Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||
Net Interest Income (FTE) | $ | 49,108 | $ | 41,611 | $ | 38,239 | $ | 40,956 | $ | 39,822 | $ | 128,961 | $ | 115,950 | ||||||||||||
Net Income available to common shareholders | 27,374 | 22,683 | 21,342 | 23,386 | 22,732 | 71,408 | 64,694 | |||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Earnings per share available to common shareholders: | ||||||||||||||||||||||||||
Basic | $ | 1.84 | $ | 1.51 | $ | 1.41 | $ | 1.54 | $ | 1.47 | $ | 4.75 | $ | 4.13 | ||||||||||||
Diluted | 1.83 | 1.51 | 1.41 | 1.54 | 1.47 | 4.75 | 4.13 | |||||||||||||||||||
Weighted average number of shares (in thousands): | ||||||||||||||||||||||||||
Basic | 14,776 | 14,888 | 14,974 | 15,026 | 15,279 | 14,878 | 15,501 | |||||||||||||||||||
Diluted | 14,800 | 14,909 | 15,002 | 15,056 | 15,302 | 14,901 | 15,526 | |||||||||||||||||||
Period-end number of shares (in thousands) | 14,856 | 14,864 | 15,045 | 15,062 | 15,192 | 14,856 | 15,192 | |||||||||||||||||||
Cash dividends declared | $ | 0.65 | $ | 0.60 | $ | 0.6 | $ | 0.6 | $ | 0.58 | $ | 1.85 | $ | 1.74 | ||||||||||||
Book value per share (period-end) | 36.91 | 39.83 | 42.03 | 45.22 | 44.58 | 36.91 | 44.58 | |||||||||||||||||||
Tangible book value per share (period-end) | 29.09 | 31.99 | 34.27 | 37.44 | 36.85 | 29.09 | 36.85 | |||||||||||||||||||
Market data: | ||||||||||||||||||||||||||
High closing price | $ | 90.24 | $ | 83.07 | $ | 85.99 | $ | 83.14 | $ | 79.99 | $ | 90.24 | $ | 87.41 | ||||||||||||
Low closing price | 78.40 | 73.88 | 76.82 | 76.52 | 72.29 | 73.88 | 69.05 | |||||||||||||||||||
Period-end closing price | 88.69 | 79.88 | 78.70 | 81.79 | 77.91 | 88.69 | 77.91 | |||||||||||||||||||
Average daily volume (in thousands) | 58 | 87 | 59 | 52 | 53 | 68 | 59 | |||||||||||||||||||
Treasury share activity: | ||||||||||||||||||||||||||
Treasury shares repurchased (in thousands) | 9 | 208 | 38 | 131 | 337 | 255 | 629 | |||||||||||||||||||
Average treasury share repurchase price | $ | 80.24 | $ | 78.33 | $ | 78.09 | $ | 78.93 | $ | 75.65 | $ | 78.36 | $ | 76.85 | ||||||||||||
Key Ratios (percent) | ||||||||||||||||||||||||||
Return on average assets | 1.83 | % | 1.51 | % | 1.42 | % | 1.56 | % | 1.53 | % | 1.59 | % | 1.47 | % | ||||||||||||
Return on average tangible equity | 21.8 | % | 18.1 | % | 15.3 | % | 16.7 | % | 15.7 | % | 18.3 | % | 14.8 | % |
Yield on interest earning assets | 3.72 | % | 3.15 | % | 2.94 | % | 3.08 | % | 3.04 | % | 3.27 | % | 3.07 | % | ||||||||||||
Cost of interest bearing liabilities | 0.21 | % | 0.15 | % | 0.17 | % | 0.19 | % | 0.22 | % | 0.18 | % | 0.28 | % | ||||||||||||
Net Interest Margin | 3.57 | % | 3.04 | % | 2.82 | % | 2.94 | % | 2.89 | % | 3.14 | % | 2.87 | % | ||||||||||||
Non-interest income as a percent of total revenue | 27.2 | % | 30.9 | % | 32.4 | % | 30.2 | % | 31.1 | % | 29.5 | % | 31.0 | % | ||||||||||||
Efficiency Ratio | 46.3 | % | 50.5 | % | 51.7 | % | 48.3 | % | 50.0 | % | 49.3 | % | 52.3 | % | ||||||||||||
Price/Earnings Ratio (a) | 12.08 | 13.23 | 13.93 | 13.27 | 13.22 | 13.99 | 14.14 | |||||||||||||||||||
Capital (period-end) | ||||||||||||||||||||||||||
Average Shareholders' Equity to Average Assets | 10.32 | % | 10.26 | % | 11.25 | % | 11.25 | % | 11.69 | % | ||||||||||||||||
Tangible equity to tangible assets | 7.41 | % | 7.76 | % | 8.75 | % | 9.58 | % | 9.59 | % | ||||||||||||||||
Consolidated City Holding Company risk based capital ratios (b): | ||||||||||||||||||||||||||
