Net income for the three months ended
- The acquisition of Salisbury Bancorp, Inc. (“Salisbury”) by the merger of Salisbury with and into NBT (“Merger”) was completed on
August 11, 2023 . The Merger added 13 banking offices,$1.18 billion in loans and$1.31 billion in deposits. - Period end total loans increased
$1.52 billion fromDecember 31, 2022 . Excluding loans acquired from Salisbury, loans grew$337.2 million , or 5.5% annualized, sinceDecember 31, 2022 . - Period end total deposits increased
$1.91 billion fromDecember 31, 2022 . Excluding deposits acquired from Salisbury, deposits increased$596.5 million sinceDecember 31, 2022 . - Noninterest income, excluding net securities gains (losses), increased 10.2% from the prior quarter and was approximately 30% of total revenue.
CEO Comments
“We delivered solid operating performance for the third quarter and through the first nine months of 2023, driven by our diversified business model and strength of our balance sheet,” said NBT President and CEO
Third Quarter Financial Highlights
Net Income |
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Net Interest Income / NIM |
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Noninterest Income |
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Loans and Credit Quality |
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Deposits |
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Capital |
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Loans
- Period end total loans were
$9.67 billion atSeptember 30, 2023 ,$8.36 billion atJune 30, 2023 and$8.15 billion atDecember 31, 2022 . - Period end loans increased
$1.52 billion fromDecember 31, 2022 . Commercial and industrial loans increased$158.5 million to$1.42 billion ; commercial real estate loans increased$767.7 million to$3.58 billion ; and total consumer loans increased$591.0 million to$4.67 billion . Included in total consumer loans is$132.6 million of a portfolio of loans in a run-off status. - Commercial line of credit utilization rate was 22% at
September 30, 2023 , compared to 23% atJune 30, 2023 andSeptember 30, 2022 .
Deposits
- Total deposits at
September 30, 2023 were$11.40 billion , compared to$9.50 billion atDecember 31, 2022 . The Company continued to experience incremental migration from noninterest bearing and low interest checking and savings accounts into higher cost money market and time deposit instruments. - Loan to deposit ratio was 84.8% at
September 30, 2023 , compared to 85.8% atDecember 31, 2022 .
Net Interest Income and Net Interest Margin
- Net interest income for the third quarter of 2023 was
$94.9 million , which was up$5.8 million , or 6.5%, from the second quarter of 2023 and up$0.4 million , or 0.4%, from the third quarter of 2022. The increase in net interest income resulted from the Salisbury acquisition and was partially offset by the increase in cost of funds outpacing the improvement in asset yields during the quarter. - The NIM on an FTE basis for the third quarter of 2023 was 3.21%, a decrease of 6 bps from the second quarter of 2023 driven by the increase in the cost of interest-bearing deposits, partly offset by an increase in average earning asset yields and
$1.4 million in acquisition-related net accretion. The NIM on an FTE basis decreased 30 bps from the third quarter of 2022 due to the increase in the cost of interest-bearing deposits and higher short-term borrowings costs and average balances, partially offset by higher earning asset yields. - Earning asset yields for the three months ended
September 30, 2023 increased 21 bps from the prior quarter to 4.63% and increased 95 bps from the same quarter in the prior year. Average earning assets grew$819.7 million , or 7.5%, from the second quarter of 2023 due primarily to the Salisbury acquisition and organic loan growth. - Total cost of deposits, including noninterest bearing deposits, was 1.18% for the third quarter of 2023, up 33 bps from the prior quarter and up 109 bps from the same period in the prior year.
- Total cost of funds for the three months ended
September 30, 2023 was 1.50%, up 28 bps from the prior quarter and up 132 bps from the third quarter of 2022.
Asset Quality and Allowance for Loan Losses
- Net charge-offs to total average loans was 18 bps compared to 17 bps in the prior quarter and 7 bps in the third quarter of 2022. The increase in net charge-offs from the third quarter of 2022 was due to an increase in charge-offs in the Company’s other consumer portfolio, which is in a run-off status. Net charge-offs for the portfolios in a run-off status represented the majority of total net charge-offs for the third quarter.
- Nonperforming assets to total assets were 0.18% at
September 30, 2023 , compared to 0.17% atJune 30, 2023 and 0.19% atSeptember 30, 2022 . - Provision expense for the three months ended
September 30, 2023 was$12.6 million , compared to$3.6 million for the second quarter of 2023 and$4.5 million for the third quarter of 2022. Included in the provision expense in the third quarter of 2023 was$8.8 million of acquisition-related provision for loan losses. - The allowance for loan losses was
$114.6 million , or 1.19% of total loans, atSeptember 30, 2023 , compared to 1.20% of total loans atJune 30, 2023 and 1.22% of total loans atSeptember 30, 2022 . The increase in the allowance for loan losses in the third quarter included$14.5 million of allowance for acquired Salisbury loans which included both the$8.8 million of non-purchased credit deteriorated allowance recognized through the provision for loan losses and the$5.8 million of purchased credit deteriorated allowance reclassified from loans. - The reserve for unfunded loan commitments increased to
$4.8 million atSeptember 30, 2023 compared to the prior quarter-end at$4.4 million and to$5.3 million atSeptember 30, 2022 . The provision for unfunded loan commitments in the third quarter of 2023 included$0.8 million of acquisition-related provision for unfunded loan commitments.
Noninterest Income
- Total noninterest income, excluding securities gains (losses), was
$40.4 million for the three months endedSeptember 30, 2023 , up$3.7 million from the second quarter and up$3.1 million from the prior year’s third quarter. - Card services income increased
$0.4 million from the prior quarter and decreased$0.2 million from the third quarter of 2022. - Retirement plan administration fees were up
$1.1 million from the prior quarter and were$1.3 million higher than the third quarter of 2022 due primarily to seasonal activity-based fees in the quarter, favorable market conditions, new account growth and the acquisition ofRetirement Direct, LLC onJuly 1, 2023 . - Wealth management fees increased
$1.1 million from the prior quarter and were$0.9 million higher than the third quarter of 2022 primarily due to the Salisbury acquisition and approximately$0.5 million in seasonal activity-based fees. - Insurance services were up
$0.6 million from the prior quarter and were$0.5 million higher than the third quarter of 2022.
