Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||
Net Interest Income (FTE) | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 38,278 | $ | 38,287 | $ | 76,128 | $ | 78,892 | ||||||||||||
Net Income available to common shareholders | 22,148 | 19,814 | 22,222 | 20,126 | 18,251 | 41,962 | 47,249 | |||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Earnings per share available to common shareholders: | ||||||||||||||||||||||||||
Basic | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 1.12 | $ | 2.66 | $ | 2.90 | ||||||||||||
Diluted | 1.41 | 1.25 | 1.40 | 1.25 | 1.12 | 2.66 | 2.90 | |||||||||||||||||||
Weighted average number of shares (in thousands): | ||||||||||||||||||||||||||
Basic | 15,573 | 15,656 | 15,708 | 15,950 | 16,081 | 15,614 | 16,123 | |||||||||||||||||||
Diluted | 15,594 | 15,687 | 15,733 | 15,970 | 16,097 | 15,640 | 16,142 | |||||||||||||||||||
Period-end number of shares (in thousands) | 15,527 | 15,724 | 15,768 | 15,848 | 16,077 | 15,527 | 16,077 | |||||||||||||||||||
Cash dividends declared | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 0.57 | $ | 0.57 | $ | 1.16 | $ | 1.14 | ||||||||||||
Book value per share (period-end) | 44.79 | 43.99 | 44.47 | 43.62 | 43.15 | 44.79 | 43.15 | |||||||||||||||||||
Tangible book value per share (period-end) | 37.20 | 36.47 | 36.94 | 36.11 | 35.72 | 37.20 | 35.72 | |||||||||||||||||||
Market data: | ||||||||||||||||||||||||||
High closing price | $ | 83.85 | $ | 87.41 | $ | 70.77 | $ | 67.98 | $ | 71.19 | $ | 87.41 | $ | 82.4 | ||||||||||||
Low closing price | 74.44 | 69.05 | 56.98 | 55.37 | 55.18 | 69.05 | 55.18 | |||||||||||||||||||
Period-end closing price | 75.24 | 81.78 | 69.55 | 57.61 | 65.17 | 75.24 | 65.17 | |||||||||||||||||||
Average daily volume (in thousands) | 61 | 63 | 56 | 67 | 89 | 62 | 79 | |||||||||||||||||||
Treasury share activity: | ||||||||||||||||||||||||||
Treasury shares repurchased (in thousands) | 217 | 75 | 81 | 231 | 79 | 292 | 261 | |||||||||||||||||||
Average treasury share repurchase price | $ | 78.75 | $ | 76.71 | $ | 60.32 | $ | 59.49 | $ | 61.75 | $ | 78.22 | $ | 68.41 | ||||||||||||
Key Ratios (percent) | ||||||||||||||||||||||||||
Return on average assets | 1.49 | % | 1.38 | % | 1.59 | % | 1.46 | % | 1.35 | % | 1.44 | % | 1.81 | % | ||||||||||||
Return on average tangible equity | 15.2 | % | 13.5 | % | 15.3 | % | 13.8 | % | 12.6 | % | 14.3 | % | 16.6 | % | ||||||||||||
Yield on interest earning assets | 3.00 | % | 3.17 | % | 3.32 | % | 3.43 | % | 3.64 | % | 3.08 | % | 3.92 | % | ||||||||||||
Cost of interest bearing liabilities | 0.27 | % | 0.37 | % | 0.47 | % | 0.58 | % | 0.71 | % | 0.32 | % | 0.81 | % | ||||||||||||
Net Interest Margin | 2.81 | % | 2.91 | % | 2.99 | % | 3.02 | % | 3.13 | % | 2.86 | % | 3.33 | % | ||||||||||||
Non-interest income as a percent of total revenue | 31.0 | % | 30.4 | % | 30.7 | % | 30.3 | % | 27.4 | % | 30.9 | % | 37.9 | % | ||||||||||||
Efficiency Ratio | 52.8 | % | 54.3 | % | 51.0 | % | 51.6 | % | 53.3 | % | 53.5 | % | 51.4 | % | ||||||||||||
Price/Earnings Ratio (a) | 13.35 | 16.30 | 12.41 | 11.53 | 14.50 | 14.13 | 11.23 | |||||||||||||||||||
Capital (period-end) | ||||||||||||||||||||||||||
Average Shareholders' Equity to Average Assets | 11.81 | % | 12.30 | % | 12.46 | % | 12.71 | % | 12.91 | % | ||||||||||||||||
Tangible equity to tangible assets | 9.98 | % | 9.93 | % | 10.33 | % | 10.61 | % | 10.62 | % | ||||||||||||||||
Consolidated City Holding Company risk based capital ratios (b): | ||||||||||||||||||||||||||
CET I | 16.40 | % | 16.76 | % | 16.18 | % | 15.93 | % | 16.10 | % | ||||||||||||||||
