10/21/2021 | Press release | Distributed by Public on 10/21/2021 08:44
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Earnings | ||||||||||||||
Net Interest Income (FTE) | $ | 39,822 | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 38,278 | $ | 115,950 | $ | 117,168 |
Net Income available to common shareholders | 22,732 | 22,148 | 19,814 | 22,222 | 20,126 | 64,694 | 67,374 | |||||||
Per Share Data | ||||||||||||||
Earnings per share available to common shareholders: | ||||||||||||||
Basic | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 4.13 | $ | 4.15 |
Diluted | 1.47 | 1.41 | 1.25 | 1.40 | 1.25 | 4.13 | 4.15 | |||||||
Weighted average number of shares (in thousands): | ||||||||||||||
Basic | 15,279 | 15,573 | 15,656 | 15,708 | 15,950 | 15,501 | 16,065 | |||||||
Diluted | 15,302 | 15,594 | 15,687 | 15,733 | 15,970 | 15,526 | 16,084 | |||||||
Period-end number of shares (in thousands) | 15,192 | 15,527 | 15,724 | 15,768 | 15,848 | 15,192 | 15,848 | |||||||
Cash dividends declared | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 0.57 | $ | 1.74 | $ | 1.71 |
Book value per share (period-end) | 44.58 | 44.79 | 43.99 | 44.47 | 43.62 | 44.58 | 43.62 | |||||||
Tangible book value per share (period-end) | 36.85 | 37.20 | 36.47 | 36.94 | 36.11 | 36.85 | 36.11 | |||||||
Market data: | ||||||||||||||
High closing price | $ | 79.99 | $ | 83.85 | $ | 87.41 | $ | 70.77 | $ | 67.98 | $ | 87.41 | $ | 82.40 |
Low closing price | 72.29 | 74.44 | 69.05 | 56.98 | 55.37 | 69.05 | 55.18 | |||||||
Period-end closing price | 77.91 | 75.24 | 81.78 | 69.55 | 57.61 | 77.91 | 57.61 | |||||||
Average daily volume (in thousands) |
53 | 61 | 63 | 56 | 67 | 59 | 75 | |||||||
Treasury share activity: | ||||||||||||||
Treasury shares repurchased (in thousands) |
337 | 217 | 75 | 81 | 231 | 629 | 492 | |||||||
Average treasury share repurchase price
|
$ | 75.65 | $ | 78.75 | $ | 76.71 | $ | 60.32 | $ | 59.49 | $ | 76.85 | $ | 64.23 |
Key Ratios (percent) | ||||||||||||||
Return on average assets | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.46 | % | 1.47 | % | 1.68 | % |
Return on average tangible equity | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 13.8 | % | 14.8 | % | 15.6 | % |
Yield on interest earning assets | 3.04 | % | 3.00 | % | 3.17 | % | 3.32 | % | 3.43 | % | 3.07 | % | 3.75 | % |
Cost of interest bearing liabilities | 0.22 | % | 0.27 | % | 0.37 | % | 0.47 | % | 0.58 | % | 0.28 | % | 0.73 | % |
Net Interest Margin | 2.89 | % | 2.81 | % | 2.91 | % | 2.99 | % | 3.02 | % | 2.87 | % | 3.22 | % |
Non-interest income as a percent of total revenue | 31.1 | % | 31.0 | % | 30.4 | % | 30.7 | % | 30.3 | % | 31.0 | % | 35.8 | % |
Efficiency Ratio | 50.0 | % | 52.8 | % | 54.3 | % | 51.0 | % | 51.6 | % | 52.3 | % | 51.5 | % |
Price/Earnings Ratio (a) | 13.22 | 13.35 | 16.30 | 12.41 | 11.53 | 14.14 | 10.40 | |||||||
Capital (period-end) | ||||||||||
Average Shareholders' Equity to Average Assets | 11.69 | % | 11.81 | % | 12.30 | % | 12.46 | % | 12.71 | % |
Tangible equity to tangible assets | 9.59 | % | 9.98 | % | 9.93 | % | 10.33 | % | 10.61 | % |
Consolidated City Holding Company risk based capital ratios (b): | ||||||||||
CET I | 15.95 | % | 16.40 | % | 16.76 | % | 16.18 | % | 15.93 | % |
Tier I | 15.95 | % | 16.40 | % | 16.76 | % | 16.18 | % | 15.93 | % |