Noninterest Expense
- Total noninterest expense, excluding
$7.9 million of acquisition expenses in the third quarter of 2023 and$1.2 million in the second quarter of 2023, increased 6.8% compared to the previous quarter due primarily to the acquisition of Salisbury and increased 8.1% from the third quarter of 2022 due primarily to the acquisition of Salisbury and merit increases for employees. - Salaries and benefits increased 5.2% from the prior quarter driven by the Salisbury acquisition and increased from the third quarter of 2022 due to the Salisbury acquisition and merit increases.
- Amortization of intangible assets increased
$1.2 million from the prior quarter and$1.1 million from the third quarter of 2022 primarily due to the amortization of intangible assets related to the Salisbury acquisition. The Company recorded a core deposit intangible of$31.2 million and a wealth management customer list intangible of$4.7 million for Salisbury. FDIC assessment expense increased$0.3 million in the prior quarter primarily due to the acquisition of Salisbury and increased$0.9 million from the third quarter of 2022 driven by the statutory increase in theFDIC assessment rate.
Income Taxes
- The effective tax rate was 22.4% for the third quarter of 2023 which was consistent with the second quarter of 2023 and 22.8% for the third quarter of 2022.
Capital
- Tangible common equity to tangible assets1 was 7.15% at
September 30, 2023 . Tangible book value per share2 was$20.39 atSeptember 30, 2023 ,$21.55 atJune 30, 2023 and$20.25 atSeptember 30, 2022 . - Stockholders’ equity increased
$189.3 million fromDecember 31, 2022 driven by the Salisbury acquisition adding$161.7 million of capital and net income generation of$88.3 million , partially offset by dividends declared of$40.8 million , the repurchase of common stock of$4.9 million and a$17.5 million decrease in accumulated other comprehensive income driven by the change in the market value of securities available for sale. September 30, 2023 , CET1 capital ratio of 11.31%, leverage ratio of 10.23% and total risk-based capital ratio of 14.45%.
Dividend
- On
October 23, 2023 , the Board of Directors approved a fourth-quarter cash dividend of$0.32 per share, which represents a$0.02 per quarter, or 6.7%, increase over the dividend paid in the fourth quarter of 2022. This is the Company’s eleventh consecutive year of annual dividend increases. The dividend will be paid onDecember 15, 2023 to stockholders of record as ofDecember 1, 2023 .
Stock Repurchase
- The Company purchased 68,500 shares of its common stock in the third quarter of 2023 at an average price of
$31.61 per share under its previously announced share repurchase program. The Company may repurchase shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As ofSeptember 30, 2023 , there were 1,444,500 shares available for repurchase under this plan.
Salisbury Bancorp, Inc. Merger
- On
August 11, 2023 , NBT completed its acquisition of Salisbury.Salisbury was aConnecticut -chartered commercial bank with 13 banking offices in northwesternConnecticut , theHudson Valley region ofNew York , and southwesternMassachusetts . - In connection with the acquisition, the Company issued 4.3 million shares and acquired approximately
$1.57 billion of identifiable assets, including$1.18 billion of loans,$122.7 million in investment securities which were subsequently sold during the quarter,$31.2 million of core deposit intangibles and$4.7 million in a wealth management customer intangible, as well as$1.31 billion in deposits. As of the acquisition date, the fair value discount was$78.7 million for loans, net of the reclassification of the purchase credit deteriorated allowance, and was$3.0 million for subordinated debt, respectively.
Conference Call and Webcast
The Company will host a conference call at
Corporate Overview
Forward-Looking Statements
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of phrases such as “anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,” “can,” “would,” “should,” “could,” “may,” or other similar terms. There are a number of factors, many of which are beyond the Company’s control, that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) local, regional, national and international economic conditions, including actual or potential stress in the banking industry, and the impact they may have on the Company and its customers and the Company’s assessment of that impact; (2) changes in the level of nonperforming assets and charge-offs; (3) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (4) the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the
The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the
Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Non-GAAP Measures
