Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||
Earnings | |||||||||||||||||
Net Interest Income (FTE) | $ | 38,239 | $ | 40,956 | $ | 39,822 | $ | 38,257 | $ | 37,871 | |||||||
Net Income available to common shareholders | 21,342 | 23,386 | 22,732 | 22,148 | 19,814 | ||||||||||||
Per Share Data | |||||||||||||||||
Earnings per share available to common shareholders: | |||||||||||||||||
Basic | $ | 1.41 | $ | 1.54 | $ | 1.47 | $ | 1.41 | $ | 1.25 | |||||||
Diluted | 1.41 | 1.54 | 1.47 | 1.41 | 1.25 | ||||||||||||
Weighted average number of shares (in thousands): | |||||||||||||||||
Basic | 14,974 | 15,026 | 15,279 | 15,573 | 15,656 | ||||||||||||
Diluted | 15,002 | 15,056 | 15,302 | 15,594 | 15,687 | ||||||||||||
Period-end number of shares (in thousands) | 15,045 | 15,062 | 15,192 | 15,527 | 15,724 | ||||||||||||
Cash dividends declared | $ | 0.60 | $ | 0.60 | $ | 0.58 | $ | 0.58 | $ | 0.58 | |||||||
Book value per share (period-end) | 42.03 | 45.22 | 44.58 | 44.79 | 43.99 | ||||||||||||
Tangible book value per share (period-end) | 34.27 | 37.44 | 36.85 | 37.20 | 36.47 | ||||||||||||
Market data: | |||||||||||||||||
High closing price | $ | 85.99 | $ | 83.14 | $ | 79.99 | $ | 83.85 | $ | 87.41 | |||||||
Low closing price | 76.82 | 76.52 | 72.29 | 74.44 | 69.05 | ||||||||||||
Period-end closing price | 78.70 | 81.79 | 77.91 | 75.24 | 81.78 | ||||||||||||
Average daily volume (in thousands) | 59 | 52 | 53 | 61 | 63 | ||||||||||||
Treasury share activity: | |||||||||||||||||
Treasury shares repurchased (in thousands) | 38 | 131 | 337 | 217 | 75 | ||||||||||||
Average treasury share repurchase price | $ | 78.09 | $ | 78.93 | $ | 75.65 | $ | 78.75 | $ | 76.71 | |||||||
Key Ratios (percent) | |||||||||||||||||
Return on average assets | 1.42 | % | 1.56 | % | 1.53 | % | 1.49 | % | 1.38 | % | |||||||
Return on average tangible equity | 15.3 | % | 16.7 | % | 15.7 | % | 15.2 | % | 13.5 | % | |||||||
Yield on interest earning assets | 2.94 | % | 3.08 | % | 3.04 | % | 3.00 | % | 3.17 | % | |||||||
Cost of interest bearing liabilities | 0.17 | % | 0.19 | % | 0.22 | % | 0.27 | % | 0.37 | % | |||||||
Net Interest Margin | 2.82 | % | 2.94 | % | 2.89 | % | 2.81 | % | 2.91 | % | |||||||
Non-interest income as a percent of total revenue | 32.4 | % | 30.2 | % | 31.1 | % | 31.0 | % | 30.4 | % | |||||||
Efficiency Ratio | 51.7 | % | 48.3 | % | 50.0 | % | 52.8 | % | 54.3 | % | |||||||
Price/Earnings Ratio (a) | 13.93 | 13.27 | 13.22 | 13.35 | 16.30 | ||||||||||||
Capital (period-end) | |||||||||||||||||
Average Shareholders' Equity to Average Assets | 11.25 | % | 11.25 | % | 11.69 | % | 11.81 | % | 12.30 | % | |||||||
Tangible equity to tangible assets | 8.75 | % | 9.58 | % | 9.59 | % | 9.98 | % | 9.93 | % | |||||||
Consolidated City Holding Company risk based capital ratios (b): | |||||||||||||||||
CET I | 16.18 | % | 16.08 | % | 16.11 | % | 16.40 | % | 16.76 | % | |||||||
Tier I | 16.18 | % | 16.08 | % | 16.11 | % | 16.40 | % | 16.76 | % | |||||||
Total | 16.60 | % | 16.51 | % | 16.56 | % | 16.88 | % | 17.33 | % | |||||||
Leverage | 9.58 | % | 9.44 | % | 9.46 | % | 9.70 | % | 10.06 | % | |||||||
