German American Bancorp, Inc. (GABC) Reports Solid Third Quarter 2024 Earnings
Third quarter 2024 operating performance was highlighted by an expanding net interest margin, stable loan growth, continued strong credit metrics and controlled non-interest expense. The Company remained well-positioned at the end of third quarter 2024 with continued solid liquidity and strong capital ratios.
Net interest income for the third quarter of 2024 increased
Third quarter 2024 total deposits decreased approximately
During the third quarter of 2024, total loans increased
The Company also announced that its Board of Directors declared a regular quarterly cash dividend of
Dauby continued, "Heartland is a premier community bank primarily operating within the high growth markets of
Dauby concluded, "We are excited to continue expanding our unique style and brand of community banking throughout the
Balance Sheet Highlights
Total assets for the Company totaled
Securities available-for-sale increased
During
The composition of the loan portfolio has remained relatively stable and diversified over the past several years, including 2024. The portfolio is most heavily weighted in commercial real estate loans at 54% of the portfolio, followed by commercial and industrial loans at 16% of the portfolio, and agricultural loans at 10% of the portfolio. The Company’s commercial lending is extended to various industries, including multi-family housing and lodging, agribusiness and manufacturing, as well as health care, wholesale, and retail services. The Company’s commercial real estate portfolio has limited exposure to office real estate, with office exposure totaling approximately 4% of the total loan portfolio.
End of Period Loan Balances |
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(dollars in thousands) |
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Commercial & Industrial Loans |
|
$ |
670,104 |
|
$ |
664,435 |
|
$ |
665,892 |
Commercial Real Estate Loans |
|
|
2,179,981 |
|
|
2,172,447 |
|
|
2,076,962 |
Agricultural Loans |
|
|
417,473 |
|
|
413,742 |
|
|
398,109 |
Consumer Loans |
|
|
439,382 |
|
|
424,647 |
|
|
396,000 |
Residential Mortgage Loans |
|
|
362,415 |
|
|
368,997 |
|
|
356,610 |
|
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$ |
4,069,355 |
|
$ |
4,044,268 |
|
$ |
3,893,573 |
The Company’s allowance for credit losses totaled
Non-performing assets totaled
Non-performing Assets |
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(dollars in thousands) |
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Non-Accrual Loans |
$ |
9,701 |
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$ |
6,583 |
|
$ |
11,206 |
|
Past Due Loans (90 days or more) |
|
— |
|
|
706 |
|
|
1,170 |
|
Total Non-Performing Loans |
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9,701 |
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|
7,289 |
|
|
12,376 |
|
Other Real Estate |
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— |
|
|
33 |
|
|
24 |
|
Total Non-Performing Assets |
$ |
9,701 |
|
$ |
7,322 |
|
$ |
12,400 |
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End of Period Deposit Balances |
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(dollars in thousands) |
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Non-interest-bearing Demand Deposits |
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$ |
1,406,405 |
|
$ |
1,448,467 |
|
$ |
1,502,175 |
IB Demand, Savings, and MMDA Accounts |
|
|
2,955,306 |
|
|
2,984,571 |
|
|
2,932,180 |
Time Deposits < |
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349,824 |
|
|
348,025 |
|
|
269,829 |
Time Deposits > |
|
|
559,744 |
|
|
532,494 |
|
|
431,687 |
|
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$ |
5,271,279 |
|
$ |
5,313,557 |
|
$ |
5,135,871 |
At
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Total Capital (to Risk Weighted Assets) |
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Consolidated |
|
17.22 |
% |
|
16.78 |
% |
|
16.21 |
% |
Bank |
|
15.28 |
% |
|
14.52 |
% |
|
14.83 |
% |
Tier 1 (Core) Capital (to Risk Weighted Assets) |
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Consolidated |
|
15.76 |
% |
|
15.19 |
% |
|
14.66 |
% |
Bank |
|
14.46 |
% |
|
13.72 |
% |
|
14.10 |
% |
Common Tier 1 (CET 1) Capital Ratio (to Risk Weighted Assets) |
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Consolidated |
|
15.04 |
