04/30/2024 | Press release | Distributed by Public on 04/30/2024 06:09
At or For The Three Months Ended |
||||||
(In thousands, except number of shares and per share data) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||
Financial Condition Data | ||||||
Loans | $ | 4,121,040 | $ | 4,098,094 | $ | 4,073,108 |
Total assets | 5,794,785 | 5,714,506 | 5,716,605 | |||
Deposits | 4,551,524 | 4,597,360 | 4,642,734 | |||
Shareholders' equity | 501,577 | 495,064 | 464,874 | |||
Operating Data and Per Share Data | ||||||
Net income | $ | 13,272 | $ | 8,480 | $ | 12,727 |
Adjusted net income (non-GAAP)(1)
|
12,553 | 12,410 | 14,179 | |||
Diluted EPS
|
0.91 | 0.58 | 0.87 | |||
Adjusted diluted EPS (non-GAAP)(1)
|
0.86 | 0.85 | 0.97 | |||
Pre-tax, pre-provision income (non-GAAP)(1)
|
14,233 | 10,849 | 17,981 | |||
Adjusted pre-tax, pre-provision income (non-GAAP)(1)
|
14,233 | 15,824 | 17,981 | |||
Profitability Ratios | ||||||
Return on average assets | 0.93 | % | 0.59 | % | 0.91 | % |
Adjusted return on average assets (non-GAAP)(1)
|
0.88 | % | 0.87 | % | 1.01 | % |
Return on average equity | 10.77 | % | 7.20 | % | 11.16 | % |
Adjusted return on average equity (non-GAAP)(1)
|
10.19 | % | 10.53 | % | 12.43 | % |
Return on average tangible equity (non-GAAP)(1)
|
13.46 | % | 9.18 | % | 14.21 | % |
Adjusted return on average tangible equity (non-GAAP)(1)
|
12.74 | % | 13.38 | % | 15.82 | % |
GAAP efficiency ratio | 65.78 | % | 71.96 | % | 59.27 | % |
Efficiency ratio (non-GAAP)(1)
|
65.55 | % | 63.48 | % | 58.96 | % |
Net interest margin (fully-taxable equivalent) | 2.30 | % | 2.40 | % | 2.54 | % |
Asset Quality Ratios | ||||||
ACL on loans to total loans | 0.86 | % | 0.90 | % | 0.91 | % |
Non-performing loans to total loans | 0.19 | % | 0.18 | % | 0.13 | % |
Annualized net charge-offs to average loans | 0.02 | % | 0.04 | % | 0.02 | % |
Capital Ratios | ||||||
Common equity ratio | 8.66 | % | 8.66 | % | 8.13 | % |
Tangible common equity ratio (non-GAAP)(1)
|
7.12 | % | 7.11 | % | 6.56 | % |
Tier 1 leverage capital ratio | 9.59 | % | 9.40 | % | 9.24 | % |
Total risk-based capital ratio | 14.52 | % | 14.36 | % | 13.95 | % |
(In thousands) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
% Change Mar 2024 vs. Dec 2023
|
% Change Mar 2024 vs. Mar 2023
|
|||||
ASSETS | ||||||||||
Cash, cash equivalents and restricted cash | $ | 176,719 | $ | 99,804 | $ | 75,741 | 77 | % | 133 | % |
Investments: | ||||||||||
Trading securities | 4,847 | 4,647 | 3,971 | 4 | % | 22 | % | |||
Available-for-sale securities, at fair value
|
601,576 | 625,808 | 686,423 | (4) | % | (12) | % | |||
Held-to-maturity securities, at amortized cost
|
540,349 | 544,931 | 540,074 | (1) | % | - | % | |||
Other investments | 16,392 | 15,394 | 19,414 | 6 | % | (16) | % | |||
Total investments | 1,163,164 | 1,190,780 | 1,249,882 | (2) | % | (7) | % | |||
Loans held for sale, at fair value
|
9,524 | 10,320 | 4,562 | (8) | % | 109 | % | |||
Loans: | ||||||||||
Commercial real estate | 1,702,952 | 1,672,306 | 1,666,617 | 2 | % | 2 | % | |||
