10/28/2021 | Press release | Distributed by Public on 10/28/2021 05:02
2021 | 2020 | |||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
(Dollars in thousands) | ||||||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 23,903 | $ | 146,397 | $ | 141,947 | $ | 122,897 | $ | 327,416 |
Interest-bearing deposits at other financial
institutions
|
879,858 | 564,888 | 482,383 | 299,869 | 19,732 | |||||
Total cash and cash equivalents | 903,761 | 711,285 | 624,330 | 422,766 | 347,148 | |||||
Available for sale securities, at fair value | 1,211,476 | 977,282 | 787,516 | 772,890 | 663,301 | |||||
Loans held for investment | 4,289,469 | 4,460,743 | 4,659,169 | 4,491,764 | 4,592,362 | |||||
Less: allowance for credit losses on loans | (50,491) | (49,586) | (52,758) | (53,173) | (48,698) | |||||
Loans, net | 4,238,978 | 4,411,157 | 4,606,411 | 4,438,591 | 4,543,664 | |||||
Accrued interest receivable | 33,523 | 37,075 | 38,632 | 40,053 | 36,996 | |||||
Premises and equipment, net | 65,140 | 65,442 | 66,115 | 70,685 | 69,887 | |||||
Other real estate owned | 1,397 | 1,397 | 576 | 9,196 | 8,876 | |||||
Federal Home Loan Bank stock | 8,326 | 8,234 | 7,775 | 7,756 | 9,716 | |||||
Bank owned life insurance | 28,101 | 27,976 | 27,825 | 27,686 | 27,542 | |||||
Goodwill | 223,642 | 223,642 | 223,642 | 223,642 | 223,642 | |||||
Core deposit intangibles, net | 15,482 | 16,306 | 17,130 | 17,954 | 18,907 | |||||
Other assets | 29,935 | 28,871 | 31,038 | 18,909 | 18,072 | |||||
Total assets | $ | 6,759,761 | $ | 6,508,667 | $ | 6,430,990 | $ | 6,050,128 | $ | 5,967,751 |
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
||||||||||
LIABILITIES: | ||||||||||
Deposits: | ||||||||||
Noninterest-bearing | $ | 2,086,683 | $ | 1,973,042 | $ | 1,914,121 | $ | 1,704,567 | $ | 1,772,700 |
Interest-bearing | ||||||||||
Demand | 594,959 | 553,874 | 480,710 | 437,328 | 409,137 | |||||
Money market and savings | 1,604,222 | 1,556,920 | 1,617,823 | 1,499,938 | 1,483,370 | |||||
Certificates and other time | 1,381,014 | 1,349,522 | 1,361,535 | 1,346,649 | 1,252,159 | |||||
Total interest-bearing deposits | 3,580,195 | 3,460,316 | 3,460,068 | 3,283,915 | 3,144,666 | |||||
Total deposits | 5,666,878 | 5,433,358 | 5,374,189 | 4,988,482 | 4,917,366 | |||||
Accrued interest payable | 3,296 | 1,940 | 3,862 | 2,701 | 3,082 | |||||
Borrowed funds | 139,954 | 139,951 | 147,517 | 155,515 | 155,512 | |||||
Subordinated debt | 108,715 | 108,584 | 108,453 | 108,322 | 108,191 | |||||
Other liabilities | 42,326 | 35,684 | 36,432 | 36,439 | 30,547 | |||||
Total liabilities | 5,961,169 | 5,719,517 | 5,670,453 | 5,291,459 | 5,214,698 | |||||
SHAREHOLDERS' EQUITY: | ||||||||||
Common stock | 20,218 | 20,213 | 20,183 | 20,208 | 20,445 | |||||
Capital surplus | 507,948 | 506,810 | 505,307 | 508,794 | 516,151 | |||||