% |
|
14.49 |
% |
|
13.95 |
% |
Bank |
|
14.46 |
% |
|
13.72 |
% |
|
14.10 |
% |
Tier 1 Capital (to Average Assets) |
|
|
|
|
|
|
|||
Consolidated |
|
12.30 |
% |
|
11.92 |
% |
|
11.70 |
% |
Bank |
|
11.29 |
% |
|
10.78 |
% |
|
11.26 |
% |
Results of Operations Highlights – Quarter ended
Net income for the third quarter of 2024 totaled
Net income for the second quarter of 2024 was impacted by the Company's sale of the assets of its wholly-owned subsidiary
Summary Average Balance Sheet |
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(Tax-equivalent basis / dollars in thousands) |
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Quarter Ended |
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Quarter Ended |
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Quarter Ended |
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Principal
|
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Income/
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Yield/
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Principal
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Income/
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Yield/
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Principal
|
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Income/
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Yield/
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Assets |
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|||||||||
Federal Funds Sold and Other Short-term Investments |
|
$ |
164,154 |
|
$ |
2,223 |
|
5.39 |
% |
|
$ |
180,595 |
|
$ |
2,383 |
|
5.31 |
% |
|
$ |
20,243 |
|
$ |
199 |
|
3.91 |
% |
Securities |
|
|
1,490,807 |
|
|
12,157 |
|
3.26 |
% |
|
|
1,505,807 |
|
|
11,224 |
|
2.98 |
% |
|
|
1,596,653 |
|
|
11,677 |
|
2.93 |
% |
Loans and Leases |
|
|
4,052,673 |
|
|
61,424 |
|
6.03 |
% |
|
|
4,022,612 |
|
|
59,496 |
|
5.95 |
% |
|
|
3,855,586 |
|
|
55,343 |
|
5.70 |
% |
Total Interest Earning Assets |
|
$ |
5,707,634 |
|
$ |
75,804 |
|
5.29 |
% |
|
$ |
5,709,014 |
|
$ |
73,103 |
|
5.14 |
% |
|
$ |
5,472,482 |
|
$ |
67,219 |
|
4.88 |
% |
|
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Liabilities |
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Demand Deposit Accounts |
|
$ |
1,411,377 |
|
|
|
|
|
$ |
1,421,710 |
|
|
|
|
|
$ |
1,524,682 |
|
|
|
|
||||||
IB Demand, Savings, and MMDA Accounts |
|
$ |
2,970,716 |
|
$ |
13,836 |
|
1.85 |
% |
|
$ |
3,049,511 |
|
$ |
14,006 |
|
1.85 |
% |
|
$ |
2,973,909 |
|
$ |
10,601 |
|
1.41 |
% |
Time Deposits |
|
|
888,639 |
|
|
9,539 |
|
4.27 |
% |
|
|
881,880 |
|
|
9,379 |
|
4.28 |
% |
|
|
640,992 |
|
|
4,977 |
|
3.08 |
% |
FHLB Advances and Other Borrowings |
|
|
191,548 |
|
|
2,684 |
|
5.57 |
% |
|
|
182,960 |
|
|
2,221 |
|
4.88 |
% |
|
|
219,371 |
|
|
2,505 |
|
4.53 |
% |
Total Interest-Bearing Liabilities |
|
$ |
4,050,903 |
|
$ |
26,059 |
|
2.56 |
% |
|
$ |
4,114,351 |
|
$ |
25,606 |
|
2.50 |
% |
|
$ |
3,834,272 |
|
$ |
18,083 |
|
1.87 |
% |
|
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|
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Cost of Funds |
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1.82 |
% |
|
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|
1.80 |
% |
|
|
|
|
|
1.31 |
% |
||||||
Net Interest Income |
|
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$ |
49,745 |
|
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$ |
47,497 |
|
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|
|
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$ |
49,136 |
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Net Interest Margin |
|
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|
3.47 |
% |
|
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|
3.34 |
% |
|
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|
|
3.57 |
% |
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During the third quarter of 2024, net interest income, on a non tax-equivalent basis, totaled
The increase in net interest income during the third quarter of 2024 compared with the second quarter of 2024 was primarily driven by an improved net interest margin. The improvement in net interest income during the third quarter of 2024 compared with the third quarter of 2023 was primarily attributable to a higher level of earning assets, most notably an increased loan portfolio, partially offset by a lower net interest margin.
