Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Earnings | |||||||||||||||||
Net Interest Income (FTE) | $ | 37,871 | $ | 38,514 | $ | 38,278 | $ | 38,287 | $ | 40,603 | |||||||
Net Income available to common shareholders | 19,814 | 22,222 | 20,126 | 18,251 | 29,000 | ||||||||||||
Per Share Data | |||||||||||||||||
Earnings per share available to common shareholders: | |||||||||||||||||
Basic | $ | 1.25 | $ | 1.4 | $ | 1.25 | $ | 1.12 | $ | 1.79 | |||||||
Diluted | 1.25 | 1.4 | 1.25 | 1.12 | 1.78 | ||||||||||||
Weighted average number of shares (in thousands): | |||||||||||||||||
Basic | 15,656 | 15,708 | 15,950 | 16,081 | 16,080 | ||||||||||||
Diluted | 15,687 | 15,733 | 15,970 | 16,097 | 16,101 | ||||||||||||
Period-end number of shares (in thousands) | 15,724 | 15,768 | 15,848 | 16,077 | 16,140 | ||||||||||||
Cash dividends declared | $ | 0.58 | $ | 0.58 | $ | 0.57 | $ | 0.57 | $ | 0.57 | |||||||
Book value per share (period-end) | 43.99 | 44.47 | 43.62 | 43.15 | 42.45 | ||||||||||||
Tangible book value per share (period-end) | 36.47 | 36.94 | 36.11 | 35.72 | 35.03 | ||||||||||||
Market data: | |||||||||||||||||
High closing price | $ | 87.41 | $ | 70.77 | $ | 67.98 | $ | 71.19 | $ | 82.40 | |||||||
Low closing price | 69.05 | 56.98 | 55.37 | 55.18 | 57.11 | ||||||||||||
Period-end closing price | 81.78 | 69.55 | 57.61 | 65.17 | 66.53 | ||||||||||||
Average daily volume (in thousands) | 63 | 56 | 67 | 89 | 69 | ||||||||||||
Treasury share activity: | |||||||||||||||||
Treasury shares repurchased (in thousands) | 75 | 81 | 231 | 79 | 182 | ||||||||||||
Average treasury share repurchase price | $ | 76.71 | $ | 60.32 | $ | 59.49 | $ | 61.75 | $ | 71.31 | |||||||
Key Ratios (percent) | |||||||||||||||||
Return on average assets | 1.38 | % | 1.59 | % | 1.46 | % | 1.35 | % | 2.29 | % | |||||||
Return on average tangible equity | 13.5 | % | 15.3 | % | 13.8 | % | 12.6 | % | 20.6 | % | |||||||
Yield on interest earning assets | 3.17 | % | 3.32 | % | 3.43 | % | 3.64 | % | 4.22 | % | |||||||
Cost of interest bearing liabilities | 0.37 | % | 0.47 | % | 0.58 | % | 0.71 | % | 0.91 | % | |||||||
Net Interest Margin | 2.91 | % | 2.99 | % | 3.02 | % | 3.13 | % | 3.54 | % | |||||||
Non-interest income as a percent of total revenue | 30.4 | % | 30.7 | % | 30.3 | % | 27.4 | % | 30.6 | % | |||||||
Efficiency Ratio | 54.3 | % | 51.0 | % | 51.6 | % | 53.3 | % | 49.7 | % | |||||||
Price/Earnings Ratio (a) | 16.30 | 12.41 | 11.53 | 14.50 | 17.63 | ||||||||||||
Capital (period-end) | |||||||||||||||||
Average Shareholders' Equity to Average Assets | 12.30 | % | 12.46 | % | 12.71 | % | 12.91 | % | 13.50 | % | |||||||
Tangible equity to tangible assets | 9.93 | % | 10.33 | % | 10.61 | % | 10.62 | % | 11.38 | % | |||||||
Consolidated City Holding Company risk based capital ratios (b): | |||||||||||||||||
CET I | 16.76 | % | 16.18 | % | 15.93 | % | 16.10 | % | 16.02 | % | |||||||
Tier I | 16.76 | % | 16.18 | % | 15.93 | % | 16.10 | % | 16.02 | % | |||||||
Total | 17.33 | % | 16.75 | % | 16.50 | % | 16.69 | % | 16.46 | % | |||||||
Leverage | 10.06 | % | 10.22 | % | 10.19 | % | 10.45 | % | 11.10 | % | |||||||
City National Bank risk based capital ratios (b): | |||||||||||||||||
CET I | 14.75 | % | 14.10 | % | 14.46 | % | 14.55 | % | 14.32 | % | |||||||