Total | 16.39 | % | 16.88 | % | 17.33 | % | 16.75 | % | 16.50 | % |
Leverage | 9.46 | % | 9.70 | % | 10.06 | % | 10.22 | % | 10.19 | % |
City National Bank risk based capital ratios (b): | ||||||||||
CET I | 14.61 | % | 14.82 | % | 14.75 | % | 14.10 | % | 14.46 | % |
Tier I | 14.61 | % | 14.82 | % | 14.75 | % | 14.10 | % | 14.46 | % |
Total | 15.06 | % | 15.30 | % | 15.33 | % | 14.68 | % | 15.04 | % |
Leverage | 8.73 | % | 8.80 | % | 8.91 | % | 8.97 | % | 9.32 | % |
Other (period-end) | ||||||||||
Branches | 94 | 94 | 94 | 94 | 94 | |||||
FTE | 921 | 912 | 916 | 926 | 925 | |||||
Assets per FTE (in thousands) | $ | 6,463 | $ | 6,477 | $ | 6,434 | $ | 6,219 | $ | 5,984 |
Deposits per FTE (in thousands) | 5,308 | 5,271 | 5,236 | 5,024 | 4,799 | |||||
(a) The price/earnings ratio is computed based on annualized quarterly earnings (excludes gain for sale of VISA shares, net of taxes). | ||||||||||
(b) September 30, 2021 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, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Interest Income | ||||||||||||||
Interest and fees on loans | $ | 33,961 | $ | 33,114 | $ | 34,324 | $ | 35,685 | $ | 35,761 | $ | 101,399 | $ | 114,813 |
Interest on investment securities:
|
||||||||||||||
Taxable | 6,144 | 5,932 | 5,242 | 5,500 | 6,266 | 17,318 | 17,855 | |||||||
Tax-exempt | 1,257 | 1,291 | 1,253 | 1,254 | 1,132 | 3,801 | 2,659 | |||||||
Interest on deposits in depository institutions
|
196 | 162 | 118 | 60 | 72 | 476 | 432 | |||||||
Total Interest Income | 41,558 | 40,499 | 40,937 | 42,499 | 43,231 | 122,994 | 135,759 | |||||||
Interest Expense | ||||||||||||||
Interest on deposits | 1,955 | 2,460 | 3,280 | 4,198 | 5,123 | 7,695 | 18,324 | |||||||
Interest on short-term borrowings
|
115 | 125 | 117 | 120 | 131 | 357 | 873 | |||||||
Interest on long-term debt | - | - | - | - | - | - | 100 | |||||||
Total Interest Expense | 2,070 | 2,585 | 3,397 | 4,318 | 5,254 | 8,052 | 19,297 | |||||||
Net Interest Income | 39,488 | 37,914 | 37,540 | 38,181 | 37,977 | 114,942 | 116,462 | |||||||
(Recovery of) provision for credit losses | (725) | (2,000) | (440) | 474 | 1,026 | (3,165) | 10,248 | |||||||
Net Interest Income After (Recovery of) Provision for Credit Losses | 40,213 | 39,914 | 37,980 | 37,707 | 36,951 | 118,107 | 106,214 | |||||||
Non-Interest Income | ||||||||||||||
Net gains on sale of investment securities | - | 29 | 283 | 6 | - | 312 | 56 | |||||||
Unrealized gains (losses) recognized on equity securities still held | 93 | 410 | (51) | 835 | 461 | 452 | (1,698) | |||||||
Service charges | 6,706 | 5,895 | 5,881 | 6,771 | 6,295 | 18,482 | 18,962 | |||||||
Bankcard revenue | 6,791 | 7,221 | 6,213 | 5,991 | 6,065 | 20,225 | 17,068 | |||||||
Trust and investment management fee income
|
2,172 | 2,012 | 2,033 | 2,162 | 1,844 | 6,217 | 5,574 | |||||||
Bank owned life insurance | 747 | 940 | 1,460 | 813 | 1,088 | 3,147 | 3,611 | |||||||
Sale of VISA shares | - | - | - | - | - | - | 17,837 | |||||||
Other income | 1,438 | 941 | 811 | 1,143 | 1,232 | 3,190 | 3,550 | |||||||
Total Non-Interest Income | 17,947 | 17,448 | 16,630 | 17,721 | 16,985 | 52,025 | 64,960 | |||||||
Non-Interest Expense | ||||||||||||||
Salaries and employee benefits | 15,321 | 15,559 | 15,671 | 15,989 | 15,361 | 46,551 | 46,085 | |||||||
