10/19/2021 | Press release | Distributed by Public on 10/19/2021 15:03
2021 | 2020 | |||||
Third Quarter
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Second Quarter
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Third Quarter
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Results of Operations Highlights | ||||||
Net income attributable to common shareholders | $ | 13,289 | $ | 13,045 | $ | 11,533 |
Net income per diluted common share | $ | 0.79 | $ | 0.78 | $ | 0.69 |
Net interest margin (NIM) (1)
|
4.22 | % | 4.14 | % | 4.54 | % |
Adjusted NIM (2)
|
4.40 | % | 4.28 | % | 3.99 | % |
Pre-tax pre-provision income (2)
|
$ | 17,487 | $ | 16,387 | $ | 16,207 |
Efficiency ratio (tax equivalent basis) | 54.8 | % | 54.1 | % | 54.0 | % |
Bank segment adjusted efficiency ratio (2)
|
46.4 | % | 49.1 | % | 48.6 | % |
Balance Sheet Highlights | ||||||
Loans | $ | 2,389,833 | $ | 2,321,070 | $ | 2,357,898 |
Allowance for loan losses | (20,897) | (20,894) | (19,834) | |||
Total assets | 3,013,559 | 3,098,464 | 3,044,512 | |||
Total deposits | 2,547,705 | 2,629,840 | 2,565,502 | |||
Book value per share | $ | 21.36 | $ | 20.77 | $ | 18.46 |
Tangible book value per share (2)
|
$ | 17.50 | $ | 16.88 | $ | 14.65 |
2021 | 2020 | |||||
Third Quarter
|
Second Quarter
|
Third Quarter
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Return on average:(3)
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Assets ("ROAA") | 1.74 | % | 1.69 | % | 1.53 | % |
Equity ("ROAE") | 15.01 | % | 15.41 | % | 15.32 | % |
Tangible common equity ("ROATCE") (2)
|
18.40 | % | 19.07 | % | 19.42 | % |
|
September 30, 2021 | June 30, 2021 | September 30, 2020 | |||
ASSETS | ||||||
Cash and due from banks | $ | 13,270 | $ | 11,763 | $ | 14,050 |
Interest-bearing deposits in financial institutions | 66,155 | 43,676 | 61,349 | |||
Federal funds sold | 1,002 | 656 | 12,273 | |||
Total cash and cash equivalents | 80,427 | 56,095 | 87,672 | |||
Securities available for sale | 254,416 | 266,695 | 273,893 | |||
Loans | 2,389,833 | 2,321,070 | 2,357,898 | |||
Less: allowance for loan losses | (20,897) | (20,894) | (19,834) | |||
Loans, net | 2,368,936 | 2,300,176 | 2,338,064 | |||
Mortgage loans held for sale, net | 62,543 | 229,418 | 99,587 | |||
Accrued interest receivable | 14,374 | 14,492 | 14,615 | |||
Premises and equipment, net | 27,519 | 29,183 | 33,319 | |||
Operating leases right of use assets | 12,427 | 12,744 | 14,619 | |||
Restricted equity securities, at cost | 15,770 | 15,770 | 17,367 | |||
Other real estate, net | 3,088 | 2,233 | 1,326 | |||
Cash surrender value of life insurance contracts | 78,460 | 78,979 | 68,109 | |||
Deferred tax assets, net | 5,788 | 5,978 | 8,523 | |||
Goodwill | 54,396 | 54,396 | 51,506 | |||
Core deposit intangibles | 9,978 | 10,434 | 11,820 | |||
Other assets | 25,437 | 21,871 | 24,092 | |||
TOTAL ASSETS | $ | 3,013,559 | $ | 3,098,464 | $ | 3,044,512 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Deposits | ||||||
Noninterest-bearing demand | $ | 626,598 | $ | 602,555 | $ | 538,844 |
Interest-bearing demand | 410,923 | 441,161 | 272,805 | |||
Savings and money market deposit accounts | 989,677 | 1,003,402 | 813,001 | |||
Time | 520,507 | 582,722 | 940,852 | |||
Total deposits | 2,547,705 | 2,629,840 | 2,565,502 | |||
Accrued interest payable | 2,302 | 1,967 | 3,744 | |||