City National Bank risk based capital ratios (b): | |||||||||||||||||
CET I | 14.82 | % | 14.35 | % | 14.76 | % | 14.82 | % | 14.75 | % | |||||||
Tier I | 14.82 | % | 14.35 | % | 14.76 | % | 14.82 | % | 14.75 | % | |||||||
Total | 15.24 | % | 14.78 | % | 15.21 | % | 15.30 | % | 15.33 | % | |||||||
Leverage | 8.80 | % | 8.45 | % | 8.73 | % | 8.80 | % | 8.91 | % | |||||||
Other (period-end) | |||||||||||||||||
Branches | 94 | 94 | 94 | 94 | 94 | ||||||||||||
FTE | 897 | 905 | 921 | 912 | 916 | ||||||||||||
Assets per FTE (in thousands) | $ | 6,703 | $ | 6,637 | $ | 6,463 | $ | 6,477 | $ | 6,434 | |||||||
Deposits per FTE (in thousands) | 5,574 | 5,445 | 5,308 | 5,271 | 5,236 | ||||||||||||
(a) The price/earnings ratio is computed based on annualized quarterly earnings. | |||||||||||||||||
(b) March 31, 2022 risk-based capital ratios are estimated. |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||
Interest Income | |||||||||||||||||
Interest and fees on loans | $ | 31,874 | $ | 35,277 | $ | 33,961 | $ | 33,114 | $ | 34,324 | |||||||
Interest on investment securities: | |||||||||||||||||
Taxable | 6,223 | 5,753 | 6,144 | 5,932 | 5,242 | ||||||||||||
Tax-exempt | 1,216 | 1,226 | 1,257 | 1,291 | 1,253 | ||||||||||||
Interest on deposits in depository institutions | 238 | 217 | 196 | 162 | 118 | ||||||||||||
Total Interest Income | 39,551 | 42,473 | 41,558 | 40,499 | 40,937 | ||||||||||||
Interest Expense | |||||||||||||||||
Interest on deposits | 1,521 | 1,710 | 1,955 | 2,460 | 3,280 | ||||||||||||
Interest on short-term borrowings | 114 | 132 | 115 | 125 | 117 | ||||||||||||
Total Interest Expense | 1,635 | 1,842 | 2,070 | 2,585 | 3,397 | ||||||||||||
Net Interest Income | 37,916 | 40,631 | 39,488 | 37,914 | 37,540 | ||||||||||||
(Recovery of) provision for credit losses | (756) | — | (725) | (2,000) | (440) | ||||||||||||
Net Interest Income After (Recovery of) Provision for Credit Losses | 38,672 | 40,631 | 40,213 | 39,914 | 37,980 | ||||||||||||
Non-Interest Income | |||||||||||||||||
Net gains on sale of investment securities | — | — | — | 29 | 283 | ||||||||||||
Unrealized (losses) gains recognized on equity securities still held | (723) | 52 | 93 | 410 | (51) | ||||||||||||
Service charges | 6,725 | 7,057 | 6,706 | 5,895 | 5,881 | ||||||||||||
Bankcard revenue | 6,444 | 6,762 | 6,791 | 7,221 | 6,213 | ||||||||||||
Trust and investment management fee income | 2,197 | 2,198 | 2,172 | 2,012 | 2,033 | ||||||||||||
Bank owned life insurance | 2,014 | 748 | 747 | 940 | 1,460 | ||||||||||||
Other income | 791 | 799 | 1,438 | 941 | 811 | ||||||||||||
Total Non-Interest Income | 17,448 | 17,616 | 17,947 | 17,448 | 16,630 | ||||||||||||
Non-Interest Expense | |||||||||||||||||
Salaries and employee benefits | 15,577 | 15,299 | 15,321 | 15,559 | 15,671 | ||||||||||||
Occupancy related expense | 2,709 | 2,429 | 2,507 | 2,525 | 2,622 | ||||||||||||
Equipment and software related expense | 2,769 | 2,733 | 2,554 | 2,655 | 2,544 | ||||||||||||
FDIC insurance expense | 435 | 400 | 396 | 382 | 405 | ||||||||||||
Advertising | 798 | 582 | 804 | 824 | 881 | ||||||||||||
Bankcard expenses | 1,606 | 1,576 | 1,549 | 1,746 | 1,584 | ||||||||||||