Occupancy related expense | 2,507 | 2,525 | 2,622 | 2,447 | 2,428 | 7,654 | 7,318 | |||||||
Equipment and software related expense
|
2,554 | 2,655 | 2,544 | 2,660 | 2,607 | 7,753 | 7,540 | |||||||
FDIC insurance expense | 396 | 382 | 405 | 363 | 355 | 1,183 | 522 | |||||||
Advertising | 804 | 824 | 881 | 538 | 462 | 2,509 | 2,238 |
Bankcard expenses | 1,549 | 1,746 | 1,584 | 1,443 | 1,517 | 4,879 | 4,450 | |||||||
Postage, delivery, and statement mailings
|
573 | 568 | 592 | 546 | 513 | 1,733 | 1,721 | |||||||
Office supplies | 406 | 371 | 392 | 413 | 396 | 1,169 | 1,143 | |||||||
Legal and professional fees | 610 | 589 | 675 | 438 | 548 | 1,874 | 1,738 | |||||||
Telecommunications | 790 | 676 | 690 | 540 | 547 | 2,156 | 1,589 | |||||||
Repossessed asset (gains) losses, net of expenses | (108) | 1 | 79 | (68) | 39 | (28) | 313 | |||||||
Other expenses | 3,776 | 3,678 | 3,674 | 3,332 | 3,939 | 11,128 | 11,992 | |||||||
Total Non-Interest Expense | 29,178 | 29,574 | 29,809 | 28,641 | 28,712 | 88,561 | 86,649 | |||||||
Income Before Income Taxes | 28,982 | 27,788 | 24,801 | 26,787 | 25,224 | 81,571 | 84,525 | |||||||
Income tax expense | 6,250 | 5,640 | 4,987 | 4,565 | 5,098 | 16,877 | 17,151 | |||||||
Net Income Available to Common Shareholders | $ | 22,732 | $ | 22,148 | $ | 19,814 | $ | 22,222 | $ | 20,126 | $ | 64,694 | $ | 67,374 |
Distributed earnings allocated to common shareholders | $ | 8,726 | $ | 8,921 | $ | 9,037 | $ | 9,053 | $ | 8,944 | $ | 26,177 | $ | 26,832 |
Undistributed earnings allocated to common shareholders | 13,786 | 13,021 | 10,598 | 12,947 | 10,984 | 37,899 | 39,884 | |||||||
Net earnings allocated to common shareholders | $ | 22,512 | $ | 21,942 | $ | 19,635 | $ | 22,000 | $ | 19,928 | $ | 64,076 | $ | 66,716 |
Average common shares outstanding | 15,279 | 15,573 | 15,656 | 15,708 | 15,950 | 15,501 | 16,065 | |||||||
Shares for diluted earnings per share | 15,302 | 15,594 | 15,687 | 15,733 | 15,970 | 15,526 | 16,084 | |||||||
Basic earnings per common share | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 4.13 | $ | 4.15 |
Diluted earnings per common share | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 1.25 | $ | 4.13 | $ | 4.15 |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||
Assets | ||||||||||
Cash and due from banks | $ | 103,841 | $ | 97,523 | $ | 97,709 | $ | 77,412 | $ | 76,451 |
Interest-bearing deposits in depository institutions | 535,708 | 512,367 | 659,090 | 451,247 | 176,267 | |||||
Cash and cash equivalents | 639,549 | 609,890 | 756,799 | 528,659 | 252,718 | |||||
Investment securities available-for-sale, at fair value | 1,373,073 | 1,340,681 | 1,185,245 | 1,178,789 | 1,157,399 | |||||
Other securities | 24,501 | 24,548 | 27,182 | 27,372 | 26,548 | |||||
Total investment securities | 1,397,574 | 1,365,229 | 1,212,427 | 1,206,161 | 1,183,947 | |||||
Gross loans | 3,521,925 | 3,529,416 | 3,546,723 | 3,622,119 | 3,663,966 | |||||
Allowance for credit losses | (18,751) | (20,016) | (24,076) | (24,549) | (24,867) | |||||
Net loans | 3,503,174 | 3,509,400 | 3,522,647 | 3,597,570 | 3,639,099 | |||||
Bank owned life insurance | 120,238 | 119,491 | 118,976 | 118,243 | 117,501 | |||||
Premises and equipment, net | 75,156 | 76,263 | 76,529 | 76,925 | 77,031 | |||||
