10/28/2024 | Press release | Distributed by Public on 10/28/2024 06:45
(in millions) |
Total Available | Amount Used | Net Availability | |||
Internal Sources | ||||||
Unrestricted cash 1
|
$ | 204.9 | $ | - | $ | 204.9 |
Unencumbered securities at market value | 302.3 | - | 302.3 | |||
External Sources | ||||||
FHLB line of credit | 923.6 | - | 923.6 | |||
FRB line of credit | 377.8 | - | 377.8 | |||
Lines of credit at correspondent banks | 125.0 | - | 125.0 | |||
Total Liquidity | $ | 1,933.6 | $ | - | $ | 1,933.6 |
(in thousands, except per share amounts; unaudited)
|
September 30, 2024 | June 30, 2024 | December 31, 2023 | ||||
Tangible Common Equity - Bancorp | |||||||
Total stockholders' equity | $ | 436,960 | $ | 434,943 | $ | 439,062 | |
Goodwill and core deposit intangible | (75,782) | (76,023) | (76,520) | ||||
Total TCE | a | 361,178 | 358,920 | 362,542 | |||
Unrealized losses on HTM securities, net of tax1
|
(70,837) | (93,600) | (86,500) | ||||
Unrealized losses on HTM securities included in AOCI, net of tax 2
|
7,951 | 8,222 | 8,761 | ||||
TCE, net of unrealized losses on HTM securities (non-GAAP) | b | $ | 298,292 | $ | 273,542 | $ | 284,803 |
Total assets | $ | 3,792,833 | $ | 3,694,728 | $ | 3,803,903 | |
Goodwill and core deposit intangible | (75,782) | (76,023) | (76,520) | ||||
Total tangible assets | c | 3,717,051 | 3,618,705 | 3,727,383 | |||
Unrealized losses on HTM securities, net of tax1
|
(70,837) | (93,600) | (86,500) | ||||
Unrealized losses on HTM securities included in AOCI, net of tax | 7,951 | 8,222 | 8,761 | ||||
Total tangible assets, net of unrealized losses on HTM securities (non-GAAP) | d | $ | 3,654,165 | $ | 3,533,327 | $ | 3,649,644 |
Bancorp TCE ratio | a / c | 9.7 | % | 9.9 | % | 9.7 | % |
Bancorp TCE ratio, net of unrealized losses on HTM securities (non-GAAP) | b / d | 8.2 | % | 7.7 | % | 7.8 | % |
Tangible Book Value Per Share
|
|||||||
Common shares outstanding
|
e
|
16,083 | 16,278 | 16,158 | |||
Book value per share
|
$ | 27.17 | $ | 26.72 | $ | 27.17 | |
Tangible book value per share
|
a / e
|
$ | 22.46 | $ | 22.05 | $ | 22.44 |
1 Unrealized losses on held-to-maturity securities as of September 30, 2024, June 30, 2024 and December 31, 2023 of $100.6 million, $132.9 million, and $122.8 million, respectively, including the unrealized losses that resulted from the transfer of securities from AFS to HTM, net of an estimated $29.8 million, $39.3 million, and $36.3 million, respectively, in deferred tax benefits based on a blended state and federal statutory tax rate of 29.56%.
2 The remaining unrealized losses that resulted from the transfer of securities from AFS to HTM, net of an estimated $3.3 million, $3.5 million, and $3.7 million, respectively, in deferred tax benefits based on a blended state and federal statutory tax rate of 29.56% are added back as they are already included in AOCI.
