
|
|
|
|
249 |
|
|
|
0.03 |
|
% |
|
|
|
|
|
|
|
|
510 |
|
|
|
0.08 |
|
% |
|||||
Nonaccrual interest collections |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
- |
|
% |
|
|
|
|
|
|
|
|
|
44 |
|
|
|
|
0.01 |
|
% |
|
|
|
|
|
|
|
|
|
221 |
|
|
|
|
0.03 |
|
% |
Total loan yield |
|
|
|
|
|
|
|
$ |
|
38,238 |
|
|
|
|
5.61 |
|
% |
|
|
|
|
|
|
|
$ |
|
36,264 |
|
|
|
5.49 |
|
% |
|
|
|
|
|
|
|
$ |
|
34,457 |
|
|
|
5.41 |
|
% |
||
(1) Loan balances are net of deferred origination fees and costs. Nonaccrual loans are included in total loan balances. (2) Includes federal funds sold, capital stock in the Federal Reserve Bank and Federal Home Loan Bank, and interest-bearing deposits at the Federal Reserve Bank and the Federal Reserve Bank and the Federal Home Loan Bank. (3) Includes repurchase agreements. (4) Represents the average rate earned on interest-earning assets minus the average rate paid on interest-bearing liabilities. (5) Represents net interest income (annualized) divided by total average earning assets. (6) Interest income and rates include the effects of a tax equivalent adjustment to adjust tax-exempt interest income on tax exempt loans and investment securities to a fully taxable basis. (7) Average balances are average daily balances. (8) Includes finance lease. |
Loan Portfolio and Asset Quality For the Quarters Ended (Unaudited) (In Thousands, Except %) |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
2019 |
|
2018 |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
September 30, |
|
|
|
% of |
|
|
|
June 30, |
|
|
|
% of |
|
|
|
March 31, |
|
|
|
% of |
|
|
|
December 31, |
|
|
|
% of |
|
|
|
September 30, |
|
|
|
% of |
|
||||||||||
|
|
2019 |
|
|
|
Total |
|
|
|
2019 |
|
|
|
Total |
|
|
|
2019 |
|
|
|
Total |
|
|
|
2018 |
|
|
|
Total |
|
|
|
2018 |
|
|
|
Total |
|
||||||||||
Loan portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
|
576,018 |
|
|
|
|
20.60 |
% |
|
$ |
|
666,025 |
|
|
|
|
23.12 |
% |
|
$ |
|
635,673 |
|
|
|
|
22.64 |
% |
|
$ |
|
591,479 |
|
|
|
|
22.19 |
% |
|
$ |
|
521,396 |
|
|
|
|
20.45 |
% |
Construction and land development |
|
|
596,459 |
|
|
|
|
21.33 |
% |
|
|
|
582,715 |
|
|
|
|
20.23 |
% |
|
|
|
579,584 |
|
|
|
|
20.65 |
% |
|
|
|
583,022 |
|
|
|
|
21.87 |
% |
|
|
|
586,324 |
|
|
|
|
22.99 |
% |
Commercial real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonfarm, nonresidential |
|
|
911,205 |
|
|
|
|
32.59 |
% |
|
|
|
893,085 |
|
|
|
|
31.01 |
% |
|
|
|
851,102 |
|
|
|
|
30.32 |
% |
|
|
|
752,806 |
|
|
|
|
28.24 |
% |
|
|
|
730,586 |
|
|
|
|
28.65 |
% |
Other |
|
|
32,466 |
|
|
|
|
1.16 |
% |
|
|
|
37,789 |
|
|
|
|
1.31 |
% |
|
|
|
40,597 |
|
|
|
|
1.45 |
% |
|
|
|
47,965 |
|
|
|
|
1.80 |
% |
|
|
|
45,954 |
|
|
|
|
1.80 |
% |
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closed-end 1-to-4 family |
|
|
477,789 |
|
|
|
|
17.09 |
% |
|
|
|
497,838 |
|