Tier I | 14.75 | % | 14.10 | % | 14.46 | % | 14.55 | % | 14.32 | % | |||||||
Total | 15.33 | % | 14.68 | % | 15.04 | % | 15.15 | % | 14.82 | % | |||||||
Leverage | 8.91 | % | 8.97 | % | 9.32 | % | 9.29 | % | 9.98 | % | |||||||
Other (period-end) | |||||||||||||||||
Branches | 94 | 94 | 94 | 94 | 95 | ||||||||||||
FTE | 916 | 926 | 925 | 911 | 922 | ||||||||||||
Assets per FTE (in thousands) | $ | 6,434 | $ | 6,219 | $ | 5,984 | $ | 6,058 | $ | 5,525 | |||||||
Deposits per FTE (in thousands) | 5,236 | 5,024 | 4,799 | 4,834 | 4,400 | ||||||||||||
(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes). | |||||||||||||||||
(b) March 31, 2021 risk-based capital ratios are estimated. |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Interest Income | |||||||||||||||||
Interest and fees on loans | $ | 34,324 | $ | 35,685 | $ | 35,761 | $ | 37,718 | $ | 41,335 | |||||||
Interest on investment securities: | |||||||||||||||||
Taxable | 5,242 | 5,500 | 6,266 | 5,718 | 5,871 | ||||||||||||
Tax-exempt | 1,253 | 1,254 | 1,132 | 821 | 707 | ||||||||||||
Interest on deposits in depository institutions | 118 | 60 | 72 | 55 | 304 | ||||||||||||
Total Interest Income | 40,937 | 42,499 | 43,231 | 44,312 | 48,217 | ||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | 3,280 | 4,198 | 5,123 | 5,963 | 7,238 | ||||||||||||
Interest on short-term borrowings | 117 | 120 | 131 | 279 | 464 | ||||||||||||
Interest on long-term debt | — | — | — | — | 100 | ||||||||||||
Total Interest Expense | 3,397 | 4,318 | 5,254 | 6,242 | 7,802 | ||||||||||||
Net Interest Income | 37,540 | 38,181 | 37,977 | 38,070 | 40,415 | ||||||||||||
(Recovery of) provision for credit losses | (440) | 474 | 1,026 | 1,250 | 7,972 | ||||||||||||
Net Interest Income After (Recovery of) Provision for Credit Losses | 37,980 | 37,707 | 36,951 | 36,820 | 32,443 | ||||||||||||
Non-Interest Income | |||||||||||||||||
Net gains (losses) on sale of investment securities | 283 | 6 | — | (6) | 63 | ||||||||||||
Unrealized (losses) gains recognized on equity securities still held | (51) | 835 | 461 | 242 | (2,402) | ||||||||||||
Service charges | 5,881 | 6,771 | 6,295 | 4,945 | 7,723 | ||||||||||||
Bankcard revenue | 6,213 | 5,991 | 6,065 | 5,888 | 5,115 | ||||||||||||
Trust and investment management fee income | 2,033 | 2,162 | 1,844 | 1,931 | 1,799 | ||||||||||||
Bank owned life insurance | 1,460 | 813 | 1,088 | 848 | 1,676 | ||||||||||||
Sale of VISA shares | — | — | — | — | 17,837 | ||||||||||||
Other income | 811 | 1,143 | 1,232 | 783 | 1,536 | ||||||||||||
Total Non-Interest Income | 16,630 | 17,721 | 16,985 | 14,631 | 33,347 | ||||||||||||
Non-Interest Expense | |||||||||||||||||
Salaries and employee benefits | 15,671 | 15,989 | 15,361 | 14,873 | 15,851 | ||||||||||||
Occupancy related expense | 2,622 | 2,447 | 2,428 | 2,402 | 2,488 | ||||||||||||
Equipment and software related expense | 2,544 | 2,660 | 2,607 | 2,504 | 2,429 | ||||||||||||
FDIC insurance expense | 405 | 363 | 355 | 167 | — | ||||||||||||
Advertising | 881 | 538 | 462 | 933 | 843 | ||||||||||||
Bankcard expenses | 1,584 | 1,443 | 1,517 | 1,498 | 1,435 | ||||||||||||
Postage, delivery, and statement mailings | 592 | 546 | 513 | 592 | 616 | ||||||||||||
Office supplies | 392 | 413 | 396 | 353 | 394 | ||||||||||||
