01/27/2022 | Press release | Distributed by Public on 01/27/2022 08:53
|
• |
An increase in net interest income of 10.6% over the fourth quarter of 2020;
|
|
• |
Net gains on mortgage loans of $5.6 million and total mortgage loan origination volume of $424.6 million;
|
|
• |
Deposit net growth of $105.0 million (or 10.4% annualized);
|
|
• |
Continued strong asset quality metrics as evidenced by low loan charge-offs during the quarter as well as a low level of non-performing loans and non-performing assets; and
|
|
• |
The payment of a 21 cent per share dividend on common stock on November 15, 2021.
|
|
• |
Increases in net income and diluted earnings per share of 12.0% and 13.8%, respectively, compared to 2020;
|
|
• |
Return on average assets and return on average equity of 1.41% and 16.13%, respectively;
|
|
• |
Net gains on mortgage loans of $35.9 million and total mortgage loan origination volume of $1.9 billion;
|
|
• |
Net growth in portfolio loans of $171.4 million (or 6.3%);
|
|
• |
Deposit net growth of $479.7 million (or 13.2 %);
|
|
• |
Paid $0.84 in dividends which was a 5.0% increase compared to 2020; and
|
|
• |
Tangible common equity per share increased by 6.1% to $17.33 from $16.33.
|
|
• |
Changes in the fair value due to price of capitalized mortgage loan servicing rights (the "MSR Changes") of a positive $0.6 million ($0.02 per diluted share, after taxes) and $3.4 million ($0.12 per diluted share, after taxes) for the three-months and full-year ended December 31, 2021, respectively, as compared to a negative $0.9 million ($0.03 per diluted share, after taxes) and a negative $10.8 million ($0.39 per diluted share, after taxes) for the three-months and full year ended December 31, 2020 respectively.
|
PPP - Round 1
|
||||||||||||||||||||||||
At or for the three months ended
|
12/31/2021
|
9/30/2021
|
12/31/2020
|
|||||||||||||||||||||
#
|
(000's)
|
|
#
|
(000's)
|
|
#
|
(000's)
|
|
||||||||||||||||
Loans outstanding at period end
|
6
|
$
|
197
|
20
|
$
|
1,262
|
1,483
|
$
|
169,782
|
|||||||||||||||
Average loans outstanding
|
774
|
-
|
2,699
|
220,214
|
||||||||||||||||||||
Cumulative forgiveness applications submitted
|
2,124
|
261,088
|
2,085
|
260,015
|
808
|
122,962
|
||||||||||||||||||
Cumulative forgiveness applications approved
|
2,122
|
261,047
|
2,082
|
259,613
|
755
|
91,972
|
||||||||||||||||||
Net fees accreted into interest income
|
-
|
-
|
381
|
3,250
|
||||||||||||||||||||
Net unaccreted fees at period end
|
-
|
-
|
3,216
|
|||||||||||||||||||||
Average loan yield
|
-
|
-
|
11.51
|
%
|
6.91
|
%
|
PPP - Round 2
|
||||||||||||||||||||||||
At or for the three months ended
|
12/31/2021
|
9/30/2021
|
3/31/2021
|
|||||||||||||||||||||
|
#
|
(000's)
|