Postage, delivery, and statement mailings | 636 | 590 | 573 | 568 | 592 | ||||||||||||
Office supplies | 410 | 378 | 406 | 371 | 392 | ||||||||||||
Legal and professional fees | 527 | 405 | 610 | 589 | 675 | ||||||||||||
Telecommunications | 584 | 702 | 790 | 676 | 690 | ||||||||||||
Repossessed asset losses (gains), net of expenses | 40 | (29) | (108) | 1 | 79 |
Other expenses | 3,436 | 3,559 | 3,776 | 3,678 | 3,674 | ||||||||||||
Total Non-Interest Expense | 29,527 | 28,624 | 29,178 | 29,574 | 29,809 | ||||||||||||
Income Before Income Taxes | 26,593 | 29,623 | 28,982 | 27,788 | 24,801 | ||||||||||||
Income tax expense | 5,251 | 6,237 | 6,250 | 5,640 | 4,987 | ||||||||||||
Net Income Available to Common Shareholders | $ | 21,342 | $ | 23,386 | $ | 22,732 | $ | 22,148 | $ | 19,814 | |||||||
Distributed earnings allocated to common shareholders | $ | 8,943 | $ | 8,949 | $ | 8,726 | $ | 8,921 | $ | 9,037 | |||||||
Undistributed earnings allocated to common shareholders | 12,199 | 14,211 | 13,786 | 13,021 | 10,598 | ||||||||||||
Net earnings allocated to common shareholders | $ | 21,142 | $ | 23,160 | $ | 22,512 | $ | 21,942 | $ | 19,635 | |||||||
Average common shares outstanding | 14,974 | 15,026 | 15,279 | 15,573 | 15,656 | ||||||||||||
Shares for diluted earnings per share | 15,002 | 15,056 | 15,302 | 15,594 | 15,687 | ||||||||||||
Basic earnings per common share | 1.41 | 1.54 | 1.47 | 1.41 | 1.25 | ||||||||||||
Diluted earnings per common share | 1.41 | 1.54 | 1.47 | 1.41 | 1.25 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 100,877 | $ | 101,804 | $ | 103,841 | $ | 97,523 | $ | 97,709 | |||||||
Interest-bearing deposits in depository institutions | 497,171 | 532,827 | 535,708 | 512,367 | 659,090 | ||||||||||||
Cash and cash equivalents | 598,048 | 634,631 | 639,549 | 609,890 | 756,799 | ||||||||||||
Investment securities available-for-sale, at fair value | 1,409,513 | 1,408,165 | 1,372,077 | 1,339,436 | 1,183,253 | ||||||||||||
Other securities | 24,785 | 25,531 | 25,497 | 25,793 | 29,174 | ||||||||||||
Total investment securities | 1,434,298 | 1,433,696 | 1,397,574 | 1,365,229 | 1,212,427 | ||||||||||||
Gross loans | 3,559,905 | 3,543,814 | 3,521,925 | 3,529,416 | 3,546,723 | ||||||||||||
Allowance for credit losses | (17,280) | (18,166) | (18,751) | (20,016) | (24,076) | ||||||||||||
Net loans | 3,542,625 | 3,525,648 | 3,503,174 | 3,509,400 | 3,522,647 | ||||||||||||
Bank owned life insurance | 120,522 | 120,978 | 120,238 | 119,491 | 118,976 | ||||||||||||
Premises and equipment, net | 73,067 | 74,071 | 75,156 | 76,263 | 76,529 | ||||||||||||
Accrued interest receivable | 16,101 | 15,627 | 16,224 | 15,967 | 16,231 | ||||||||||||
Net deferred tax assets | 18,001 | 63 | 90 | — | 1,395 | ||||||||||||
Intangible assets | 116,774 | 117,121 | 117,489 | 117,857 | 118,224 | ||||||||||||
Other assets | 92,331 | 81,860 | 82,419 | 89,958 | 71,142 | ||||||||||||
Total Assets | $ | 6,011,767 | $ | 6,003,695 | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,357,266 | $ | 1,373,125 | $ | 1,311,464 | $ | 1,279,932 | $ | 1,244,175 | |||||||
Interest-bearing: | |||||||||||||||||
