Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||
Net Interest Income (fully taxable equivalent) | $ | 40,956 | $ | 39,822 | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 156,906 | $ | 155,683 | ||||||||||||
Net Income available to common shareholders | 23,386 | 22,732 | 22,148 | 19,814 | 22,222 | 88,080 | 89,595 | |||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Earnings per share available to common shareholders: | ||||||||||||||||||||||||||
Basic | $ | 1.54 | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 5.67 | $ | 5.55 | ||||||||||||
Diluted | 1.54 | 1.47 | 1.41 | 1.25 | 1.40 | 5.66 | 5.55 | |||||||||||||||||||
Weighted average number of shares (in thousands): | ||||||||||||||||||||||||||
Basic | 15,026 | 15,279 | 15,573 | 15,656 | 15,708 | 15,381 | 15,975 | |||||||||||||||||||
Diluted | 15,056 | 15,302 | 15,594 | 15,687 | 15,733 | 15,407 | 15,995 | |||||||||||||||||||
Period-end number of shares (in thousands) | 15,062 | 15,192 | 15,527 | 15,724 | 15,768 | 15,062 | 15,768 | |||||||||||||||||||
Cash dividends declared | $ | 0.60 | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 2.34 | $ | 2.29 | ||||||||||||
Book value per share (period-end) | 45.22 | 44.58 | 44.79 | 43.99 | 44.47 | 45.22 | 44.47 | |||||||||||||||||||
Tangible book value per share (period-end) | 37.44 | 36.85 | 37.20 | 36.47 | 36.94 | 37.44 | 36.94 | |||||||||||||||||||
Market data: | ||||||||||||||||||||||||||
High closing price | $ | 83.14 | $ | 79.99 | $ | 83.85 | $ | 87.41 | $ | 70.77 | $ | 87.41 | $ | 82.40 | ||||||||||||
Low closing price | 76.52 | 72.29 | 74.44 | 69.05 | 56.98 | 69.05 | 55.18 | |||||||||||||||||||
Period-end closing price | 81.79 | 77.91 | 75.24 | 81.78 | 69.55 | 81.79 | 69.55 | |||||||||||||||||||
Average daily volume (in thousands) | 52 | 53 | 61 | 63 | 56 | 57 | 70 | |||||||||||||||||||
Treasury share activity: | ||||||||||||||||||||||||||
Treasury shares repurchased (in thousands) | 131 | 337 | 217 | 75 | 81 | 760 | 573 | |||||||||||||||||||
Average treasury share repurchase price | $ | 78.93 | $ | 75.65 | $ | 78.75 | $ | 76.71 | $ | 60.32 | $ | 77.21 | $ | 63.68 | ||||||||||||
Key Ratios (percent) | ||||||||||||||||||||||||||
Return on average assets | 1.56 | % | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.49 | % | 1.66 | % | ||||||||||||
Return on average tangible equity | 16.7 | % | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 15.3 | % | 15.6 | % | ||||||||||||
Yield on interest earning assets | 3.08 | % | 3.04 | % | 3.00 | % | 3.17 | % | 3.32 | % | 3.07 | % | 3.64 | % | ||||||||||||
Cost of interest bearing liabilities | 0.19 | % | 0.22 | % | 0.27 | % | 0.37 | % | 0.47 | % | 0.26 | % | 0.66 | % | ||||||||||||
Net Interest Margin | 2.94 | % | 2.89 | % | 2.81 | % | 2.91 | % | 2.99 | % | 2.89 | % | 3.16 | % | ||||||||||||
Non-interest income as a percent of total revenue | 30.2 | % | 31.1 | % | 31.0 | % | 30.4 | % | 30.7 | % | 30.8 | % | 34.8 | % | ||||||||||||
Efficiency Ratio | 48.3 | % | 50.0 | % | 52.8 | % | 54.3 | % | 51.0 | % | 51.3 | % | 51.3 | % | ||||||||||||
Price/Earnings Ratio (a) | 13.27 | 13.22 | 13.35 | 16.30 | 12.41 | 14.42 | 12.52 | |||||||||||||||||||
Capital (period-end) | ||||||||||||||||||||||||||
Average Shareholders' Equity to Average Assets | 11.25 | % | 11.69 | % | 11.81 | % | 12.30 | % | 12.46 | % | ||||||||||||||||
Tangible equity to tangible assets | 9.58 | % | 9.59 | % | 9.98 | % | 9.93 | % | 10.33 | % | ||||||||||||||||
Consolidated City Holding Company risk based capital ratios (b): | ||||||||||||||||||||||||||
CET I | 16.08 | % | 16.11 | % | 16.40 | % | 16.76 | % | 16.18 | % | ||||||||||||||||