CET I | 15.82 | % | 15.85 | % | 16.18 | % | 16.08 | % | 16.11 | % | ||||||||||||||||
Tier I | 15.82 | % | 15.85 | % | 16.18 | % | 16.08 | % | 16.11 | % | ||||||||||||||||
Total | 16.22 | % | 16.26 | % | 16.60 | % | 16.51 | % | 16.56 | % | ||||||||||||||||
Leverage | 9.74 | % | 9.42 | % | 9.58 | % | 9.44 | % | 9.46 | % | ||||||||||||||||
City National Bank risk based capital ratios (b): | ||||||||||||||||||||||||||
CET I | 14.68 | % | 14.80 | % | 14.82 | % | 14.35 | % | 14.76 | % | ||||||||||||||||
Tier I | 14.68 | % | 14.80 | % | 14.82 | % | 14.35 | % | 14.76 | % | ||||||||||||||||
Total | 15.07 | % | 15.21 | % | 15.24 | % | 14.78 | % | 15.21 | % | ||||||||||||||||
Leverage | 9.05 | % | 8.81 | % | 8.80 | % | 8.45 | % | 8.73 | % | ||||||||||||||||
Other (period-end) | ||||||||||||||||||||||||||
Branches | 94 | 94 | 94 | 94 | 94 | |||||||||||||||||||||
FTE | 903 | 915 | 897 | 905 | 921 | |||||||||||||||||||||
Assets per FTE (in thousands) | $ | 6,588 | $ | 6,825 | $ | 6,703 | $ | 6,637 | $ | 6,463 | ||||||||||||||||
Deposits per FTE (in thousands) | 5,492 | 5,621 | 5,574 | 5,445 | 5,308 | |||||||||||||||||||||
(a) The price/earnings ratio is computed based on annualized quarterly earnings. | ||||||||||||||||||||||||||
(b) September 30, 2022 risk-based capital ratios are estimated. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 38,493 | $ | 33,208 | $ | 31,874 | $ | 35,277 | $ | 33,961 | $ | 103,575 | $ | 101,399 | ||||||||||||
Interest on investment securities: | ||||||||||||||||||||||||||
Taxable | 9,556 | 7,547 | 6,223 | 5,753 | 6,144 | 23,327 | 17,318 | |||||||||||||||||||
Tax-exempt | 1,228 | 1,205 | 1,216 | 1,226 | 1,257 | 3,650 | 3,801 | |||||||||||||||||||
Interest on deposits in depository institutions | 1,530 | 782 | 238 | 217 | 196 | 2,549 | 476 | |||||||||||||||||||
Total Interest Income | 50,807 | 42,742 | 39,551 | 42,473 | 41,558 | 133,101 | 122,994 | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Interest on deposits | 1,585 | 1,328 | 1,521 | 1,710 | 1,955 | 4,433 | 7,695 | |||||||||||||||||||
Interest on short-term borrowings | 440 | 124 | 114 | 132 | 115 | 677 | 357 | |||||||||||||||||||
Total Interest Expense | 2,025 | 1,452 | 1,635 | 1,842 | 2,070 | 5,110 | 8,052 | |||||||||||||||||||
Net Interest Income | 48,782 | 41,290 | 37,916 | 40,631 | 39,488 | 127,991 | 114,942 | |||||||||||||||||||
Provision for (Recovery of) credit losses | 730 | — | (756) | — | (725) | (26) | (3,165) | |||||||||||||||||||
Net Interest Income After Provision for (Recovery of) Credit Losses | 48,052 | 41,290 | 38,672 | 40,631 | 40,213 | 128,017 | 118,107 | |||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||
Net gains on sale of investment securities | — | — | — | — | — | — | 312 | |||||||||||||||||||
Unrealized gains (losses) recognized on equity securities still held | 1 | (601) | (723) | 52 | 93 | (1,322) | 452 | |||||||||||||||||||
Service charges | 7,487 | 7,067 | 6,725 | 7,057 | 6,706 | 21,281 | 18,482 | |||||||||||||||||||
Bankcard revenue | 7,052 | 7,062 | 6,444 | 6,762 | 6,791 | 20,558 | 20,225 | |||||||||||||||||||
Trust and investment management fee income | 2,158 | 2,100 | 2,197 | 2,198 | 2,172 | 6,455 | 6,217 | |||||||||||||||||||
Bank owned life insurance | 754 | 978 | 2,014 | 748 | 747 | 3,746 | 3,147 | |||||||||||||||||||
Other income | 792 | 1,243 | 791 | 799 | 1,438 | 2,825 | 3,190 | |||||||||||||||||||