Accrued interest receivable | 16,224 | 15,967 | 16,231 | 15,793 | 16,627 | |||||
Net deferred tax assets | 90 | - | 1,395 | - | - | |||||
Intangible assets | 117,489 | 117,857 | 118,224 | 118,592 | 119,004 | |||||
Other assets | 82,419 | 89,958 | 71,142 | 96,697 | 105,361 | |||||
Total Assets | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | $ | 5,511,288 |
Liabilities | ||||||||||
Deposits: | ||||||||||
Noninterest-bearing | $ | 1,311,464 | $ | 1,279,932 | $ | 1,244,175 | $ | 1,176,990 | $ | 1,061,310 |
Interest-bearing: | ||||||||||
Demand deposits | 1,139,033 | 1,070,004 | 1,077,749 | 1,027,201 | 940,791 | |||||
Savings deposits | 1,332,910 | 1,301,219 | 1,265,038 | 1,188,003 | 1,117,684 | |||||
Time deposits | 1,104,069 | 1,153,391 | 1,209,873 | 1,260,022 | 1,300,291 | |||||
Total deposits | 4,887,476 | 4,804,546 | 4,796,835 | 4,652,216 | 4,420,076 | |||||
Short-term borrowings | ||||||||||
Customer repurchase agreements | 296,642 | 311,316 | 316,003 | 295,956 | 279,866 | |||||
Net deferred tax liabilities | - | 2,310 | - | 3,202 | 1,601 | |||||
Other liabilities | 90,499 | 90,407 | 89,847 | 106,160 | 118,386 | |||||
Total Liabilities | 5,274,617 | 5,208,579 | 5,202,685 | 5,057,534 | 4,819,929 | |||||
Stockholders' Equity | ||||||||||
Preferred stock | - | - | - | - | - | |||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | |||||
Capital surplus | 170,300 | 169,674 | 170,526 | 171,304 | 170,526 | |||||
Retained earnings | 627,463 | 613,553 | 600,396 | 589,988 | 576,901 | |||||
Cost of common stock in treasury | (183,303) | (157,936) | (142,484) | (139,038) | (134,177) | |||||
Accumulated other comprehensive income: | ||||||||||
Unrealized gain on securities available-for-sale
|
20,878 | 28,227 | 21,289 | 36,894 | 36,760 | |||||
Underfunded pension liability
|
(5,661) | (5,661) | (5,661) | (5,661) | (6,270) | |||||
Total Accumulated Other Comprehensive Income | 15,217 | 22,566 | 15,628 | 31,233 | 30,490 | |||||
Total Stockholders' Equity | 677,296 | 695,476 | 691,685 | 701,106 | 691,359 | |||||
Total Liabilities and Stockholders' Equity | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | $ | 5,511,288 |
Regulatory Capital | ||||||||||
Total CET 1 capital | $ | 550,426 | $ | 561,317 | $ | 563,523 | $ | 557,641 | $ | 548,269 |
Total tier 1 capital | 550,426 | 561,317 | 563,523 | 557,641 | 548,269 | |||||
Total risk-based capital | 565,712 | 577,543 | 582,816 | 577,292 | 568,153 | |||||
Total risk-weighted assets | 3,451,018 | 3,421,764 | 3,362,595 | 3,446,774 | 3,442,629 |
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||
Commercial and industrial | $ | 353,046 | $ | 358,583 | $ | 371,195 | $ | 372,989 | $ | 383,980 |
1-4 Family | 108,913 | 108,079 | 108,131 | 109,812 | 114,071 | |||||
Hotels | 297,341 | 290,119 | 293,176 | 294,464 | 295,989 | |||||
Multi-family | 215,307 | 212,715 | 212,561 | 215,671 | 214,394 | |||||
Non Residential Non-Owner Occupied | 664,365 | 653,264 | 649,683 | 641,351 | 628,814 | |||||
Non Residential Owner Occupied | 205,579 | 209,100 | 199,130 | 213,484 | 211,433 | |||||
Commercial real estate (1)
|
1,491,505 | 1,473,277 | 1,462,681 | 1,474,782 | 1,464,701 | |||||
Residential real estate (2)
|
1,506,572 | 1,521,102 | 1,532,907 | 1,587,694 | 1,621,265 | |||||
Home equity | 124,806 | 127,608 | 130,009 | 136,469 | 140,135 | |||||