Commercial | 397,395 | 403,901 | 421,099 | (2) | % | (6) | % | |||
Residential real estate | 1,762,482 | 1,763,378 | 1,733,147 | - | % | 2 | % | |||
Consumer and home equity | 258,211 | 258,509 | 252,245 | - | % | 2 | % | |||
Total loans | 4,121,040 | 4,098,094 | 4,073,108 | 1 | % | 1 | % | |||
Less: allowance for credit losses on loans | (35,613) | (36,935) | (37,134) | (4) | % | (4) | % | |||
Net loans | 4,085,427 | 4,061,159 | 4,035,974 | 1 | % | 1 | % | |||
Goodwill and core deposit intangible assets | 95,529 | 95,668 | 96,112 | - | % | (1) | % | |||
Other assets | 264,422 | 256,775 | 254,334 | 3 | % | 4 | % | |||
Total assets | $ | 5,794,785 | $ | 5,714,506 | $ | 5,716,605 | 1 | % | 1 | % |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Liabilities | ||||||||||
Deposits: | ||||||||||
Non-interest checking | $ | 929,314 | $ | 967,750 | $ | 1,047,491 | (4) | % | (11) | % |
Interest checking | 1,503,045 | 1,553,787 | 1,609,330 | (3) | % | (7) | % | |||
Savings and money market | 1,379,437 | 1,364,401 | 1,409,861 | 1 | % | (2) | % | |||
Certificates of deposit | 585,786 | 609,503 | 360,103 | (4) | % | 63 | % | |||
Brokered deposits | 153,942 | 101,919 | 215,949 | 51 | % | (29) | % | |||
Total deposits | 4,551,524 | 4,597,360 | 4,642,734 | (1) | % | (2) | % | |||
Short-term borrowings | 601,499 | 485,607 | 486,318 | 24 | % | 24 | % | |||
Junior subordinated debentures | 44,331 | 44,331 | 44,331 | - | % | - | % | |||
Accrued interest and other liabilities | 95,854 | 92,144 | 78,348 | 4 | % | 22 | % | |||
Total liabilities | 5,293,208 | 5,219,442 | 5,251,731 | 1 | % | 1 | % | |||
Commitments and Contingencies | ||||||||||
Shareholders' Equity | ||||||||||
Common stock, no par value
|
116,449 | 115,602 | 115,590 | 1 | % | 1 | % | |||
Retained earnings | 488,143 | 481,014 | 468,755 | 1 | % | 4 | % | |||
Accumulated other comprehensive loss: | ||||||||||
Net unrealized loss on debt securities, net of tax | (111,357) | (107,409) | (122,445) | 4 | % | (9) | % | |||
Net unrealized gain on cash flow hedging derivative instruments, net of tax | 8,587 | 6,096 | 3,286 | 41 | % | 161 | % | |||
Net unrecognized loss on postretirement plans, net of tax | (245) | (239) | (312) | 3 | % | (21) | % | |||
Total accumulated other comprehensive loss | (103,015) | (101,552) | (119,471) | 1 | % | (14) | % | |||
Total shareholders' equity | 501,577 | 495,064 | 464,874 | 1 | % | 8 | % | |||
Total liabilities and shareholders' equity | $ | 5,794,785 | $ | 5,714,506 | $ | 5,716,605 | 1 | % | 1 | % |
For The Three Months Ended |
||||||||||
(In thousands, except per share data) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
% Change Mar 2024 vs. Dec 2023
|
% Change Mar 2024 vs. Mar 2023
|
|||||
Interest Income | ||||||||||
Interest and fees on loans | $ | 51,709 | $ | 51,287 | $ | 45,332 | 1 | % | 14 | % |
Taxable interest on investments | 7,027 | 6,638 | 5,963 | 6 | % | 18 | % | |||
Nontaxable interest on investments | 465 | 654 | 763 | (29) | % | (39) | % | |||
Dividend income | 312 | 273 | 219 | 14 | % | 42 | % | |||
Other interest income | 670 | 945 | 448 | (29) | % | 50 | % | |||