Tier I | 16.08 | % | 16.11 | % | 16.40 | % | 16.76 | % | 16.18 | % | ||||||||||||||||
Total | 16.51 | % | 16.56 | % | 16.88 | % | 17.33 | % | 16.75 | % | ||||||||||||||||
Leverage | 9.44 | % | 9.46 | % | 9.70 | % | 10.06 | % | 10.22 | % | ||||||||||||||||
City National Bank risk based capital ratios (b): | ||||||||||||||||||||||||||
CET I | 14.35 | % | 14.76 | % | 14.82 | % | 14.75 | % | 14.10 | % | ||||||||||||||||
Tier I | 14.35 | % | 14.76 | % | 14.82 | % | 14.75 | % | 14.10 | % | ||||||||||||||||
Total | 14.78 | % | 15.21 | % | 15.30 | % | 15.33 | % | 14.68 | % | ||||||||||||||||
Leverage | 8.45 | % | 8.73 | % | 8.80 | % | 8.91 | % | 8.97 | % | ||||||||||||||||
Other (period-end) | ||||||||||||||||||||||||||
Branches | 94 | 94 | 94 | 94 | 94 | |||||||||||||||||||||
FTE | 905 | 921 | 912 | 916 | 926 | |||||||||||||||||||||
Assets per FTE (in thousands) | $ | 6,637 | $ | 6,463 | $ | 6,477 | $ | 6,434 | $ | 6,219 | ||||||||||||||||
Deposits per FTE (in thousands) | 5,445 | 5,308 | 5,271 | 5,236 | 5,024 | |||||||||||||||||||||
(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes). | ||||||||||||||||||||||||||
(b) December 31, 2021 risk-based capital ratios are estimated. |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 35,277 | $ | 33,961 | $ | 33,114 | $ | 34,324 | $ | 35,685 | $ | 136,676 | $ | 150,498 | ||||||||||||
Interest on investment securities: | ||||||||||||||||||||||||||
Taxable | 5,753 | 6,144 | 5,932 | 5,242 | 5,500 | 23,071 | 23,355 | |||||||||||||||||||
Tax-exempt | 1,226 | 1,257 | 1,291 | 1,253 | 1,254 | 5,027 | 3,914 | |||||||||||||||||||
Interest on deposits in depository institutions | 217 | 196 | 162 | 118 | 60 | 693 | 492 | |||||||||||||||||||
Total Interest Income | 42,473 | 41,558 | 40,499 | 40,937 | 42,499 | 165,467 | 178,259 | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Interest on deposits | 1,710 | 1,955 | 2,460 | 3,280 | 4,198 | 9,405 | 22,522 | |||||||||||||||||||
Interest on short-term borrowings | 132 | 115 | 125 | 117 | 120 | 489 | 993 | |||||||||||||||||||
Interest on long-term debt | — | — | — | — | — | — | 100 | |||||||||||||||||||
Total Interest Expense | 1,842 | 2,070 | 2,585 | 3,397 | 4,318 | 9,894 | 23,615 | |||||||||||||||||||
Net Interest Income | 40,631 | 39,488 | 37,914 | 37,540 | 38,181 | 155,573 | 154,644 | |||||||||||||||||||
(Recovery of) provision for credit losses | — | (725) | (2,000) | (440) | 474 | (3,165) | 10,722 | |||||||||||||||||||
Net Interest Income After (Recovery of) Provision for Credit Losses | 40,631 | 40,213 | 39,914 | 37,980 | 37,707 | 158,738 | 143,922 | |||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||
Net gains on sale of investment securities | — | — | 29 | 283 | 6 | 312 | 62 | |||||||||||||||||||
Unrealized gains (losses) recognized on securities still held | 52 | 93 | 410 | (51) | 835 | 504 | (863) | |||||||||||||||||||
Service charges | 7,057 | 6,706 | 5,895 | 5,881 | 6,771 | 25,539 | 25,733 | |||||||||||||||||||
Bankcard revenue | 6,762 | 6,791 | 7,221 | 6,213 | 5,991 | 26,987 | 23,059 | |||||||||||||||||||
Trust and investment management fee income | 2,198 | 2,172 | 2,012 | 2,033 | 2,162 | 8,415 | 7,736 | |||||||||||||||||||
Bank owned life insurance | 748 | 747 | 940 | 1,460 | 813 | 3,895 | 4,424 | |||||||||||||||||||
Sale of VISA shares | — | — | — | — | — | — | 17,837 | |||||||||||||||||||
Other income | 799 | 1,438 | 941 | 811 | 1,143 | 3,989 | 4,692 | |||||||||||||||||||
Total Non-Interest Income | 17,616 | 17,947 | 17,448 | 16,630 | 17,721 | 69,641 | 82,680 | |||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||
Salaries and employee benefits | 15,299 | 15,321 | 15,559 | 15,671 | 15,989 | 61,850 | 62,074 | |||||||||||||||||||