The tax-equivalent net interest margin for the quarter ended
The decline in the net interest margin in the third quarter of 2024 compared with the same period of 2023 was largely driven by the increased cost of funds, which as previously mentioned stabilized in the third quarter of 2024, and a lower level of accretion of loan discounts on acquired loans. The cost of funds has continued to move higher over the past year due to competitive deposit pricing in the marketplace, customers actively looking for yield opportunities within and outside the banking industry, and a continued shift in the Company’s deposit composition to a higher level of time deposits.
The Company’s net interest margin and net interest income have been impacted by accretion of loan discounts on acquired loans. Accretion of discounts on acquired loans totaled
During both the second and third quarters of 2024 the Company recorded a provision for credit losses of
During the quarter ended
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Quarter Ended |
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Quarter Ended |
|
Quarter Ended |
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Non-interest Income |
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(dollars in thousands) |
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Wealth Management Fees |
|
$ |
3,580 |
|
$ |
3,783 |
|
|
$ |
2,957 |
Service Charges on Deposit Accounts |
|
|
3,330 |
|
|
3,093 |
|
|
|
2,982 |
Insurance Revenues |
|
|
— |
|
|
1,506 |
|
|
|
2,065 |
|
|
|
476 |
|
|
525 |
|
|
|
446 |
Interchange Fee Income |
|
|
4,390 |
|
|
4,404 |
|
|
|
4,470 |
Sale of Assets of |
|
|
— |
|
|
38,323 |
|
|
|
— |
Other Operating Income |
|
|
1,251 |
|
|
1,213 |
|
|
|
1,270 |
Subtotal |
|
|
13,027 |
|
|
52,847 |
|
|
|
14,190 |
|
|
|
704 |
|
|
969 |
|
|
|
614 |
|
|
|
70 |
|
|
(34,893 |
) |
|
|
— |
Total Non-interest Income |
|
$ |
13,801 |
|
$ |
18,923 |
|
|
$ |
14,804 |
Wealth management fees declined
Service charges on deposit accounts increased
Insurance revenues declined
Net gains on sales of loans declined
During the quarter ended
Non-interest expenses were impacted during both the second and third quarters of 2024 by the pending merger transaction with Heartland BancCorp (“Heartland”). Merger-related transaction costs totaled approximately
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Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
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Non-interest Expense |
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(dollars in thousands) |
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Salaries and Employee Benefits |
|
$ |
19,718 |
|
$ |
20,957 |
|
$ |
20,347 |
|
Occupancy, Furniture and Equipment Expense |
|
|
3,880 |
|
|
3,487 |
|
|
3,691 |
|
FDIC Premiums |
|
|
755 |
|
|
710 |
|
|
700 |
|
Data Processing Fees |
|
|
3,156 |
|
|
3,019 |
|
|
2,719 |
|
Professional Fees |
|
|
1,912 |
|
|
3,462 |
|
|
1,229 |
|
|
|
|
941 |
|
|
909 |
|
|
1,278 |
|
Intangible Amortization |
|
|
484 |
|
|
532 |
|
|
685 |
|
Other Operating Expenses |
|
|
5,280 |
|
|
4,598 |
|
|
4,772 |
|
Total Non-interest Expense |
|
$ |
36,126 |
|
$ |
37,674 |
|
$ |
35,421 |
|
Salaries and benefits declined
Occupancy, furniture and equipment expense increased
Data processing fees increased
Professional fees declined
Other operating expense increased
About German American
Additional Information About the Merger and Where to Find It
The proposed merger of Heartland BancCorp (“Heartland”) with and into
Communications in this press release do not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy vote or approval. You may obtain a copy of the joint proxy statement/prospectus, as well as other filings containing information about German American, without charge, at the SEC’s website (http://www.sec.gov) or by accessing German American’s website (http://www.germanamerican.com) under the tab “Investor Relations” and then under the heading “Financial Information”. Copies of the joint proxy statement/prospectus and the filings with the
German American and Heartland and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of German American and Heartland in connection with the proposed merger. Information about the directors and executive officers of German American is set forth in the proxy statement for German American’s 2024 annual meeting of shareholders, as filed with the
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned that, by their nature, forward-looking statements are based on assumptions and are subject to risks, uncertainties, and other factors. Forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions.