Tier I | 16.40 | % | 16.76 | % | 16.18 | % | 15.93 | % | 16.10 | % | ||||||||||||||||
Total | 16.88 | % | 17.33 | % | 16.75 | % | 16.50 | % | 16.69 | % | ||||||||||||||||
Leverage | 9.70 | % | 10.06 | % | 10.22 | % | 10.19 | % | 10.45 | % | ||||||||||||||||
City National Bank risk based capital ratios (b): | ||||||||||||||||||||||||||
CET I | 14.82 | % | 14.75 | % | 14.10 | % | 14.46 | % | 14.55 | % | ||||||||||||||||
Tier I | 14.82 | % | 14.75 | % | 14.10 | % | 14.46 | % | 14.55 | % | ||||||||||||||||
Total | 15.30 | % | 15.33 | % | 14.68 | % | 15.04 | % | 15.15 | % | ||||||||||||||||
Leverage | 8.80 | % | 8.91 | % | 8.97 | % | 9.32 | % | 9.29 | % | ||||||||||||||||
Other (period-end) | ||||||||||||||||||||||||||
Branches | 94 | 94 | 94 | 94 | 94 | |||||||||||||||||||||
FTE | 912 | 916 | 926 | 925 | 911 | |||||||||||||||||||||
Assets per FTE (in thousands) | $ | 6,477 | $ | 6,434 | $ | 6,219 | $ | 5,984 | $ | 6,058 | ||||||||||||||||
Deposits per FTE (in thousands) | 5,271 | 5,236 | 5,024 | 4,799 | 4,834 | |||||||||||||||||||||
(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes). | ||||||||||||||||||||||||||
(b) June 30, 2021 risk-based capital ratios are estimated. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 33,114 | $ | 34,324 | $ | 35,685 | $ | 35,761 | $ | 37,718 | $ | 67,438 | $ | 79,053 | ||||||||||||
Interest on investment securities: | ||||||||||||||||||||||||||
Taxable | 5,932 | 5,242 | 5,500 | 6,266 | 5,718 | 11,174 | 11,589 | |||||||||||||||||||
Tax-exempt | 1,291 | 1,253 | 1,254 | 1,132 | 821 | 2,544 | 1,528 | |||||||||||||||||||
Interest on deposits in depository institutions | 162 | 118 | 60 | 72 | 55 | 280 | 360 | |||||||||||||||||||
Total Interest Income | 40,499 | 40,937 | 42,499 | 43,231 | 44,312 | 81,436 | 92,530 | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Interest on deposits | 2,460 | 3,280 | 4,198 | 5,123 | 5,963 | 5,740 | 13,201 | |||||||||||||||||||
Interest on short-term borrowings | 125 | 117 | 120 | 131 | 279 | 242 | 743 | |||||||||||||||||||
Interest on long-term debt | — | — | — | — | — | — | 100 | |||||||||||||||||||
Total Interest Expense | 2,585 | 3,397 | 4,318 | 5,254 | 6,242 | 5,982 | 14,044 | |||||||||||||||||||
Net Interest Income | 37,914 | 37,540 | 38,181 | 37,977 | 38,070 | 75,454 | 78,486 | |||||||||||||||||||
(Recovery of) provision for credit losses | (2,000) | (440) | 474 | 1,026 | 1,250 | (2,440) | 9,222 | |||||||||||||||||||
Net Interest Income After (Recovery of) Provision for Credit Losses | 39,914 | 37,980 | 37,707 | 36,951 | 36,820 | 77,894 | 69,264 | |||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||
Net gains (losses) on sale of investment securities | 29 | 283 | 6 | — | (6) | 312 | 56 | |||||||||||||||||||
Unrealized gains (losses) recognized on equity securities still held | 410 | (51) | 835 | 461 | 242 | 359 | (2,159) | |||||||||||||||||||
Service charges | 5,895 | 5,881 | 6,771 | 6,295 | 4,945 | 11,776 | 12,667 | |||||||||||||||||||
Bankcard revenue | 7,221 | 6,213 | 5,991 | 6,065 | 5,888 | 13,434 | 11,003 | |||||||||||||||||||
Trust and investment management fee income | 2,012 | 2,033 | 2,162 | 1,844 | 1,931 | 4,045 | 3,730 | |||||||||||||||||||
Bank owned life insurance | 940 | 1,460 | 813 | 1,088 | 848 | 2,400 | 2,523 | |||||||||||||||||||
Sale of VISA shares | — | — | — | — | — | — | 17,837 | |||||||||||||||||||
Other income | 941 | 811 | 1,143 | 1,232 | 783 | 1,752 | 2,318 | |||||||||||||||||||
Total Non-Interest Income | 17,448 | 16,630 | 17,721 | 16,985 | 14,631 | 34,078 | 47,975 | |||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||