Demand deposits | 1,191,492 | 1,135,848 | 1,139,033 | 1,070,004 | 1,077,749 | ||||||||||||
Savings deposits | 1,425,528 | 1,347,448 | 1,332,910 | 1,301,219 | 1,265,038 | ||||||||||||
Time deposits | 1,024,559 | 1,068,915 | 1,104,069 | 1,153,391 | 1,209,873 | ||||||||||||
Total deposits | 4,998,845 | 4,925,336 | 4,887,476 | 4,804,546 | 4,796,835 | ||||||||||||
Short-term borrowings | |||||||||||||||||
Customer repurchase agreements | 288,483 | 312,458 | 296,642 | 311,316 | 316,003 | ||||||||||||
Net deferred tax liabilities | — | — | — | 2,310 | — | ||||||||||||
Other liabilities | 92,009 | 84,796 | 90,499 | 90,407 | 89,847 | ||||||||||||
Total Liabilities | 5,379,337 | 5,322,590 | 5,274,617 | 5,208,579 | 5,202,685 | ||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
Capital surplus | 170,206 | 170,942 | 170,300 | 169,674 | 170,526 | ||||||||||||
Retained earnings | 654,138 | 641,826 | 627,463 | 613,553 | 600,396 |
Cost of common stock in treasury | (194,819) | (193,542) | (183,303) | (157,936) | (142,484) | ||||||||||||
Accumulated other comprehensive (loss) income: | |||||||||||||||||
Unrealized (loss) gain on securities available-for-sale | (41,229) | 17,745 | 20,878 | 28,227 | 21,289 | ||||||||||||
Underfunded pension liability | (3,485) | (3,485) | (5,661) | (5,661) | (5,661) | ||||||||||||
Total Accumulated Other Comprehensive (Loss) Income | (44,714) | 14,260 | 15,217 | 22,566 | 15,628 | ||||||||||||
Total Stockholders' Equity | 632,430 | 681,105 | 677,296 | 695,476 | 691,685 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,011,767 | $ | 6,003,695 | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | |||||||
Regulatory Capital | |||||||||||||||||
Total CET 1 capital | $ | 565,048 | $ | 555,532 | $ | 550,426 | $ | 561,317 | $ | 563,523 | |||||||
Total tier 1 capital | 565,048 | 555,532 | 550,426 | 561,317 | 563,523 | ||||||||||||
Total risk-based capital | 579,807 | 570,336 | 565,712 | 577,543 | 582,816 | ||||||||||||
Total risk-weighted assets | 3,492,920 | 3,453,893 | 3,417,020 | 3,421,764 | 3,362,595 |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||
Commercial and industrial | $ | 337,384 | $ | 346,184 | $ | 353,046 | $ | 358,583 | $ | 371,195 | |||||||
1-4 Family | 108,424 | 107,873 | 108,913 | 108,079 | 108,131 | ||||||||||||
Hotels | 314,902 | 311,315 | 297,341 | 290,119 | 293,176 | ||||||||||||
Multi-family | 209,359 | 215,677 | 215,307 | 212,715 | 212,561 | ||||||||||||
Non Residential Non-Owner Occupied | 637,092 | 639,818 | 664,365 | 653,264 | 649,683 | ||||||||||||
Non Residential Owner Occupied | 200,180 | 204,233 | 205,579 | 209,100 | 199,130 | ||||||||||||
Commercial real estate (1) | 1,469,957 | 1,478,916 | 1,491,505 | 1,473,277 | 1,462,681 | ||||||||||||
Residential real estate (2) | 1,588,860 | 1,548,965 | 1,506,572 | 1,521,102 | 1,532,907 | ||||||||||||
Home equity | 121,460 | 122,345 | 124,806 | 127,608 | 130,009 | ||||||||||||
Consumer | 39,778 | 40,901 | 43,296 | 45,184 | 47,224 | ||||||||||||
DDA Overdrafts | 2,466 | 6,503 | 2,700 | 3,662 | 2,707 | ||||||||||||
Gross Loans | $ | 3,559,905 | $ | 3,543,814 | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | |||||||