Legal and professional fees | 675 | 438 | 548 | 589 | 601 |
Telecommunications | 690 | 540 | 547 | 531 | 511 | ||||||||||||
Repossessed asset losses (gains), net of expenses | 79 | (68) | 39 | 76 | 198 | ||||||||||||
Other expenses | 3,674 | 3,332 | 3,939 | 3,950 | 4,102 | ||||||||||||
Total Non-Interest Expense | 29,809 | 28,641 | 28,712 | 28,468 | 29,468 | ||||||||||||
Income Before Income Taxes | 24,801 | 26,787 | 25,224 | 22,983 | 36,322 | ||||||||||||
Income tax expense | 4,987 | 4,565 | 5,098 | 4,732 | 7,322 | ||||||||||||
Net Income Available to Common Shareholders | $ | 19,814 | $ | 22,222 | $ | 20,126 | $ | 18,251 | $ | 29,000 | |||||||
Distributed earnings allocated to common shareholders | $ | 9,037 | $ | 9,053 | $ | 8,944 | $ | 9,073 | $ | 9,117 | |||||||
Undistributed earnings allocated to common shareholders | 10,598 | 12,947 | 10,984 | 8,998 | 19,620 | ||||||||||||
Net earnings allocated to common shareholders | $ | 19,635 | $ | 22,000 | $ | 19,928 | $ | 18,071 | $ | 28,737 | |||||||
Average common shares outstanding | 15,656 | 15,708 | 15,950 | 16,081 | 16,080 | ||||||||||||
Shares for diluted earnings per share | 15,687 | 15,733 | 15,970 | 16,097 | 16,101 | ||||||||||||
Basic earnings per common share | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 1.12 | $ | 1.79 | |||||||
Diluted earnings per common share | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 1.12 | $ | 1.78 | |||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 97,709 | $ | 77,412 | $ | 76,451 | $ | 87,658 | $ | 92,365 | |||||||
Interest-bearing deposits in depository institutions | 659,090 | 451,247 | 176,267 | 285,596 | 18,271 | ||||||||||||
Cash and cash equivalents | 756,799 | 528,659 | 252,718 | 373,254 | 110,636 | ||||||||||||
Investment securities available-for-sale, at fair value | 1,185,245 | 1,178,789 | 1,157,399 | 1,055,185 | 934,113 | ||||||||||||
Other securities | 27,182 | 27,372 | 26,548 | 26,144 | 26,827 | ||||||||||||
Total investment securities | 1,212,427 | 1,206,161 | 1,183,947 | 1,081,329 | 960,940 | ||||||||||||
Gross loans | 3,546,723 | 3,622,119 | 3,663,966 | 3,665,596 | 3,613,050 | ||||||||||||
Allowance for credit losses | (24,076) | (24,549) | (24,867) | (25,199) | (24,393) | ||||||||||||
Net loans | 3,522,647 | 3,597,570 | 3,639,099 | 3,640,397 | 3,588,657 | ||||||||||||
Bank owned life insurance | 118,976 | 118,243 | 117,501 | 116,746 | 116,000 | ||||||||||||
Premises and equipment, net | 76,529 | 76,925 | 77,031 | 77,991 | 78,948 | ||||||||||||
Accrued interest receivable | 16,231 | 15,793 | 16,627 | 14,200 | 12,570 | ||||||||||||
Net deferred tax assets | 1,395 | — | — | — | 2,159 | ||||||||||||
Intangible assets | 118,224 | 118,592 | 119,004 | 119,417 | 119,829 | ||||||||||||
Other assets | 71,142 | 96,697 | 105,361 | 105,438 | 98,710 | ||||||||||||
Total Assets | $ | 5,894,370 | $ | 5,758,640 | $ | 5,511,288 | $ | 5,528,772 | $ | 5,088,449 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,244,175 | $ | 1,176,990 | $ | 1,061,310 | $ | 1,079,469 | $ | 857,501 | |||||||
Interest-bearing: | |||||||||||||||||
Demand deposits | 1,077,749 | 1,027,201 | 940,791 | 921,761 | 837,966 | ||||||||||||
Savings deposits | 1,265,038 | 1,188,003 | 1,117,684 | 1,067,254 | 989,609 | ||||||||||||
Time deposits | 1,209,873 | 1,260,022 | 1,300,291 | 1,342,631 | 1,366,977 | ||||||||||||
