Equity Bancshares, Inc. Fourth Quarter Results Include Net Interest Margin Expansion and Close of Common Equity Capital Raise
Equity Bancshares (NYSE: EQBK) reported Q4 2024 net income of $17.0 million, or $1.04 per diluted share. The company achieved a net interest margin of 4.17%, boosted by non-recurring nonaccrual reversals and prepayment fees of $1.5 million. Excluding these items, the margin was 4.04%.
Key highlights include the completion of a common stock capital raise, issuing 2,067,240 shares at $44.50 per share, generating $87.0 million after expenses. The company's tangible common equity ratio reached 9.95%, with deposit balances (excluding brokered) increasing by $211.2 million. Loan balances closed at $3.5 billion, reflecting 5.0% full-year growth.
The company announced a $0.15 dividend and reported improved asset quality with nonaccrual loans declining to $27.1 million (0.77% of total loans), though classified assets increased to $73.5 million.
Equity Bancshares (NYSE: EQBK) ha riportato un utile netto nel Q4 2024 di 17,0 milioni di dollari, ovvero 1,04 dollari per azione diluita. L'azienda ha raggiunto un margine d'interesse netto del 4,17%, sostenuto da ritorni non ricorrenti su prestiti non in accrual e spese di prepagamento per 1,5 milioni di dollari. Escludendo questi fattori, il margine è stato del 4,04%.
Tra i punti salienti ci sono il completamento di una raccolta di capitale in azioni ordinarie, con l'emissione di 2.067.240 azioni a 44,50 dollari per azione, generando 87,0 milioni di dollari dopo le spese. Il rapporto di equity comune tangibile dell'azienda ha raggiunto il 9,95%, con saldi dei depositi (escludendo quelli intermediati) che sono aumentati di 211,2 milioni di dollari. I saldi dei prestiti si sono chiusi a 3,5 miliardi di dollari, riflettendo una crescita totale del 5,0% per l'anno.
L'azienda ha annunciato un dividendo di 0,15 dollari e ha riportato un miglioramento della qualità degli attivi, con prestiti non in accrual in calo a 27,1 milioni di dollari (0,77% del totale prestiti), anche se gli attivi classificati sono aumentati a 73,5 milioni di dollari.
Equity Bancshares (NYSE: EQBK) reportó un ingreso neto de 17,0 millones de dólares en el cuarto trimestre de 2024, o 1,04 dólares por acción diluida. La compañía alcanzó un margen de interés neto del 4,17%, impulsado por devoluciones no recurrentes de préstamos no devengados y tarifas de prepago por 1,5 millones de dólares. Excluyendo estos elementos, el margen fue del 4,04%.
Los aspectos más destacados incluyen la finalización de una recaudación de capital mediante acciones comunes, emitiendo 2.067.240 acciones a 44,50 dólares por acción, generando 87,0 millones de dólares después de gastos. La relación de capital común tangible de la compañía alcanzó el 9,95%, con saldos de depósitos (excluyendo los intermediados) aumentando en 211,2 millones de dólares. Los saldos de préstamos cerraron en 3,5 mil millones de dólares, reflejando un crecimiento del 5,0% durante todo el año.
La compañía anunció un dividendo de 0,15 dólares y reportó una mejora en la calidad de los activos, con préstamos no devengados disminuyendo a 27,1 millones de dólares (0,77% del total de préstamos), aunque los activos clasificados aumentaron a 73,5 millones de dólares.
Equity Bancshares (NYSE: EQBK)는 2024년 4분기 순이익이 1,700만 달러, 즉 주당 1.04 달러라고 보고했습니다. 이 회사는 비반환 비상태 대출 회수 및 조기 상환 수수료로 인해 4.17%의 순이자 마진을 달성했습니다. 이러한 항목을 제외한 마진은 4.04%였습니다.
주요 하이라이트로는 44.50달러에 2,067,240주의 보통주 자본 조달 완료가 포함되어 있으며, 이는 비용을 제하고 8,700만 달러를 생성했습니다. 회사의 유동 자본 비율은 9.95%에 도달했고, 중개된 것을 제외한 예금 잔고는 2억 1,120만 달러 증가했습니다. 대출 잔고는 35억 달러로 마감되어 연간 5.0% 성장률을 보였습니다.
회사는 0.15달러의 배당금을 발표하고, 비상태 대출이 2,710만 달러로 감소하면서 자산 품질이 개선되었음을 보고했습니다 (총 대출의 0.77%), 그러나 분류된 자산은 7,350만 달러로 증가했습니다.
Equity Bancshares (NYSE: EQBK) a déclaré un bénéfice net de 17,0 millions de dollars pour le quatrième trimestre 2024, soit 1,04 dollar par action diluée. L'entreprise a atteint une marge d'intérêt net de 4,17%, soutenue par des remboursements non récurrents de prêts non acquittés et des frais de remboursement anticipé de 1,5 million de dollars. En excluant ces éléments, la marge était de 4,04%.
Les faits marquants incluent l'achèvement d'une augmentation de capital par actions ordinaires, avec l'émission de 2 067 240 actions à 44,50 dollars par action, générant 87,0 millions de dollars après dépenses. Le ratio de fonds propres tangibles de l'entreprise a atteint 9,95%, avec des soldes de dépôts (hors intermédiaires) augmentant de 211,2 millions de dollars. Les soldes de prêts se sont clos à 3,5 milliards de dollars, reflétant une croissance de 5,0% sur l'année.
L'entreprise a annoncé un dividende de 0,15 dollar et a rapporté une amélioration de la qualité des actifs avec des prêts non acquittés en baisse à 27,1 millions de dollars (0,77 % du total des prêts), bien que les actifs classés aient augmenté à 73,5 millions de dollars.
Equity Bancshares (NYSE: EQBK) meldete für das 4. Quartal 2024 einen Nettogewinn von 17,0 Millionen Dollar oder 1,04 Dollar pro verwässerter Aktie. Das Unternehmen erzielte eine Nettomarge von 4,17%, unterstützt durch nicht wiederkehrende Rückbuchungen von nicht fälligen Darlehen und Vorfälligkeitsentschädigungen in Höhe von 1,5 Millionen Dollar. Ohne diese Posten lag die Marge bei 4,04%.
Zu den wichtigsten Punkten gehört der Abschluss einer Kapitalerhöhung durch die Ausgabe von 2.067.240 Aktien zu je 44,50 Dollar, was nach Abzug der Kosten 87,0 Millionen Dollar einbrachte. Die Quote des materiellen Eigenkapitals des Unternehmens erreichte 9,95%, wobei die Einlagen (ohne vermittelte Einlagen) um 211,2 Millionen Dollar zunahmen. Die Darlehensbestände schlossen bei 3,5 Milliarden Dollar, was ein Wachstum von 5,0% für das gesamte Jahr widerspiegelt.
Das Unternehmen gab eine Dividende von 0,15 Dollar bekannt und berichtete über eine Verbesserung der Vermögensqualität, da die nicht fälligen Kredite auf 27,1 Millionen Dollar (0,77% der Gesamtdarlehen) zurückgingen, obwohl die klassifizierten Vermögenswerte auf 73,5 Millionen Dollar anstiegen.
- Net income of $17.0 million ($1.04 per diluted share)
- Successful capital raise of $87.0 million through stock offering
- Net interest margin expansion to 4.17%
- Deposit growth of $304.2 million (7.3%) year-over-year
- Loan growth of $167.9 million (5.0%) year-over-year
- Decrease in nonaccrual loans from $31.3M to $27.1M
- Increase in classified assets from 8.3% to 12.1% of regulatory capital
- Decline in quarterly loan balances by $100.1 million
- Decrease in total assets by $23.2 million during the quarter
Insights
Equity Bancshares delivered a robust quarter marked by strategic capital strengthening and improved profitability metrics. The successful common stock raise of
The margin expansion story is particularly compelling - core NIM (excluding non-recurring items) improved 17 basis points to
However, investors should monitor the uptick in classified assets to
Greg Kossover's return to lead Capital Markets while maintaining his board position is strategically significant, potentially indicating plans for more sophisticated balance sheet management and capital market activities in 2025.
Reports Net Interest Margin of
“Our Company had an excellent year as we realized expansion of our footprint, our balance sheet and our ownership group,” said Brad S. Elliott, Chairman and CEO of Equity. “Our team remains committed to generating value for our customers, our employees and our shareholders and enters 2025 positioned to execute.”
“During the quarter, we were able to successfully bolster our capital through a common stock raise,” Mr. Elliott continued. “The additive equity positions our Company to be opportunistic in delivering on our two-prong growth strategy of organic production and strategic acquisition. We continue to be optimistic about opportunities to deploy these in the markets in which we operate.”
