For the full year of 2022, net income attributable to common shareowners totaled
QUARTER HIGHLIGHTS (4th Quarter 2022 versus 3rd Quarter 2022)
- Continued strong growth in net interest income of 14% - net interest margin percentage grew 45 basis points to 3.76% - deposit cost well controlled at 20 basis points (total deposits) and 35 basis points (interest bearing deposits)
- Loan growth of
$179 million , or 7.6% (end of period) and$175 million , or 7.7% (average) - Continued strong credit quality metrics – higher credit loss provision primarily driven by loan growth
- Noninterest income decreased
$1.9 million , or 8.5%, primarily due to lower mortgage banking revenues at CCHL – strong adjustable rate portfolio production by CCHL contributed to loan growth for the quarter - Noninterest expense included a pension settlement charge of
$1.8 million , or$0.08 per share - Tangible book value per share increased
$1.19 , or 7.2%, primarily due to strong earnings and a favorable re-measurement adjustment for pension plan
Full Year 2022 HIGHLIGHTS
- Strong growth in net interest income of 21% reflected improved earning asset mix and strength of deposit franchise
- Loan growth of
$594 million , or 30.7% (end of period) and$189 million , or 9.4% (year-to-date average) - Average Deposits grew
$356 million , or 10.5% - CCHL contribution decreased
$0.24 per share due to slower secondary market loan sales, but was more than offset by strong adjustable rate production for our loan portfolio, and higher wealth and deposit fees - Noninterest expense included pension settlement charges totaling
$2.3 million or$0.11 per share - Tangible book value per share increased
$0.54 , or 3.2%, primarily due to strong earnings and a favorable re-measurement adjustment for pension plan, partially offset by higher unrealized investment security losses
“Capital City finished out the year with another solid quarter highlighted by continued net interest margin expansion and nice tangible book value growth,” said
Discussion of Operating Results
Net Interest Income/Net Interest Margin
Tax-equivalent net interest income for the fourth quarter of 2022 totaled
Our net interest margin for the fourth quarter of 2022 was 3.76%, an increase of 45 basis points over the third quarter of 2022 and 116 basis points over the fourth quarter of 2021, both driven by higher interest rates and an overall improved earning asset mix. For the fourth quarter of 2022, our cost of funds was 31 basis points, an increase of 11 basis points over the third quarter of 2022 and 22 basis points over the fourth quarter of 2021. Our cost of interest bearing deposits was 35 basis points, 20 basis points, and 4 basis points for the same aforementioned periods. For the month of
Provision for Credit Losses
We recorded a provision for credit losses of
Noninterest Income and Noninterest Expense
Noninterest income for the fourth quarter of 2022 totaled
For the full year of 2022, noninterest income totaled
Noninterest expense for the fourth quarter of 2022 totaled
For the full year 2022, noninterest expense totaled
Income Taxes
We realized income tax expense of
Discussion of Financial Condition
Earning Assets
Average earning assets totaled
We maintained an average net overnight funds (interest bearing deposits with banks plus FED funds sold less FED funds purchased) sold position of
Average loans held for investment (“HFI”) increased
Allowance for Credit Losses
At
Credit Quality
Overall credit quality remains strong. Nonperforming assets (nonaccrual loans and other real estate) totaled
Funding (Deposits/Debt)
Average total deposits were
Capital
Shareowners’ equity was
At
About
FORWARD-LOOKING STATEMENTS
Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; legislative or regulatory changes; fluctuations in inflation, interest rates, or monetary and fiscal policies; the effects of security breaches and computer viruses that may affect our computer systems; the accuracy of our financial statement estimates and assumptions; fraud related to debit card products; changes in accounting principles, policies, practices, or guidelines; the frequency and magnitude of foreclosure on our loans; the effects of a non-diversified loan portfolio, including the risks of geographic and industry concentrations; the strength of the
USE OF NON-GAAP FINANCIAL MEASURES
We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.
The GAAP to non-GAAP reconciliations are provided below.