Total interest income | 60,183 | 59,797 | 52,725 | 1 | % | 14 | % | |||
Interest Expense | ||||||||||
Interest on deposits | 23,178 | 22,838 | 15,832 | 1 | % | 46 | % | |||
Interest on borrowings | 5,198 | 3,700 | 2,085 | 40 | % | 149 | % | |||
Interest on junior subordinated debentures | 534 | 550 | 528 | (3) | % | 1 | % | |||
Total interest expense | 28,910 | 27,088 | 18,445 | 7 | % | 57 | % | |||
Net interest income | 31,273 | 32,709 | 34,280 | (4) | % | (9) | % | |||
(Credit) provision for credit losses | (2,102) | 569 | 2,002 | (469) | % | (205) | % | |||
Net interest income after (credit) provision for credit losses
|
33,375 | 32,140 | 32,278 | 4 | % | 3 | % | |||
Non-Interest Income | ||||||||||
Debit card income | 2,866 | 3,466 | 2,938 | (17) | % | (2) | % | |||
Service charges on deposit accounts | 2,027 | 2,102 | 1,762 | (4) | % | 15 | % | |||
Income from fiduciary services | 1,749 | 1,653 | 1,600 | 6 | % | 9 | % | |||
Brokerage and insurance commissions | 1,239 | 1,188 | 1,093 | 4 | % | 13 | % | |||
Mortgage banking income, net | 808 | 1,032 | 716 | (22) | % | 13 | % | |||
Bank-owned life insurance | 683 | 500 | 592 | 37 | % | 15 | % | |||
Net loss on sale of securities | - | (4,975) | - | (100) | % | - | % | |||
Other income | 950 | 1,020 | 1,165 | (7) | % | (18) | % | |||
Total non-interest income | 10,322 | 5,986 | 9,866 | 72 | % | 5 | % | |||
Non-Interest Expense | ||||||||||
Salaries and employee benefits | 15,954 | 15,404 | 14,573 | 4 | % | 9 | % | |||
Furniture, equipment and data processing | 3,629 | 3,605 | 3,211 | 1 | % | 13 | % | |||
Net occupancy costs | 2,070 | 1,939 | 2,079 | 7 | % | - | % | |||
Debit card expense | 1,264 | 1,345 | 1,201 | (6) | % | 5 | % | |||
Consulting and professional fees | 860 | 1,193 | 1,055 | (28) | % | (18) | % | |||
Regulatory assessments | 857 | 839 | 845 | 2 | % | 1 | % | |||
Amortization of core deposit intangible assets | 139 | 148 | 148 | (6) | % | (6) | % | |||
Other real estate owned and collection costs, net
|
10 | 67 | 5 | (85) | % | 100 | % | |||
Other expenses | 2,579 | 3,306 | 3,048 | (22) | % | (15) | % | |||
Total non-interest expense | 27,362 | 27,846 | 26,165 | (2) | % | 5 | % | |||
Income before income tax expense | 16,335 | 10,280 | 15,979 | 59 | % | 2 | % | |||
Income Tax Expense | 3,063 | 1,800 | 3,252 | 70 | % | (6) | % | |||
Net Income | $ | 13,272 | $ | 8,480 | $ | 12,727 | 57 | % | 4 | % |
Per Share Data | ||||||||||
Basic earnings per share | $ | 0.91 | $ | 0.58 | $ | 0.87 | 57 | % | 5 | % |
Diluted earnings per share | $ | 0.91 | $ | 0.58 | $ | 0.87 | 57 | % | 5 | % |
Average Balance | Yield/Rate | |||||||||||
For The Three Months Ended | For The Three Months Ended | |||||||||||
(Dollars in thousands) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
||||||
Assets | ||||||||||||
Interest-earning assets: | ||||||||||||
Interest-bearing deposits in other banks and other interest-earning assets | $ | 44,487 | $ | 44,577 | $ | 26,018 | 4.34 | % | 6.70 | % | 3.89 | % |