These forward-looking statements include, but are not limited to, statements relating to German American’s goals, intentions and expectations; statements regarding German American’s business plan and growth strategies; statements regarding the asset quality of German American’s loan and investment portfolios; and the expected timing and benefits of the Merger, including future financial and operating results, cost savings, enhanced revenues, and accretion/dilution to reported earnings that may be realized from the Merger; and estimates of German American’s risks and future costs and benefits, whether with respect to the Merger or otherwise.
Actual results and experience could differ materially from the anticipated results or other expectations expressed or implied by these forward-looking statements as a result of a number of factors, including but not limited to, those discussed in this press release. Factors that could cause actual experience to differ from the expectations expressed or implied in this press release include:
a. changes in interest rates and the timing and magnitude of any such changes;
b. unfavorable economic conditions, including a prolonged period of inflation, and the resulting adverse impact on, among other things, credit quality;
c. the soundness of other financial institutions and general investor sentiment regarding the stability of financial institutions;
d. changes in our liquidity position;
e. the impacts of epidemics, pandemics or other infectious disease outbreaks;
f. changes in competitive conditions;
g. the introduction, withdrawal, success and timing of asset/liability management strategies or of mergers and acquisitions and other business initiatives and strategies;
h. changes in customer borrowing, repayment, investment and deposit practices;
i. changes in fiscal, monetary and tax policies;
j. changes in financial and capital markets;
k. capital management activities, including possible future sales of new securities, or possible repurchases or redemptions by German American of outstanding debt or equity securities;
l. risks of expansion through acquisitions and mergers, such as unexpected credit quality problems of the acquired loans or other assets, unexpected attrition of the customer base or employee base of the acquired institution or branches, and difficulties in integration of the acquired operations;
m. factors driving credit losses on investments;
n. the impact, extent and timing of technological changes;
o. potential cyber-attacks, information security breaches and other criminal activities;
p. litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future;
q. actions of the
r. changes in accounting principles and interpretations;
s. potential increases of federal deposit insurance premium expense, and possible future special assessments of
t. actions of the regulatory authorities under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the Federal Deposit Insurance Act and other possible legislative and regulatory actions and reforms;
u. impacts resulting from possible amendments or revisions to the Dodd-Frank Act and the regulations promulgated thereunder, or to
v. the continued availability of earnings and excess capital sufficient for the lawful and prudent declaration and payment of cash dividends;