Total Non-Interest Income | 18,244 | 17,849 | 17,448 | 17,616 | 17,947 | 53,543 | 52,025 | |||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||
Salaries and employee benefits | 17,398 | 16,413 | 15,577 | 15,299 | 15,321 | 49,386 | 46,551 | |||||||||||||||||||
Occupancy related expense | 2,664 | 2,620 | 2,709 | 2,429 | 2,507 | 7,993 | 7,654 | |||||||||||||||||||
Equipment and software related expense | 2,949 | 2,732 | 2,769 | 2,733 | 2,554 | 8,452 | 7,753 | |||||||||||||||||||
FDIC insurance expense | 416 | 409 | 435 | 400 | 396 | 1,259 | 1,183 | |||||||||||||||||||
Advertising | 854 | 951 | 798 | 582 | 804 | 2,603 | 2,509 | |||||||||||||||||||
Bankcard expenses | 1,405 | 1,665 | 1,606 | 1,576 | 1,549 | 4,676 | 4,879 | |||||||||||||||||||
Postage, delivery, and statement mailings | 578 | 551 | 636 | 590 | 573 | 1,765 | 1,733 |
Office supplies | 466 | 427 | 410 | 378 | 406 | 1,303 | 1,169 | |||||||||||||||||||
Legal and professional fees | 532 | 525 | 527 | 405 | 610 | 1,584 | 1,874 | |||||||||||||||||||
Telecommunications | 651 | 754 | 584 | 702 | 790 | 1,988 | 2,156 | |||||||||||||||||||
Repossessed asset (gains) losses, net of expenses | (3) | (32) | 40 | (29) | (108) | 4 | (28) | |||||||||||||||||||
Other expenses | 3,591 | 3,674 | 3,436 | 3,559 | 3,776 | 10,701 | 11,128 | |||||||||||||||||||
Total Non-Interest Expense | 31,501 | 30,689 | 29,527 | 28,624 | 29,178 | 91,714 | 88,561 | |||||||||||||||||||
Income Before Income Taxes | 34,795 | 28,450 | 26,593 | 29,623 | 28,982 | 89,846 | 81,571 | |||||||||||||||||||
Income tax expense | 7,421 | 5,767 | 5,251 | 6,237 | 6,250 | 18,438 | 16,877 | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 27,374 | $ | 22,683 | $ | 21,342 | $ | 23,386 | $ | 22,732 | $ | 71,408 | $ | 64,694 | ||||||||||||
Distributed earnings allocated to common shareholders | $ | 9,564 | $ | 8,837 | $ | 8,943 | $ | 8,949 | $ | 8,726 | $ | 27,220 | $ | 26,177 | ||||||||||||
Undistributed earnings allocated to common shareholders | 17,555 | 13,643 | 12,199 | 14,211 | 13,786 | 43,509 | 37,899 | |||||||||||||||||||
Net earnings allocated to common shareholders | $ | 27,119 | $ | 22,480 | $ | 21,142 | $ | 23,160 | $ | 22,512 | $ | 70,729 | $ | 64,076 | ||||||||||||
Average common shares outstanding | 14,776 | 14,888 | 14,974 | 15,026 | 15,279 | 14,878 | 15,501 | |||||||||||||||||||
Shares for diluted earnings per share | 14,800 | 14,909 | 15,002 | 15,056 | 15,302 | 14,901 | 15,526 | |||||||||||||||||||
Basic earnings per common share | 1.84 | 1.51 | 1.41 | 1.54 | 1.47 | 4.75 | 4.13 | |||||||||||||||||||
Diluted earnings per common share | 1.83 | 1.51 | 1.41 | 1.54 | 1.47 | 4.75 | 4.13 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 65,051 | $ | 90,449 | $ | 100,877 | $ | 101,804 | $ | 103,841 | |||||||
Interest-bearing deposits in depository institutions | 233,302 | 606,530 | 497,171 | 532,827 | 535,708 | ||||||||||||
Cash and cash equivalents | 298,353 | 696,979 | 598,048 | 634,631 | 639,549 | ||||||||||||
Investment securities available-for-sale, at fair value | 1,489,392 | 1,497,227 | 1,409,513 | 1,408,165 | 1,372,077 | ||||||||||||
Other securities | 24,372 | 24,383 | 24,785 | 25,531 | 25,497 | ||||||||||||
Total investment securities | 1,513,764 | 1,521,610 | 1,434,298 | 1,433,696 | 1,397,574 | ||||||||||||
Gross loans | 3,628,752 | 3,566,758 | 3,559,905 | 3,543,814 | 3,521,925 | ||||||||||||
Allowance for credit losses | (17,011) | (17,015) | (17,280) | (18,166) | (18,751) | ||||||||||||