|
|
|
17.28 |
% |
|
|
|
498,511 |
|
|
|
|
17.76 |
% |
|
|
|
494,366 |
|
|
|
|
18.55 |
% |
|
|
|
478,418 |
|
|
|
|
18.76 |
% |
Other |
|
|
196,322 |
|
|
|
|
7.02 |
% |
|
|
|
198,016 |
|
|
|
|
6.87 |
% |
|
|
|
197,446 |
|
|
|
|
7.03 |
% |
|
|
|
190,173 |
|
|
|
|
7.13 |
% |
|
|
|
181,890 |
|
|
|
|
7.13 |
% |
Consumer and other |
|
|
5,974 |
|
|
|
|
0.21 |
% |
|
|
|
4,965 |
|
|
|
|
0.17 |
% |
|
|
|
4,464 |
|
|
|
|
0.16 |
% |
|
|
|
5,588 |
|
|
|
|
0.21 |
% |
|
|
|
5,553 |
|
|
|
|
0.22 |
% |
Total loans held for investment |
$ |
|
2,796,233 |
|
|
|
|
100.00 |
% |
|
$ |
|
2,880,433 |
|
|
|
|
100.00 |
% |
|
$ |
|
2,807,377 |
|
|
|
|
100.00 |
% |
|
$ |
|
2,665,399 |
|
|
|
|
100.00 |
% |
|
$ |
|
2,550,121 |
|
|
|
|
100.00 |
% |
Allowance for loan losses roll forward summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses at the beginning of the period |
$ |
|
27,443 |
|
|
|
|
|
|
|
$ |
|
27,857 |
|
|
|
|
|
|
|
$ |
|
23,451 |
|
|
|
|
|
|
|
$ |
|
22,479 |
|
|
|
|
|
|
|
$ |
|
22,341 |
|
|
|
|
|
|
Charge-offs |
|
|
(2,021 |
) |
|
|
|
|
|
|
|
|
(7,592 |
) |
|
|
|
|
|
|
|
|
(653 |
) |
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
Recoveries |
|
|
52 |
|
|
|
|
|
|
|
|
|
147 |
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
Provision for Loan losses |
|
|
1,000 |
|
|
|
|
|
|
|
|
|
7,031 |
|
|
|
|
|
|
|
|
|
5,055 |
|
|
|
|
|
|
|
|
|
975 |
|
|
|
|
|
|
|
|
|
136 |
|
|
|
|
|
|
Allowance for loan losses at the end of the period |
$ |
|
26,474 |
|
|
|
|
|
|
|
$ |
|
27,443 |
|
|
|
|
|
|
|
$ |
|
27,857 |
|
|
|
|
|
|
|
$ |
|
23,451 |
|
|
|
|
|
|
|
$ |
|
22,479 |
|
|
|
|
|
|
Allowance for loan losses as a percentage of total loans held for investment |
|
|
0.95 |
% |
|
|
|
|
|
|
|
|
0.95 |
% |
|
|
|
|
|
|
|
|
0.99 |
% |
|
|
|
|
|
|
|
|
0.88 |
% |
|
|
|
|
|
|
|
|
0.88 |
% |
|
|
|
|
|
Charge-offs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
|
(1,935 |
) |
|
|
|
|
|
|
$ |
|
(7,563 |
) |
|
|
|
|
|
|
$ |
|
(568 |
) |
|
|
|
|
|
|
$ |
|
- |
|
|
|
|
|
|
|
$ |
|
- |
|
|
|
|
|
|
Residential real estate |
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
(15 |
) |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
Construction and land development |
|
|
(59 |
) |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
Consumer and other |
|
|
(27 |
) |
|
|
|
|
|
|
|
|
(29 |
) |
|
|
|
|
|
|
|
|
(70 |
) |
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
Total Charge-offs |
|
|
(2,021 |
) |
|
|
|
|
|
|
|
|
(7,592 |
) |
|
|
|
|
|
|
|
|
(653 |
) |
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
(5 |
) |
|
|
|
|
|
Recoveries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
30 |
|
|
|
|
|
|
|
|
|
70 |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
Residential real estate |
|
|
- |
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
Consumer and other |
|
|
22 |
|
|
|
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