Total deposits | 4,796,835 | 4,652,216 | 4,420,076 | 4,411,115 | 4,052,053 | ||||||||||||
Short-term borrowings | |||||||||||||||||
Federal Funds purchased | — | — | — | — | 9,900 | ||||||||||||
Customer repurchase agreements | 316,003 | 295,956 | 279,866 | 282,676 | 224,247 | ||||||||||||
Net deferred tax liabilities | — | 3,202 | 1,601 | 2,598 | — | ||||||||||||
Other liabilities | 89,847 | 106,160 | 118,386 | 138,633 | 117,021 | ||||||||||||
Total Liabilities | 5,202,685 | 5,057,534 | 4,819,929 | 4,835,022 | 4,403,221 | ||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
Capital surplus | 170,526 | 171,304 | 170,526 | 169,881 | 170,096 | ||||||||||||
Retained earnings | 600,396 | 589,988 | 576,901 | 565,804 | 556,718 | ||||||||||||
Cost of common stock in treasury | (142,484) | (139,038) | (134,177) | (120,583) | (116,665) | ||||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Unrealized gain on securities available-for-sale | 21,289 | 36,894 | 36,760 | 37,299 | 33,730 | ||||||||||||
Underfunded pension liability | (5,661) | (5,661) | (6,270) | (6,270) | (6,270) | ||||||||||||
Total Accumulated Other Comprehensive Income | 15,628 | 31,233 | 30,490 | 31,029 | 27,460 | ||||||||||||
Total Stockholders' Equity | 691,685 | 701,106 | 691,359 | 693,750 | 685,228 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,894,370 | $ | 5,758,640 | $ | 5,511,288 | $ | 5,528,772 | $ | 5,088,449 | |||||||
Regulatory Capital | |||||||||||||||||
Total CET 1 capital | $ | 563,523 | $ | 557,641 | $ | 548,269 | $ | 548,972 | $ | 547,040 | |||||||
Total tier 1 capital | 563,523 | 557,641 | 548,269 | 548,972 | 547,040 | ||||||||||||
Total risk-based capital | 582,816 | 577,292 | 568,153 | 569,213 | 561,944 | ||||||||||||
Total risk-weighted assets | 3,362,595 | 3,446,774 | 3,442,629 | 3,410,589 | 3,412,591 |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Commercial and industrial | $ | 371,195 | $ | 372,989 | $ | 383,980 | $ | 369,122 | $ | 308,567 | |||||||
1-4 Family | 108,131 | 109,812 | 114,071 | 123,814 | 120,852 | ||||||||||||
Hotels | 293,176 | 294,464 | 295,989 | 295,179 | 294,072 | ||||||||||||
Multi-family | 212,561 | 215,671 | 214,394 | 204,580 | 205,684 | ||||||||||||
Non Residential Non-Owner Occupied | 649,683 | 641,351 | 628,814 | 628,628 | 627,852 | ||||||||||||
Non Residential Owner Occupied | 199,130 | 213,484 | 211,433 | 215,472 | 222,489 | ||||||||||||
Commercial real estate (1) | 1,462,681 | 1,474,782 | 1,464,701 | 1,467,673 | 1,470,949 | ||||||||||||
Residential real estate (2) | 1,532,907 | 1,587,694 | 1,621,265 | 1,631,151 | 1,629,578 | ||||||||||||
Home equity | 130,009 | 136,469 | 140,135 | 142,672 | 146,034 | ||||||||||||
Consumer | 47,224 | 47,688 | 50,541 | 52,278 | 54,749 | ||||||||||||
DDA Overdrafts | 2,707 | 2,497 | 3,344 | 2,700 | 3,173 | ||||||||||||
Gross Loans | $ | 3,546,723 | $ | 3,622,119 | $ | 3,663,966 | $ | 3,665,596 | $ | 3,613,050 | |||||||
Construction loans included in: | |||||||||||||||||
(1) - Commercial real estate loans | $ | 39,101 | $ | 40,449 | $ | 42,449 | $ | 42,092 | $ | 44,453 | |||||||
(2) - Residential real estate loans | 22,129 | 27,078 | 28,947 | 28,252 | 28,870 |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Allowance for Credit Losses | |||||||||||||||||