Federal funds purchased | - | - | 5,000 | |||
Subordinated debentures | 70,821 | 70,770 | 70,389 | |||
Federal Home Loan Bank advances | - | 16,000 | 40,555 | |||
Operating leases liabilities | 13,605 | 13,932 | 15,756 | |||
Other liabilities | 22,811 | 19,666 | 36,480 | |||
TOTAL LIABILITIES | 2,657,244 | 2,752,175 | 2,737,426 | |||
Preferred stock, $1 par value per share; 10,000,000 shares authorized; no shares issued to date | - | - | - | |||
Common stock, $1 par value per share; 30,000,000 shares authorized; 16,682,928, 16,672,511, and 16,634,572 shares issued and outstanding at September 30, 2021, June 30, 2021, and September 30, 2020, respectively
|
16,683 | 16,673 | 16,635 | |||
Additional paid-in capital | 234,696 | 234,390 | 232,738 | |||
Retained earnings | 98,182 | 86,917 | 55,206 | |||
Accumulated other comprehensive income | 6,754 | 8,309 | 2,507 | |||
TOTAL SHAREHOLDERS' EQUITY | 356,315 | 346,289 | 307,086 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 3,013,559 | $ | 3,098,464 | $ | 3,044,512 |
RELIANT BANCORP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(Dollar amounts in thousands, except per share amounts)
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Three Months Ended | ||||||
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September 30, 2021 |
June 30,
2021
|
September 30,
2020
|
|||
INTEREST INCOME | ||||||
Interest and fees on loans | $ | 30,817 | $ | 31,183 | $ | 32,895 |
Interest and fees on loans held for sale | 1,184 | 1,807 | 1,037 | |||
Interest on investment securities, taxable | 786 | 663 | 399 | |||
Interest on investment securities, nontaxable | 928 | 1,216 | 1,186 | |||
Restricted equity securities and other | 215 | 226 | 251 | |||
TOTAL INTEREST INCOME | 33,930 | 35,095 | 35,768 | |||
INTEREST EXPENSE | ||||||
Deposits | ||||||
Demand | 153 | 216 | 236 | |||
Savings and money market deposit accounts | 441 | 647 | 1,162 | |||
Time | 3,348 | 4,678 | 2,735 | |||
Federal Home Loan Bank advances and other borrowings | 9 | 13 | 104 | |||
Subordinated debentures | 980 | 980 | 992 | |||
TOTAL INTEREST EXPENSE | 4,931 | 6,534 | 5,229 | |||
NET INTEREST INCOME | 28,999 | 28,561 | 30,539 | |||
PROVISION FOR LOAN LOSSES | - | - | 1,500 | |||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 28,999 | 28,561 | 29,039 | |||
NONINTEREST INCOME | ||||||
Service charges on deposit accounts | 1,678 | 1,656 | 1,583 | |||
Gains on mortgage loans sold, net | 4,218 | 2,978 | 3,784 | |||
Gain on securities transactions, net | 2,419 | 2,966 | - | |||
Income from bank owned life insurance | 2,181 | 556 | 386 | |||
Other noninterest income | 373 | 154 | 249 | |||
TOTAL NONINTEREST INCOME | 10,869 | 8,310 | 6,002 | |||
NONINTEREST EXPENSE | ||||||
Salaries and employee benefits | 12,426 | 12,793 | 12,184 | |||
Occupancy | 2,038 | 1,999 | 2,054 | |||
Data processing and software | 2,265 | 2,262 | 2,240 | |||
Professional fees | 526 | 358 | 775 | |||
Regulatory fees | 328 | 343 | 365 | |||
Merger expenses | 1,453 | - | 77 | |||
Other operating expense | 3,345 | 2,729 | 2,639 | |||
TOTAL NONINTEREST EXPENSE | 22,381 | 20,484 | 20,334 | |||
INCOME BEFORE PROVISION FOR INCOME TAXES | 17,487 | 16,387 | 14,707 | |||
INCOME TAX EXPENSE | 3,551 | 3,202 | 2,800 | |||
CONSOLIDATED NET INCOME | 13,936 | 13,185 | 11,907 | |||
NONCONTROLLING INTEREST IN NET (INCOME) LOSS OF SUBSIDIARY | (647) | (140) | (374) | |||