Total Recoveries |
|
|
52 |
|
|
|
|
|
|
|
|
|
147 |
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
Net (charge-offs) recoveries |
$ |
|
(1,969 |
) |
|
|
|
|
|
|
$ |
|
(7,445 |
) |
|
|
|
|
|
|
$ |
|
(649 |
) |
|
|
|
|
|
|
$ |
|
(3 |
) |
|
|
|
|
|
|
$ |
|
2 |
|
|
|
|
|
|
Net charge-offs (recoveries) as a percentage of average total loans(b) |
|
|
0.27 |
% |
|
|
|
|
|
|
|
|
1.04 |
% |
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
|
|
|
Loans classified as substandard or worse |
$ |
|
49,424 |
|
|
|
|
|
|
|
$ |
|
28,151 |
|
|
|
|
|
|
|
$ |
|
35,728 |
|
|
|
|
|
|
|
$ |
|
38,711 |
|
|
|
|
|
|
|
$ |
|
17,004 |
|
|
|
|
|
|
Nonperforming assets(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past due 90 days or more and accruing interest |
$ |
|
732 |
|
|
|
|
|
|
|
$ |
|
676 |
|
|
|
|
|
|
|
$ |
|
180 |
|
|
|
|
|
|
|
$ |
|
208 |
|
|
|
|
|
|
|
$ |
|
565 |
|
|
|
|
|
|
Nonaccrual |
|
|
2,375 |
|
|
|
|
|
|
|
|
|
4,030 |
|
|
|
|
|
|
|
|
|
11,724 |
|
|
|
|
|
|
|
|
|
5,488 |
|
|
|
|
|
|
|
|
|
3,407 |
|
|
|
|
|
|
Total nonperforming loans held for investment |
$ |
|
3,107 |
|
|
|
|
|
|
|
$ |
|
4,706 |
|
|
|
|
|
|
|
$ |
|
11,904 |
|
|
|
|
|
|
|
$ |
|
5,696 |
|
|
|
|
|
|
|
$ |
|
3,972 |
|
|
|
|
|
|
Foreclosed assets |
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
1,853 |
|
|
|
|
|
|
Total nonperforming assets |
$ |
|
3,107 |
|
|
|
|
|
|
|
$ |
|
4,706 |
|
|
|
|
|
|
|
$ |
|
11,904 |
|
|
|
|
|
|
|
$ |
|
5,696 |
|
|
|
|
|
|
|
$ |
|
5,825 |
|
|
|
|
|
|
Total nonperforming loans as a percentage of loans held for investment |
|
|
0.11 |
% |
|
|
|
|
|
|
|
|
0.16 |
% |
|
|
|
|
|
|
|
|
0.42 |
% |
|
|
|
|
|
|
|
|
0.21 |
% |
|
|
|
|
|
|
|
|
0.16 |
% |
|
|
|
|
|
Total nonperforming assets as a percentage of total assets |
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
0.12 |
% |
|
|
|
|
|
|
|
|
0.28 |
% |
|
|
|
|
|
|
|
|
0.13 |
% |
|
|
|
|
|
|
|
|
0.14 |
% |
|
|
|
|
|
Total accruing loans over 90 days delinquent as a percentage of total assets |
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
0.02 |
% |
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
0.00 |
% |
|
|
|
|
|
|
|
|
0.01 |
% |
|
|
|
|
|
Loans restructured as troubled debt restructurings |
$ |
|
313 |
|
|
|
|
|
|
|
$ |
|
316 |
|
|
|
|
|
|
|
$ |
|
319 |
|
|
|
|
|
|
|
$ |
|
167 |
|
|
|
|
|
|
|
$ |
|
883 |
|
|
|
|
|
|
Troubled debt restructurings as a percentage of loans held for investment |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
0.03 |
% |
|
|
|
|
|
(a) Nonperforming assets excludes purchase credit impaired loans (b) Annualized |
Preliminary Capital Ratios (Unaudited) (In Thousands, Except %) |
|||||||||||
Computation of Tangible Common Equity to Tangible Assets: |
September 30, 2019 |
|
December 31, 2018 |
||||||||
Total Shareholders' Equity |
$ |
|
408,168 |
|
|
|
$ |
|
372,740 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