Balance at beginning of period | $ | 24,549 | $ | 24,867 | $ | 25,199 | $ | 24,393 | $ | 11,589 | |||||||
Charge-offs: | |||||||||||||||||
Commercial and industrial | (34) | (9) | (757) | — | (77) | ||||||||||||
Commercial real estate | (1) | (616) | (75) | (39) | (383) | ||||||||||||
Residential real estate | (93) | (139) | (252) | (376) | (483) | ||||||||||||
Home equity | (64) | (88) | (126) | (161) | (45) | ||||||||||||
Consumer | (147) | (27) | (74) | (36) | (55) | ||||||||||||
DDA overdrafts | (453) | (629) | (554) | (459) | (703) | ||||||||||||
Total charge-offs | (792) | (1,508) | (1,838) | (1,071) | (1,746) | ||||||||||||
Recoveries: | |||||||||||||||||
Commercial and industrial | 46 | 74 | 3 | 5 | 9 | ||||||||||||
Commercial real estate | 164 | 150 | 44 | 128 | 203 | ||||||||||||
Residential real estate | 74 | 57 | 24 | 8 | 95 | ||||||||||||
Home equity | 23 | 47 | 33 | 9 | 47 | ||||||||||||
Consumer | 39 | 55 | 42 | 128 | 13 | ||||||||||||
DDA overdrafts | 413 | 333 | 334 | 349 | 451 | ||||||||||||
Total recoveries | 759 | 716 | 480 | 627 | 818 | ||||||||||||
Net charge-offs | (33) | (792) | (1,358) | (444) | (928) | ||||||||||||
(Recovery of) provision for credit losses | (440) | 474 | 1,026 | 1,250 | 7,972 | ||||||||||||
Impact of adopting ASC 326 | — | — | — | — | 5,760 | ||||||||||||
Balance at end of period | $ | 24,076 | $ | 24,549 | $ | 24,867 | $ | 25,199 | $ | 24,393 | |||||||
Loans outstanding | $ | 3,546,723 | $ | 3,622,119 | $ | 3,663,966 | $ | 3,665,596 | $ | 3,613,050 | |||||||
Allowance as a percent of loans outstanding | 0.68 | % | 0.68 | % | 0.68 | % | 0.69 | % | 0.68 | % | |||||||
Allowance as a percent of non-performing loans | 194.5 | % | 200.7 | % | 182.7 | % | 185.1 | % | 202.2 | % | |||||||
Average loans outstanding | $ | 3,585,790 | $ | 3,635,673 | $ | 3,661,569 | $ | 3,660,174 | $ | 3,608,868 | |||||||
Net charge-offs (annualized) as a percent of average loans outstanding | — | % | 0.09 | % | 0.15 | % | 0.05 | % | 0.10 | % |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Nonaccrual Loans | |||||||||||||||||
Residential real estate | $ | 3,004 | $ | 2,968 | $ | 3,983 | $ | 3,477 | $ | 2,750 | |||||||
Home equity | 88 | 95 | 74 | 265 | 249 | ||||||||||||
Commercial and industrial | 1,200 | 768 | 728 | 1,087 | 1,175 | ||||||||||||
Commercial real estate | 7,792 | 8,401 | 8,479 | 8,715 | 7,865 | ||||||||||||
Consumer | — | — | — | — | 1 | ||||||||||||
Total nonaccrual loans | 12,084 | 12,232 | 13,264 | 13,544 | 12,040 | ||||||||||||
Accruing loans past due 90 days or more | 295 | — | 345 | 68 | 26 | ||||||||||||
Total non-performing loans | 12,379 | 12,232 | 13,609 | 13,612 | 12,066 | ||||||||||||
Other real estate owned | 1,625 | 1,650 | 2,080 | 3,997 | 3,922 | ||||||||||||
Total non-performing assets | $ | 14,004 | $ | 13,882 | $ | 15,689 | $ | 17,609 | $ | 15,988 | |||||||
Non-performing assets as a percent of loans and other real estate owned | 0.39 | % | 0.38 | % | 0.43 | % | 0.48 | % | 0.44 | % | |||||||
Past Due Loans | |||||||||||||||||
Residential real estate | $ | 4,092 | $ | 5,993 | $ | 5,153 | $ | 5,261 | $ | 7,815 | |||||||
Home equity | 449 | 575 | 474 | 393 | 430 | ||||||||||||
Commercial and industrial | 1,358 | 1,241 | 691 | 160 | 71 | ||||||||||||