Retained earnings | 247,966 | 231,333 | 210,834 | 195,236 | 186,866 | |||||
Accumulated other comprehensive income | 22,460 | 30,794 | 24,213 | 34,431 | 29,591 | |||||
Total shareholders' equity | 798,592 | 789,150 | 760,537 | 758,669 | 753,053 | |||||
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY
|
$ | 6,759,761 | $ | 6,508,667 | $ | 6,430,990 | $ | 6,050,128 | $ | 5,967,751 |
Three Months Ended | Year-to-Date | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | September 30 | September 30 | ||||||||
(Dollars in thousands, except per share data) | ||||||||||||||
INTEREST INCOME: | ||||||||||||||
Loans, including fees | $ | 58,176 | $ | 57,691 | $ | 57,991 | $ | 58,496 | $ | 56,418 | $ | 173,858 | $ | 167,463 |
Securities: | ||||||||||||||
Taxable | 2,998 | 2,556 | 2,402 | 2,203 | 2,095 | 7,956 | 6,024 | |||||||
Tax-exempt | 2,498 | 2,491 | 2,394 | 2,316 | 2,280 | 7,383 | 4,995 | |||||||
Deposits in other financial
institutions
|
221 | 94 | 41 | 32 | 18 | 356 | 233 | |||||||
Total interest income | 63,893 | 62,832 | 62,828 | 63,047 | 60,811 | 189,553 | 178,715 | |||||||
INTEREST EXPENSE: | ||||||||||||||
Demand, money market and
savings deposits
|
1,267 | 1,337 | 1,484 | 1,621 | 1,657 | 4,088 | 7,750 | |||||||
Certificates and other time
deposits
|
2,583 | 2,989 | 3,665 | 4,507 | 5,239 | 9,237 | 17,168 | |||||||
Borrowed funds | 436 | 469 | 539 | 557 | 558 | 1,444 | 1,626 | |||||||
Subordinated debt | 1,441 | 1,441 | 1,442 | 1,460 | 1,448 | 4,324 | 4,390 | |||||||
Total interest expense | 5,727 | 6,236 | 7,130 | 8,145 | 8,902 | 19,093 | 30,934 | |||||||
NET INTEREST INCOME | 58,166 | 56,596 | 55,698 | 54,902 | 51,909 | 170,460 | 147,781 | |||||||
Provision for (recapture of) credit
losses
|
2,295 | (2,679) | 639 | 4,368 | 1,347 | 255 | 23,006 | |||||||
Net interest income after provision
for credit losses
|
55,871 | 59,275 | 55,059 | 50,534 | 50,562 | 170,205 | 124,775 | |||||||
NONINTEREST INCOME: | ||||||||||||||
Nonsufficient funds fees | 131 | 94 | 83 | 100 | 75 | 308 | 304 | |||||||
Service charges on deposit
accounts
|
425 | 382 | 388 | 405 | 325 | 1,195 | 1,125 | |||||||
Gain on sale of securities | - | - | 49 | - | - | 49 | 287 | |||||||
(Loss) gain on sales of other real
estate and repossessed assets
|
- | - | (176) | - | 117 | (176) | (258) | |||||||
Bank owned life insurance | 125 | 151 | 139 | 144 | 144 | 415 | 438 | |||||||
Debit card and ATM card income | 771 | 761 | 630 | 637 | 574 | 2,162 | 1,568 | |||||||
Other | 647 | 885 | 623 | 733 | 615 | 2,155 | 2,673 | |||||||
Total noninterest income | 2,099 | 2,273 | 1,736 | 2,019 | 1,850 | 6,108 | 6,137 | |||||||
NONINTEREST EXPENSE: | ||||||||||||||
Salaries and employee benefits | 22,335 | 22,472 | 22,452 | 21,003 | 20,034 | 67,259 | 59,149 | |||||||
Net occupancy and equipment | 2,335 | 2,225 | 2,390 | 2,079 | 2,057 | 6,950 | 5,890 | |||||||