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 13,289 | $ | 13,045 | $ | 11,533 |
Basic net income attributable to common shareholders, per share | $ | 0.80 | $ | 0.79 | $ | 0.70 |
Diluted net income attributable to common shareholders, per share | $ | 0.79 | $ | 0.78 | $ | 0.69 |
Three Months Ended September 30, 2021 |
||||||||
Commercial Banking |
Residential Mortgage Banking |
Elimination Entries |
Consolidated | |||||
Net interest income | $ | 28,164 | $ | 835 | $ | - | $ | 28,999 |
Provision for loan losses | - | - | - | - | ||||
Noninterest income | 6,651 | 4,177 | 41 | 10,869 | ||||
Noninterest expense (excluding merger expense) | 16,551 | 4,377 | - | 20,928 | ||||
Merger expense | 1,453 | - | - | 1,453 | ||||
Income tax expense | 3,522 | 29 | - | 3,551 | ||||
Net income | 13,289 | 606 | 41 | 13,936 | ||||
Noncontrolling interest in net income of subsidiary | - | (606) | (41) | (647) | ||||
Net income attributable to common shareholders | $ | 13,289 | $ | - | $ | - | $ | 13,289 |
Three Months Ended
June 30, 2021
|
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Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | |||||
Net interest income | $ | 27,440 | $ | 1,121 | $ | - | $ | 28,561 |
Provision for loan losses | - | - | - | - | ||||
Noninterest income | 5,335 | 3,251 | (276) | 8,310 | ||||
Noninterest expense (excluding merger expense) | 16,570 | 3,914 | - | 20,484 | ||||
Merger expense | - | - | - | - | ||||
Income tax expense | 3,160 | 42 | - | 3,202 | ||||
Net income | 13,045 | 416 | (276) | 13,185 | ||||
Noncontrolling interest in net income of subsidiary | - | (416) | 276 | (140) | ||||
Net income attributable to common shareholders | $ | 13,045 | $ | - | $ | - | $ | 13,045 |
Three Months Ended September 30, 2020 |
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Commercial Banking | Residential Mortgage Banking | Elimination Entries | Consolidated | |||||
Net interest income | $ | 29,731 | $ | 808 | $ | - | $ | 30,539 |
Provision for loan losses | 1,500 | - | - | 1,500 | ||||
Noninterest income | 2,219 | 3,797 | (14) | 6,002 | ||||
Noninterest expense (excluding merger expense) | 16,067 | 4,190 | - | 20,257 | ||||
Merger expense | 77 | - | - | 77 | ||||
Income tax expense | 2,773 | 27 | - | 2,800 | ||||
Net (loss) income | 11,533 | 388 | (14) | 11,907 | ||||
Noncontrolling interest in net loss of subsidiary | - | (388) | 14 | (374) | ||||
Net income attributable to common shareholders | $ | 11,533 | $ | - | $ | - | $ | 11,533 |
(Dollar amounts in thousands, except per share amounts)
|
Three months ended, | |||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||
Per Common Share | ||||||
Basic net income | $ | 0.80 | $ | 0.79 | $ | 0.70 |
Diluted net income | $ | 0.79 | $ | 0.78 | $ | 0.69 |
Adjusted diluted income(1)
|
$ | 0.87 | $ | 0.78 | $ | 0.70 |
Book value | $ | 21.36 | $ | 20.77 | $ | 18.46 |
Tangible book value(1)
|
$ | 17.50 | $ | 16.88 | $ | 14.65 |
Shares Outstanding | ||||||
Basic weighted average common shares | 16,665,155 | 16,616,888 | 16,587,274 | |||
Diluted weighted average common shares | 16,805,157 | 16,784,744 | 16,649,673 | |||
Common shares outstanding at period end | 16,682,928 | 16,672,511 | 16,634,572 | |||
Selected Balance Sheet Data | ||||||
Loans, net of unearned income | $ | 2,389,833 | $ | 2,321,070 | $ | 2,357,898 |