Consumer | 43,296 | 45,184 | 47,224 | 47,688 | 50,541 | |||||
DDA Overdrafts | 2,700 | 3,662 | 2,707 | 2,497 | 3,344 | |||||
Gross Loans | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | $ | 3,663,966 |
Construction loans included in: | ||||||||||
(1) - Commercial real estate loans | $ | 19,360 | $ | 43,904 | $ | 39,101 | $ | 40,449 | $ | 42,449 |
(2) - Residential real estate loans | 19,059 | 20,838 | 22,129 | 27,078 | 28,947 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Allowance for Credit Losses | ||||||||||||||
Balance at beginning of period | $ | 20,016 | $ | 24,076 | $ | 24,549 | $ | 24,867 | $ | 25,199 | $ | 24,549 | $ | 11,589 |
Charge-offs: | ||||||||||||||
Commercial and industrial | - | (211) | (34) | (9) | (757) | (245) | (834) | |||||||
Commercial real estate | (392) | (1,718) | (1) | (616) | (75) | (2,111) | (497) | |||||||
Residential real estate | (18) | (86) | (93) | (139) | (252) | (197) | (1,111) | |||||||
Home equity | (47) | (8) | (64) | (88) | (126) | (119) | (332) | |||||||
Consumer | (3) | (79) | (147) | (27) | (74) | (229) | (165) | |||||||
DDA overdrafts | (633) | (430) | (453) | (629) | (554) | (1,516) | (1,716) | |||||||
Total charge-offs | (1,093) | (2,532) | (792) | (1,508) | (1,838) | (4,417) | (4,655) | |||||||
Recoveries: | ||||||||||||||
Commercial and industrial | 69 | 25 | 46 | 74 | 3 | 140 | 17 | |||||||
Commercial real estate | 18 | 15 | 164 | 150 | 44 | 197 | 375 | |||||||
Residential real estate | 29 | 17 | 74 | 57 | 24 | 120 | 127 | |||||||
Home equity | 58 | 3 | 23 | 47 | 33 | 84 | 89 | |||||||
Consumer | 72 | 104 | 39 | 55 | 42 | 215 | 183 | |||||||
DDA overdrafts | 307 | 308 | 413 | 333 | 334 | 1,028 | 1,134 | |||||||
Total recoveries | 553 | 472 | 759 | 716 | 480 | 1,784 | 1,925 | |||||||
Net charge-offs | (540) | (2,060) | (33) | (792) | (1,358) | (2,633) | (2,730) | |||||||
(Recovery of) provision for credit losses | (725) | (2,000) | (440) | 474 | 1,026 | (3,165) | 10,248 | |||||||
Impact of adopting ASC 326 | - | - | - | - | - | - | 5,760 | |||||||
Balance at end of period | $ | 18,751 | $ | 20,016 | $ | 24,076 | $ | 24,549 | $ | 24,867 | $ | 18,751 | $ | 24,867 |
Loans outstanding | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | $ | 3,663,966 | ||||
Allowance as a percent of loans outstanding | 0.53 | % | 0.57 | % | 0.68 | % | 0.68 | % | 0.68 | % | ||||
Allowance as a percent of non-performing loans | 243.1 | % | 199.3 | % | 194.5 | % | 200.7 | % | 182.7 | % | ||||
Average loans outstanding | $ | 3,535,497 | $ | 3,541,165 | $ | 3,585,790 | $ | 3,635,673 | $ | 3,661,569 | $ | 3,553,966 | $ | 3,643,603 |
Net charge-offs (annualized) as a percent of average loans outstanding | 0.06 | % | 0.23 | % | - | % | 0.09 | % | 0.15 | % | 0.10 | % | 0.10 | % |
September 30, | June 30, | March 31, | December 31, | September 30, | ||||||
2021 | 2021 | 2021 | 2020 | 2020 | ||||||
Nonaccrual Loans | ||||||||||
Residential real estate | $ | 3,634 | $ | 2,482 | $ | 3,004 | $ | 2,968 | $ | 3,983 |
Home equity | 67 | 81 | 88 | 95 | 74 | |||||
Commercial and industrial | 531 | 820 | 1,200 | 768 | 728 | |||||
Commercial real estate | 3,355 | 6,383 | 7,792 | 8,401 | 8,479 | |||||
Consumer | - | - | - | - | - | |||||
Total nonaccrual loans | 7,587 | 9,766 | 12,084 | 12,232 | 13,264 | |||||