(Dollars in Thousands, except per share data) | ||||||||||||||||
Shareowners' Equity (GAAP) | $ | 394,016 | $ | 373,165 | $ | 371,675 | $ | 372,145 | $ | 383,166 | ||||||
Less: | 93,093 | 93,133 | 93,173 | 93,213 | 93,253 | |||||||||||
Tangible Shareowners' Equity (non-GAAP) | A | 300,923 | 280,032 | 278,502 | 278,932 | 289,913 | ||||||||||
Total Assets (GAAP) | 4,525,958 | 4,332,671 | 4,354,297 | 4,310,045 | 4,263,849 | |||||||||||
Less: | 93,093 | 93,133 | 93,173 | 93,213 | 93,253 | |||||||||||
Tangible Assets (non-GAAP) | B | $ | 4,432,865 | $ | 4,239,538 | $ | 4,261,124 | $ | 4,216,832 | $ | 4,170,596 | |||||
Tangible Common Equity Ratio (non-GAAP) | A/B | 6.79 | % | 6.61 | % | 6.54 | % | 6.61 | % | 6.95 | % | |||||
Actual Diluted Shares Outstanding (GAAP) | C | 17,039,401 | 16,998,177 | 16,981,614 | 16,962,362 | 16,935,389 | ||||||||||
Tangible Book Value per Diluted Share (non-GAAP) | A/C | $ | 17.66 | $ | 16.47 | $ | 16.40 | $ | 16.44 | $ | 17.12 |
EARNINGS HIGHLIGHTS | ||||||||||||
Unaudited | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
(Dollars in thousands, except per share data) | ||||||||||||
EARNINGS | ||||||||||||
Net Income Attributable to Common Shareowners | $ | 11,664 | $ | 11,315 | $ | 6,372 | $ | 40,147 | $ | 33,396 | ||
Diluted Net Income Per Share | $ | 0.68 | $ | 0.67 | $ | 0.38 | $ | 2.36 | $ | 1.98 | ||
PERFORMANCE | ||||||||||||
Return on Average Assets | 1.06 | % | 1.03 | % | 0.61 | % | 0.93 | % | 0.84 | % | ||
Return on Average Equity | 12.16 | 11.83 | 7.22 | 10.58 | 9.92 | |||||||
Net Interest Margin | 3.76 | 3.31 | 2.60 | 3.13 | 2.83 | |||||||
Noninterest Income as % of Operating Revenue | 35.50 | 40.76 | 49.96 | 43.19 | 51.11 | |||||||
Efficiency Ratio | 71.47 | % | 70.66 | % | 81.29 | % | 73.76 | % | 77.11 | % | ||
CAPITAL ADEQUACY | ||||||||||||
Tier 1 Capital | 14.53 | % | 14.80 | % | 16.14 | % | 14.53 | % | 16.14 | % | ||
Total Capital | 15.52 | 15.75 | 17.15 | 15.52 | 17.15 | |||||||
Leverage | 9.06 | 8.91 | 8.95 | 9.06 | 8.95 | |||||||
Common Equity Tier 1 | 12.64 | 12.83 | 13.86 | 12.64 | 13.86 | |||||||
Tangible Common Equity (1) | 6.79 | 6.61 | 6.95 | 6.79 | 6.95 | |||||||
Equity to Assets | 8.71 | % | 8.61 | % | 8.99 | % | 8.71 | % | 8.99 | % | ||
ASSET QUALITY | ||||||||||||
Allowance as % of Non-Performing Loans | 1,076.89 | % | 934.53 | % | 499.93 | % | 1,076.89 | % | 499.93 | % | ||
Allowance as a % of Loans HFI | 0.98 | 0.96 | 1.12 | 0.98 | 1.12 | |||||||
Net Charge-Offs as % of Average Loans HFI | 0.21 | 0.12 | 0.02 | 0.18 | (0.03 | ) | ||||||
Nonperforming Assets as % of Loans HFI and OREO | 0.11 | 0.10 | 0.22 | 0.11 | 0.22 | |||||||
Nonperforming Assets as % of Total Assets | 0.06 | % | 0.06 | % | 0.10 | % | 0.06 | % | 0.10 | % | ||
STOCK PERFORMANCE | ||||||||||||
High | $ | 36.23 | $ | 33.93 | $ | 29.00 | $ | 36.23 | $ | 29.00 | ||
Low | 31.14 | 27.41 | 24.77 | 24.43 | 21.42 | |||||||
Close | $ | 32.50 | $ | 31.11 | $ | 26.40 | $ | 32.50 | $ | 26.40 | ||
Average Daily Trading Volume | 31,894 | 30,546 | 29,900 | 27,987 | 29,919 | |||||||
(1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5. | ||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION | |||||||||||||||