|
(in thousands, except per share amounts; unaudited)
|
Three months ended | Nine months ended | ||||||
Net (loss) income
|
September 30, 2024 | June 30, 2024 | September 30, 2024 | September 30, 2023 | ||||
Net (loss) income (GAAP)
|
$ | 4,570 | $ | (21,902) | $ | (14,410) | $ | 19,285 |
Adjustments: | ||||||||
Losses on sale of investment securities from portfolio repositioning | - | 32,542 | 32,542 | - | ||||
Related income tax benefit | - | (9,620) | (9,620) | - | ||||
Adjustments, net of taxes | - | 22,922 | 22,922 | - | ||||
Comparable net income (non-GAAP) | $ | 4,570 | $ | 1,020 | $ | 8,512 | $ | 19,285 |
Diluted (loss) earnings per share
|
||||||||
Weighted average diluted shares | 16,066 | 16,108 | 16,076 | 16,017 | ||||
Diluted (loss) earnings per share (GAAP)
|
$ | 0.28 | $ | (1.36) | $ | (0.90) | $ | 1.20 |
Comparable diluted earnings per share (non-GAAP) | $ | 0.28 | $ | 0.06 | $ | 0.53 | $ | 1.20 |
Return on average assets | ||||||||
Average assets | $ | 3,763,660 | $ | 3,751,159 | $ | 3,775,320 | $ | 4,119,130 |
Return on average assets (GAAP) | 0.48 | % | (2.35) | % | (0.51) | % | 0.63 | % |
Comparable return on average assets (non-GAAP) | 0.48 | % | 0.11 | % | 0.30 | % | 0.63 | % |
Return on average equity | ||||||||
Average stockholders' equity | $ | 435,645 | $ | 432,692 | $ | 434,773 | $ | 424,606 |
Return on average equity (GAAP) | 4.17 | % | (20.36) | % | (4.43) | % | 6.07 | % |
Comparable return on average equity (non-GAAP) | 4.17 | % | 0.95 | % | 2.62 | % | 6.07 | % |
Efficiency ratio | ||||||||
Non-interest expense | $ | 20,417 | $ | 21,894 | $ | 63,480 | $ | 60,192 |
Net interest income | $ | 24,269 | $ | 22,467 | $ | 69,430 | $ | 78,497 |
Non-interest income (GAAP) | $ | 2,888 | $ | (29,755) | $ | (24,113) | $ | 8,272 |
Losses on sale of investment securities from portfolio repositioning | - | 32,542 | 32,542 | - | ||||
Non-interest income (non-GAAP) | $ | 2,888 | $ | 2,787 | $ | 8,429 | $ | 8,272 |
Efficiency ratio (GAAP) | 75.18 | % | (300.37) | % | 140.08 | % | 69.37 | % |
Comparable efficiency ratio (non-GAAP) | 75.18 | % | 86.70 | % | 81.53 | % | 69.37 | % |
BANK OF MARIN BANCORP FINANCIAL HIGHLIGHTS | ||||||||
Three months ended | Nine months ended | |||||||
(in thousands, except per share amounts; unaudited) | September 30, 2024 | June 30, 2024 | September 30, 2024 | September 30, 2023 | ||||
Selected operating data and performance ratios: | ||||||||
Net income (loss) | $ | 4,570 | $ | (21,902) | $ | (14,410) | $ | 19,285 |
Diluted earnings (loss) per common share | $ | 0.28 | $ | (1.36) | $ | (0.90) | $ | 1.20 |
Return on average assets | 0.48 | % | (2.35) | % | (0.51) | % | 0.63 | % |
Return on average equity | 4.17 | % | (20.36) | % | (4.43) | % | 6.07 | % |
Efficiency ratio | 75.18 | % | (300.37) | % | 140.08 | % | 69.37 | % |
Tax-equivalent net interest margin
|
2.70 | % | 2.52 | % | 2.57 | % | 2.66 | % |
Cost of deposits | 1.46 | % | 1.45 | % | 1.43 | % | 0.61 | % |
Cost of funds
|
1.46 | % | 1.46 | % | 1.43 | % | 0.94 | % |
Net charge-offs (recoveries)
|
$ | - | $ | 26 | $ | 47 | $ | (2) |
Net charge-offs to average loans
|
NM | NM | NM | NM |
(in thousands; unaudited) | September 30, 2024 | June 30, 2024 | December 31, 2023 | |||
Selected financial condition data: | ||||||
Total assets | $ | 3,792,833 | $ | 3,694,728 | $ | 3,803,903 |
Loans: | ||||||
Commercial and industrial | $ | 160,390 | $ | 169,247 | $ | 153,750 |
Real estate: | ||||||
Commercial owner-occupied | 318,712 | 325,091 | 333,181 | |||
Commercial non-owner occupied | 1,266,377 | 1,267,841 | 1,219,385 | |||
Construction | 39,326 | 51,239 | 99,164 | |||
Home equity | 86,479 | 88,045 | 82,087 | |||
Other residential | 150,573 | 114,054 | 118,508 | |||
Installment and other consumer loans | 68,234 | 66,882 | 67,645 | |||
