10/26/2021 | Press release | Distributed by Public on 10/26/2021 09:10
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
END OF PERIOD BALANCES | ||||||||||
Assets | $ | 4,801,093 | $ | 4,753,308 | $ | 4,389,996 | $ | 4,801,093 | $ | 4,389,996 |
Deposits | $ | 4,028,636 | $ | 3,988,751 | $ | 3,604,353 | $ | 4,028,636 | $ | 3,604,353 |
Loans, including net deferred loan costs | $ | 2,479,910 | $ | 2,568,713 | $ | 2,753,493 | $ | 2,479,910 | $ | 2,753,493 |
Allowance for Credit Losses | $ | 42,962 | $ | 44,732 | $ | 26,960 | $ | 42,962 | $ | 26,960 |
Total Equity | $ | 594,935 | $ | 588,163 | $ | 607,095 | $ | 594,935 | $ | 607,095 |
Tangible Common Equity (a)
|
$ | 508,618 | $ | 501,459 | $ | 519,098 | $ | 508,618 | $ | 519,098 |
AVERAGE BALANCES | ||||||||||
Total Assets | $ | 4,818,880 | $ | 4,751,068 | $ | 4,379,798 | $ | 4,723,566 | $ | 4,239,866 |
Earning Assets | $ | 4,615,235 | $ | 4,552,581 | $ | 3,776,803 | $ | 4,523,975 | $ | 3,707,653 |
Investments | $ | 1,325,651 | $ | 1,244,551 | $ | 1,008,303 | $ | 1,234,547 | $ | 995,457 |
Loans | $ | 2,515,639 | $ | 2,619,887 | $ | 2,768,003 | $ | 2,591,939 | $ | 2,710,953 |
Total Deposits | $ | 4,041,441 | $ | 3,981,243 | $ | 3,592,633 | $ | 3,946,463 | $ | 3,463,263 |
Interest-Bearing Deposits | $ | 3,223,948 | $ | 3,173,782 | $ | 2,887,575 | $ | 3,152,340 | $ | 2,828,521 |
Interest-Bearing Liabilities | $ | 106,936 | $ | 101,594 | $ | 108,236 | $ | 106,326 | $ | 112,290 |
Total Equity | $ | 599,011 | $ | 600,599 | $ | 603,067 | $ | 600,093 | $ | 588,095 |
INCOME STATEMENT DATA | ||||||||||
Net Interest Income | $ | 36,028 | $ | 35,628 | $ | 36,531 | $ | 106,569 | $ | 108,776 |
Net Interest Income Fully Tax Equivalent (b)
|
$ | 37,134 | $ | 36,719 | $ | 37,612 | $ | 109,812 | $ | 111,983 |
Provision for Credit Losses | $ | (1,500) | $ | (2,196) | $ | 4,425 | $ | (3,244) | $ | 10,080 |
Non-interest Income | $ | 11,092 | $ | 10,931 | $ | 11,739 | $ | 31,317 | $ | 29,610 |
Non-interest Expense | $ | 28,459 | $ | 27,996 | $ | 27,130 | $ | 84,094 | $ | 81,567 |
Net Income | $ | 16,098 | $ | 16,614 | $ | 14,000 | $ | 45,589 | $ | 38,105 |
PER SHARE DATA | ||||||||||
Basic and Diluted Net Income Per Common Share | $ | 1.24 | $ | 1.24 | $ | 1.02 | $ | 3.42 | $ | 2.78 |
Cash Dividends Declared Per Common Share | $ | - | $ | 0.53 | $ | - | $ | 0.53 | $ | 0.52 |
Book Value Per Common Share | $ | 46.22 | $ | 45.08 | $ | 44.27 | $ | 46.22 | $ | 44.27 |
Tangible Book Value Per Common Share (c)
|
$ | 39.38 | $ | 38.31 | $ | 37.56 | $ | 39.51 | $ | 37.85 |
Basic Weighted Average Common Shares Outstanding | 13,019 | 13,414 | 13,715 | 13,320 | 13,723 |
Key Ratios | Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
Return on average assets | 1.34 | % | 1.40 | % | 1.28 | % | 1.28 | % | 1.20 | % |
Return on average common shareholder's equity | 10.75 | % | 11.06 | % | 9.29 | % | 10.10 | % | 8.62 | % |
Efficiency ratio | 59.01 | % | 58.75 | % | 54.97 | % | 59.59 | % | 57.61 | % |
Average equity to average assets | 12.43 | % | 12.64 | % | 13.77 | % | 12.70 | % | 13.87 | % |