Unaudited | |||||||||||||||
2022 | 2021 | ||||||||||||||
(Dollars in thousands) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | ||||||||||
ASSETS | |||||||||||||||
Cash and Due From Banks | $ | 72,114 | $ | 72,686 | $ | 91,209 | $ | 77,963 | $ | 65,313 | |||||
Funds Sold and Interest Bearing Deposits | 528,536 | 497,679 | 603,315 | 790,465 | 970,041 | ||||||||||
Total Cash and Cash Equivalents | 600,650 | 570,365 | 694,524 | 868,428 | 1,035,354 | ||||||||||
Investment Securities Available for Sale | 413,294 | 416,745 | 601,405 | 624,361 | 654,611 | ||||||||||
Investment Securities Held to Maturity | 660,744 | 676,178 | 528,258 | 518,678 | 339,601 | ||||||||||
Other | 10 | 1,349 | 900 | 855 | 861 | ||||||||||
1,074,048 | 1,094,272 | 1,130,563 | 1,143,894 | 995,073 | |||||||||||
Loans Held for Sale | 54,635 | 50,304 | 48,708 | 50,815 | 52,532 | ||||||||||
Loans Held for Investment ("HFI"): | |||||||||||||||
Commercial, Financial, & Agricultural | 247,362 | 246,304 | 247,902 | 230,213 | 223,086 | ||||||||||
Real Estate - Construction | 234,519 | 237,718 | 225,664 | 174,293 | 174,394 | ||||||||||
Real Estate - Commercial | 782,557 | 715,870 | 699,093 | 669,110 | 663,550 | ||||||||||
Real Estate - Residential | 721,759 | 573,963 | 478,121 | 368,020 | 346,756 | ||||||||||
Real Estate - Home Equity | 208,120 | 202,512 | 194,658 | 188,174 | 187,821 | ||||||||||
Consumer | 324,450 | 347,949 | 359,906 | 347,785 | 321,511 | ||||||||||
Other Loans | 5,346 | 20,822 | 6,854 | 6,692 | 13,265 | ||||||||||
Overdrafts | 1,067 | 1,047 | 1,455 | 1,222 | 1,082 | ||||||||||
Total Loans Held for Investment | 2,525,180 | 2,346,185 | 2,213,653 | 1,985,509 | 1,931,465 | ||||||||||
Allowance for Credit Losses | (24,736 | ) | (22,510 | ) | (21,281 | ) | (20,756 | ) | (21,606 | ) | |||||
Loans Held for Investment, Net | 2,500,444 | 2,323,675 | 2,192,372 | 1,964,753 | 1,909,859 | ||||||||||
Premises and Equipment, Net | 82,138 | 81,736 | 82,932 | 82,518 | 83,412 | ||||||||||
93,093 | 93,133 | 93,173 | 93,213 | 93,253 | |||||||||||
Other Real Estate Owned | 431 | 13 | 90 | 17 | 17 | ||||||||||
Other Assets | 120,519 | 119,173 | 111,935 | 106,407 | 94,349 | ||||||||||
Total Other Assets | 296,181 | 294,055 | 288,130 | 282,155 | 271,031 | ||||||||||
Total Assets | $ | 4,525,958 | $ | 4,332,671 | $ | 4,354,297 | $ | 4,310,045 | $ | 4,263,849 | |||||
LIABILITIES | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest Bearing Deposits | $ | 1,653,620 | $ | 1,737,046 | $ | 1,724,671 | $ | 1,704,329 | $ | 1,668,912 | |||||
NOW Accounts | 1,290,494 | 990,021 | 1,036,757 | 1,062,498 | 1,070,154 | ||||||||||
Money Market Accounts | 267,383 | 292,932 | 289,337 | 288,877 | 274,611 | ||||||||||
Savings Accounts | 637,374 | 646,526 | 639,594 | 614,599 | 599,811 | ||||||||||
Certificates of Deposit | 90,446 | 92,853 | 95,899 | 95,204 | 99,374 | ||||||||||
Total Deposits | 3,939,317 | 3,759,378 | 3,786,258 | 3,765,507 | 3,712,862 | ||||||||||
Short-Term Borrowings | 56,793 | 52,271 | 39,463 | 30,865 | 34,557 | ||||||||||
Subordinated Notes Payable | 52,887 | 52,887 | 52,887 | 52,887 | 52,887 | ||||||||||
Other Long-Term Borrowings | 513 | 562 | 612 | 806 | 884 | ||||||||||