Salaries and employee benefits | 15,559 | 15,671 | 15,989 | 15,361 | 14,873 | 31,230 | 30,724 | |||||||||||||||||||
Occupancy related expense | 2,525 | 2,622 | 2,447 | 2,428 | 2,402 | 5,147 | 4,890 | |||||||||||||||||||
Equipment and software related expense | 2,655 | 2,544 | 2,660 | 2,607 | 2,504 | 5,199 | 4,933 | |||||||||||||||||||
FDIC insurance expense | 382 | 405 | 363 | 355 | 167 | 787 | 167 | |||||||||||||||||||
Advertising | 824 | 881 | 538 | 462 | 933 | 1,705 | 1,776 |
Bankcard expenses | 1,746 | 1,584 | 1,443 | 1,517 | 1,498 | 3,330 | 2,933 | |||||||||||||||||||
Postage, delivery, and statement mailings | 568 | 592 | 546 | 513 | 592 | 1,160 | 1,208 | |||||||||||||||||||
Office supplies | 371 | 392 | 413 | 396 | 353 | 763 | 747 | |||||||||||||||||||
Legal and professional fees | 589 | 675 | 438 | 548 | 589 | 1,264 | 1,190 | |||||||||||||||||||
Telecommunications | 676 | 690 | 540 | 547 | 531 | 1,366 | 1,042 | |||||||||||||||||||
Repossessed asset losses (gains), net of expenses | 1 | 79 | (68) | 39 | 76 | 80 | 274 | |||||||||||||||||||
Other expenses | 3,678 | 3,674 | 3,332 | 3,939 | 3,950 | 7,352 | 8,052 | |||||||||||||||||||
Total Non-Interest Expense | 29,574 | 29,809 | 28,641 | 28,712 | 28,468 | 59,383 | 57,936 | |||||||||||||||||||
Income Before Income Taxes | 27,788 | 24,801 | 26,787 | 25,224 | 22,983 | 52,589 | 59,303 | |||||||||||||||||||
Income tax expense | 5,640 | 4,987 | 4,565 | 5,098 | 4,732 | 10,627 | 12,054 | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 22,148 | $ | 19,814 | $ | 22,222 | $ | 20,126 | $ | 18,251 | $ | 41,962 | $ | 47,249 | ||||||||||||
Distributed earnings allocated to common shareholders | $ | 8,921 | $ | 9,037 | $ | 9,053 | $ | 8,944 | $ | 9,073 | $ | 17,845 | $ | 18,147 | ||||||||||||
Undistributed earnings allocated to common shareholders | 13,021 | 10,598 | 12,947 | 10,984 | 8,998 | 23,732 | 28,639 | |||||||||||||||||||
Net earnings allocated to common shareholders | $ | 21,942 | $ | 19,635 | $ | 22,000 | $ | 19,928 | $ | 18,071 | $ | 41,577 | $ | 46,786 | ||||||||||||
Average common shares outstanding | 15,573 | 15,656 | 15,708 | 15,950 | 16,081 | 15,614 | 16,123 | |||||||||||||||||||
Shares for diluted earnings per share | 15,594 | 15,687 | 15,733 | 15,970 | 16,097 | 15,640 | 16,142 | |||||||||||||||||||
Basic earnings per common share | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 1.12 | $ | 2.66 | $ | 2.90 | ||||||||||||
Diluted earnings per common share | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 1.12 | $ | 2.66 | $ | 2.90 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 97,523 | $ | 97,709 | $ | 77,412 | $ | 76,451 | $ | 87,658 | |||||||
Interest-bearing deposits in depository institutions | 512,367 | 659,090 | 451,247 | 176,267 | 285,596 | ||||||||||||
Cash and cash equivalents | 609,890 | 756,799 | 528,659 | 252,718 | 373,254 | ||||||||||||
Investment securities available-for-sale, at fair value | 1,340,681 | 1,185,245 | 1,178,789 | 1,157,399 | 1,055,185 | ||||||||||||
Other securities | 24,548 | 27,182 | 27,372 | 26,548 | 26,144 | ||||||||||||
Total investment securities | 1,365,229 | 1,212,427 | 1,206,161 | 1,183,947 | 1,081,329 | ||||||||||||
Gross loans | 3,529,416 | 3,546,723 | 3,622,119 | 3,663,966 | 3,665,596 | ||||||||||||
Allowance for credit losses | (20,016) | (24,076) | (24,549) | (24,867) | (25,199) | ||||||||||||
Net loans | 3,509,400 | 3,522,647 | 3,597,570 | 3,639,099 | 3,640,397 | ||||||||||||
Bank owned life insurance | 119,491 | 118,976 | 118,243 | 117,501 | 116,746 | ||||||||||||
Premises and equipment, net | 76,263 | 76,529 | 76,925 | 77,031 | 77,991 | ||||||||||||
Accrued interest receivable | 15,967 | 16,231 | 15,793 | 16,627 | 14,200 | ||||||||||||