Net loans | 3,611,741 | 3,549,743 | 3,542,625 | 3,525,648 | 3,503,174 | ||||||||||||
Bank owned life insurance | 121,283 | 120,528 | 120,522 | 120,978 | 120,238 | ||||||||||||
Premises and equipment, net | 71,686 | 72,388 | 73,067 | 74,071 | 75,156 | ||||||||||||
Accrued interest receivable | 17,256 | 16,342 | 16,101 | 15,627 | 16,224 | ||||||||||||
Net deferred tax assets | 49,888 | 30,802 | 18,001 | 63 | 90 | ||||||||||||
Intangible assets | 116,081 | 116,428 | 116,774 | 117,121 | 117,489 | ||||||||||||
Other assets | 147,716 | 118,375 | 92,331 | 81,860 | 82,419 | ||||||||||||
Total Assets | $ | 5,947,768 | $ | 6,243,195 | $ | 6,011,767 | $ | 6,003,695 | $ | 5,951,913 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,429,281 | $ | 1,531,660 | $ | 1,357,266 | $ | 1,373,125 | $ | 1,311,464 | |||||||
Interest-bearing: | |||||||||||||||||
Demand deposits | 1,160,970 | 1,189,056 | 1,191,492 | 1,135,848 | 1,139,033 | ||||||||||||
Savings deposits | 1,427,785 | 1,435,645 | 1,425,528 | 1,347,448 | 1,332,910 | ||||||||||||
Time deposits | 939,769 | 985,567 | 1,024,559 | 1,068,915 | 1,104,069 | ||||||||||||
Total deposits | 4,957,805 | 5,141,928 | 4,998,845 | 4,925,336 | 4,887,476 | ||||||||||||
Short-term borrowings | |||||||||||||||||
Customer repurchase agreements | 304,807 | 402,368 | 288,483 | 312,458 | 296,642 | ||||||||||||
Net deferred tax liabilities | — | — | — | — | — | ||||||||||||
Other liabilities | 136,868 | 106,906 | 92,009 | 84,796 | 90,499 | ||||||||||||
Total Liabilities | 5,399,480 | 5,651,202 | 5,379,337 | 5,322,590 | 5,274,617 | ||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
Capital surplus | 170,138 | 169,557 | 170,206 | 170,942 | 170,300 | ||||||||||||
Retained earnings | 685,657 | 667,933 | 654,138 | 641,826 | 627,463 |
Cost of common stock in treasury | (209,644) | (209,133) | (194,819) | (193,542) | (183,303) | ||||||||||||
Accumulated other comprehensive (loss) income: | |||||||||||||||||
Unrealized (loss) gain on securities available-for-sale | (141,997) | (80,498) | (41,229) | 17,745 | 20,878 | ||||||||||||
Underfunded pension liability | (3,485) | (3,485) | (3,485) | (3,485) | (5,661) | ||||||||||||
Total Accumulated Other Comprehensive (Loss) Income | (145,482) | (83,983) | (44,714) | 14,260 | 15,217 | ||||||||||||
Total Stockholders' Equity | 548,288 | 591,993 | 632,430 | 681,105 | 677,296 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,947,768 | $ | 6,243,195 | $ | 6,011,767 | $ | 6,003,695 | $ | 5,951,913 | |||||||
Regulatory Capital | |||||||||||||||||
Total CET 1 capital | $ | 582,213 | $ | 564,158 | $ | 565,048 | $ | 555,532 | $ | 550,426 | |||||||
Total tier 1 capital | 582,213 | 564,158 | 565,048 | 555,532 | 550,426 | ||||||||||||
Total risk-based capital | 596,708 | 578,657 | 579,807 | 570,336 | 565,712 | ||||||||||||
Total risk-weighted assets | 3,679,511 | 3,558,249 | 3,492,920 | 3,453,893 | 3,417,020 |
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||
Commercial and industrial | $ | 375,735 | $ | 360,481 | $ | 337,384 | $ | 346,184 | $ | 353,046 | |||||||
1-4 Family | 109,710 | 108,765 | 108,424 | 107,873 | 108,913 | ||||||||||||
Hotels | 355,001 | 337,910 | 314,902 | 311,315 | 297,341 | ||||||||||||
Multi-family | 186,440 | 203,856 | 209,359 | 215,677 | 215,307 | ||||||||||||
Non Residential Non-Owner Occupied | 569,369 | 551,240 | 637,092 | 639,818 | 664,365 | ||||||||||||
Non Residential Owner Occupied | 177,673 | 180,188 | 200,180 | 204,233 | 205,579 | ||||||||||||