Other intangibles |
|
|
587 |
|
|
|
|
|
991 |
|
|
Tangible Common Equity |
$ |
|
389,405 |
|
|
|
$ |
|
353,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
|
3,818,324 |
|
|
|
$ |
|
4,249,439 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
Other intangibles |
|
|
587 |
|
|
|
|
|
991 |
|
|
Tangible Assets |
$ |
|
3,799,561 |
|
|
|
$ |
|
4,230,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary Total Risk-Weighted Assets |
$ |
|
3,230,842 |
|
|
|
$ |
|
3,011,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Equity to Total Assets |
|
|
10.7 |
|
% |
|
|
|
8.8 |
|
% |
Tangible Common Equity to Tangible Assets |
|
|
10.2 |
|
% |
|
|
|
8.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
||||||||
Preliminary Regulatory Capital: |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital |
$ |
|
387,909 |
|
|
|
$ |
|
367,096 |
|
|
Tier 1 Capital |
|
|
387,909 |
|
|
|
|
|
367,096 |
|
|
Total Capital |
|
|
473,294 |
|
|
|
|
|
449,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary Regulatory Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 |
|
|
12.0 |
|
% |
|
|
|
12.2 |
|
% |
Tier 1 Risk-Based |
|
|
12.0 |
|
% |
|
|
|
12.2 |
|
% |
Total Risk-Based |
|
|
14.7 |
|
% |
|
|
|
12.4 |
|
% |
Tier 1 Leverage |
|
|
9.8 |
|
% |
|
|
|
8.8 |
|
% |
Non-GAAP Reconciliation For the Years and Quarters Ended (Unaudited) (In Thousands, Except Share Data and %) |
|||||||||||||||||||||||||||||
|
2019 |
|
2018 |
||||||||||||||||||||||||||
Core net income |
Third Quarter |
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax net income |
$ |
|
13,441 |
|
|
|
$ |
|
5,887 |
|
|
|
$ |
|
3,235 |
|
|
|
$ |
|
3,873 |
|
|
|
$ |
|
11,617 |
|
|
Non-core items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) / loss on sales of securities |
|
|
(1,493 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
4,160 |
|
|
|
|
|
- |
|
|
Loss on sales of loans |
|
|
1,765 |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FDIC assessment credit |
|
|
(757 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Post-employment and retirement expense |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
4,143 |
|
|
|
|
|
3,151 |
|
|
|
|
|
- |
|
|
Pre-tax core net income |
$ |
|
12,956 |
|
|
|
$ |
|
5,887 |
|
|
|
$ |
|
7,378 |
|
|
|
$ |
|
11,184 |
|
|
|
$ |
|
11,617 |
|
|
Pre-tax pre-provision core profit |
$ |
|
13,956 |
|
|
|
$ |
|
12,918 |
|
|
|
$ |
|
12,433 |
|
|
|
$ |
|
12,159 |
|
|
|
$ |
|
11,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax core net income |
$ |
|
12,956 |
|
|
|
$ |
|
5,887 |
|
|
|
$ |
|
7,378 |
|
|
|
$ |
|
11,184 |
|
|
|
$ |
|
11,617 |
|
|
Core income tax expense |
|
|
2,030 |
|
|
|
|
|
706 |
|
|
|
|
|
1,275 |
|
|
|
|
|
1,998 |
|
|
|
|
|
1,068 |
|
|
Core net income |
$ |
|
10,926 |
|
|
|
$ |
|
5,181 |
|
|
|
$ |
|
6,103 |
|
|
|
$ |
|
9,186 |
|
|
|
$ |
|
10,549 |
|
|
Less: earnings attributable to noncontrolling interest |