Net deferred tax assets | — | 1,395 | — | — | — | ||||||||||||
Intangible assets | 117,857 | 118,224 | 118,592 | 119,004 | 119,417 | ||||||||||||
Other assets | 89,958 | 71,142 | 96,697 | 105,361 | 105,438 | ||||||||||||
Total Assets | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | $ | 5,511,288 | $ | 5,528,772 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,279,932 | $ | 1,244,175 | $ | 1,176,990 | $ | 1,061,310 | $ | 1,079,469 | |||||||
Interest-bearing: | |||||||||||||||||
Demand deposits | 1,070,004 | 1,077,749 | 1,027,201 | 940,791 | 921,761 | ||||||||||||
Savings deposits | 1,301,219 | 1,265,038 | 1,188,003 | 1,117,684 | 1,067,254 | ||||||||||||
Time deposits | 1,153,391 | 1,209,873 | 1,260,022 | 1,300,291 | 1,342,631 | ||||||||||||
Total deposits | 4,804,546 | 4,796,835 | 4,652,216 | 4,420,076 | 4,411,115 | ||||||||||||
Short-term borrowings | |||||||||||||||||
Customer repurchase agreements | 311,316 | 316,003 | 295,956 | 279,866 | 282,676 | ||||||||||||
Net deferred tax liabilities | 2,310 | — | 3,202 | 1,601 | 2,598 | ||||||||||||
Other liabilities | 90,407 | 89,847 | 106,160 | 118,386 | 138,633 | ||||||||||||
Total Liabilities | 5,208,579 | 5,202,685 | 5,057,534 | 4,819,929 | 4,835,022 | ||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
Capital surplus | 169,674 | 170,526 | 171,304 | 170,526 | 169,881 | ||||||||||||
Retained earnings | 613,553 | 600,396 | 589,988 | 576,901 | 565,804 | ||||||||||||
Cost of common stock in treasury | (157,936) | (142,484) | (139,038) | (134,177) | (120,583) | ||||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Unrealized gain on securities available-for-sale | 28,227 | 21,289 | 36,894 | 36,760 | 37,299 | ||||||||||||
Underfunded pension liability | (5,661) | (5,661) | (5,661) | (6,270) | (6,270) | ||||||||||||
Total Accumulated Other Comprehensive Income | 22,566 | 15,628 | 31,233 | 30,490 | 31,029 | ||||||||||||
Total Stockholders' Equity | 695,476 | 691,685 | 701,106 | 691,359 | 693,750 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | $ | 5,511,288 | $ | 5,528,772 | |||||||
Regulatory Capital | |||||||||||||||||
Total CET 1 capital | $ | 561,317 | $ | 563,523 | $ | 557,641 | $ | 548,269 | $ | 548,972 | |||||||
Total tier 1 capital | 561,317 | 563,523 | 557,641 | 548,269 | 548,972 | ||||||||||||
Total risk-based capital | 577,543 | 582,816 | 577,292 | 568,153 | 569,213 | ||||||||||||
Total risk-weighted assets | 3,421,764 | 3,362,595 | 3,446,774 | 3,442,629 | 3,410,589 |
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||||
Commercial and industrial | $ | 358,583 | $ | 371,195 | $ | 372,989 | $ | 383,980 | $ | 369,122 | |||||||
1-4 Family | 108,079 | 108,131 | 109,812 | 114,071 | 123,814 | ||||||||||||
Hotels | 290,119 | 293,176 | 294,464 | 295,989 | 295,179 | ||||||||||||
Multi-family | 212,715 | 212,561 | 215,671 | 214,394 | 204,580 | ||||||||||||
Non Residential Non-Owner Occupied | 653,264 | 649,683 | 641,351 | 628,814 | 628,628 | ||||||||||||
Non Residential Owner Occupied | 209,100 | 199,130 | 213,484 | 211,433 | 215,472 | ||||||||||||
Commercial real estate (1) | 1,473,277 | 1,462,681 | 1,474,782 | 1,464,701 | 1,467,673 | ||||||||||||
Residential real estate (2) | 1,521,102 | 1,532,907 | 1,587,694 | 1,621,265 | 1,631,151 | ||||||||||||
Home equity | 127,608 | 130,009 | 136,469 | 140,135 | 142,672 | ||||||||||||
Consumer | 45,184 | 47,224 | 47,688 | 50,541 | 52,278 | ||||||||||||
DDA Overdrafts | 3,662 | 2,707 | 2,497 | 3,344 | 2,700 | ||||||||||||
Gross Loans | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | $ | 3,663,966 | $ | 3,665,596 | |||||||