w. with respect to the Merger: (i) failure to obtain necessary regulatory approvals when expected or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction), or the failure of either company to satisfy any of the other closing conditions to the transaction on a timely basis or at all; (ii) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; and (iii) the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, unexpected credit quality problems of the acquired loans or other assets, or unexpected attrition of the customer base of the acquired institution or branches, or as a result of the strength of the economy, competitive factors in the areas where German American and Heartland do business, or as a result of other unexpected factors or events; and
x. other risk factors expressly identified in German American’s cautionary language included under the headings “Forward-Looking Statements and Associated Risk” and “Risk Factors” in German American’s Annual Report on Form 10-K for the year ended
Such statements reflect our views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of German American. Readers are cautioned not to place undue reliance on these forward-looking statements. It is intended that these forward-looking statements speak only as of the date they are made. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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(unaudited, dollars in thousands except per share data) |
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Consolidated Balance Sheets |
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ASSETS |
|
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|
||||||
Cash and Due from Banks |
$ |
77,652 |
|
|
$ |
70,418 |
|
|
$ |
72,063 |
|
Short-term Investments |
|
118,403 |
|
|
|
259,401 |
|
|
|
60,856 |
|
|
|
1,548,347 |
|
|
|
1,374,165 |
|
|
|
1,477,309 |
|
|
|
|
|
|
|
||||||
Loans Held-for-Sale |
|
9,173 |
|
|
|
15,419 |
|
|
|
7,085 |
|
|
|
|
|
|
|
||||||
Loans, Net of Unearned Income |
|
4,061,149 |
|
|
|
4,037,127 |
|
|
|
3,887,550 |
|
Allowance for Credit Losses |
|
(44,124 |
) |
|
|
(43,946 |
) |
|
|
(44,646 |
) |
Net Loans |
|
4,017,025 |
|
|
|
3,993,181 |
|
|
|
3,842,904 |
|
|
|
|
|
|
|
||||||
Stock in FHLB and Other Restricted Stock |
|
14,488 |
|
|
|
14,530 |
|
|
|
14,763 |
|
Premises and Equipment |
|
105,419 |
|
|
|
105,651 |
|
|
|
111,252 |
|
|
|
183,548 |
|
|
|
184,095 |
|
|
|
187,373 |
|
Other Assets |
|
186,852 |
|
|
|
200,063 |
|
|
|
232,061 |
|
TOTAL ASSETS |
$ |
6,260,907 |
|
|
$ |
6,216,923 |
|
|
$ |
6,005,666 |
|
|
|
|
|
|
|
||||||
LIABILITIES |
|
|
|
|
|
||||||
Non-interest-bearing Demand Deposits |
$ |
1,406,405 |
|
|
$ |
1,448,467 |
|
|
$ |
1,502,175 |
|
Interest-bearing Demand, Savings, and Money Market Accounts |
|
2,955,306 |
|
|
|
2,984,571 |
|
|
|
2,932,180 |
|
Time Deposits |
|
909,568 |
|
|
|
880,519 |
|
|
|
701,516 |
|
Total Deposits |
|
5,271,279 |
|
|
|
5,313,557 |
|
|
|
5,135,871 |
|
|
|
|
|
|
|
||||||
Borrowings |
|
204,153 |
|
|
|
166,644 |
|
|
|
286,193 |
|
Other Liabilities |
|
40,912 |
|
|
|
48,901 |
|
|
|
45,210 |
|
TOTAL LIABILITIES |
|
5,516,344 |
|
|
|
5,529,102 |
|
|
|
5,467,274 |
|
|
|
|
|
|
|
||||||
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||||||
Common Stock and Surplus |
|
421,262 |
|
|
|
420,434 |
|
|
|
418,530 |
|
Retained Earnings |
|
498,340 |
|
|
|
485,256 |
|
|
|
447,475 |
|
Accumulated Other Comprehensive Income (Loss) |
|
(175,039 |
) |
|
|
(217,869 |
) |
|
|
(327,613 |
) |
SHAREHOLDERS’ EQUITY |
|
744,563 |
|
|
|
687,821 |
|
|
|
538,392 |
|
|
|
|
|
|
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
6,260,907 |
|
|
$ |
6,216,923 |
|
|
$ |
6,005,666 |
|
|
|