Total loans | $ | 2,090,091 | $ | 2,082,399 | $ | 2,073,720 |
Non-accrual loans: 1
|
||||||
Commercial and industrial | $ | 7,483 | $ | 9,280 | $ | 4,008 |
Real estate: | ||||||
Commercial owner-occupied | 1,578 | 1,306 | $ | 434 | ||
Commercial non-owner occupied | 29,229 | 21,458 | 3,081 | |||
Home equity | 1,161 | 1,197 | 469 | |||
Installment and other consumer loans | 432 | 438 | - | |||
Total non-accrual loans | $ | 39,883 | $ | 33,679 | $ | 7,992 |
Classified loans (graded substandard and doubtful) | $ | 52,430 | $ | 54,684 | $ | 32,324 |
Classified loans as a percentage of total loans | 2.51 | % | 2.63 | % | 1.56 | % |
Total accruing loans 30-89 days past due | $ | 6,886 | $ | 2,176 | $ | 1,017 |
Total accruing loans 90+ days past due 1
|
$ | - | $ | 8,118 | $ | - |
Allowance for credit losses to total loans | 1.47 | % | 1.47 | % | 1.21 | % |
Allowance for credit losses to non-accrual loans | 0.77x | 0.91x | 3.15x | |||
Non-accrual loans to total loans | 1.91 | % | 1.62 | % | 0.39 | % |
Total deposits | $ | 3,309,249 | $ | 3,213,777 | $ | 3,290,075 |
Loan-to-deposit ratio | 63.16 | % | 62.80 | % | 63.03 | % |
Stockholders' equity | $ | 436,960 | $ | 434,943 | $ | 439,062 |
Book value per share | $ | 27.17 | $ | 26.72 | $ | 27.17 |
Tangible book value per share
|
$ | 22.46 | $ | 22.05 | $ | 22.44 |
Tangible common equity to tangible assets - Bank
|
9.32 | % | 9.27 | % | 9.53 | % |
Tangible common equity to tangible assets - Bancorp
|
9.72 | % | 9.92 | % | 9.73 | % |
Total risk-based capital ratio - Bank | 15.82 | % | 15.54 | % | 16.62 | % |
Total risk-based capital ratio - Bancorp | 16.40 | % | 16.46 | % | 16.89 | % |
Full-time equivalent employees | 288 | 321 | 329 | |||
1 There was one non-owner occupied commercial real estate loan 90 days past due and accruing interest as of June 30, 2024 that was in extended renewal negotiations and well-secured that was expected to be restored to a current payment status. However, as of September 30, 2024 the loan has been placed on non-accrual status due to ongoing negotiations, but with no expectations for actual losses. There were no non-performing loans over 90 days past due and accruing interest as of December 31, 2023.
|
||||||
NM - Not meaningful
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BANK OF MARIN BANCORP
CONSOLIDATED STATEMENTS OF CONDITION
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(in thousands, except share data; unaudited) | September 30, 2024 | June 30, 2024 | December 31, 2023 | |||
Assets | ||||||
Cash, cash equivalents and restricted cash | $ | 229,172 | $ | 231,408 | $ | 30,453 |
Investment securities: | ||||||
Held-to-maturity, at amortized cost (net of zero allowance for credit losses at September 30, 2024, June 30, 2024 and December 31, 2023)
|
888,804 | 904,610 | 925,198 | |||
Available-for-sale (at fair value; amortized cost of $393,066, $285,835 and $613,479 at September 30, 2024, June 30, 2024 and December 31, 2023, respectively; net of zero allowance for credit losses at September 30, 2024, June 30, 2024 and December 31, 2023)
|
368,188 | 252,917 | 552,028 | |||
Total investment securities | 1,256,992 | 1,157,527 | 1,477,226 | |||
Loans, at amortized cost | 2,090,091 | 2,082,399 | 2,073,720 | |||
Allowance for credit losses on loans | (30,675) | (30,675) | (25,172) | |||
Loans, net of allowance for credit losses on loans | 2,059,416 | 2,051,724 | 2,048,548 | |||
Goodwill | 72,754 | 72,754 | 72,754 | |||
Bank-owned life insurance | 70,595 | 70,168 | 68,102 | |||
Operating lease right-of-use assets | 19,745 | 20,460 | 20,316 | |||
Bank premises and equipment, net | 7,010 | 7,263 | 7,792 | |||
Core deposit intangible, net | 3,028 | 3,269 | 3,766 | |||
Interest receivable and other assets | 74,121 | 80,155 | 74,946 | |||