|
#
|
(000's)
|
|
#
|
(000's)
|
|
|||||||||||||||
Loans outstanding at period end
|
180
|
$
|
26,167
|
806
|
$
|
88,888
|
1,250
|
$
|
128,240
|
|||||||||||||||
Average loans outstanding
|
58,895
|
-
|
110,276
|
-
|
72,011
|
|||||||||||||||||||
Cumulative forgiveness applications submitted
|
1,401
|
115,568
|
831
|
51,370
|
-
|
-
|
||||||||||||||||||
Cumulative forgiveness applications approved
|
1,372
|
109,405
|
810
|
50,535
|
-
|
-
|
||||||||||||||||||
Net fees accreted into interest income
|
2,372
|
-
|
2,249
|
-
|
229
|
|||||||||||||||||||
Net unaccreted fees at period end
|
806
|
-
|
3,178
|
-
|
5,454
|
|||||||||||||||||||
Average loan yield
|
17.11
|
%
|
-
|
9.17
|
%
|
-
|
2.25
|
%
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
12/31/2021
|
12/31/2020
|
12/31/2021
|
12/31/2020
|
|||||||||||||
Mortgage loan servicing, net:
|
(Dollars in thousands)
|
|||||||||||||||
Revenue, net
|
$
|
2,044
|
$
|
1,812
|
$
|
7,853
|
$
|
6,874
|
||||||||
Fair value change due to price
|
567
|
(892
|
)
|
3,380
|
(10,833
|
)
|
||||||||||
Fair value change due to pay-downs
|
(1,342
|
)
|
(1,304
|
)
|
(5,488
|
)
|
(5,391
|
)
|
||||||||
Total
|
$
|
1,269
|
$
|
(384
|
)
|
$
|
5,745
|
$
|
(9,350
|
)
|
|
12/31/2021
|
9/30/2021
|
% change vs. prior quarter
|
|||||||||||||||||||||||||||||
Loan Type
|
#
|
|
$(000's)
|
|
% of
portfolio
|
#
|
$ (000's)
|
% of
portfolio
|
#
|
|
$ |
|||||||||||||||||||||
Commercial
|
-
|
$
|
-
|
0.0
|
%
|
-
|
$
|
-
|
0.0
|
%
|
none
|
none
|
||||||||||||||||||||
Mortgage
|
22
|
2,278
|
0.2
|
%
|
39
|
5,901
|
0.5
|
%
|
(43.6
|
)%
|
(61.4
|
)%
|
||||||||||||||||||||
Installment
|
1
|
55
|
0.0
|
%
|
7
|
109
|
0.0
|
%
|
(85.7
|
)%
|
(49.5
|
)%
|
||||||||||||||||||||
Total
|
23
|
$
|
2,333
|
0.1
|
%
|
46
|
$
|
6,010
|
0.2
|
%
|
(50.0
|
)%
|
(61.2
|
)%
|
||||||||||||||||||
Loans serviced for others
|
46
|
$
|
5,163
|
0.2
|
%
|
64
|
$
|
7,986
|
0.3
|
%
|
(28.1
|
)%
|
(35.3
|
)%
|
Loan Type
|
12/31/2021
|
12/31/2020
|
12/31/2019
|
|||||||||
(Dollars in thousands)
|
||||||||||||
Commercial
|
$
|
62
|
$
|
1,440
|
$
|
1,377
|
||||||
Mortgage
|
4,914
|
6,353
|
7,996
|
|||||||||
Installment
|
569
|
519
|
805
|
|||||||||
Subtotal
|
5,545
|
8,312
|
10,178
|
|||||||||
Less - government guaranteed loans
|
435
|
439
|
646
|
|||||||||
Total non-performing loans
|
$
|
5,110
|
$
|
7,873
|
$
|
9,532
|
||||||
Ratio of non-performing loans to total portfolio loans
|
0.18
|
%
|
0.29
|
%
|
0.35
|
%
|
||||||
Ratio of non-performing assets to total assets
|
0.11
|
%
|
0.21
|
%
|
0.32
|
%
|
||||||
Ratio of the allowance for loan losses to non-performing loans
|
924.70
|
%
|
450.01
|
%
|
274.32
|
%
|
(1) |
Excludes loans that are classified as "troubled debt restructured" that are still performing.