Construction loans included in: | |||||||||||||||||
(1) - Commercial real estate loans | $ | 14,877 | $ | 11,783 | $ | 19,360 | $ | 43,904 | $ | 39,101 | |||||||
(2) - Residential real estate loans | 16,253 | 17,252 | 19,059 | 20,838 | 22,129 |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||
Allowance for Credit Losses | |||||||||||||||||
Balance at beginning of period | $ | 18,166 | $ | 18,751 | $ | 20,016 | $ | 24,076 | $ | 24,549 | |||||||
Charge-offs: | |||||||||||||||||
Commercial and industrial | (34) | — | — | (211) | (34) | ||||||||||||
Commercial real estate | — | (276) | (392) | (1,718) | (1) | ||||||||||||
Residential real estate | (50) | (68) | (18) | (86) | (93) | ||||||||||||
Home equity | — | (58) | (47) | (8) | (64) | ||||||||||||
Consumer | (23) | (13) | (3) | (79) | (147) | ||||||||||||
DDA overdrafts | (631) | (635) | (633) | (430) | (453) | ||||||||||||
Total charge-offs | (738) | (1,050) | (1,093) | (2,532) | (792) | ||||||||||||
Recoveries: | |||||||||||||||||
Commercial and industrial | 59 | 31 | 69 | 25 | 46 | ||||||||||||
Commercial real estate | 53 | 27 | 18 | 15 | 164 | ||||||||||||
Residential real estate | 45 | 7 | 29 | 17 | 74 | ||||||||||||
Home equity | 17 | 6 | 58 | 3 | 23 | ||||||||||||
Consumer | 28 | 40 | 72 | 104 | 39 | ||||||||||||
DDA overdrafts | 406 | 354 | 307 | 308 | 413 | ||||||||||||
Total recoveries | 608 | 465 | 553 | 472 | 759 | ||||||||||||
Net charge-offs | (130) | (585) | (540) | (2,060) | (33) | ||||||||||||
(Recovery of) provision for credit losses | (756) | — | (725) | (2,000) | (440) | ||||||||||||
Balance at end of period | $ | 17,280 | $ | 18,166 | $ | 18,751 | $ | 20,016 | $ | 24,076 | |||||||
Loans outstanding | $ | 3,559,905 | $ | 3,543,814 | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | |||||||
Allowance as a percent of loans outstanding | 0.49 | % | 0.51 | % | 0.53 | % | 0.57 | % | 0.68 | % | |||||||
Allowance as a percent of non-performing loans | 331.3 | % | 290.1 | % | 243.1 | % | 199.3 | % | 194.5 | % | |||||||
Average loans outstanding | $ | 3,527,393 | $ | 3,522,272 | $ | 3,535,497 | $ | 3,541,165 | $ | 3,585,790 | |||||||
Net charge-offs (annualized) as a percent of average loans outstanding | 0.01 | % | 0.07 | % | 0.06 | % | 0.23 | % | — | % |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||
Nonaccrual Loans | |||||||||||||||||
Residential real estate | $ | 1,786 | $ | 2,809 | $ | 3,634 | $ | 2,482 | $ | 3,004 | |||||||
Home equity | 99 | 40 | 67 | 81 | 88 | ||||||||||||
Commercial and industrial | 1,069 | 996 | 531 | 820 | 1,200 | ||||||||||||
Commercial real estate | 2,241 | 2,373 | 3,355 | 6,383 | 7,792 | ||||||||||||
Consumer | — | — | — | — | — | ||||||||||||
Total nonaccrual loans | 5,195 | 6,218 | 7,587 | 9,766 | 12,084 | ||||||||||||
Accruing loans past due 90 days or more | 21 | 43 | 127 | 278 | 295 | ||||||||||||
Total non-performing loans | 5,216 | 6,261 | 7,714 | 10,044 | 12,379 | ||||||||||||
Other real estate owned | 1,099 | 1,319 | 1,335 | 1,309 | 1,625 | ||||||||||||
Total non-performing assets | $ | 6,315 | $ | 7,580 | $ | 9,049 | $ | 11,353 | $ | 14,004 | |||||||