Total assets | $ | 3,792,833 | $ | 3,694,728 | $ | 3,803,903 |
Liabilities and Stockholders' Equity | ||||||
Liabilities | ||||||
Deposits: | ||||||
Non-interest bearing | $ | 1,473,379 | $ | 1,417,661 | $ | 1,441,987 |
Interest bearing: | ||||||
Transaction accounts | 181,001 | 178,712 | 225,040 | |||
Savings accounts | 222,588 | 228,946 | 233,298 | |||
Money market accounts | 1,156,483 | 1,121,336 | 1,138,433 | |||
Time accounts | 275,798 | 267,122 | 251,317 | |||
Total deposits | 3,309,249 | 3,213,777 | 3,290,075 | |||
Borrowings and other obligations | 193 | 231 | 26,298 | |||
Operating lease liabilities | 22,278 | 23,016 | 22,906 | |||
Interest payable and other liabilities | 24,153 | 22,761 | 25,562 | |||
Total liabilities | 3,355,873 | 3,259,785 | 3,364,841 | |||
Stockholders' Equity | ||||||
Preferred stock, no par value,
Authorized - 5,000,000 shares, none issued
|
- | - | - | |||
Common stock, no par value,
Authorized - 30,000,000 shares; issued and outstanding - 16,082,881, 16,278,260 and
16,158,413 at September 30, 2024, June 30, 2024 and December 31, 2023, respectively
|
215,465 | 218,773 | 217,498 | |||
Retained earnings | 247,983 | 247,477 | 274,570 | |||
Accumulated other comprehensive loss, net of taxes | (26,488) | (31,307) | (53,006) | |||
Total stockholders' equity | 436,960 | 434,943 | 439,062 | |||
Total liabilities and stockholders' equity | $ | 3,792,833 | $ | 3,694,728 | $ | 3,803,903 |
BANK OF MARIN BANCORP CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
Three months ended |
Nine months ended
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(in thousands, except per share amounts; unaudited) | September 30, 2024 | June 30, 2024 | September 30, 2024 | September 30, 2023 | ||||
Interest income | ||||||||
Interest and fees on loans | $ | 25,483 | $ | 25,109 | $ | 75,612 | $ | 73,541 |
Interest on investment securities | 7,594 | 8,299 | 24,698 | 29,371 | ||||
Interest on federal funds sold and due from banks | 3,242 | 924 | 4,487 | 1,159 | ||||
Total interest income | 36,319 | 34,332 | 104,797 | 104,071 | ||||
Interest expense | ||||||||
Interest on interest-bearing transaction accounts | 339 | 274 | 874 | 758 | ||||
Interest on savings accounts | 565 | 511 | 1,447 | 545 | ||||
Interest on money market accounts | 8,714 | 8,641 | 25,804 | 11,365 | ||||
Interest on time accounts | 2,431 | 2,291 | 7,002 | 2,724 | ||||
Interest on borrowings and other obligations | 1 | 148 | 240 | 10,182 | ||||
Total interest expense | 12,050 | 11,865 | 35,367 | 25,574 | ||||
Net interest income | 24,269 | 22,467 | 69,430 | 78,497 | ||||
Provision for credit losses on loans | - | 5,200 | 5,550 | 1,275 | ||||
Reversal of credit losses on unfunded loan commitments | (233) | - | (233) | (342) | ||||
Net interest income after provision for (reversal of) credit losses | 24,502 | 17,267 | 64,113 | 77,564 | ||||
Non-interest income | ||||||||
Wealth management and trust services | 706 | 585 | 1,844 | 1,585 | ||||
Service charges on deposit accounts | 543 | 541 | 1,613 | 1,561 | ||||
Earnings on bank-owned life insurance, net | 426 | 421 | 1,282 | 1,438 | ||||
Debit card interchange fees, net | 423 | 444 | 1,275 | 1,458 | ||||
Dividends on Federal Home Loan Bank stock | 365 | 366 | 1,108 | 916 | ||||
Merchant interchange fees, net | 67 | 10 | 244 | 377 | ||||
Gains (losses) on sale of investment securities | 1 | (32,542) | (32,541) | 14 | ||||
Other income | 357 | 420 | 1,062 | 923 | ||||
Total non-interest income | 2,888 | (29,755) | (24,113) | 8,272 | ||||
Non-interest expense | ||||||||
Salaries and related benefits | 10,822 | 12,364 | 35,270 | 33,087 | ||||
Occupancy and equipment | 2,097 | 2,049 | 6,115 | 6,367 | ||||
Professional services | 1,879 | 1,043 | 4,000 | 2,677 | ||||