|
Regulatory Capital Ratios
|
12/31/2021
|
12/31/2020
|
Well
Capitalized Minimum
|
|||||||||
Tier 1 capital to average total assets
|
8.57
|
%
|
8.81
|
%
|
5.00
|
%
|
||||||
Tier 1 common equity to risk-weighted assets
|
11.80
|
%
|
12.81
|
%
|
6.50
|
%
|
||||||
Tier 1 capital to risk-weighted assets
|
11.80
|
%
|
12.81
|
%
|
8.00
|
%
|
||||||
Total capital to risk-weighted assets
|
13.05
|
%
|
14.06
|
%
|
10.00
|
%
|
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
(unaudited)
|
||||||||
(In thousands, except share
amounts)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$
|
51,069
|
$
|
56,006
|
||||
Interest bearing deposits
|
58,404
|
62,699
|
||||||
Cash and Cash Equivalents
|
109,473
|
118,705
|
||||||
Securities available for sale
|
1,412,830
|
1,072,159
|
||||||
Federal Home Loan Bank and Federal Reserve Bank stock, at cost
|
18,427
|
18,427
|
||||||
Loans held for sale, carried at fair value
|
55,470
|
92,434
|
||||||
Loans held for sale, carried at lower of cost or fair value
|
34,811
|
-
|
||||||
Loans
|
||||||||
Commercial
|
1,203,581
|
1,242,415
|
||||||
Mortgage
|
1,139,659
|
1,015,926
|
||||||
Installment
|
561,805
|
475,337
|
||||||
Total Loans
|
2,905,045
|
2,733,678
|
||||||
Allowance for credit losses (1)
|
(47,252
|
)
|
(35,429
|
)
|
||||
Net Loans
|
2,857,793
|
2,698,249
|
||||||
Other real estate and repossessed assets
|
245
|
766
|
||||||
Property and equipment, net
|
36,404
|
36,127
|
||||||
Bank-owned life insurance
|
55,279
|
55,180
|
||||||
Capitalized mortgage loan servicing rights, carried at fair value
|
26,232
|
16,904
|
||||||
Other intangibles
|
3,336
|
4,306
|
||||||
Goodwill
|
28,300
|
28,300
|
||||||
Accrued income and other assets
|
66,140
|
62,456
|
||||||
Total Assets
|
$
|
4,704,740
|
$
|
4,204,013
|
||||
Liabilities and Shareholders' Equity
|
||||||||
Deposits
|
||||||||
Non-interest bearing
|
$
|
1,321,601
|
$
|
1,153,473
|
||||
Savings and interest-bearing checking
|
1,897,487
|
1,526,465
|
||||||
Reciprocal
|
586,626
|
556,185
|
||||||
Time
|
308,438
|
287,402
|
||||||
Brokered time
|
2,938
|
113,830
|
||||||
Total Deposits
|
4,117,090
|
3,637,355
|
||||||
Other borrowings
|
30,009
|
30,012
|
||||||
Subordinated debt
|
39,357
|
39,281
|
||||||
Subordinated debentures
|
39,592
|
39,524
|
||||||
Accrued expenses and other liabilities
|
80,208
|
68,319
|
||||||
Total Liabilities
|
4,306,256
|
3,814,491
|
||||||
Shareholders' Equity
|
||||||||
Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding
|
-
|
-
|
||||||
Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 21,171,036 shares at December 31, 2021 and 21,853,800 shares at December 31, 2020
|
323,401
|
339,353
|
||||||
Retained earnings
|
74,582
|
40,145
|
||||||
Accumulated other comprehensive income
|
501
|
10,024
|
||||||
Total Shareholders' Equity
|
398,484
|
389,522
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
4,704,740
|
$
|
4,204,013
|
(1)
|
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
December 31,
2021
|
September 30,
2021
|
December 31,
2020
|
December 31,
|
|||||||||||||||||
2021
|
2020
|
|||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Interest Income
|
(In thousands, except per share amounts)
|
|||||||||||||||||||
Interest and fees on loans
|
$
|
30,316
|
$
|
30,132
|
$
|
31,139
|
$
|
116,644
|
$
|
123,159
|
||||||||||
Interest on securities available for sale
|
||||||||||||||||||||
Taxable