Other Liabilities | 73,675 | 84,657 | 93,319 | 77,323 | 67,735 | ||||||||||
Total Liabilities | 4,123,185 | 3,949,755 | 3,972,539 | 3,927,388 | 3,868,925 | ||||||||||
Temporary Equity | 8,757 | 9,751 | 10,083 | 10,512 | 11,758 | ||||||||||
SHAREOWNERS' EQUITY | |||||||||||||||
Common Stock | 170 | 170 | 170 | 169 | 169 | ||||||||||
37,331 | 36,234 | 35,738 | 35,188 | 34,423 | |||||||||||
Retained Earnings | 393,744 | 384,964 | 376,532 | 370,531 | 364,788 | ||||||||||
Accumulated Other Comprehensive Loss, Net of Tax | (37,229 | ) | (48,203 | ) | (40,765 | ) | (33,743 | ) | (16,214 | ) | |||||
Total Shareowners' Equity | 394,016 | 373,165 | 371,675 | 372,145 | 383,166 | ||||||||||
Total Liabilities, Temporary Equity and Shareowners' Equity | $ | 4,525,958 | $ | 4,332,671 | $ | 4,354,297 | $ | 4,310,045 | $ | 4,263,849 | |||||
OTHER BALANCE SHEET DATA | |||||||||||||||
Earning Assets | $ | 4,182,399 | $ | 3,988,440 | $ | 3,996,238 | $ | 3,970,684 | $ | 3,949,111 | |||||
Interest Bearing Liabilities | 2,395,890 | 2,128,052 | 2,154,549 | 2,145,736 | 2,132,278 | ||||||||||
Book Value Per Diluted Share | $ | 23.12 | $ | 21.95 | $ | 21.89 | $ | 21.94 | $ | 22.63 | |||||
Tangible Book Value Per Diluted Share(1) | 17.66 | 16.47 | 16.40 | 16.44 | 17.12 | ||||||||||
Actual Basic Shares Outstanding | 16,987 | 16,962 | 16,959 | 16,948 | 16,892 | ||||||||||
Actual Diluted Shares Outstanding | 17,039 | 16,998 | 16,982 | 16,962 | 16,935 | ||||||||||
(1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5. |
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||||
Unaudited | ||||||||||||||||||
2022 | 2021 | |||||||||||||||||
(Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2022 | 2021 | |||||||||||
INTEREST INCOME | ||||||||||||||||||
Loans, including Fees | $ | 31,916 | $ | 27,761 | $ | 24,072 | $ | 22,133 | $ | 22,744 | $ | 105,882 | $ | 96,561 | ||||
4,847 | 4,372 | 3,840 | 2,896 | 2,505 | 15,955 | 8,792 | ||||||||||||
Federal Funds Sold and Interest Bearing Deposits | 4,463 | 3,231 | 1,408 | 409 | 300 | 9,511 | 998 | |||||||||||
Total Interest Income | 41,226 | 35,364 | 29,320 | 25,438 | 25,549 | 131,348 | 106,351 | |||||||||||
INTEREST EXPENSE | ||||||||||||||||||
Deposits | 1,902 | 1,052 | 266 | 224 | 213 | 3,444 | 839 | |||||||||||
Short-Term Borrowings | 690 | 536 | 343 | 192 | 307 | 1,761 | 1,360 | |||||||||||
Subordinated Notes Payable | 522 | 443 | 370 | 317 | 306 | 1,652 | 1,228 | |||||||||||
Other Long-Term Borrowings | 8 | 6 | 8 | 9 | 12 | 31 | 63 | |||||||||||
Total Interest Expense | 3,122 | 2,037 | 987 | 742 | 838 | 6,888 | 3,490 | |||||||||||
Net Interest Income | 38,104 | 33,327 | 28,333 | 24,696 | 24,711 | 124,460 | 102,861 | |||||||||||
Provision for Credit Losses | 3,521 | 2,099 | 1,542 | - | - | 7,162 | (1,553 | ) | ||||||||||
Net Interest Income after Provision for Credit Losses | 34,583 | 31,228 | 26,791 | 24,696 | 24,711 | 117,298 | 104,414 | |||||||||||
NONINTEREST INCOME | ||||||||||||||||||
Deposit Fees | 5,536 | 5,947 | 5,447 | 5,191 | 5,300 | 22,121 | 18,882 | |||||||||||
3,744 | 3,860 | 4,034 | 3,763 | 3,872 | 15,401 | 15,274 | ||||||||||||
Wealth Management Fees | 3,649 | 3,937 | 4,403 | 6,070 | 3,706 | 18,059 | 13,693 | |||||||||||