Construction loans included in: | |||||||||||||||||
(1) - Commercial real estate loans | $ | 43,904 | $ | 39,101 | $ | 40,449 | $ | 42,449 | $ | 42,092 | |||||||
(2) - Residential real estate loans | 20,838 | 22,129 | 27,078 | 28,947 | 28,252 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 24,076 | $ | 24,549 | $ | 24,867 | $ | 25,199 | $ | 24,393 | $ | 24,549 | $ | 11,589 | ||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Commercial and industrial | (211) | (34) | (9) | (757) | — | (245) | (77) | |||||||||||||||||||
Commercial real estate | (1,718) | (1) | (616) | (75) | (39) | (1,719) | (422) | |||||||||||||||||||
Residential real estate | (86) | (93) | (139) | (252) | (376) | (179) | (859) | |||||||||||||||||||
Home equity | (8) | (64) | (88) | (126) | (161) | (72) | (206) | |||||||||||||||||||
Consumer | (79) | (147) | (27) | (74) | (36) | (226) | (91) | |||||||||||||||||||
DDA overdrafts | (430) | (453) | (629) | (554) | (459) | (883) | (1,162) | |||||||||||||||||||
Total charge-offs | (2,532) | (792) | (1,508) | (1,838) | (1,071) | (3,324) | (2,817) | |||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||
Commercial and industrial | 25 | 46 | 74 | 3 | 5 | 71 | 14 | |||||||||||||||||||
Commercial real estate | 15 | 164 | 150 | 44 | 128 | 179 | 331 | |||||||||||||||||||
Residential real estate | 17 | 74 | 57 | 24 | 8 | 91 | 103 | |||||||||||||||||||
Home equity | 3 | 23 | 47 | 33 | 9 | 26 | 56 | |||||||||||||||||||
Consumer | 104 | 39 | 55 | 42 | 128 | 143 | 141 | |||||||||||||||||||
DDA overdrafts | 308 | 413 | 333 | 334 | 349 | 721 | 800 | |||||||||||||||||||
Total recoveries | 472 | 759 | 716 | 480 | 627 | 1,231 | 1,445 | |||||||||||||||||||
Net charge-offs | (2,060) | (33) | (792) | (1,358) | (444) | (2,093) | (1,372) | |||||||||||||||||||
(Recovery of) provision for credit losses | (2,000) | (440) | 474 | 1,026 | 1,250 | (2,440) | 9,222 | |||||||||||||||||||
Impact of adopting ASC 326 | — | — | — | — | — | — | 5,760 | |||||||||||||||||||
Balance at end of period | $ | 20,016 | $ | 24,076 | $ | 24,549 | $ | 24,867 | $ | 25,199 | $ | 20,016 | $ | 25,199 | ||||||||||||
Loans outstanding | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | $ | 3,663,966 | $ | 3,665,596 | ||||||||||||||||
Allowance as a percent of loans outstanding | 0.57 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.69 | % | ||||||||||||||||
Allowance as a percent of non-performing loans | 199.3 | % | 194.5 | % | 200.7 | % | 182.7 | % | 185.1 | % | ||||||||||||||||
Average loans outstanding | $ | 3,541,165 | $ | 3,585,790 | $ | 3,635,673 | $ | 3,661,569 | $ | 3,660,174 | $ | 3,563,356 | $ | 3,634,522 | ||||||||||||
Net charge-offs (annualized) as a percent of average loans outstanding | 0.23 | % | — | % | 0.09 | % | 0.15 | % | 0.05 | % | 0.12 | % | 0.08 | % |
June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | |||||||||||||
Nonaccrual Loans | |||||||||||||||||
Residential real estate | $ | 2,482 | $ | 3,004 | $ | 2,968 | $ | 3,983 | $ | 3,477 | |||||||
Home equity | 81 | 88 | 95 | 74 | 265 | ||||||||||||
Commercial and industrial | 820 | 1,200 | 768 | 728 | 1,087 | ||||||||||||
Commercial real estate | 6,383 | 7,792 | 8,401 | 8,479 | 8,715 | ||||||||||||
Consumer | — | — | — | — | — | ||||||||||||
Total nonaccrual loans | 9,766 | 12,084 | 12,232 | 13,264 | 13,544 | ||||||||||||
Accruing loans past due 90 days or more | 278 | 295 | — | 345 | 68 | ||||||||||||
Total non-performing loans | 10,044 | 12,379 | 12,232 | 13,609 | 13,612 | ||||||||||||
Other real estate owned | 1,309 | 1,625 | 1,650 | 2,080 | 3,997 | ||||||||||||