Occupancy related expense | 2,429 | 2,507 | 2,525 | 2,622 | 2,447 | 10,083 | 9,765 | |||||||||||||||||||
Equipment and software related expense | 2,733 | 2,554 | 2,655 | 2,544 | 2,660 | 10,486 | 10,200 | |||||||||||||||||||
FDIC insurance expense | 400 | 396 | 382 | 405 | 363 | 1,583 | 884 | |||||||||||||||||||
Advertising | 582 | 804 | 824 | 881 | 538 | 3,091 | 2,776 |
Bankcard expenses | 1,576 | 1,549 | 1,746 | 1,584 | 1,443 | 6,455 | 5,893 | |||||||||||||||||||
Postage, delivery, and statement mailings | 590 | 573 | 568 | 592 | 546 | 2,323 | 2,268 | |||||||||||||||||||
Office supplies | 378 | 406 | 371 | 392 | 413 | 1,547 | 1,556 | |||||||||||||||||||
Legal and professional fees | 405 | 610 | 589 | 675 | 438 | 2,279 | 2,176 | |||||||||||||||||||
Telecommunications | 702 | 790 | 676 | 690 | 540 | 2,858 | 2,129 | |||||||||||||||||||
Repossessed asset (gains) losses, net of expenses | (29) | (108) | 1 | 79 | (68) | (57) | 245 | |||||||||||||||||||
Other expenses | 3,559 | 3,776 | 3,678 | 3,674 | 3,332 | 14,687 | 15,324 | |||||||||||||||||||
Total Non-Interest Expense | 28,624 | 29,178 | 29,574 | 29,809 | 28,641 | 117,185 | 115,290 | |||||||||||||||||||
Income Before Income Taxes | 29,623 | 28,982 | 27,788 | 24,801 | 26,787 | 111,194 | 111,312 | |||||||||||||||||||
Income tax expense | 6,237 | 6,250 | 5,640 | 4,987 | 4,565 | 23,114 | 21,717 | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 23,386 | $ | 22,732 | $ | 22,148 | $ | 19,814 | $ | 22,222 | $ | 88,080 | $ | 89,595 | ||||||||||||
Distributed earnings allocated to common shareholders | $ | 8,949 | $ | 8,726 | $ | 8,921 | $ | 9,037 | $ | 9,053 | $ | 34,901 | $ | 35,745 | ||||||||||||
Undistributed earnings allocated to common shareholders | 14,211 | 13,786 | 13,021 | 10,598 | 12,947 | 52,336 | 52,963 | |||||||||||||||||||
Net earnings allocated to common shareholders | $ | 23,160 | $ | 22,512 | $ | 21,942 | $ | 19,635 | $ | 22,000 | $ | 87,237 | $ | 88,708 | ||||||||||||
Average common shares outstanding | 15,026 | 15,279 | 15,573 | 15,656 | 15,708 | 15,381 | 15,975 | |||||||||||||||||||
Shares for diluted earnings per share | 15,056 | 15,302 | 15,594 | 15,687 | 15,733 | 15,407 | 15,995 | |||||||||||||||||||
Basic earnings per common share | $ | 1.54 | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 5.67 | $ | 5.55 | ||||||||||||
Diluted earnings per common share | $ | 1.54 | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 5.66 | $ | 5.55 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 101,804 | $ | 103,841 | $ | 97,523 | $ | 97,709 | $ | 77,412 | |||||||
Interest-bearing deposits in depository institutions | 532,827 | 535,708 | 512,367 | 659,090 | 451,247 | ||||||||||||
Cash and cash equivalents | 634,631 | 639,549 | 609,890 | 756,799 | 528,659 | ||||||||||||
Investment securities available-for-sale, at fair value | 1,408,165 | 1,372,077 | 1,339,436 | 1,183,253 | 1,176,797 | ||||||||||||
Other securities | 25,531 | 25,497 | 25,793 | 29,174 | 29,364 | ||||||||||||
Total investment securities | 1,433,696 | 1,397,574 | 1,365,229 | 1,212,427 | 1,206,161 | ||||||||||||
Gross loans | 3,543,814 | 3,521,925 | 3,529,416 | 3,546,723 | 3,622,119 | ||||||||||||
Allowance for credit losses | (18,166) | (18,751) | (20,016) | (24,076) | (24,549) | ||||||||||||
Net loans | 3,525,648 | 3,503,174 | 3,509,400 | 3,522,647 | 3,597,570 | ||||||||||||
Bank owned life insurance | 120,978 | 120,238 | 119,491 | 118,976 | 118,243 | ||||||||||||
Premises and equipment, net | 74,071 | 75,156 | 76,263 | 76,529 | 76,925 | ||||||||||||
Accrued interest receivable | 15,627 | 16,224 | 15,967 | 16,231 | 15,793 | ||||||||||||