Notable Items:
-
The Company realized earnings per diluted share of
$1.04 4.17% positively impacted by non-recurring nonaccrual reversals and prepayment fees of approximately$1.5 million 4.04% an increase of 17 basis points as compared to the previous quarter. -
The Company realized book value per share expansion of
$1.07 3.2% . Tangible book value per share improved$1.69 6.0% . Book value per share excluding AOCI increased$1.61 4.5% . Tangible common equity to tangible assets closed the period at9.95% . -
The Company completed a common stock capital raise, issuing 2,067,240 shares at a price of
$44.50 $87.0 million -
Deposit balances, excluding brokered, increased
$211.2 million $304.2 million 7.3% . -
Loan balances closed the period at
$3.5 billion $167.9 million 5.0% . The loan-to-deposit ratio closed the period at80.0% . -
Realized opposing asset quality trends as nonaccrual loans declined from
$31.3 million $27.1 0.77% of total loans while classified assets increased to$73.5 million 12.10% of bank regulatory capital. Reserves as a percentage of loans increased to1.24% . -
The Company announced a
$0.15
The Company is also pleased to announce the return of Greg Kossover to the executive management team. Mr. Kossover will be returning to the team in February and will lead our Capital Markets division while also retaining his role as a director of the Company and Equity Bank.
“Greg’s expertise, strategic vision, and commitment to excellence will be instrumental as we continue to drive growth and deliver exceptional value to our shareholders,” said Rick Sems, Equity Bank President & CEO. “We look forward to the positive impact Greg will undoubtedly have as we move forward together.”
Financial Results for the Quarter Ended December 31, 2024
Net income allocable to common stockholders was
Net Interest Income
Net interest income was
Total earning assets declined slightly during the quarter as higher loan balances were offset by declining cash and security positions as excess cash flows were used to payoff debt and brokered funding versus reinvestment.
Provision for Credit Losses
During the quarter, there was a provision of
Non-Interest Income
Total non-interest income was
Non-Interest Expense
Total non-interest expense for the quarter was
Income Tax Expense
The effective tax rate for the quarter ending, December 31, 2024, was
Loans, Total Assets and Funding
Loans held for investment were
Total deposits were
Asset Quality
As of December 31, 2024, Equity’s allowance for credit losses to total loans was
Capital
Quarter over quarter, book capital increased
The Company’s ratio of common equity tier 1 capital to risk-weighted assets was
Equity Bank's ratio of common equity tier 1 capital to risk-weighted assets was
Non-GAAP Financial Measures
In addition to evaluating the Company’s results of operations in accordance with accounting principles generally accepted in
The efficiency ratio is a common comparable metric used by banks to understand the expense structure relative to total revenue. In other words, for every dollar of total revenue recognized, how much of that dollar is expended. To improve the comparability of the ratio to our peers, non-core items are excluded. To improve transparency and acknowledging that banks are not consistent in their definition of the efficiency ratio, we include our calculation of this non-GAAP measure.
Return on average assets before income tax provision and provision for loan losses is a measure that the Company uses to understand fundamental operating performance before these expenses. Used as a ratio relative to average assets, we believe it demonstrates “core” performance and can be viewed as an alternative measure of how efficiently the Company services its asset base. Used as a ratio relative to average equity, it can function as an alternative measure of the Company’s earnings performance in relationship to its equity.
Tangible common equity and related measures are non-GAAP financial measures that exclude the impact of intangible assets, net of deferred taxes, and their related amortization. These financial measures are useful for evaluating the performance of a business consistently, whether acquired or developed internally. Return on average tangible common equity is used by management and readers of our financial statements to understand how efficiently the Company is deploying its common equity. Companies that are able to demonstrate more efficient use of common equity are more likely to be viewed favorably by current and prospective investors.
The Company believes that disclosing these non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently. A reconciliation of GAAP financial measures to non-GAAP measures and other performance ratios, as adjusted, are included in Table 6 in the following press release tables.
Conference Call and Webcast
Equity’s Chairman and Chief Executive Officer, Brad Elliott, and Chief Financial Officer, Chris Navratil, will hold a conference call and webcast to discuss fourth quarter results on Thursday, January 23, 2025, at 10 a.m. eastern time or 9 a.m. central time.
A live webcast of the call will be available on the Company’s website at investor.equitybank.com. To access the call by phone, please go to this registration link, and you will be provided with dial in details. Investors, news media, and other participants are encouraged to dial into the conference call ten minutes ahead of the scheduled start time.
A replay of the call and webcast will be available following the close of the call at investor.equitybank.com.
About Equity Bancshares, Inc.
Equity Bancshares, Inc. is the holding company for Equity Bank, offering a full range of financial solutions, including commercial loans, consumer banking, mortgage loans, trust and wealth management services and treasury management services, while delivering the high-quality, relationship-based customer service of a community bank. Equity’s common stock is traded on the NYSE National, Inc. under the symbol “EQBK.” Learn more at www.equitybank.com.
Special Note Concerning 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 reflect the current views of Equity’s management with respect to, among other things, future events and Equity’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “positioned,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Equity’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Equity’s control. Accordingly, Equity cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although Equity believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from Equity’s expectations include competition from other financial institutions and bank holding companies; the effects of and changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board; changes in the demand for loans; fluctuations in value of collateral and loan reserves; inflation, interest rate, market and monetary fluctuations; changes in consumer spending, borrowing and savings habits; and acquisitions and integration of acquired businesses; and similar variables. The foregoing list of factors is not exhaustive.