Commercial real estate (1) | 1,398,193 | 1,381,959 | 1,469,957 | 1,478,916 | 1,491,505 | ||||||||||||
Residential real estate (2) | 1,678,770 | 1,651,005 | 1,588,860 | 1,548,965 | 1,506,572 | ||||||||||||
Home equity | 130,837 | 125,742 | 121,460 | 122,345 | 124,806 | ||||||||||||
Consumer | 41,902 | 44,580 | 39,778 | 40,901 | 43,296 | ||||||||||||
DDA Overdrafts | 3,315 | 2,991 | 2,466 | 6,503 | 2,700 | ||||||||||||
Gross Loans | $ | 3,628,752 | $ | 3,566,758 | $ | 3,559,905 | $ | 3,543,814 | $ | 3,521,925 | |||||||
Construction loans included in: | |||||||||||||||||
(1) - Commercial real estate loans | $ | 4,125 | $ | 6,767 | $ | 14,877 | $ | 11,783 | $ | 19,360 | |||||||
(2) - Residential real estate loans | 19,333 | 18,751 | 16,253 | 17,252 | 19,059 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Allowance for Credit Losses | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 17,015 | $ | 17,280 | $ | 18,166 | $ | 18,751 | $ | 20,016 | $ | 18,166 | $ | 24,549 | ||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Commercial and industrial | (411) | — | (34) | — | — | (445) | (245) | |||||||||||||||||||
Commercial real estate | — | (24) | — | (276) | (392) | (24) | (2,111) | |||||||||||||||||||
Residential real estate | (93) | (56) | (50) | (68) | (18) | (199) | (197) | |||||||||||||||||||
Home equity | (71) | (19) | — | (58) | (47) | (90) | (119) | |||||||||||||||||||
Consumer | (16) | (9) | (23) | (13) | (3) | (48) | (229) | |||||||||||||||||||
DDA overdrafts | (719) | (604) | (631) | (635) | (633) | (1,954) | (1,516) | |||||||||||||||||||
Total charge-offs | (1,310) | (712) | (738) | (1,050) | (1,093) | (2,760) | (4,417) | |||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||
Commercial and industrial | 149 | 32 | 59 | 31 | 69 | 240 | 140 | |||||||||||||||||||
Commercial real estate | 9 | 25 | 53 | 27 | 18 | 87 | 197 | |||||||||||||||||||
Residential real estate | 1 | 4 | 45 | 7 | 29 | 50 | 120 | |||||||||||||||||||
Home equity | 2 | 3 | 17 | 6 | 58 | 22 | 84 | |||||||||||||||||||
Consumer | 29 | 19 | 28 | 40 | 72 | 76 | 215 | |||||||||||||||||||
DDA overdrafts | 383 | 364 | 406 | 354 | 307 | 1,153 | 1,028 | |||||||||||||||||||
Total recoveries | 573 | 447 | 608 | 465 | 553 | 1,628 | 1,784 | |||||||||||||||||||
Net charge-offs | (737) | (265) | (130) | (585) | (540) | (1,132) | (2,633) | |||||||||||||||||||
Provision for (recovery of) credit losses | 730 | — | (756) | — | (725) | (26) | (3,165) | |||||||||||||||||||
Balance at end of period | $ | 17,008 | $ | 17,015 | $ | 17,280 | $ | 18,166 | $ | 18,751 | $ | 17,008 | $ | 18,751 | ||||||||||||
Loans outstanding | $ | 3,628,752 | $ | 3,566,758 | $ | 3,559,905 | $ | 3,543,814 | $ | 3,521,925 | ||||||||||||||||
Allowance as a percent of loans outstanding | 0.47 | % | 0.48 | % | 0.49 | % | 0.51 | % | 0.53 | % | ||||||||||||||||
Allowance as a percent of non-performing loans | 320.5 | % | 292.6 | % | 331.3 | % | 290.1 | % | 243.1 | % | ||||||||||||||||
Average loans outstanding | $ | 3,596,523 | $ | 3,559,713 | $ | 3,527,393 | $ | 3,522,272 | $ | 3,535,497 | $ | 3,561,463 | $ | 3,553,966 | ||||||||||||
Net charge-offs (annualized) as a percent of average loans outstanding | 0.08 | % | 0.03 | % | 0.01 | % | 0.07 | % | 0.06 | % | 0.04 | % | 0.10 | % |
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||||||
Nonaccrual Loans | |||||||||||||||||