Investments - taxable | 1,187,699 | 1,186,959 | 1,237,351 | 2.53 | % | 2.39 | % | 2.06 | % | |||
Investments - nontaxable(1)
|
62,385 | 89,029 | 105,502 | 3.78 | % | 3.72 | % | 3.66 | % | |||
Loans(2):
|
||||||||||||
Commercial real estate | 1,682,599 | 1,661,720 | 1,646,005 | 4.94 | % | 4.87 | % | 4.61 | % | |||
Commercial(1)
|
389,695 | 388,518 | 409,112 | 6.05 | % | 6.25 | % | 5.49 | % | |||
SBA PPP | 324 | 389 | 594 | 4.46 | % | 2.43 | % | 2.55 | % | |||
Municipal(1)
|
14,653 | 14,430 | 15,997 | 4.40 | % | 4.13 | % | 3.56 | % | |||
Residential real estate | 1,773,077 | 1,765,099 | 1,715,192 | 4.41 | % | 4.35 | % | 3.78 | % | |||
Consumer and home equity | 257,305 | 256,073 | 253,760 | 7.89 | % | 7.86 | % | 7.10 | % | |||
Total loans | 4,117,653 | 4,086,229 | 4,040,660 | 5.00 | % | 4.96 | % | 4.50 | % | |||
Total interest-earning assets | 5,412,224 | 5,406,794 | 5,409,531 | 4.44 | % | 4.39 | % | 3.92 | % | |||
Other assets | 305,756 | 305,159 | 278,136 | |||||||||
Total assets | $ | 5,717,980 | $ | 5,711,953 | $ | 5,687,667 | ||||||
Liabilities & Shareholders' Equity | ||||||||||||
Deposits: | ||||||||||||
Non-interest checking | $ | 933,321 | $ | 985,458 | $ | 1,076,469 | - | % | - | % | - | % |
Interest checking | 1,490,185 | 1,547,438 | 1,689,862 | 2.53 | % | 2.53 | % | 2.00 | % | |||
Savings | 599,791 | 622,094 | 734,804 | 0.20 | % | 0.17 | % | 0.08 | % | |||
Money market | 764,585 | 756,407 | 699,080 | 3.29 | % | 3.14 | % | 2.20 | % | |||
Certificates of deposit | 582,806 | 583,738 | 320,209 | 3.77 | % | 3.49 | % | 1.73 | % | |||
Total deposits | 4,370,688 | 4,495,135 | 4,520,424 | 1.97 | % | 1.87 | % | 1.22 | % | |||
Borrowings: | ||||||||||||
Brokered deposits | 133,385 | 120,920 | 220,559 | 5.31 | % | 5.24 | % | 4.05 | % | |||
Customer repurchase agreements
|
182,487 | 197,920 | 182,754 | 1.60 | % | 1.68 | % | 1.07 | % | |||
Junior subordinated debentures | 44,331 | 44,331 | 44,331 | 4.85 | % | 4.92 | % | 4.83 | % | |||
Other borrowings | 401,683 | 271,316 | 175,223 | 4.40 | % | 4.19 | % | 3.71 | % | |||
Total borrowings | 761,886 | 634,487 | 622,867 | 3.96 | % | 3.66 | % | 3.13 | % | |||
Total funding liabilities | 5,132,574 | 5,129,622 | 5,143,291 | 2.27 | % | 2.10 | % | 1.45 | % | |||
Other liabilities | 89,893 | 115,157 | 81,725 | |||||||||
Shareholders' equity | 495,513 | 467,174 | 462,651 | |||||||||
Total liabilities & shareholders' equity | $ | 5,717,980 | $ | 5,711,953 | $ | 5,687,667 | ||||||
Net interest rate spread (fully-taxable equivalent) | 2.17 | % | 2.29 | % | 2.47 | % | ||||||
Net interest margin (fully-taxable equivalent) | 2.30 | % | 2.40 | % | 2.54 | % |
(In thousands) |
At or for the
Three Months Ended
March 31,
2024
|
At or for the
Year Ended
December 31,
2023
|
At or for the
Nine Months Ended
September 30,
2023
|
At or for the
Six Months Ended
June 30,
2023
|
At or for the
Three Months Ended
March 31,
2023
|
|||||
Non-accrual loans: | ||||||||||
Residential real estate | $ | 2,473 | $ | 2,539 | $ | 2,775 | $ | 1,781 | $ | 1,713 |
Commercial real estate | 205 | 386 | 92 | 56 | 56 | |||||
Commercial | 1,980 | 1,725 | 1,083 | 729 | 748 | |||||