Accruing loans past due 90 days or more | 127 | 278 | 295 | - | 345 | |||||
Total non-performing loans | 7,714 | 10,044 | 12,379 | 12,232 | 13,609 | |||||
Other real estate owned | 1,335 | 1,309 | 1,625 | 1,650 | 2,080 | |||||
Total non-performing assets | $ | 9,049 | $ | 11,353 | $ | 14,004 | $ | 13,882 | $ | 15,689 |
Non-performing assets as a percent of loans and other real estate owned | 0.26 | % | 0.32 | % | 0.39 | % | 0.38 | % | 0.43 | % |
Past Due Loans | ||||||||||
Residential real estate | $ | 5,258 | $ | 5,453 | $ | 4,092 | $ | 5,993 | $ | 5,153 |
Home equity | 688 | 523 | 449 | 575 | 474 | |||||
Commercial and industrial | 455 | 721 | 1,358 | 1,241 | 691 | |||||
Commercial real estate | 441 | 498 | 508 | 625 | 602 | |||||
Consumer | 35 | 12 | 10 | 113 | 121 | |||||
DDA overdrafts | 390 | 417 | 212 | 341 | 379 | |||||
Total past due loans | $ | 7,267 | $ | 7,624 | $ | 6,629 | $ | 8,888 | $ | 7,420 |
Total past due loans as a percent of loans outstanding | 0.21 | % | 0.22 | % | 0.19 | % | 0.25 | % | 0.20 | % |
Troubled Debt Restructurings ("TDRs") | ||||||||||
Residential real estate | $ | 16,910 | $ | 17,788 | $ | 18,572 | $ | 19,226 | $ | 20,398 |
Home equity | 1,822 | 1,920 | 1,956 | 2,001 | 2,100 | |||||
Commercial and industrial | 430 | - | - | - | - | |||||
Commercial real estate | 1,937 | 3,076 | 4,615 | 4,638 | 4,894 | |||||
Consumer | 221 | 203 | 211 | 277 | 260 | |||||
Total TDRs | $ | 21,320 | $ | 22,987 | $ | 25,354 | $ | 26,142 | $ | 27,652 |
Three Months Ended | ||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | |||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||
Assets: | ||||||||||||||||||
Loan portfolio (1):
|
||||||||||||||||||
Residential real estate (2)
|
$ | 1,648,921 | $ | 15,813 | 3.80 | % | $ | 1,652,165 | $ | 16,135 | 3.92 | % | $ | 1,766,796 | $ | 17,899 | 4.03 | % |
Commercial, financial, and agriculture (2)
|
1,836,604 | 17,344 | 3.75 | % | 1,839,478 | 16,158 | 3.52 | % | 1,839,939 | 16,910 | 3.66 | % | ||||||
Installment loans to individuals (2), (3)
|
49,972 | 714 | 5.67 | % | 49,522 | 713 | 5.77 | % | 54,834 | 804 | 5.83 | % | ||||||
Previously securitized loans (4)
|
*** | 91 | *** | *** | 109 | *** | *** | 148 | *** | |||||||||
Total loans | 3,535,497 | 33,962 | 3.81 | % | 3,541,165 | 33,115 | 3.75 | % | 3,661,569 | 35,761 | 3.89 | % | ||||||
Securities: | ||||||||||||||||||
Taxable | 1,136,519 | 6,144 | 2.14 | % | 1,046,008 | 5,932 | 2.27 | % | 877,623 | 6,266 | 2.84 | % | ||||||
Tax-exempt (5)
|
245,551 | 1,590 | 2.57 | % | 244,233 | 1,633 | 2.68 | % | 204,178 | 1,433 | 2.79 | % | ||||||
Total securities | 1,382,070 | 7,734 | 2.22 | % | 1,290,241 | 7,565 | 2.35 | % | 1,081,801 | 7,699 | 2.83 | % | ||||||
Deposits in depository institutions | 544,843 | 196 | 0.14 | % | 628,158 | 162 | 0.10 | % | 304,498 | 72 | 0.09 | % | ||||||
Total interest-earning assets | 5,462,410 | 41,892 | 3.04 | % | 5,459,564 | 40,842 | 3.00 | % | 5,047,868 | 43,532 | 3.43 | % | ||||||
Cash and due from banks | 101,058 | 92,243 | 80,505 | |||||||||||||||
Premises and equipment, net | 75,956 | 76,660 | 77,647 | |||||||||||||||
Goodwill and intangible assets | 117,719 | 118,088 | 119,267 | |||||||||||||||
Other assets | 220,420 | 206,709 | 229,667 | |||||||||||||||
Less: Allowance for credit losses | (20,407) | (23,701) | (25,311) | |||||||||||||||