Residential real estate | $ | 2,089 | $ | 1,561 | $ | 1,786 | $ | 2,809 | $ | 3,634 | |||||||
Home equity | 140 | 54 | 99 | 40 | 67 | ||||||||||||
Commercial and industrial | 785 | 1,360 | 1,069 | 996 | 531 | ||||||||||||
Commercial real estate | 2,293 | 2,783 | 2,241 | 2,373 | 3,355 | ||||||||||||
Consumer | — | — | — | — | — | ||||||||||||
Total nonaccrual loans | 5,307 | 5,758 | 5,195 | 6,218 | 7,587 | ||||||||||||
Accruing loans past due 90 days or more | — | 58 | 21 | 43 | 127 | ||||||||||||
Total non-performing loans | 5,307 | 5,816 | 5,216 | 6,261 | 7,714 | ||||||||||||
Other real estate owned | 1,071 | 946 | 1,099 | 1,319 | 1,335 | ||||||||||||
Total non-performing assets | $ | 6,378 | $ | 6,762 | $ | 6,315 | $ | 7,580 | $ | 9,049 | |||||||
Non-performing assets as a percent of loans and other real estate owned | 0.18 | % | 0.19 | % | 0.18 | % | 0.21 | % | 0.26 | % | |||||||
Past Due Loans | |||||||||||||||||
Residential real estate | $ | 3,452 | $ | 5,298 | $ | 4,976 | $ | 5,321 | $ | 5,258 | |||||||
Home equity | 521 | 282 | 505 | 618 | 688 | ||||||||||||
Commercial and industrial | 221 | 130 | 56 | 336 | 455 | ||||||||||||
Commercial real estate | 221 | 46 | 744 | 22 | 441 | ||||||||||||
Consumer | 27 | 49 | 32 | 60 | 35 | ||||||||||||
DDA overdrafts | 561 | 430 | 392 | 489 | 390 | ||||||||||||
Total past due loans | $ | 5,003 | $ | 6,235 | $ | 6,705 | $ | 6,846 | $ | 7,267 | |||||||
Total past due loans as a percent of loans outstanding | 0.14 | % | 0.17 | % | 0.19 | % | 0.19 | % | 0.21 | % | |||||||
Troubled Debt Restructurings ("TDRs") | |||||||||||||||||
Residential real estate | $ | 15,657 | $ | 16,022 | $ | 16,182 | $ | 16,943 | $ | 16,910 | |||||||
Home equity | 1,614 | 1,649 | 1,694 | 1,784 | 1,822 | ||||||||||||
Commercial and industrial | 354 | 381 | 397 | 414 | 430 | ||||||||||||
Commercial real estate | 104 | 107 | 1,890 | 1,914 | 1,937 | ||||||||||||
Consumer | 68 | 80 | 194 | 225 | 221 | ||||||||||||
Total TDRs | $ | 17,797 | $ | 18,239 | $ | 20,357 | $ | 21,280 | $ | 21,320 | |||||||
Three Months Ended | |||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Loan portfolio (1): | |||||||||||||||||||||||||||||
Residential real estate (2) | $ | 1,792,365 | $ | 17,640 | 3.90 | % | $ | 1,730,617 | $ | 16,063 | 3.72 | % | $ | 1,648,921 | $ | 15,813 | 3.80 | % | |||||||||||
Commercial, financial, and agriculture (2) | 1,759,567 | 20,092 | 4.53 | % | 1,785,511 | 16,421 | 3.69 | % | 1,836,604 | 17,344 | 3.75 | % | |||||||||||||||||
Installment loans to individuals (2), (3) | 44,591 | 683 | 6.08 | % | 43,585 | 631 | 5.81 | % | 49,972 | 714 | 5.67 | % | |||||||||||||||||
Previously securitized loans (4) | *** | 78 | *** | *** | 93 | *** | *** | 91 | *** | ||||||||||||||||||||
Total loans | 3,596,523 | 38,493 | 4.25 | % | 3,559,713 | 33,208 | 3.74 | % | 3,535,497 | 33,962 | 3.81 | % | |||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 1,359,207 | 9,557 | 2.79 | % | 1,269,049 | 7,548 | 2.39 | % | 1,136,519 | 6,144 | 2.14 | % | |||||||||||||||||
Tax-exempt (5) | 215,219 | 1,555 | 2.87 | % | 215,603 | 1,526 | 2.84 | % | 245,551 | 1,590 | 2.57 | % | |||||||||||||||||
Total securities | 1,574,426 | 11,112 | 2.80 | % | 1,484,652 | 9,074 | 2.45 | % | 1,382,070 | 7,734 | 2.22 | % | |||||||||||||||||
Deposits in depository institutions | 289,460 | 1,529 | 2.10 | % | 441,239 | 781 | 0.71 | % | 544,843 | 196 | 0.14 | % | |||||||||||||||||
Total interest-earning assets | 5,460,409 | 51,134 | 3.72 | % | 5,485,604 | 43,063 | 3.15 | % | 5,462,410 | 41,892 | 3.04 | % | |||||||||||||||||