|
4,114
|
3,922
|
3,299
|
14,488
|
12,655
|
|||||||||||||||
Tax-exempt
|
1,577
|
1,597
|
789
|
6,102
|
2,926
|
|||||||||||||||
Other investments
|
217
|
204
|
235
|
846
|
1,089
|
|||||||||||||||
Total Interest Income
|
36,224
|
35,855
|
35,462
|
138,080
|
139,829
|
|||||||||||||||
Interest Expense
|
||||||||||||||||||||
Deposits
|
977
|
1,090
|
3,516
|
4,465
|
12,666
|
|||||||||||||||
Other borrowings and subordinated debt and debentures
|
962
|
962
|
953
|
3,850
|
3,551
|
|||||||||||||||
Total Interest Expense
|
1,939
|
2,052
|
4,469
|
8,315
|
16,217
|
|||||||||||||||
Net Interest Income
|
34,285
|
33,803
|
30,993
|
129,765
|
123,612
|
|||||||||||||||
Provision for credit losses (1)
|
630
|
(659
|
)
|
(421
|
)
|
(1,928
|
)
|
12,463
|
||||||||||||
Net Interest Income After Provision for Credit Losses
|
33,655
|
34,462
|
31,414
|
131,693
|
111,149
|
|||||||||||||||
Non-interest Income
|
||||||||||||||||||||
Interchange income
|
3,306
|
4,237
|
2,819
|
14,045
|
11,230
|
|||||||||||||||
Service charges on deposit accounts
|
2,992
|
2,944
|
2,218
|
10,170
|
8,517
|
|||||||||||||||
Net gains (losses) on assets
|
||||||||||||||||||||
Mortgage loans
|
5,600
|
8,361
|
15,873
|
35,880
|
62,560
|
|||||||||||||||
Securities available for sale
|
(10
|
)
|
5
|
14
|
1,411
|
267
|
||||||||||||||
Mortgage loan servicing, net
|
1,269
|
1,271
|
(384
|
)
|
5,745
|
(9,350
|
)
|
|||||||||||||
Other
|
2,614
|
2,877
|
1,823
|
9,392
|
7,521
|
|||||||||||||||
Total Non-interest Income
|
15,771
|
19,695
|
22,363
|
76,643
|
80,745
|
|||||||||||||||
Non-interest Expense
|
||||||||||||||||||||
Compensation and employee benefits
|
19,905
|
21,659
|
20,039
|
79,969
|
74,781
|
|||||||||||||||
Data processing
|
2,851
|
3,022
|
2,374
|
10,823
|
8,534
|
|||||||||||||||
Occupancy, net
|
2,216
|
2,082
|
2,120
|
8,794
|
8,938
|
|||||||||||||||
Interchange expense
|
1,083
|
1,202
|
926
|
4,434
|
3,342
|
|||||||||||||||
Furniture, fixtures and equipment
|
1,060
|
1,075
|
964
|
4,172
|
4,089
|
|||||||||||||||
Loan and collection
|
819
|
735
|
708
|
3,172
|
3,037
|
|||||||||||||||
Communications
|
739
|
683
|
785
|
3,080
|
3,194
|
|||||||||||||||
Legal and professional
|
534
|
513
|
600
|
2,068
|
2,027
|
|||||||||||||||
Advertising
|
599
|
666
|
594
|
1,918
|
2,230
|
|||||||||||||||
Conversion related expenses
|
191
|
275
|
1,541
|
1,827
|
2,586
|
|||||||||||||||
FDIC deposit insurance
|
413
|
346
|
385
|
1,396
|
1,596
|
|||||||||||||||
Costs (recoveries) related to unfunded lending commitments
|
844
|
369
|
(8
|
)
|
1,207
|
263
|
||||||||||||||
Branch closure costs
|
-
|
-
|
-
|
-
|
417
|
|||||||||||||||
Net (gains) losses on other real estate and repossessed assets
|
(28
|
)
|
(28
|
)
|
(82
|
)
|
(230
|
)
|
64
|
|||||||||||
Other
|
2,728
|
1,913
|
1,761
|
8,393
|
7,315
|
|||||||||||||||
Total Non-interest Expense
|
33,954
|
34,512
|
32,707
|
131,023
|
122,413
|
|||||||||||||||
Income Before Income Tax
|
15,472
|
19,645
|
21,070
|
77,313
|
69,481
|
|||||||||||||||
Income tax expense
|
2,964
|
3,683
|
4,084
|
14,418
|
13,329
|
|||||||||||||||
Net Income
|
$
|
12,508
|
$
|
15,962
|
$
|
16,986
|
$
|
62,895
|
$
|
56,152
|
||||||||||
Net Income Per Common Share
|
||||||||||||||||||||
Basic
|
$
|
0.59
|
$
|
0.74
|
$
|
0.78
|
$
|
2.91
|
$
|
2.56
|
||||||||||
Diluted
|
$
|
0.58
|
$
|
0.73
|
$
|
0.77
|
$
|
2.88
|
$
|
2.53
|
(1)
|
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.