|
|
- |
|
|
|
|
|
8 |
|
|
|
|
|
- |
|
|
|
|
|
8 |
|
|
|
|
|
- |
|
|
Core net income available to common shareholders |
|
|
10,926 |
|
|
|
|
|
5,173 |
|
|
|
|
|
6,103 |
|
|
|
|
|
9,178 |
|
|
|
|
|
10,549 |
|
|
Less: earnings allocated to participating securities |
|
|
74 |
|
|
|
|
|
42 |
|
|
|
|
|
71 |
|
|
|
|
|
100 |
|
|
|
|
|
190 |
|
|
Core net income allocated to common shareholders |
|
|
10,852 |
|
|
|
|
|
5,131 |
|
|
|
|
|
6,032 |
|
|
|
|
|
9,078 |
|
|
|
|
|
10,359 |
|
|
Weighted average common shares outstanding fully diluted |
|
|
14,991,363 |
|
|
|
|
|
14,894,140 |
|
|
|
|
|
14,804,830 |
|
|
|
|
|
14,821,540 |
|
|
|
|
|
14,903,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
|
0.75 |
|
|
|
$ |
|
0.34 |
|
|
|
$ |
|
0.19 |
|
|
|
$ |
|
0.25 |
|
|
|
$ |
|
0.70 |
|
|
Non-core items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) / loss on sales of securities |
|
|
(0.10 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
0.28 |
|
|
|
|
|
- |
|
|
Loss on sales of loans |
|
|
0.12 |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Noninterest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FDIC assessment credit |
|
|
(0.04 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Accrual for post-employment benefits |
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
0.28 |
|
|
|
|
|
0.21 |
|
|
|
|
|
- |
|
|
Tax effect |
|
|
(0.01 |
) |
|
|
|
|
- |
|
|
|
|
|
(0.06 |
) |
|
|
|
|
(0.13 |
) |
|
|
|
|
- |
|
|
Core diluted earnings per share |
$ |
|
0.72 |
|
|
|
$ |
|
0.34 |
|
|
|
$ |
|
0.41 |
|
|
|
$ |
|
0.61 |
|
|
|
$ |
|
0.70 |
|
|
Non-GAAP financial measures that adjust GAAP reported net income and other metrics for certain income and expense items. Excludes 3Q'19 FDIC nonrecurring assessment credit, gain on sales of securities and loss on sales of loans. Excludes 1Q'19 compensation-related, nonrecurring expenses and 4Q'18 compensation-related, nonrecurring expenses and securities losses. See "GAAP reconciliation and use of non-GAAP financial measures" and the reconciliation tables above for a discussion and reconciliation of non-GAAP financial measures. |
Non-GAAP Reconciliation For the Quarters Ended (Unaudited) (In Thousands, Except Share Data and %) |
||||||||||||||||||||||||||||||
|
|
2019 |
|
2018 |
||||||||||||||||||||||||||
Core efficiency ratio |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
||||||||||||||||||||
Total noninterest expense |
|
$ |
|
18,614 |
|
|
|
$ |
|
19,370 |
|
|
|
$ |
|
22,616 |
|
|
|
$ |
|
21,689 |
|
|
|
$ |
|
18,251 |
|
|
Plus FDIC assessment credit |
|
|
|
757 |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Less post-employment and retirement expense |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(4,143 |
) |
|
|
|
|
(3,151 |
) |
|
|
|
|
- |
|
|
Core noninterest expense |
|
$ |
|
19,371 |
|
|
|
$ |
|
19,370 |
|
|
|
$ |
|
18,473 |
|
|