Total assets | 3,013,559 | 3,098,464 | 3,044,512 | |||
Customer deposits | 2,289,737 | 2,320,054 | 2,185,915 | |||
Wholesale and institutional deposits | 257,968 | 309,786 | 379,587 | |||
Total deposits | 2,547,705 | 2,629,840 | 2,565,502 | |||
Total liabilities | 2,657,244 | 2,752,175 | 2,737,426 | |||
Total shareholders' equity | 356,315 | 346,289 | 307,086 | |||
Selected Balance Sheet Data - Quarterly Averages | ||||||
Loans held for investment | $ | 2,360,073 | $ | 2,288,841 | $ | 2,337,958 |
Total assets | 3,036,777 | 3,088,329 | 2,991,818 | |||
Interest-bearing liabilities | 2,032,296 | 2,113,993 | 2,108,428 | |||
Total liabilities | 2,685,605 | 2,748,825 | 2,692,383 | |||
Total shareholders' equity | 351,172 | 339,504 | 299,435 | |||
Selected Performance Ratios
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Return on average assets(2)
|
1.74 | % | 1.69 | % | 1.53 | % |
Return on shareholders' equity(2)
|
15.01 | % | 15.41 | % | 15.32 | % |
Return on average tangible common equity(1)(2)
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18.40 | % | 19.07 | % | 19.42 | % |
Average shareholders' equity to average assets
|
11.56 | % | 10.99 | % | 10.01 | % |
Net interest margin (tax-equivalent basis)(2)
|
4.22 | % | 4.14 | % | 4.54 | % |
Efficiency Ratio (tax-equivalent basis) | 54.8 | % | 54.1 | % | 54.0 | % |
Bank Segment efficiency ratio (1)
|
46.4 | % | 49.1 | % | 48.6 | % |
Loans held for investment to deposits ratio | 93.8 | % | 88.3 | % | 91.9 | % |
Interest Rates and Yields (2)
|
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Yield on interest-earning assets | 4.91 | % | 5.05 | % | 5.29 | % |
Yield on loans held for investment | 5.29 | % | 5.58 | % | 5.73 | % |
Cost of interest-bearing liabilities | 0.96 | % | 1.24 | % | 0.99 | % |
Adjusted cost of interest-bearing liabilities (1)
|
0.52 | % | 0.70 | % | 0.99 | % |
Cost of funds | 0.74 | % | 0.97 | % | 0.79 | % |
Adjusted cost of funds (1)
|
0.40 | % | 0.54 | % | 0.79 | % |
Cost of total deposits | 0.58 | % | 0.83 | % | 0.62 | % |
Adjusted cost of total deposits (1)
|
0.26 | % | 0.41 | % | 0.62 | % |
(Dollar amounts in thousands, except per share amounts)
|
Three months ended, | |||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||
Preliminary Consolidated Capital Ratios (3)
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Tier 1 leverage | 10.04 | % | 9.47 | % | 8.72 | % |
Common equity tier 1 | 10.52 | % | 10.18 | % | 9.77 | % |
Tier 1 risk-based capital | 10.95 | % | 10.62 | % | 10.25 | % |
Total risk-based capital | 13.92 | % | 13.62 | % | 13.44 | % |
Selected Asset Quality Measures | ||||||
Allowance for loan losses to total loans | 0.87 | % | 0.90 | % | 0.84 | % |
Allowance for loan losses plus unaccreted purchased loan discounts to total loans (1)
|
1.38 | % | 1.46 | % | 1.64 | % |
Net (recoveries) charge offs | $ | (3) | $ | (109) | $ | (97) |
Net (recoveries) charge offs to average loans (2)
|
- | % | (0.02) | % | (0.02) | % |
Total nonperforming loans held for investment (HFI) | $ | 5,302 | $ | 5,355 | $ | 6,802 |
Total nonperforming assets (4)
|
$ | 10,232 | $ | 9,726 | $ | 9,731 |
Nonperforming loans HFI to total loans HFI | 0.22 | % | 0.23 | % | 0.29 | % |
Nonperforming assets to total assets | 0.34 | % | 0.31 | % | 0.32 | % |
Nonperforming assets to total loans HFI and NPAs | 0.43 | % | 0.42 | % | 0.41 | % |