Data processing | 1,051 | 1,005 | 3,126 | 2,976 | ||||
Deposit network fees | 927 | 916 | 2,688 | 1,843 | ||||
Federal Deposit Insurance Corporation insurance | 582 | 426 | 1,443 | 1,424 | ||||
Information technology | 404 | 448 | 1,254 | 1,138 | ||||
Depreciation and amortization | 358 | 379 | 1,125 | 1,705 | ||||
Directors' expense | 293 | 306 | 916 | 893 | ||||
Amortization of core deposit intangible | 241 | 246 | 738 | 1,020 | ||||
Charitable contributions | 30 | 604 | 647 | 707 | ||||
Other real estate owned | - | - | - | 48 | ||||
Other expense | 1,733 | 2,108 | 6,158 | 6,307 | ||||
Total non-interest expense | 20,417 | 21,894 | 63,480 | 60,192 | ||||
Income (loss) before provision for (benefit from) income taxes | 6,973 | (34,382) | (23,480) | 25,644 | ||||
Provision for (benefit from) income taxes | 2,403 | (12,480) | (9,070) | 6,359 | ||||
Net income (loss) | $ | 4,570 | $ | (21,902) | $ | (14,410) | $ | 19,285 |
Net income (loss) per common share | ||||||||
Basic | $ | 0.28 | $ | (1.36) | $ | (0.90) | $ | 1.21 |
Diluted | $ | 0.28 | $ | (1.36) | $ | (0.90) | $ | 1.20 |
Weighted average shares: | ||||||||
Basic | 16,038 | 16,108 | 16,076 | 16,002 | ||||
Diluted | 16,066 | 16,108 | 16,076 | 16,017 | ||||
Comprehensive income: | ||||||||
Net income (loss) | $ | 4,570 | $ | (21,902) | $ | (14,410) | $ | 19,285 |
Other comprehensive income (loss): | ||||||||
Change in net unrealized gains or losses on available-for-sale securities | 8,041 | 559 | 4,032 | (8,507) | ||||
Reclassification adjustment for realized losses on available-for-sale securities in net income | (1) | 32,542 | 32,541 | 2,793 | ||||
Reclassification adjustment for gains or losses on fair value hedges | (1,584) | 282 | (85) | 367 | ||||
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity | 385 | 403 | 1,149 | 1,325 | ||||
Other comprehensive income (loss), before tax | 6,841 | 33,786 | 37,637 | (4,022) | ||||
Deferred tax expense (benefit) | 2,022 | 9,981 | 11,119 | (1,188) | ||||
Other comprehensive income (loss), net of tax | 4,819 | 23,805 | 26,518 | (2,834) | ||||
Total comprehensive income | $ | 9,389 | $ | 1,903 | $ | 12,108 | $ | 16,451 |
BANK OF MARIN BANCORP |
AVERAGE STATEMENTS OF CONDITION AND ANALYSIS OF NET INTEREST INCOME |
Three months ended | Three months ended | |||||||||||
September 30, 2024 | June 30, 2024 | |||||||||||
Interest | Interest | |||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||
Assets | ||||||||||||
Interest-earning deposits with banks 1
|
$ | 238,378 | $ | 3,242 | 5.32 | % | $ | 67,786 | $ | 924 | 5.39 | % |
Investment securities 2, 3
|
1,207,545 | 7,661 | 2.54 | % | 1,430,939 | 8,367 | 2.34 | % | ||||
Loans 1, 3, 4, 5
|
2,091,146 | 25,588 | 4.79 | % | 2,059,273 | 25,215 | 4.84 | % | ||||
Total interest-earning assets 1
|
3,537,069 | 36,491 | 4.04 | % | 3,557,998 | 34,506 | 3.84 | % | ||||
Cash and non-interest-bearing due from banks | 37,448 | 37,248 | ||||||||||
Bank premises and equipment, net | 7,181 | 7,420 | ||||||||||
Interest receivable and other assets, net | 181,962 | 148,493 | ||||||||||
Total assets | $ | 3,763,660 | $ | 3,751,159 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Interest-bearing transaction accounts | $ | 177,929 | $ | 339 | 0.76 | % | $ | 197,535 | $ | 274 | 0.56 | % |
Savings accounts | 227,179 | 565 | 0.99 | % | 226,985 | 511 | 0.90 | % | ||||
Money market accounts | 1,147,786 | 8,714 | 3.02 | % | 1,154,346 | 8,641 | 3.01 | % | ||||
Time accounts including CDARS | 267,637 | 2,431 | 3.61 | % | 260,602 | 2,291 | 3.54 | % | ||||
Borrowings and other obligations 1
|
206 | 1 | 2.32 | % | 10,909 | 148 | 5.35 | % | ||||
Total interest-bearing liabilities | 1,820,737 | 12,050 | 2.63 | % | 1,850,377 | 11,865 | 2.58 | % | ||||
Demand accounts | 1,460,011 | 1,421,543 | ||||||||||