Non-performing assets as a percent of loans and other real estate owned | 0.18 | % | 0.21 | % | 0.26 | % | 0.32 | % | 0.39 | % | |||||||
Past Due Loans | |||||||||||||||||
Residential real estate | $ | 4,976 | $ | 5,321 | $ | 5,258 | $ | 5,453 | $ | 4,092 | |||||||
Home equity | 505 | 618 | 688 | 523 | 449 | ||||||||||||
Commercial and industrial | 56 | 336 | 455 | 721 | 1,358 | ||||||||||||
Commercial real estate | 744 | 22 | 441 | 498 | 508 | ||||||||||||
Consumer | 32 | 60 | 35 | 12 | 10 | ||||||||||||
DDA overdrafts | 392 | 489 | 390 | 417 | 212 | ||||||||||||
Total past due loans | $ | 6,705 | $ | 6,846 | $ | 7,267 | $ | 7,624 | $ | 6,629 | |||||||
Total past due loans as a percent of loans outstanding | 0.19 | % | 0.19 | % | 0.21 | % | 0.22 | % | 0.19 | % | |||||||
Troubled Debt Restructurings ("TDRs") | |||||||||||||||||
Residential real estate | $ | 16,182 | $ | 16,943 | $ | 16,910 | $ | 17,788 | $ | 18,572 | |||||||
Home equity | 1,694 | 1,784 | 1,822 | 1,920 | 1,956 | ||||||||||||
Commercial and industrial | 397 | 414 | 430 | — | — | ||||||||||||
Commercial real estate | 1,890 | 1,914 | 1,937 | 3,076 | 4,615 | ||||||||||||
Consumer | 194 | 225 | 221 | 203 | 211 | ||||||||||||
Total TDRs | $ | 20,357 | $ | 21,280 | $ | 21,320 | $ | 22,987 | $ | 25,354 | |||||||
Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Loan portfolio (1): | |||||||||||||||||||||||||||||
Residential real estate (2) | $ | 1,667,683 | $ | 15,596 | 3.79 | % | $ | 1,645,167 | $ | 15,692 | 3.78 | % | $ | 1,696,064 | $ | 16,853 | 4.03 | % | |||||||||||
Commercial, financial, and agriculture (2) | 1,815,549 | 15,532 | 3.47 | % | 1,831,461 | 18,740 | 4.06 | % | 1,838,928 | 16,542 | 3.65 | % | |||||||||||||||||
Installment loans to individuals (2), (3) | 44,161 | 607 | 5.57 | % | 45,644 | 691 | 6.01 | % | 50,798 | 713 | 5.69 | % | |||||||||||||||||
Previously securitized loans (4) | *** | 139 | *** | *** | 154 | *** | *** | 215 | *** | ||||||||||||||||||||
Total loans | 3,527,393 | 31,874 | 3.66 | % | 3,522,272 | 35,277 | 3.97 | % | 3,585,790 | 34,323 | 3.88 | % | |||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 1,207,333 | 6,223 | 2.09 | % | 1,171,340 | 5,753 | 1.95 | % | 945,177 | 5,242 | 2.25 | % | |||||||||||||||||
Tax-exempt (5) | 232,474 | 1,539 | 2.68 | % | 239,096 | 1,551 | 2.57 | % | 239,589 | 1,585 | 2.68 | % | |||||||||||||||||
Total securities | 1,439,807 | 7,762 | 2.19 | % | 1,410,436 | 7,304 | 2.05 | % | 1,184,766 | 6,827 | 2.34 | % | |||||||||||||||||
Deposits in depository institutions | 540,197 | 238 | 0.18 | % | 588,678 | 217 | 0.15 | % | 513,469 | 118 | 0.09 | % | |||||||||||||||||
Total interest-earning assets | 5,507,397 | 39,874 | 2.94 | % | 5,521,386 | 42,798 | 3.08 | % | 5,284,025 | 41,268 | 3.17 | % | |||||||||||||||||
Cash and due from banks | 101,806 | 98,111 | 79,683 | ||||||||||||||||||||||||||
Premises and equipment, net | 73,827 | 74,847 | 76,837 | ||||||||||||||||||||||||||
Goodwill and intangible assets | 116,994 | 117,349 | 118,453 | ||||||||||||||||||||||||||
Other assets | 217,662 | 216,780 | 217,453 | ||||||||||||||||||||||||||