Mortgage Banking Revenues | 5,497 | 7,116 | 9,065 | 8,946 | 9,800 | 30,624 | 52,425 | |||||||||||
Other | 2,546 | 2,074 | 1,954 | 1,848 | 1,994 | 8,422 | 7,271 | |||||||||||
Total Noninterest Income | 20,972 | 22,934 | 24,903 | 25,818 | 24,672 | 94,627 | 107,545 | |||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||
Compensation | 25,565 | 24,738 | 25,383 | 24,856 | 24,783 | 100,542 | 101,470 | |||||||||||
Occupancy, Net | 6,253 | 6,153 | 6,075 | 6,093 | 5,960 | 24,574 | 23,932 | |||||||||||
Other | 10,469 | 8,919 | 9,040 | 8,284 | 9,464 | 36,712 | 37,106 | |||||||||||
Total Noninterest Expense | 42,287 | 39,810 | 40,498 | 39,233 | 40,207 | 161,828 | 162,508 | |||||||||||
OPERATING PROFIT | 13,268 | 14,352 | 11,196 | 11,281 | 9,176 | 50,097 | 49,451 | |||||||||||
Income Tax Expense | 2,599 | 3,074 | 2,177 | 2,235 | 2,040 | 10,085 | 9,835 | |||||||||||
Net Income | 10,669 | 11,278 | 9,019 | 9,046 | 7,136 | 40,012 | 39,616 | |||||||||||
Pre-Tax Loss (Income) Attributable to Noncontrolling Interest | 995 | 37 | (306 | ) | (591 | ) | (764 | ) | 135 | (6,220 | ) | |||||||
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS | $ | 11,664 | $ | 11,315 | $ | 8,713 | $ | 8,455 | $ | 6,372 | $ | 40,147 | $ | 33,396 | ||||
PER COMMON SHARE | ||||||||||||||||||
Basic Net Income | $ | 0.69 | $ | 0.67 | $ | 0.51 | $ | 0.50 | $ | 0.38 | $ | 2.37 | $ | 1.98 | ||||
Diluted Net Income | 0.68 | 0.67 | 0.51 | 0.50 | 0.38 | 2.36 | 1.98 | |||||||||||
Cash Dividend | $ | 0.17 | $ | 0.17 | $ | 0.16 | $ | 0.16 | $ | 0.16 | $ | 0.66 | $ | 0.62 | ||||
AVERAGE SHARES | ||||||||||||||||||
Basic | 16,963 | 16,960 | 16,949 | 16,931 | 16,880 | 16,951 | 16,863 | |||||||||||
Diluted | 17,016 | 16,996 | 16,971 | 16,946 | 16,923 | 16,985 | 16,893 |
ALLOWANCE FOR CREDIT LOSSES ("ACL") | |||||||||||||||||||||
AND CREDIT QUALITY | |||||||||||||||||||||
Unaudited | |||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||
(Dollars in thousands, except per share data) | Fourth Quarter | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | 2022 | 2021 | ||||||||||||||
ACL - HELD FOR INVESTMENT LOANS | |||||||||||||||||||||
Balance at Beginning of Period | $ | 22,510 | $ | 21,281 | $ | 20,756 | $ | 21,606 | $ | 21,500 | $ | 21,606 | $ | 23,816 | |||||||
Provision for Credit Losses | 3,543 | 1,931 | 1,670 | (79) | 200 | 7,065 | (2,842) | ||||||||||||||
Net Charge-Offs (Recoveries) | 1,317 | 702 | 1,145 | 771 | 94 | 3,935 | (632) | ||||||||||||||
Balance at End of Period | $ | 24,736 | $ | 22,510 | $ | 21,281 | $ | 20,756 | $ | 21,606 | $ | 24,736 | $ | 21,606 | |||||||
As a % of Loans HFI | 0.98% | 0.96% | 0.96% | 1.05% | 1.12% | 0.98% | 1.12% | ||||||||||||||
As a % of Nonperforming Loans | 1,076.89% | 934.53% | 677.57% | 760.83% | 499.93% | 1,076.89% | 499.93% | ||||||||||||||
ACL - UNFUNDED COMMITMENTS | |||||||||||||||||||||
Balance at Beginning of Period | 3,012 | $ | 2,853 | $ | 2,976 | $ | 2,897 | $ | 3,117 | $ | 2,897 | $ | 1,644 | ||||||||
Provision for Credit Losses | (23) | 159 | (123) | 79 | (220) | 92 | 1,253 | ||||||||||||||
Balance at End of Period(1) | 2,989 | 3,012 | 2,853 | 2,976 | 2,897 | 2,989 | 2,897 | ||||||||||||||
ACL - DEBT SECURITIES | |||||||||||||||||||||
