Equity Bancshares, Inc. Third Quarter Results Include a Significant Recovery on Problem Asset and 16.9% Annualized Loan Growth
Equity Bancshares (NYSE: EQBK) reported Q3 2024 net income of $19.8 million, or $1.28 per diluted share. Adjusted earnings per share reached $1.31, excluding merger expenses and gains on security transactions. The company closed its merger with KansasLand, adding $28.3 million in loans and $42.4 million in deposits. Loan balances grew by $117.8 million, up 13.6% annualized, excluding KansasLand. Tangible book value per share increased 10.4% to $28.38. The company resolved a significant problem asset, recognizing an $8.5 million pre-tax benefit. Equity Bancshares also announced a 25% increase in its quarterly dividend to $0.15 per share and approved a share repurchase plan for up to 1,000,000 shares. Net interest income was $46.0 million, slightly down from the previous quarter, while non-interest income was $9.3 million. The effective tax rate dropped to 16.7% from 28.1% in the prior quarter. Total assets grew to $5.4 billion, with a loan-to-deposit ratio of 82.5%.
Equity Bancshares (NYSE: EQBK) ha riportato un reddito netto per il Q3 2024 di 19,8 milioni di dollari, ovvero 1,28 dollari per azione diluita. Gli utili per azione rettificati hanno raggiunto 1,31 dollari, escludendo le spese di fusione e i guadagni delle operazioni di sicurezza. L'azienda ha completato la fusione con KansasLand, aggiungendo 28,3 milioni di dollari in prestiti e 42,4 milioni di dollari in depositi. I saldi dei prestiti sono aumentati di 117,8 milioni di dollari, con un incremento annualizzato del 13,6%, escludendo KansasLand. Il valore contabile tangibile per azione è aumentato del 10,4% a 28,38 dollari. Equity Bancshares ha inoltre risolto un problema significativo riconoscendo un beneficio prima delle imposte di 8,5 milioni di dollari. La società ha annunciato anche un aumento del 25% del suo dividendo trimestrale a 0,15 dollari per azione e ha approvato un piano di riacquisto di azioni fino a 1.000.000 di azioni. Il reddito netto da interessi è stato di 46 milioni di dollari, leggermente inferiore rispetto al trimestre precedente, mentre il reddito non da interessi è stato di 9,3 milioni di dollari. L'aliquota fiscale effettiva è scesa al 16,7% dal 28,1% del trimestre precedente. Gli attivi totali sono aumentati a 5,4 miliardi di dollari, con un rapporto prestiti/depositi dell'82,5%.
Equity Bancshares (NYSE: EQBK) reportó un ingreso neto de Q3 2024 de 19,8 millones de dólares, o 1,28 dólares por acción diluida. Las ganancias por acción ajustadas alcanzaron 1,31 dólares, excluyendo los gastos de fusión y las ganancias de las transacciones de valores. La empresa cerró su fusión con KansasLand, añadiendo 28,3 millones de dólares en préstamos y 42,4 millones de dólares en depósitos. Los saldos de préstamos crecieron en 117,8 millones de dólares, un 13,6% anualizado, excluyendo KansasLand. El valor contable tangible por acción aumentó un 10,4% a 28,38 dólares. Equity Bancshares también resolvió un activo problemático significativo, reconociendo un beneficio antes de impuestos de 8,5 millones de dólares. También se anunció un aumento del 25% en su dividendo trimestral a 0,15 dólares por acción y se aprobó un plan de recompra de acciones de hasta 1.000.000 de acciones. Los ingresos netos por intereses fueron de 46 millones de dólares, ligeramente por debajo del trimestre anterior, mientras que los ingresos no por intereses fueron de 9,3 millones de dólares. La tasa impositiva efectiva cayó al 16,7% desde el 28,1% del trimestre anterior. Los activos totales crecieron a 5,4 mil millones de dólares, con una relación préstamos/depositos del 82,5%.
Equity Bancshares (NYSE: EQBK)는 2024년 3분기 동안 1억 9천8백만 달러의 순이익을 기록했으며, 희석 주당 1.28 달러에 해당합니다. 합병 비용 및 유가 증권 거래로 인한 이익을 제외한 조정 주당 순이익은 1.31 달러에 달했습니다. 회사는 KansasLand와의 합병을 완료하여 2천8백3십만 달러의 대출과 4천2백4십만 달러의 예금을 추가했습니다. 대출 잔액은 1억 1천7백8십만 달러가 증가하여 연율 13.6% 증가하였으며, KansasLand는 제외되었습니다. 주당 유형 자본 가치는 10.4% 증가하여 28.38 달러에 달했습니다. Equity Bancshares는 또한 중대한 문제 자산을 해결하며 8.5백만 달러의 세전 이익을 인식했습니다. 또한 분기 배당금을 0.15 달러로 25% 인상할 것과 최대 1,000,000주까지 자사주 매입 계획을 승인했습니다. 순이자 수익은 4천6백만 달러로 약간 감소했으며, 비이자 수익은 9.3백만 달러였습니다. 유효 세율은 이전 분기의 28.1%에서 16.7%로 감소했습니다. 총 자산은 54억 달러로 증가하였으며, 대출-예금 비율은 82.5%입니다.
Equity Bancshares (NYSE: EQBK) a annoncé un revenu net de 19,8 millions de dollars pour le Q3 2024, soit 1,28 dollar par action diluée. Les bénéfices par action ajustés ont atteint 1,31 dollar, en excluant les frais de fusion et les gains sur les transactions de titres. L'entreprise a clôturé sa fusion avec KansasLand, ajoutant 28,3 millions de dollars en prêts et 42,4 millions de dollars en dépôts. Les soldes des prêts ont augmenté de 117,8 millions de dollars, soit une hausse annualisée de 13,6 %, à l'exclusion de KansasLand. La valeur comptable tangible par action a augmenté de 10,4 % pour atteindre 28,38 dollars. Equity Bancshares a également résolu un actif problématique important, reconnaissant un avantage avant impôts de 8,5 millions de dollars. Equity Bancshares a également annoncé une augmentation de 25 % de son dividende trimestriel à 0,15 dollar par action et a approuvé un plan de rachat d'actions jusqu'à 1.000.000 d'actions. Le revenu net d'intérêts a atteint 46 millions de dollars, légèrement en baisse par rapport au trimestre précédent, tandis que le revenu non lié aux intérêts s'élevait à 9,3 millions de dollars. Le taux d'imposition effectif est tombé à 16,7 % contre 28,1 % au trimestre précédent. Le total des actifs a augmenté à 5,4 milliards de dollars, avec un ratio prêts/dépôts de 82,5 %.