Net deferred tax assets | 63 | 90 | — | 1,395 | — | ||||||||||||
Intangible assets | 117,121 | 117,489 | 117,857 | 118,224 | 118,592 | ||||||||||||
Other assets | 81,860 | 82,419 | 89,958 | 71,142 | 96,697 | ||||||||||||
Total Assets | $ | 6,003,695 | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,373,125 | $ | 1,311,464 | $ | 1,279,932 | $ | 1,244,175 | $ | 1,176,990 | |||||||
Interest-bearing: | |||||||||||||||||
Demand deposits | 1,135,848 | 1,139,033 | 1,070,004 | 1,077,749 | 1,027,201 | ||||||||||||
Savings deposits | 1,347,448 | 1,332,910 | 1,301,219 | 1,265,038 | 1,188,003 | ||||||||||||
Time deposits | 1,068,915 | 1,104,069 | 1,153,391 | 1,209,873 | 1,260,022 | ||||||||||||
Total deposits | 4,925,336 | 4,887,476 | 4,804,546 | 4,796,835 | 4,652,216 | ||||||||||||
Short-term borrowings | |||||||||||||||||
Customer repurchase agreements | 312,458 | 296,642 | 311,316 | 316,003 | 295,956 | ||||||||||||
Net deferred tax liabilities | — | — | 2,310 | — | 3,202 | ||||||||||||
Other liabilities | 84,796 | 90,499 | 90,407 | 89,847 | 106,160 | ||||||||||||
Total Liabilities | 5,322,590 | 5,274,617 | 5,208,579 | 5,202,685 | 5,057,534 | ||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
Capital surplus | 170,942 | 170,300 | 169,674 | 170,526 | 171,304 | ||||||||||||
Retained earnings | 641,826 | 627,463 | 613,553 | 600,396 | 589,988 | ||||||||||||
Cost of common stock in treasury | (193,542) | (183,303) | (157,936) | (142,484) | (139,038) | ||||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Unrealized gain on securities available-for-sale | 17,745 | 20,878 | 28,227 | 21,289 | 36,894 | ||||||||||||
Underfunded pension liability | (3,485) | (5,661) | (5,661) | (5,661) | (5,661) | ||||||||||||
Total Accumulated Other Comprehensive Income | 14,260 | 15,217 | 22,566 | 15,628 | 31,233 | ||||||||||||
Total Stockholders' Equity | 681,105 | 677,296 | 695,476 | 691,685 | 701,106 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,003,695 | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | |||||||
Regulatory Capital | |||||||||||||||||
Total CET 1 capital | $ | 555,532 | $ | 550,426 | $ | 561,317 | $ | 563,523 | $ | 557,641 | |||||||
Total tier 1 capital | 555,532 | 550,426 | 561,317 | 563,523 | 557,641 | ||||||||||||
Total risk-based capital | 570,336 | 565,712 | 577,543 | 582,816 | 577,292 | ||||||||||||
Total risk-weighted assets | 3,453,893 | 3,417,020 | 3,421,764 | 3,362,595 | 3,446,774 |
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||||
Commercial and industrial | $ | 346,184 | $ | 353,046 | $ | 358,583 | $ | 371,195 | $ | 372,989 | |||||||
1-4 Family | 107,873 | 108,913 | 108,079 | 108,131 | 109,812 | ||||||||||||
Hotels | 311,315 | 297,341 | 290,119 | 293,176 | 294,464 | ||||||||||||
Multi-family | 215,677 | 215,307 | 212,715 | 212,561 | 215,671 | ||||||||||||
Non Residential Non-Owner Occupied | 639,818 | 664,365 | 653,264 | 649,683 | 641,351 | ||||||||||||
Non Residential Owner Occupied | 204,233 | 205,579 | 209,100 | 199,130 | 213,484 | ||||||||||||
Commercial real estate (1) | 1,478,916 | 1,491,505 | 1,473,277 | 1,462,681 | 1,474,782 | ||||||||||||
Residential real estate (2) | 1,548,965 | 1,506,572 | 1,521,102 | 1,532,907 | 1,587,694 | ||||||||||||
Home equity | 122,345 | 124,806 | 127,608 | 130,009 | 136,469 | ||||||||||||
Consumer | 40,901 | 43,296 | 45,184 | 47,224 | 47,688 | ||||||||||||
DDA overdrafts | 6,503 | 2,700 | 3,662 | 2,707 | 2,497 | ||||||||||||
Gross Loans | $ | 3,543,814 | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | |||||||
Construction loans included in: | |||||||||||||||||
(1) - Commercial real estate loans | $ | 11,783 | $ | 19,360 | $ | 43,904 | $ | 39,101 | $ | 40,449 | |||||||