Total non-performing assets | $ | 11,353 | $ | 14,004 | $ | 13,882 | $ | 15,689 | $ | 17,609 | |||||||
Non-performing assets as a percent of loans and other real estate owned | 0.32 | % | 0.39 | % | 0.38 | % | 0.43 | % | 0.48 | % | |||||||
Past Due Loans | |||||||||||||||||
Residential real estate | $ | 5,453 | $ | 4,092 | $ | 5,993 | $ | 5,153 | $ | 5,261 | |||||||
Home equity | 523 | 449 | 575 | 474 | 393 | ||||||||||||
Commercial and industrial | 721 | 1,358 | 1,241 | 691 | 160 | ||||||||||||
Commercial real estate | 498 | 508 | 625 | 602 | 917 | ||||||||||||
Consumer | 12 | 10 | 113 | 121 | 67 | ||||||||||||
DDA overdrafts | 417 | 212 | 341 | 379 | 273 | ||||||||||||
Total past due loans | $ | 7,624 | $ | 6,629 | $ | 8,888 | $ | 7,420 | $ | 7,071 | |||||||
Total past due loans as a percent of loans outstanding | 0.22 | % | 0.19 | % | 0.25 | % | 0.20 | % | 0.19 | % | |||||||
Troubled Debt Restructurings ("TDRs") | |||||||||||||||||
Residential real estate | $ | 17,788 | $ | 18,572 | $ | 19,226 | $ | 20,398 | $ | 20,631 | |||||||
Home equity | 1,920 | 1,956 | 2,001 | 2,100 | 2,138 | ||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||
Commercial real estate | 3,076 | 4,615 | 4,638 | 4,894 | 4,915 | ||||||||||||
Consumer | 203 | 211 | 277 | 260 | 185 | ||||||||||||
Total TDRs | $ | 22,987 | $ | 25,354 | $ | 26,142 | $ | 27,652 | $ | 27,869 |
Three Months Ended | |||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | June 30, 2020 | |||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Loan portfolio (1): | |||||||||||||||||||||||||||||
Residential real estate (2) | $ | 1,652,165 | $ | 16,135 | 3.92 | % | $ | 1,696,064 | $ | 16,853 | 4.03 | % | $ | 1,785,631 | $ | 19,048 | 4.29 | % | |||||||||||
Commercial, financial, and agriculture (2) | 1,839,478 | 16,158 | 3.52 | % | 1,838,928 | 16,542 | 3.65 | % | 1,818,344 | 17,665 | 3.91 | % | |||||||||||||||||
Installment loans to individuals (2), (3) | 49,522 | 713 | 5.77 | % | 50,798 | 713 | 5.69 | % | 56,199 | 852 | 6.10 | % | |||||||||||||||||
Previously securitized loans (4) | *** | 109 | *** | *** | 215 | *** | *** | 152 | *** | ||||||||||||||||||||
Total loans | 3,541,165 | 33,115 | 3.75 | % | 3,585,790 | 34,323 | 3.88 | % | 3,660,174 | 37,717 | 4.14 | % | |||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 1,046,008 | 5,932 | 2.27 | % | 945,177 | 5,242 | 2.25 | % | 896,997 | 5,718 | 2.56 | % | |||||||||||||||||
Tax-exempt (5) | 244,233 | 1,633 | 2.68 | % | 239,589 | 1,585 | 2.68 | % | 120,751 | 1,039 | 3.46 | % | |||||||||||||||||
Total securities | 1,290,241 | 7,565 | 2.35 | % | 1,184,766 | 6,827 | 2.34 | % | 1,017,748 | 6,757 | 2.67 | % | |||||||||||||||||
Deposits in depository institutions | 628,158 | 162 | 0.10 | % | 513,469 | 118 | 0.09 | % | 236,320 | 55 | 0.09 | % | |||||||||||||||||
Total interest-earning assets | 5,459,564 | 40,842 | 3.00 | % | 5,284,025 | 41,268 | 3.17 | % | 4,914,242 | 44,529 | 3.64 | % | |||||||||||||||||
Cash and due from banks | 92,243 | 79,683 | 79,501 | ||||||||||||||||||||||||||
Premises and equipment, net | 76,660 | 76,837 | 78,717 | ||||||||||||||||||||||||||
Goodwill and intangible assets | 118,088 | 118,453 | 119,681 | ||||||||||||||||||||||||||
Other assets | 206,709 | 217,453 | 230,423 | ||||||||||||||||||||||||||
Less: Allowance for credit losses | (23,701) | (24,909) | (24,700) | ||||||||||||||||||||||||||
Total assets | $ | 5,929,563 | $ | 5,751,542 | $ | 5,397,864 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,069,896 | $ | 122 | 0.05 | % | $ | 1,008,283 | $ | 124 | 0.05 | % | $ | 893,832 | $ | 178 | 0.08 | % | |||||||||||
Savings deposits | 1,287,966 | 163 | 0.05 | % | 1,221,169 | 183 | 0.06 | % | 1,037,387 | 363 | 0.14 | % | |||||||||||||||||