Equity Bancshares (NYSE: EQBK) meldete einen Nettogewinn von 19,8 Millionen Dollar für das Q3 2024, was 1,28 Dollar pro verwässerter Aktie entspricht. Die bereinigten Erträge pro Aktie beliefen sich auf 1,31 Dollar, ohne Berücksichtigung von Fusionskosten und Gewinnen aus Wertpapieregeschäften. Das Unternehmen schloss die Fusion mit KansasLand ab und fügte 28,3 Millionen Dollar an Darlehen und 42,4 Millionen Dollar an Einlagen hinzu. Die Darlehenssalden stiegen um 117,8 Millionen Dollar, was einer annualisierten Steigerung von 13,6% entspricht, ohne KansasLand. Der tatsächliche Buchwert pro Aktie stieg um 10,4% auf 28,38 Dollar. Equity Bancshares konnte auch ein signifikantes Problemvermögen lösen und erkannte einen steuerfreien Nutzen von 8,5 Millionen Dollar. Zudem wurde eine Erhöhung der vierteljährlichen Dividende um 25% auf 0,15 Dollar pro Aktie angekündigt und ein Rückkaufprogramm für bis zu 1.000.000 Aktien genehmigt. Die Zinserträge betrugen 46 Millionen Dollar, leicht rückläufig im Vergleich zum vorherigen Quartal, während die Nichtzinsgewinne 9,3 Millionen Dollar betrugen. Der effektive Steuersatz sank von 28,1% im vorherigen Quartal auf 16,7%. Die Gesamtaktiva stiegen auf 5,4 Milliarden Dollar und das Darlehens-zu-Einlagen-Verhältnis betrug 82,5%.
- Net income of $19.8 million for Q3 2024.
- Adjusted EPS of $1.31, excluding merger expenses and gains.
- Merger with KansasLand added $28.3 million in loans and $42.4 million in deposits.
- Loan balances grew by $117.8 million, up 13.6% annualized.
- Tangible book value per share increased by 10.4%.
- Resolved a significant problem asset, recognizing an $8.5 million pre-tax benefit.
- Quarterly dividend increased by 25% to $0.15 per share.
- Share repurchase plan approved for up to 1,000,000 shares.
- Net interest income declined slightly to $46.0 million from $46.5 million.
- Non-performing assets increased to $32.3 million from $27.2 million.
- Provision for credit losses rose to $1.2 million from $265 thousand.
Insights
This earnings report for Equity Bancshares shows strong performance in Q3 2024. Key highlights include:
- Net income of
$19.8 million or$1.28 per diluted share - Adjusted earnings of
$1.31 per share excluding merger costs - Loan growth of
16.9% annualized - Tangible book value growth of
10.4% $8.5 million pre-tax benefit from resolving a problem asset
The
While net interest margin declined slightly to
The
Reports
“Our Company realized another exceptional earnings quarter, which included the favorable resolution of a significant problem loan," said Brad S. Elliott, Chairman and CEO of Equity. "Our team is committed to serving our communities and, through prudent underwriting, mitigating risk. When challenges arise, we will pursue all avenues available to us for successful resolution on behalf of our shareholders."
"Also during this quarter, our team continued to execute on our mission as we grew customer relationships and loan balances while also expanding our footprint via the KansasLand Bancshares, Inc. ("KansasLand") acquisition," Mr. Elliott said. "We are well positioned to facilitate both organic growth and strategic M&A. We have the teams, the processes and the experience to be the premier community bank in our geography."
Notable Items:
-
The Company realized earnings per diluted share of
$1.28 $1.31 $618 thousand $206 thousand -
The Company closed its merger with and completed its integration of KansasLand. Adding
$28.3 million $42.4 million -
During the quarter, the Company grew loan balances, excluding those acquired from KansasLand, by
$117.8 million 13.6% on an annualized basis. -
The Company resolved a significant problem asset, recognizing an
$8.5 million -
The Company ended the quarter with deposit balances of
$4.4 billion 82.5% . -
The Company increased its quarterly dividend by
25% to$0.15 -
The Company realized an increase in book and tangible book value of
$42.6 million $43.2 million 10.4% to$28.38 -
Classified assets as a percentage of total risk-based capital at Equity Bank closed the period at
8.3% while non-performing assets remained historically low. The allowance for credit losses closed the quarter at1.2% of total loans.
Financial Results for the Quarter Ended September 30, 2024
Net income allocable to common stockholders was
Excluding merger expenses and the costs associated with repositioning a portion of our BOLI portfolio in the prior quarter, net income was
Net Interest Income
Net interest income was
The decline in earning asset yield was driven by declining trends in both non-accrual loan impacts and purchase accounting accretion. The comparative change in these components of interest income resulted in an 8 basis point decline in margin.