Depreciation | 1,060 | 1,057 | 1,034 | 1,019 | 946 | 3,151 | 2,697 | |||||||
Data processing and software
amortization
|
2,222 | 2,176 | 2,200 | 2,107 | 2,125 | 6,598 | 5,885 | |||||||
Professional fees | 1,223 | 608 | 789 | 999 | 756 | 2,620 | 2,129 | |||||||
Regulatory assessments and
FDIC insurance
|
883 | 768 | 807 | 810 | 875 | 2,458 | 2,116 | |||||||
Core deposit intangibles
amortization
|
824 | 824 | 824 | 953 | 989 | 2,472 | 2,969 | |||||||
Communications | 358 | 332 | 321 | 225 | 355 | 1,011 | 1,162 | |||||||
Advertising | 481 | 432 | 298 | 347 | 327 | 1,211 | 1,218 | |||||||
Other real estate expense | 137 | 229 | 113 | 382 | 2,017 | 479 | 4,780 | |||||||
Other | 2,438 | 2,472 | 3,691 | 2,825 | 2,084 | 8,601 | 6,750 | |||||||
Total noninterest expense | 34,296 | 33,595 | 34,919 | 32,749 | 32,565 | 102,810 | 94,745 | |||||||
INCOME BEFORE INCOME
TAXES
|
23,674 | 27,953 | 21,876 | 19,804 | 19,847 | 73,503 | 36,167 | |||||||
Provision for income taxes | 4,614 | 5,028 | 3,866 | 3,863 | 3,677 | 13,508 | 6,574 | |||||||
NET INCOME | $ | 19,060 | $ | 22,925 | $ | 18,010 | $ | 15,941 | $ | 16,170 | $ | 59,995 | $ | 29,593 |
EARNINGS PER SHARE | ||||||||||||||
Basic | $ | 0.94 | $ | 1.13 | $ | 0.89 | $ | 0.78 | $ | 0.79 | $ | 2.97 | $ | 1.45 |
Diluted | $ | 0.93 | $ | 1.12 | $ | 0.89 | $ | 0.77 | $ | 0.79 | $ | 2.95 | $ | 1.44 |
Three Months Ended | Year-to-Date | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | September 30 | September 30 | ||||||||
(Dollars and share amounts in thousands, except per share data) | ||||||||||||||
Net income | $ | 19,060 | $ | 22,925 | $ | 18,010 | $ | 15,941 | $ | 16,170 | $ | 59,995 | $ | 29,593 |
Earnings per share, basic | $ | 0.94 | $ | 1.13 | $ | 0.89 | $ | 0.78 | $ | 0.79 | $ | 2.97 | $ | 1.45 |
Earnings per share, diluted | $ | 0.93 | $ | 1.12 | $ | 0.89 | $ | 0.77 | $ | 0.79 | $ | 2.95 | $ | 1.44 |
Dividends per share | $ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.10 | $ | 0.10 | $ | 0.36 | $ | 0.30 |
Return on average assets(A)
|
1.14 | % | 1.42 | % | 1.18 | % | 1.05 | % | 1.09 | % | 1.25 | % | 0.72 | % |
Return on average equity(A)
|
9.45 | % | 11.87 | % | 9.59 | % | 8.38 | % | 8.59 | % | 10.30 | % | 5.43 | % |
Return on average tangible
equity(A)(B)
|
13.49 | % | 17.20 | % | 14.03 | % | 12.32 | % | 12.72 | % | 14.89 | % | 8.16 | % |
Net interest margin
(tax equivalent)(A)(C)
|
3.90 | % | 4.02 | % | 4.19 | % | 4.14 | % | 3.95 | % | 4.03 | % | 4.06 | % |
Efficiency ratio(D)
|
56.91 | % | 57.07 | % | 60.85 | % | 57.53 | % | 60.58 | % | 58.24 | % | 61.67 | % |
Capital Ratios | ||||||||||||||
Allegiance Bancshares, Inc.(Consolidated) | ||||||||||||||
Equity to assets | 11.81 | % | 12.12 | % | 11.83 | % | 12.54 | % | 12.62 | % | 11.81 | % | 12.62 | % |
Tangible equity to tangible
assets(B)
|
8.58 | % | 8.76 | % | 8.40 | % | 8.90 | % | 8.92 | % | 8.58 | % | 8.92 | % |