Commercial real estate | 508 | 625 | 602 | 917 | 1,021 | ||||||||||||
Consumer | 10 | 113 | 121 | 67 | 177 | ||||||||||||
DDA overdrafts | 212 | 341 | 379 | 273 | 467 | ||||||||||||
Total past due loans | $ | 6,629 | $ | 8,888 | $ | 7,420 | $ | 7,071 | $ | 9,981 | |||||||
Total past due loans as a percent of loans outstanding | 0.19 | % | 0.25 | % | 0.20 | % | 0.19 | % | 0.28 | % | |||||||
Troubled Debt Restructurings ("TDRs") | |||||||||||||||||
Residential real estate | $ | 18,572 | $ | 19,226 | $ | 20,398 | $ | 20,631 | $ | 21,413 | |||||||
Home equity | 1,956 | 2,001 | 2,100 | 2,138 | 2,294 | ||||||||||||
Commercial and industrial | — | — | — | — | — | ||||||||||||
Commercial real estate | 4,615 | 4,638 | 4,894 | 4,915 | 5,163 | ||||||||||||
Consumer | 211 | 277 | 260 | 185 | 184 | ||||||||||||
Total TDRs | $ | 25,354 | $ | 26,142 | $ | 27,652 | $ | 27,869 | $ | 29,054 |
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 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) | $ | 1,696,064 | $ | 16,853 | 4.03 | % | $ | 1,744,952 | $ | 17,623 | 4.02 | % | $ | 1,780,473 | $ | 19,881 | 4.49 | % | |||||||||||
Commercial, financial, and agriculture (2) | 1,838,928 | 16,542 | 3.65 | % | 1,837,044 | 17,077 | 3.70 | % | 1,770,178 | 20,476 | 4.65 | % | |||||||||||||||||
Installment loans to individuals (2), (3) | 50,798 | 713 | 5.69 | % | 53,677 | 800 | 5.93 | % | 58,217 | 863 | 5.96 | % | |||||||||||||||||
Previously securitized loans (4) | *** | 215 | *** | *** | 184 | *** | *** | 115 | *** | ||||||||||||||||||||
Total loans | 3,585,790 | 34,323 | 3.88 | % | 3,635,673 | 35,684 | 3.90 | % | 3,608,868 | 41,335 | 4.61 | % | |||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 945,177 | 5,242 | 2.25 | % | 976,897 | 5,500 | 2.24 | % | 810,766 | 5,871 | 2.91 | % | |||||||||||||||||
Tax-exempt (5) | 239,589 | 1,585 | 2.68 | % | 238,198 | 1,587 | 2.65 | % | 94,591 | 895 | 3.81 | % | |||||||||||||||||
Total securities | 1,184,766 | 6,827 | 2.34 | % | 1,215,095 | 7,087 | 2.32 | % | 905,357 | 6,766 | 3.01 | % | |||||||||||||||||
Deposits in depository institutions | 513,469 | 118 | 0.09 | % | 275,106 | 60 | 0.09 | % | 102,932 | 304 | 1.19 | % | |||||||||||||||||
Total interest-earning assets | 5,284,025 | 41,268 | 3.17 | % | 5,125,874 | 42,831 | 3.32 | % | 4,617,157 | 48,405 | 4.22 | % | |||||||||||||||||
Cash and due from banks | 79,683 | 73,900 | 70,763 | ||||||||||||||||||||||||||
Premises and equipment, net | 76,837 | 76,956 | 77,368 | ||||||||||||||||||||||||||
Goodwill and intangible assets | 118,453 | 118,855 | 120,091 | ||||||||||||||||||||||||||
Other assets | 217,453 | 231,309 | 195,875 | ||||||||||||||||||||||||||
Less: Allowance for credit losses | (24,909) | (25,112) | (15,905) | ||||||||||||||||||||||||||
Total assets | $ | 5,751,542 | $ | 5,601,782 | $ | 5,065,349 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,008,283 | $ | 124 | 0.05 | % | $ | 953,604 | $ | 171 | 0.07 | % | $ | 869,976 | $ | 468 | 0.22 | % | |||||||||||
Savings deposits | 1,221,169 | 183 | 0.06 | % | 1,148,717 | 225 | 0.08 | % | 1,005,829 | 700 | 0.28 | % | |||||||||||||||||
Time deposits (2) | 1,236,197 | 2,973 | 0.98 | % | 1,278,698 | 3,801 | 1.18 | % | 1,365,268 | 6,070 | 1.79 | % | |||||||||||||||||
Short-term borrowings | 290,766 | 117 | 0.16 | % | 287,059 | 120 | 0.17 | % | 209,010 | 464 | 0.89 | % | |||||||||||||||||