|
|
|
|
||||||
END OF PERIOD SHARES OUTSTANDING |
|
29,679,466 |
|
|
|
29,679,248 |
|
|
|
29,575,451 |
|
|
|
|
|
|
|
||||||
TANGIBLE BOOK VALUE PER SHARE (1) |
$ |
18.90 |
|
|
$ |
16.97 |
|
|
$ |
11.87 |
|
|
|
|
|
|
|
||||||
|
|||||||||||
(1) Tangible Book Value per Share is defined as Total Shareholders’ Equity less |
|||||||||||
|
||||||||||||||||
(unaudited, dollars in thousands except per share data) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated Statements of Income |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||
Interest and Fees on Loans |
$ |
61,140 |
|
$ |
59,230 |
|
|
$ |
55,196 |
|
$ |
178,196 |
|
|
$ |
156,459 |
Interest on Short-term Investments |
|
2,223 |
|
|
2,383 |
|
|
|
199 |
|
|
4,905 |
|
|
|
1,204 |
Interest and Dividends on |
|
11,290 |
|
|
9,964 |
|
|
|
10,247 |
|
|
31,387 |
|
|
|
31,982 |
TOTAL INTEREST INCOME |
|
74,653 |
|
|
71,577 |
|
|
|
65,642 |
|
|
214,488 |
|
|
|
189,645 |
|
|
|
|
|
|
|
|
|
|
|||||||
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||
Interest on Deposits |
|
23,375 |
|
|
23,385 |
|
|
|
15,578 |
|
|
67,749 |
|
|
|
37,906 |
Interest on Borrowings |
|
2,684 |
|
|
2,221 |
|
|
|
2,505 |
|
|
7,180 |
|
|
|
6,913 |
TOTAL INTEREST EXPENSE |
|
26,059 |
|
|
25,606 |
|
|
|
18,083 |
|
|
74,929 |
|
|
|
44,819 |
|
|
|
|
|
|
|
|
|
|
|||||||
NET INTEREST INCOME |
|
48,594 |
|
|
45,971 |
|
|
|
47,559 |
|
|
139,559 |
|
|
|
144,826 |
Provision for Credit Losses |
|
625 |
|
|
625 |
|
|
|
900 |
|
|
2,150 |
|
|
|
2,550 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES |
|
47,969 |
|
|
45,346 |
|
|
|
46,659 |
|
|
137,409 |
|
|
|
142,276 |
|
|
|
|
|
|
|
|
|
|
|||||||
NON-INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|||||||
|
|
704 |
|
|
969 |
|
|
|
614 |
|
|
2,424 |
|
|
|
1,831 |
|
|
70 |
|
|
(34,893 |
) |
|
|
— |
|
|
(34,788 |
) |
|
|
40 |
Other Non-interest Income |
|
13,027 |
|
|
52,847 |
|
|
|
14,190 |
|
|
80,910 |
|
|
|
42,796 |
TOTAL NON-INTEREST INCOME |
|
13,801 |
|
|
18,923 |
|
|
|
14,804 |
|
|
48,546 |
|
|
|
44,667 |
|
|
|
|
|
|
|
|
|
|
|||||||
NON-INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|||||||
Salaries and Benefits |
|
19,718 |
|
|
20,957 |
|
|
|
20,347 |
|
|
61,853 |
|
|
|
62,296 |
Other Non-interest Expenses |
|
16,408 |
|
|
16,717 |
|
|
|
15,074 |
|
|
48,685 |
|
|
|
46,467 |
TOTAL NON-INTEREST EXPENSE |
|
36,126 |
|
|
37,674 |
|
|
|
35,421 |
|
|
110,538 |
|
|
|
108,763 |
|
|
|
|
|
|
|
|
|
|
|||||||
Income before Income Taxes |
|
25,644 |
|
|
26,595 |
|
|
|
26,042 |
|
|
75,417 |
|
|
|
78,180 |
Income Tax Expense |
|
4,596 |
|
|
6,065 |
|
|
|
4,591 |
|
|
14,817 |
|
|
|
13,799 |
|
|
|
|
|
|
|
|
|
|
|||||||
NET INCOME |
$ |
21,048 |
|
$ |
20,530 |
|
|
$ |
21,451 |
|
$ |
60,600 |
|
|
$ |
64,381 |
|
|
|
|
|
|
|
|
|
|
|||||||
BASIC EARNINGS PER SHARE |
$ |
0.71 |
|
$ |
0.69 |
|
|
$ |
0.73 |
|
$ |
2.04 |
|
|
$ |
2.18 |
DILUTED EARNINGS PER SHARE |
$ |
0.71 |
|
$ |
0.69 |
|
|
$ |
0.73 |
|
$ |
2.04 |
|
|
$ |
2.18 |
|
|
|
|
|
|
|
|
|
|
|||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
29,679,464 |
|
|
29,667,770 |
|
|
|
29,573,461 |
|
|
29,649,020 |
|
|
|
29,551,558 |
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING |
|
29,679,464 |
|
|
29,667,770 |
|
|
|
29,573,461 |
|
|
29,649,020 |
|
|
|
29,551,558 |
|
|||||||||||||||||||
(unaudited, dollars in thousands except per share data) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
EARNINGS PERFORMANCE RATIOS |
|
|
|
|
|
||||||||||||||
Annualized Return on Average Assets |
|
1.35 |
% |