(2) - Residential real estate loans | 17,252 | 19,059 | 20,838 | 22,129 | 27,078 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 18,751 | $ | 20,016 | $ | 24,076 | $ | 24,549 | $ | 24,867 | $ | 24,549 | $ | 11,589 | ||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Commercial and industrial | — | — | (211) | (34) | (9) | (245) | (843) | |||||||||||||||||||
Commercial real estate | (276) | (392) | (1,718) | (1) | (616) | (2,387) | (1,113) | |||||||||||||||||||
Residential real estate | (68) | (18) | (86) | (93) | (139) | (265) | (1,250) | |||||||||||||||||||
Home equity | (58) | (47) | (8) | (64) | (88) | (177) | (420) | |||||||||||||||||||
Consumer | (13) | (3) | (79) | (147) | (27) | (242) | (192) | |||||||||||||||||||
DDA overdrafts | (635) | (633) | (430) | (453) | (629) | (2,151) | (2,345) | |||||||||||||||||||
Total charge-offs | (1,050) | (1,093) | (2,532) | (792) | (1,508) | (5,467) | (6,163) | |||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||
Commercial and industrial | 31 | 69 | 25 | 46 | 74 | 171 | 91 | |||||||||||||||||||
Commercial real estate | 27 | 18 | 15 | 164 | 150 | 224 | 525 | |||||||||||||||||||
Residential real estate | 7 | 29 | 17 | 74 | 57 | 127 | 184 | |||||||||||||||||||
Home equity | 6 | 58 | 3 | 23 | 47 | 90 | 136 | |||||||||||||||||||
Consumer | 40 | 72 | 104 | 39 | 55 | 255 | 238 | |||||||||||||||||||
DDA overdrafts | 354 | 307 | 308 | 413 | 333 | 1,382 | 1,467 | |||||||||||||||||||
Total recoveries | 465 | 553 | 472 | 759 | 716 | 2,249 | 2,641 | |||||||||||||||||||
Net charge-offs | (585) | (540) | (2,060) | (33) | (792) | (3,218) | (3,522) | |||||||||||||||||||
(Recovery of) provision for credit losses | — | (725) | (2,000) | (440) | 474 | (3,165) | 10,722 | |||||||||||||||||||
Impact of adopting ASC 326 | — | — | — | — | — | — | 5,760 | |||||||||||||||||||
Balance at end of period | $ | 18,166 | $ | 18,751 | $ | 20,016 | $ | 24,076 | $ | 24,549 | $ | 18,166 | $ | 24,549 | ||||||||||||
Loans outstanding | $ | 3,543,814 | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | ||||||||||||||||
Allowance as a percent of loans outstanding | 0.51 | % | 0.53 | % | 0.57 | % | 0.68 | % | 0.68 | % | ||||||||||||||||
Allowance as a percent of non-performing loans | 290.1 | % | 243.1 | % | 199.3 | % | 194.5 | % | 200.7 | % | ||||||||||||||||
Average loans outstanding | $ | 3,522,272 | $ | 3,535,497 | $ | 3,541,165 | $ | 3,585,790 | $ | 3,635,673 | $ | 3,545,978 | $ | 3,641,610 | ||||||||||||
Net charge-offs (annualized) as a percent of average loans outstanding | 0.07 | % | 0.06 | % | 0.23 | % | — | % | 0.09 | % | 0.09 | % | 0.10 | % |
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||||
Nonaccrual Loans | |||||||||||||||||
Residential real estate | $ | 2,809 | $ | 3,634 | $ | 2,482 | $ | 3,004 | $ | 2,968 | |||||||
Home equity | 40 | 67 | 81 | 88 | 95 | ||||||||||||
Commercial and industrial | 996 | 531 | 820 | 1,200 | 768 | ||||||||||||
Commercial real estate | 2,373 | 3,355 | 6,383 | 7,792 | 8,401 | ||||||||||||
Consumer | — | — | — | — | — | ||||||||||||
Total nonaccrual loans | 6,218 | 7,587 | 9,766 | 12,084 | 12,232 | ||||||||||||
Accruing loans past due 90 days or more | 43 | 127 | 278 | 295 | — | ||||||||||||
Total non-performing loans | 6,261 | 7,714 | 10,044 | 12,379 | 12,232 | ||||||||||||
Other real estate owned | 1,319 | 1,335 | 1,309 | 1,625 | 1,650 | ||||||||||||
Total non-performing assets | $ | 7,580 | $ | 9,049 | $ | 11,353 | $ | 14,004 | $ | 13,882 | |||||||
Non-performing assets as a percent of loans and other real estate owned | 0.21 | % | 0.26 | % | 0.32 | % | 0.39 | % | 0.38 | % | |||||||
Past Due Loans | |||||||||||||||||
Residential real estate | $ | 5,321 | $ | 5,258 | $ | 5,453 | $ | 4,092 | $ | 5,993 | |||||||
Home equity | 618 | 688 | 523 | 449 | 575 | ||||||||||||
Commercial and industrial | 336 | 455 | 721 | 1,358 | 1,241 | ||||||||||||
Commercial real estate | 22 | 441 | 498 | 508 | 625 | ||||||||||||
Consumer | 60 | 35 | 12 | 10 | 113 | ||||||||||||
DDA overdrafts | 489 | 390 | 417 | 212 | 341 | ||||||||||||
Total past due loans | $ | 6,846 | $ | 7,267 | $ | 7,624 | $ | 6,629 | $ | 8,888 | |||||||
Total past due loans as a percent of loans outstanding | 0.19 | % | 0.21 | % | 0.22 | % | 0.19 | % | 0.25 | % | |||||||
Troubled Debt Restructurings ("TDRs") | |||||||||||||||||
Residential real estate | $ | 16,943 | $ | 16,910 | $ | 17,788 | $ | 18,572 | $ | 19,226 | |||||||
Home equity | 1,784 | 1,822 | 1,920 | 1,956 | 2,001 | ||||||||||||
Commercial and industrial | 414 | 430 | — | — | — | ||||||||||||
Commercial real estate | 1,914 | 1,937 | 3,076 | 4,615 | 4,638 | ||||||||||||
Consumer | 225 | 221 | 203 | 211 | 277 | ||||||||||||
Total TDRs | $ | 21,280 | $ | 21,320 | $ | 22,987 | $ | 25,354 | $ | 26,142 |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Loan portfolio (1): | |||||||||||||||||||||||||||||
Residential real estate (2) | $ | 1,645,167 | $ | 15,692 | 3.78 | % | $ | 1,648,921 | $ | 15,813 | 3.80 | % | $ | 1,744,952 | $ | 17,623 | 4.02 | % | |||||||||||
Commercial, financial, and agriculture (2) | 1,831,461 | 18,740 | 4.06 | % | 1,836,604 | 17,344 | 3.75 | % | 1,837,044 | 17,077 | 3.70 | % | |||||||||||||||||
Installment loans to individuals (2), (3) | 45,644 | 691 | 6.01 | % | 49,972 | 714 | 5.67 | % | 53,677 | 800 | 5.93 | % | |||||||||||||||||
Previously securitized loans (4) | *** | 154 | *** | *** | 91 | *** | *** | 184 | *** | ||||||||||||||||||||
Total loans | 3,522,272 | 35,277 | 3.97 | % | 3,535,497 | 33,962 | 3.81 | % | 3,635,673 | 35,684 | 3.90 | % | |||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 1,171,340 | 5,753 | 1.95 | % | 1,136,519 | 6,144 | 2.14 | % | 976,897 | 5,500 | 2.24 | % | |||||||||||||||||
Tax-exempt (5) | 239,096 | 1,551 | 2.57 | % | 245,551 | 1,590 | 2.57 | % | 238,198 | 1,587 | 2.65 | % | |||||||||||||||||
Total securities | 1,410,436 | 7,304 | 2.05 | % | 1,382,070 | 7,734 | 2.22 | % | 1,215,095 | 7,087 | 2.32 | % | |||||||||||||||||
Deposits in depository institutions | 588,678 | 217 | 0.15 | % | 544,843 | 196 | 0.14 | % | 275,106 | 60 | 0.09 | % | |||||||||||||||||
Total interest-earning assets | 5,521,386 | 42,798 | 3.08 | % | 5,462,410 | 41,892 | 3.04 | % | 5,125,874 | 42,831 | 3.32 | % | |||||||||||||||||
Cash and due from banks | 98,111 | 101,058 | 73,900 | ||||||||||||||||||||||||||
Premises and equipment, net | 74,847 | 75,956 | 76,956 | ||||||||||||||||||||||||||
Goodwill and intangible assets | 117,349 | 117,719 | 118,855 | ||||||||||||||||||||||||||
Other assets | 216,780 | 220,420 | 231,309 | ||||||||||||||||||||||||||
Less: Allowance for loan losses | (18,756) | (20,407) | (25,112) | ||||||||||||||||||||||||||
Total assets | $ | 6,009,717 | $ | 5,957,156 | $ | 5,601,782 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,113,693 | $ | 131 | 0.05 | % | $ | 1,093,243 | $ | 127 | 0.05 | % | $ | 953,604 | $ | 171 | 0.07 | % | |||||||||||
Savings deposits | 1,338,747 | 173 | 0.05 | % | 1,315,462 | 169 | 0.05 | % | 1,148,717 | 225 | 0.08 | % | |||||||||||||||||
Time deposits (2) | 1,087,280 | 1,406 | 0.51 | % | 1,126,553 | 1,659 | 0.58 | % | 1,278,698 | 3,801 | 1.18 | % | |||||||||||||||||
Short-term borrowings | 314,937 | 132 | 0.17 | % | 282,722 | 115 | 0.16 | % | 287,059 | 120 | 0.17 | % | |||||||||||||||||