Estimated common equity
tier 1 capital
|
12.37 | % | 12.18 | % | 11.87 | % | 11.80 | % | 11.73 | % | 12.37 | % | 11.73 | % |
Estimated tier 1 risk-based
capital
|
12.60 | % | 12.41 | % | 12.10 | % | 12.04 | % | 11.96 | % | 12.60 | % | 11.96 | % |
Estimated total risk-based
capital
|
16.13 | % | 15.98 | % | 15.72 | % | 15.71 | % | 15.56 | % | 16.13 | % | 15.56 | % |
Estimated tier 1 leverage
capital
|
8.76 | % | 8.56 | % | 8.57 | % | 8.51 | % | 8.70 | % | 8.76 | % | 8.70 | % |
Allegiance Bank | ||||||||||||||
Estimated common equity
tier 1 capital
|
12.81 | % | 13.03 | % | 13.17 | % | 13.32 | % | 13.25 | % | 12.81 | % | 13.25 | % |
Estimated tier 1 risk-based
capital
|
12.81 | % | 13.03 | % | 13.17 | % | 13.32 | % | 13.25 | % | 12.81 | % | 13.25 | % |
Estimated total risk-based
capital
|
14.98 | % | 15.22 | % | 15.37 | % | 15.55 | % | 15.41 | % | 14.98 | % | 15.41 | % |
Estimated tier 1 leverage
capital
|
8.91 | % | 8.99 | % | 9.33 | % | 9.41 | % | 9.64 | % | 8.91 | % | 9.64 | % |
Other Data | ||||||||||||||
Weighted average shares: | ||||||||||||||
Basic | 20,221 | 20,203 | 20,140 | 20,396 | 20,439 | 20,188 | 20,421 | |||||||
Diluted | 20,411 | 20,386 | 20,342 | 20,575 | 20,532 | 20,369 | 20,551 | |||||||
Period end shares outstanding |
20,218 | 20,213 | 20,183 | 20,208 | 20,445 | 20,218 | 20,445 | |||||||
Book value per share | $ | 39.50 | $ | 39.04 | $ | 37.68 | $ | 37.54 | $ | 36.83 | $ | 39.50 | $ | 36.83 |
Tangible book value per
share(B)
|
$ | 27.67 | $ | 27.17 | $ | 25.75 | $ | 25.59 | $ | 24.97 | $ | 27.67 | $ | 24.97 |
Three Months Ended | ||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||||||||||||
Average Balance |
Interest Earned/ Interest Paid |
Average Yield/ Rate | Average Balance |
Interest Earned/ Interest Paid |
Average Yield/ Rate | Average Balance |
Interest Earned/ Interest Paid |
Average Yield/ Rate | ||||||||||
(Dollars in thousands) | ||||||||||||||||||
Assets | ||||||||||||||||||
Interest-Earning Assets: | ||||||||||||||||||
Loans | $ | 4,336,443 | $ | 58,176 | 5.32 | % | $ | 4,543,142 | $ | 57,691 | 5.09 | % | $ | 4,594,333 | $ | 56,418 | 4.89 | % |
Securities | 1,070,851 | 5,496 | 2.04 | % | 876,099 | 5,047 | 2.31 | % | 667,008 | 4,375 | 2.61 | % | ||||||
Deposits in other financial
institutions and other
|
588,859 | 221 | 0.15 | % | 294,188 | 94 | 0.13 | % | 20,176 | 18 | 0.35 | % | ||||||
Total interest-earning assets | 5,996,153 | $ | 63,893 | 4.23 | % | 5,713,429 | $ | 62,832 | 4.41 | % | 5,281,517 | $ | 60,811 | 4.58 | % | |||
Allowance for credit losses on loans | (49,381) | (52,699) | (47,593) | |||||||||||||||
Noninterest-earning assets | 680,682 | 835,801 | 679,750 | |||||||||||||||
Total assets | $ | 6,627,454 | $ | 6,496,531 | $ | 5,913,674 | ||||||||||||
Liabilities and
Shareholders' Equity
|
||||||||||||||||||
Interest-Bearing Liabilities: | ||||||||||||||||||