This press release contains financial information determined by methods other than in accordance with accounting principles generally accepted in
Selected Financial Data | |||||||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Profitability (reported) | |||||||||||||||
Diluted earnings per share | $ | 0.54 | $ | 0.70 | $ | 0.78 | $ | 0.84 | $ | 0.90 | |||||
Weighted average diluted common shares outstanding | 45,398,937 | 43,126,498 | 43,125,986 | 43,144,666 | 43,110,932 | ||||||||||
Return on average assets3 | 0.76 | % | 1.02 | % | 1.16 | % | 1.23 | % | 1.33 | % | |||||
Return on average equity3 | 7.48 | % | 9.91 | % | 11.47 | % | 12.30 | % | 12.87 | % | |||||
Return on average tangible common equity1 3 | 10.73 | % | 13.13 | % | 15.31 | % | 16.54 | % | 17.12 | % | |||||
Net interest margin1 3 | 3.21 | % | 3.27 | % | 3.55 | % | 3.68 | % | 3.51 | % | |||||
9 Months Ended | |||||||||||||||
2023 | 2022 | ||||||||||||||
Profitability (reported) | |||||||||||||||
Diluted earnings per share | $ | 2.01 | $ | 2.68 | |||||||||||
Weighted average diluted common shares outstanding | 43,896,042 | 43,194,037 | |||||||||||||
Return on average assets3 | 0.97 | % | 1.31 | % | |||||||||||
Return on average equity3 | 9.54 | % | 12.79 | % | |||||||||||
Return on average tangible common equity1 3 | 13.00 | % | 17.00 | % | |||||||||||
Net interest margin1 3 | 3.34 | % | 3.22 | % | |||||||||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Profitability (operating) | |||||||||||||||
Diluted earnings per share1 | $ | 0.84 | $ | 0.80 | $ | 0.88 | $ | 0.86 | $ | 0.91 | |||||
Return on average assets1 3 | 1.19 | % | 1.17 | % | 1.31 | % | 1.26 | % | 1.34 | % | |||||
Return on average equity1 3 | 11.65 | % | 11.40 | % | 12.95 | % | 12.61 | % | 12.91 | % | |||||
Return on average tangible common equity1 3 | 16.43 | % | 15.08 | % | 17.27 | % | 16.95 | % | 17.17 | % | |||||
9 Months Ended | |||||||||||||||
2023 | 2022 | ||||||||||||||
Profitability (operating) | |||||||||||||||
Diluted earnings per share1 | $ | 2.53 | $ | 2.70 | |||||||||||
Return on average assets1 3 | 1.22 | % | 1.32 | % | |||||||||||
Return on average equity1 3 | 11.98 | % | 12.87 | % | |||||||||||
Return on average tangible common equity1 3 | 16.25 | % | 17.10 | % | |||||||||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Balance sheet data | |||||||||||||||
Short-term interest-bearing accounts | $ | 459,296 | $ | 31,878 | $ | 68,045 | $ | 30,862 | $ | 97,303 | |||||
Securities available for sale | 1,399,032 | 1,453,926 | 1,512,008 | 1,527,225 | 1,556,501 | ||||||||||
Securities held to maturity | 914,520 | 912,876 | 906,824 | 919,517 | 929,541 | ||||||||||
Net loans | 9,552,774 | 8,257,724 | 8,164,328 | 8,049,347 | 7,807,984 | ||||||||||
Total assets | 13,827,628 | 11,890,497 | 11,839,730 | 11,739,296 | 11,640,742 | ||||||||||
Total deposits | 11,401,452 | 9,529,919 | 9,681,205 | 9,495,933 | 9,918,751 | ||||||||||
Total borrowings | 740,603 | 880,518 | 703,248 | 787,950 | 277,889 | ||||||||||
Total liabilities | 12,464,807 | 10,680,004 | 10,628,071 | 10,565,742 | 10,484,196 | ||||||||||
Stockholders' equity | 1,362,821 | 1,210,493 | 1,211,659 | 1,173,554 | 1,156,546 | ||||||||||
Capital | |||||||||||||||
Equity to assets | 9.86 | % | 10.18 | % | 10.23 | % | 10.00 | % | 9.94 | % | |||||
Tangible equity ratio1 | 7.15 | % | 7.95 | % | 7.99 | % | 7.73 | % | 7.64 | % | |||||
Book value per share | $ | 28.94 | $ | 28.26 | $ | 28.24 | $ | 27.38 | $ | 27.00 | |||||
Tangible book value per share2 | $ | 20.39 | $ | 21.55 | $ | 21.52 | $ | 20.65 | $ | 20.25 | |||||
Leverage ratio | 10.23 | % | 10.51 | % | 10.43 | % | 10.32 | % | 10.21 | % | |||||
Common equity tier 1 capital ratio | 11.31 | % | 12.29 | % | 12.28 | % | 12.12 | % | 12.17 | % | |||||
Tier 1 capital ratio | 12.23 | % | 13.35 | % | 13.34 | % | 13.19 | % | 13.27 | % | |||||
Total risk-based capital ratio | 14.45 | % | 15.50 | % | 15.53 | % | 15.38 | % | 15.50 | % | |||||
Common stock price (end of period) | $ | 31.69 | $ | 31.85 | $ | 33.71 | $ | 43.42 | $ | 37.95 | |||||
Asset Quality and Consolidated Loan Balances | |||||||||||||||
(unaudited, dollars in thousands) | |||||||||||||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Asset quality | |||||||||||||||
Nonaccrual loans | $ | 20,736 | $ | 16,931 | $ | 16,284 | $ | 17,233 | $ | 19,098 | |||||
90 days past due and still accruing | 3,528 | 2,755 | 2,328 | 3,823 | 2,732 | ||||||||||
Total nonperforming loans | 24,264 | 19,686 | 18,612 | 21,056 | 21,830 | ||||||||||
Other real estate owned | - | 179 | 105 | 105 | - | ||||||||||
Total nonperforming assets | 24,264 | 19,865 | 18,717 | 21,161 | 21,830 | ||||||||||
Allowance for loan losses | 114,601 | 100,400 | 100,250 | 100,800 | 96,800 | ||||||||||
Asset quality ratios | |||||||||||||||
Allowance for loan losses to total loans | 1.19 | % | 1.20 | % | 1.21 | % | 1.24 | % | 1.22 | % | |||||
Total nonperforming loans to total loans | 0.25 | % | 0.24 | % | 0.23 | % | 0.26 | % | 0.28 | % | |||||
Total nonperforming assets to total assets | 0.18 | % | 0.17 | % | 0.16 | % | 0.18 | % | 0.19 | % | |||||
Allowance for loan losses to total nonperforming loans | 472.31 | % | 510.01 | % | 538.63 | % | 478.72 | % | 443.43 | % | |||||
Past due loans to total loans4 | 0.49 | % | 0.45 | % | 0.30 | % | 0.33 | % | 0.30 | % | |||||
Net charge-offs to average loans3 | 0.18 | % | 0.17 | % | 0.19 | % | 0.18 | % | 0.07 | % | |||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Loan net charge-offs by line of business | |||||||||||||||
Commercial & industrial | $ | (327 | ) | $ | 51 | $ | (294 | ) | $ | (45 | ) | $ | (1,045 | ) | |
Commercial real estate | (17 | ) | 41 | 42 | 8 | 324 | |||||||||
Residential real estate and home equity | (75 | ) | (43 | ) | 80 | (79 | ) | (56 | ) | ||||||
Indirect auto | 451 | 273 | 423 | 445 | 222 | ||||||||||
Residential solar | 1,253 | 581 | 656 | 596 | 43 | ||||||||||
Other consumer | 2,919 | 2,553 | 2,904 | 2,752 | 1,796 | ||||||||||
Total loan net charge-offs | $ | 4,204 | $ | 3,456 | $ | 3,811 | $ | 3,677 | $ | 1,284 | |||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Allowance for loan losses as a percentage of loans by segment | |||||||||||||||
Commercial & industrial | 0.88% | 0.86% | 0.85% | 0.82% | 0.80% | ||||||||||
Commercial real estate | 1.00% | 0.93% | 0.93% | 0.91% | 0.88% | ||||||||||
Residential real estate | 0.79% | 0.73% | 0.73% | 0.72% | 0.74% | ||||||||||
Auto | 0.82% | 0.80% | 0.77% | 0.81% | 0.78% | ||||||||||
Residential solar | 3.19% | 3.09% | 3.04% | 3.21% | 3.08% | ||||||||||
Other consumer | 5.23% | 5.98% | 6.19% | 6.27% | 6.67% | ||||||||||
Total | 1.19% | 1.20% | 1.21% | 1.24% | 1.22% | ||||||||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Loans by line of business | |||||||||||||||
Commercial & industrial | $ | 1,424,579 | $ | 1,319,093 | $ | 1,278,291 | $ | 1,266,031 | $ | 1,262,199 | |||||
Commercial real estate | 3,575,595 | 2,884,264 | 2,845,631 | 2,807,941 | 2,724,728 | ||||||||||
Residential real estate | 2,111,670 | 1,666,204 | 1,651,918 | 1,649,870 | 1,626,528 | ||||||||||
Indirect auto | 1,099,558 | 1,048,739 | 1,031,315 | 989,587 | 952,757 | ||||||||||
Residential solar | 934,082 | 926,365 | 920,084 | 856,798 | 728,898 | ||||||||||
Home equity | 340,777 | 310,897 | 308,219 | 314,124 | 313,557 | ||||||||||
Other consumer | 181,114 | 202,562 | 229,120 | 265,796 | 296,117 | ||||||||||
Total loans | $ | 9,667,375 | $ | 8,358,124 | $ | 8,264,578 | $ | 8,150,147 | $ | 7,904,784 | |||||
Consolidated Balance Sheets | ||||||
(unaudited, dollars in thousands) | ||||||
2023 | 2022 | |||||
Assets | ||||||
Cash and due from banks | $ | 213,358 | $ | 166,488 | ||
Short-term interest-bearing accounts | 459,296 | 30,862 | ||||
Equity securities, at fair value | 35,600 | 30,784 | ||||
Securities available for sale, at fair value | 1,399,032 | 1,527,225 | ||||
Securities held to maturity (fair value | 914,520 | 919,517 | ||||
50,333 | 44,713 | |||||
Loans held for sale | 4,113 | 562 | ||||
Loans | 9,667,375 | 8,150,147 | ||||
Less allowance for loan losses | 114,601 | 100,800 | ||||
Net loans | $ | 9,552,774 | $ | 8,049,347 | ||
Premises and equipment, net | 82,837 | 69,047 | ||||
360,171 | 281,204 | |||||
Intangible assets, net | 42,574 | 7,341 | ||||
Bank owned life insurance | 264,537 | 232,409 | ||||
Other assets | 448,483 | 379,797 | ||||
Total assets | $ | 13,827,628 | $ | 11,739,296 | ||
Liabilities and stockholders' equity | ||||||
Demand (noninterest bearing) | $ | 3,716,309 | $ | 3,617,324 | ||
Savings, NOW and money market | 6,340,944 | 5,444,837 | ||||
Time | 1,344,199 | 433,772 | ||||
Total deposits | $ | 11,401,452 | $ | 9,495,933 | ||
Short-term borrowings | 490,180 | 585,012 | ||||
Long-term debt | 29,834 | 4,815 | ||||
Subordinated debt, net | 119,393 | 96,927 | ||||
Junior subordinated debt | 101,196 | 101,196 | ||||
Other liabilities | 322,752 | 281,859 | ||||
Total liabilities | $ | 12,464,807 | $ | 10,565,742 | ||
Total stockholders' equity | $ | 1,362,821 | $ | 1,173,554 | ||
Total liabilities and stockholders' equity | $ | 13,827,628 | $ | 11,739,296 | ||
Consolidated Statements of Income | ||||||||||||
(unaudited, dollars in thousands except per share data) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Interest, fee and dividend income | ||||||||||||
Interest and fees on loans | $ | 122,097 | $ | 85,266 | $ | 329,931 | $ | 237,148 | ||||
Securities available for sale | 7,495 | 7,665 | 22,604 | 21,822 | ||||||||
Securities held to maturity | 5,281 | 4,854 | 15,307 | 12,532 | ||||||||
Other | 2,221 | 1,429 | 4,033 | 3,396 | ||||||||
Total interest, fee and dividend income | $ | 137,094 | $ | 99,214 | $ | 371,875 | $ | 274,898 | ||||
Interest expense | ||||||||||||
Deposits | $ | 30,758 | $ | 2,233 | $ | 61,888 | $ | 5,831 | ||||
Short-term borrowings | 7,612 | 84 | 20,657 | 113 | ||||||||
Long-term debt | 294 | 20 | 631 | 140 | ||||||||
Subordinated debt | 1,612 | 1,360 | 4,281 | 4,078 | ||||||||
Junior subordinated debt | 1,923 | 1,039 | 5,372 | 2,325 | ||||||||
Total interest expense | $ | 42,199 | $ | 4,736 | $ | 92,829 | $ | 12,487 | ||||
Net interest income | $ | 94,895 | $ | 94,478 | $ | 279,046 | $ | 262,411 | ||||
Provision for loan losses | $ | 3,883 | $ | 4,484 | $ | 11,398 | $ | 9,470 | ||||
Provision for loan losses - acquisition day 1 non-PCD | 8,750 | - | 8,750 | - | ||||||||
Total provision for loan losses | $ | 12,633 | $ | 4,484 | $ | 20,148 | $ | 9,470 | ||||
Net interest income after provision for loan losses | $ | 82,262 | $ | 89,994 | $ | 258,898 | $ | 252,941 | ||||
Noninterest income | ||||||||||||
Service charges on deposit accounts | $ | 3,979 | $ | 3,581 | $ | 11,260 | $ | 11,032 | ||||
Card services income | 5,503 | 5,654 | 15,469 | 24,100 | ||||||||
Retirement plan administration fees | 12,798 | 11,496 | 35,995 | 37,451 | ||||||||
Wealth management | 9,297 | 8,402 | 25,611 | 25,294 | ||||||||
Insurance services | 4,361 | 3,892 | 12,008 | 11,258 | ||||||||
Bank owned life insurance income | 1,568 | 1,560 | 4,974 | 4,625 | ||||||||
Net securities (losses) | (183 | ) | (148 | ) | (9,822 | ) | (914 | ) | ||||
Other | 2,913 | 2,735 | 8,195 | 8,641 | ||||||||
Total noninterest income | $ | 40,236 | $ | 37,172 | $ | 103,690 | $ | 121,487 | ||||
Noninterest expense | ||||||||||||
Salaries and employee benefits | $ | 49,248 | $ | 48,371 | $ | 144,237 | $ | 140,595 | ||||
Technology and data services | 9,677 | 9,096 | 27,989 | 26,588 | ||||||||
Occupancy | 7,090 | 6,481 | 21,233 | 19,761 | ||||||||
Professional fees and outside services | 4,149 | 3,817 | 12,486 | 11,999 | ||||||||
Office supplies and postage | 1,700 | 1,469 | 5,004 | 4,441 | ||||||||
1,657 | 787 | 4,397 | 2,399 | |||||||||
Advertising | 667 | 559 | 1,841 | 1,943 | ||||||||
Amortization of intangible assets | 1,609 | 544 | 2,603 | 1,725 | ||||||||
Loan collection and other real estate owned, net | 569 | 549 | 2,115 | 1,690 | ||||||||
Reserve for unfunded loan commitments | 460 | 225 | (270 | ) | 205 | |||||||
Acquisition expenses | 7,917 | - | 9,724 | - | ||||||||
Other | 6,054 | 4,796 | 17,554 | 13,610 | ||||||||
Total noninterest expense | $ | 90,797 | $ | 76,694 | $ | 248,913 | $ | 224,956 | ||||
Income before income tax expense | $ | 31,701 | $ | 50,472 | $ | 113,675 | $ | 149,472 | ||||
Income tax expense | 7,095 | 11,499 | 25,339 | 33,598 | ||||||||
Net income | $ | 24,606 | $ | 38,973 | $ | 88,336 | $ | 115,874 | ||||
Earnings Per Share | ||||||||||||
Basic | $ | 0.54 | $ | 0.91 | $ | 2.02 | $ | 2.70 | ||||
Diluted | $ | 0.54 | $ | 0.90 | $ | 2.01 | $ | 2.68 | ||||
Quarterly Consolidated Statements of Income | |||||||||||||||
(unaudited, dollars in thousands except per share data) | |||||||||||||||
2023 | 2022 | ||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | |||||||||||
Interest, fee and dividend income | |||||||||||||||
Interest and fees on loans | $ | 122,097 | $ | 106,935 | $ | 100,899 | $ | 95,620 | $ | 85,266 | |||||
Securities available for sale | 7,495 | 7,493 | 7,616 | 7,831 | 7,665 | ||||||||||
Securities held to maturity | 5,281 | 4,991 | 5,035 | 5,050 | 4,854 | ||||||||||
Other | 2,221 | 1,170 | 642 | 671 | 1,429 | ||||||||||
Total interest, fee and dividend income | $ | 137,094 | $ | 120,589 | $ | 114,192 | $ | 109,172 | $ | 99,214 | |||||
Interest expense | |||||||||||||||
Deposits | $ | 30,758 | $ | 19,986 | $ | 11,144 | $ | 4,092 | $ | 2,233 | |||||
Short-term borrowings | 7,612 | 8,126 | 4,919 | 2,510 | 84 | ||||||||||
Long-term debt | 294 | 290 | 47 | 21 | 20 | ||||||||||
Subordinated debt | 1,612 | 1,335 | 1,334 | 1,346 | 1,360 | ||||||||||
Junior subordinated debt | 1,923 | 1,767 | 1,682 | 1,424 | 1,039 | ||||||||||
Total interest expense | $ | 42,199 | $ | 31,504 | $ | 19,126 | $ | 9,393 | $ | 4,736 | |||||
Net interest income | $ | 94,895 | $ | 89,085 | $ | 95,066 | $ | 99,779 | $ | 94,478 | |||||
Provision for loan losses | $ | 3,883 | $ | 3,606 | $ | 3,909 | $ | 7,677 | $ | 4,484 | |||||
Provision for loan losses - acquisition day 1 non-PCD | 8,750 | - | - | - | - | ||||||||||
Total provision for loan losses | $ | 12,633 | $ | 3,606 | $ | 3,909 | $ | 7,677 | $ | 4,484 | |||||
Net interest income after provision for loan losses | $ | 82,262 | $ | 85,479 | $ | 91,157 | $ | 92,102 | $ | 89,994 | |||||
Noninterest income | |||||||||||||||
Service charges on deposit accounts | $ | 3,979 | $ | 3,733 | $ | 3,548 | $ | 3,598 | $ | 3,581 | |||||