Total interest-bearing liabilities | 3,854,657 | 1,842 | 0.19 | % | 3,817,980 | 2,070 | 0.22 | % | 3,668,078 | 4,317 | 0.47 | % | |||||||||||||||||
Noninterest-bearing demand deposits | 1,394,599 | 1,356,745 | 1,130,084 | ||||||||||||||||||||||||||
Other liabilities | 84,071 | 86,263 | 105,445 | ||||||||||||||||||||||||||
Stockholders' equity | 676,390 | 696,168 | 698,175 | ||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||
stockholders' equity | $ | 6,009,717 | $ | 5,957,156 | $ | 5,601,782 | |||||||||||||||||||||||
Net interest income | $ | 40,956 | $ | 39,822 | $ | 38,514 | |||||||||||||||||||||||
Net yield on earning assets | 2.94 | % | 2.89 | % | 2.99 | % | |||||||||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: | |||||||||||||||||||||||||||||
Loan fees, net | $ | 1,106 | $ | 1,120 | $ | 962 | |||||||||||||||||||||||
(2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions: | |||||||||||||||||||||||||||||
Residential real estate | $ | 149 | $ | 154 | $ | 153 | |||||||||||||||||||||||
Commercial, financial, and agriculture | 243 | 265 | 304 | ||||||||||||||||||||||||||
Installment loans to individuals | 15 | 21 | 29 | ||||||||||||||||||||||||||
Time deposits | 48 | 48 | 155 | ||||||||||||||||||||||||||
$ | 455 | $ | 488 | $ | 641 | ||||||||||||||||||||||||
(3) Includes the Company’s consumer and DDA overdrafts loan categories. | |||||||||||||||||||||||||||||
(4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0. | |||||||||||||||||||||||||||||
(5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%. |
Twelve Months Ended | ||||||||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
Assets: | ||||||||||||||||||||
Loan portfolio (1): | ||||||||||||||||||||
Residential real estate (2) | $ | 1,658,710 | $ | 64,492 | 3.89 | % | $ | 1,768,789 | $ | 74,452 | 4.21 | % | ||||||||
Commercial, financial, and agriculture (2) | 1,838,560 | 68,784 | 3.74 | % | 1,816,658 | 72,128 | 3.97 | % | ||||||||||||
Installment loans to individuals (2), (3) | 48,708 | 2,831 | 5.81 | % | 56,163 | 3,319 | 5.91 | % | ||||||||||||
Previously securitized loans (4) | *** | 568 | *** | *** | 599 | *** | ||||||||||||||
Total loans | 3,545,978 | 136,675 | 3.85 | % | 3,641,610 | 150,498 | 4.13 | % | ||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 1,075,550 | 23,071 | 2.15 | % | 890,771 | 23,355 | 2.62 | % | ||||||||||||
Tax-exempt (5) | 242,125 | 6,362 | 2.63 | % | 164,740 | 4,954 | 3.01 | % | ||||||||||||
Total securities | 1,317,675 | 29,433 | 2.23 | % | 1,055,511 | 28,309 | 2.68 | % | ||||||||||||
Deposits in depository institutions | 568,928 | 693 | 0.12 | % | 230,043 | 492 | 0.21 | % | ||||||||||||
Total interest-earning assets | 5,432,581 | 166,801 | 3.07 | % | 4,927,164 | 179,299 | 3.64 | % | ||||||||||||
Cash and due from banks | 92,847 | 76,173 | ||||||||||||||||||
Premises and equipment, net | 76,069 | 77,670 | ||||||||||||||||||
Goodwill and intangible assets | 117,899 | 119,471 | ||||||||||||||||||
Other assets | 216,493 | 221,864 | ||||||||||||||||||
Less: Allowance for loan losses | (21,922) | (22,770) | ||||||||||||||||||
Total assets | $ | 5,913,967 | $ | 5,399,572 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,071,628 | $ | 504 | 0.05 | % | $ | 912,306 | $ | 1,005 | 0.11 | % | ||||||||
Savings deposits | 1,291,225 | 689 | 0.05 | % | 1,071,727 | 1,591 | 0.15 | % | ||||||||||||
Time deposits (2) | 1,157,502 | 8,213 | 0.71 | % | 1,329,841 | 19,927 | 1.50 | % | ||||||||||||
Short-term borrowings | 298,413 | 489 | 0.16 | % | 253,456 | 993 | 0.39 | % | ||||||||||||
Long-term debt | — | — | — | % | 830 | 100 | 12.05 | % | ||||||||||||
Total interest-bearing liabilities | 3,818,768 | 9,895 | 0.26 | % | 3,568,160 | 23,616 | 0.66 | % | ||||||||||||