Net interest margin (a)
|
3.22 | % | 3.23 | % | 3.99 | % | 3.24 | % | 4.03 | % |
Net charge-offs to average loans and leases | 0.04 | % | (0.02) | % | 0.11 | % | 0.04 | % | 0.15 | % |
Credit loss reserve to loans and leases | 1.73 | % | 1.74 | % | 0.98 | % | 1.73 | % | 0.98 | % |
Credit loss reserve to nonperforming loans | 220.39 | % | 223.46 | % | 113.89 | % | 220.39 | % | 113.89 | % |
Nonperforming loans to loans and leases | 0.79 | % | 0.78 | % | 0.86 | % | 0.79 | % | 0.86 | % |
Tier 1 leverage | 10.77 | % | 10.72 | % | 11.81 | % | 10.77 | % | 11.81 | % |
Risk-based capital - Tier 1 | 16.63 | % | 17.15 | % | 15.70 | % | 16.63 | % | 15.70 | % |
Asset Quality | Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2021 | 2021 | 2020 | 2021 | 2020 | ||||||
Accruing loans and leases past due 30-89 days | $ | 10,765 | $ | 9,430 | $ | 13,490 | $ | 10,765 | $ | 13,490 |
Accruing loans and leases past due 90 days or more | $ | 1,355 | $ | 1,202 | $ | 2,948 | $ | 1,355 | $ | 2,948 |
Nonaccrual loans and leases | $ | 13,650 | $ | 14,356 | $ | 16,628 | $ | 13,650 | $ | 16,628 |
Total troubled debt restructuring | $ | 4,489 | $ | 4,460 | $ | 4,097 | $ | 4,489 | $ | 4,097 |
Other real estate owned | $ | 884 | $ | 989 | $ | 3,465 | $ | 884 | $ | 3,465 |
Nonperforming loans and other real estate owned | $ | 20,378 | $ | 21,007 | $ | 27,138 | $ | 20,378 | $ | 27,138 |
Total nonperforming assets | $ | 23,622 | $ | 24,272 | $ | 30,174 | $ | 23,622 | $ | 30,174 |
Gross charge-offs | $ | 1,614 | $ | 1,151 | $ | 1,998 | $ | 5,103 | $ | 6,442 |
Recoveries | $ | 1,344 | $ | 1,303 | $ | 1,248 | $ | 4,257 | $ | 3,379 |
Net charge-offs/(recoveries) | $ | 270 | $ | (152) | $ | 750 | $ | 846 | $ | 3,063 |
September 30, 2021 |
December 31, 2020 |
|||
(unaudited) | ||||
ASSETS | ||||
Cash and due from banks | $ | 758,120 | $ | 657,470 |
Federal funds sold | 6,183 | 301 | ||
Securities available-for-sale | 1,270,820 | 1,020,744 | ||
Loans: | ||||
Commercial | 1,457,984 | 1,521,711 | ||
Residential | 535,855 | 604,652 | ||
Consumer | 482,115 | 479,750 | ||
2,475,954 | 2,606,113 | |||
(Less) plus: | ||||
Net deferred loan costs | 3,956 | 4,181 | ||
Allowance for credit losses | (42,962) | (47,052) | ||
2,436,948 | 2,563,242 | |||
Restricted stock | 14,837 | 14,812 | ||
Accrued interest receivable | 15,963 | 16,957 | ||
Premises and equipment, net | 63,187 | 62,063 | ||
Bank-owned life insurance | 106,895 | 95,849 | ||
Goodwill | 78,592 | 78,592 | ||
Other intangible assets | 7,725 | 8,972 | ||
Other real estate owned | 884 | 1,012 | ||
Other assets | 40,939 | 37,530 | ||
TOTAL ASSETS | $ | 4,801,093 | $ | 4,557,544 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Deposits: | ||||
Non-interest-bearing | $ | 814,902 | $ | 732,694 |
Interest-bearing: | ||||
Certificates of deposit exceeding the FDIC insurance limits | 68,920 | 107,764 | ||
Other interest-bearing deposits | 3,144,814 | 2,915,487 | ||
4,028,636 | 3,755,945 | |||
Short-term borrowings | 101,051 | 116,061 | ||
FHLB advances | 5,902 | 5,859 | ||
Other liabilities | 70,569 | 82,687 | ||