Provision for Credit Losses | $ | 1 | $ | 9 | $ | (5) | $ | - | $ | 20 | $ | 5 | $ | 36 | |||||||
CHARGE-OFFS | |||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 129 | $ | 2 | $ | 1,104 | $ | 73 | $ | 101 | $ | 1,308 | $ | 239 | |||||||
Real Estate - Construction | - | - | - | - | - | - | - | ||||||||||||||
Real Estate - Commercial | 88 | 1 | - | 266 | - | 355 | 405 | ||||||||||||||
Real Estate - Residential | - | - | - | - | 20 | - | 108 | ||||||||||||||
Real Estate - Home Equity | 160 | - | - | 33 | 9 | 193 | 103 | ||||||||||||||
Consumer | 976 | 770 | 533 | 622 | 254 | 2,901 | 1,269 | ||||||||||||||
Overdrafts | 720 | 989 | 660 | 780 | 678 | 3,149 | 2,703 | ||||||||||||||
Total Charge-Offs | $ | 2,073 | $ | 1,762 | $ | 2,297 | $ | 1,774 | $ | 1,062 | $ | 7,906 | $ | 4,827 | |||||||
RECOVERIES | |||||||||||||||||||||
Commercial, Financial and Agricultural | $ | 25 | $ | 58 | $ | 59 | $ | 165 | $ | 148 | $ | 307 | $ | 453 | |||||||
Real Estate - Construction | - | 2 | - | 8 | - | 10 | 10 | ||||||||||||||
Real Estate - Commercial | 13 | 8 | 56 | 29 | 25 | 106 | 865 | ||||||||||||||
Real Estate - Residential | 98 | 44 | 115 | 27 | 33 | 284 | 753 | ||||||||||||||
Real Estate - Home Equity | 36 | 22 | 67 | 58 | 173 | 183 | 413 | ||||||||||||||
Consumer | 175 | 260 | 453 | 183 | 214 | 1,071 | 1,191 | ||||||||||||||
Overdrafts | 409 | 666 | 402 | 533 | 375 | 2,010 | 1,774 | ||||||||||||||
Total Recoveries | $ | 756 | $ | 1,060 | $ | 1,152 | $ | 1,003 | $ | 968 | $ | 3,971 | $ | 5,459 | |||||||
NET CHARGE-OFFS (RECOVERIES) | $ | 1,317 | $ | 702 | $ | 1,145 | $ | 771 | $ | 94 | $ | 3,935 | $ | (632) | |||||||
Net Charge-Offs as a % of Average Loans HFI(2) | 0.21% | 0.12% | 0.22% | 0.16% | 0.02% | 0.18% | (0.03)% | ||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||
Nonaccruing Loans | $ | 2,297 | $ | 2,409 | $ | 3,141 | $ | 2,728 | $ | 4,322 | |||||||||||
Other Real Estate Owned | 431 | 13 | 90 | 17 | 17 | ||||||||||||||||
Total Nonperforming Assets ("NPAs") | $ | 2,728 | $ | 2,422 | $ | 3,231 | $ | 2,745 | $ | 4,339 | |||||||||||
Past Due Loans 30-89 Days | $ | 7,829 | $ | 6,263 | $ | 3,554 | $ | 3,120 | $ | 3,600 | |||||||||||
Past Due Loans 90 Days or More | - | - | - | - | - | ||||||||||||||||
Classified Loans | 19,342 | 20,988 | 19,620 | 22,348 | 17,912 | ||||||||||||||||
Performing Troubled Debt Restructurings | $ | 5,913 | $ | 6,261 | $ | 6,728 | $ | 7,304 | $ | 7,643 | |||||||||||
Nonperforming Loans as a % of Loans HFI | 0.09% | 0.10% | 0.14% | 0.14% | 0.22% | ||||||||||||||||
NPAs as a % of Loans HFI and | 0.11% | 0.10% | 0.15% | 0.14% | 0.22% | ||||||||||||||||
NPAs as a % of Total Assets | 0.06% | 0.06% | 0.07% | 0.06% | 0.10% | ||||||||||||||||
(1) Recorded in other liabilities | |||||||||||||||||||||
(2) Annualized |
AVERAGE BALANCE AND INTEREST RATES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fourth Quarter 2022 | Third Quarter 2022 | Second Quarter 2022 | First Quarter 2022 | Fourth Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | Average Balance | Interest | Average Rate | ||||||||||||||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held for Sale | $ | 42,910 | $ | 581 | 5.38 | % | $ | 55,164 | $ | 486 | 4.82 | % | $ | 52,860 | $ | 711 | 4.44 | % | $ | 43,004 | 397 | 3.19 | % | $ | 62,809 | $ | 522 | 3.29 | % | $ | 48,502 | $ | 2,175 | 4.49 | % | $ | 78,328 | $ | 2,555 | 3.24 | % | ||||||||||||||||