Time deposits (2) | 1,181,953 | 2,175 | 0.74 | % | 1,236,197 | 2,973 | 0.98 | % | 1,353,619 | 5,422 | 1.61 | % | |||||||||||||||||
Short-term borrowings | 305,134 | 125 | 0.16 | % | 290,766 | 117 | 0.16 | % | 256,790 | 279 | 0.44 | % | |||||||||||||||||
Long-term debt | — | — | — | % | — | — | — | % | — | — | — | % | |||||||||||||||||
Total interest-bearing liabilities | 3,844,949 | 2,585 | 0.27 | % | 3,756,415 | 3,397 | 0.37 | % | 3,541,628 | 6,242 | 0.71 | % | |||||||||||||||||
Noninterest-bearing demand deposits | 1,311,340 | 1,197,910 | 1,044,009 | ||||||||||||||||||||||||||
Other liabilities | 72,940 | 89,695 | 115,110 | ||||||||||||||||||||||||||
Stockholders' equity | 700,334 | 707,522 | 697,117 | ||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||
stockholders' equity | $ | 5,929,563 | $ | 5,751,542 | $ | 5,397,864 | |||||||||||||||||||||||
Net interest income | $ | 38,257 | $ | 37,871 | $ | 38,287 | |||||||||||||||||||||||
Net yield on earning assets | 2.81 | % | 2.91 | % | 3.13 | % | |||||||||||||||||||||||
(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 | $ | 488 | $ | 835 | $ | 609 | |||||||||||||||||||||||
(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 | $ | 211 | $ | 106 | $ | 194 | |||||||||||||||||||||||
Commercial, financial, and agriculture | 365 | 325 | 651 | ||||||||||||||||||||||||||
Installment loans to individuals | 23 | 28 | 37 | ||||||||||||||||||||||||||
Time deposits | 48 | 48 | 155 | ||||||||||||||||||||||||||
$ | 647 | $ | 507 | $ | 1,037 | ||||||||||||||||||||||||
(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%. |
Six Months Ended | ||||||||||||||||||||
June 30, 2021 | June 30, 2020 | |||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
Assets: | ||||||||||||||||||||
Loan portfolio (1): | ||||||||||||||||||||
Residential real estate (2) | $ | 1,675,222 | $ | 32,987 | 3.97 | % | $ | 1,785,795 | $ | 38,930 | 4.38 | % | ||||||||
Commercial, financial, and agriculture (2) | 1,837,947 | 32,701 | 3.59 | % | 1,791,510 | 38,141 | 4.28 | % | ||||||||||||
Installment loans to individuals (2), (3) | 50,187 | 1,426 | 5.73 | % | 57,217 | 1,715 | 6.03 | % | ||||||||||||
Previously securitized loans (4) | *** | 324 | *** | *** | 267 | *** | ||||||||||||||
Total loans | 3,563,356 | 67,438 | 3.82 | % | 3,634,522 | 79,053 | 4.37 | % | ||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 995,871 | 11,174 | 2.26 | % | 853,882 | 11,589 | 2.73 | % | ||||||||||||
Tax-exempt (5) | 241,924 | 3,220 | 2.68 | % | 107,671 | 1,934 | 3.61 | % | ||||||||||||
Total securities | 1,237,795 | 14,394 | 2.35 | % | 961,553 | 13,523 | 2.83 | % | ||||||||||||
Deposits in depository institutions | 571,130 | 280 | 0.10 | % | 169,626 | 360 | 0.43 | % | ||||||||||||
Total interest-earning assets | 5,372,281 | 82,112 | 3.08 | % | 4,765,701 | 92,936 | 3.92 | % | ||||||||||||
Cash and due from banks | 85,998 | 75,132 | ||||||||||||||||||
Premises and equipment, net | 76,748 | 78,042 | ||||||||||||||||||
Goodwill and intangible assets | 118,270 | 119,886 | ||||||||||||||||||
Other assets | 212,051 | 213,147 | ||||||||||||||||||
Less: Allowance for loan losses | (24,302) | (20,303) | ||||||||||||||||||
Total assets | $ | 5,841,046 | $ | 5,231,605 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,039,260 | $ | 246 | 0.05 | % | $ | 881,904 | $ | 647 | 0.15 | % | ||||||||
Savings deposits | 1,254,752 | 346 | 0.06 | % | 1,021,608 | 1,063 | 0.21 | % | ||||||||||||
Time deposits (2) | 1,208,925 | 5,149 | 0.86 | % | 1,359,442 | 11,491 | 1.70 | % | ||||||||||||