TOTAL LIABILITIES | 4,206,158 | 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-12,871,936 in 2021 and 13,558,511 in 2020 | 2,009 | 2,007 | ||
Additional paid-in capital | 141,456 | 140,820 | ||
Retained earnings | 559,693 | 521,103 | ||
Accumulated other comprehensive income/(loss) | (1,102) | 9,764 | ||
Less: Treasury shares at cost-3,224,377 in 2021 and 2,516,643 in 2020 | (107,121) | (76,702) | ||
TOTAL SHAREHOLDERS' EQUITY | 594,935 | 596,992 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 4,801,093 | $ | 4,557,544 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
(unaudited) | ||||||||
INTEREST INCOME: | ||||||||
Loans, including related fees | $ | 31,937 | $ | 34,077 | $ | 95,760 | $ | 102,335 |
Securities: | ||||||||
Taxable | 3,627 | 3,005 | 10,061 | 10,658 | ||||
Tax-exempt | 2,234 | 1,994 | 6,471 | 5,940 | ||||
Other | 347 | 463 | 1,080 | 1,265 | ||||
TOTAL INTEREST INCOME | 38,145 | 39,539 | 113,372 | 120,198 | ||||
INTEREST EXPENSE: | ||||||||
Deposits | 1,959 | 2,689 | 6,335 | 10,238 | ||||
Short-term borrowings | 99 | 107 | 291 | 475 | ||||
Other borrowings | 59 | 212 | 177 | 709 | ||||
TOTAL INTEREST EXPENSE | 2,117 | 3,008 | 6,803 | 11,422 | ||||
NET INTEREST INCOME | 36,028 | 36,531 | 106,569 | 108,776 | ||||
Provision for credit losses | (1,500) | 4,425 | (3,244) | 10,080 | ||||
NET INTEREST INCOME AFTER PROVISION | ||||||||
FOR LOAN LOSSES | 37,528 | 32,106 | 109,813 | 98,696 | ||||
NON-INTEREST INCOME: | ||||||||
Trust and financial services | 1,156 | 1,210 | 3,774 | 4,032 | ||||
Service charges and fees on deposit accounts | 2,697 | 2,516 | 7,267 | 7,616 | ||||
Other service charges and fees | 4,466 | 4,269 | 13,747 | 11,468 | ||||
Securities gains (losses), net | 5 | 5 | 111 | 230 | ||||
Gain on sales of mortgage loans | 1,425 | 2,910 | 4,268 | 4,813 | ||||
Other | 1,343 | 829 | 2,150 | 1,451 | ||||
TOTAL NON-INTEREST INCOME | 11,092 | 11,739 | 31,317 | 29,610 | ||||
NON-INTEREST EXPENSE: | ||||||||
Salaries and employee benefits | 15,770 | 15,474 | 47,478 | 45,769 | ||||
Occupancy expense | 2,151 | 2,003 | 6,302 | 6,094 | ||||
Equipment expense | 2,177 | 2,739 | 7,195 | 7,873 | ||||
FDIC Expense | 313 | 135 | 898 | (46) | ||||
Other | 8,048 | 6,779 | 22,221 | 21,877 | ||||
TOTAL NON-INTEREST EXPENSE | 28,459 | 27,130 | 84,094 | 81,567 | ||||
INCOME BEFORE INCOME TAXES | 20,161 | 16,715 | 57,036 | 46,739 | ||||
Provision for income taxes | 4,063 | 2,715 | 11,447 | 8,634 | ||||
NET INCOME | 16,098 | 14,000 | 45,589 | 38,105 | ||||
OTHER COMPREHENSIVE INCOME | ||||||||
Change in unrealized gains/(losses) on securities, net of reclassifications and taxes | (2,985) | 2,223 | (12,281) | 18,451 | ||||
Change in funded status of post retirement benefits, net of taxes | 471 | 383 | 1,415 | 1,171 | ||||
COMPREHENSIVE INCOME | $ | 13,584 | $ | 16,606 | $ | 34,723 | $ | 57,727 |
PER SHARE DATA | ||||||||
Basic and Diluted Earnings per Share | $ | 1.24 | $ | 1.02 | $ | 3.42 | $ | 2.78 |
Weighted average number of shares outstanding (in thousands) | 13,019 | 13,715 | 13,320 | 13,723 |