Consumer and home equity | 1,000 | 798 | 674 | 482 | 441 | |||||
Total non-accrual loans | 5,658 | 5,448 | 4,624 | 3,048 | 2,958 | |||||
Accruing troubled-debt restructured loans prior to adoption of ASU 2022-02
|
1,973 | 1,990 | 1,997 | 2,140 | 2,154 | |||||
Total non-performing loans | 7,631 | 7,438 | 6,621 | 5,188 | 5,112 | |||||
Other real estate owned | - | - | - | - | - | |||||
Total non-performing assets | $ | 7,631 | $ | 7,438 | $ | 6,621 | $ | 5,188 | $ | 5,112 |
Loans 30-89 days past due: | ||||||||||
Residential real estate | $ | 797 | $ | 1,290 | $ | 751 | $ | 1,192 | $ | 313 |
Commercial real estate | 92 | 740 | 188 | 112 | 111 | |||||
Commercial | 537 | 2,007 | 2,260 | 294 | 1,030 | |||||
Consumer and home equity | 618 | 922 | 603 | 653 | 684 | |||||
Total loans 30-89 days past due | $ | 2,044 | $ | 4,959 | $ | 3,802 | $ | 2,251 | $ | 2,138 |
ACL on loans at the beginning of the period | $ | 36,935 | $ | 36,922 | $ | 36,922 | $ | 36,922 | $ | 36,922 |
(Credit) provision for loan losses
|
(1,164) | 1,174 | 288 | 744 | 439 | |||||
Charge-offs: | ||||||||||
Residential real estate | - | 18 | 18 | 18 | 18 | |||||
Commercial real estate | - | 58 | 58 | - | - | |||||
Commercial | 309 | 1,560 | 1,101 | 846 | 312 | |||||
Consumer and home equity | 36 | 91 | 63 | 31 | 4 | |||||
Total charge-offs | 345 | 1,727 | 1,240 | 895 | 334 | |||||
Total recoveries | (187) | (566) | (437) | (212) | (107) | |||||
Net charge-offs | 158 | 1,161 | 803 | 683 | 227 | |||||
ACL on loans at the end of the period | $ | 35,613 | $ | 36,935 | $ | 36,407 | $ | 36,983 | $ | 37,134 |
Components of ACL: | ||||||||||
ACL on loans | $ | 35,613 | $ | 36,935 | $ | 36,407 | $ | 36,983 | $ | 37,134 |
ACL on off-balance sheet credit exposures(1)
|
2,325 | 2,353 | 2,670 | 2,788 | 2,990 | |||||
ACL, end of period | $ | 37,938 | $ | 39,288 | $ | 39,077 | $ | 39,771 | $ | 40,124 |
Ratios: | ||||||||||
Non-performing loans to total loans | 0.19 | % | 0.18 | % | 0.16 | % | 0.13 | % | 0.13 | % |
Non-performing assets to total assets | 0.13 | % | 0.13 | % | 0.11 | % | 0.09 | % | 0.09 | % |
ACL on loans to total loans | 0.86 | % | 0.90 | % | 0.90 | % | 0.90 | % | 0.91 | % |
Net charge-offs to average loans (annualized): | ||||||||||
Quarter-to-date | 0.02 | % | 0.04 | % | 0.01 | % | 0.04 | % | 0.02 | % |
Year-to-date | 0.02 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.02 | % |
ACL on loans to non-performing loans | 466.69 | % | 496.57 | % | 549.87 | % | 712.86 | % | 726.41 | % |
Loans 30-89 days past due to total loans | 0.05 | % | 0.12 | % | 0.09 | % | 0.05 | % | 0.05 | % |
Adjusted Net Income; Adjusted Diluted Earnings per Share; Adjusted Return on Average Assets; and Adjusted Return on Average Equity: | ||||||
For the Three Months Ended |
||||||
(In thousands, except number of shares, per share data and ratios) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||
Adjusted Net Income: | ||||||
Net income, as presented | $ | 13,272 | $ | 8,480 | $ | 12,727 |
Adjustment for net loss on sale of securities | - | 4,975 | - | |||