Loans Held for Investment(1) | 2,439,379 | 31,418 | 5.11 | 2,264,075 | 27,354 | 4.76 | 2,084,679 | 23,433 | 4.53 | 1,963,578 | 21,811 | 4.52 | 1,948,324 | 22,296 | 4.54 | 2,189,440 | 104,016 | 4.75 | 2,000,563 | 94,332 | 4.76 | ||||||||||||||||||||||||||||||||||||
1,078,265 | 4,835 | 1.78 | 1,117,789 | 4,359 | 1.55 | 1,142,269 | 3,834 | 1.34 | 1,056,736 | 2,889 | 1.10 | 987,700 | 2,493 | 1.00 | 1,098,876 | 15,917 | 1.45 | 778,953 | 8,724 | 1.12 | |||||||||||||||||||||||||||||||||||||
2,827 | 17 | 2.36 | 2,939 | 17 | 2.30 | 2,488 | 10 | 1.73 | 2,409 | 10 | 1.60 | 3,380 | 17 | 2.07 | 2,668 | 54 | 2.03 | 3,772 | 91 | 2.39 | |||||||||||||||||||||||||||||||||||||
1,081,092 | 4,852 | 1.78 | 1,120,728 | 4,376 | 1.55 | 1,144,757 | 3,844 | 1.34 | 1,059,145 | 2,899 | 1.10 | 991,080 | 2,510 | 1.01 | 1,101,544 | 15,971 | 1.45 | 782,725 | 8,815 | 1.12 | |||||||||||||||||||||||||||||||||||||
Federal Funds Sold and Interest Bearing Deposits | 469,352 | 4,463 | 3.77 | 569,984 | 3,231 | 2.25 | 691,925 | 1,408 | 0.82 | 873,097 | 409 | 0.19 | 789,100 | 300 | 0.15 | 649,762 | 9,511 | 1.46 | 790,870 | 998 | 0.13 | ||||||||||||||||||||||||||||||||||||
Total Earning Assets | 4,032,733 | $ | 41,314 | 4.07 | % | 4,009,951 | $ | 35,447 | 3.51 | % | 3,974,221 | $ | 29,396 | 2.97 | % | 3,938,824 | $ | 25,516 | 2.63 | % | 3,791,313 | $ | 25,628 | 2.68 | % | 3,989,248 | $ | 131,673 | 3.30 | % | 3,652,486 | $ | 106,700 | 2.92 | % | ||||||||||||||||||||||
Cash and Due From Banks | 74,178 | 79,527 | 79,730 | 74,253 | 73,752 | 76,929 | 72,409 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | (22,596 | ) | (21,509 | ) | (20,984 | ) | (21,655 | ) | (22,127 | ) | (21,688 | ) | (22,960 | ) | |||||||||||||||||||||||||||||||||||||||||||
Other Assets | 297,510 | 289,709 | 288,421 | 275,353 | 284,999 | 287,813 | 282,129 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 4,381,825 | $ | 4,357,678 | $ | 4,321,388 | $ | 4,266,775 | $ | 4,127,937 | $ | 4,332,302 | $ | 3,984,064 | |||||||||||||||||||||||||||||||||||||||||||
LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOW Accounts | $ | 1,133,733 | $ | 1,725 | 0.60 | % | $ | 1,016,475 | $ | 868 | 0.34 | % | $ | 1,033,190 | $ | 120 | 0.05 | % | $ | 1,079,906 | $ | 86 | 0.03 | % | $ | 963,778 | $ | 72 | 0.03 | % | $ | 1,065,838 | $ | 2,799 | 0.26 | % | $ | 965,320 | $ | 294 | 0.03 | % | |||||||||||||||
Money Market Accounts | 273,328 | 63 | 0.09 | 288,758 | 71 | 0.10 | 286,210 | 36 | 0.05 | 285,406 | 33 | 0.05 | 289,335 | 34 | 0.05 | 283,407 | 203 | 0.07 | 278,606 | 134 | 0.05 | ||||||||||||||||||||||||||||||||||||
Savings Accounts | 641,153 | 80 | 0.05 | 643,640 | 80 | 0.05 | 628,472 | 77 | 0.05 | 599,359 | 72 | 0.05 | 573,563 | 71 | 0.05 | 628,313 | 309 | 0.05 | 537,023 | 263 | 0.05 | ||||||||||||||||||||||||||||||||||||
Time Deposits | 92,385 | 34 | 0.15 | 94,073 | 33 | 0.14 | 95,132 | 33 | 0.14 | 97,054 | 33 | 0.14 | 101,037 | 36 | 0.14 | 94,646 | 133 | 0.14 | 102,220 | 148 | 0.14 | ||||||||||||||||||||||||||||||||||||
