07/27/2021 | Press release | Distributed by Public on 07/27/2021 08:34
Three Months Ended | Six Months Ended | |||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
END OF PERIOD BALANCES | ||||||||||
Assets | $ | 4,753,308 | $ | 4,681,216 | $ | 4,368,112 | $ | 4,753,308 | $ | 4,368,112 |
Deposits | $ | 3,988,751 | $ | 3,905,348 | $ | 3,569,893 | $ | 3,988,751 | $ | 3,569,893 |
Loans, including net deferred loan costs | $ | 2,568,713 | $ | 2,646,937 | $ | 2,777,083 | $ | 2,568,713 | $ | 2,777,083 |
Allowance for Credit Losses | $ | 44,732 | $ | 46,776 | $ | 23,285 | $ | 44,732 | $ | 23,285 |
Total Equity | $ | 588,163 | $ | 598,112 | $ | 590,284 | $ | 588,163 | $ | 590,284 |
Tangible Common Equity (a)
|
$ | 501,459 | $ | 510,981 | $ | 501,863 | $ | 501,459 | $ | 501,863 |
AVERAGE BALANCES | ||||||||||
Total Assets | $ | 4,751,068 | $ | 4,600,750 | $ | 4,317,011 | $ | 4,675,909 | $ | 4,169,900 |
Earning Assets | $ | 4,552,581 | $ | 4,404,109 | $ | 3,720,477 | $ | 4,478,345 | $ | 3,673,078 |
Investments | $ | 1,244,551 | $ | 1,133,439 | $ | 989,545 | $ | 1,188,995 | $ | 989,034 |
Loans | $ | 2,619,887 | $ | 2,640,291 | $ | 2,727,820 | $ | 2,630,089 | $ | 2,682,428 |
Total Deposits | $ | 3,981,243 | $ | 3,816,705 | $ | 3,526,529 | $ | 3,898,974 | $ | 3,398,578 |
Interest-Bearing Deposits | $ | 3,173,782 | $ | 3,059,290 | $ | 2,858,594 | $ | 3,116,536 | $ | 2,798,994 |
Interest-Bearing Liabilities | $ | 101,594 | $ | 110,448 | $ | 121,791 | $ | 106,021 | $ | 114,317 |
Total Equity | $ | 600,599 | $ | 600,669 | $ | 591,522 | $ | 600,634 | $ | 580,609 |
INCOME STATEMENT DATA | ||||||||||
Net Interest Income | $ | 35,628 | $ | 34,913 | $ | 35,895 | $ | 70,541 | $ | 72,245 |
Net Interest Income Fully Tax Equivalent (b)
|
$ | 36,719 | $ | 35,959 | $ | 36,962 | $ | 72,678 | $ | 74,371 |
Provision for Credit Losses | $ | (2,196) | $ | 452 | $ | 2,965 | $ | (1,744) | $ | 5,655 |
Non-interest Income | $ | 10,931 | $ | 9,294 | $ | 8,776 | $ | 20,225 | $ | 17,871 |
Non-interest Expense | $ | 27,996 | $ | 27,639 | $ | 26,883 | $ | 55,635 | $ | 54,437 |
Net Income | $ | 16,614 | $ | 12,877 | $ | 11,924 | $ | 29,491 | $ | 24,105 |
PER SHARE DATA | ||||||||||
Basic and Diluted Net Income Per Common Share | $ | 1.24 | $ | 0.95 | $ | 0.87 | $ | 2.19 | $ | 1.76 |
Cash Dividends Declared Per Common Share | $ | 0.53 | $ | - | $ | 0.52 | $ | 0.53 | $ | 0.52 |
Book Value Per Common Share | $ | 45.08 | $ | 44.2 | $ | 43.04 | $ | 45.08 | $ | 43.04 |
Tangible Book Value Per Common Share (c)
|
$ | 38.31 | $ | 37.76 | $ | 36.68 | $ | 38.43 | $ | 36.59 |
Basic Weighted Average Common Shares Outstanding | 13,414 | 13,533 | 13,715 | 13,473 | 13,727 |
Key Ratios | Three Months Ended | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
Return on average assets | 1.40 | % | 1.12 | % | 1.10 | % | 1.26 | % | 1.16 | % |
Return on average common shareholder's equity | 11.06 | % | 8.58 | % | 8.06 | % | 9.82 | % | 8.30 | % |
Efficiency ratio | 58.75 | % | 61.08 | % | 58.78 | % | 59.89 | % | 59.02 | % |
Average equity to average assets | 12.64 | % | 13.06 | % | 13.70 | % | 12.85 | % | 13.92 | % |