Noninterest-bearing demand deposits | 1,315,801 | 1,035,801 | ||||||||||||||||||
Other liabilities | 84,377 | 100,166 | ||||||||||||||||||
Stockholders' equity | 695,021 | 695,445 | ||||||||||||||||||
Total liabilities and | ||||||||||||||||||||
Stockholders' equity | $ | 5,913,967 | $ | 5,399,572 | ||||||||||||||||
Net interest income | $ | 156,906 | $ | 155,683 | ||||||||||||||||
Net yield on earning assets | 2.89 | % | 3.16 | % | ||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: | ||||||||||||||||||||
Loan fees, net | $ | 3,550 | $ | 1,842 | ||||||||||||||||
(2) Included in the above table are the following amounts (in thousands) for the accretion of the fair value adjustments related to the Company's acquisitions: | ||||||||||||||||||||
Residential real estate | $ | 620 | $ | 630 | ||||||||||||||||
Commercial, financial, and agriculture | 1,198 | 2,445 | ||||||||||||||||||
Installment loans to individuals | 87 | 143 | ||||||||||||||||||
Time deposits | 193 | 622 | ||||||||||||||||||
$ | 2,098 | $ | 3,840 | |||||||||||||||||
(3) Includes the Company’s consumer and DDA overdrafts loan categories. | ||||||||||||||||||||
(4) Effective January 1, 2012, the carrying value of the Company's previously securitized loans was reduced to $0. | ||||||||||||||||||||
(5) Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%. | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Interest Income/Margin | ||||||||||||||||||||||||||
Net interest income ("GAAP") | $ | 40,631 | $ | 39,488 | $ | 37,914 | $ | 37,540 | $ | 38,181 | $ | 155,573 | $ | 154,644 | ||||||||||||
Taxable equivalent adjustment | 325 | 334 | 343 | 331 | 333 | 1,333 | 1,039 | |||||||||||||||||||
Net interest income, fully taxable equivalent | $ | 40,956 | $ | 39,822 | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 156,906 | $ | 155,683 | ||||||||||||
Average interest earning assets | $ | 5,521,386 | $ | 5,462,410 | $ | 5,459,564 | $ | 5,284,025 | $ | 5,125,874 | $ | 5,432,581 | $ | 4,927,164 | ||||||||||||
Net Interest Margin | 2.94 | % | 2.89 | % | 2.81 | % | 2.91 | % | 2.99 | % | 2.89 | % | 3.16 | % | ||||||||||||
Accretion related to fair value adjustments | (0.03) | % | (0.04) | % | (0.05) | % | (0.04) | % | (0.05) | % | (0.04) | % | (0.08) | % | ||||||||||||
Net Interest Margin (excluding accretion) | 2.91 | % | 2.85 | % | 2.76 | % | 2.87 | % | 2.94 | % | 2.85 | % | 3.08 | % | ||||||||||||
Tangible Equity Ratio (period end) | ||||||||||||||||||||||||||
Equity to assets ("GAAP") | 11.34 | % | 11.37 | % | 11.78 | % | 11.74 | % | 12.18 | % | ||||||||||||||||
Effect of goodwill and other intangibles, net | (1.76) | % | (1.78) | % | (1.8) | % | (1.81) | % | (1.85) | % | ||||||||||||||||
Tangible common equity to tangible assets | 9.58 | % | 9.59 | % | 9.98 | % | 9.93 | % | 10.33 | % | ||||||||||||||||
Return on Tangible Equity | ||||||||||||||||||||||||||
Return on tangible equity ("GAAP") | 16.7 | % | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 15.3 | % | 15.6 | % | ||||||||||||
Impact of sale of VISA shares | — | — | — | — | — | — | (2.4) | % | ||||||||||||||||||
Return on tangible equity, excluding sale of VISA shares | 16.7 | % | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 15.3 | % | 13.2 | % | ||||||||||||
Return on Assets | ||||||||||||||||||||||||||
Return on assets ("GAAP") | 1.56 | % | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.49 | % | 1.66 | % | ||||||||||||
Impact of sale of VISA shares | — | — | — | — | — | — | (0.24) | % | ||||||||||||||||||
Return on assets, excluding sale of VISA shares | 1.56 | % | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.49 | % | 1.41 | % |