“With strong growth in loans, deposits, and revenue,
Third Quarter Highlights(1)
- Total assets were
$4.2 billion , compared to$3.8 billion atJune 30, 2021 and$2.9 billion atSeptember 30, 2020 . - Return on average assets totaled 1.36% and return on average equity was 14.69% in the third quarter of 2021.
- Loans held for investment, excluding Paycheck Protection Program (“PPP”) loans, increased
$66.3 million , or 12.3% annualized, fromJune 30, 2021 , and increased$269.4 million , or 13.8%, fromSeptember 30, 2020 . - Quarterly average deposits increased
$106.3 million , or 12.9% annualized, compared to the second quarter of 2021 and increased$941.7 million , or 38.1%, compared to the third quarter of 2020. - Cost of deposits decreased to 0.08% from 0.10% in the second quarter of 2021 and from 0.19% in the third quarter of 2020.
- Tangible book value per share increased to
$16.94 from$16.40 atJune 30, 2021 and from$15.11 atSeptember 30, 2020 . - Annualized net charge-offs to average loans totaled 0.00% for the third quarter of 2021 and 0.05% for the full year 2021. Non-performing assets to total assets were 0.10% at
September 30, 2021 . - The allowance for credit losses was 1.16% of total loans held for investment at
September 30, 2021 , compared to 1.27% atJune 30, 2021 and 1.59% atSeptember 30, 2020 .
Income Statement
Taxable equivalent net interest income totaled
Taxable equivalent net interest margin was 2.69% in the third quarter of 2021, compared to 3.14% in the third quarter of 2020 and 2.91% in the second quarter of 2021. The taxable equivalent net interest margin excluding PPP loans was 2.54% for the third quarter of 2021, compared to 2.70% for the second quarter of 2021.
The yield on loans in the third quarter of 2021 was 3.91%, an increase of 9 basis points from the third quarter of 2020 and a decrease of 28 basis points from the second quarter of 2021. Excluding PPP loans, the third quarter of 2021 loan yield was 3.71%, a decrease of 24 basis points compared to the second quarter of 2021. In addition, loan interest income for the second quarter of 2021 included
The cost of deposits in the third quarter of 2021 was 0.08%, a decrease of 11 basis points from the third quarter of 2020 and a decrease of 2 basis points from the second quarter of 2021. The cost of interest-bearing deposits decreased 13 basis points to 0.15% from the third quarter of 2020 and decreased 2 basis points from the second quarter of 2021.
In the third quarter of 2021, we recorded a negative provision for credit losses of
Noninterest income totaled
Noninterest expense totaled
(1) Commentary is on a fully taxable-equivalent basis unless otherwise noted. Consistent with
Balance Sheet
Total loans held for investment were
The allowance for credit losses was 1.16% of total loans held for investment at
Total average deposits were
Merger Update
On
Non-GAAP Financial Measures
Statements included in this press release include non-GAAP financial measures and should be read along with the accompanying tables, which provide a reconciliation of non-GAAP financial measures to GAAP financial measures.
Management believes that non-GAAP financial measures provide a greater understanding of ongoing performance and operations and enhance comparability with prior periods. Non-GAAP financial measures should not be considered as an alternative to any measure of performance or financial condition as determined in accordance with GAAP, and investors should consider Atlantic Capital’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the results or financial condition as reported under GAAP. Non-GAAP financial measures may not be comparable to non-GAAP financial measures presented by other companies.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “project,” “expect,” “intend,” “plan,” “strive,” or words or phases of similar meaning. Forward-looking statements may include, among other things, statements about the proposed merger with SouthState, Atlantic Capital’s confidence in its strategies and its expectations about financial performance, the impact of COVID-19 on operations, market growth, market and regulatory trends and developments, acquisitions and divestitures, new technologies, services and opportunities and earnings. The forward-looking statements are based largely on Atlantic Capital’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond Atlantic Capital’s control.
Important Additional Information
SouthState filed a registration statement on Form S-4 with the
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. Before making any voting or investment decision, investors and security holders of
Participants in the Merger
About
Media Contact:
Email: ashley.carson@atlcapbank.com
Phone: 404-995-6050
(ACB-ER)
Financial Contact:
Email: patrick.oakes@atlcapbank.com
Phone: 404-995-6050
Selected Financial Information | ||||||||||||||||||||||||||||
For the nine months ended | ||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||
(in thousands, except share and per share data; | Third | Second | First | Fourth | Third | |||||||||||||||||||||||
taxable equivalent) | Quarter | Quarter | Quarter | Quarter | Quarter | 2021 | 2020 | |||||||||||||||||||||
INCOME SUMMARY | ||||||||||||||||||||||||||||