Provision for Credit Losses
During the quarter ended September 30, 2024, 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 was
Loans, Total Assets and Funding
Loans held for investment were
Total deposits were
Asset Quality
As of September 30, 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 third quarter results on Wednesday, October 16, 2024, 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) |
||||||||||||||||
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Interest and dividend income |
|
|
|
|
|
|
|
|
||||||||
Loans, including fees |
|
$ |
62,089 |
|
|
$ |
55,152 |
|
|
$ |
182,436 |
|
|
$ |
156,281 |
|
Securities, taxable |
|
|
9,809 |
|
|
|
5,696 |
|
|
|
29,862 |
|
|
|
17,456 |
|
Securities, nontaxable |
|
|
400 |
|
|
|
369 |
|
|
|
1,192 |
|
|
|
1,606 |
|
Federal funds sold and other |
|
|
2,667 |
|
|
|
3,822 |
|
|
|
8,374 |
|
|
|
7,075 |
|
Total interest and dividend income |
|
|
74,965 |
|
|
|
65,039 |
|
|
|
221,864 |
|
|
|
182,418 |
|
Interest expense |
|
|
|
|
|
|
|
|
||||||||
Deposits |
|
|
23,679 |
|
|
|
19,374 |
|
|
|
69,196 |
|
|
|
50,399 |
|
Federal funds purchased and retail repurchase agreements |
|
|
261 |
|
|
|
246 |
|
|
|
893 |
|
|
|
633 |
|
Federal Home Loan Bank advances |
|
|
3,089 |
|
|
|
968 |
|
|
|
8,022 |
|
|
|
2,939 |
|
Federal Reserve Bank borrowings |
|
|
— |
|
|
|
1,546 |
|
|
|
1,361 |
|
|
|
3,209 |
|
Subordinated debt |
|
|
1,905 |
|
|
|
1,893 |
|
|
|
5,703 |
|
|
|
5,687 |
|
Total interest expense |
|
|
28,934 |
|
|
|
24,027 |
|
|
|
85,175 |
|
|
|
62,867 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
46,031 |
|
|
|
41,012 |
|
|
|
136,689 |
|
|
|
119,551 |
|
Provision (reversal) for credit losses |
|
|
1,183 |
|
|
|
1,230 |
|
|
|
2,448 |
|
|
|
1,162 |
|
Net interest income after provision (reversal) for credit losses |
|
|
44,848 |
|
|
|
39,782 |
|
|
|
134,241 |
|
|
|
118,389 |
|
Non-interest income |
|
|
|
|
|
|
|
|
||||||||
Service charges and fees |
|
|
2,424 |
|
|
|
2,690 |
|
|
|
7,534 |
|
|
|
7,888 |
|
Debit card income |
|
|
2,665 |
|
|
|
2,591 |
|
|
|
7,733 |
|
|
|
7,798 |
|
Mortgage banking |
|
|
287 |
|
|
|
226 |
|
|
|
720 |
|
|
|
527 |
|
Increase in value of bank-owned life insurance |
|
|
1,344 |
|
|
|
794 |
|
|
|
3,083 |
|
|
|
3,134 |
|
Net gain on acquisition and branch sales |
|
|
831 |
|
|
|
— |
|
|
|
2,131 |
|
|
|
— |
|
Net gains (losses) from securities transactions |
|
|
206 |
|
|
|
(1 |
) |
|
|
222 |
|
|
|
(1,291 |
) |
Other |
|
|
1,560 |
|
|
|
2,435 |
|
|
|
8,583 |
|
|
|
6,229 |
|
Total non-interest income |
|
|
9,317 |
|
|
|
8,735 |
|
|
|
30,006 |
|
|
|
24,285 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
|
18,494 |
|
|
|
15,857 |
|
|
|
54,418 |
|
|
|
47,786 |
|
Net occupancy and equipment |
|
|
3,478 |
|
|
|
3,262 |
|
|
|
10,800 |
|
|
|
9,081 |
|
Data processing |
|
|
5,152 |
|
|
|
4,553 |
|
|
|
15,016 |
|
|
|
12,962 |
|
Professional fees |
|
|
1,487 |
|
|
|
1,312 |
|
|
|
4,657 |
|
|
|
4,341 |
|
Advertising and business development |
|
|
1,368 |
|
|
|
1,419 |
|
|
|
3,897 |
|
|
|
3,827 |
|
Telecommunications |
|
|
660 |
|
|
|
502 |
|
|
|
1,887 |
|
|
|
1,503 |
|
FDIC insurance |
|
|
660 |
|
|
|
660 |
|
|
|
1,821 |
|
|
|
1,535 |
|
Courier and postage |
|
|
686 |
|
|
|
548 |
|
|
|
1,912 |
|
|
|
1,469 |
|
Free nationwide ATM cost |
|
|
544 |
|
|
|
516 |
|
|
|
1,569 |
|
|
|
1,565 |
|
Amortization of core deposit intangibles |
|
|
1,112 |
|
|
|
799 |
|
|
|
3,229 |
|
|
|
2,635 |
|
Loan expense |
|
|
143 |
|
|
|
132 |
|
|
|
447 |
|
|
|
385 |
|
Other real estate owned |
|
|
(7,719 |
) |
|
|
128 |
|
|
|
(7,786 |
) |
|
|
318 |
|
Merger expenses |
|
|
618 |
|
|
|
— |
|
|
|
4,461 |
|
|
|
— |
|
Other |
|
|
3,645 |
|
|
|
4,556 |
|
|
|
10,023 |
|
|
|
13,196 |
|
Total non-interest expense |
|
|
30,328 |
|
|
|
34,244 |
|
|
|
106,351 |
|
|
|
100,603 |
|
Income (loss) before income tax |
|
|
23,837 |
|
|
|
14,273 |
|
|
|
57,896 |
|
|
|
42,071 |
|
Provision for income taxes |
|
|
3,986 |
|
|
|
1,932 |
|
|
|
12,261 |
|
|
|
5,951 |
|
Net income (loss) and net income (loss) allocable to common stockholders |
|
$ |
19,851 |
|
|
$ |
12,341 |
|
|
$ |
45,635 |
|
|
$ |
36,120 |
|
Basic earnings (loss) per share |
|
$ |
1.30 |
|
|
$ |
0.80 |
|
|
$ |
2.98 |
|
|
$ |
2.32 |
|
Diluted earnings (loss) per share |
|
$ |
1.28 |
|
|
$ |
0.80 |
|
|
$ |
2.95 |
|
|
$ |
2.30 |
|
Weighted average common shares |
|
|
15,258,822 |
|
|
|
15,404,992 |
|
|
|
15,310,888 |
|
|
|
15,575,731 |
|
Weighted average diluted common shares |
|
|
15,451,545 |
|
|
|
15,507,172 |
|
|
|
15,467,930 |
|
|
|
15,692,305 |
|
TABLE 2. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
As of and for the three months ended |
||||||||||||||||||
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