Card services income | 5,503 | 5,121 | 4,845 | 4,958 | 5,654 | ||||||||||
Retirement plan administration fees | 12,798 | 11,735 | 11,462 | 10,661 | 11,496 | ||||||||||
Wealth management | 9,297 | 8,227 | 8,087 | 8,017 | 8,402 | ||||||||||
Insurance services | 4,361 | 3,716 | 3,931 | 3,438 | 3,892 | ||||||||||
Bank owned life insurance income | 1,568 | 1,528 | 1,878 | 1,419 | 1,560 | ||||||||||
Net securities (losses) | (183 | ) | (4,641 | ) | (4,998 | ) | (217 | ) | (148 | ) | |||||
Other | 2,913 | 2,626 | 2,656 | 2,217 | 2,735 | ||||||||||
Total noninterest income | $ | 40,236 | $ | 32,045 | $ | 31,409 | $ | 34,091 | $ | 37,172 | |||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | $ | 49,248 | $ | 46,834 | $ | 48,155 | $ | 47,235 | $ | 48,371 | |||||
Technology and data services | 9,677 | 9,305 | 9,007 | 9,124 | 9,096 | ||||||||||
Occupancy | 7,090 | 6,923 | 7,220 | 6,521 | 6,481 | ||||||||||
Professional fees and outside services | 4,149 | 4,159 | 4,178 | 4,811 | 3,817 | ||||||||||
Office supplies and postage | 1,700 | 1,676 | 1,628 | 1,699 | 1,469 | ||||||||||
1,657 | 1,344 | 1,396 | 798 | 787 | |||||||||||
Advertising | 667 | 525 | 649 | 879 | 559 | ||||||||||
Amortization of intangible assets | 1,609 | 458 | 536 | 538 | 544 | ||||||||||
Loan collection and other real estate owned, net | 569 | 691 | 855 | 957 | 549 | ||||||||||
Reserve for unfunded loan commitments | 460 | (100 | ) | (630 | ) | (185 | ) | 225 | |||||||
Acquisition expenses | 7,917 | 1,189 | 618 | 967 | - | ||||||||||
Other | 6,054 | 5,790 | 5,710 | 6,165 | 4,796 | ||||||||||
Total noninterest expense | $ | 90,797 | $ | 78,794 | $ | 79,322 | $ | 79,509 | $ | 76,694 | |||||
Income before income tax expense | $ | 31,701 | $ | 38,730 | $ | 43,244 | $ | 46,684 | $ | 50,472 | |||||
Income tax expense | 7,095 | 8,658 | 9,586 | 10,563 | 11,499 | ||||||||||
Net income | $ | 24,606 | $ | 30,072 | $ | 33,658 | $ | 36,121 | $ | 38,973 | |||||
Earnings Per Share | |||||||||||||||
Basic | $ | 0.54 | $ | 0.70 | $ | 0.78 | $ | 0.84 | $ | 0.91 | |||||
Diluted | $ | 0.54 | $ | 0.70 | $ | 0.78 | $ | 0.84 | $ | 0.90 | |||||
Average Quarterly Balance Sheets | |||||||||||||||||||||
(unaudited, dollars in thousands) | |||||||||||||||||||||
Average Balance | Yield / Rates | Average Balance | Yield / Rates | Average Balance | Yield / Rates | Average Balance | Yield / Rates | Average Balance | Yield / Rates | ||||||||||||
Q3 - 2023 | Q2 - 2023 | Q1 - 2023 | Q4 - 2022 | Q3 - 2022 | |||||||||||||||||
Assets | |||||||||||||||||||||
Short-term interest-bearing accounts | $ | 121,384 | 4.26 | % | $ | 28,473 | 3.62 | % | $ | 34,215 | 2.26 | % | $ | 39,573 | 3.31 | % | $ | 191,463 | 2.51 | % | |
Securities taxable1 | 2,364,809 | 1.90 | % | 2,394,027 | 1.90 | % | 2,442,732 | 1.92 | % | 2,480,959 | 1.88 | % | 2,491,315 | 1.83 | % | ||||||
Securities tax-exempt 1 5 | 219,427 | 3.34 | % | 201,499 | 2.83 | % | 202,321 | 2.81 | % | 208,238 | 2.68 | % | 211,306 | 2.47 | % | ||||||
FRB and FHLB stock | 53,841 | 6.76 | % | 51,454 | 7.12 | % | 41,144 | 4.45 | % | 32,903 | 4.11 | % | 25,182 | 3.47 | % | ||||||
Loans1 6 | 9,043,582 | 5.36 | % | 8,307,894 | 5.17 | % | 8,189,520 | 5.00 | % | 8,039,442 | 4.72 | % | 7,808,025 | 4.34 | % | ||||||
Total interest-earning assets | $ | 11,803,043 | 4.63 | % | $ | 10,983,347 | 4.42 | % | $ | 10,909,932 | 4.26 | % | $ | 10,801,115 | 4.02 | % | $ | 10,727,291 | 3.68 | % | |
Other assets | 968,220 | 835,424 | 836,879 | 855,410 | 887,378 | ||||||||||||||||
Total assets | $ | 12,771,263 | $ | 11,818,771 | $ | 11,746,811 | $ | 11,656,525 | $ | 11,614,669 | |||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||
Money market deposit accounts | $ | 2,422,451 | 2.91 | % | $ | 2,113,965 | 2.30 | % | $ | 2,081,210 | 1.22 | % | $ | 2,169,192 | 0.39 | % | $ | 2,332,341 | 0.15 | % | |
NOW deposit accounts | 1,513,420 | 0.57 | % | 1,463,953 | 0.38 | % | 1,598,834 | 0.36 | % | 1,604,096 | 0.33 | % | 1,548,115 | 0.21 | % | ||||||
Savings deposits | 1,707,094 | 0.04 | % | 1,708,874 | 0.03 | % | 1,781,465 | 0.03 | % | 1,823,056 | 0.03 | % | 1,854,122 | 0.03 | % | ||||||
Time deposits | 1,178,352 | 3.60 | % | 856,305 | 2.97 | % | 639,645 | 2.10 | % | 432,110 | 0.41 | % | 455,168 | 0.35 | % | ||||||
Total interest-bearing deposits | $ | 6,821,317 | 1.79 | % | $ | 6,143,097 | 1.30 | % | $ | 6,101,154 | 0.74 | % | $ | 6,028,454 | 0.27 | % | $ | 6,189,746 | 0.14 | % | |
Federal funds purchased | 6,033 | 5.39 | % | 48,407 | 5.35 | % | 44,334 | 4.92 | % | 56,576 | 4.03 | % | 1,522 | 3.39 | % | ||||||
Repurchase agreements | 71,516 | 1.40 | % | 55,627 | 1.08 | % | 71,340 | 0.08 | % | 76,334 | 0.11 | % | 69,048 | 0.10 | % | ||||||
Short-term borrowings | 540,380 | 5.34 | % | 557,818 | 5.27 | % | 357,200 | 4.96 | % | 177,533 | 4.28 | % | 6,440 | 3.33 | % | ||||||