Less: Allowance for credit losses | (18,454) | (18,756) | (24,909) | ||||||||||||||||||||||||||
Total assets | $ | 5,999,232 | $ | 6,009,717 | $ | 5,751,542 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,142,278 | $ | 130 | 0.05 | % | $ | 1,113,693 | $ | 131 | 0.05 | % | $ | 1,008,283 | $ | 124 | 0.05 | % | |||||||||||
Savings deposits | 1,384,460 | 175 | 0.05 | % | 1,338,747 | 173 | 0.05 | % | 1,221,169 | 183 | 0.06 | % | |||||||||||||||||
Time deposits (2) | 1,048,185 | 1,216 | 0.47 | % | 1,087,280 | 1,406 | 0.51 | % | 1,236,197 | 2,973 | 0.98 | % | |||||||||||||||||
Short-term borrowings | 276,360 | 114 | 0.17 | % | 314,937 | 132 | 0.17 | % | 290,766 | 117 | 0.16 | % | |||||||||||||||||
Total interest-bearing liabilities | 3,851,283 | 1,635 | 0.17 | % | 3,854,657 | 1,842 | 0.19 | % | 3,756,415 | 3,397 | 0.37 | % | |||||||||||||||||
Noninterest-bearing demand deposits | 1,398,663 | 1,394,599 | 1,197,910 | ||||||||||||||||||||||||||
Other liabilities | 74,084 | 84,071 | 89,695 | ||||||||||||||||||||||||||
Stockholders' equity | 675,202 | 676,390 | 707,522 | ||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||
stockholders' equity | $ | 5,999,232 | $ | 6,009,717 | $ | 5,751,542 | |||||||||||||||||||||||
Net interest income | $ | 38,239 | $ | 40,956 | $ | 37,871 | |||||||||||||||||||||||
Net yield on earning assets | 2.82 | % | 2.94 | % | 2.91 | % | |||||||||||||||||||||||
(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 | $ | 298 | $ | 1,106 | $ | 835 | |||||||||||||||||||||||
(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 | $ | 90 | $ | 149 | $ | 106 | |||||||||||||||||||||||
Commercial, financial, and agriculture | 286 | 243 | 325 | ||||||||||||||||||||||||||
Installment loans to individuals | 19 | 15 | 28 | ||||||||||||||||||||||||||
Time deposits | 21 | 48 | 48 | ||||||||||||||||||||||||||
$ | 416 | $ | 455 | $ | 507 | ||||||||||||||||||||||||
(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, | |||||||||||||
2022 | 2021 | 2021 | 2021 | 2021 | |||||||||||||
Net Interest Income/Margin | |||||||||||||||||
Net interest income ("GAAP") | $ | 37,916 | $ | 40,631 | $ | 39,488 | $ | 37,914 | $ | 37,540 | |||||||
Taxable equivalent adjustment | 323 | 325 | 334 | 343 | 331 | ||||||||||||
Net interest income, fully taxable equivalent | $ | 38,239 | $ | 40,956 | $ | 39,822 | $ | 38,257 | $ | 37,871 | |||||||
Average interest earning assets | $ | 5,507,397 | $ | 5,521,386 | $ | 5,462,410 | $ | 5,459,564 | $ | 5,284,025 | |||||||
Net Interest Margin | 2.82 | % | 2.94 | % | 2.89 | % | 2.81 | % | 2.91 | % | |||||||
Accretion related to fair value adjustments | (0.03) | % | (0.03) | % | (0.04) | % | (0.05) | % | (0.04) | % | |||||||
Net Interest Margin (excluding accretion) | 2.79 | % | 2.91 | % | 2.85 | % | 2.76 | % | 2.87 | % | |||||||
Tangible Equity Ratio (period end) | |||||||||||||||||
Equity to assets ("GAAP") | 10.52 | % | 11.34 | % | 11.37 | % | 11.78 | % | 11.74 | % | |||||||
Effect of goodwill and other intangibles, net | (1.77) | % | (1.76) | % | (1.78) | % | (1.80) | % | (1.81) | % | |||||||
Tangible common equity to tangible assets | 8.75 | % | 9.58 | % | 9.59 | % | 9.98 | % | 9.93 | % |