|
$ |
|
18,538 |
|
|
|
$ |
|
18,251 |
|
|
Net interest income |
|
$ |
|
28,262 |
|
|
|
$ |
|
27,365 |
|
|
|
$ |
|
27,420 |
|
|
|
$ |
|
26,921 |
|
|
|
$ |
|
26,562 |
|
|
Total noninterest income |
|
|
|
4,793 |
|
|
|
|
|
4,923 |
|
|
|
|
|
3,486 |
|
|
|
|
|
(384 |
) |
|
|
|
|
3,442 |
|
|
(Gain) / loss on sales of securities |
|
|
|
(1,493 |
) |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
4,160 |
|
|
|
|
|
- |
|
|
Loss on sales of loans |
|
|
|
1,765 |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Core noninterest income |
|
$ |
|
5,065 |
|
|
|
$ |
|
4,923 |
|
|
|
$ |
|
3,486 |
|
|
|
$ |
|
3,776 |
|
|
|
$ |
|
3,442 |
|
|
Core revenue |
|
$ |
|
33,327 |
|
|
|
$ |
|
32,288 |
|
|
|
$ |
|
30,906 |
|
|
|
$ |
|
30,697 |
|
|
|
$ |
|
30,004 |
|
|
Efficiency ratio (GAAP)(1) |
|
|
|
56.3 |
|
% |
|
|
|
60.0 |
|
% |
|
|
|
73.2 |
|
% |
|
|
|
81.7 |
|
% |
|
|
|
60.8 |
|
% |
Core efficiency ratio |
|
|
|
58.1 |
|
% |
|
|
|
60.0 |
|
% |
|
|
59.8 |
|
% |
|
|
60.4 |
|
% |
|
|
60.8 |
|
% |
|||
(1) Efficiency ratio (GAAP) is calculated by dividing reported noninterest expense by reported total core revenue |
|
|
2019 |
|
2018 |
||||||||||||||||||||||||||
Tangible assets and equity |
|
Third Quarter |
|
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
||||||||||||||||||||
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
|
3,818,324 |
|
|
|
$ |
|
4,071,971 |
|
|
|
$ |
|
4,238,436 |
|
|
|
$ |
|
4,249,439 |
|
|
|
$ |
|
4,167,813 |
|
|
Less goodwill |
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
Less intangibles, net |
|
|
|
587 |
|
|
|
|
|
709 |
|
|
|
|
|
844 |
|
|
|
|
|
991 |
|
|
|
|
|
1,151 |
|
|
Tangible assets |
|
$ |
|
3,799,561 |
|
|
|
$ |
|
4,053,086 |
|
|
|
$ |
|
4,219,416 |
|
|
|
$ |
|
4,230,272 |
|
|
|
$ |
|
4,148,486 |
|
|
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
$ |
|
408,168 |
|
|
|
$ |
|
393,516 |
|
|
|
$ |
|
383,421 |
|
|
|
$ |
|
372,740 |
|
|
|
$ |
|
356,074 |
|
|
Less goodwill |
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
Less intangibles, net |
|
|
|
587 |
|
|
|
|
|
709 |
|
|
|
|
|
844 |
|
|
|
|
|
991 |
|
|
|
|
|
1,151 |
|
|
Tangible common equity |
|
$ |
|
389,405 |
|
|
|
$ |
|
374,631 |
|
|
|
$ |
|
364,401 |
|
|
|
$ |
|
353,573 |
|
|
|
$ |
|
336,747 |
|
|
Common shares outstanding |
|
|
|
14,636,484 |
|
|
|
|
|
14,628,287 |
|
|
|
|
|
14,574,339 |
|
|
|
|
|
14,538,085 |
|
|
|
|
|
14,525,351 |
|
|
Book value per common share |
|
$ |
|
27.89 |
|
|
|
$ |
|
26.90 |
|
|
|
$ |
|
26.31 |
|
|
|
$ |
|
25.64 |
|
|
|
$ |
|
24.51 |
|
|
Tangible book value per common share |
|
$ |
|
26.61 |
|
|
|
$ |
|
25.61 |
|
|
|
$ |
|
25.00 |
|
|
|
$ |
|
24.32 |
|
|
|
$ |
|
23.18 |
|
|
Total shareholders' equity to total assets |
|
|
|
10.7 |
|
% |
|
|
|
9.7 |
|
% |
|
|
|
9.0 |
|
% |
|
|
|
8.8 |
|
% |
|
|
|
8.5 |
|
% |
Tangible common equity to tangible assets |
|
|
|
10.2 |
|
% |
|
|
|
9.2 |
|
% |