Interest income - taxable equivalent (1) | $ | 27,040 | $ | 27,993 | $ | 25,775 | $ | 25,288 | $ | 24,578 | $ | 80,808 | $ | 74,976 | ||||||||||||||
Interest expense | 1,895 | 1,958 | 2,065 | 2,299 | 2,515 | 5,918 | 9,724 | |||||||||||||||||||||
Net interest income - taxable equivalent | 25,145 | 26,035 | 23,710 | 22,989 | 22,063 | 74,890 | 65,252 | |||||||||||||||||||||
Provision for credit losses | (2,405 | ) | (933 | ) | (4,519 | ) | 481 | 28 | (7,857 | ) | 16,965 | |||||||||||||||||
Net interest income after provision for credit losses | 27,550 | 26,968 | 28,229 | 22,508 | 22,035 | 82,747 | 48,287 | |||||||||||||||||||||
Noninterest income | 4,609 | 3,584 | 3,562 | 3,016 | 2,504 | 11,755 | 7,269 | |||||||||||||||||||||
Noninterest expense | 15,018 | 15,197 | 15,149 | 13,164 | 13,713 | 45,364 | 39,494 | |||||||||||||||||||||
Income before income taxes | 17,141 | 15,355 | 16,642 | 12,360 | 10,826 | 49,138 | 16,062 | |||||||||||||||||||||
Income tax expense | 3,837 | 3,539 | 3,280 | 2,410 | 2,208 | 10,656 | 3,471 | |||||||||||||||||||||
Net income(1)(2) | $ | 13,304 | $ | 11,816 | $ | 13,362 | $ | 9,950 | $ | 8,618 | $ | 38,482 | $ | 12,591 | ||||||||||||||
PER SHARE DATA | ||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.65 | $ | 0.58 | $ | 0.65 | $ | 0.48 | $ | 0.40 | $ | 1.88 | $ | 0.58 | ||||||||||||||
Book value per share | 17.92 | 17.38 | 16.72 | 16.60 | 16.05 | 17.92 | 16.05 | |||||||||||||||||||||
Tangible book value per common share (3) | 16.94 | 16.40 | 15.74 | 15.62 | 15.11 | 16.94 | 15.11 | |||||||||||||||||||||
PERFORMANCE MEASURES | ||||||||||||||||||||||||||||
Return on average equity | 14.69 | % | 13.60 | % | 15.99 | % | 11.68 | % | 10.05 | % | 14.74 | % | 4.98 | % | ||||||||||||||
Return on average assets | 1.36 | 1.26 | 1.50 | 1.19 | 1.15 | 1.37 | 0.59 | |||||||||||||||||||||
Taxable equivalent net interest margin | 2.69 | 2.91 | 2.81 | 2.91 | 3.14 | 2.80 | 3.25 | |||||||||||||||||||||
Taxable equivalent net interest margin excluding PPP loans | 2.54 | 2.70 | 2.70 | 2.81 | 3.18 | 2.65 | 3.31 | |||||||||||||||||||||
Efficiency ratio | 51.12 | 51.97 | 56.30 | 51.30 | 56.61 | 53.04 | 55.16 | |||||||||||||||||||||
Average loans to average deposits | 65.81 | 67.54 | 71.93 | 76.81 | 88.65 | 68.32 | 87.07 | |||||||||||||||||||||
CAPITAL | ||||||||||||||||||||||||||||
Average equity to average assets | 9.23 | % | 9.24 | % | 9.39 | % | 10.18 | % | 11.45 | % | 9.28 | % | 11.78 | % | ||||||||||||||
Tangible common equity to tangible assets | 8.21 | 8.86 | 8.63 | 8.86 | 11.03 | 8.21 | 11.03 | |||||||||||||||||||||
Leverage ratio | 8.50 | (3) | 8.4 | 8.4 | 8.9 | 9.9 | 8.73 | (3) | 9.9 | |||||||||||||||||||
Total risk based capital ratio | 15.91 | (3) | 16.0 | 16.4 | 16.1 | 16.9 | 15.91 | (3) | 16.9 | |||||||||||||||||||
SHARES OUTSTANDING | ||||||||||||||||||||||||||||
Number of common shares outstanding - basic | 20,305,109 | 20,319,429 | 20,354,077 | 20,394,912 | 21,202,783 | 20,305,109 | 21,202,783 | |||||||||||||||||||||
Number of common shares outstanding - diluted | 20,590,747 | 20,595,812 | 20,617,188 | 20,492,542 | 21,298,098 | 20,590,747 | 21,298,098 | |||||||||||||||||||||
Average number of common shares - basic | 20,308,761 | 20,332,503 | 20,380,066 | 20,711,089 | 21,500,735 | 20,340,182 | 21,553,953 | |||||||||||||||||||||
Average number of common shares - diluted | 20,507,604 | 20,516,478 | 20,502,184 | 20,795,332 | 21,543,805 | 20,508,775 | 21,640,057 | |||||||||||||||||||||
ASSET QUALITY | ||||||||||||||||||||||||||||
Allowance for credit losses to loans held for investment | 1.16 | % | 1.27 | % | 1.31 | % | 1.55 | % | 1.59 | % | 1.16 | % | 1.59 | % | ||||||||||||||
Net charge-offs to average loans (4) | 0.00 | 0.10 | 0.04 | 0.05 | 0.06 | 0.05 | 0.13 | |||||||||||||||||||||
Non-performing assets to total assets | 0.10 | 0.14 | 0.06 | 0.13 | 0.20 | 0.10 | 0.20 | |||||||||||||||||||||
AVERAGE BALANCES | ||||||||||||||||||||||||||||
Total loans | $ | 2,246,529 | $ | 2,233,906 | $ | 2,270,660 | $ | 2,207,956 | $ | 2,191,669 | $ | 2,250,277 | $ | 2,071,673 | ||||||||||||||
Investment securities | 733,452 | 656,507 | 579,547 | 491,134 | 453,382 | 657,066 | 444,766 | |||||||||||||||||||||
Total assets | 3,893,049 | 3,771,970 | 3,611,417 | 3,328,719 | 2,977,444 | 3,759,841 | 2,865,884 | |||||||||||||||||||||
Deposits | 3,413,882 | 3,307,601 | 3,156,906 | 2,874,402 | 2,472,218 | 3,293,738 | 2,379,235 | |||||||||||||||||||||
Shareholders' equity | 359,300 | 348,416 | 338,990 | 338,948 | 341,017 | 348,974 | 337,521 | |||||||||||||||||||||
AT PERIOD END | ||||||||||||||||||||||||||||
Loans and loans held for sale | $ | 2,285,670 | $ | 2,264,899 | $ | 2,302,661 | $ | 2,249,036 | $ | 2,188,894 | $ | 2,285,670 | $ | 2,188,894 | ||||||||||||||
Investment securities | 772,987 | 714,065 | 613,236 | 535,579 | 446,706 | 772,987 | 446,706 | |||||||||||||||||||||
Total assets | 4,210,316 | 3,780,445 | 3,732,668 | 3,615,617 | 2,923,977 | 4,210,316 | 2,923,977 | |||||||||||||||||||||
Deposits | 3,727,321 | 3,306,224 | 3,277,692 | 3,161,508 | 2,468,722 | 3,727,321 | 2,468,722 | |||||||||||||||||||||
Shareholders’ equity | 363,925 | 353,185 | 340,328 | 338,586 | 340,309 | 363,925 | 340,309 | |||||||||||||||||||||