Cash and due from banks | 81,202 | 102,532 | 101,058 | ||||||||||||||||||||||||||
Premises and equipment, net | 72,196 | 72,887 | 75,956 | ||||||||||||||||||||||||||
Goodwill and intangible assets | 116,297 | 116,645 | 117,719 | ||||||||||||||||||||||||||
Other assets | 278,527 | 256,354 | 220,420 | ||||||||||||||||||||||||||
Less: Allowance for credit losses | (17,224) | (17,755) | (20,407) | ||||||||||||||||||||||||||
Total assets | $ | 5,991,407 | $ | 6,016,267 | $ | 5,957,156 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,151,122 | $ | 272 | 0.09 | % | $ | 1,156,200 | $ | 148 | 0.05 | % | $ | 1,093,243 | $ | 127 | 0.05 | % | |||||||||||
Savings deposits | 1,431,591 | 358 | 0.10 | % | 1,430,121 | 182 | 0.05 | % | 1,315,462 | 169 | 0.05 | % | |||||||||||||||||
Time deposits (2) | 964,447 | 956 | 0.39 | % | 1,004,356 | 999 | 0.40 | % | 1,126,553 | 1,659 | 0.58 | % | |||||||||||||||||
Short-term borrowings | 270,310 | 440 | 0.65 | % | 288,031 | 123 | 0.17 | % | 282,722 | 115 | 0.16 | % | |||||||||||||||||
Total interest-bearing liabilities | 3,817,470 | 2,026 | 0.21 | % | 3,878,708 | 1,452 | 0.15 | % | 3,817,980 | 2,070 | 0.22 | % | |||||||||||||||||
Noninterest-bearing demand deposits | 1,455,123 | 1,435,256 | 1,356,745 | ||||||||||||||||||||||||||
Other liabilities | 100,303 | 85,075 | 86,263 | ||||||||||||||||||||||||||
Stockholders' equity | 618,511 | 617,228 | 696,168 | ||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||
stockholders' equity | $ | 5,991,407 | $ | 6,016,267 | $ | 5,957,156 | |||||||||||||||||||||||
Net interest income | $ | 49,108 | $ | 41,611 | $ | 39,822 | |||||||||||||||||||||||
Net yield on earning assets | 3.57 | % | 3.04 | % | 2.89 | % | |||||||||||||||||||||||
(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 (includes PPP fees) | $ | 308 | $ | 3 | $ | 1,120 | |||||||||||||||||||||||
(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 | $ | 64 | $ | 77 | $ | 154 | |||||||||||||||||||||||
Commercial, financial, and agriculture | 103 | 118 | 265 | ||||||||||||||||||||||||||
Installment loans to individuals | 7 | 15 | 21 | ||||||||||||||||||||||||||
Time deposits | 21 | 21 | 48 | ||||||||||||||||||||||||||
$ | 195 | $ | 231 | $ | 488 | ||||||||||||||||||||||||
(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%. |
Nine Months Ended | ||||||||||||||||||||
September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
Assets: | ||||||||||||||||||||
Loan portfolio (1): | ||||||||||||||||||||
Residential real estate (2) | $ | 1,728,557 | $ | 49,299 | 3.81 | % | $ | 1,669,324 | $ | 48,801 | 3.91 | % | ||||||||
Commercial, financial, and agriculture (2) | 1,788,784 | 52,044 | 3.89 | % | 1,833,744 | 50,044 | 3.65 | % | ||||||||||||
Installment loans to individuals (2), (3) | 44,122 | 1,921 | 5.82 | % | 50,898 | 2,140 | 5.62 | % | ||||||||||||
Previously securitized loans (4) | *** | 311 | *** | *** | 414 | *** | ||||||||||||||
Total loans | 3,561,463 | 103,575 | 3.89 | % | 3,553,966 | 101,399 | 3.81 | % | ||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 1,279,086 | 23,327 | 2.44 | % | 1,043,269 | 17,318 | 2.22 | % | ||||||||||||
Tax-exempt (5) | 221,035 | 4,620 | 2.79 | % | 243,146 | 4,811 | 2.65 | % | ||||||||||||
Total securities | 1,500,121 | 27,947 | 2.49 | % | 1,286,415 | 22,129 | 2.30 | % | ||||||||||||
Deposits in depository institutions | 422,714 | 2,549 | 0.81 | % | 562,272 | 474 | 0.11 | % | ||||||||||||