For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Equity’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2024, and any updates to those risk factors set forth in Equity’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Equity’s underlying assumptions prove to be incorrect, actual results may differ materially from what Equity anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Equity does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties arise from time to time and it is not possible for us to predict those events or how they may affect us. In addition, Equity cannot assess the impact of each factor on Equity’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Equity or persons acting on Equity’s behalf may issue.
Unaudited Financial Tables
- Table 1. Consolidated Statements of Income
- Table 2. Quarterly Consolidated Statements of Income
- Table 3. Consolidated Balance Sheets
- Table 4. Selected Financial Highlights
- Table 5. Year-To-Date Net Interest Income Analysis
- Table 6. Quarter-To-Date Net Interest Income Analysis
- Table 7. Quarter-Over-Quarter Net Interest Income Analysis
- Table 8. Non-GAAP Financial Measures
TABLE 1. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||
|
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Interest and dividend income |
|
|
|
|
|
|
|
|
||||||||
Loans, including fees |
|
$ |
63,379 |
|
|
$ |
54,932 |
|
|
$ |
245,815 |
|
|
$ |
211,213 |
|
Securities, taxable |
|
|
9,229 |
|
|
|
6,417 |
|
|
|
39,091 |
|
|
|
23,873 |
|
Securities, nontaxable |
|
|
387 |
|
|
|
354 |
|
|
|
1,579 |
|
|
|
1,960 |
|
Federal funds sold and other |
|
|
1,984 |
|
|
|
2,591 |
|
|
|
10,358 |
|
|
|
9,666 |
|
Total interest and dividend income |
|
|
74,979 |
|
|
|
64,294 |
|
|
|
296,843 |
|
|
|
246,712 |
|
Interest expense |
|
|
|
|
|
|
|
|
||||||||
Deposits |
|
|
21,213 |
|
|
|
20,074 |
|
|
|
90,409 |
|
|
|
70,473 |
|
Federal funds purchased and retail repurchase agreements |
|
|
258 |
|
|
|
298 |
|
|
|
1,151 |
|
|
|
931 |
|
Federal Home Loan Bank advances |
|
|
2,158 |
|
|
|
1,005 |
|
|
|
10,180 |
|
|
|
3,944 |
|
Federal Reserve Bank borrowings |
|
|
— |
|
|
|
1,546 |
|
|
|
1,361 |
|
|
|
4,755 |
|
Subordinated debt |
|
|
1,877 |
|
|
|
1,904 |
|
|
|
7,580 |
|
|
|
7,591 |
|
Total interest expense |
|
|
25,506 |
|
|
|
24,827 |
|
|
|
110,681 |
|
|
|
87,694 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
49,473 |
|
|
|
39,467 |
|
|
|
186,162 |
|
|
|
159,018 |
|
Provision (reversal) for credit losses |
|
|
98 |
|
|
|
711 |
|
|
|
2,546 |
|
|
|
1,873 |
|
Net interest income after provision (reversal) for credit losses |
|
|
49,375 |
|
|
|
38,756 |
|
|
|
183,616 |
|
|
|
157,145 |
|
Non-interest income |
|
|
|
|
|
|
|
|
||||||||
Service charges and fees |
|
|
2,296 |
|
|
|
2,299 |
|
|
|
9,830 |
|
|
|
10,187 |
|
Debit card income |
|
|
2,513 |
|
|
|
2,524 |
|
|
|
10,246 |
|
|
|
10,322 |
|
Mortgage banking |
|
|
141 |
|
|
|
125 |
|
|
|
861 |
|
|
|
652 |
|
Increase in value of bank-owned life insurance |
|
|
1,883 |
|
|
|
925 |
|
|
|
4,966 |
|
|
|
4,059 |
|
Net gain on acquisition and branch sales |
|
|
— |
|
|
|
— |
|
|
|
2,131 |
|
|
|
— |
|
Net gains (losses) from securities transactions |
|
|
(2 |
) |
|
|
(50,618 |
) |
|
|
220 |
|
|
|
(51,909 |
) |
Other |
|
|
1,985 |
|
|
|
1,331 |
|
|
|
10,568 |
|
|
|
7,560 |
|
Total non-interest income |
|
|
8,816 |
|
|
|
(43,414 |
) |
|
|
38,822 |
|
|
|
(19,129 |
) |
Non-interest expense |
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
|
18,368 |
|
|
|
16,598 |
|
|
|
72,786 |
|
|
|
64,384 |
|
Net occupancy and equipment |
|
|
3,571 |
|
|
|
3,244 |
|
|
|
14,371 |
|
|
|
12,325 |
|
Data processing |
|
|
4,988 |
|
|
|
4,471 |
|
|
|
20,004 |
|
|
|
17,433 |
|
Professional fees |
|
|
1,846 |
|
|
|
1,413 |
|
|
|
6,503 |
|
|
|
5,754 |
|
Advertising and business development |
|
|
1,469 |
|
|
|
1,598 |
|
|
|
5,366 |
|
|
|
5,425 |
|
Telecommunications |
|
|
614 |
|
|
|
460 |
|
|
|
2,501 |
|
|
|
1,963 |
|
FDIC insurance |
|
|
662 |
|
|
|
660 |
|
|
|
2,483 |
|
|
|
2,195 |
|
Courier and postage |
|
|
687 |
|
|
|
577 |
|
|
|
2,599 |
|
|
|
2,046 |
|
Free nationwide ATM cost |
|
|
558 |
|
|
|
508 |
|
|
|
2,127 |
|
|
|
2,073 |
|
Amortization of core deposit intangibles |
|
|
1,060 |
|
|
|
739 |
|
|
|
4,289 |
|
|
|
3,374 |
|
Loan expense |
|
|
154 |
|
|
|
155 |
|
|
|
601 |
|
|
|
540 |
|
Other real estate owned and repossessed assets, net |
|
|
133 |
|
|
|
274 |
|
|
|
(7,525 |
) |
|
|
617 |
|
Merger expenses |
|
|
— |
|
|
|
297 |
|
|
|
4,461 |
|
|
|
297 |
|
Other |
|
|
3,696 |
|
|
|
4,004 |
|
|
|
13,591 |
|
|
|
17,175 |
|
Total non-interest expense |
|
|
37,806 |
|
|
|
34,998 |
|
|
|
144,157 |
|
|
|
135,601 |
|
Income (loss) before income tax |
|
|
20,385 |
|
|
|
(39,656 |
) |
|
|
78,281 |
|
|
|
2,415 |
|
Provision for income taxes (benefit) |
|
|
3,399 |
|
|
|
(11,357 |
) |
|
|
15,660 |
|
|
|
(5,406 |
) |
Net income (loss) and net income (loss) allocable to common stockholders |
|
$ |
16,986 |
|
|
$ |
(28,299 |
) |
|
$ |
62,621 |
|
|
$ |
7,821 |
|
Basic earnings (loss) per share |
|
$ |
1.06 |
|
|
$ |
(1.84 |
) |
|
$ |
4.04 |
|
|
$ |
0.50 |
|
Diluted earnings (loss) per share |
|
$ |
1.04 |
|
|
$ |
(1.84 |
) |
|
$ |
4.00 |
|
|
$ |
0.50 |
|
Weighted average common shares |
|
|
16,020,938 |
|
|
|
15,417,200 |
|
|
|
15,489,370 |
|
|
|
15,535,772 |
|
Weighted average diluted common shares |
|
|
16,262,965 |
|
|
|
15,417,200 |
|
|
|
15,671,674 |
|
|
|
15,648,842 |
|
TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||||||
|
|
As of and for the three months ended |
||||||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, including fees |
|
$ |
63,379 |
|
|
$ |
62,089 |
|
|
$ |
61,518 |
|
|
$ |
58,829 |
|
|
$ |
54,932 |
|
Securities, taxable |
|
|
9,229 |
|
|
|
9,809 |
|
|
|
10,176 |
|
|
|
9,877 |
|
|
|
6,417 |
|
Securities, nontaxable |
|
|
387 |
|
|
|
400 |
|
|
|
401 |
|
|
|
391 |
|
|
|
354 |
|
Federal funds sold and other |
|
|
1,984 |
|
|
|
2,667 |
|
|
|
3,037 |
|
|
|
2,670 |
|
|
|
2,591 |
|
Total interest and dividend income |
|
|
74,979 |
|
|
|
74,965 |
|
|
|
75,132 |
|
|
|
71,767 |
|
|
|
64,294 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
21,213 |
|
|
|
23,679 |
|
|
|
22,662 |
|
|
|
22,855 |
|
|
|
20,074 |
|
Federal funds purchased and retail repurchase agreements |
|
|
258 |
|
|
|
261 |
|
|
|
306 |
|
|
|
326 |
|
|
|
298 |
|
Federal Home Loan Bank advances |
|
|
2,158 |
|
|
|
3,089 |
|
|
|
3,789 |
|
|
|
1,144 |
|
|
|
1,005 |
|
Federal Reserve Bank borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,361 |
|
|
|
1,546 |
|
Subordinated debt |
|
|
1,877 |
|
|
|
1,905 |
|
|
|
1,899 |
|
|
|
1,899 |
|
|
|
1,904 |
|
Total interest expense |
|
|
25,506 |
|
|
|
28,934 |
|
|
|
28,656 |
|
|
|
27,585 |
|
|
|
24,827 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
|
49,473 |
|
|
|
46,031 |
|
|
|
46,476 |
|
|
|
44,182 |
|
|
|
39,467 |
|
Provision (reversal) for credit losses |
|
|
98 |
|
|
|
1,183 |
|
|
|
265 |
|
|
|
1,000 |
|
|
|
711 |
|
Net interest income after provision (reversal) for credit losses |
|
|
49,375 |
|
|
|
44,848 |
|
|
|
46,211 |
|
|
|
43,182 |
|
|
|
38,756 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges and fees |
|
|
2,296 |
|
|
|
2,424 |
|
|
|
2,541 |
|
|
|
2,569 |
|
|
|
2,299 |
|
Debit card income |
|
|
2,513 |
|
|
|
2,665 |
|
|
|
2,621 |
|
|
|
2,447 |
|
|
|
2,524 |
|
Mortgage banking |
|
|
141 |
|
|
|
287 |
|
|
|
245 |
|
|
|
188 |
|
|
|
125 |
|
Increase in value of bank-owned life insurance |
|
|
1,883 |
|
|
|
1,344 |
|
|
|
911 |
|
|
|
828 |
|
|
|
925 |
|
Net gain on acquisition and branch sales |
|
|
— |
|
|
|
831 |
|
|
|
60 |
|
|
|
1,240 |
|
|
|
— |
|
Net gains (losses) from securities transactions |
|
|
(2 |
) |
|
|
206 |
|
|
|
(27 |
) |
|
|
43 |
|
|
|
(50,618 |
) |
Other |
|
|
1,985 |
|
|
|
1,560 |
|
|
|
2,607 |
|
|
|
4,416 |
|
|
|
1,331 |
|
Total non-interest income |
|
|
8,816 |
|
|
|
9,317 |
|
|
|
8,958 |
|
|
|
11,731 |
|
|
|
(43,414 |
) |
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and employee benefits |
|
|
18,368 |
|
|
|
18,494 |
|
|
|
17,827 |
|
|
|
18,097 |
|
|
|
16,598 |
|
Net occupancy and equipment |
|
|
3,571 |
|
|
|
3,478 |
|
|
|
3,787 |
|
|
|
3,535 |
|
|
|
3,244 |
|
Data processing |
|
|
4,988 |
|
|
|
5,152 |
|
|
|
5,036 |
|
|
|
4,828 |
|
|
|
4,471 |
|
Professional fees |
|
|
1,846 |
|
|
|
1,487 |
|
|
|
1,778 |
|
|
|
1,392 |
|
|
|
1,413 |
|
Advertising and business development |
|
|
1,469 |
|
|
|
1,368 |
|
|
|
1,291 |
|
|
|
1,238 |
|
|
|
1,598 |
|
Telecommunications |
|
|
614 |
|
|
|
660 |
|
|
|
572 |
|
|
|
655 |
|
|
|
460 |
|
FDIC insurance |
|
|
662 |
|
|
|
660 |
|
|
|
590 |
|
|
|
571 |
|
|
|
660 |
|
Courier and postage |
|
|
687 |
|
|
|
686 |
|
|
|
620 |
|
|
|
606 |
|
|
|
577 |
|
Free nationwide ATM cost |
|
|
558 |
|
|
|
544 |
|
|
|
531 |
|
|
|
494 |
|
|
|
508 |
|
Amortization of core deposit intangibles |
|
|
1,060 |
|
|
|
1,112 |
|
|
|
1,218 |
|
|
|
899 |
|
|
|
739 |
|
Loan expense |
|
|
154 |
|
|
|
143 |
|
|
|
195 |
|
|
|
109 |
|
|
|
155 |
|
Other real estate owned and repossessed assets, net |
|
|
133 |
|
|
|
(7,667 |
) |
|
|
50 |
|
|
|
(41 |
) |
|
|
274 |
|
Merger expenses |
|
|
— |
|
|
|
618 |
|
|
|
2,287 |
|
|
|
1,556 |
|
|
|
297 |
|
Other |
|
|
3,696 |
|
|
|
3,593 |
|
|
|
3,089 |
|
|
|
3,213 |
|
|
|
4,004 |
|
Total non-interest expense |
|
|
37,806 |
|
|
|
30,328 |
|
|
|
38,871 |
|
|
|
37,152 |
|
|
|
34,998 |
|
Income (loss) before income tax |
|
|
20,385 |
|
|
|
23,837 |
|
|
|
16,298 |
|
|
|
17,761 |
|
|
|
(39,656 |
) |
Provision for income taxes (benefit) |
|
|
3,399 |
|
|
|
3,986 |
|
|
|
4,582 |
|
|
|
3,693 |
|
|
|
(11,357 |
) |
Net income (loss) and net income (loss) allocable to common stockholders |
|
$ |
16,986 |
|
|
$ |
19,851 |
|
|
$ |
11,716 |
|
|
$ |
14,068 |
|
|
$ |
(28,299 |
) |
Basic earnings (loss) per share |
|
$ |
1.06 |
|
|
$ |
1.30 |
|
|
$ |
0.77 |
|
|
$ |
0.91 |
|
|
$ |
(1.84 |
) |
Diluted earnings (loss) per share |
|
$ |
1.04 |
|
|
$ |
1.28 |
|
|
$ |
0.76 |
|
|
$ |
0.90 |
|
|
$ |
(1.84 |
) |
Weighted average common shares |
|
|
16,020,938 |
|
|
|
15,258,822 |
|
|
|
15,248,703 |
|
|
|
15,425,709 |
|
|
|
15,417,200 |
|
Weighted average diluted common shares |
|
|
16,262,965 |
|
|
|
15,451,545 |
|
|
|
15,377,980 |
|
|
|
15,569,225 |
|
|
|
15,417,200 |
|
TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
$ |
383,503 |
|
|
$ |
217,681 |
|
|
$ |
244,321 |
|
|
$ |
217,611 |
|
|
$ |
363,289 |
|
Federal funds sold |
|
|
244 |
|
|
|
17,802 |
|
|
|
15,945 |
|
|
|
17,407 |
|
|
|
15,810 |
|
Cash and cash equivalents |
|
|
383,747 |
|
|
|
235,483 |
|
|
|
260,266 |
|
|
|
235,018 |
|
|
|
379,099 |
|
Available-for-sale securities |
|
|
1,004,455 |
|
|
|
1,041,000 |
|
|
|
1,042,176 |
|
|
|
1,091,717 |
|
|
|
919,648 |
|
Held-to-maturity securities |
|
|
5,217 |
|
|
|
5,408 |
|
|
|
5,226 |
|
|
|
2,205 |
|
|
|
2,209 |
|
Loans held for sale |
|
|
513 |
|
|
|
901 |
|
|
|
1,959 |
|
|
|
1,311 |
|
|
|
476 |
|
Loans, net of allowance for credit losses(1) |
|
|
3,457,549 |
|
|
|
3,557,435 |
|
|
|
3,410,920 |
|
|
|
3,437,714 |
|
|
|
3,289,381 |
|
Other real estate owned, net |
|
|
4,773 |
|
|
|
2,786 |
|
|
|
2,989 |
|
|
|
1,465 |
|
|
|
1,833 |
|
Premises and equipment, net |
|
|
117,132 |
|
|
|
117,013 |
|
|
|
114,264 |
|
|
|
116,792 |
|
|
|
112,632 |
|
Bank-owned life insurance |
|
|
133,032 |
|
|
|
131,670 |
|
|
|
130,326 |
|
|
|
125,693 |
|
|
|
124,865 |
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
|
27,875 |
|
|
|
34,429 |
|
|
|
33,171 |
|
|
|
27,009 |
|
|
|
20,608 |
|
Interest receivable |
|
|
28,913 |
|
|
|
28,398 |
|
|
|
27,381 |
|
|
|
27,082 |
|
|
|
25,497 |
|
Goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Core deposit intangibles, net |
|
|
14,969 |
|
|
|
16,029 |
|
|
|
16,636 |
|
|
|
17,854 |
|
|
|
7,222 |
|
Other |
|
|
100,771 |
|
|
|
131,580 |
|
|
|
147,102 |
|
|
|
102,075 |
|
|
|
98,021 |
|
Total assets |
|
$ |
5,332,047 |
|
|
$ |
5,355,233 |
|
|
$ |
5,245,517 |
|
|
$ |
5,239,036 |
|
|
$ |
5,034,592 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand |
|
$ |
954,065 |
|
|
$ |
967,858 |
|
|
$ |
984,872 |
|
|
$ |
981,623 |
|
|
$ |
898,129 |
|
Total non-interest-bearing deposits |
|
|
954,065 |
|
|
|
967,858 |
|
|
|
984,872 |
|
|
|
981,623 |
|
|
|
898,129 |
|
Demand, savings and money market |
|
|
2,684,197 |
|
|
|
2,468,956 |
|
|
|
2,560,091 |
|
|
|
2,574,871 |
|
|
|
2,483,807 |
|
Time |
|
|
736,527 |
|
|
|
926,130 |
|
|
|
796,474 |
|
|
|
814,532 |
|
|
|
763,519 |
|
Total interest-bearing deposits |
|
|
3,420,724 |
|
|
|
3,395,086 |
|
|
|
3,356,565 |
|
|
|
3,389,403 |
|
|
|
3,247,326 |
|
Total deposits |
|
|
4,374,789 |
|
|
|
4,362,944 |
|
|
|
4,341,437 |
|
|
|
4,371,026 |
|
|
|
4,145,455 |
|
Federal funds purchased and retail repurchase agreements |
|
|
37,246 |
|
|
|
38,196 |
|
|
|
38,031 |
|
|
|
43,811 |
|
|
|
43,582 |
|
Federal Home Loan Bank advances and Federal Reserve Bank borrowings |
|
|
178,073 |
|
|
|
295,997 |
|
|
|
250,306 |
|
|
|
219,931 |
|
|
|
240,000 |
|
Subordinated debt |
|
|
97,477 |
|
|
|
97,336 |
|
|
|
97,196 |
|
|
|
97,058 |
|
|
|
96,921 |
|
Contractual obligations |
|
|
12,067 |
|
|
|
19,683 |
|
|
|
23,770 |
|
|
|
18,493 |
|
|
|
19,315 |
|
Interest payable and other liabilities |
|
|
39,477 |
|
|
|
37,039 |
|
|
|
33,342 |
|
|
|
31,941 |
|
|
|
36,459 |
|
Total liabilities |
|
|
4,739,129 |
|
|
|
4,851,195 |
|
|
|
4,784,082 |
|
|
|
4,782,260 |
|
|
|
4,581,732 |
|
Commitments and contingent liabilities |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
|
230 |
|
|
|
209 |
|
|
|
208 |
|
|
|
208 |
|
|
|
207 |
|
Additional paid-in capital |
|
|
584,424 |
|
|
|
494,763 |
|
|
|
491,709 |
|
|
|
490,533 |
|
|
|
489,187 |
|
Retained earnings |
|
|
194,920 |
|
|
|
180,588 |
|
|
|
163,068 |
|
|
|
153,201 |
|
|
|
141,006 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(55,181 |
) |
|
|
(40,012 |
) |
|
|
(62,005 |
) |
|
|
(60,788 |
) |
|
|
(57,920 |
) |
Treasury stock |
|
|
(131,475 |
) |
|
|
(131,510 |
) |
|
|
(131,545 |
) |
|
|
(126,378 |
) |
|
|
(119,620 |
) |
Total stockholders’ equity |
|
|
592,918 |
|
|
|
504,038 |
|
|
|
461,435 |
|
|
|
456,776 |
|
|
|
452,860 |
|
Total liabilities and stockholders’ equity |
|
$ |
5,332,047 |
|
|
$ |
5,355,233 |
|
|
$ |
5,245,517 |
|
|
$ |
5,239,036 |
|
|
$ |
5,034,592 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Allowance for credit losses |
|
$ |
43,267 |
|
|
$ |
43,490 |
|
|
$ |
43,487 |
|
|
$ |
44,449 |
|
|
$ |
43,520 |
|
TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||||||
|
|
As of and for the three months ended |
||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
||||||||||
Loans Held For Investment by Type |
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
$ |
1,830,514 |
|
|
$ |
1,916,863 |
|
|
$ |
1,793,544 |
|
|
$ |
1,797,192 |
|
|
$ |
1,759,855 |
|
Commercial and industrial |
|
|
658,865 |
|
|
|
670,665 |
|
|
|
663,718 |
|
|
|
649,035 |
|
|
|
598,327 |
|
Residential real estate |
|
|
566,766 |
|
|
|
567,063 |
|
|
|
572,523 |
|
|
|
581,988 |
|
|
|
556,328 |
|
Agricultural real estate |
|
|
267,248 |
|
|
|
259,587 |
|
|
|
219,226 |
|
|
|
198,291 |
|
|
|
196,114 |
|
Agricultural |
|
|
87,339 |
|
|
|
89,529 |
|
|
|
104,342 |
|
|
|
149,312 |
|
|
|
118,587 |
|
Consumer |
|
|
90,084 |
|
|
|
97,218 |
|
|
|
101,054 |
|
|
|
106,345 |
|
|
|
103,690 |
|
Total loans held-for-investment |
|
|
3,500,816 |
|
|
|
3,600,925 |
|
|
|
3,454,407 |
|
|
|
3,482,163 |
|
|
|
3,332,901 |
|
Allowance for credit losses |
|
|
(43,267 |
) |
|
|
(43,490 |
) |
|
|
(43,487 |
) |
|
|
(44,449 |
) |
|
|
(43,520 |
) |
Net loans held for investment |
|
$ |
3,457,549 |
|
|
$ |
3,557,435 |
|
|
$ |
3,410,920 |
|
|
$ |
3,437,714 |
|
|
$ |
3,289,381 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses on loans to total loans |
|
|
1.24 |
% |
|
|
1.21 |
% |
|
|
1.26 |
% |
|
|
1.28 |
% |
|
|
1.31 |
% |
Past due or nonaccrual loans to total loans |
|
|
1.14 |
% |
|
|
1.17 |
% |
|
|
1.15 |
% |
|
|
1.10 |
% |
|
|
1.10 |
% |
Nonperforming assets to total assets |
|
|
0.65 |
% |
|
|
0.60 |
% |
|
|
0.52 |
% |
|
|
0.49 |
% |
|
|
0.53 |
% |
Nonperforming assets to total loans plus other real estate owned |
|
|
0.99 |
% |
|
|
0.90 |
% |
|
|
0.79 |
% |
|
|
0.73 |
% |
|
|
0.79 |
% |
Classified assets to bank total regulatory capital |
|
|
12.10 |
% |
|
|
8.32 |
% |
|
|
8.47 |
% |
|
|
6.85 |
% |
|
|
7.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Average Balance Sheet Data (QTD Average) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
$ |
1,012,698 |
|
|
$ |
1,055,833 |
|
|
$ |
1,065,979 |
|
|
$ |
1,074,101 |
|
|
$ |
985,591 |
|
Total gross loans receivable |
|
|
3,525,765 |
|
|
|
3,475,885 |
|
|
|
3,459,476 |
|
|
|
3,452,553 |
|
|
|
3,293,755 |
|
Interest-earning assets |
|
|
4,716,295 |
|
|
|
4,731,927 |
|
|
|
4,745,713 |
|
|
|
4,742,200 |
|
|
|
4,480,279 |
|
Total assets |
|
|
5,163,166 |
|
|
|
5,205,017 |
|
|
|
5,196,259 |
|
|
|
5,152,915 |
|
|
|
4,892,712 |
|
Interest-bearing deposits |
|
|
3,280,592 |
|
|
|
3,309,202 |
|
|
|
3,275,765 |
|
|
|
3,319,907 |
|
|
|
3,092,637 |
|
Borrowings |
|
|
340,042 |
|
|
|
395,190 |
|
|
|
450,178 |
|
|
|
390,166 |
|
|
|
391,691 |
|
Total interest-bearing liabilities |
|
|
3,620,634 |
|
|
|
3,704,392 |
|
|
|
3,725,943 |
|
|
|
3,710,073 |
|
|
|
3,484,328 |
|
Total deposits |
|
|
4,243,159 |
|
|
|
4,275,424 |
|
|
|
4,250,843 |
|
|
|
4,254,883 |
|
|
|
4,019,362 |
|
Total liabilities |
|
|
4,629,939 |
|
|
|
4,719,549 |
|
|
|
4,740,937 |
|
|
|
4,692,671 |
|
|
|
4,469,505 |
|
Total stockholders' equity |
|
|
533,227 |
|
|
|
485,468 |
|
|
|
455,322 |
|
|
|
460,244 |
|
|
|
423,207 |
|
Tangible common equity* |
|
|
463,657 |
|
|
|
414,644 |
|
|
|
383,899 |
|
|
|
398,041 |
|
|
|
361,451 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance ratios |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (ROAA) annualized |
|
|
1.31 |
% |
|
|
1.52 |
% |
|
|
0.91 |
% |
|
|
1.10 |
% |
|
|
(2.29 |
)% |
Core return on average assets* |
|
|
1.37 |
% |
|
|
1.56 |
% |
|
|
1.25 |
% |
|
|
1.17 |
% |
|
|
1.01 |
% |
Core return on average assets before income tax and provision for loan losses* |
|
|
1.66 |
% |
|
|
1.97 |
% |
|
|
1.55 |
% |
|
|
1.56 |
% |
|
|
1.03 |
% |
Return on average equity (ROAE) annualized |
|
|
12.67 |
% |
|
|
16.27 |
% |
|
|
10.35 |
% |
|
|
12.29 |
% |
|
|
(26.53 |
)% |
Core return on average equity* |
|
|
13.29 |
% |
|
|
16.73 |
% |
|
|
14.25 |
% |
|
|
13.11 |
% |
|
|
11.21 |
% |
Core return on average equity before income tax and provision for loan losses* |
|
|
16.01 |
% |
|
|
20.97 |
% |
|
|
17.57 |
% |
|
|
17.34 |
% |
|
|
11.40 |
% |
Return on average tangible common equity (ROATCE) annualized* |
|
|
15.30 |
% |
|
|
19.92 |
% |
|
|
13.31 |
% |
|
|
14.96 |
% |
|
|
(30.39 |
)% |
Core return on average tangible common equity* |
|
|
15.29 |
% |
|
|
19.58 |
% |
|
|
16.89 |
% |
|
|
15.16 |
% |
|
|
13.02 |
% |
Yield on loans annualized |
|
|
7.15 |
% |
|
|
7.11 |
% |
|
|
7.15 |
% |
|
|
6.85 |
% |
|
|
6.62 |
% |
Cost of interest-bearing deposits annualized |
|
|
2.57 |
% |
|
|
2.85 |
% |
|
|
2.78 |
% |
|
|
2.77 |
% |
|
|
2.58 |
% |
Cost of total deposits annualized |
|
|
1.99 |
% |
|
|
2.20 |
% |
|
|
2.14 |
% |
|
|
2.16 |
% |
|
|
1.98 |
% |
Net interest margin annualized |
|
|
4.17 |
% |
|
|
3.87 |
% |
|
|
3.94 |
% |
|
|
3.75 |
% |
|
|
3.49 |
% |
Efficiency ratio* |
|
|
63.02 |
% |
|
|
52.59 |
% |
|
|
63.77 |
% |
|
|
63.45 |
% |
|
|
72.69 |
% |
Non-interest income / average assets |
|
|
0.68 |
% |
|
|
0.71 |
% |
|
|
0.69 |
% |
|
|
0.92 |
% |
|
|
(3.52 |
)% |
Non-interest expense / average assets |
|
|
2.91 |
% |
|
|
2.32 |
% |
|
|
3.01 |
% |
|
|
2.90 |
% |
|
|
2.84 |
% |
Core non-interest expense / average assets* |
|
|
2.83 |
% |
|
|
2.18 |
% |
|
|
2.73 |
% |
|
|
2.71 |
% |
|
|
2.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 Leverage Ratio |
|
|
11.67 |
% |
|
|
9.55 |
% |
|
|
9.14 |
% |
|
|
9.10 |
% |
|
|
9.46 |
% |
Common Equity Tier 1 Capital Ratio |
|
|
14.51 |
% |
|
|
11.37 |
% |
|
|
11.12 |
% |
|
|
11.14 |
% |
|
|
11.74 |
% |
Tier 1 Risk Based Capital Ratio |
|
|
15.11 |
% |
|
|
11.94 |
% |
|
|
11.70 |
% |
|
|
11.73 |
% |
|
|
12.36 |
% |
Total Risk Based Capital Ratio |
|
|
18.07 |
% |
|
|
14.78 |
% |
|
|
14.61 |
% |
|
|
14.71 |
% |
|
|
15.48 |
% |
Total stockholders' equity to total assets |
|
|
11.12 |
% |
|
|
9.41 |
% |
|
|
8.80 |
% |
|
|
8.72 |
% |
|
|
8.99 |
% |
Tangible common equity to tangible assets* |
|
|
9.95 |
% |
|
|
8.21 |
% |
|
|
7.55 |
% |
|
|
7.45 |
% |
|
|
7.87 |
% |
Dividend payout ratio |
|
|
15.62 |
% |
|
|
11.74 |
% |
|
|
15.79 |
% |
|
|
13.31 |
% |
|
|
(6.65 |
)% |
Book value per common share |
|
$ |
34.04 |
|
|
$ |
32.97 |
|
|
$ |
30.36 |
|
|
$ |
29.80 |
|
|
$ |
29.35 |
|
Tangible book value per common share* |
|
$ |
30.07 |
|
|
$ |
28.38 |
|
|
$ |
25.70 |
|
|
$ |
25.10 |
|
|
$ |
25.37 |
|
Tangible book value per diluted common share* |
|
$ |
29.70 |
|
|
$ |
28.00 |
|
|
$ |
25.44 |
|
|
$ |
24.87 |
|
|
$ |
25.05 |
|
Core earnings per diluted share* |
|
$ |
1.10 |
|
|
$ |
1.32 |
|
|
$ |
1.05 |
|
|
$ |
0.96 |
|
|
$ |
0.81 |
|
Core pre-tax pre-provision earnings per diluted share* |
|
$ |
1.33 |
|
|
$ |
1.67 |
|
|
$ |
1.31 |
|
|
$ |
1.28 |
|
|
$ |
0.83 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* The value noted is considered a Non-GAAP financial measure. For a reconciliation of Non-GAAP financial measures, see Table 8. Non-GAAP Financial Measures. |
||||||||||||||||||||
TABLE 5. YEAR-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited) |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
|
For the year ended |
|
For the year ended |
||||||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial |
$ |
635,881 |
|
$ |
51,188 |
|
|
8.05 |
% |
|
$ |
580,451 |
|
$ |
42,901 |
|
|
7.39 |
% |
Commercial real estate |
|
1,400,661 |
|
|
99,316 |
|
|
7.09 |
% |
|
|
1,302,568 |
|
|
83,441 |
|
|
6.41 |
% |
Real estate construction |
|
416,296 |
|
|
36,004 |
|
|
8.65 |
% |
|
|
447,516 |
|
|
33,764 |
|
|
7.54 |
% |
Residential real estate |
|
563,176 |
|
|
26,505 |
|
|
4.71 |
% |
|
|
565,711 |
|
|
23,799 |
|
|
4.21 |
% |
Agricultural real estate |
|
227,341 |
|
|
16,848 |
|
|
7.41 |
% |
|
|
201,326 |
|
|
13,820 |
|
|
6.86 |
% |
Agricultural |
|
96,877 |
|
|
9,103 |
|
|
9.40 |
% |
|
|
100,394 |
|
|
6,966 |
|
|
6.94 |
% |
Consumer |
|
100,995 |
|
|
6,851 |
|
|
6.78 |
% |
|
|
106,542 |
|
|
6,522 |
|
|
6.12 |
% |
Total loans |
|
3,441,227 |
|
|
245,815 |
|
|
7.14 |
% |
|
|
3,304,508 |
|
|
211,213 |
|
|
6.39 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable securities |
|
979,926 |
|
|
39,091 |
|
|
3.99 |
% |
|
|
1,027,726 |
|
|
23,873 |
|
|
2.32 |
% |
Nontaxable securities |
|
59,597 |
|
|
1,579 |
|
|
2.65 |
% |
|
|
74,917 |
|
|
1,960 |
|
|
2.62 |
% |
Total securities |
|
1,039,523 |
|
|
40,670 |
|
|
3.91 |
% |
|
|
1,102,643 |
|
|
25,833 |
|
|
2.34 |
% |
Federal funds sold and other |
|
195,378 |
|
|
10,358 |
|
|
5.30 |
% |
|
|
193,941 |
|
|
9,666 |
|
|
4.98 |
% |
Total interest-earning assets |
$ |
4,676,128 |
|
|
296,843 |
|
|
6.35 |
% |
|
$ |
4,601,092 |
|
|
246,712 |
|
|
5.36 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand, savings and money market deposits |
$ |
2,453,139 |
|
|
61,518 |
|
|
2.51 |
% |
|
$ |
2,362,365 |
|
|
46,206 |
|
|
1.96 |
% |
Time deposits |
|
770,772 |
|
|
28,891 |
|
|
3.75 |
% |
|
|
827,652 |
|
|
24,267 |
|
|
2.93 |
% |
Total interest-bearing deposits |
|
3,223,911 |
|
|
90,409 |
|
|
2.80 |
% |
|
|
3,190,017 |
|
|
70,473 |
|
|
2.21 |
% |
FHLB advances |
|
216,012 |
|
|
10,180 |
|
|
4.71 |
% |
|
|
98,380 |
|
|
3,944 |
|
|
4.01 |
% |
Other borrowings |
|
175,516 |
|
|
10,092 |
|
|
5.75 |
% |
|
|
254,666 |
|
|
13,277 |
|
|
5.21 |
% |
Total interest-bearing liabilities |
$ |
3,615,439 |
|
|
110,681 |
|
|
3.06 |
% |
|
$ |
3,543,063 |
|
|
87,694 |
|
|
2.48 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
$ |
186,162 |
|
|
|
|
|
$ |
159,018 |
|
|
||||||
Interest rate spread |
|
|
|
|
|
3.29 |
% |
|
|
|
|
|
|
2.88 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (2) |
|
|
|
|
|
3.98 |
% |
|
|
|
|
|
|
3.46 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Average loan balances include nonaccrual loans. |
|||||||||||||||||||
(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. |
|||||||||||||||||||
(3) Tax exempt income is not included in the above table on a tax-equivalent basis. |
|||||||||||||||||||
(4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
|||||||||||||||||||
TABLE 6. QUARTER-TO-DATE NET INTEREST INCOME ANALYSIS (Unaudited) |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
|
For the three months ended |
|
For the three months ended |
||||||||||||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||||||||||||||
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial |
$ |
651,733 |
|
$ |
12,780 |
|
|
7.80 |
% |
|
$ |
580,726 |
|
$ |
11,397 |
|
|
7.79 |
% |
Commercial real estate |
|
1,402,966 |
|
|
25,978 |
|
|
7.37 |
% |
|
|
1,309,588 |
|
|
21,630 |
|
|
6.55 |
% |
Real estate construction |
|
463,885 |
|
|
9,654 |
|
|
8.28 |
% |
|
|
439,708 |
|
|
9,000 |
|
|
8.12 |
% |
Residential real estate |
|
567,123 |
|
|
6,571 |
|
|
4.61 |
% |
|
|
561,382 |
|
|
5,866 |
|
|
4.15 |
% |
Agricultural real estate |
|
262,529 |
|
|
5,071 |
|
|
7.68 |
% |
|
|
196,468 |
|
|
3,421 |
|
|
6.91 |
% |
Agricultural |
|
82,986 |
|
|
1,705 |
|
|
8.17 |
% |
|
|
100,226 |
|
|
1,928 |
|
|
7.63 |
% |
Consumer |
|
94,543 |
|
|
1,620 |
|
|
6.82 |
% |
|
|
105,657 |
|
|
1,690 |
|
|
6.35 |
% |
Total loans |
|
3,525,765 |
|
|
63,379 |
|
|
7.15 |
% |
|
|
3,293,755 |
|
|
54,932 |
|
|
6.62 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable securities |
|
953,627 |
|
|
9,229 |
|
|
3.85 |
% |
|
|
932,376 |
|
|
6,417 |
|
|
2.73 |
% |
Nontaxable securities |
|
59,071 |
|
|
387 |
|
|
2.61 |
% |
|
|
53,215 |
|
|
354 |
|
|
2.64 |
% |
Total securities |
|
1,012,698 |
|
|
9,616 |
|
|
3.78 |
% |
|
|
985,591 |
|
|
6,771 |
|
|
2.73 |
% |
Federal funds sold and other |
|
177,832 |
|
|
1,984 |
|
|
4.44 |
% |
|
|
200,933 |
|
|
2,591 |
|
|
5.12 |
% |
Total interest-earning assets |
$ |
4,716,295 |
|
|
74,979 |
|
|
6.32 |
% |
|
$ |
4,480,279 |
|
|
64,294 |
|
|
5.69 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand, savings and money market deposits |
$ |
2,448,539 |
|
|
13,429 |
|
|
2.18 |
% |
|
$ |
2,351,663 |
|
|
13,918 |
|
|
2.35 |
% |
Time deposits |
|
832,053 |
|
|
7,784 |
|
|
3.72 |
% |
|
|
740,974 |
|
|
6,156 |
|
|
3.30 |
% |
Total interest-bearing deposits |
|
3,280,592 |
|
|
21,213 |
|
|
2.57 |
% |
|
|
3,092,637 |
|
|
20,074 |
|
|
2.58 |
% |
FHLB advances |
|
194,914 |
|
|
2,158 |
|
|
4.41 |
% |
|
|
102,432 |
|
|
1,005 |
|
|
3.89 |
% |
Other borrowings |
|
145,128 |
|
|
2,135 |
|
|
5.86 |
% |
|
|
289,259 |
|
|
3,748 |
|
|
5.14 |
% |
Total interest-bearing liabilities |
$ |
3,620,634 |
|
|
25,506 |
|
|
2.80 |
% |
|
$ |
3,484,328 |
|
|
24,827 |
|
|
2.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
$ |
49,473 |
|
|
|
|
|
$ |
39,467 |
|
|
||||||
Interest rate spread |
|
|
|
|
|
3.52 |
% |
|
|
|
|
|
|
2.86 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (2) |
|
|
|
|
|
4.17 |
% |
|
|
|
|
|
|
3.49 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Average loan balances include nonaccrual loans. |
|||||||||||||||||||
(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. |
|||||||||||||||||||
(3) Tax exempt income is not included in the above table on a tax-equivalent basis. |
|||||||||||||||||||
(4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
|||||||||||||||||||
TABLE 7. QUARTER-OVER-QUARTER NET INTEREST INCOME ANALYSIS (Unaudited) |
|||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||
|
For the three months ended |
|
For the three months ended |
||||||||||||||||
|
December 31, 2024 |
|
September 30, 2024 |
||||||||||||||||
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial |
$ |
651,733 |
|
$ |
12,780 |
|
|
7.80 |
% |
|
$ |
659,697 |
|
$ |
13,213 |
|
|
7.97 |
% |
Commercial real estate |
|
1,402,966 |
|
|
25,978 |
|
|
7.37 |
% |
|
|
1,351,407 |
|
|
24,196 |
|
|
7.12 |
% |
Real estate construction |
|
463,885 |
|
|
9,654 |
|
|
8.28 |
% |
|
|
442,857 |
|
|
9,732 |
|
|
8.74 |
% |
Residential real estate |
|
567,123 |
|
|
6,571 |
|
|
4.61 |
% |
|
|
578,702 |
|
|
6,912 |
|
|
4.75 |
% |
Agricultural real estate |
|
262,529 |
|
|
5,071 |
|
|
7.68 |
% |
|
|
251,595 |
|
|
4,365 |
|
|
6.90 |
% |
Agricultural |
|
82,986 |
|
|
1,705 |
|
|
8.17 |
% |
|
|
91,500 |
|
|
1,906 |
|
|
8.29 |
% |
Consumer |
|
94,543 |
|
|
1,620 |
|
|
6.82 |
% |
|
|
100,127 |
|
|
1,765 |
|
|
7.01 |
% |
Total loans |
|
3,525,765 |
|
|
63,379 |
|
|
7.15 |
% |
|
|
3,475,885 |
|
|
62,089 |
|
|
7.11 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable securities |
|
953,627 |
|
|
9,229 |
|
|
3.85 |
% |
|
|
995,713 |
|
|
9,809 |
|
|
3.92 |
% |
Nontaxable securities |
|
59,071 |
|
|
387 |
|
|
2.61 |
% |
|
|
60,120 |
|
|
400 |
|
|
2.65 |
% |
Total securities |
|
1,012,698 |
|
|
9,616 |
|
|
3.78 |
% |
|
|
1,055,833 |
|
|
10,209 |
|
|
3.85 |
% |
Federal funds sold and other |
|
177,832 |
|
|
1,984 |
|
|
4.44 |
% |
|
|
200,209 |
|
|
2,667 |
|
|
5.30 |
% |
Total interest-earning assets |
$ |
4,716,295 |
|
|
74,979 |
|
|
6.32 |
% |
|
$ |
4,731,927 |
|
|
74,965 |
|
|
6.30 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand savings and money market deposits |
$ |
2,448,539 |
|
|
13,429 |
|
|
2.18 |
% |
|
$ |
2,555,916 |
|
|
16,484 |
|
|
2.57 |
% |
Time deposits |
|
832,053 |
|
|
7,784 |
|
|
3.72 |
% |
|
|
753,286 |
|
|
7,195 |
|
|
3.80 |
% |
Total interest-bearing deposits |
|
3,280,592 |
|
|
21,213 |
|
|
2.57 |
% |
|
|
3,309,202 |
|
|
23,679 |
|
|
2.85 |
% |
FHLB advances |
|
194,914 |
|
|
2,158 |
|
|
4.41 |
% |
|
|
252,751 |
|
|
3,089 |
|
|
4.86 |
% |
Other borrowings |
|
145,128 |
|
|
2,135 |
|
|
5.86 |
% |
|
|
142,439 |
|
|
2,166 |
|
|
6.05 |
% |
Total interest-bearing liabilities |
$ |
3,620,634 |
|
|
25,506 |
|
|
2.80 |
% |
|
$ |
3,704,392 |
|
|
28,934 |
|
|
3.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
$ |
49,473 |
|
|
|
|
|
$ |
46,031 |
|
|
||||||
Interest rate spread |
|
|
|
|
|
3.52 |
% |
|
|
|
|
|
|
3.19 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (2) |
|
|
|
|
|
4.17 |
% |
|
|
|
|
|
|
3.87 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Average loan balances include nonaccrual loans. |
|||||||||||||||||||
(2) Net interest margin is calculated by dividing annualized net interest income by average interest-earning assets for the period. |
|||||||||||||||||||
(3) Tax exempt income is not included in the above table on a tax-equivalent basis. |
|||||||||||||||||||
(4) Actual unrounded values are used to calculate the reported yield or rate disclosed. Accordingly, recalculations using the amounts in thousands as disclosed in this report may not produce the same amounts. |
|||||||||||||||||||
TABLE 8. NON-GAAP FINANCIAL MEASURES (Unaudited) |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||||||
|
|
As of and for the three months ended |
||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total stockholders' equity |
|
$ |
592,918 |
|
|
$ |
504,038 |
|
|
$ |
461,435 |
|
|
$ |
456,776 |
|
|
$ |
452,860 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Less: core deposit intangibles, net |
|
|
14,969 |
|
|
|
16,029 |
|
|
|
16,636 |
|
|
|
17,854 |
|
|
|
7,222 |
|
Less: mortgage servicing rights, net |
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
50 |
|
|
|
75 |
|
Less: naming rights, net |
|
|
957 |
|
|
|
968 |
|
|
|
979 |
|
|
|
989 |
|
|
|
1,000 |
|
Tangible common equity |
|
$ |
523,891 |
|
|
$ |
433,940 |
|
|
$ |
390,694 |
|
|
$ |
384,782 |
|
|
$ |
391,462 |
|
Common shares outstanding at period end |
|
|
17,419,858 |
|
|
|
15,288,309 |
|
|
|
15,200,194 |
|
|
|
15,327,799 |
|
|
|
15,428,251 |
|
Diluted common shares outstanding at period end |
|
|
17,636,843 |
|
|
|
15,497,466 |
|
|
|
15,358,396 |
|
|
|
15,469,531 |
|
|
|
15,629,185 |
|
Book value per common share |
|
$ |
34.04 |
|
|
$ |
32.97 |
|
|
$ |
30.36 |
|
|
$ |
29.80 |
|
|
$ |
29.35 |
|
Tangible book value per common share |
|
$ |
30.07 |
|
|
$ |
28.38 |
|
|
$ |
25.70 |
|
|
$ |
25.10 |
|
|
$ |
25.37 |
|
Tangible book value per diluted common share |
|
$ |
29.70 |
|
|
$ |
28.00 |
|
|
$ |
25.44 |
|
|
$ |
24.87 |
|
|
$ |
25.05 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
5,332,047 |
|
|
$ |
5,355,233 |
|
|
$ |
5,245,517 |
|
|
$ |
5,239,036 |
|
|
$ |
5,034,592 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Less: core deposit intangibles, net |
|
|
14,969 |
|
|
|
16,029 |
|
|
|
16,636 |
|
|
|
17,854 |
|
|
|
7,222 |
|
Less: mortgage servicing rights, net |
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
50 |
|
|
|
75 |
|
Less: naming rights, net |
|
|
957 |
|
|
|
968 |
|
|
|
979 |
|
|
|
989 |
|
|
|
1,000 |
|
Tangible assets |
|
$ |
5,263,020 |
|
|
$ |
5,285,135 |
|
|
$ |
5,174,776 |
|
|
$ |
5,167,042 |
|
|
$ |
4,973,194 |
|
Total stockholders' equity to total assets |
|
|
11.12 |
% |
|
|
9.41 |
% |
|
|
8.80 |
% |
|
|
8.72 |
% |
|
|
8.99 |
% |
Tangible common equity to tangible assets |
|
|
9.95 |
% |
|
|
8.21 |
% |
|
|
7.55 |
% |
|
|
7.45 |
% |
|
|
7.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total average stockholders' equity |
|
$ |
533,227 |
|
|
$ |
485,468 |
|
|
$ |
455,322 |
|
|
$ |
460,244 |
|
|
$ |
423,207 |
|
Less: average intangible assets |
|
|
69,570 |
|
|
|
70,824 |
|
|
|
71,423 |
|
|
|
62,203 |
|
|
|
61,756 |
|
Average tangible common equity |
|
$ |
463,657 |
|
|
$ |
414,644 |
|
|
$ |
383,899 |
|
|
$ |
398,041 |
|
|
$ |
361,451 |
|
Net income (loss) allocable to common stockholders |
|
$ |
16,986 |
|
|
$ |
19,851 |
|
|
$ |
11,716 |
|
|
$ |
14,068 |
|
|
$ |
(28,299 |
) |
Less: net gain on acquisition |
|
|
— |
|
|
|
831 |
|
|
|
60 |
|
|
|
1,240 |
|
|
|
— |
|
Less: net gain (loss) on securities transactions |
|
|
(2 |
) |
|
|
206 |
|
|
|
(27 |
) |
|
|
43 |
|
|
|
(50,618 |
) |
Add: merger expenses |
|
|
— |
|
|
|
618 |
|
|
|
2,287 |
|
|
|
1,556 |
|
|
|
297 |
|
Add: BOLI tax expense |
|
|
— |
|
|
|
— |
|
|
|
1,730 |
|
|
|
— |
|
|
|
— |
|
Add: amortization of intangible assets |
|
|
1,071 |
|
|
|
1,148 |
|
|
|
1,254 |
|
|
|
935 |
|
|
|
775 |
|
Less: tax effect of pre-tax adjustments |
|
|
225 |
|
|
|
153 |
|
|
|
737 |
|
|
|
254 |
|
|
|
10,855 |
|
Core net income (loss) allocable to common stockholders |
|
$ |
17,834 |
|
|
$ |
20,427 |
|
|
$ |
16,217 |
|
|
$ |
15,022 |
|
|
$ |
12,536 |
|
Return on total average stockholders' equity (ROAE) annualized |
|
|
12.67 |
% |
|
|
16.27 |
% |
|
|
10.35 |
% |
|
|
12.29 |
% |
|
|
(26.53 |
)% |
Average tangible common equity |
|
$ |
463,657 |
|
|
$ |
414,644 |
|
|
$ |
383,899 |
|
|
$ |
398,041 |
|
|
$ |
361,451 |
|
Average impact from core earnings adjustments |
|
|
424 |
|
|
|
288 |
|
|
|
2,251 |
|
|
|
477 |
|
|
|
20,418 |
|
Core average tangible common equity |
|
$ |
464,081 |
|
|
$ |
414,932 |
|
|
$ |
386,150 |
|
|
$ |
398,518 |
|
|
$ |
381,869 |
|
Return on average tangible common equity (ROATCE) annualized |
|
|
15.30 |
% |
|
|
19.92 |
% |
|
|
13.31 |
% |
|
|
14.96 |
% |
|
|
(30.39 |
)% |
Core return on average tangible common equity (CROATCE) annualized |
|
|
15.29 |
% |
|
|
19.58 |
% |
|
|
16.89 |
% |
|
|
15.16 |
% |
|
|
13.02 |
% |
Non-interest expense |
|
$ |
37,806 |
|
|
$ |
30,328 |
|
|
$ |
38,871 |
|
|
$ |
37,152 |
|
|
$ |
34,998 |
|
Less: merger expense |
|
|
— |
|
|
|
618 |
|
|
|
2,287 |
|
|
|
1,556 |
|
|
|
297 |
|
Less: amortization of intangible assets |
|
|
1,071 |
|
|
|
1,148 |
|
|
|
1,254 |
|
|
|
935 |
|
|
|
775 |
|
Adjusted non-interest expense |
|
$ |
36,735 |
|
|
$ |
28,562 |
|
|
$ |
35,330 |
|
|
$ |
34,661 |
|
|
$ |
33,926 |
|
Net interest income |
|
$ |
49,473 |
|
|
$ |
46,031 |
|
|
$ |
46,476 |
|
|
$ |
44,182 |
|
|
$ |
39,467 |
|
Non-interest income |
|
|
8,816 |
|
|
|
9,317 |
|
|
|
8,958 |
|
|
|
11,731 |
|
|
|
(43,414 |
) |
Less: net gain on acquisition and branch sales |
|
|
— |
|
|
|
831 |
|
|
|
60 |
|
|
|
1,240 |
|
|
|
— |
|
Less: net gains (losses) from securities transactions |
|
|
(2 |
) |
|
|
206 |
|
|
|
(27 |
) |
|
|
43 |
|
|
|
(50,618 |
) |
Adjusted non-interest income |
|
$ |
8,818 |
|
|
$ |
8,280 |
|
|
$ |
8,925 |
|
|
$ |
10,448 |
|
|
$ |
7,204 |
|
Net interest income plus adjusted non-interest income |
|
$ |
58,291 |
|
|
$ |
54,311 |
|
|
$ |
55,401 |
|
|
$ |
54,630 |
|
|
$ |
46,671 |
|
Non-interest expense to net interest income plus non-interest income |
|
|
64.86 |
% |
|
|
54.80 |
% |
|
|
70.12 |
% |
|
|
66.45 |
% |
|
|
(886.70 |
)% |
Efficiency ratio |
|
|
63.02 |
% |
|
|
52.59 |
% |
|
|
63.77 |
% |
|
|
63.45 |
% |
|
|
72.69 |
% |
Average assets |
|
|
5,163,166 |
|
|
|
5,205,017 |
|
|
|
5,196,259 |
|
|
|
5,152,915 |
|
|
|
4,892,712 |
|
Core non-interest expense to average assets |
|
|
2.83 |
% |
|
|
2.18 |
% |
|
|
2.73 |
% |
|
|
2.71 |
% |
|
|
2.75 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) allocable to common stockholders |
|
$ |
16,986 |
|
|
$ |
19,851 |
|
|
$ |
11,716 |
|
|
$ |
14,068 |
|
|
$ |
(28,299 |
) |
Less: net gain on acquisition |
|
|
— |
|
|
|
831 |
|
|
|
60 |
|
|
|
1,240 |
|
|
|
— |
|
Less: net gain (loss) on securities transactions |
|
|
(2 |
) |
|
|
206 |
|
|
|
(27 |
) |
|
|
43 |
|
|
|
(50,618 |
) |
Add: merger expenses |
|
|
— |
|
|
|
618 |
|
|
|
2,287 |
|
|
|
1,556 |
|
|
|
297 |
|
Add: BOLI tax expense |
|
|
— |
|
|
|
— |
|
|
|
1,730 |
|
|
|
— |
|
|
|
— |
|
Add: amortization of intangible assets |
|
|
1,071 |
|
|
|
1,148 |
|
|
|
1,254 |
|
|
|
935 |
|
|
|
775 |
|
Less: tax effect of intangible assets amortization |
|
|
225 |
|
|
|
153 |
|
|
|
737 |
|
|
|
254 |
|
|
|
10,855 |
|
Core net income (loss) allocable to common stockholders |
|
$ |
17,834 |
|
|
$ |
20,427 |
|
|
$ |
16,217 |
|
|
$ |
15,022 |
|
|
$ |
12,536 |
|
Add: income tax provision |
|
|
3,399 |
|
|
|
3,986 |
|
|
|
4,582 |
|
|
|
3,693 |
|
|
|
(11,357 |
) |
Add: provision (reversal) of credit losses |
|
|
98 |
|
|
|
1,183 |
|
|
|
265 |
|
|
|
1,000 |
|
|
|
711 |
|
Add: tax effect of pre-tax adjustments |
|
|
225 |
|
|
|
153 |
|
|
|
737 |
|
|
|
254 |
|
|
|
10,855 |
|
Core pre-tax, pre-provision income |
|
$ |
21,556 |
|
|
$ |
25,749 |
|
|
$ |
21,801 |
|
|
$ |
19,969 |
|
|
$ |
12,745 |
|
Total average assets |
|
$ |
5,163,166 |
|
|
$ |
5,205,017 |
|
|
$ |
5,196,259 |
|
|
$ |
5,152,915 |
|
|
$ |
4,892,712 |
|
Total average stockholders' equity |
|
$ |
533,227 |
|
|
$ |
485,468 |
|
|
$ |
455,322 |
|
|
$ |
460,244 |
|
|
$ |
423,207 |
|
Weighted average diluted common shares |
|
|
16,262,965 |
|
|
|
15,451,545 |
|
|
|
15,377,980 |
|
|
|
15,569,225 |
|
|
|
15,417,200 |
|
Diluted earnings (loss) per share |
|
$ |
1.04 |
|
|
$ |
1.28 |
|
|
$ |
0.76 |
|
|
$ |
0.90 |
|
|
$ |
(1.84 |
) |
Core earnings per diluted share |
|
$ |
1.10 |
|
|
$ |
1.32 |
|
|
$ |
1.05 |
|
|
$ |
0.96 |
|
|
$ |
0.81 |
|
Core pre-tax pre-provision earnings per diluted share |
|
$ |
1.33 |
|
|
$ |
1.67 |
|
|
$ |
1.31 |
|
|
$ |
1.28 |
|
|
$ |
0.83 |
|
Return on average assets (ROAA) annualized |
|
|
1.31 |
% |
|
|
1.52 |
% |
|
|
0.91 |
% |
|
|
1.10 |
% |
|
|
(2.29 |
)% |
Core return on average assets |
|
|
1.37 |
% |
|
|
1.56 |
% |
|
|
1.25 |
% |
|
|
1.17 |
% |
|
|
1.01 |
% |
Return on average equity |
|
|
12.67 |
% |
|
|
16.27 |
% |
|
|
10.35 |
% |
|
|
12.29 |
% |
|
|
(26.53 |
)% |
Core return on average equity |
|
|
13.29 |
% |
|
|
16.73 |
% |
|
|
14.25 |
% |
|
|
13.11 |
% |
|
|
11.21 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250122149733/en/
Investor Contact:
Brian J. Katzfey
VP, Director of Corporate Development and Investor Relations
Equity Bancshares, Inc.
(316) 858-3128
bkatzfey@equitybank.com
Media Contact:
Russell Colburn
Public Relations and Communication Manager
Equity Bancshares, Inc.
(913) 583-8011
rcolburn@equitybank.com
Source: Equity Bancshares
FAQ
What was Equity Bancshares (EQBK) Q4 2024 earnings per share?
How much capital did EQBK raise in their Q4 2024 stock offering?
What was EQBK's net interest margin in Q4 2024?
How much did EQBK's deposits grow in 2024?
What dividend did EQBK announce for Q4 2024?