(1)Interest income on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate. | ||||||||||||||||||||||||||||
(2)Excludes effect of acquisition related intangibles. | ||||||||||||||||||||||||||||
(3)Amounts are estimates as of | ||||||||||||||||||||||||||||
(4)Annualized. | ||||||||||||||||||||||||||||
Consolidated Balance Sheets (unaudited) | ||||||||||||||||
(in thousands, except share data) | 2021 | 2021 | 2020 | 2020 | ||||||||||||
ASSETS | ||||||||||||||||
Cash and due from banks | $ | 25,725 | $ | 35,530 | $ | 16,865 | $ | 22,715 | ||||||||
Interest-bearing deposits in banks | 811,168 | 593,195 | 636,537 | 91,243 | ||||||||||||
Other short-term investments | 140,848 | — | — | — | ||||||||||||
Cash and cash equivalents | 977,741 | 628,725 | 653,402 | 113,958 | ||||||||||||
Investment securities available for sale | 535,158 | 480,518 | 335,423 | 260,884 | ||||||||||||
Investment securities held to maturity, net of allowance for credit losses of | 237,829 | 233,547 | 200,156 | 185,822 | ||||||||||||
Other investments | 23,877 | 24,293 | 25,892 | 26,315 | ||||||||||||
Loans held for sale | 11,814 | — | — | 859 | ||||||||||||
Loans held for investment | 2,273,856 | 2,264,899 | 2,249,036 | 2,188,035 | ||||||||||||
Less: allowance for loan losses | (23,924 | ) | (26,123 | ) | (31,818 | ) | (31,894 | ) | ||||||||
Loans held for investment, net | 2,249,932 | 2,238,776 | 2,217,218 | 2,156,141 | ||||||||||||
Premises and equipment, net | 18,517 | 19,643 | 21,589 | 22,558 | ||||||||||||
Bank owned life insurance | 74,000 | 73,610 | 72,856 | 67,489 | ||||||||||||
19,925 | 19,925 | 19,925 | 19,925 | |||||||||||||
Other intangibles, net | 2,573 | 2,637 | 2,731 | 2,685 | ||||||||||||
Other real estate owned | — | 16 | 16 | 563 | ||||||||||||
Other assets | 58,950 | 58,755 | 66,409 | 66,778 | ||||||||||||
Total assets | $ | 4,210,316 | $ | 3,780,445 | $ | 3,615,617 | $ | 2,923,977 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Deposits: | ||||||||||||||||
Noninterest-bearing demand | $ | 1,691,616 | $ | 1,374,018 | $ | 1,033,765 | $ | 843,656 | ||||||||
Interest-bearing checking | 721,525 | 536,677 | 760,638 | 387,858 | ||||||||||||
Savings | 800 | 676 | 625 | 568 | ||||||||||||
Money market | 930,929 | 1,026,239 | 1,030,753 | 945,834 | ||||||||||||
Time | 287,865 | 283,656 | 241,328 | 196,343 | ||||||||||||
Brokered deposits | 94,586 | 84,958 | 94,399 | 94,463 | ||||||||||||
Total deposits | 3,727,321 | 3,306,224 | 3,161,508 | 2,468,722 | ||||||||||||
Long-term debt | 74,024 | 73,953 | 73,807 | 73,814 | ||||||||||||
Other liabilities | 45,046 | 47,083 | 41,716 | 41,132 | ||||||||||||
Total liabilities | 3,846,391 | 3,427,260 | 3,277,031 | 2,583,668 | ||||||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||||||
Preferred stock, no par value; 10,000,000 shares authorized; no shares issued and outstanding as of | — | — | — | — | ||||||||||||
Common stock, no par value; 100,000,000 shares authorized; 20,305,109, 20,319,429, 20,394,912, and 21,202,783 shares issued and outstanding as of | 207,214 | 206,619 | 209,942 | 220,643 | ||||||||||||
Retained earnings | 152,619 | 139,315 | 114,137 | 104,188 | ||||||||||||
Accumulated other comprehensive income | 4,092 | 7,251 | 14,507 | 15,478 | ||||||||||||
Total shareholders’ equity | 363,925 | 353,185 | 338,586 | 340,309 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,210,316 | $ | 3,780,445 | $ | 3,615,617 | $ | 2,923,977 | ||||||||
Consolidated Statements of Income (unaudited) | ||||||||||||||||||||||||||||
(in thousands, except share and per share data) | Three months ended | Nine months ended | ||||||||||||||||||||||||||
2021 | 2021 | 2021 | 2020 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||||||||||
Loans, including fees | $ | 22,151 | $ | 23,352 | $ | 21,769 | $ | 21,609 | $ | 21,049 | $ | 67,272 | $ | 63,971 | ||||||||||||||
Investment securities | 3,920 | 3,900 | 3,374 | 3,000 | 2,910 | 11,194 | 8,683 | |||||||||||||||||||||
Interest and dividends on other interest‑earning assets | 593 | 366 | 267 | 334 | 274 | 1,226 | 1,399 | |||||||||||||||||||||
Total interest income | 26,664 | 27,618 | 25,410 | 24,943 | 24,233 | 79,692 | 74,053 | |||||||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||||||||||
Interest on deposits | 789 | 851 | 971 | 1,188 | 1,151 | 2,611 | 6,632 | |||||||||||||||||||||
Interest on | — | — | — | — | 16 | — | 54 | |||||||||||||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | — | — | — | — | 3 | — | 41 | |||||||||||||||||||||
Interest on long-term debt | 1,106 | 1,107 | 1,094 | 1,111 | 1,345 | 3,307 | 2,997 | |||||||||||||||||||||
Total interest expense | 1,895 | 1,958 | 2,065 | 2,299 | 2,515 | 5,918 | 9,724 | |||||||||||||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES | 24,769 | 25,660 | 23,345 | 22,644 | 21,718 | 73,774 | 64,329 | |||||||||||||||||||||
Provision for credit losses | (2,405 | ) | (933 | ) | (4,519 | ) | 481 | 28 | (7,857 | ) | 16,965 | |||||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 27,174 | 26,593 | 27,864 | 22,163 | 21,690 | 81,631 | 47,364 | |||||||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||||||||||
Service charges | 1,765 | 1,727 | 1,663 | 1,341 | 1,217 | 5,155 | 3,530 | |||||||||||||||||||||