|
|
|
8.6 |
|
% |
|
|
|
8.4 |
|
% |
|
|
|
8.1 |
|
% |
Non-GAAP financial measures that adjust GAAP reported net income and other metrics for certain income and expense items. Excludes 3Q'19 FDIC nonrecurring assessment credit, gain on sales of securities and loss on sales of loans. Excludes 1Q'19 compensation-related, nonrecurring expenses and 4Q'18 compensation-related, nonrecurring expenses and securities losses. See "GAAP reconciliation and use of non-GAAP financial measures" and the reconciliation tables above for a discussion and reconciliation of non-GAAP financial measures. |
Non-GAAP Reconciliation For the Quarters Ended (Unaudited) (In Thousands, Except Share Data and %) |
|||||||||||||||||||||||||||||
|
|
2019 |
|
2018 |
|||||||||||||||||||||||||
Return on average tangible common equity |
|
Third Quarter |
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
||||||||||||||||||||
Total average shareholders' equity |
|
$ |
|
399,096 |
|
|
$ |
|
388,460 |
|
|
|
$ |
|
377,116 |
|
|
|
$ |
|
360,709 |
|
|
|
$ |
|
351,293 |
|
|
Less average goodwill |
|
|
|
18,176 |
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
|
|
|
18,176 |
|
|
Less intangibles, net |
|
|
|
587 |
|
|
|
|
709 |
|
|
|
|
|
844 |
|
|
|
|
|
991 |
|
|
|
|
|
1,151 |
|
|
Average tangible common equity |
|
$ |
|
380,333 |
|
|
$ |
|
369,575 |
|
|
|
$ |
|
358,096 |
|
|
|
$ |
|
341,542 |
|
|
|
$ |
|
331,966 |
|
|
Net income available to common shareholders (1) |
|
$ |
|
11,324 |
|
|
$ |
|
5,173 |
|
|
|
$ |
|
2,901 |
|
|
|
$ |
|
3,743 |
|
|
|
$ |
|
10,549 |
|
|
Return on average tangible common equity |
|
|
|
11.8 |
|
% |
|
|
5.6 |
|
% |
|
|
|
3.3 |
|
% |
|
|
|
4.3 |
|
% |
|
|
|
12.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|||||||||||||||||||||||
Core return on average tangible common equity |
|
Third Quarter |
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
||||||||||||||||||||
Pre-tax net income |
|
$ |
|
13,441 |
|
|
$ |
|
5,887 |
|
|
|
$ |
|
3,235 |
|
|
|
$ |
|
3,873 |
|
|
|
$ |
|
11,617 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add non-core items |
|
|
|
(485 |
) |
|
|
|
- |
|
|
|
|
|
4,143 |
|
|
|
|
|
7,311 |
|
|
|
|
|
- |
|
|
Less core income tax expense |
|
|
|
2,030 |
|
|
|
|
706 |
|
|
|
|
|
1,275 |
|
|
|
|
|
1,998 |
|
|
|
|
|
1,068 |
|
|
Core net income (2) |
|
$ |
|
10,926 |
|
|
$ |
|
5,181 |
|
|
|
$ |
|
6,103 |
|
|
|
$ |
|
9,178 |
|
|
|
$ |
|
10,549 |
|
|
Core return on average tangible common equity |
|
|
|
11.4 |
|
% |
|
|
5.6 |
|
% |
|
|
|
6.9 |
|
% |
|
|
|
10.7 |
|
% |
|
|
|
12.6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|||||||||||||||||||||||||
Core return on average assets and equity |
|
Third Quarter |
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
||||||||||||||||||||
Net income |
|
$ |
|
11,324 |
|
|
$ |
|
5,173 |
|
|
|
$ |
|
2,901 |
|
|
|
$ |
|
3,743 |
|
|
|
$ |
|
10,549 |
|
|
Average assets |