Long-term debt | — | — | — | % | — | — | — | % | 3,340 | 100 | 12.04 | % | |||||||||||||||||
Total interest-bearing liabilities | 3,756,415 | 3,397 | 0.37 | % | 3,668,078 | 4,317 | 0.47 | % | 3,453,423 | 7,802 | 0.91 | % | |||||||||||||||||
Noninterest-bearing demand deposits | 1,197,910 | 1,130,084 | 852,384 | ||||||||||||||||||||||||||
Other liabilities | 89,695 | 105,445 | 75,922 | ||||||||||||||||||||||||||
Stockholders' equity | 707,522 | 698,175 | 683,620 | ||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||
stockholders' equity | $ | 5,751,542 | $ | 5,601,782 | $ | 5,065,349 | |||||||||||||||||||||||
Net interest income | $ | 37,871 | $ | 38,514 | $ | 40,603 | |||||||||||||||||||||||
Net yield on earning assets | 2.91 | % | 2.99 | % | 3.54 | % | |||||||||||||||||||||||
(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 | $ | 835 | $ | 962 | $ | 116 | |||||||||||||||||||||||
(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 | $ | 106 | $ | 153 | $ | 151 | |||||||||||||||||||||||
Commercial, financial, and agriculture | 325 | 304 | 1,240 | ||||||||||||||||||||||||||
Installment loans to individuals | 28 | 29 | 39 | ||||||||||||||||||||||||||
Time deposits | 48 | 155 | 155 | ||||||||||||||||||||||||||
$ | 507 | $ | 641 | $ | 1,585 | ||||||||||||||||||||||||
(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 | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Net Interest Income/Margin | |||||||||||||||||
Net interest income ("GAAP") | $ | 37,540 | $ | 38,181 | $ | 37,977 | $ | 38,070 | $ | 40,415 | |||||||
Taxable equivalent adjustment | 331 | 333 | 301 | 217 | 188 | ||||||||||||
Net interest income, fully taxable equivalent | $ | 37,871 | $ | 38,514 | $ | 38,278 | $ | 38,287 | $ | 40,603 | |||||||
Average interest earning assets | $ | 5,284,025 | $ | 5,125,874 | $ | 5,047,868 | $ | 4,914,242 | $ | 4,617,157 | |||||||
Net Interest Margin | 2.91 | % | 2.99 | % | 3.02 | % | 3.13 | % | 3.54 | % | |||||||
Accretion related to fair value adjustments | (0.04) | % | (0.05) | % | (0.05) | % | (0.08) | % | (0.14) | % | |||||||
Net Interest Margin (excluding accretion) | 2.87 | % | 2.94 | % | 2.97 | % | 3.05 | % | 3.40 | % | |||||||
Tangible Equity Ratio (period end) | |||||||||||||||||
Equity to assets ("GAAP") | 11.74 | % | 12.18 | % | 12.54 | % | 12.55 | % | 13.47 | % | |||||||
Effect of goodwill and other intangibles, net | (1.81) | % | (1.85) | % | (1.93) | % | (1.93) | % | (2.09) | % | |||||||
Tangible common equity to tangible assets | 9.93 | % | 10.33 | % | 10.61 | % | 10.62 | % | 11.38 | % | |||||||
Return on Tangible Equity | |||||||||||||||||
Return on tangible equity ("GAAP") | 13.5 | % | 15.3 | % | 13.8 | % | 12.6 | % | 20.6 | % | |||||||
Impact of sale of VISA shares | — | % | — | % | — | % | — | % | (9.7) | % | |||||||
Return on tangible equity, excluding sale of VISA shares | 13.5 | % | 15.3 | % | 13.8 | % | 12.6 | % | 10.9 | % | |||||||
Return on Assets | |||||||||||||||||
Return on assets ("GAAP") | 1.38 | % | 1.59 | % | 1.46 | % | 1.35 | % | 2.29 | % | |||||||
Impact of sale of VISA shares | — | % | — | % | — | % | — | % | (1.08) | % | |||||||
Return on assets, excluding merger sale of VISA shares | 1.38 | % | 1.59 | % | 1.46 | % | 1.35 | % | 1.21 | % |