Three Months Ended
September 30, 2021
|
Three Months Ended
June 30, 2021
|
Three Months Ended
September 30, 2020
|
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Average Balances (1)
|
Rates / Yields (%) | Interest Income / Expense |
Average Balances (1)
|
Rates / Yields (%) | Interest Income / Expense |
Average Balances (1)
|
Rates / Yields (%) | Interest Income / Expense | |||||||
Interest earning assets | |||||||||||||||
Loans (2) (3) | $ | 2,360,073 | 4.96 | $ | 28,847 | $ | 2,288,841 | 5.12 | $ | 28,539 | $ | 2,337,958 | 5.34 | $ | 30,640 |
Loan fees | - | 0.33 | 1,970 | - | 0.46 | 2,644 | - | 0.38 | 2,255 | ||||||
Loans with fees | 2,360,073 | 5.29 | 30,817 | 2,288,841 | 5.58 | 31,183 | 2,337,958 | 5.73 | 32,895 | ||||||
Mortgage loans held for sale | 134,245 | 3.50 | 1,184 | 232,850 | 3.11 | 1,807 | 103,729 | 3.98 | 1,037 | ||||||
Deposits with banks | 45,885 | 0.39 | 45 | 58,619 | 0.36 | 52 | 57,909 | 0.47 | 68 | ||||||
Investment securities - taxable | 106,433 | 2.93 | 786 | 73,368 | 3.62 | 663 | 67,569 | 2.35 | 399 | ||||||
Investment securities - tax-exempt (4)
|
154,417 | 3.10 | 928 | 197,309 | 3.19 | 1,216 | 185,058 | 3.30 | 1,186 | ||||||
Restricted equity securities and other | 17,111 | 3.94 | 170 | 17,816 | 3.92 | 174 | 19,694 | 3.70 | 183 | ||||||
Total earning assets | 2,818,164 | 4.91 | 33,930 | 2,868,803 | 5.05 | 35,095 | 2,771,917 | 5.29 | 35,768 | ||||||
Nonearning assets | 218,613 | 219,526 | 219,901 | ||||||||||||
Total assets | $ | 3,036,777 | $ | 3,088,329 | $ | 2,991,818 | |||||||||
Interest bearing liabilities | |||||||||||||||
Interest bearing demand | $ | 411,796 | 0.15 | $ | 153 | $ | 412,117 | 0.21 | $ | 216 | $ | 272,506 | 0.34 | $ | 236 |
Savings and money market | 980,069 | 0.18 | 441 | 972,082 | 0.27 | 647 | 786,589 | 0.59 | 1,162 | ||||||
Time deposits - retail | 440,390 | 0.74 | 825 | 443,512 | 0.94 | 1,042 | 715,310 | 0.97 | 1,744 | ||||||
Time deposits - wholesale | 118,520 | 8.45 | 2,523 | 192,954 | 7.56 | 3,636 | 223,095 | 1.77 | 991 | ||||||
Total interest-bearing deposits | 1,950,775 | 0.80 | 3,942 | 2,020,665 | 1.10 | 5,541 | 1,997,500 | 0.82 | 4,133 | ||||||
Federal Home Loan Bank advances and other borrowings | 10,724 | 0.33 | 9 | 22,582 | 0.23 | 13 | 40,567 | 1.02 | 104 | ||||||
Subordinated debt | 70,797 | 5.49 | 980 | 70,746 | 5.56 | 980 | 70,361 | 5.61 | 992 | ||||||
Total borrowed funds | 81,521 | 4.81 | 989 | 93,328 | 4.27 | 993 | 110,928 | 3.93 | 1,096 | ||||||
Total interest-bearing liabilities | 2,032,296 | 0.96 | 4,931 | 2,113,993 | 1.24 | 6,534 | 2,108,428 | 0.99 | 5,229 | ||||||
Net interest spread (5)
|
3.95 | 28,999 | 3.81 | 28,561 | 4.30 | 30,539 | |||||||||
Noninterest bearing deposits | 616,904 | (0.22) | 597,188 | (0.27) | 536,353 | (0.20) | |||||||||
Other noninterest bearing liabilities | 36,405 | 37,644 | 47,602 | ||||||||||||
Shareholders' equity | 351,172 | 339,504 | 299,435 | ||||||||||||
Total liabilities and shareholders' equity | $ | 3,036,777 | $ | 3,088,329 | $ | 2,991,818 | |||||||||
Cost of funds | 0.74 | 0.97 | 0.79 | ||||||||||||
Net interest margin (6)
|
4.22 | 4.14 | 4.54 |
Three Months Ended | ||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||
Adjusted net interest margin:
|
||||||
Net interest income | $ | 28,999 | $ | 28,561 | $ | 30,539 |