|
|
|
3,999,347 |
|
|
|
|
4,105,102 |
|
|
|
|
|
4,220,255 |
|
|
|
|
|
4,183,703 |
|
|
|
|
|
4,132,501 |
|
|
Average equity |
|
|
|
399,096 |
|
|
|
|
388,460 |
|
|
|
|
|
377,116 |
|
|
|
|
|
360,709 |
|
|
|
|
|
351,293 |
|
|
Return on average assets |
|
|
|
1.12 |
|
% |
|
|
0.51 |
|
% |
|
|
|
0.28 |
|
% |
|
|
|
0.35 |
|
% |
|
|
|
1.01 |
|
% |
Return on average equity |
|
|
|
11.3 |
|
% |
|
|
5.3 |
|
% |
|
|
|
3.1 |
|
% |
|
|
|
4.1 |
|
% |
|
|
|
11.9 |
|
% |
Core net income (2) |
|
$ |
|
10,926 |
|
|
$ |
|
5,181 |
|
|
|
$ |
|
6,103 |
|
|
|
$ |
|
9,178 |
|
|
|
$ |
|
10,549 |
|
|
Core return on average assets |
|
|
|
1.08 |
|
% |
|
|
0.51 |
|
% |
|
|
|
0.59 |
|
% |
|
|
|
0.87 |
|
% |
|
|
|
1.01 |
|
% |
Core return on average equity |
|
|
|
10.9 |
|
% |
|
|
5.3 |
|
% |
|
|
|
6.6 |
|
% |
|
|
|
10.1 |
|
% |
|
|
|
11.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|||||||||||||||||||||||||
Core total revenue |
|
Third Quarter |
Second Quarter |
|
First Quarter |
|
Fourth Quarter |
|
Third Quarter |
||||||||||||||||||||
Net interest income |
|
$ |
|
28,262 |
|
|
$ |
|
27,365 |
|
|
|
$ |
|
27,420 |
|
|
|
$ |
|
26,921 |
|
|
|
$ |
|
26,562 |
|
|
Noninterest income |
|
|
|
4,793 |
|
|
|
|
4,923 |
|
|
|
|
|
3,486 |
|
|
|
|
|
(384 |
) |
|
|
|
|
3,442 |
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) / loss on sales of securities |
|
|
|
(1,493 |
) |
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
4,160 |
|
|
|
|
|
- |
|
|
Loss on sales of loans |
|
|
|
1,765 |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Core total revenue |
|
$ |
|
33,327 |
|
|
$ |
|
32,288 |
|
|
|
$ |
|
30,906 |
|
|
|
$ |
|
30,697 |
|
|
|
$ |
|
30,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized net income available to common shareholders (1) |
|
$ |
|
44,927 |
|
|
$ |
|
20,749 |
|
|
|
$ |
|
11,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized core net income (2) |
|
$ |
|
43,349 |
|
|
$ |
|
20,781 |
|
|
|
$ |
|
24,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Annualized net income available to common shareholders utilized in calculating year-to-date return on average tangible common equity. (2) Annualized core net income utilized in calculating core return on average tangible common equity and core return on average assets and average equity. Non-GAAP financial measures that adjust GAAP reported net income and other metrics for certain income and expense items. Excludes 3Q'19 FDIC nonrecurring assessment credit, gain on sales of securities and loss on sales of loans. Excludes 1Q'19 compensation-related, nonrecurring expenses and 4Q'18 compensation-related, non-reoccurring expenses and securities losses. See "GAAP reconciliation and use of non-GAAP financial measures" and the reconciliation tables above for a discussion and reconciliation of non-GAAP financial measures. |
These press releases may also interest you
|