Total Interest Bearing Deposits | 2,140,599 | 1,902 | 0.35 | % | 2,042,946 | 1,052 | 0.20 | % | 2,043,004 | 266 | 0.05 | % | 2,061,725 | 224 | 0.04 | % | 1,927,713 | 213 | 0.04 | % | 2,072,204 | 3,444 | 0.17 | % | 1,883,169 | 839 | 0.04 | % | |||||||||||||||||||||||||||||
Short-Term Borrowings | 50,844 | 690 | 5.38 | % | 46,679 | 536 | 4.56 | % | 31,782 | 343 | 4.33 | % | 32,353 | 192 | 2.40 | % | 46,355 | 307 | 2.63 | % | 40,483 | 1,761 | 4.35 | % | 53,511 | 1,360 | 2.54 | % | |||||||||||||||||||||||||||||
Subordinated Notes Payable | 52,887 | 522 | 3.86 | 52,887 | 443 | 3.28 | 52,887 | 370 | 2.76 | 52,887 | 317 | 2.40 | 52,887 | 306 | 2.26 | 52,887 | 1,652 | 3.08 | 52,887 | 1,228 | 2.29 | ||||||||||||||||||||||||||||||||||||
Other Long-Term Borrowings | 530 | 8 | 4.80 | 580 | 6 | 4.74 | 722 | 8 | 4.54 | 833 | 9 | 4.49 | 1,414 | 12 | 3.50 | 665 | 31 | 4.62 | 1,887 | 63 | 3.33 | ||||||||||||||||||||||||||||||||||||
Total Interest Bearing Liabilities | 2,244,860 | $ | 3,122 | 0.55 | % | 2,143,092 | $ | 2,037 | 0.38 | % | 2,128,395 | $ | 987 | 0.19 | % | 2,147,798 | $ | 742 | 0.14 | % | 2,028,369 | $ | 838 | 0.16 | % | 2,166,239 | $ | 6,888 | 0.32 | % | 1,991,454 | $ | 3,490 | 0.18 | % | ||||||||||||||||||||||
Noninterest Bearing Deposits | 1,662,443 | 1,726,918 | 1,722,325 | 1,652,337 | 1,621,432 | 1,691,132 | 1,523,717 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | 84,585 | 98,501 | 87,207 | 72,166 | 114,657 | 85,684 | 111,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 3,991,888 | 3,968,511 | 3,937,927 | 3,872,301 | 3,764,458 | 3,943,055 | 3,626,738 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity | 9,367 | 9,862 | 10,096 | 10,518 | 13,339 | 9,957 | 20,505 | ||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREOWNERS' EQUITY: | 380,570 | 379,305 | 373,365 | 383,956 | 350,140 | 379,290 | 336,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities, Temporary Equity and Shareowners' Equity | $ | 4,381,825 | $ | 4,357,678 | $ | 4,321,388 | $ | 4,266,775 | $ | 4,127,937 | $ | 4,332,302 | $ | 3,984,064 | |||||||||||||||||||||||||||||||||||||||||||
Interest Rate Spread | $ | 38,192 | 3.52 | % | $ | 33,410 | 3.13 | % | $ | 28,409 | 2.78 | % | $ | 24,774 | 2.49 | % | $ | 24,790 | 2.52 | % | $ | 124,785 | 2.98 | % | $ | 103,210 | 2.75 | % | |||||||||||||||||||||||||||||
Interest Income and Rate Earned(1) | 41,314 | 4.07 | 35,447 | 3.51 | 29,396 | 2.97 | 25,516 | 2.63 | 25,628 | 2.68 | 131,673 | 3.30 | 106,700 | 2.92 | |||||||||||||||||||||||||||||||||||||||||||
Interest Expense and Rate Paid(2) | 3,122 | 0.31 | 2,037 | 0.20 | 987 | 0.10 | 742 | 0.08 | 838 | 0.09 | 6,888 | 0.17 | 3,490 | 0.10 | |||||||||||||||||||||||||||||||||||||||||||
Net Interest Margin | $ | 38,192 | 3.76 | % | $ | 33,410 | 3.31 | % | $ | 28,409 | 2.87 | % | $ | 24,774 | 2.55 | % | $ | 24,790 | 2.60 | % | $ | 124,785 | 3.13 | % | $ | 103,210 | 2.83 | % | |||||||||||||||||||||||||||||
(1) Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) Rate calculated based on average earning assets. |
For Information Contact:
Executive Vice President and Chief Financial Officer
850.402. 8450
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