Adjustment for Signature Bank bond (recovery) write-off
|
(910) | - | 1,838 | |||
Tax impact of above adjustments(1)
|
191 | (1,045) | (386) | |||
Adjusted net income | $ | 12,553 | $ | 12,410 | $ | 14,179 |
Adjusted Diluted Earnings per Share: | ||||||
Diluted earnings per share, as presented | $ | 0.91 | $ | 0.58 | $ | 0.87 |
Adjustment for net loss on sale of securities | - | 0.34 | - | |||
Adjustment for Signature Bank bond (recovery) write-off
|
(0.06) | - | 0.13 | |||
Tax impact of above adjustments(1)
|
0.01 | (0.07) | (0.03) | |||
Adjusted diluted earnings per share | $ | 0.86 | $ | 0.85 | $ | 0.97 |
Adjusted Return on Average Assets: | ||||||
Return on average assets, as presented | 0.93 | % | 0.59 | % | 0.91 | % |
Adjustment for net loss on sale of securities | - | 0.35 | % | - | ||
Adjustment for Signature Bank bond (recovery) write-off
|
(0.06) | % | - | 0.13 | % | |
Tax impact of above adjustments(1)
|
0.01 | % | (0.07) | % | (0.03) | % |
Adjusted return on average assets | 0.88 | % | 0.87 | % | 1.01 | % |
Adjusted Return on Average Equity: | ||||||
Return on average equity, as presented | 10.77 | % | 7.20 | % | 11.16 | % |
Adjustment for net loss on sale of securities | - | 4.22 | % | - | ||
Adjustment for Signature Bank bond (recovery) write-off
|
(0.74) | % | - | 1.61 | % | |
Tax impact of above adjustments(1)
|
0.16 | % | (0.89) | % | (0.34) | % |
Adjusted return on average equity | 10.19 | % | 10.53 | % | 12.43 | % |
Pre-Tax, Pre-Provision Income and Adjusted Pre-Tax, Pre-Provision Income:
|
||||||
For the Three Months Ended |
||||||
(In thousands) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||
Net income, as presented | $ | 13,272 | $ | 8,480 | $ | 12,727 |
Adjustment for (credit) provision for credit losses | (2,102) | 569 | 2,002 | |||
Adjustment for income tax expense | 3,063 | 1,800 | 3,252 | |||
Pre-tax, pre-provision income
|
14,233 | 10,849 | 17,981 | |||
Adjustment for net loss on sale of securities | - | 4,975 | - | |||
Adjusted pre-tax, pre-provision income
|
$ | 14,233 | $ | 15,824 | $ | 17,981 |
Efficiency Ratio: | ||||||
For the Three Months Ended |
||||||
(Dollars in thousands) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||
Non-interest expense, as presented | $ | 27,362 | $ | 27,846 | $ | 26,165 |
Net interest income, as presented | $ | 31,273 | $ | 32,709 | $ | 34,280 |
Adjustment for the effect of tax-exempt income(1)
|
150 | 199 | 229 | |||
Non-interest income, as presented | 10,322 | 5,986 | 9,866 | |||
Adjustment for net loss on sale of securities | - | 4,975 | - | |||
Adjusted net interest income plus non-interest income | $ | 41,745 | $ | 43,869 | $ | 44,375 |
GAAP efficiency ratio | 65.78 | % | 71.96 | % | 59.27 | % |
Non-GAAP efficiency ratio | 65.55 | % | 63.48 | % | 58.96 | % |
Return on Average Tangible Equity and Adjusted Return on Average Tangible Equity: | ||||||
For the Three Months Ended |
||||||
(Dollars in thousands) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||
Return on Average Tangible Equity: | ||||||
Net income, as presented | $ | 13,272 | $ | 8,480 | $ | 12,727 |