Short-term borrowings | 297,990 | 243 | 0.16 | % | 232,900 | 743 | 0.64 | % | ||||||||||||
Long-term debt | — | — | — | % | 1,670 | 100 | 12.04 | % | ||||||||||||
Total interest-bearing liabilities | 3,800,927 | 5,984 | 0.32 | % | 3,497,524 | 14,044 | 0.81 | % | ||||||||||||
Noninterest-bearing demand deposits | 1,254,938 | 948,196 | ||||||||||||||||||
Other liabilities | 81,273 | 95,516 | ||||||||||||||||||
Stockholders' equity | 703,908 | 690,369 | ||||||||||||||||||
Total liabilities and | ||||||||||||||||||||
stockholders' equity | $ | 5,841,046 | $ | 5,231,605 | ||||||||||||||||
Net interest income | $ | 76,128 | $ | 78,892 | ||||||||||||||||
Net yield on earning assets | 2.86 | % | 3.33 | % | ||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of loan fees have been included in interest income: | ||||||||||||||||||||
Loan fees | $ | 1,323 | $ | 725 | ||||||||||||||||
(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 | $ | 317 | $ | 345 | ||||||||||||||||
Commercial, financial, and agriculture | 690 | 1,891 | ||||||||||||||||||
Installment loans to individuals | 51 | 76 | ||||||||||||||||||
Time deposits | 97 | 311 | ||||||||||||||||||
$ | 1,155 | $ | 2,623 | |||||||||||||||||
(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 | Six Months Ended | |||||||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||
2021 | 2021 | 2020 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Interest Income/Margin | ||||||||||||||||||||||||||
Net interest income ("GAAP") | $ | 37,914 | $ | 37,540 | $ | 38,181 | $ | 37,977 | $ | 38,070 | $ | 75,454 | $ | 78,486 | ||||||||||||
Taxable equivalent adjustment | 343 | 331 | 333 | 301 | 217 | 674 | 406 | |||||||||||||||||||
Net interest income, fully taxable equivalent | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 38,278 | $ | 38,287 | $ | 76,128 | $ | 78,892 | ||||||||||||
Average interest earning assets | $ | 5,459,564 | $ | 5,284,025 | $ | 5,125,874 | $ | 5,047,868 | $ | 4,914,242 | $ | 5,372,281 | $ | 4,765,701 | ||||||||||||
Net Interest Margin | 2.81 | % | 2.91 | % | 2.99 | % | 3.02 | % | 3.13 | % | 2.86 | % | 3.33 | % | ||||||||||||
Accretion related to fair value adjustments | (0.05) | % | (0.04) | % | (0.05) | % | (0.05) | % | (0.08) | % | (0.04) | % | (0.11) | % | ||||||||||||
Net Interest Margin (excluding accretion) | 2.76 | % | 2.87 | % | 2.94 | % | 2.97 | % | 3.05 | % | 2.81 | % | 3.22 | % | ||||||||||||
Tangible Equity Ratio (period end) | ||||||||||||||||||||||||||
Equity to assets ("GAAP") | 11.78 | % | 11.74 | % | 12.18 | % | 12.54 | % | 12.55 | % | ||||||||||||||||
Effect of goodwill and other intangibles, net | (1.80) | % | (1.81) | % | (1.85) | % | (1.93) | % | (1.93) | % | ||||||||||||||||
Tangible common equity to tangible assets | 9.98 | % | 9.93 | % | 10.33 | % | 10.61 | % | 10.62 | % | ||||||||||||||||
Return on Tangible Equity | ||||||||||||||||||||||||||
Return on tangible equity ("GAAP") | 15.2 | % | 13.5 | % | 15.3 | % | 13.8 | % | 12.6 | % | 14.3 | % | 16.6 | % | ||||||||||||
Impact of sale of VISA shares | — | % | — | % | — | % | — | % | — | % | — | % | (4.8) | % | ||||||||||||
Return on tangible equity, excluding sale of VISA shares | 15.2 | % | 13.5 | % | 15.3 | % | 13.8 | % | 12.6 | % | 14.3 | % | 11.8 | % | ||||||||||||
Return on Assets | ||||||||||||||||||||||||||
Return on assets ("GAAP") | 1.49 | % | 1.38 | % | 1.59 | % | 1.46 | % | 1.35 | % | 1.44 | % | 1.81 | % | ||||||||||||
Impact of sale of VISA shares | — | % | — | % | — | % | — | % | — | % | 0.01 | % | (0.52) | % | ||||||||||||
Return on assets, excluding merger sale of VISA shares | 1.49 | % | 1.38 | % | 1.59 | % | 1.46 | % | 1.35 | % | 1.44 | % | 1.29 | % |