Interest-bearing demand
deposits
|
$ | 576,144 | $ | 324 | 0.22 | % | $ | 534,314 | $ | 326 | 0.24 | % | $ | 394,612 | $ | 392 | 0.40 | % |
Money market and savings
deposits
|
1,565,965 | 943 | 0.24 | % | 1,561,987 | 1,011 | 0.26 | % | 1,409,969 | 1,265 | 0.36 | % | ||||||
Certificates and other time
deposits
|
1,363,121 | 2,583 | 0.75 | % | 1,365,881 | 2,989 | 0.88 | % | 1,291,536 | 5,239 | 1.61 | % | ||||||
Borrowed funds | 139,844 | 436 | 1.24 | % | 144,126 | 469 | 1.31 | % | 171,804 | 558 | 1.29 | % | ||||||
Subordinated debt | 108,652 | 1,441 | 5.26 | % | 108,523 | 1,441 | 5.33 | % | 108,130 | 1,448 | 5.33 | % | ||||||
Total interest-bearing
liabilities
|
3,753,726 | $ | 5,727 | 0.61 | % | 3,714,831 | $ | 6,236 | 0.67 | % | 3,376,051 | $ | 8,902 | 1.05 | % | |||
Noninterest-Bearing
Liabilities:
|
||||||||||||||||||
Noninterest-bearing demand
deposits
|
2,031,399 | 1,968,714 | 1,752,404 | |||||||||||||||
Other liabilities | 42,183 | 38,183 | 36,572 | |||||||||||||||
Total liabilities | 5,827,308 | 5,721,728 | 5,165,027 | |||||||||||||||
Shareholders' equity | 800,146 | 774,803 | 748,647 | |||||||||||||||
Total liabilities and
shareholders' equity
|
$ | 6,627,454 | $ | 6,496,531 | $ | 5,913,674 | ||||||||||||
Net interest rate spread | 3.62 | % | 3.74 | % | 3.53 | % | ||||||||||||
Net interest income and margin | $ | 58,166 | 3.85 | % | $ | 56,596 | 3.97 | % | $ | 51,909 | 3.91 | % | ||||||
Net interest income and net
interest margin (tax equivalent)
|
$ | 58,873 | 3.90 | % | $ | 57,287 | 4.02 | % | $ | 52,446 | 3.95 | % |
Nine Months Ended September 30, | ||||||||||||
2021 | 2020 | |||||||||||
Average Balance |
Interest Earned/ Interest Paid |
Average Yield/ Rate |
Average Balance |
Interest Earned/ Interest Paid |
Average Yield/Rate | |||||||
(Dollars in thousands) | ||||||||||||
Assets | ||||||||||||
Interest-Earning Assets: | ||||||||||||
Loans | $ | 4,482,684 | $ | 173,858 | 5.19 | % | $ | 4,318,564 | $ | 167,463 | 5.18 | % |
Securities | 913,078 | 15,339 | 2.25 | % | 550,405 | 11,019 | 2.67 | % | ||||
Deposits in other financial institutions | 328,238 | 356 | 0.15 | % | 29,652 | 233 | 1.05 | % | ||||
Total interest-earning assets | 5,724,000 | $ | 189,553 | 4.43 | % | 4,898,621 | $ | 178,715 | 4.87 | % | ||
Allowance for credit losses on loans |
(51,802) | (39,245) | ||||||||||
Noninterest-earning assets | 758,774 | 639,606 | ||||||||||
Total assets | $ | 6,430,972 | $ | 5,498,982 | ||||||||
Liabilities and Shareholders' Equity | ||||||||||||
Interest-Bearing Liabilities: | ||||||||||||
Interest-bearing demand deposits | $ | 523,272 | $ | 1,021 | 0.26 | % | $ | 370,485 | $ | 1,659 | 0.60 | % |
Money market and savings deposits | 1,555,791 | 3,067 | 0.26 | % | 1,249,832 | 6,091 | 0.65 | % | ||||
Certificates and other time deposits | 1,354,000 | 9,237 | 0.91 | % | 1,262,674 | 17,168 | 1.82 | % | ||||