Adjustment for amortization of core deposit intangible assets | 139 | 148 | 148 | |||
Tax impact of above adjustment(1)
|
(29) | (31) | (31) | |||
Net income, adjusted for amortization of core deposit intangible assets | $ | 13,382 | $ | 8,597 | $ | 12,844 |
Average equity, as presented | $ | 495,513 | $ | 467,174 | $ | 462,651 |
Adjustment for average goodwill and core deposit intangible assets | (95,604) | (95,739) | (96,191) | |||
Average tangible equity | $ | 399,909 | $ | 371,435 | $ | 366,460 |
Return on average equity | 10.77 | % | 7.20 | % | 11.16 | % |
Return on average tangible equity | 13.46 | % | 9.18 | % | 14.21 | % |
Adjusted Return on Average Tangible Equity: | ||||||
Adjusted net income (see "Adjusted Net Income" table above) | $ | 12,553 | $ | 12,410 | $ | 14,179 |
Adjustment for amortization of core deposit intangible assets | 139 | 148 | 148 | |||
Tax impact of above adjustment(1)
|
(29) | (31) | (31) | |||
Adjusted net income, adjusted for amortization of core deposit intangible assets
|
$ | 12,663 | $ | 12,527 | $ | 14,296 |
Adjusted return on average tangible equity | 12.74 | % | 13.38 | % | 15.82 | % |
Tangible Book Value Per Share and Tangible Common Equity Ratio: | ||||||
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
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(In thousands, except number of shares, per share data and ratios) | ||||||
Tangible Book Value Per Share: | ||||||
Shareholders' equity, as presented | $ | 501,577 | $ | 495,064 | $ | 464,874 |
Adjustment for goodwill and core deposit intangible assets | (95,529) | (95,668) | (96,112) | |||
Tangible shareholders' equity | $ | 406,048 | $ | 399,396 | $ | 368,762 |
Shares outstanding at period end | 14,593,830 | 14,565,952 | 14,587,906 | |||
Book value per share | $ | 34.37 | $ | 33.99 | $ | 31.87 |
Tangible book value per share | 27.82 | 27.42 | 25.28 | |||
Tangible Common Equity Ratio: | ||||||
Total assets | $ | 5,794,785 | $ | 5,714,506 | $ | 5,716,605 |
Adjustment for goodwill and core deposit intangible assets | (95,529) | (95,668) | (96,112) | |||
Tangible assets | $ | 5,699,256 | $ | 5,618,838 | $ | 5,620,493 |
Common equity ratio | 8.66 | % | 8.66 | % | 8.13 | % |
Tangible common equity ratio | 7.12 | % | 7.11 | % | 6.56 | % |
Core Deposits: | ||||||
(In thousands) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||
Total deposits | $ | 4,551,524 | $ | 4,597,360 | $ | 4,642,734 |
Adjustment for certificates of deposit | (585,786) | (609,503) | (360,103) | |||
Adjustment for brokered deposits | (153,942) | (101,919) | (215,949) | |||
Core deposits | $ | 3,811,796 | $ | 3,885,938 | $ | 4,066,682 |
Average Core Deposits: | ||||||
For the Three Months Ended |
||||||
(In thousands) |
March 31, 2024 |
December 31, 2023 |
March 31, 2023 |
|||
Total average deposits, as presented(1)
|
$ | 4,370,688 | $ | 4,495,135 | $ | 4,520,424 |
Adjustment for average certificates of deposit | (582,806) | (583,738) | (320,209) | |||
Average core deposits | $ | 3,787,882 | $ | 3,911,397 | $ | 4,200,215 |