|
1.32 |
% |
|
1.43 |
% |
|
1.31 |
% |
|
1.42 |
% |
||||
Annualized Return on Average Equity |
|
11.97 |
% |
|
12.64 |
% |
|
14.36 |
% |
|
12.06 |
% |
|
14.47 |
% |
||||
Annualized Return on Average Tangible Equity (1) |
|
16.20 |
% |
|
17.67 |
% |
|
20.95 |
% |
|
16.66 |
% |
|
21.21 |
% |
||||
Net Interest Margin |
|
3.47 |
% |
|
3.34 |
% |
|
3.57 |
% |
|
3.39 |
% |
|
3.63 |
% |
||||
Efficiency Ratio (2) |
|
56.15 |
% |
|
36.66 |
% |
|
54.33 |
% |
|
47.95 |
% |
|
54.84 |
% |
||||
Net Overhead Expense to Average Earning Assets (3) |
|
1.56 |
% |
|
1.31 |
% |
|
1.51 |
% |
|
1.46 |
% |
|
1.55 |
% |
||||
|
|
|
|
|
|
||||||||||||||
ASSET QUALITY RATIOS |
|
|
|
|
|
||||||||||||||
Annualized Net Charge-offs to Average Loans |
|
0.04 |
% |
|
0.04 |
% |
|
0.05 |
% |
|
0.06 |
% |
|
0.07 |
% |
||||
Allowance for Credit Losses to Period End Loans |
|
1.09 |
% |
|
1.09 |
% |
|
1.15 |
% |
|
|
||||||||
Non-performing Assets to Period End Assets |
|
0.15 |
% |
|
0.12 |
% |
|
0.21 |
% |
|
|
||||||||
Non-performing Loans to Period End Loans |
|
0.24 |
% |
|
0.18 |
% |
|
0.32 |
% |
|
|
||||||||
Loans 30-89 Days Past Due to Period End Loans |
|
0.28 |
% |
|
0.32 |
% |
|
0.33 |
% |
|
|
||||||||
|
|
|
|
|
|
||||||||||||||
SELECTED BALANCE SHEET & OTHER FINANCIAL DATA |
|
|
|
|
|
||||||||||||||
Average Assets |
$ |
6,216,284 |
|
$ |
6,230,676 |
|
$ |
6,003,069 |
|
$ |
6,183,231 |
|
$ |
6,038,423 |
|
||||
Average Earning Assets |
$ |
5,707,634 |
|
$ |
5,709,014 |
|
$ |
5,472,482 |
|
$ |
5,669,302 |
|
$ |
5,510,292 |
|
||||
Average Total Loans |
$ |
4,052,673 |
|
$ |
4,022,612 |
|
$ |
3,855,586 |
|
$ |
4,015,973 |
|
$ |
3,805,903 |
|
||||
Average Demand Deposits |
$ |
1,411,377 |
|
$ |
1,421,710 |
|
$ |
1,524,682 |
|
$ |
1,419,745 |
|
$ |
1,568,348 |
|
||||
Average Interest Bearing Liabilities |
$ |
4,050,903 |
|
$ |
4,114,351 |
|
$ |
3,834,272 |
|
$ |
4,046,128 |
|
$ |
3,831,030 |
|
||||
Average Equity |
$ |
703,377 |
|
$ |
649,886 |
|
$ |
597,375 |
|
$ |
670,136 |
|
$ |
593,270 |
|
||||
|
|
|
|
|
|
||||||||||||||
Period End Non-performing Assets (4) |
$ |
9,701 |
|
$ |
7,322 |
|
$ |
12,400 |
|
|
|
||||||||
Period End Non-performing Loans (5) |
$ |
9,701 |
|
$ |
7,289 |
|
$ |
12,376 |
|
|
|
||||||||
Period End Loans 30-89 Days Past Due (6) |
$ |
11,501 |
|
$ |
12,766 |
|
$ |
12,673 |
|
|
|
||||||||
|
|
|
|
|
|
||||||||||||||
Tax-Equivalent Net Interest Income |
$ |
49,745 |
|
$ |
47,497 |
|
$ |
49,136 |
|
$ |
143,881 |
|
$ |
149,690 |
|
||||
Net Charge-offs during Period |
$ |
447 |
|
$ |
433 |
|
$ |
520 |
|
$ |
1,791 |
|
$ |
2,072 |
|
||||
|
|
|
|
|
|
||||||||||||||
(1) Average Tangible Equity is defined as Average Equity less Average Goodwill and Other Intangibles. |
|||||||||||||||||||
(2) Efficiency Ratio is defined as Non-interest Expense less Intangible Amortization divided by the sum of Net Interest Income, on a tax-equivalent basis, and Non-interest Income less |
|||||||||||||||||||
(3) Net Overhead Expense is defined as Total Non-interest Expense less Total Non-interest Income. |
|||||||||||||||||||
(4) Non-performing assets are defined as Non-accrual Loans, Loans Past Due 90 days or more, and Other Real Estate Owned. |
|||||||||||||||||||
(5) Non-performing loans are defined as Non-accrual Loans and Loans Past Due 90 days or more. |
|||||||||||||||||||
(6) Loans 30-89 days past due and still accruing. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028597524/en/
Bradley M Rust,
President and Chief Financial Officer
(812) 482-1314
Source: