10/22/2024 | Press release | Distributed by Public on 10/22/2024 15:29
Three months ended |
Increase / (Decrease)
|
|||||
(Dollars in thousands) |
September 30, 2024 |
September 30, 2023 |
||||
Provision for credit losses on loans - collectively evaluated
|
$ | (663) | $ | (1,518) | $ | 855 |
Provision for credit losses on loans - individually evaluated
|
2,311 | 2,512 | (201) | |||
Provision for credit losses on loans | 1,648 | 994 | 654 | |||
Provision for unfunded commitments | (316) | 758 | (1,074) | |||
Provision for credit losses
|
$ | 1,332 | $ | 1,752 | $ | (420) |
(Dollars in thousands, except per share data) |
September 30, 2024 |
December 31, 2023 |
September 30, 2023 |
|||
Assets | ||||||
Cash and cash equivalents: | ||||||
Cash and due from banks | $ | 60,466 | $ | 37,443 | $ | 45,345 |
Interest-earning deposits with banks | 28,166 | 19,149 | 180,076 | |||
Total cash and cash equivalents | 88,632 | 56,592 | 225,421 | |||
Investments: | ||||||
Debt securities at fair value (amortized cost of $703,311, $763,981 and $806,077, respectively)
|
622,527 | 661,113 | 672,894 | |||
Equity securities at fair value | 9,448 | 7,058 | 6,038 | |||
Total investment securities at fair value | 631,975 | 668,171 | 678,932 | |||
Federal Home Loan Bank stock | 2,482 | 2,402 | 2,403 | |||
Loans held for sale | 1,229 | 200 | - | |||
Loans: | ||||||
Total loans | 3,858,940 | 3,567,631 | 3,404,014 | |||
Allowance for credit losses | (63,654) | (58,995) | (57,905) | |||
Net loans | 3,795,286 | 3,508,636 | 3,346,109 | |||
Premises and equipment, net | 43,291 | 44,931 | 43,391 | |||
Lease right-of-use asset | 24,291 | 24,820 | 24,979 | |||
Accrued interest receivable | 20,529 | 19,233 | 18,572 | |||
Deferred income taxes, net | 44,067 | 49,166 | 55,080 | |||
Bank-owned life insurance | 66,899 | 65,455 | 65,106 | |||
Prepaid income taxes | 4,645 | 1,589 | 2,548 | |||
Prepaid expenses and other assets | 13,827 | 19,183 | 14,177 | |||
Goodwill | 5,656 | 5,656 | 5,656 | |||
Total assets | $ | 4,742,809 | $ | 4,466,034 | $ | 4,482,374 |
Liabilities and Shareholders' Equity
|
||||||
Liabilities | ||||||
Deposits | $ | 4,189,461 | $ | 3,977,521 | $ | 4,060,403 |
Borrowed funds | 59,949 | 25,768 | 4,290 | |||
Subordinated debt | 59,736 | 59,498 | 59,419 | |||
Lease liability | 24,010 | 24,441 | 24,589 | |||
Accrued expenses and other liabilities | 32,116 | 45,011 | 31,288 | |||
Accrued interest payable | 9,428 | 4,678 | 2,686 | |||
Total liabilities | 4,374,700 | 4,136,917 | 4,182,675 | |||
Commitments and Contingencies | ||||||
Shareholders' Equity
|
||||||
Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued
|
- | - | - | |||
Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,428,426, 12,272,674 and 12,256,964 shares issued and outstanding, respectively.
|
124 | 123 | 123 | |||
Additional paid-in capital | 110,110 | 107,377 | 106,451 | |||
Retained earnings | 320,497 | 301,380 | 296,291 | |||
Accumulated other comprehensive loss | (62,622) | (79,763) | (103,166) | |||
Total shareholders' equity | 368,109 | 329,117 | 299,699 | |||
Total liabilities and shareholders' equity | $ | 4,742,809 | $ | 4,466,034 | $ | 4,482,374 |
Three months ended | Nine months ended | |||||||||
(Dollars in thousands, except per share data) |
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
|||||
Interest and dividend income: | ||||||||||
Other interest-earning assets | $ | 2,497 | $ | 1,697 | $ | 3,468 | $ | 5,366 | $ | 7,593 |
Investment securities | 3,835 | 3,943 | 4,316 | 11,812 | 14,356 | |||||
Loans and loans held for sale | 53,809 | 51,224 | 44,501 | 153,850 | 125,855 | |||||
Total interest and dividend income | 60,141 | 56,864 | 52,285 | 171,028 | 147,804 | |||||
Interest expense: | ||||||||||
Deposits | 20,581 | 19,172 | 12,889 | 57,025 | 28,568 | |||||
Borrowed funds | 674 | 664 | 28 | 2,032 | 70 | |||||
Subordinated debt | 866 | 867 | 866 | 2,600 | 2,600 | |||||
Total interest expense | 22,121 | 20,703 | 13,783 | 61,657 | 31,238 | |||||
Net interest income | 38,020 | 36,161 | 38,502 | 109,371 | 116,566 | |||||
Provision for credit losses | 1,332 | 137 | 1,752 | 2,091 | 6,756 | |||||
Net interest income after provision for credit losses | 36,688 | 36,024 | 36,750 | 107,280 | 109,810 | |||||
Non-interest income: | ||||||||||
Wealth management fees | 2,025 | 1,970 | 1,673 | 5,845 | 4,933 | |||||
Deposit and interchange fees | 2,282 | 2,284 | 1,987 | 6,635 | 6,330 | |||||
Income on bank-owned life insurance, net | 518 | 503 | 327 | 1,479 | 950 | |||||
Net losses on sales of debt securities
|
(2) | - | - | (2) | (2,419) | |||||
Net gains on sales of loans | 57 | 44 | 14 | 123 | 34 | |||||
Net gains (losses) on equity securities | 604 | 101 | (181) | 1,170 | (8) | |||||
Other income | 656 | 726 | 666 | 2,013 | 2,242 | |||||
Total non-interest income | 6,140 | 5,628 | 4,486 | 17,263 | 12,062 | |||||
Non-interest expense: | ||||||||||
Salaries and employee benefits | 20,097 | 19,675 | 19,159 | 58,948 | 53,815 | |||||
Occupancy and equipment expenses | 2,438 | 2,406 | 2,433 | 7,303 | 7,439 | |||||
Technology and telecommunications expenses | 2,618 | 2,658 | 2,626 | 8,021 | 7,937 | |||||
Advertising and public relations expenses | 559 | 674 | 592 | 1,976 | 2,077 | |||||
Audit, legal and other professional fees | 569 | 711 | 735 | 2,014 | 2,157 | |||||
Deposit insurance premiums | 900 | 862 | 654 | 2,621 | 1,944 | |||||
Supplies and postage expenses | 261 | 240 | 251 | 738 | 753 | |||||
Other operating expenses | 1,911 | 1,803 | 1,862 | 5,669 | 5,853 | |||||
Total non-interest expense | 29,353 | 29,029 | 28,312 | 87,290 | 81,975 | |||||
Income before income taxes | 13,475 | 12,623 | 12,924 | 37,253 | 39,897 | |||||
Provision for income taxes | 3,488 | 3,111 | 3,225 | 9,247 | 9,746 | |||||
Net income | $ | 9,987 | $ | 9,512 | $ | 9,699 | $ | 28,006 | $ | 30,151 |
Basic earnings per common share | $ | 0.80 | $ | 0.77 | $ | 0.79 | $ | 2.26 | $ | 2.47 |
Diluted earnings per common share | $ | 0.80 | $ | 0.77 | $ | 0.79 | $ | 2.26 | $ | 2.46 |
Basic weighted average common shares outstanding | 12,428,543 | 12,389,917 | 12,247,892 | 12,370,812 | 12,210,740 | |||||
Diluted weighted average common shares outstanding | 12,438,160 | 12,394,463 | 12,264,778 | 12,379,390 | 12,233,861 |
At or for the three months ended | ||||||||||
(Dollars in thousands, except per share data) |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||
Balance Sheet Data | ||||||||||
Total cash and cash equivalents | $ | 88,632 | $ | 199,719 | $ | 147,834 | $ | 56,592 | $ | 225,421 |
Total investment securities at fair value | 631,975 | 636,838 | 652,026 | 668,171 | 678,932 | |||||
Total loans | 3,858,940 | 3,768,649 | 3,654,322 | 3,567,631 | 3,404,014 | |||||
Allowance for credit losses | (63,654) | (61,999) | (60,741) | (58,995) | (57,905) | |||||
Total assets | 4,742,809 | 4,773,681 | 4,624,015 | 4,466,034 | 4,482,374 | |||||
Total deposits | 4,189,461 | 4,248,801 | 4,106,119 | 3,977,521 | 4,060,403 | |||||
Borrowed funds
|
59,949 | 61,785 | 63,246 | 25,768 | 4,290 | |||||
Subordinated debt | 59,736 | 59,657 | 59,577 | 59,498 | 59,419 | |||||
Total shareholders' equity | 368,109 | 340,441 | 333,439 | 329,117 | 299,699 | |||||
Total liabilities and shareholders' equity | 4,742,809 | 4,773,681 | 4,624,015 | 4,466,034 | 4,482,374 | |||||
Wealth Management | ||||||||||
Wealth assets under management | $ | 1,212,076 | $ | 1,129,147 | $ | 1,105,036 | $ | 1,077,761 | $ | 984,647 |
Wealth assets under administration | $ | 302,891 | $ | 267,529 | $ | 268,074 | $ | 242,338 | $ | 211,046 |
Shareholders' Equity Ratios | ||||||||||
Book value per common share | $ | 29.62 | $ | 27.40 | $ | 26.94 | $ | 26.82 | $ | 24.45 |
Dividends paid per common share | $ | 0.24 | $ | 0.24 | $ | 0.24 | $ | 0.23 | $ | 0.23 |
Regulatory Capital Ratios | ||||||||||
Total capital to risk weighted assets | 13.07 | % | 13.07 | % | 13.20 | % | 13.12 | % | 13.45 | % |
Tier 1 capital to risk weighted assets(1)
|
10.36 | % | 10.34 | % | 10.43 | % | 10.34 | % | 10.61 | % |
Tier 1 capital to average assets | 8.68 | % | 8.76 | % | 8.85 | % | 8.74 | % | 8.59 | % |
Credit Quality Data | ||||||||||
Non-performing loans | $ | 25,946 | $ | 17,731 | $ | 18,527 | $ | 11,414 | $ | 11,656 |
Non-performing loans to total loans | 0.67 | % | 0.47 | % | 0.51 | % | 0.32 | % | 0.34 | % |
Non-performing assets to total assets | 0.55 | % | 0.37 | % | 0.40 | % | 0.26 | % | 0.26 | % |
ACL for loans to total loans | 1.65 | % | 1.65 | % | 1.66 | % | 1.65 | % | 1.70 | % |
Net (recoveries) charge-offs
|
$ | (7) | $ | (130) | $ | 122 | $ | 15 | $ | (12) |
Income Statement Data | ||||||||||
Net interest income | $ | 38,020 | $ | 36,161 | $ | 35,190 | $ | 36,518 | $ | 38,502 |
Provision for credit losses | 1,332 | 137 | 622 | 2,493 | 1,752 | |||||
Total non-interest income | 6,140 | 5,628 | 5,495 | 5,547 | 4,486 | |||||
Total non-interest expense | 29,353 | 29,029 | 28,908 | 28,224 | 28,312 | |||||
Income before income taxes | 13,475 | 12,623 | 11,155 | 11,348 | 12,924 | |||||
Provision for income taxes | 3,488 | 3,111 | 2,648 | 3,441 | 3,225 | |||||
Net income | $ | 9,987 | $ | 9,512 | $ | 8,507 | $ | 7,907 | $ | 9,699 |
Income Statement Ratios | ||||||||||
Diluted earnings per common share | $ | 0.80 | $ | 0.77 | $ | 0.69 | $ | 0.64 | $ | 0.79 |
Return on average total assets | 0.82 | % | 0.82 | % | 0.75 | % | 0.69 | % | 0.85 | % |
Return on average shareholders' equity | 11.20 | % | 11.55 | % | 10.47 | % | 10.21 | % | 12.53 | % |
Net interest margin (tax-equivalent)(2)
|
3.22 | % | 3.19 | % | 3.20 | % | 3.29 | % | 3.46 | % |
(Dollars in thousands) |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||
Commercial real estate owner-occupied | $ | 660,063 | $ | 660,478 | $ | 635,420 | $ | 619,302 | $ | 618,903 |
Commercial real estate non owner-occupied | 1,579,827 | 1,544,386 | 1,524,174 | 1,445,435 | 1,413,555 | |||||
Commercial and industrial | 415,642 | 426,976 | 417,604 | 430,749 | 425,334 | |||||
Commercial construction | 674,434 | 622,094 | 583,711 | 585,113 | 501,179 | |||||
Total commercial loans | 3,329,966 | 3,253,934 | 3,160,909 | 3,080,599 | 2,958,971 | |||||
Residential mortgages | 424,030 | 413,323 | 400,093 | 393,142 | 362,514 | |||||
Home equity loans and lines | 95,982 | 93,220 | 85,144 | 85,375 | 74,433 | |||||
Consumer | 8,962 | 8,172 | 8,176 | 8,515 | 8,096 | |||||
Total retail loans | 528,974 | 514,715 | 493,413 | 487,032 | 445,043 | |||||
Total loans | 3,858,940 | 3,768,649 | 3,654,322 | 3,567,631 | 3,404,014 | |||||
ACL for loans | (63,654) | (61,999) | (60,741) | (58,995) | (57,905) | |||||
Net loans | $ | 3,795,286 | $ | 3,706,650 | $ | 3,593,581 | $ | 3,508,636 | $ | 3,346,109 |
(Dollars in thousands) |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||
Non-interest checking | $ | 1,064,424 | $ | 1,041,771 | $ | 1,038,887 | $ | 1,061,009 | $ | 1,118,714 |
Interest-bearing checking | 682,050 | 788,822 | 730,819 | 697,632 | 727,817 | |||||
Savings | 279,824 | 294,566 | 285,090 | 294,865 | 302,381 | |||||
Money market | 1,488,437 | 1,504,551 | 1,469,181 | 1,402,939 | 1,434,036 | |||||
CDs $250,000 or less | 375,055 | 358,149 | 337,367 | 295,789 | 262,975 | |||||
CDs greater than $250,000 | 299,671 | 260,942 | 244,775 | 225,287 | 214,480 | |||||
Deposits | $ | 4,189,461 | $ | 4,248,801 | $ | 4,106,119 | $ | 3,977,521 | $ | 4,060,403 |
Three months ended September 30, 2024 | Three Months Ended June 30, 2024 | Three months ended September 30, 2023 | ||||||||||||||||
(Dollars in thousands) |
Average Balance |
Interest(1)
|
Average
Yield(1) |
Average Balance |
Interest(1)
|
Average
Yield(1) |
Average Balance |
Interest(1)
|
Average
Yield(1)
|
|||||||||
Assets: | ||||||||||||||||||
Other interest-earning assets(2)
|
$ | 181,465 | $ | 2,497 | 5.48 | % | $ | 123,887 | $ | 1,697 | 5.51 | % | $ | 260,475 | $ | 3,468 | 5.28 | % |
Investment securities(3) (tax-equivalent)
|
731,815 | 3,945 | 2.16 | % | 750,822 | 4,057 | 2.16 | % | 820,156 | 4,444 | 2.17 | % | ||||||
Loans and loans held for sale(4) (tax-equivalent)
|
3,813,800 | 53,956 | 5.63 | % | 3,708,485 | 51,366 | 5.57 | % | 3,372,754 | 44,644 | 5.25 | % | ||||||
Total interest-earnings assets (tax-equivalent) | 4,727,080 | 60,398 | 5.09 | % | 4,583,194 | 57,120 | 5.01 | % | 4,453,385 | 52,556 | 4.69 | % | ||||||
Other assets | 104,284 | 96,991 | 82,190 | |||||||||||||||
Total assets | $ | 4,831,364 | $ | 4,680,185 | $ | 4,535,575 | ||||||||||||
Liabilities and stockholders' equity: | ||||||||||||||||||
Non-interest checking | $ | 1,069,130 | - | $ | 1,044,648 | - | $ | 1,186,243 | - | |||||||||
Interest checking, savings and money market | 2,574,439 | 13,017 | 2.01 | % | 2,520,439 | 12,381 | 1.98 | % | 2,491,229 | 9,185 | 1.47 | % | ||||||
CDs | 651,614 | 7,564 | 4.62 | % | 601,339 | 6,791 | 4.54 | % | 430,376 | 3,704 | 3.41 | % | ||||||
Total deposits
|
4,295,183 | 20,581 | 1.91 | % | 4,166,426 | 19,172 | 1.85 | % | 4,107,848 | 12,889 | 1.24 | % | ||||||
Borrowed funds | 61,232 | 674 | 4.38 | % | 62,513 | 664 | 4.27 | % | 4,938 | 28 | 2.30 | % | ||||||
Subordinated debt(5)
|
59,689 | 866 | 5.81 | % | 59,609 | 867 | 5.82 | % | 59,372 | 866 | 5.84 | % | ||||||
Total funding liabilities
|
4,416,104 | 22,121 | 1.99 | % | 4,288,548 | 20,703 | 1.94 | % | 4,172,158 | 13,783 | 1.31 | % | ||||||
Other liabilities | 60,524 | 60,270 | 56,414 | |||||||||||||||
Total liabilities | 4,476,628 | 4,348,818 | 4,228,572 | |||||||||||||||
Stockholders' equity | 354,736 | 331,367 | 307,003 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 4,831,364 | $ | 4,680,185 | $ | 4,535,575 | ||||||||||||
Net interest-rate spread (tax-equivalent) | 3.10 | % | 3.07 | % | 3.38 | % | ||||||||||||
Net interest income (tax-equivalent) | 38,277 | 36,417 | 38,773 | |||||||||||||||
Net interest margin (tax-equivalent) | 3.22 | % | 3.19 | % | 3.46 | % | ||||||||||||
Less tax-equivalent adjustment | 257 | 256 | 271 | |||||||||||||||
Net interest income | $ | 38,020 | $ | 36,161 | $ | 38,502 | ||||||||||||
Net interest margin | 3.20 | % | 3.17 | % | 3.43 | % |