Long-term debt | 29,800 | 3.91 | % | 29,773 | 3.91 | % | 7,299 | 2.61 | % | 3,817 | 2.18 | % | 3,331 | 2.38 | % | ||||||
Subordinated debt, net | 109,160 | 5.86 | % | 97,081 | 5.52 | % | 96,966 | 5.58 | % | 97,839 | 5.46 | % | 98,748 | 5.46 | % | ||||||
Junior subordinated debt | 101,196 | 7.54 | % | 101,196 | 7.00 | % | 101,196 | 6.74 | % | 101,196 | 5.58 | % | 101,196 | 4.07 | % | ||||||
Total interest-bearing liabilities | $ | 7,679,402 | 2.18 | % | $ | 7,032,999 | 1.80 | % | $ | 6,779,489 | 1.14 | % | $ | 6,541,749 | 0.57 | % | $ | 6,470,031 | 0.29 | % | |
Demand deposits | 3,498,424 | 3,316,955 | 3,502,489 | 3,658,965 | 3,708,131 | ||||||||||||||||
Other liabilities | 287,751 | 251,511 | 274,517 | 290,895 | 234,851 | ||||||||||||||||
Stockholders' equity | 1,305,686 | 1,217,306 | 1,190,316 | 1,164,916 | 1,201,656 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 12,771,263 | $ | 11,818,771 | $ | 11,746,811 | $ | 11,656,525 | $ | 11,614,669 | |||||||||||
Interest rate spread | 2.45 | % | 2.62 | % | 3.12 | % | 3.45 | % | 3.39 | % | |||||||||||
Net interest margin (FTE)1 | 3.21 | % | 3.27 | % | 3.55 | % | 3.68 | % | 3.51 | % | |||||||||||
Average Year-to-Date Balance Sheets | |||||||||||||
(unaudited, dollars in thousands) | |||||||||||||
Average | Yield/ | Average | Yield/ | ||||||||||
Balance | Interest | Rates | Balance | Interest | Rates | ||||||||
Nine Months Ended | 2023 | 2022 | |||||||||||
Assets | |||||||||||||
Short-term interest-bearing accounts | $ | 61,677 | $ | 1,751 | 3.80 | % | $ | 575,517 | $ | 2,742 | 0.64 | % | |
Securities taxable1 | 2,400,237 | 34,218 | 1.91 | % | 2,406,042 | 31,460 | 1.75 | % | |||||
Securities tax-exempt1 5 | 207,812 | 4,675 | 3.01 | % | 242,033 | 3,664 | 2.02 | % | |||||
FRB and FHLB stock | 48,860 | 2,282 | 6.24 | % | 25,064 | 654 | 3.49 | % | |||||
Loans1 6 | 8,516,793 | 330,314 | 5.19 | % | 7,683,159 | 237,290 | 4.13 | % | |||||
Total interest-earning assets | $ | 11,235,379 | $ | 373,240 | 4.44 | % | $ | 10,931,815 | $ | 275,810 | 3.37 | % | |
Other assets | 880,655 | 905,931 | |||||||||||
Total assets | $ | 12,116,034 | $ | 11,837,746 | |||||||||
Liabilities and stockholders' equity | |||||||||||||
Money market deposit accounts | $ | 2,207,126 | $ | 36,107 | 2.19 | % | $ | 2,541,927 | $ | 2,801 | 0.15 | % | |
NOW deposit accounts | 1,525,089 | 4,989 | 0.44 | % | 1,570,318 | 1,260 | 0.11 | % | |||||
Savings deposits | 1,732,205 | 462 | 0.04 | % | 1,831,485 | 442 | 0.03 | % | |||||
Time deposits | 893,407 | 20,330 | 3.04 | % | 475,966 | 1,328 | 0.37 | % | |||||
Total interest-bearing deposits | $ | 6,357,827 | $ | 61,888 | 1.30 | % | $ | 6,419,696 | $ | 5,831 | 0.12 | % | |
Federal funds purchased | 32,784 | 1,266 | 5.16 | % | 513 | 13 | 3.39 | % | |||||
Repurchase agreements | 66,162 | 416 | 0.84 | % | 67,279 | 46 | 0.09 | % | |||||
Short-term borrowings | 485,804 | 18,975 | 5.22 | % | 2,170 | 54 | 3.33 | % | |||||
Long-term debt | 22,373 | 631 | 3.77 | % | 7,509 | 140 | 2.49 | % | |||||
Subordinated debt, net | 101,114 | 4,281 | 5.66 | % | 98,641 | 4,078 | 5.53 | % | |||||
Junior subordinated debt | 101,196 | 5,372 | 7.10 | % | 101,196 | 2,325 | 3.07 | % | |||||
Total interest-bearing liabilities | $ | 7,167,260 | $ | 92,829 | 1.73 | % | $ | 6,697,004 | $ | 12,487 | 0.25 | % | |
Demand deposits | 3,439,275 | 3,709,761 | |||||||||||
Other liabilities | 271,307 | 219,983 | |||||||||||
Stockholders' equity | 1,238,192 | 1,210,998 | |||||||||||
Total liabilities and stockholders' equity | $ | 12,116,034 | $ | 11,837,746 | |||||||||
Net interest income (FTE)1 | $ | 280,411 | $ | 263,323 | |||||||||
Interest rate spread | 2.71 | % | 3.12 | % | |||||||||
Net interest margin (FTE)1 | 3.34 | % | 3.22 | % | |||||||||
Taxable equivalent adjustment | $ | 1,365 | $ | 912 | |||||||||
Net interest income | $ | 279,046 | $ | 262,411 | |||||||||
1 | The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release: | |||||||||||||||
Non-GAAP measures | ||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||
2023 | 2022 | |||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | ||||||||||||
Operating net income | ||||||||||||||||
Net income | $ | 24,606 | $ | 30,072 | $ | 33,658 | $ | 36,121 | $ | 38,973 | ||||||
Acquisition expenses | 7,917 | 1,189 | 618 | 967 | - | |||||||||||
Acquisition-related provision for credit losses | 8,750 | - | - | - | - | |||||||||||
Acquisition-related reserve for unfunded loan commitments | 836 | - | - | - | - | |||||||||||
Securities losses | 183 | 4,641 | 4,998 | 217 | 148 | |||||||||||
Adjustment to net income | $ | 17,686 | $ | 5,830 | $ | 5,616 | $ | 1,184 | $ | 148 | ||||||
Adjustment to net income (net of tax) | $ | 13,730 | $ | 4,525 | $ | 4,341 | $ | 913 | $ | 114 | ||||||
Operating net income | $ | 38,336 | $ | 34,597 | $ | 37,999 | $ | 37,034 | $ | 39,087 | ||||||