Borrowed funds | 146,244 | 1,444 | 1.32 | % | 210,902 | 1,626 | 1.03 | % | ||||
Subordinated debt | 108,522 | 4,324 | 5.33 | % | 107,998 | 4,390 | 5.43 | % | ||||
Total interest-bearing liabilities | 3,687,829 | $ | 19,093 | 0.69 | % | 3,201,891 | 30,934 | 1.29 | % | |||
Noninterest-Bearing Liabilities: | ||||||||||||
Noninterest-bearing demand deposits | 1,923,584 | 1,535,107 | ||||||||||
Other liabilities | 40,568 | 33,482 | ||||||||||
Total liabilities | 5,651,981 | 4,770,480 | ||||||||||
Shareholders' equity | 778,991 | 728,502 | ||||||||||
Total liabilities and shareholders' equity | $ | 6,430,972 | $ | 5,498,982 | ||||||||
Net interest rate spread | 3.74 | % | 3.58 | % | ||||||||
Net interest income and margin | $ | 170,460 | 3.98 | % | $ | 147,781 | 4.03 | % | ||||
Net interest income and net interest
margin (tax equivalent)
|
$ | 172,477 | 4.03 | % | $ | 148,939 | 4.06 | % |
Three Months Ended | ||||||||||
2021 | 2020 | |||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | ||||||
(Dollars in thousands) | ||||||||||
Period-end Loan Portfolio: | ||||||||||
Commercial and industrial | $ | 728,897 | $ | 690,867 | $ | 664,792 | $ | 667,079 | $ | 650,634 |
Paycheck Protection Program (PPP) | 290,028 | 499,207 | 728,424 | 569,901 | 710,234 | |||||
Real estate: | ||||||||||
Commercial real estate (including
multi-family residential)
|
2,073,521 | 2,051,516 | 2,018,853 | 1,999,877 | 1,971,228 | |||||
Commercial real estate construction and
land development
|
382,610 | 371,732 | 386,637 | 367,213 | 376,877 | |||||
1-4 family residential (including home equity) | 683,919 | 715,119 | 726,228 | 737,605 | 716,565 | |||||
Residential construction | 104,638 | 111,956 | 119,528 | 127,522 | 148,056 | |||||
Consumer and other | 25,856 | 20,346 | 14,707 | 22,567 | 18,768 | |||||
Total loans | $ | 4,289,469 | $ | 4,460,743 | $ | 4,659,169 | $ | 4,491,764 | $ | 4,592,362 |
Asset Quality: | ||||||||||
Nonaccrual loans | $ | 28,369 | $ | 36,643 | $ | 35,051 | $ | 28,893 | $ | 37,928 |
Accruing loans 90 or more days past due | - | - | - | - | - | |||||
Total nonperforming loans | 28,369 | 36,643 | 35,051 | 28,893 | 37,928 | |||||
Other real estate | 1,397 | 1,397 | 576 | 9,196 | 8,876 | |||||
Other repossessed assets | - | - | - | - | - | |||||
Total nonperforming assets | $ | 29,766 | $ | 38,040 | $ | 35,627 | $ | 38,089 | $ | 46,804 |
Net charge-offs | $ | 450 | $ | 162 | $ | 345 | $ | 4,287 | $ | 291 |
Nonaccrual loans: | ||||||||||
Commercial and industrial | $ | 10,247 | $ | 12,949 | $ | 14,059 | $ | 10,747 | $ | 13,171 |
Real estate: | ||||||||||
Commercial real estate (including
multi-family residential)
|
14,629 | 18,123 | 13,455 | 10,081 | 15,849 | |||||
Commercial real estate construction and
land development
|
53 | 53 | 1,000 | 3,011 | 3,085 | |||||