Total interest-earning assets | 5,484,298 | 134,071 | 3.27 | % | 5,402,653 | 124,002 | 3.07 | % | ||||||||||||
Cash and due from banks | 95,105 | 91,073 | ||||||||||||||||||
Premises and equipment, net | 72,964 | 76,481 | ||||||||||||||||||
Goodwill and intangible assets | 116,643 | 118,084 | ||||||||||||||||||
Other assets | 251,071 | 214,872 | ||||||||||||||||||
Less: Allowance for loan losses | (17,807) | (22,989) | ||||||||||||||||||
Total assets | $ | 6,002,274 | $ | 5,880,174 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,149,899 | $ | 550 | 0.06 | % | $ | 1,057,452 | $ | 373 | 0.05 | % | ||||||||
Savings deposits | 1,415,563 | 715 | 0.07 | % | 1,275,211 | 516 | 0.05 | % | ||||||||||||
Time deposits (2) | 1,005,356 | 3,168 | 0.42 | % | 1,181,166 | 6,806 | 0.77 | % | ||||||||||||
Short-term borrowings | 278,211 | 677 | 0.33 | % | 292,845 | 357 | 0.16 | % | ||||||||||||
Total interest-bearing liabilities | 3,849,029 | 5,110 | 0.18 | % | 3,806,674 | 8,052 | 0.28 | % | ||||||||||||
Noninterest-bearing demand deposits | 1,429,887 | 1,289,247 | ||||||||||||||||||
Other liabilities | 86,585 | 82,953 | ||||||||||||||||||
Stockholders' equity | 636,773 | 701,300 | ||||||||||||||||||
Total liabilities and | ||||||||||||||||||||
stockholders' equity | $ | 6,002,274 | $ | 5,880,174 | ||||||||||||||||
Net interest income | $ | 128,961 | $ | 115,950 | ||||||||||||||||
Net yield on earning assets | 3.14 | % | 2.87 | % | ||||||||||||||||
(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, net (includes PPP fees) | 609 | 2,443 | ||||||||||||||||||
(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 | $ | 231 | $ | 472 | ||||||||||||||||
Commercial, financial, and agriculture | 507 | 956 | ||||||||||||||||||
Installment loans to individuals | 41 | 72 | ||||||||||||||||||
Time deposits | 62 | 145 | ||||||||||||||||||
841 | 1,645 | |||||||||||||||||||
(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 | Nine Months Ended | |||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net Interest Income/Margin | ||||||||||||||||||||||||||
Net interest income ("GAAP") | $ | 48,782 | $ | 41,290 | $ | 37,916 | $ | 40,631 | $ | 39,488 | $ | 127,991 | $ | 114,942 | ||||||||||||
Taxable equivalent adjustment | 326 | 321 | 323 | 325 | 334 | 970 | 1,008 | |||||||||||||||||||
Net interest income, fully taxable equivalent | $ | 49,108 | $ | 41,611 | $ | 38,239 | $ | 40,956 | $ | 39,822 | $ | 128,961 | $ | 115,950 | ||||||||||||
Average interest earning assets | $ | 5,460,409 | $ | 5,485,604 | $ | 5,507,397 | $ | 5,521,386 | $ | 5,462,410 | $ | 5,484,298 | $ | 5,402,653 | ||||||||||||
Net Interest Margin | 3.57 | % | 3.04 | % | 2.82 | % | 2.94 | % | 2.89 | % | 3.14 | % | 2.87 | % | ||||||||||||
Accretion related to fair value adjustments | (0.01) | % | (0.02) | % | (0.03) | % | (0.03) | % | (0.04) | % | (0.02) | % | (0.04) | % | ||||||||||||
Net Interest Margin (excluding accretion) | 3.56 | % | 3.02 | % | 2.79 | % | 2.91 | % | 2.85 | % | 3.12 | % | 2.83 | % | ||||||||||||
Tangible Equity Ratio (period end) | ||||||||||||||||||||||||||
Equity to assets ("GAAP") | 9.22 | % | 9.48 | % | 10.52 | % | 11.34 | % | 11.37 | % | ||||||||||||||||
Effect of goodwill and other intangibles, net | (1.81) | % | (1.72) | % | (1.77) | % | (1.76) | % | (1.78) | % | ||||||||||||||||
Tangible common equity to tangible assets | 7.41 | % | 7.76 | % | 8.75 | % | 9.58 | % | 9.59 | % |