Operating diluted earnings per share | $ | 0.84 | $ | 0.80 | $ | 0.88 | $ | 0.86 | $ | 0.91 | ||||||
9 Months Ended | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Operating net income | ||||||||||||||||
Net income | $ | 88,336 | $ | 115,874 | ||||||||||||
Acquisition expenses | 9,724 | - | ||||||||||||||
Acquisition-related provision for credit losses | 8,750 | - | ||||||||||||||
Acquisition-related reserve for unfunded loan commitments | 836 | - | ||||||||||||||
Securities losses | 9,822 | 914 | ||||||||||||||
Adjustment to net income | $ | 29,132 | $ | 914 | ||||||||||||
Adjustment to net income (net of tax) | $ | 22,577 | $ | 712 | ||||||||||||
Operating net income | $ | 110,913 | $ | 116,586 | ||||||||||||
Operating diluted earnings per share | $ | 2.53 | $ | 2.70 | ||||||||||||
2023 | 2022 | |||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | ||||||||||||
FTE adjustment | ||||||||||||||||
Net interest income | $ | 94,895 | $ | 89,085 | $ | 95,066 | $ | 99,779 | $ | 94,478 | ||||||
Add: FTE adjustment | 568 | 402 | 395 | 392 | 337 | |||||||||||
Net interest income (FTE) | $ | 95,463 | $ | 89,487 | $ | 95,461 | $ | 100,171 | $ | 94,815 | ||||||
Average earning assets | $ | 11,803,043 | $ | 10,983,347 | $ | 10,909,932 | $ | 10,801,115 | $ | 10,727,291 | ||||||
Net interest margin (FTE)3 | 3.21 | % | 3.27 | % | 3.55 | % | 3.68 | % | 3.51 | % | ||||||
9 Months Ended | ||||||||||||||||
2023 | 2022 | |||||||||||||||
FTE adjustment | ||||||||||||||||
Net interest income | $ | 279,046 | $ | 262,411 | ||||||||||||
Add: FTE adjustment | 1,365 | 912 | ||||||||||||||
Net interest income (FTE) | $ | 280,411 | $ | 263,323 | ||||||||||||
Average earning assets | $ | 11,235,379 | $ | 10,931,815 | ||||||||||||
Net interest margin (FTE)3 | 3.34 | % | 3.22 | % | ||||||||||||
Interest income for tax-exempt securities and loans have been adjusted to an FTE basis using the statutory Federal income tax rate of 21%. | ||||||||||||||||
1 | The following tables provide the Non-GAAP reconciliations for the Non-GAAP measures contained in this release: | |||||||||||||||
Non-GAAP measures (continued) | ||||||||||||||||
(unaudited, dollars in thousands) | ||||||||||||||||
2023 | 2022 | |||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | ||||||||||||
Tangible equity to tangible assets | ||||||||||||||||
Total equity | $ | 1,362,821 | $ | 1,210,493 | $ | 1,211,659 | $ | 1,173,554 | $ | 1,156,546 | ||||||
Intangible assets | 402,745 | 287,701 | 288,159 | 288,545 | 289,083 | |||||||||||
Total assets | $ | 13,827,628 | $ | 11,890,497 | $ | 11,839,730 | $ | 11,739,296 | $ | 11,640,742 | ||||||
Tangible equity to tangible assets | 7.15 | % | 7.95 | % | 7.99 | % | 7.73 | % | 7.64 | % | ||||||
2023 | 2022 | |||||||||||||||
3rd Q | 2nd Q | 1st Q | 4th Q | 3rd Q | ||||||||||||
Return on average tangible common equity | ||||||||||||||||
Net income | $ | 24,606 | $ | 30,072 | $ | 33,658 | $ | 36,121 | $ | 38,973 | ||||||
Amortization of intangible assets (net of tax) | 1,206 | 344 | 402 | 404 | 408 | |||||||||||
Net income, excluding intangibles amortization | $ | 25,812 | $ | 30,416 | $ | 34,060 | $ | 36,525 | $ | 39,381 | ||||||
Average stockholders' equity | $ | 1,305,686 | $ | 1,217,306 | $ | 1,190,316 | $ | 1,164,916 | $ | 1,201,656 | ||||||
Less: average goodwill and other intangibles | 350,912 | 287,974 | 288,354 | 288,856 | 289,296 | |||||||||||
Average tangible common equity | $ | 954,774 | $ | 929,332 | $ | 901,962 | $ | 876,060 | $ | 912,360 | ||||||
Return on average tangible common equity3 | 10.73 | % | 13.13 | % | 15.31 | % | 16.54 | % | 17.12 | % | ||||||
9 Months Ended | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Return on average tangible common equity | ||||||||||||||||
Net income | $ | 88,336 | $ | 115,874 | ||||||||||||
Amortization of intangible assets (net of tax) | 1,952 | 1,294 | ||||||||||||||
Net income, excluding intangibles amortization | $ | 90,288 | $ | 117,168 | ||||||||||||
Average stockholders' equity | $ | 1,238,192 | $ | 1,210,998 | ||||||||||||
Less: average goodwill and other intangibles | 309,309 | 289,366 | ||||||||||||||
Average tangible common equity | $ | 928,883 | $ | 921,632 | ||||||||||||
Return on average tangible common equity3 | 13.00 | % | 17.00 | % | ||||||||||||
2 | Non-GAAP measure - Stockholders' equity less goodwill and intangible assets divided by common shares outstanding. | |||||||||||||||
3 | Annualized. | |||||||||||||||
4 | Total past due loans, defined as loans 30 days or more past due and in an accrual status. | |||||||||||||||
5 | Securities are shown at average amortized cost. | |||||||||||||||
6 | For purposes of these computations, nonaccrual loans and loans held for sale are included in the average loan balances outstanding. |
Contact: | 607-337-6589 |
Source:
2023 GlobeNewswire, Inc., source