Gains (losses) on sale of securities | — | — | 2 | (23 | ) | — | 2 | — | ||||||||||||||||||||
Gains (losses) on sale of other assets | 38 | — | — | (6 | ) | (145 | ) | 38 | (140 | ) | ||||||||||||||||||
Derivatives income (loss) | 21 | (7 | ) | 47 | 11 | 10 | 61 | 246 | ||||||||||||||||||||
Bank owned life insurance | 391 | 388 | 391 | 368 | 363 | 1,170 | 1,092 | |||||||||||||||||||||
SBA lending activities | 1,276 | 1,231 | 1,225 | 1,015 | 893 | 3,732 | 2,089 | |||||||||||||||||||||
Other noninterest income | 1,118 | 245 | 234 | 310 | 166 | 1,597 | 452 | |||||||||||||||||||||
Total noninterest income | 4,609 | 3,584 | 3,562 | 3,016 | 2,504 | 11,755 | 7,269 | |||||||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||||||||||
Salaries and employee benefits | 10,290 | 10,362 | 10,421 | 8,437 | 8,850 | 31,073 | 25,792 | |||||||||||||||||||||
Employee retention credit | (3,035 | ) | — | — | — | — | (3,035 | ) | — | |||||||||||||||||||
Occupancy | 756 | 778 | 734 | 767 | 739 | 2,268 | 2,416 | |||||||||||||||||||||
Equipment and software | 857 | 819 | 774 | 969 | 826 | 2,450 | 2,368 | |||||||||||||||||||||
Professional services | 737 | 723 | 922 | 686 | 562 | 2,382 | 2,059 | |||||||||||||||||||||
Communications and data processing | 889 | 869 | 792 | 789 | 757 | 2,550 | 2,324 | |||||||||||||||||||||
Marketing and business development | 142 | 138 | 108 | 144 | 141 | 388 | 373 | |||||||||||||||||||||
Travel, meals and entertainment | 91 | 47 | 10 | 14 | 39 | 148 | 213 | |||||||||||||||||||||
478 | 421 | 275 | 241 | 213 | 1,174 | 388 | ||||||||||||||||||||||
Merger and conversion costs | 2,899 | — | — | — | — | 2,899 | — | |||||||||||||||||||||
Other noninterest expense | 914 | 1,040 | 1,113 | 1,117 | 1,586 | 3,067 | 3,561 | |||||||||||||||||||||
Total noninterest expense | 15,018 | 15,197 | 15,149 | 13,164 | 13,713 | 45,364 | 39,494 | |||||||||||||||||||||
INCOME BEFORE PROVISION FOR INCOME TAXES | 16,765 | 14,980 | 16,277 | 12,015 | 10,481 | 48,022 | 15,139 | |||||||||||||||||||||
Provision for income taxes | 3,461 | 3,164 | 2,915 | 2,065 | 1,863 | 9,540 | 2,548 | |||||||||||||||||||||
NET INCOME | $ | 13,304 | $ | 11,816 | $ | 13,362 | $ | 9,950 | $ | 8,618 | $ | 38,482 | $ | 12,591 | ||||||||||||||
Net income per common share - basic | $ | 0.66 | $ | 0.58 | $ | 0.66 | $ | 0.48 | $ | 0.40 | $ | 1.89 | $ | 0.58 | ||||||||||||||
Net income per common share - diluted | $ | 0.65 | $ | 0.58 | $ | 0.65 | $ | 0.48 | $ | 0.40 | $ | 1.88 | $ | 0.58 | ||||||||||||||
Weighted average shares - basic | 20,308,761 | 20,332,503 | 20,380,066 | 20,711,089 | 21,500,735 | 20,340,182 | 21,553,953 | |||||||||||||||||||||
Weighted average shares - diluted | 20,507,604 | 20,516,478 | 20,502,184 | 20,795,332 | 21,543,805 | 20,508,775 | 21,640,057 | |||||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||
Selected Financial Information | ||||||||||||||||||
Three months ended | ||||||||||||||||||
Interest | Tax | Interest | Tax | |||||||||||||||
Average | Income/ | Equivalent | Average | Income/ | Equivalent | |||||||||||||
(dollars in thousands; taxable equivalent) | Balance | Expense | Yield/Rate | Balance | Expense | Yield/Rate | ||||||||||||
Assets | ||||||||||||||||||
Interest bearing deposits in other banks | $ | 594,338 | $ | 266 | 0.18 | % | $ | 687,795 | $ | 201 | 0.12 | % | ||||||
Other short-term investments | 122,477 | 156 | 0.51 | — | — | — | ||||||||||||
Investment securities: | ||||||||||||||||||
Taxable investment securities | 503,420 | 2,411 | 1.90 | 426,634 | 2,382 | 2.24 | ||||||||||||
Non-taxable investment securities (1) | 230,032 | 1,885 | 3.25 | 229,873 | 1,893 | 3.30 | ||||||||||||
Total investment securities | 733,452 | 4,296 | 2.32 | 656,507 | 4,275 | 2.61 | ||||||||||||
Loans | 2,246,529 | 22,151 | 3.91 | 2,233,906 | 23,352 | 4.19 | ||||||||||||
FHLB and FRB stock | 11,931 | 171 | 5.69 | 11,931 | 165 | 5.55 | ||||||||||||
Total interest-earning assets | 3,708,727 | 27,040 | 2.89 | 3,590,139 | 27,993 | 3.13 | ||||||||||||
Non-earning assets | 184,322 | 181,831 | ||||||||||||||||
Total assets | $ | 3,893,049 | $ | 3,771,970 | ||||||||||||||
Liabilities | ||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||
NOW, money market, and savings | 1,665,462 | 680 | 0.16 | 1,637,374 | 725 | 0.18 | ||||||||||||
Time deposits | 285,808 | 50 | 0.07 | 290,331 | 68 | 0.09 | ||||||||||||
Brokered deposits | 87,498 | 59 | 0.27 | 84,168 | 58 | 0.28 | ||||||||||||
Total interest-bearing deposits | 2,038,768 | 789 | 0.15 | 2,011,873 | 851 | 0.17 | ||||||||||||
Total borrowings | — | — | — | 89 | — | — | ||||||||||||
Total long-term debt | 73,978 | 1,106 | 5.93 | 73,904 | 1,107 | 6.01 | ||||||||||||
Total interest-bearing liabilities | 2,112,746 | 1,895 | 0.36 | 2,085,866 | 1,958 | 0.38 | ||||||||||||
Demand deposits | 1,375,114 | 1,295,728 | ||||||||||||||||
Other liabilities | 45,889 | 41,960 | ||||||||||||||||
Shareholders’ equity | 359,300 | 348,416 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,893,049 | $ | 3,771,970 | ||||||||||||||
Net interest spread | 2.53 | % | 2.75 | % | ||||||||||||||
Net interest income and net interest margin (2) | $ | 25,145 | 2.69 | % | $ | 26,035 | 2.91 | % | ||||||||||
Non-taxable equivalent net interest margin | 2.65 | % | 2.87 | % | ||||||||||||||
(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate. | ||||||||||||||||||
(2) Tax equivalent net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset. | ||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||
Selected Financial Information | ||||||||||||||||||
Three months ended | ||||||||||||||||||
Interest | Tax | Interest | Tax | |||||||||||||||
Average | Income/ | Equivalent | Average | Income/ | Equivalent | |||||||||||||
(dollars in thousands; taxable equivalent) | Balance | Expense | Yield/Rate | Balance | Expense | Yield/Rate | ||||||||||||
Assets | ||||||||||||||||||
Interest bearing deposits in other banks | $ | 594,338 | $ | 266 | 0.18 | % | $ | 136,459 | $ | 65 | 0.19 | % | ||||||
Other short-term investments | 122,477 | 156 | 0.51 | — | — | — | ||||||||||||
Investment securities: | ||||||||||||||||||
Taxable investment securities | 503,420 | 2,411 | 1.90 | 237,655 | 1,467 | 2.46 | ||||||||||||
Non-taxable investment securities (1) | 230,032 | 1,885 | 3.25 | 215,727 | 1,788 | 3.30 | ||||||||||||
Total investment securities | 733,452 | 4,296 | 2.32 | 453,382 | 3,255 | 2.86 | ||||||||||||
Loans | 2,246,529 | 22,151 | 3.91 | 2,191,669 | 21,049 | 3.82 | ||||||||||||
FHLB and FRB stock | 11,931 | 171 | 5.69 | 14,484 | 209 | 5.74 | ||||||||||||
Total interest-earning assets | 3,708,727 | 27,040 | 2.89 | 2,795,994 | 24,578 | 3.50 | ||||||||||||
Non-earning assets | 184,322 | 181,450 | ||||||||||||||||
Total assets | $ | 3,893,049 | $ | 2,977,444 | ||||||||||||||
Liabilities | ||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||
NOW, money market, and savings | 1,665,462 | 680 | 0.16 | 1,383,382 | 1,006 | 0.29 | ||||||||||||
Time deposits | 285,808 | 50 | 0.07 | 166,019 | 86 | 0.21 | ||||||||||||
Brokered deposits | 87,498 | 59 | 0.27 | 68,102 | 59 | 0.34 | ||||||||||||
Total interest-bearing deposits | 2,038,768 | 789 | 0.15 | 1,617,503 | 1,151 | 0.28 | ||||||||||||
Total borrowings | — | — | — | 40,793 | 19 | 0.19 | ||||||||||||
Total long-term debt | 73,978 | 1,106 | 5.93 | 82,708 | 1,345 | 6.47 | ||||||||||||
Total interest-bearing liabilities | 2,112,746 | 1,895 | 0.36 | 1,741,004 | 2,515 | 0.57 | ||||||||||||
Demand deposits | 1,375,114 | 854,715 | ||||||||||||||||
Other liabilities | 45,889 | 40,708 | ||||||||||||||||
Shareholders’ equity | 359,300 | 341,017 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,893,049 | $ | 2,977,444 | ||||||||||||||
Net interest spread | 2.53 | % | 2.92 | % | ||||||||||||||
Net interest income and net interest margin (2) | $ | 25,145 | 2.69 | % | $ | 22,063 | 3.14 | % | ||||||||||
Non-taxable equivalent net interest margin | 2.65 | % | 3.09 | % | ||||||||||||||
(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate. | ||||||||||||||||||
(2) Tax equivalent net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset. | ||||||||||||||||||
Average Balance Sheets and Net Interest Margin Analysis | ||||||||||||||||||
Selected Financial Information | ||||||||||||||||||
Nine months ended | ||||||||||||||||||
Interest | Tax | Interest | Tax | |||||||||||||||
Average | Income/ | Equivalent | Average | Income/ | Equivalent | |||||||||||||
(dollars in thousands; taxable equivalent) | Balance | Expense | Yield/Rate | Balance | Expense | Yield/Rate | ||||||||||||
Assets | ||||||||||||||||||
Interest bearing deposits in other banks | $ | 615,001 | $ | 634 | 0.14 | % | $ | 147,795 | $ | 756 | 0.68 | % | ||||||
Other short-term investments | 41,274 | 156 | 0.51 | 36 | — | — | ||||||||||||
Investment securities: | ||||||||||||||||||
Taxable investment securities | 429,307 | 6,691 | 2.08 | 246,388 | 4,729 | 2.56 | ||||||||||||
Non-taxable investment securities (1) | 227,759 | 5,619 | 3.30 | 198,378 | 4,877 | 3.28 | ||||||||||||
Total investment securities | 657,066 | 12,310 | 2.50 | 444,766 | 9,606 | 2.88 | ||||||||||||
Loans | 2,250,277 | 67,272 | 4.00 | 2,071,673 | 63,971 | 4.12 | ||||||||||||
FHLB and FRB stock | 12,183 | 436 | 4.78 | 14,667 | 643 | 5.86 | ||||||||||||
Total interest-earning assets | 3,575,801 | 80,808 | 3.02 | 2,678,937 | 74,976 | 3.74 | ||||||||||||
Non-earning assets | 184,040 | 186,947 | ||||||||||||||||
Total assets | $ | 3,759,841 | $ | 2,865,884 | ||||||||||||||
Liabilities | ||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||
NOW, money market, and savings | 1,654,990 | 2,240 | 0.18 | 1,397,280 | 5,889 | 0.56 | ||||||||||||
Time deposits | 283,296 | 191 | 0.09 | 106,271 | 196 | 0.25 | ||||||||||||
Brokered deposits | 85,454 | 180 | 0.28 | 81,125 | 547 | 0.90 | ||||||||||||
Total interest-bearing deposits | 2,023,740 | 2,611 | 0.17 | 1,584,676 | 6,632 | 0.56 | ||||||||||||
Total borrowings | 30 | — | — | 50,055 | 95 | 0.25 | ||||||||||||
Total long-term debt | 73,905 | 3,307 | 5.98 | 60,922 | 2,997 | 6.57 | ||||||||||||
Total interest-bearing liabilities | 2,097,675 | 5,918 | 0.38 | 1,695,653 | 9,724 | 0.77 | ||||||||||||
Demand deposits | 1,269,998 | 794,559 | ||||||||||||||||
Other liabilities | 43,194 | 38,151 | ||||||||||||||||
Shareholders’ equity | 348,974 | 337,521 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,759,841 | $ | 2,865,884 | ||||||||||||||
Net interest spread | 2.64 | % | 2.97 | % | ||||||||||||||
Net interest income and net interest margin (2) | $ | 74,890 | 2.80 | % | $ | 65,252 | 3.25 | % | ||||||||||
Non-taxable equivalent net interest margin | 2.76 | % | 3.21 | % | ||||||||||||||
(1) Interest revenue on tax-exempt securities has been increased to reflect comparable interest on taxable securities. The rate used was 21%, reflecting the statutory federal income tax rate. | ||||||||||||||||||
(2) Tax equivalent net interest income divided by total interest-earning assets using the appropriate day count convention based on the type of interest-earning asset. | ||||||||||||||||||
Period End Loans | ||||||||||||||||||||||||||||
Linked | Year Over | |||||||||||||||||||||||||||
Quarter | Year | |||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2021 | 2021 | 2020 | 2020 | Change | Change | |||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||||||||||
Loans held for sale | $ | 11,814 | $ | — | $ | 1,847 | $ | — | $ | 859 | $ | 11,814 | $ | 10,955 | ||||||||||||||
Total loans held for sale | $ | 11,814 | $ | — | $ | 1,847 | $ | — | $ | 859 | $ | 11,814 | $ | 10,955 | ||||||||||||||
Loans held for investment | ||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||
Commercial and industrial - other | $ | 790,437 | $ | 767,646 | $ | 735,287 | $ | 760,645 | $ | 712,567 | $ | 22,791 | $ | 77,870 | ||||||||||||||
Commercial and industrial - PPP | 48,304 | 105,684 | 218,766 | 192,160 | 231,834 | (57,380 | ) | (183,530 | ) | |||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||
Multifamily | 62,906 | 58,632 | 80,507 | 66,262 | 58,336 | 4,274 | 4,570 | |||||||||||||||||||||
Owner occupied | 413,875 | 392,108 | 381,018 | 373,689 | 364,170 | 21,767 | 49,705 | |||||||||||||||||||||
Investment | 483,538 | 506,230 | 480,566 | 469,150 | 458,279 | (22,692 | ) | 25,259 | ||||||||||||||||||||
Construction and land: | ||||||||||||||||||||||||||||
1‑4 family residential construction | 2,338 | 2,074 | 1,578 | 1,171 | — | 264 | 2,338 | |||||||||||||||||||||
Other construction, development, and land | 202,810 | 178,423 | 141,218 | 144,424 | 139,836 | 24,387 | 62,974 | |||||||||||||||||||||
Total commercial loans | 2,004,208 | 2,010,797 | 2,038,940 | 2,007,501 | 1,965,022 | (6,589 | ) | 39,186 | ||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||
Residential mortgages | 47,076 | 45,207 | 31,817 | 33,783 | 29,460 | 1,869 | 17,616 | |||||||||||||||||||||
Home equity | 28,943 | 24,972 | 26,293 | 25,443 | 24,528 | 3,971 | 4,415 | |||||||||||||||||||||
Total residential loans | 76,019 | 70,179 | 58,110 | 59,226 | 53,988 | 5,840 | 22,031 | |||||||||||||||||||||
Consumer | 192,462 | 184,203 | 203,176 | 176,066 | 154,916 | 8,259 | 37,546 | |||||||||||||||||||||
Other | 4,921 | 5,234 | 7,689 | 13,897 | 22,777 | (313 | ) | (17,856 | ) | |||||||||||||||||||
2,277,610 | 2,270,413 | 2,307,915 | 2,256,690 | 2,196,703 | 7,197 | 80,907 | ||||||||||||||||||||||
Less net deferred fees and other unearned income | (3,754 | ) | (5,514 | ) | (7,101 | ) | (7,654 | ) | (8,668 | ) | 1,760 | 4,914 | ||||||||||||||||
Total loans held for investment | $ | 2,273,856 | $ | 2,264,899 | $ | 2,300,814 | $ | 2,249,036 | $ | 2,188,035 | $ | 8,957 | $ | 85,821 | ||||||||||||||
Total loans | $ | 2,285,670 | $ | 2,264,899 | $ | 2,302,661 | $ | 2,249,036 | $ | 2,188,894 | $ | 20,771 | $ | 96,776 | ||||||||||||||
Total unfunded commitments | $ | 848,642 | $ | 804,784 | $ | 789,869 | $ | 813,757 | $ | 764,247 | $ | 43,858 | $ | 84,395 | ||||||||||||||
Allowance for Credit Losses Activity and Credit Quality | |||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||
Third | Second | First | Fourth | Third | |||||||||||||||||
(dollars in thousands) | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||
Balance at beginning of period | $ | 26,123 | $ | 27,506 | $ | 31,818 | $ | 31,894 | $ | 31,605 | |||||||||||
Provision for loan losses | (2,221 | ) | (814 | ) | (4,074 | ) | 225 | 636 | |||||||||||||
Loans charged-off: | |||||||||||||||||||||
Commercial and industrial | (131 | ) | (386 | ) | (288 | ) | (401 | ) | (404 | ) | |||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||
Construction and land | — | — | — | — | — | ||||||||||||||||
Residential mortgages | — | (223 | ) | — | — | — | |||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||
Total loans charged-off | (131 | ) | (609 | ) | (288 | ) | (401 | ) | (404 | ) | |||||||||||
Recoveries on loans previously charged-off: | |||||||||||||||||||||
Commercial and industrial | 151 | 6 | 50 | 37 | 56 | ||||||||||||||||
Commercial real estate | — | — | — | 44 | — | ||||||||||||||||
Construction and land | — | — | — | 18 | — | ||||||||||||||||
Residential mortgages | — | 32 | — | — | — | ||||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||||
Consumer | 2 | 2 | — | 1 | 1 | ||||||||||||||||
Other | — | — | — | — | — | ||||||||||||||||
Total recoveries | 153 | 40 | 50 | 100 | 57 | ||||||||||||||||
Net charge-offs | $ | 22 | $ | (569 | ) | $ | (238 | ) | $ | (301 | ) | $ | (347 | ) | |||||||
Balance at period end | $ | 23,924 | $ | 26,123 | $ | 27,506 | $ | 31,818 | $ | 31,894 | |||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||
Balance at beginning of period | $ | 2,565 | $ | 2,683 | $ | 3,128 | $ | 2,871 | $ | 3,480 | |||||||||||
Provision for unfunded commitments | (185 | ) | (118 | ) | (445 | ) | 257 | (609 | ) | ||||||||||||
Balance at period end | $ | 2,380 | $ | 2,565 | $ | 2,683 | $ | 3,128 | $ | 2,871 | |||||||||||
Total allowance for credit losses - loans and unfunded commitments | $ | 26,304 | $ | 28,688 | $ | 30,189 | $ | 34,946 | $ | 34,765 | |||||||||||
Provision for credit losses under CECL | |||||||||||||||||||||
Provision for loan losses | (2,221 | ) | (814 | ) | (4,074 | ) | 225 | 636 | |||||||||||||
Provision for securities held to maturity credit losses | 1 | (1 | ) | - | (1 | ) | 1 | ||||||||||||||
Provision for unfunded commitments | (185 | ) | (118 | ) | (445 | ) | 257 | (609 | ) | ||||||||||||
Total provision for credit losses | $ | (2,405 | ) | $ | (933 | ) | $ | (4,519 | ) | $ | 481 | $ | 28 | ||||||||
Non-performing loans | $ | 4,077 | $ | 5,194 | $ | 2,056 | $ | 4,862 | $ | 5,421 | |||||||||||
Foreclosed properties (OREO) | — | 16 | 16 | 16 | 563 | ||||||||||||||||
Total nonperforming assets | $ | 4,077 | $ | 5,210 | $ | 2,072 | $ | 4,878 | $ | 5,984 | |||||||||||
Allowance for loan losses to loans held for investment | 1.05 | % | 1.15 | % | 1.20 | % | 1.41 | % | 1.46 | % | |||||||||||
Allowance for credit losses to loans held for investment | 1.16 | % | 1.27 | % | 1.31 | % | 1.55 | % | 1.59 | % | |||||||||||
Allowance for credit losses to loans held for investment excluding PPP loans | 1.18 | % | 1.33 | % | 1.45 | % | 1.70 | % | 1.78 | % | |||||||||||
Net charge-offs to average loans (1) | 0.00 | 0.10 | 0.04 | 0.05 | 0.06 | ||||||||||||||||
Non-performing loans as a percentage of total loans | 0.18 | % | 0.23 | % | 0.09 | % | 0.22 | % | 0.25 | % | |||||||||||
Non-performing assets as a percentage of total assets | 0.10 | % | 0.14 | % | 0.06 | % | 0.13 | % | 0.20 | % | |||||||||||
(1)Annualized. | |||||||||||||||||||||
Period End Deposits | |||||||||||||||||||||||
Linked | |||||||||||||||||||||||
Quarter | Year Over | ||||||||||||||||||||||
(dollars in thousands) | 2021 | 2021 | 2021 | 2020 | 2020 | Change | Year Change | ||||||||||||||||
DDA | $ | 1,691,616 | $ | 1,374,018 | $ | 1,280,524 | $ | 1,033,765 | $ | 843,656 | $ | 317,598 | $ | 847,960 | |||||||||
NOW | 721,525 | 536,677 | 485,540 | 760,638 | 387,858 | 184,848 | 333,667 | ||||||||||||||||
Savings | 800 | 676 | 562 | 625 | 568 | 124 | 232 | ||||||||||||||||
Money market | 930,929 | 1,026,239 | 1,142,361 | 1,030,753 | 945,834 | (95,310 | ) | (14,905 | ) | ||||||||||||||
Time | 287,865 | 283,656 | 294,129 | 241,328 | 196,343 | 4,209 | 91,522 | ||||||||||||||||
Brokered | 94,586 | 84,958 | 74,576 | 94,399 | 94,463 | 9,628 | 123 | ||||||||||||||||
Total deposits | $ | 3,727,321 | $ | 3,306,224 | $ | 3,277,692 | $ | 3,161,508 | $ | 2,468,722 | $ | 421,097 | $ | 1,258,599 | |||||||||
Average Deposits | |||||||||||||||||||||||
2021 | 2020 | Linked | |||||||||||||||||||||
Third | Second | First | Fourth | Third | Quarter | Q3 2021 vs | |||||||||||||||||
(dollars in thousands) | Quarter | Quarter | Quarter | Quarter | Quarter | Change | Q3 2020 | ||||||||||||||||
DDA | $ | 1,375,114 | $ | 1,295,728 | $ | 1,136,531 | $ | 977,009 | $ | 854,715 | $ | 79,386 | $ | 520,399 | |||||||||
NOW | 607,485 | 548,358 | 618,701 | 558,967 | 440,734 | 59,127 | $ | 166,751 | |||||||||||||||
Savings | 731 | 593 | 587 | 614 | 586 | 138 | $ | 145 | |||||||||||||||
Money market | 1,057,246 | 1,088,423 | 1,042,809 | 1,026,347 | 942,062 | (31,177 | ) | $ | 115,184 | ||||||||||||||
Time | 285,808 | 290,331 | 273,615 | 221,792 | 166,019 | (4,523 | ) | $ | 119,789 | ||||||||||||||
Brokered | 87,498 | 84,168 | 84,663 | 89,673 | 68,102 | 3,330 | $ | 19,396 | |||||||||||||||
Total deposits | $ | 3,413,882 | $ | 3,307,601 | $ | 3,156,906 | $ | 2,874,402 | $ | 2,472,218 | $ | 106,281 | $ | 941,664 | |||||||||
Noninterest bearing deposits as a percentage of average deposits | 40.3 | % | 39.2 | % | 36.0 | % | 34.0 | % | 34.6 | % | |||||||||||||
Cost of interest-bearing deposits | 0.15 | % | 0.17 | % | 0.19 | % | 0.25 | % | 0.28 | % | |||||||||||||
Cost of deposits | 0.08 | % | 0.10 | % | 0.12 | % | 0.16 | % | 0.19 | % | |||||||||||||
Non-GAAP Performance and Financial Measures Reconciliation | |||||||||||||||||||||||||||||
For the nine months | |||||||||||||||||||||||||||||
2021 | 2020 | ended | |||||||||||||||||||||||||||
Third | Second | First | Fourth | Third | |||||||||||||||||||||||||
(in thousands, except share and per share data) | Quarter | Quarter | Quarter | Quarter | Quarter | 2021 | 2020 | ||||||||||||||||||||||
Taxable equivalent interest income reconciliation | |||||||||||||||||||||||||||||
Interest income - GAAP | $ | 26,664 | $ | 27,618 | $ | 25,410 | $ | 24,943 | $ | 24,233 | $ | 79,692 | $ | 74,053 | |||||||||||||||
Taxable equivalent adjustment | 376 | 375 | 365 | 345 | 345 | 1,116 | 923 | ||||||||||||||||||||||
Interest income - taxable equivalent | $ | 27,040 | $ | 27,993 | $ | 25,775 | $ | 25,288 | $ | 24,578 | $ | 80,808 | $ | 74,976 | |||||||||||||||
Taxable equivalent net interest income reconciliation | |||||||||||||||||||||||||||||
Net interest income - GAAP | $ | 24,769 | $ | 25,660 | $ | 23,345 | $ | 22,644 | $ | 21,718 | $ | 73,774 | $ | 64,329 | |||||||||||||||
Taxable equivalent adjustment | 376 | 375 | 365 | 345 | 345 | 1,116 | 923 | ||||||||||||||||||||||
Net interest income - taxable equivalent | $ | 25,145 | $ | 26,035 | $ | 23,710 | $ | 22,989 | $ | 22,063 | $ | 74,890 | $ | 65,252 | |||||||||||||||
Loan yield excluding PPP loans reconciliation | |||||||||||||||||||||||||||||
Loan yield - GAAP | 3.91 | % | 4.19 | % | 3.89 | % | 3.89 | % | 3.82 | % | 4.00 | % | 4.12 | % | |||||||||||||||
Impact of PPP loans | (0.20 | ) | (0.24 | ) | (0.06 | ) | (0.03 | ) | 0.13 | (0.17 | ) | 0.14 | |||||||||||||||||
Loan yield excluding PPP loans | 3.71 | % | 3.95 | % | 3.83 | % | 3.86 | % | 3.95 | % | 3.83 | % | 4.26 | % | |||||||||||||||
Taxable equivalent net interest margin reconciliation | |||||||||||||||||||||||||||||
Net interest margin - GAAP | 2.65 | % | 2.87 | % | 2.76 | % | 2.86 | % | 3.09 | % | 2.76 | % | 3.21 | % | |||||||||||||||
Impact of taxable equivalent adjustment | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | ||||||||||||||||||||||
Net interest margin - taxable equivalent | 2.69 | % | 2.91 | % | 2.81 | % | 2.91 | % | 3.14 | % | 2.80 | % | 3.25 | % | |||||||||||||||
Taxable equivalent net interest margin excluding PPP loans reconciliation | |||||||||||||||||||||||||||||
Net interest margin - taxable equivalent | 2.69 | % | 2.91 | % | 2.81 | % | 2.91 | % | 3.14 | % | 2.80 | % | 3.21 | % | |||||||||||||||
Impact of PPP loans | (0.15 | ) | (0.21 | ) | (0.11 | ) | (0.10 | ) | 0.04 | (0.15 | ) | 0.10 | |||||||||||||||||
Net interest margin - taxable equivalent excluding PPP loans | 2.54 | % | 2.70 | % | 2.70 | % | 2.81 | % | 3.18 | % | 2.65 | % | 3.31 | % | |||||||||||||||
Taxable equivalent income before income taxes reconciliation | |||||||||||||||||||||||||||||
Income before income taxes - GAAP | $ | 16,765 | $ | 14,980 | $ | 16,277 | $ | 12,015 | $ | 10,481 | $ | 48,022 | $ | 15,139 | |||||||||||||||
Taxable equivalent adjustment | 376 | 375 | 365 | 345 | 345 | 1,116 | 923 | ||||||||||||||||||||||
Income before income taxes | $ | 17,141 | $ | 15,355 | $ | 16,642 | $ | 12,360 | $ | 10,826 | $ | 49,138 | $ | 16,062 | |||||||||||||||
Taxable equivalent income tax expense reconciliation | |||||||||||||||||||||||||||||
Income tax expense - GAAP | $ | 3,461 | $ | 3,164 | $ | 2,915 | $ | 2,065 | $ | 1,863 | $ | 9,540 | $ | 2,548 | |||||||||||||||
Taxable equivalent adjustment | 376 | 375 | 365 | 345 | 345 | 1,116 | 923 | ||||||||||||||||||||||
Income tax expense | $ | 3,837 | $ | 3,539 | $ | 3,280 | $ | 2,410 | $ | 2,208 | $ | 10,656 | $ | 3,471 | |||||||||||||||
Tangible book value per common share reconciliation | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 363,925 | $ | 353,185 | $ | 340,328 | $ | 338,586 | $ | 340,309 | $ | 363,925 | $ | 340,309 | |||||||||||||||
Intangible assets | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | |||||||||||||||
Total tangible common equity | $ | 344,000 | $ | 333,260 | $ | 320,403 | $ | 318,661 | $ | 320,384 | $ | 344,000 | $ | 320,384 | |||||||||||||||
Common shares outstanding | 20,305,109 | 20,319,429 | 20,354,077 | 20,394,912 | 21,202,783 | 20,305,109 | 21,202,783 | ||||||||||||||||||||||
Book value per common share - GAAP | $ | 17.92 | $ | 17.38 | $ | 16.72 | $ | 16.60 | $ | 16.05 | $ | 17.92 | $ | 16.05 | |||||||||||||||
Tangible book value | 16.94 | 16.40 | 15.74 | 15.62 | 15.11 | 16.94 | 15.11 | ||||||||||||||||||||||
Tangible common equity to tangible assets reconciliation | |||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 363,925 | $ | 353,185 | $ | 340,328 | $ | 338,586 | $ | 340,309 | $ | 363,925 | $ | 340,309 | |||||||||||||||
Intangible assets | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | |||||||||||||||
Total tangible common equity | $ | 344,000 | $ | 333,260 | $ | 320,403 | $ | 318,661 | $ | 320,384 | $ | 344,000 | $ | 320,384 | |||||||||||||||
Total assets | $ | 4,210,316 | $ | 3,780,445 | $ | 3,732,668 | $ | 3,615,617 | $ | 2,923,977 | $ | 4,210,316 | $ | 2,923,977 | |||||||||||||||
Intangible assets | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | (19,925 | ) | |||||||||||||||
Total tangible assets | $ | 4,190,391 | $ | 3,760,520 | $ | 3,712,743 | $ | 3,595,692 | $ | 2,904,052 | $ | 4,190,391 | $ | 2,904,052 | |||||||||||||||
Tangible common equity to tangible assets | 8.21 | % | 8.86 | % | 8.63 | % | 8.86 | % | 11.03 | % | 8.21 | % | 11.03 | % | |||||||||||||||
Allowance for credit losses to loans held for investment reconciliation | |||||||||||||||||||||||||||||
Total loans held for investment | $ | 2,273,856 | $ | 2,264,899 | $ | 2,300,814 | $ | 2,249,036 | $ | 2,188,035 | $ | 2,273,856 | $ | 2,188,035 | |||||||||||||||
PPP loans | (48,304 | ) | (105,684 | ) | (218,766 | ) | (192,160 | ) | (231,834 | ) | (48,304 | ) | (231,834 | ) | |||||||||||||||
Total loans held for investment excluding PPP loans | $ | 2,225,552 | $ | 2,159,215 | $ | 2,082,048 | $ | 2,056,876 | $ | 1,956,201 | $ | 2,225,552 | $ | 1,956,201 | |||||||||||||||
Allowance for credit losses to loans held for investment | 1.16 | % | 1.27 | % | 1.31 | % | 1.55 | % | 1.59 | % | 1.16 | % | 1.59 | % | |||||||||||||||
Allowance for credit losses to loans held for investment excluding PPP loans | 1.18 | % | 1.33 | % | 1.45 | % | 1.70 | % | 1.78 | % | 1.18 | % | 1.78 | % | |||||||||||||||
Source:
2021 GlobeNewswire, Inc., source