|
December 31,
2021
|
September 30,
2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
||||||||||||||||
(unaudited)
|
||||||||||||||||||||
(Dollars in thousands except per share data)
|
||||||||||||||||||||
Three Months Ended
|
||||||||||||||||||||
Net interest income
|
$
|
34,285
|
$
|
33,803
|
$
|
31,393
|
$
|
30,284
|
$
|
30,993
|
||||||||||
Provision for credit losses (1)
|
630
|
(659
|
)
|
(1,425
|
)
|
(474
|
)
|
(421
|
)
|
|||||||||||
Non-interest income
|
15,771
|
19,695
|
14,771
|
26,406
|
22,363
|
|||||||||||||||
Non-interest expense
|
33,954
|
34,512
|
32,536
|
30,021
|
32,707
|
|||||||||||||||
Income before income tax
|
15,472
|
19,645
|
15,053
|
27,143
|
21,070
|
|||||||||||||||
Income tax expense
|
2,964
|
3,683
|
2,665
|
5,106
|
4,084
|
|||||||||||||||
Net income
|
$
|
12,508
|
$
|
15,962
|
$
|
12,388
|
$
|
22,037
|
$
|
16,986
|
||||||||||
Basic earnings per share
|
$
|
0.59
|
$
|
0.74
|
$
|
0.57
|
$
|
1.01
|
$
|
0.78
|
||||||||||
Diluted earnings per share
|
0.58
|
0.73
|
0.56
|
1.00
|
0.77
|
|||||||||||||||
Cash dividend per share
|
0.21
|
0.21
|
0.21
|
0.21
|
0.20
|
|||||||||||||||
Average shares outstanding
|
21,256,367
|
21,515,669
|
21,749,654
|
21,825,937
|
21,866,326
|
|||||||||||||||
Average diluted shares outstanding
|
21,473,963
|
21,726,346
|
21,966,829
|
22,058,503
|
22,112,829
|
|||||||||||||||
Performance Ratios
|
||||||||||||||||||||
Return on average assets
|
1.07
|
%
|
1.40
|
%
|
1.12
|
%
|
2.10
|
%
|
1.61
|
%
|
||||||||||
Return on average equity
|
12.61
|
15.93
|
12.78
|
23.51
|
17.82
|
|||||||||||||||
Efficiency ratio (2)
|
66.68
|
63.47
|
69.24
|
53.48
|
60.59
|
|||||||||||||||
As a Percent of Average Interest-Earning Assets (2)
|
||||||||||||||||||||
Interest income
|
3.30
|
%
|
3.37
|
%
|
3.22
|
%
|
3.27
|
%
|
3.57
|
%
|
||||||||||
Interest expense
|
0.17
|
0.19
|
0.20
|
0.22
|
0.45
|
|||||||||||||||
Net interest income
|
3.13
|
3.18
|
3.02
|
3.05
|
3.12
|
|||||||||||||||
Average Balances
|
||||||||||||||||||||
Loans
|
$
|
2,957,985
|
$
|
2,903,700
|
$
|
2,859,544
|
$
|
2,834,012
|
$
|
2,876,795
|
||||||||||
Securities available for sale
|
1,367,038
|
1,317,382
|
1,274,556
|
1,093,618
|
1,009,578
|
|||||||||||||||
Total earning assets
|
4,433,400
|
4,296,662
|
4,223,570
|
4,047,952
|
3,984,080
|
|||||||||||||||
Total assets
|
4,654,491
|
4,513,774
|
4,434,760
|
4,254,294
|
4,195,546
|
|||||||||||||||
Deposits
|
4,069,901
|
3,934,937
|
3,879,715
|
3,698,811
|
3,632,758
|
|||||||||||||||
Interest bearing liabilities
|
2,863,057
|
2,740,444
|
2,674,425
|
2,589,102
|
2,574,306
|
|||||||||||||||
Shareholders' equity
|
393,477
|
397,542
|
388,780
|
380,111
|
379,232
|
|||||||||||||||
End of Period
|
||||||||||||||||||||
Capital
|
||||||||||||||||||||
Tangible common equity ratio
|
7.85
|
%
|
8.02
|
%
|
8.21
|
%
|
8.08
|
%
|
8.56
|
%
|
||||||||||
Average equity to average assets
|
8.45
|
8.81
|
8.77
|
8.93
|
9.04
|
|||||||||||||||
Common shareholders' equity per share of common stock
|
$
|
18.82
|
$
|
18.76
|
$
|
18.30
|
$
|
17.79
|
$
|
17.82
|
||||||||||
Tangible common equity per share of common stock
|
17.33
|
17.27
|
16.82
|
16.30
|
16.33
|
|||||||||||||||
Total shares outstanding
|
21,171,036
|
21,321,092
|
21,632,912
|
21,773,734
|
21,853,800
|
|||||||||||||||
Selected Balances
|
||||||||||||||||||||
Loans
|
$
|
2,905,045
|
$
|
2,883,978
|
$
|
2,814,559
|
$
|
2,784,224
|
$
|
2,733,678
|
||||||||||
Securities available for sale
|
1,412,830
|
1,348,378
|
1,330,660
|
1,247,280
|
1,072,159
|
|||||||||||||||
Total earning assets
|
4,484,987
|
4,405,189
|
4,246,410
|
4,209,017
|
3,979,397
|
|||||||||||||||
Total assets
|
4,704,740
|
4,622,340
|
4,461,272
|
4,426,440
|
4,204,013
|
|||||||||||||||
Deposits
|
4,117,090
|
4,012,068
|
3,862,466
|
3,858,575
|
3,637,355
|
|||||||||||||||
Interest bearing liabilities
|
2,865,090
|
2,784,554
|
2,633,747
|
2,626,280
|
2,553,418
|
|||||||||||||||
Shareholders' equity
|
398,484
|
400,031
|
395,974
|
387,329
|
389,522
|
(1)
|
Beginning January 1, 2021, calculation is based on CECL methodology. Prior to January 1, 2021, calculation was based on the probable incurred loss methodology.