Interest payable and other liabilities | 47,267 | 46,547 | ||||||||||
Stockholders' equity | 435,645 | 432,692 | ||||||||||
Total liabilities & stockholders' equity | $ | 3,763,660 | $ | 3,751,159 | ||||||||
Tax-equivalent net interest income/margin 1
|
$ | 24,441 | 2.70 | % | $ | 22,641 | 2.52 | % | ||||
Reported net interest income/margin 1
|
$ | 24,269 | 2.68 | % | $ | 22,467 | 2.50 | % | ||||
Tax-equivalent net interest rate spread | 1.41 | % | 1.26 | % | ||||||||
Nine months ended | Nine months ended | |||||||||||
September 30, 2024 | September 30, 2023 | |||||||||||
Interest | Interest | |||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||
(in thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||
Assets | ||||||||||||
Interest-earning deposits with banks 1
|
$ | 110,337 | $ | 4,487 | 5.34 | % | $ | 28,710 | $ | 1,159 | 5.32 | % |
Investment securities 2, 3
|
1,388,825 | 24,907 | 2.39 | % | 1,797,054 | 29,731 | 2.21 | % | ||||
Loans 1, 3, 4, 5
|
2,072,684 | 75,934 | 4.81 | % | 2,108,840 | 73,938 | 4.62 | % | ||||
Total interest-earning assets 1
|
3,571,846 | 105,328 | 3.87 | % | 3,934,604 | 104,828 | 3.51 | % | ||||
Cash and non-interest-bearing due from banks | 36,669 | 38,641 | ||||||||||
Bank premises and equipment, net | 7,436 | 8,457 | ||||||||||
Interest receivable and other assets, net | 159,369 | 137,428 | ||||||||||
Total assets | $ | 3,775,320 | $ | 4,119,130 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Interest-bearing transaction accounts | $ | 196,752 | $ | 874 | 0.59 | % | $ | 244,688 | $ | 758 | 0.41 | % |
Savings accounts | 228,096 | 1,447 | 0.85 | % | 293,709 | 545 | 0.25 | % | ||||
Money market accounts | 1,150,911 | 25,804 | 2.99 | % | 982,729 | 11,365 | 1.55 | % | ||||
Time accounts including CDARS | 264,290 | 7,002 | 3.54 | % | 172,991 | 2,724 | 2.11 | % | ||||
Borrowings and other obligations 1
|
6,125 | 240 | 5.15 | % | 260,973 | 10,182 | 5.14 | % | ||||
Total interest-bearing liabilities | 1,846,174 | 35,367 | 2.56 | % | 1,955,090 | 25,574 | 1.75 | % | ||||
Demand accounts | 1,446,795 | 1,689,615 | ||||||||||
Interest payable and other liabilities | 47,578 | 49,819 | ||||||||||
Stockholders' equity | 434,773 | 424,606 | ||||||||||
Total liabilities & stockholders' equity | $ | 3,775,320 | $ | 4,119,130 | ||||||||
Tax-equivalent net interest income/margin 1
|
$ | 69,961 | 2.57 | % | $ | 79,254 | 2.66 | % | ||||
Reported net interest income/margin 1
|
$ | 69,430 | 2.55 | % | $ | 78,497 | 2.63 | % | ||||
Tax-equivalent net interest rate spread | 1.31 | % | 1.76 | % | ||||||||
1 Interest income/expense is divided by actual number of days in the period times 360 days to correspond to stated interest rate terms, where applicable.
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2 Yields on available-for-sale securities are calculated based on amortized cost balances rather than fair value, as changes in fair value are reflected as a component of stockholders' equity. Investment security interest is earned on 30/360 day basis monthly.
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3 Yields and interest income on tax-exempt securities and loans are presented on a taxable-equivalent basis using the Federal statutory rate of 21 percent.
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4 Average balances on loans outstanding include non-performing loans. The amortized portion of net loan origination fees is included in interest income on loans, representing an adjustment to the yield.
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5 Net loan origination costs in interest income totaled $436 thousand for both the three months ended September 30, 2024 and June 30, 2024, and totaled $1.2 million and $927 thousand for the nine months ended September 30, 2024 and 2023, respectively.
|