Net interest margin (a)
|
3.23 | % | 3.27 | % | 3.97 | % | 3.25 | % | 4.05 | % |
Net charge-offs to average loans and leases | (0.02) | % | 0.11 | % | 0.11 | % | 0.04 | % | 0.17 | % |
Credit loss reserve to loans and leases | 1.74 | % | 1.77 | % | 0.84 | % | 1.74 | % | 0.84 | % |
Credit loss reserve to nonperforming loans | 223.46 | % | 222.64 | % | 101.12 | % | 223.46 | % | 101.12 | % |
Nonperforming loans to loans and leases | 0.78 | % | 0.79 | % | 0.83 | % | 0.78 | % | 0.83 | % |
Tier 1 leverage | 10.72 | % | 11.34 | % | 11.64 | % | 10.72 | % | 11.64 | % |
Risk-based capital - Tier 1 | 17.15 | % | 16.17 | % | 15.44 | % | 17.15 | % | 15.44 | % |
Asset Quality | Three Months Ended | Six Months Ended | ||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
Accruing loans and leases past due 30-89 days | $ | 9,430 | $ | 8,373 | $ | 15,358 | $ | 9,430 | $ | 15,358 |
Accruing loans and leases past due 90 days or more | $ | 1,202 | $ | 2,001 | $ | 4,438 | $ | 1,202 | $ | 4,438 |
Nonaccrual loans and leases | $ | 14,356 | $ | 14,545 | $ | 14,634 | $ | 14,356 | $ | 14,634 |
Total troubled debt restructuring | $ | 4,460 | $ | 4,464 | $ | 3,899 | $ | 4,460 | $ | 3,899 |
Other real estate owned | $ | 989 | $ | 942 | $ | 3,577 | $ | 989 | $ | 3,577 |
Nonperforming loans and other real estate owned | $ | 21,007 | $ | 21,952 | $ | 26,548 | $ | 21,007 | $ | 26,548 |
Total nonperforming assets | $ | 24,272 | $ | 25,280 | $ | 29,493 | $ | 24,272 | $ | 29,493 |
Gross charge-offs | $ | 1,151 | $ | 2,338 | $ | 1,540 | $ | 3,489 | $ | 4,444 |
Recoveries | $ | 1,303 | $ | 1,610 | $ | 797 | $ | 2,913 | $ | 2,131 |
Net charge-offs/(recoveries) | $ | (152) | $ | 728 | $ | 743 | $ | 576 | $ | 2,313 |
June 30, 2021 |
December 31, 2020 |
|||
(unaudited) | ||||
ASSETS | ||||
Cash and due from banks | $ | 677,862 | $ | 657,470 |
Federal funds sold | 516 | 301 | ||
Securities available-for-sale | 1,219,625 | 1,020,744 | ||
Loans: | ||||
Commercial | 1,521,707 | 1,521,711 | ||
Residential | 564,859 | 604,652 | ||
Consumer | 482,147 | 479,750 | ||
2,568,713 | 2,606,113 | |||
(Less) plus: | ||||
Net deferred loan costs | 2,241 | 4,181 | ||
Allowance for credit losses | (44,732) | (47,052) | ||
2,526,222 | 2,563,242 | |||
Restricted stock | 14,825 | 14,812 | ||
Accrued interest receivable | 15,103 | 16,957 | ||
Premises and equipment, net | 63,895 | 62,063 | ||
Bank-owned life insurance | 106,560 | 95,849 | ||
Goodwill | 78,592 | 78,592 | ||
Other intangible assets | 8,112 | 8,972 | ||
Other real estate owned | 989 | 1,012 | ||
Other assets | 41,007 | 37,530 | ||
TOTAL ASSETS | $ | 4,753,308 | $ | 4,557,544 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Deposits: | ||||
Non-interest-bearing | $ | 780,528 | $ | 732,694 |
Interest-bearing: | ||||
Certificates of deposit exceeding the FDIC insurance limits | 77,647 | 107,764 | ||
Other interest-bearing deposits | 3,130,576 | 2,915,487 | ||
3,988,751 | 3,755,945 | |||
Short-term borrowings | 98,525 | 116,061 | ||
FHLB advances | 5,888 | 5,859 | ||
Other liabilities | 71,981 | 82,687 | ||
TOTAL LIABILITIES | 4,165,145 | 3,960,552 | ||