Total assets | $ | 5,957,156 | $ | 5,929,563 | $ | 5,529,643 | ||||||||||||
Liabilities: | ||||||||||||||||||
Interest-bearing demand deposits | $ | 1,093,243 | $ | 127 | 0.05 | % | $ | 1,069,896 | $ | 122 | 0.05 | % | $ | 931,152 | $ | 187 | 0.08 | % |
Savings deposits | 1,315,462 | 169 | 0.05 | % | 1,287,966 | 163 | 0.05 | % | 1,093,886 | 303 | 0.11 | % | ||||||
Time deposits (2)
|
1,126,553 | 1,659 | 0.58 | % | 1,181,953 | 2,175 | 0.74 | % | 1,322,423 | 4,633 | 1.39 | % | ||||||
Short-term borrowings | 282,722 | 115 | 0.16 | % | 305,134 | 125 | 0.16 | % | 260,518 | 131 | 0.20 | % | ||||||
Total interest-bearing liabilities | 3,817,980 | 2,070 | 0.22 | % | 3,844,949 | 2,585 | 0.27 | % | 3,607,979 | 5,254 | 0.58 | % | ||||||
Noninterest-bearing demand deposits | 1,356,745 | 1,311,340 | 1,114,822 | |||||||||||||||
Other liabilities | 86,263 | 72,940 | 104,084 | |||||||||||||||
Stockholders' equity | 696,168 | 700,334 | 702,758 | |||||||||||||||
Total liabilities and | ||||||||||||||||||
stockholders' equity | $ | 5,957,156 | $ | 5,929,563 | $ | 5,529,643 | ||||||||||||
Net interest income | $ | 39,822 | $ | 38,257 | $ | 38,278 | ||||||||||||
Net yield on earning assets | 2.89 | % | 2.81 | % | 3.02 | % | ||||||||||||
(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 | $ | 1,120 | $ | 488 | $ | 156 | ||||||||||||
(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 | $ | 154 | $ | 211 | $ | 132 |
Commercial, financial, and agriculture | 265 | 365 | 250 | |||
Installment loans to individuals | 21 | 23 | 38 | |||
Time deposits | 48 | 48 | 155 | |||
$ | 488 | $ | 647 | $ | 575 | |
(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, 2021 | September 30, 2020 | |||||||||||
Average | Yield/ | Average | Yield/ | |||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||
Assets: | ||||||||||||
Loan portfolio (1):
|
||||||||||||
Residential real estate (2)
|
$ | 1,669,324 | $ | 48,801 | 3.91 | % | $ | 1,776,903 | $ | 56,827 | 4.27 | % |
Commercial, financial, and agriculture (2)
|
1,833,744 | 50,044 | 3.65 | % | 1,810,165 | 55,051 | 4.06 | % | ||||
Installment loans to individuals (2), (3)
|
50,898 | 2,140 | 5.62 | % | 56,535 | 2,519 | 5.95 | % | ||||
Previously securitized loans (4)
|
*** | 414 | *** | *** | 415 | *** | ||||||
Total loans | 3,553,966 | 101,399 | 3.81 | % | 3,643,603 | 114,812 | 4.21 | % | ||||
Securities: | ||||||||||||
Taxable | 1,043,269 | 17,318 | 2.22 | % | 861,853 | 17,855 | 2.77 | % | ||||
Tax-exempt (5)
|
243,146 | 4,811 | 2.65 | % | 140,075 | 3,366 | 3.21 | % | ||||
Total securities | 1,286,415 | 22,129 | 2.30 | % | 1,001,928 | 21,221 | 2.83 | % | ||||
Deposits in depository institutions | 562,272 | 474 | 0.11 | % | 214,912 | 432 | 0.27 | % | ||||
Total interest-earning assets | 5,402,653 | 124,002 | 3.07 | % | 4,860,443 | 136,465 | 3.75 | % | ||||
Cash and due from banks | 91,073 | 76,936 | ||||||||||
Premises and equipment, net | 76,481 | 77,910 | ||||||||||
Goodwill and intangible assets | 118,084 | 119,678 | ||||||||||
Other assets | 214,872 | 218,695 | ||||||||||
Less: Allowance for loan losses | (22,989) | (21,984) | ||||||||||
Total assets | $ | 5,880,174 | $ | 5,331,678 | ||||||||
Liabilities: | ||||||||||||
Interest-bearing demand deposits | $ | 1,057,452 | $ | 373 | 0.05 | % | $ | 898,440 | $ | 833 | 0.12 | % |