Add: tax equivalent interest income | 947 | 1,021 | 1,107 | |||
Add: swap termination fees | 2,290 | 2,859 | - | |||
Less: purchase accounting adjustments | (993) | (1,839) | (3,868) | |||
Adjusted net interest income | 31,243 | 30,602 | 27,778 | |||
Average earning assets | $ | 2,818,164 | $ | 2,868,803 | $ | 2,771,917 |
Net interest margin-tax equivalent | 4.22 | % | 4.14 | % | 4.54 | % |
Adjusted net interest margin | 4.40 | % | 4.28 | % | 3.99 | % |
Adjusted net income (1):
|
||||||
Net income attributable to common shareholders | $ | 13,289 | $ | 13,045 | $ | 11,533 |
Add: merger related expenses | 1,453 | - | 77 | |||
Less: income tax impact of merger related expenses | (48) | - | (10) | |||
Adjusted net income | $ | 14,694 | $ | 13,045 | $ | 11,600 |
Adjusted diluted earnings per share: | ||||||
Adjusted net income | $ | 14,694 | $ | 13,045 | $ | 11,600 |
Weighted average shares - diluted | 16,805,157 | 16,784,744 | 16,649,673 | |||
Diluted earnings per share | $ | 0.79 | $ | 0.78 | $ | 0.69 |
Adjusted diluted earnings per share | $ | 0.87 | $ | 0.78 | $ | 0.70 |
Adjusted annualized return on average assets: | ||||||
Adjusted net income | $ | 14,694 | $ | 13,045 | $ | 11,600 |
Average assets | 3,036,777 | 3,088,329 | 2,991,818 | |||
Annualized return on average assets | 1.74 | % | 1.69 | % | 1.53 | % |
Adjusted annualized return on average assets | 1.92 | % | 1.69 | % | 1.54 | % |
Adjusted annualized return on average equity: | ||||||
Adjusted net income | $ | 14,694 | $ | 13,045 | $ | 11,600 |
Average total shareholders' equity | 351,172 | 339,504 | 299,435 | |||
Annualized return on average equity | 15.01 | % | 15.41 | % | 15.32 | % |
Adjusted annualized return on average equity | 16.60 | % | 15.41 | % | 15.41 | % |
Adjusted annualized return on average tangible common equity: | ||||||
Average total shareholders' equity | $ | 351,172 | $ | 339,504 | $ | 299,435 |
Less: average intangible assets | (64,607) | (65,088) | (63,212) | |||
Average tangible common equity | $ | 286,565 | $ | 274,416 | $ | 236,223 |
Adjusted net income | 14,694 | 13,045 | 11,600 | |||
Annualized return on average tangible common equity | 18.40 | % | 19.07 | % | 19.42 | % |
Adjusted annualized return on average tangible common equity | 20.34 | % | 19.07 | % | 19.54 | % |
Three Months Ended | ||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||
Adjusted pre-tax pre-provision income: | ||||||
Income before provision for income taxes | $ | 17,487 | $ | 16,387 | $ | 14,707 |
Add: merger related expenses | 1,453 | - | 77 | |||
Add: provision for loan losses | - | - | 1,500 | |||
Adjusted pre-tax pre-provision income | $ | 18,940 | $ | 16,387 | $ | 16,284 |
Tangible common equity to tangible assets: | ||||||
Tangible common equity: | ||||||
Total shareholders' equity | $ | 356,315 | $ | 346,289 | $ | 307,086 |
Less: intangible assets | (64,374) | (64,830) | (63,326) | |||
Tangible common equity | $ | 291,941 | $ | 281,459 | $ | 243,760 |
Tangible assets: | ||||||
Total assets | $ | 3,013,559 | $ | 3,098,464 | $ | 3,044,512 |
Less: intangible assets | (64,374) | (64,830) | (63,326) | |||
Tangible assets | $ | 2,949,185 | $ | 3,033,634 | $ | 2,981,186 |
Total shareholders' equity to total assets | 11.82 | % | 11.18 | % | 10.09 | % |
Tangible common equity to tangible assets | 9.90 | % | 9.28 | % | 8.18 | % |
Tangible book value per share: | ||||||
Tangible common equity | $ | 291,941 | $ | 281,459 | $ | 243,760 |
Total shares of common stock outstanding | 16,682,928 | 16,672,511 | 16,634,572 | |||
Book value per common share | $ | 21.36 | $ | 20.77 | $ | 18.46 |
Tangible book value per share | $ | 17.50 | $ | 16.88 | $ | 14.65 |
Allowance for loan losses plus unaccreted loan purchase discounts: | ||||||
Allowance for loan losses | $ | 20,897 | $ | 20,894 | $ | 19,834 |
Unaccreted loan purchase discounts | 11,993 | 12,980 | 18,939 | |||
Allowance for loan losses plus unaccreted loan purchase discounts: | $ | 32,890 | $ | 33,874 | $ | 38,773 |
Total loans | 2,389,833 | 2,321,070 | 2,357,898 | |||
Allowance for loan losses plus unaccreted purchased loan discounts to total loans | 1.38 | % | 1.46 | % | 1.64 | % |
Allowance for loan losses to total loans | 0.87 | % | 0.90 | % | 0.84 | % |
Bank segment adjusted net income: | ||||||
Bank segment net income | $ | 13,289 | $ | 13,045 | $ | 11,533 |
Add: merger related expenses | 1,453 | - | 77 | |||
Less: income tax impact of merger related expenses | (48) | - | (10) | |||
Bank segment adjusted net income | $ | 14,694 | $ | 13,045 | $ | 11,600 |
Bank segment adjusted noninterest expense: | ||||||
Bank segment noninterest expense | $ | 18,004 | $ | 16,570 | $ | 16,144 |
Add: merger related expenses | (1,453) | - | (77) | |||
Bank segment adjusted noninterest expense | $ | 16,551 | $ | 16,570 | $ | 16,067 |
Three Months Ended | ||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||
Bank segment adjusted efficiency ratio: | ||||||
Bank segment adjusted total revenues: | ||||||
Bank segment net interest income | $ | 28,164 | $ | 27,440 | $ | 29,731 |
Add: Tax equivalent interest income | 947 | 1,021 | 1,107 | |||
Add: Bank segment noninterest income | 6,651 | 5,335 | 2,219 | |||
Less: Gains on sale of securities, OREO, premises and equipment (2)
|
(2,405) | (2,922) | 9 | |||
Add: Swap termination fee (2)
|
2,290 | 2,859 | - | |||
Bank segment adjusted total revenues | $ | 35,647 | $ | 33,733 | $ | 33,066 |
Bank segment efficiency ratio | 51.7 | % | 50.6 | % | 50.5 | % |
Bank segment adjusted efficiency ratio | 46.4 | % | 49.1 | % | 48.6 | % |
Adjusted cost of funds: | ||||||
Adjusted interest expense: | ||||||
Interest expense | $ | 4,931 | $ | 6,534 | $ | 5,229 |
Less: Swap termination fees | (2,290) | (2,859) | - | |||
Adjusted interest expense | $ | 2,641 | $ | 3,675 | $ | 5,229 |
Average funds | 2,649,200 | 2,711,181 | 2,644,781 | |||
Cost of funds | 0.74 | % | 0.97 | % | 0.79 | % |
Adjusted cost of funds | 0.40 | % | 0.54 | % | 0.79 | % |
Adjusted cost of interest-bearing liabilities: | ||||||
Adjusted interest expense | $ | 2,641 | $ | 3,675 | $ | 5,229 |
Average interest-bearing liabilities | 2,032,296 | 2,113,993 | 2,108,428 | |||
Cost of interest-bearing liabilities | 0.96 | % | 1.24 | % | 0.99 | % |
Adjusted cost of interest-bearing liabilities | 0.52 | % | 0.70 | % | 0.99 | % |
Adjusted cost of deposits: | ||||||
Adjusted deposit expense: | ||||||
Deposit expense | $ | 3,942 | $ | 5,541 | $ | 4,133 |
Less: Swap termination fees | (2,290) | (2,859) | - | |||
Adjusted deposit expense | $ | 1,652 | $ | 2,682 | $ | 4,133 |
Average deposits | 2,567,679 | 2,617,853 | 2,533,853 | |||
Cost of deposits | 0.58 | % | 0.83 | % | 0.62 | % |
Adjusted cost of deposits | 0.26 | % | 0.41 | % | 0.62 | % |