Shareholders' equity | ||||
Common stock, $.125 stated value per share; | ||||
Authorized shares-40,000,000 | ||||
Issued shares-16,096,313 in 2021 and 16,075,154 in 2020 | ||||
Outstanding shares-13,048,229 in 2021 and 13,558,511 in 2020 | 2,008 | 2,007 | ||
Additional paid-in capital | 141,240 | 140,820 | ||
Retained earnings | 543,595 | 521,103 | ||
Accumulated other comprehensive income/(loss) | 1,412 | 9,764 | ||
Less: Treasury shares at cost-3,048,084 in 2021 and 2,516,643 in 2020 | (100,092) | (76,702) | ||
TOTAL SHAREHOLDERS' EQUITY | 588,163 | 596,992 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 4,753,308 | $ | 4,557,544 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(unaudited) | ||||||||
INTEREST INCOME: | ||||||||
Loans, including related fees | $ | 31,966 | $ | 33,224 | $ | 63,823 | $ | 68,258 |
Securities: | ||||||||
Taxable | 3,355 | 3,624 | 6,434 | 7,653 | ||||
Tax-exempt | 2,163 | 2,008 | 4,237 | 3,946 | ||||
Other | 387 | 400 | 733 | 802 | ||||
TOTAL INTEREST INCOME | 37,871 | 39,256 | 75,227 | 80,659 | ||||
INTEREST EXPENSE: | ||||||||
Deposits | 2,090 | 3,019 | 4,376 | 7,549 | ||||
Short-term borrowings | 94 | 101 | 192 | 368 | ||||
Other borrowings | 59 | 241 | 118 | 497 | ||||
TOTAL INTEREST EXPENSE | 2,243 | 3,361 | 4,686 | 8,414 | ||||
NET INTEREST INCOME | 35,628 | 35,895 | 70,541 | 72,245 | ||||
Provision for credit losses | (2,196) | 2,965 | (1,744) | 5,655 | ||||
NET INTEREST INCOME AFTER PROVISION | ||||||||
FOR LOAN LOSSES | 37,824 | 32,930 | 72,285 | 66,590 | ||||
NON-INTEREST INCOME: | ||||||||
Trust and financial services | 1,313 | 1,288 | 2,618 | 2,822 | ||||
Service charges and fees on deposit accounts | 2,327 | 2,102 | 4,570 | 5,100 | ||||
Other service charges and fees | 5,039 | 3,869 | 9,281 | 7,199 | ||||
Securities gains (losses), net | 258 | 31 | 106 | 225 | ||||
Gain on sales of mortgage loans | 1,450 | 1,205 | 2,843 | 1,903 | ||||
Other | 544 | 281 | 807 | 622 | ||||
TOTAL NON-INTEREST INCOME | 10,931 | 8,776 | 20,225 | 17,871 | ||||
NON-INTEREST EXPENSE: | ||||||||
Salaries and employee benefits | 16,031 | 14,323 | 31,708 | 30,295 | ||||
Occupancy expense | 2,002 | 2,162 | 4,151 | 4,091 | ||||
Equipment expense | 2,440 | 2,673 | 5,018 | 5,134 | ||||
FDIC Expense | 287 | 49 | 585 | (181) | ||||
Other | 7,236 | 7,676 | 14,173 | 15,098 | ||||
TOTAL NON-INTEREST EXPENSE | 27,996 | 26,883 | 55,635 | 54,437 | ||||
INCOME BEFORE INCOME TAXES | 20,759 | 14,823 | 36,875 | 30,024 | ||||
Provision for income taxes | 4,145 | 2,899 | 7,384 | 5,919 | ||||
NET INCOME | 16,614 | 11,924 | 29,491 | 24,105 | ||||
OTHER COMPREHENSIVE INCOME | ||||||||
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | 1,772 | 3,130 | (9,296) | 16,228 | ||||
Change in funded status of post retirement benefits, net of taxes | 472 | 384 | 944 | 788 | ||||
COMPREHENSIVE INCOME | $ | 18,858 | $ | 15,438 | $ | 21,139 | $ | 41,121 |
PER SHARE DATA | ||||||||
Basic and Diluted Earnings per Share | $ | 1.24 | $ | 0.87 | $ | 2.19 | $ | 1.76 |
Weighted average number of shares outstanding (in thousands) | 13,414 | 13,715 | 13,473 | 13,727 |