Savings deposits | 1,275,211 | 516 | 0.05 | % | 1,045,877 | 1,366 | 0.17 | % | ||||
Time deposits (2)
|
1,181,166 | 6,806 | 0.77 | % | 1,347,013 | 16,125 | 1.60 | % | ||||
Short-term borrowings | 292,845 | 357 | 0.16 | % | 242,173 | 873 | 0.48 | % | ||||
Long-term debt | - | - | - | % | 1,109 | 100 | 12.04 | % | ||||
Total interest-bearing liabilities | 3,806,674 | 8,052 | 0.28 | % | 3,534,612 | 19,297 | 0.73 | % | ||||
Noninterest-bearing demand deposits | 1,289,247 | 1,004,144 | ||||||||||
Other liabilities | 82,953 | 98,393 | ||||||||||
Stockholders' equity | 701,300 | 694,529 | ||||||||||
Total liabilities and | ||||||||||||
stockholders' equity | $ | 5,880,174 | $ | 5,331,678 | ||||||||
Net interest income | $ | 115,950 | $ | 117,168 | ||||||||
Net yield on earning assets | 2.87 | % | 3.22 | % | ||||||||
(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 | $ | 2,443 | $ | 881 | ||||||||
(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 | $ | 472 | $ | 477 |
Commercial, financial, and agriculture | 956 | 2,141 | ||
Installment loans to individuals | 72 | 114 | ||
Time deposits | 145 | 466 | ||
$ | 1,645 | $ | 3,198 | |
(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, | ||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||
Net Interest Income/Margin | ||||||||||||||
Net interest income ("GAAP") | $ | 39,488 | $ | 37,914 | $ | 37,540 | $ | 38,181 | $ | 37,977 | $ | 114,942 | $ | 116,462 |
Taxable equivalent adjustment | 334 | 343 | 331 | 333 | 301 | 1,008 | 706 | |||||||
Net interest income, fully taxable equivalent
|
$ | 39,822 | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 38,278 | $ | 115,950 | $ | 117,168 |
Average interest earning assets | $ | 5,462,410 | $ | 5,459,564 | $ | 5,284,025 | $ | 5,125,874 | $ | 5,047,868 | $ | 5,402,653 | $ | 4,860,443 |
Net Interest Margin | 2.89 | % | 2.81 | % | 2.91 | % | 2.99 | % | 3.02 | % | 2.87 | % | 3.22 | % |
Accretion related to fair value adjustments | (0.04) | % | (0.05) | % | (0.04) | % | (0.05) | % | (0.05) | % | (0.04) | % | (0.09) | % |
Net Interest Margin (excluding accretion)
|
2.85 | % | 2.76 | % | 2.87 | % | 2.94 | % | 2.97 | % | 2.83 | % | 3.13 | % |
Tangible Equity Ratio (period end) | ||||||||||||||
Equity to assets ("GAAP") | 11.37 | % | 11.78 | % | 11.74 | % | 12.18 | % | 12.54 | % | ||||
Effect of goodwill and other intangibles, net | (1.78) | % | (1.80) | % | (1.81) | % | (1.85) | % | (1.93) | % | ||||
Tangible common equity to tangible assets
|
9.59 | % | 9.98 | % | 9.93 | % | 10.33 | % | 10.61 | % | ||||
Return on Tangible Equity | ||||||||||||||
Return on tangible equity ("GAAP") | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 13.8 | % | 14.8 | % | 15.6 | % |
Impact of sale of VISA shares | - | % | - | % | - | % | - | % | - | % | - | % | (3.1) | % |
Return on tangible equity, excluding sale of VISA shares | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 13.8 | % | 14.8 | % | 12.5 | % |
Return on Assets | ||||||||||||||
Return on assets ("GAAP") | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.46 | % | 1.47 | % | 1.68 | % |
Impact of sale of VISA shares | - | % | - | % | - | % | - | % | - | % | - | % | (0.33) | % |
Return on assets, excluding merger sale of VISA shares | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.46 | % | 1.47 | % | 1.35 | % |