|
(2)
|
Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.
|
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net Interest Margin, Fully Taxable
|
||||||||||||||||
Equivalent ("FTE")
|
||||||||||||||||
Net interest income
|
$
|
34,285
|
$
|
30,993
|
$
|
129,765
|
$
|
123,612
|
||||||||
Add: taxable equivalent adjustment
|
492
|
221
|
1,866
|
823
|
||||||||||||
Net interest income - taxable equivalent
|
$
|
34,777
|
$
|
31,214
|
$
|
131,631
|
$
|
124,435
|
||||||||
Net interest margin (GAAP) (1)
|
3.08
|
%
|
3.10
|
%
|
3.06
|
%
|
3.32
|
%
|
||||||||
Net interest margin (FTE) (1)
|
3.13
|
%
|
3.12
|
%
|
3.10
|
%
|
3.34
|
%
|
(1)
|
Annualized for three months ended December 31, 2021 and 2020.
|
December 31,
2021
|
September 30,
2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
Common shareholders' equity
|
$
|
398,484
|
$
|
400,031
|
$
|
395,974
|
$
|
387,329
|
$
|
389,522
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
28,300
|
28,300
|
28,300
|
28,300
|
28,300
|
|||||||||||||||
Other intangibles
|
3,336
|
3,579
|
3,821
|
4,063
|
4,306
|
|||||||||||||||
Tangible common equity
|
$
|
366,848
|
$
|
368,152
|
$
|
363,853
|
$
|
354,966
|
$
|
356,916
|
||||||||||
Total assets
|
$
|
4,704,740
|
$
|
4,622,340
|
$
|
4,461,272
|
$
|
4,426,440
|
$
|
4,204,013
|
||||||||||
Less:
|
||||||||||||||||||||
Goodwill
|
28,300
|
28,300
|
28,300
|
28,300
|
28,300
|
|||||||||||||||
Other intangibles
|
3,336
|
3,579
|
3,821
|
4,063
|
4,306
|
|||||||||||||||
Tangible assets
|
$
|
4,673,104
|
$
|
4,590,461
|
$
|
4,429,151
|
$
|
4,394,077
|
$
|
4,171,407
|
||||||||||
Common equity ratio
|
8.47
|
%
|
8.65
|
%
|
8.88
|
%
|
8.75
|
%
|
9.27
|
%
|
||||||||||
Tangible common equity ratio
|
7.85
|
%
|
8.02
|
%
|
8.21
|
%
|
8.08
|
%
|
8.56
|
%
|
||||||||||
Tangible Common Equity per Share of Common Stock:
|
||||||||||||||||||||
Common shareholders' equity
|
$
|
398,484
|
$
|
400,031
|
$
|
395,974
|
$
|
387,329
|
$
|
389,522
|
||||||||||
Tangible common equity
|
$
|
366,848
|
$
|
368,152
|
$
|
363,853
|
$
|
354,966
|
$
|
356,916
|
||||||||||
Shares of common stock outstanding (in thousands)
|
21,171
|
21,321
|
21,633
|
21,774
|
21,854
|
|||||||||||||||
|
||||||||||||||||||||
Common shareholders' equity per share of common stock
|
$
|
18.82
|
$
|
18.76
|
$
|
18.30
|
$
|
17.79
|
$
|
17.82
|
||||||||||
Tangible common equity per share of common stock
|
$
|
17.33
|
$
|
17.27
|
$
|
16.82
|
$
|
16.30
|
$
|
16.33
|