1-4 family residential (including home equity) | 3,224 | 4,839 | 5,736 | 4,525 | 4,263 | |||||
Residential construction | - | - | - | - | 876 | |||||
Consumer and other | 216 | 679 | 801 | 529 | 684 | |||||
Total nonaccrual loans | $ | 28,369 | $ | 36,643 | $ | 35,051 | $ | 28,893 | $ | 37,928 |
Asset Quality Ratios: | ||||||||||
Nonperforming assets to total assets | 0.44 | % | 0.58 | % | 0.55 | % | 0.63 | % | 0.78 | % |
Nonperforming loans to total loans | 0.66 | % | 0.82 | % | 0.75 | % | 0.64 | % | 0.83 | % |
Allowance for credit losses on loans to
nonperforming loans
|
177.98 | % | 135.32 | % | 150.52 | % | 184.03 | % | 128.40 | % |
Allowance for credit losses on loans to total loans | 1.18 | % | 1.11 | % | 1.13 | % | 1.18 | % | 1.06 | % |
Net charge-offs to average loans (annualized) | 0.04 | % | 0.01 | % | 0.03 | % | 0.37 | % | 0.03 | % |
Three Months Ended | Year-to-Date | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
September 30 | June 30 | March 31 | December 31 | September 30 | September 30 | September 30 | ||||||||
(Dollars and share amounts in thousands, except per share data) | ||||||||||||||
Total shareholders' equity | $ | 798,592 | $ | 789,150 | $ | 760,537 | $ | 758,669 | $ | 753,053 | $ | 798,592 | $ | 753,053 |
Less: Goodwill and core
deposit intangibles, net
|
239,124 | 239,948 | 240,772 | 241,596 | 242,549 | 239,124 | 242,549 | |||||||
Tangible shareholders' equity |
$ | 559,468 | $ | 549,202 | $ | 519,765 | $ | 517,073 | $ | 510,504 | $ | 559,468 | $ | 510,504 |
Shares outstanding at end of
period
|
20,218 | 20,213 | 20,183 | 20,208 | 20,445 | 20,218 | 20,445 | |||||||
Tangible book value per share | $ | 27.67 | $ | 27.17 | $ | 25.75 | $ | 25.59 | $ | 24.97 | $ | 27.67 | $ | 24.97 |
Net income | $ | 19,060 | $ | 22,925 | $ | 18,010 | $ | 15,941 | $ | 16,170 | $ | 59,995 | $ | 29,593 |
Average shareholders' equity | $ | 800,146 | $ | 774,803 | $ | 761,600 | $ | 756,699 | $ | 748,647 | $ | 778,991 | $ | 728,502 |
Less: Average goodwill and
core deposit intangibles, net
|
239,497 | 240,331 | 241,166 | 242,043 | 243,015 | 240,325 | 244,007 | |||||||
Average tangible shareholders' equity |
$ | 560,649 | $ | 534,472 | $ | 520,434 | $ | 514,656 | $ | 505,632 | $ | 538,666 | $ | 484,495 |
Return on average
tangible equity(A)
|
13.49 | % | 17.20 | % | 14.03 | % | 12.32 | % | 12.72 | % | 14.89 | % | 8.16 | % |
Total assets | $ | 6,759,761 | $ | 6,508,667 | $ | 6,430,990 | $ | 6,050,128 | $ | 5,967,751 | $ | 6,759,761 | $ | 5,967,751 |
Less: Goodwill and core
deposit intangibles, net
|
239,124 | 239,948 | 240,772 | 241,596 | 242,549 | 239,124 | 242,549 | |||||||
Tangible assets | $ | 6,520,637 | $ | 6,268,719 | $ | 6,190,218 | $ | 5,808,532 | $ | 5,725,202 | $ | 6,520,637 | $ | 5,725,202 |
Tangible equity to tangible
assets
|
8.58 | % | 8.76 | % | 8.40 | % | 8.90 | % | 8.92 | % | 8.58 | % | 8.92 | % |