Interest and dividend income |
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, including fees |
|
$ |
62,089 |
|
|
$ |
61,518 |
|
|
$ |
58,829 |
|
|
$ |
54,932 |
|
|
$ |
55,152 |
|
Securities, taxable |
|
|
9,809 |
|
|
|
10,176 |
|
|
|
9,877 |
|
|
|
6,417 |
|
|
|
5,696 |
|
Securities, nontaxable |
|
|
400 |
|
|
|
401 |
|
|
|
391 |
|
|
|
354 |
|
|
|
369 |
|
Federal funds sold and other |
|
|
2,667 |
|
|
|
3,037 |
|
|
|
2,670 |
|
|
|
2,591 |
|
|
|
3,822 |
|
Total interest and dividend income |
|
|
74,965 |
|
|
|
75,132 |
|
|
|
71,767 |
|
|
|
64,294 |
|
|
|
65,039 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
23,679 |
|
|
|
22,662 |
|
|
|
22,855 |
|
|
|
20,074 |
|
|
|
19,374 |
|
Federal funds purchased and retail repurchase agreements |
|
|
261 |
|
|
|
306 |
|
|
|
326 |
|
|
|
298 |
|
|
|
246 |
|
Federal Home Loan Bank advances |
|
|
3,089 |
|
|
|
3,789 |
|
|
|
1,144 |
|
|
|
1,005 |
|
|
|
968 |
|
Federal Reserve Bank borrowings |
|
|
— |
|
|
|
— |
|
|
|
1,361 |
|
|
|
1,546 |
|
|
|
1,546 |
|
Subordinated debt |
|
|
1,905 |
|
|
|
1,899 |
|
|
|
1,899 |
|
|
|
1,904 |
|
|
|
1,893 |
|
Total interest expense |
|
|
28,934 |
|
|
|
28,656 |
|
|
|
27,585 |
|
|
|
24,827 |
|
|
|
24,027 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income |
|
|
46,031 |
|
|
|
46,476 |
|
|
|
44,182 |
|
|
|
39,467 |
|
|
|
41,012 |
|
Provision (reversal) for credit losses |
|
|
1,183 |
|
|
|
265 |
|
|
|
1,000 |
|
|
|
711 |
|
|
|
1,230 |
|
Net interest income after provision (reversal) for credit losses |
|
|
44,848 |
|
|
|
46,211 |
|
|
|
43,182 |
|
|
|
38,756 |
|
|
|
39,782 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
||||||||||
Service charges and fees |
|
|
2,424 |
|
|
|
2,541 |
|
|
|
2,569 |
|
|
|
2,299 |
|
|
|
2,690 |
|
Debit card income |
|
|
2,665 |
|
|
|
2,621 |
|
|
|
2,447 |
|
|
|
2,524 |
|
|
|
2,591 |
|
Mortgage banking |
|
|
287 |
|
|
|
245 |
|
|
|
188 |
|
|
|
125 |
|
|
|
226 |
|
Increase in value of bank-owned life insurance |
|
|
1,344 |
|
|
|
911 |
|
|
|
828 |
|
|
|
925 |
|
|
|
794 |
|
Net gain on acquisition and branch sales |
|
|
831 |
|
|
|
60 |
|
|
|
1,240 |
|
|
|
— |
|
|
|
— |
|
Net gains (losses) from securities transactions |
|
|
206 |
|
|
|
(27 |
) |
|
|
43 |
|
|
|
(50,618 |
) |
|
|
(1 |
) |
Other |
|
|
1,560 |
|
|
|
2,607 |
|
|
|
4,416 |
|
|
|
1,331 |
|
|
|
2,435 |
|
Total non-interest income |
|
|
9,317 |
|
|
|
8,958 |
|
|
|
11,731 |
|
|
|
(43,414 |
) |
|
|
8,735 |
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
||||||||||
Salaries and employee benefits |
|
|
18,494 |
|
|
|
17,827 |
|
|
|
18,097 |
|
|
|
16,598 |
|
|
|
15,857 |
|
Net occupancy and equipment |
|
|
3,478 |
|
|
|
3,787 |
|
|
|
3,535 |
|
|
|
3,244 |
|
|
|
3,262 |
|
Data processing |
|
|
5,152 |
|
|
|
5,036 |
|
|
|
4,828 |
|
|
|
4,471 |
|
|
|
4,553 |
|
Professional fees |
|
|
1,487 |
|
|
|
1,778 |
|
|
|
1,392 |
|
|
|
1,413 |
|
|
|
1,312 |
|
Advertising and business development |
|
|
1,368 |
|
|
|
1,291 |
|
|
|
1,238 |
|
|
|
1,598 |
|
|
|
1,419 |
|
Telecommunications |
|
|
660 |
|
|
|
572 |
|
|
|
655 |
|
|
|
460 |
|
|
|
502 |
|
FDIC insurance |
|
|
660 |
|
|
|
590 |
|
|
|
571 |
|
|
|
660 |
|
|
|
660 |
|
Courier and postage |
|
|
686 |
|
|
|
620 |
|
|
|
606 |
|
|
|
577 |
|
|
|
548 |
|
Free nationwide ATM cost |
|
|
544 |
|
|
|
531 |
|
|
|
494 |
|
|
|
508 |
|
|
|
516 |
|
Amortization of core deposit intangibles |
|
|
1,112 |
|
|
|
1,218 |
|
|
|
899 |
|
|
|
739 |
|
|
|
799 |
|
Loan expense |
|
|
143 |
|
|
|
195 |
|
|
|
109 |
|
|
|
155 |
|
|
|
132 |
|
Other real estate owned |
|
|
(7,719 |
) |
|
|
17 |
|
|
|
(84 |
) |
|
|
224 |
|
|
|
128 |
|
Merger expenses |
|
|
618 |
|
|
|
2,287 |
|
|
|
1,556 |
|
|
|
297 |
|
|
|
— |
|
Other |
|
|
3,645 |
|
|
|
3,122 |
|
|
|
3,256 |
|
|
|
4,054 |
|
|
|
4,556 |
|
Total non-interest expense |
|
|
30,328 |
|
|
|
38,871 |
|
|
|
37,152 |
|
|
|
34,998 |
|
|
|
34,244 |
|
Income (loss) before income tax |
|
|
23,837 |
|
|
|
16,298 |
|
|
|
17,761 |
|
|
|
(39,656 |
) |
|
|
14,273 |
|
Provision for income taxes (benefit) |
|
|
3,986 |
|
|
|
4,582 |
|
|
|
3,693 |
|
|
|
(11,357 |
) |
|
|
1,932 |
|
Net income (loss) and net income (loss) allocable to common stockholders |
|
$ |
19,851 |
|
|
$ |
11,716 |
|
|
$ |
14,068 |
|
|
$ |
(28,299 |
) |
|
$ |
12,341 |
|
Basic earnings (loss) per share |
|
$ |
1.30 |
|
|
$ |
0.77 |
|
|
$ |
0.91 |
|
|
$ |
(1.84 |
) |
|
$ |
0.80 |
|
Diluted earnings (loss) per share |
|
$ |
1.28 |
|
|
$ |
0.76 |
|
|
$ |
0.90 |
|
|
$ |
(1.84 |
) |
|
$ |
0.80 |
|
Weighted average common shares |
|
|
15,258,822 |
|
|
|
15,248,703 |
|
|
|
15,425,709 |
|
|
|
15,417,200 |
|
|
|
15,404,992 |
|
Weighted average diluted common shares |
|
|
15,451,545 |
|
|
|
15,377,980 |
|
|
|
15,569,225 |
|
|
|
15,417,200 |
|
|
|
15,507,172 |
|
TABLE 3. CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
||||||||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
$ |
217,681 |
|
|
$ |
244,321 |
|
|
$ |
217,611 |
|
|
$ |
363,289 |
|
|
$ |
183,404 |
|
Federal funds sold |
|
|
17,802 |
|
|
|
15,945 |
|
|
|
17,407 |
|
|
|
15,810 |
|
|
|
15,613 |
|
Cash and cash equivalents |
|
|
235,483 |
|
|
|
260,266 |
|
|
|
235,018 |
|
|
|
379,099 |
|
|
|
199,017 |
|
Available-for-sale securities |
|
|
1,041,000 |
|
|
|
1,042,176 |
|
|
|
1,091,717 |
|
|
|
919,648 |
|
|
|
1,057,009 |
|
Held-to-maturity securities |
|
|
5,408 |
|
|
|
5,226 |
|
|
|
2,205 |
|
|
|
2,209 |
|
|
|
2,212 |
|
Loans held for sale |
|
|
901 |
|
|
|
1,959 |
|
|
|
1,311 |
|
|
|
476 |
|
|
|
627 |
|
Loans, net of allowance for credit losses(1) |
|
|
3,557,435 |
|
|
|
3,410,920 |
|
|
|
3,437,714 |
|
|
|
3,289,381 |
|
|
|
3,237,932 |
|
Other real estate owned, net |
|
|
2,786 |
|
|
|
2,989 |
|
|
|
1,465 |
|
|
|
1,833 |
|
|
|
3,369 |
|
Premises and equipment, net |
|
|
117,013 |
|
|
|
114,264 |
|
|
|
116,792 |
|
|
|
112,632 |
|
|
|
110,271 |
|
Bank-owned life insurance |
|
|
131,670 |
|
|
|
130,326 |
|
|
|
125,693 |
|
|
|
124,865 |
|
|
|
124,245 |
|
Federal Reserve Bank and Federal Home Loan Bank stock |
|
|
34,429 |
|
|
|
33,171 |
|
|
|
27,009 |
|
|
|
20,608 |
|
|
|
20,780 |
|
Interest receivable |
|
|
28,398 |
|
|
|
27,381 |
|
|
|
27,082 |
|
|
|
25,497 |
|
|
|
23,621 |
|
Goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Core deposit intangibles, net |
|
|
16,029 |
|
|
|
16,636 |
|
|
|
17,854 |
|
|
|
7,222 |
|
|
|
7,961 |
|
Other |
|
|
131,580 |
|
|
|
147,102 |
|
|
|
102,075 |
|
|
|
98,021 |
|
|
|
105,122 |
|
Total assets |
|
$ |
5,355,233 |
|
|
$ |
5,245,517 |
|
|
$ |
5,239,036 |
|
|
$ |
5,034,592 |
|
|
$ |
4,945,267 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand |
|
$ |
967,858 |
|
|
$ |
984,872 |
|
|
$ |
981,623 |
|
|
$ |
898,129 |
|
|
$ |
936,217 |
|
Total non-interest-bearing deposits |
|
|
967,858 |
|
|
|
984,872 |
|
|
|
981,623 |
|
|
|
898,129 |
|
|
|
936,217 |
|
Demand, savings and money market |
|
|
2,468,956 |
|
|
|
2,560,091 |
|
|
|
2,574,871 |
|
|
|
2,483,807 |
|
|
|
2,397,003 |
|
Time |
|
|
926,130 |
|
|
|
796,474 |
|
|
|
814,532 |
|
|
|
763,519 |
|
|
|
748,950 |
|
Total interest-bearing deposits |
|
|
3,395,086 |
|
|
|
3,356,565 |
|
|
|
3,389,403 |
|
|
|
3,247,326 |
|
|
|
3,145,953 |
|
Total deposits |
|
|
4,362,944 |
|
|
|
4,341,437 |
|
|
|
4,371,026 |
|
|
|
4,145,455 |
|
|
|
4,082,170 |
|
Federal funds purchased and retail repurchase agreements |
|
|
38,196 |
|
|
|
38,031 |
|
|
|
43,811 |
|
|
|
43,582 |
|
|
|
39,701 |
|
Federal Home Loan Bank advances and Federal Reserve Bank borrowings |
|
|
295,997 |
|
|
|
250,306 |
|
|
|
219,931 |
|
|
|
240,000 |
|
|
|
240,000 |
|
Subordinated debt |
|
|
97,336 |
|
|
|
97,196 |
|
|
|
97,058 |
|
|
|
96,921 |
|
|
|
96,787 |
|
Contractual obligations |
|
|
19,683 |
|
|
|
23,770 |
|
|
|
18,493 |
|
|
|
19,315 |
|
|
|
29,019 |
|
Interest payable and other liabilities |
|
|
37,039 |
|
|
|
33,342 |
|
|
|
31,941 |
|
|
|
36,459 |
|
|
|
39,460 |
|
Total liabilities |
|
|
4,851,195 |
|
|
|
4,784,082 |
|
|
|
4,782,260 |
|
|
|
4,581,732 |
|
|
|
4,527,137 |
|
Commitments and contingent liabilities |
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
|
209 |
|
|
|
208 |
|
|
|
208 |
|
|
|
207 |
|
|
|
207 |
|
Additional paid-in capital |
|
|
494,763 |
|
|
|
491,709 |
|
|
|
490,533 |
|
|
|
489,187 |
|
|
|
488,137 |
|
Retained earnings |
|
|
180,588 |
|
|
|
163,068 |
|
|
|
153,201 |
|
|
|
141,006 |
|
|
|
171,188 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(40,012 |
) |
|
|
(62,005 |
) |
|
|
(60,788 |
) |
|
|
(57,920 |
) |
|
|
(122,047 |
) |
Treasury stock |
|
|
(131,510 |
) |
|
|
(131,545 |
) |
|
|
(126,378 |
) |
|
|
(119,620 |
) |
|
|
(119,355 |
) |
Total stockholders’ equity |
|
|
504,038 |
|
|
|
461,435 |
|
|
|
456,776 |
|
|
|
452,860 |
|
|
|
418,130 |
|
Total liabilities and stockholders’ equity |
|
$ |
5,355,233 |
|
|
$ |
5,245,517 |
|
|
$ |
5,239,036 |
|
|
$ |
5,034,592 |
|
|
$ |
4,945,267 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Allowance for credit losses |
|
$ |
43,490 |
|
|
$ |
43,487 |
|
|
$ |
44,449 |
|
|
$ |
43,520 |
|
|
$ |
44,186 |
|
TABLE 4. SELECTED FINANCIAL HIGHLIGHTS (Unaudited) |
||||||||||||||||||||
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
As of and for the three months ended |
||||||||||||||||||
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
Loans Held For Investment by Type |
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
$ |
1,916,863 |
|
|
$ |
1,793,544 |
|
|
$ |
1,797,192 |
|
|
$ |
1,759,855 |
|
|
$ |
1,721,761 |
|
Commercial and industrial |
|
|
670,665 |
|
|
|
663,718 |
|
|
|
649,035 |
|
|
|
598,327 |
|
|
|
585,129 |
|
Residential real estate |
|
|
567,063 |
|
|
|
572,523 |
|
|
|
581,988 |
|
|
|
556,328 |
|
|
|
558,188 |
|
Agricultural real estate |
|
|
259,587 |
|
|
|
219,226 |
|
|
|
198,291 |
|
|
|
196,114 |
|
|
|
205,865 |
|
Agricultural |
|
|
89,529 |
|
|
|
104,342 |
|
|
|
149,312 |
|
|
|
118,587 |
|
|
|
103,352 |
|
Consumer |
|
|
97,218 |
|
|
|
101,054 |
|
|
|
106,345 |
|
|
|
103,690 |
|
|
|
107,823 |
|
Total loans held-for-investment |
|
|
3,600,925 |
|
|
|
3,454,407 |
|
|
|
3,482,163 |
|
|
|
3,332,901 |
|
|
|
3,282,118 |
|
Allowance for credit losses |
|
|
(43,490 |
) |
|
|
(43,487 |
) |
|
|
(44,449 |
) |
|
|
(43,520 |
) |
|
|
(44,186 |
) |
Net loans held for investment |
|
$ |
3,557,435 |
|
|
$ |
3,410,920 |
|
|
$ |
3,437,714 |
|
|
$ |
3,289,381 |
|
|
$ |
3,237,932 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Asset Quality Ratios |
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses on loans to total loans |
|
|
1.21 |
% |
|
|
1.26 |
% |
|
|
1.28 |
% |
|
|
1.31 |
% |
|
|
1.35 |
% |
Past due or nonaccrual loans to total loans |
|
|
1.17 |
% |
|
|
1.15 |
% |
|
|
1.10 |
% |
|
|
1.10 |
% |
|
|
1.03 |
% |
Nonperforming assets to total assets |
|
|
0.60 |
% |
|
|
0.52 |
% |
|
|
0.49 |
% |
|
|
0.53 |
% |
|
|
0.42 |
% |
Nonperforming assets to total loans plus other
|
|
|
0.90 |
% |
|
|
0.79 |
% |
|
|
0.73 |
% |
|
|
0.79 |
% |
|
|
0.63 |
% |
Classified assets to bank total regulatory capital |
|
|
8.32 |
% |
|
|
8.47 |
% |
|
|
6.85 |
% |
|
|
7.09 |
% |
|
|
6.27 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Average Balance Sheet Data (QTD Average) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities |
|
$ |
1,055,833 |
|
|
$ |
1,065,979 |
|
|
$ |
1,074,101 |
|
|
$ |
985,591 |
|
|
$ |
1,085,905 |
|
Total gross loans receivable |
|
|
3,475,885 |
|
|
|
3,459,476 |
|
|
|
3,452,553 |
|
|
|
3,293,755 |
|
|
|
3,281,483 |
|
Interest-earning assets |
|
|
4,731,927 |
|
|
|
4,745,713 |
|
|
|
4,742,200 |
|
|
|
4,480,279 |
|
|
|
4,635,384 |
|
Total assets |
|
|
5,205,017 |
|
|
|
5,196,259 |
|
|
|
5,152,915 |
|
|
|
4,892,712 |
|
|
|
5,046,179 |
|
Interest-bearing deposits |
|
|
3,309,202 |
|
|
|
3,275,765 |
|
|
|
3,319,907 |
|
|
|
3,092,637 |
|
|
|
3,206,300 |
|
Borrowings |
|
|
395,190 |
|
|
|
450,178 |
|
|
|
390,166 |
|
|
|
391,691 |
|
|
|
385,125 |
|
Total interest-bearing liabilities |
|
|
3,704,392 |
|
|
|
3,725,943 |
|
|
|
3,710,073 |
|
|
|
3,484,328 |
|
|
|
3,591,425 |
|
Total deposits |
|
|
4,275,424 |
|
|
|
4,250,843 |
|
|
|
4,254,883 |
|
|
|
4,019,362 |
|
|
|
4,177,332 |
|
Total liabilities |
|
|
4,719,549 |
|
|
|
4,740,937 |
|
|
|
4,692,671 |
|
|
|
4,469,505 |
|
|
|
4,619,919 |
|
Total stockholders' equity |
|
|
485,468 |
|
|
|
455,322 |
|
|
|
460,244 |
|
|
|
423,207 |
|
|
|
426,260 |
|
Tangible common equity* |
|
|
414,644 |
|
|
|
383,899 |
|
|
|
398,041 |
|
|
|
361,451 |
|
|
|
363,625 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance ratios |
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets (ROAA) annualized |
|
|
1.52 |
% |
|
|
0.91 |
% |
|
|
1.10 |
% |
|
|
(2.29 |
)% |
|
|
0.97 |
% |
Return on average assets before income tax and
|
|
|
1.91 |
% |
|
|
1.28 |
% |
|
|
1.46 |
% |
|
|
(3.16 |
)% |
|
|
1.22 |
% |
Return on average equity (ROAE) annualized |
|
|
16.27 |
% |
|
|
10.35 |
% |
|
|
12.29 |
% |
|
|
(26.53 |
)% |
|
|
11.49 |
% |
Return on average equity before income tax and
|
|
|
20.50 |
% |
|
|
14.63 |
% |
|
|
16.39 |
% |
|
|
(36.51 |
)% |
|
|
14.43 |
% |
Return on average tangible common equity
|
|
|
19.92 |
% |
|
|
13.31 |
% |
|
|
14.96 |
% |
|
|
(30.39 |
)% |
|
|
14.18 |
% |
Yield on loans annualized |
|
|
7.11 |
% |
|
|
7.15 |
% |
|
|
6.85 |
% |
|
|
6.62 |
% |
|
|
6.67 |
% |
Cost of interest-bearing deposits annualized |
|
|
2.85 |
% |
|
|
2.78 |
% |
|
|
2.77 |
% |
|
|
2.58 |
% |
|
|
2.40 |
% |
Cost of total deposits annualized |
|
|
2.20 |
% |
|
|
2.14 |
% |
|
|
2.16 |
% |
|
|
1.98 |
% |
|
|
1.84 |
% |
Net interest margin annualized |
|
|
3.87 |
% |
|
|
3.94 |
% |
|
|
3.75 |
% |
|
|
3.49 |
% |
|
|
3.51 |
% |
Efficiency ratio* |
|
|
54.70 |
% |
|
|
66.03 |
% |
|
|
65.16 |
% |
|
|
74.35 |
% |
|
|
68.83 |
% |
Non-interest income / average assets |
|
|
0.71 |
% |
|
|
0.69 |
% |
|
|
0.92 |
% |
|
|
(3.52 |
)% |
|
|
0.69 |
% |
Non-interest expense / average assets |
|
|
2.32 |
% |
|
|
3.01 |
% |
|
|
2.90 |
% |
|
|
2.84 |
% |
|
|
2.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
||||||||||
Tier 1 Leverage Ratio |
|
|
9.55 |
% |
|
|
9.14 |
% |
|
|
9.10 |
% |
|
|
9.46 |
% |
|
|
9.77 |
% |
Common Equity Tier 1 Capital Ratio |
|
|
11.37 |
% |
|
|
11.12 |
% |
|
|
11.14 |
% |
|
|
11.74 |
% |
|
|
12.65 |
% |
Tier 1 Risk Based Capital Ratio |
|
|
11.94 |
% |
|
|
11.70 |
% |
|
|
11.73 |
% |
|
|
12.36 |
% |
|
|
13.27 |
% |
Total Risk Based Capital Ratio |
|
|
14.78 |
% |
|
|
14.61 |
% |
|
|
14.71 |
% |
|
|
15.48 |
% |
|
|
16.42 |
% |
Total stockholders' equity to total assets |
|
|
9.41 |
% |
|
|
8.80 |
% |
|
|
8.72 |
% |
|
|
8.99 |
% |
|
|
8.46 |
% |
Tangible common equity to tangible assets* |
|
|
8.21 |
% |
|
|
7.55 |
% |
|
|
7.45 |
% |
|
|
7.87 |
% |
|
|
7.29 |
% |
Dividend payout ratio |
|
|
11.74 |
% |
|
|
15.79 |
% |
|
|
13.31 |
% |
|
|
(6.65 |
)% |
|
|
15.13 |
% |
Book value per common share |
|
$ |
32.97 |
|
|
$ |
30.36 |
|
|
$ |
29.80 |
|
|
$ |
29.35 |
|
|
$ |
27.13 |
|
Tangible book value per common share* |
|
$ |
28.38 |
|
|
$ |
25.70 |
|
|
$ |
25.10 |
|
|
$ |
25.37 |
|
|
$ |
23.09 |
|
Tangible book value per diluted common share* |
|
$ |
28.00 |
|
|
$ |
25.44 |
|
|
$ |
24.87 |
|
|
$ |
25.05 |
|
|
$ |
22.96 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
* 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 nine months ended |
|
For nine months ended |
||||||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
||||||||||||||||
|
Average Outstanding Balance |
|
Interest Income/ Expense |
|
Average
|
|
Average Outstanding Balance |
|
Interest Income/ Expense |
|
Average
|
||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial |
$ |
643,213 |
|
$ |
38,408 |
|
|
7.98 |
% |
|
$ |
580,359 |
|
$ |
31,503 |
|
|
7.26 |
% |
Commercial real estate |
|
1,400,385 |
|
|
73,339 |
|
|
7.00 |
% |
|
|
1,300,202 |
|
|
61,811 |
|
|
6.36 |
% |
Real estate construction |
|
400,317 |
|
|
26,350 |
|
|
8.79 |
% |
|
|
450,147 |
|
|
24,764 |
|
|
7.36 |
% |
Residential real estate |
|
579,818 |
|
|
19,935 |
|
|
4.59 |
% |
|
|
567,169 |
|
|
17,933 |
|
|
4.23 |
% |
Agricultural real estate |
|
218,334 |
|
|
11,777 |
|
|
7.21 |
% |
|
|
202,963 |
|
|
10,399 |
|
|
6.85 |
% |
Agricultural |
|
116,520 |
|
|
7,398 |
|
|
8.48 |
% |
|
|
100,450 |
|
|
5,039 |
|
|
6.71 |
% |
Consumer |
|
104,098 |
|
|
5,229 |
|
|
6.71 |
% |
|
|
106,841 |
|
|
4,832 |
|
|
6.05 |
% |
Total loans |
|
3,462,685 |
|
|
182,436 |
|
|
7.04 |
% |
|
|
3,308,131 |
|
|
156,281 |
|
|
6.32 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable securities |
|
1,004,367 |
|
|
29,862 |
|
|
3.97 |
% |
|
|
1,059,858 |
|
|
17,456 |
|
|
2.20 |
% |
Nontaxable securities |
|
60,903 |
|
|
1,192 |
|
|
2.62 |
% |
|
|
82,230 |
|
|
1,606 |
|
|
2.61 |
% |
Total securities |
|
1,065,270 |
|
|
31,054 |
|
|
3.89 |
% |
|
|
1,142,088 |
|
|
19,062 |
|
|
2.23 |
% |
Federal funds sold and other |
|
211,961 |
|
|
8,374 |
|
|
5.28 |
% |
|
|
191,585 |
|
|
7,075 |
|
|
4.94 |
% |
Total interest-earning assets |
$ |
4,739,916 |
|
|
221,864 |
|
|
6.25 |
% |
|
$ |
4,641,804 |
|
|
182,418 |
|
|
5.25 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand, savings and money market deposits |
$ |
2,535,852 |
|
|
48,090 |
|
|
2.53 |
% |
|
$ |
2,365,972 |
|
|
32,288 |
|
|
1.82 |
% |
Time deposits |
|
765,800 |
|
|
21,106 |
|
|
3.68 |
% |
|
|
856,862 |
|
|
18,111 |
|
|
2.83 |
% |
Total interest-bearing deposits |
|
3,301,652 |
|
|
69,196 |
|
|
2.80 |
% |
|
|
3,222,834 |
|
|
50,399 |
|
|
2.09 |
% |
FHLB advances |
|
223,132 |
|
|
8,022 |
|
|
4.80 |
% |
|
|
97,014 |
|
|
2,939 |
|
|
4.05 |
% |
Other borrowings |
|
188,652 |
|
|
7,957 |
|
|
5.63 |
% |
|
|
243,007 |
|
|
9,529 |
|
|
5.24 |
% |
Total interest-bearing liabilities |
$ |
3,713,436 |
|
|
85,175 |
|
|
3.06 |
% |
|
$ |
3,562,855 |
|
|
62,867 |
|
|
2.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
$ |
136,689 |
|
|
|
|
|
$ |
119,551 |
|
|
||||||
Interest rate spread |
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
2.89 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (2) |
|
|
|
|
|
3.85 |
% |
|
|
|
|
|
|
3.44 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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 |
||||||||||||||||||||
|
September 30, 2024 |
|
September 30, 2023 |
||||||||||||||||||||
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
|
||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial |
$ |
659,697 |
|
|
$ |
13,213 |
|
|
|
7.97 |
% |
|
$ |
573,039 |
|
|
$ |
10,984 |
|
|
|
7.60 |
% |
Commercial real estate |
|
1,351,407 |
|
|
|
24,196 |
|
|
|
7.12 |
% |
|
|
1,253,362 |
|
|
|
20,824 |
|
|
|
6.59 |
% |
Real estate construction |
|
442,857 |
|
|
|
9,732 |
|
|
|
8.74 |
% |
|
|
480,355 |
|
|
|
9,838 |
|
|
|
8.13 |
% |
Residential real estate |
|
578,702 |
|
|
|
6,912 |
|
|
|
4.75 |
% |
|
|
564,138 |
|
|
|
6,085 |
|
|
|
4.28 |
% |
Agricultural real estate |
|
251,595 |
|
|
|
4,365 |
|
|
|
6.90 |
% |
|
|
203,399 |
|
|
|
3,898 |
|
|
|
7.60 |
% |
Agricultural |
|
91,500 |
|
|
|
1,906 |
|
|
|
8.29 |
% |
|
|
99,773 |
|
|
|
1,856 |
|
|
|
7.38 |
% |
Consumer |
|
100,127 |
|
|
|
1,765 |
|
|
|
7.01 |
% |
|
|
107,417 |
|
|
|
1,667 |
|
|
|
6.16 |
% |
Total loans |
|
3,475,885 |
|
|
|
62,089 |
|
|
|
7.11 |
% |
|
|
3,281,483 |
|
|
|
55,152 |
|
|
|
6.67 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable securities |
|
995,713 |
|
|
|
9,809 |
|
|
|
3.92 |
% |
|
|
1,027,889 |
|
|
|
5,696 |
|
|
|
2.20 |
% |
Nontaxable securities |
|
60,120 |
|
|
|
400 |
|
|
|
2.65 |
% |
|
|
58,016 |
|
|
|
369 |
|
|
|
2.52 |
% |
Total securities |
|
1,055,833 |
|
|
|
10,209 |
|
|
|
3.85 |
% |
|
|
1,085,905 |
|
|
|
6,065 |
|
|
|
2.22 |
% |
Federal funds sold and other |
|
200,209 |
|
|
|
2,667 |
|
|
|
5.30 |
% |
|
|
267,996 |
|
|
|
3,822 |
|
|
|
5.66 |
% |
Total interest-earning assets |
$ |
4,731,927 |
|
|
|
74,965 |
|
|
|
6.30 |
% |
|
$ |
4,635,384 |
|
|
|
65,039 |
|
|
|
5.57 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand, savings and money market deposits |
$ |
2,555,916 |
|
|
|
16,484 |
|
|
|
2.57 |
% |
|
$ |
2,423,380 |
|
|
|
13,331 |
|
|
|
2.18 |
% |
Time deposits |
|
753,286 |
|
|
|
7,195 |
|
|
|
3.80 |
% |
|
|
782,920 |
|
|
|
6,043 |
|
|
|
3.06 |
% |
Total interest-bearing deposits |
|
3,309,202 |
|
|
|
23,679 |
|
|
|
2.85 |
% |
|
|
3,206,300 |
|
|
|
19,374 |
|
|
|
2.40 |
% |
FHLB advances |
|
252,751 |
|
|
|
3,089 |
|
|
|
4.86 |
% |
|
|
100,000 |
|
|
|
968 |
|
|
|
3.84 |
% |
Other borrowings |
|
142,439 |
|
|
|
2,166 |
|
|
|
6.05 |
% |
|
|
285,125 |
|
|
|
3,685 |
|
|
|
5.13 |
% |
Total interest-bearing liabilities |
$ |
3,704,392 |
|
|
|
28,934 |
|
|
|
3.11 |
% |
|
$ |
3,591,425 |
|
|
|
24,027 |
|
|
|
2.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
|
$ |
46,031 |
|
|
|
|
|
|
|
$ |
41,012 |
|
|
|
||||||
Interest rate spread |
|
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
|
|
2.92 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (2) |
|
|
|
|
|
|
|
3.87 |
% |
|
|
|
|
|
|
|
|
3.51 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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 |
||||||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
||||||||||||||||||||
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
|
|
Average Outstanding Balance |
|
|
Interest Income/ Expense |
|
|
Average
|
||||||||
Interest-earning assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial |
$ |
659,697 |
|
|
$ |
13,213 |
|
|
|
7.97 |
% |
|
$ |
635,123 |
|
|
$ |
12,782 |
|
|
|
8.09 |
% |
Commercial real estate |
|
1,351,407 |
|
|
|
24,196 |
|
|
|
7.12 |
% |
|
|
1,401,109 |
|
|
|
24,541 |
|
|
|
7.04 |
% |
Real estate construction |
|
442,857 |
|
|
|
9,732 |
|
|
|
8.74 |
% |
|
|
402,831 |
|
|
|
8,843 |
|
|
|
8.83 |
% |
Residential real estate |
|
578,702 |
|
|
|
6,912 |
|
|
|
4.75 |
% |
|
|
580,338 |
|
|
|
6,563 |
|
|
|
4.55 |
% |
Agricultural real estate |
|
251,595 |
|
|
|
4,365 |
|
|
|
6.90 |
% |
|
|
206,018 |
|
|
|
3,944 |
|
|
|
7.70 |
% |
Agricultural |
|
91,500 |
|
|
|
1,906 |
|
|
|
8.29 |
% |
|
|
127,298 |
|
|
|
3,102 |
|
|
|
9.80 |
% |
Consumer |
|
100,127 |
|
|
|
1,765 |
|
|
|
7.01 |
% |
|
|
106,759 |
|
|
|
1,743 |
|
|
|
6.57 |
% |
Total loans |
|
3,475,885 |
|
|
|
62,089 |
|
|
|
7.11 |
% |
|
|
3,459,476 |
|
|
|
61,518 |
|
|
|
7.15 |
% |
Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable securities |
|
995,713 |
|
|
|
9,809 |
|
|
|
3.92 |
% |
|
|
1,006,018 |
|
|
|
10,176 |
|
|
|
4.07 |
% |
Nontaxable securities |
|
60,120 |
|
|
|
400 |
|
|
|
2.65 |
% |
|
|
59,961 |
|
|
|
401 |
|
|
|
2.70 |
% |
Total securities |
|
1,055,833 |
|
|
|
10,209 |
|
|
|
3.85 |
% |
|
|
1,065,979 |
|
|
|
10,577 |
|
|
|
3.99 |
% |
Federal funds sold and other |
|
200,209 |
|
|
|
2,667 |
|
|
|
5.30 |
% |
|
|
220,258 |
|
|
|
3,037 |
|
|
|
5.54 |
% |
Total interest-earning assets |
$ |
4,731,927 |
|
|
|
74,965 |
|
|
|
6.30 |
% |
|
$ |
4,745,713 |
|
|
|
75,132 |
|
|
|
6.37 |
% |
Interest-bearing liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand savings and money market deposits |
$ |
2,555,916 |
|
|
|
16,484 |
|
|
|
2.57 |
% |
|
$ |
2,530,899 |
|
|
|
15,946 |
|
|
|
2.53 |
% |
Time deposits |
|
753,286 |
|
|
|
7,195 |
|
|
|
3.80 |
% |
|
|
744,866 |
|
|
|
6,716 |
|
|
|
3.63 |
% |
Total interest-bearing deposits |
|
3,309,202 |
|
|
|
23,679 |
|
|
|
2.85 |
% |
|
|
3,275,765 |
|
|
|
22,662 |
|
|
|
2.78 |
% |
FHLB advances |
|
252,751 |
|
|
|
3,089 |
|
|
|
4.86 |
% |
|
|
302,972 |
|
|
|
3,789 |
|
|
|
5.03 |
% |
Other borrowings |
|
142,439 |
|
|
|
2,166 |
|
|
|
6.05 |
% |
|
|
147,206 |
|
|
|
2,205 |
|
|
|
6.03 |
% |
Total interest-bearing liabilities |
$ |
3,704,392 |
|
|
|
28,934 |
|
|
|
3.11 |
% |
|
$ |
3,725,943 |
|
|
|
28,656 |
|
|
|
3.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
|
|
$ |
46,031 |
|
|
|
|
|
|
|
$ |
46,476 |
|
|
|
||||||
Interest rate spread |
|
|
|
|
|
|
|
3.19 |
% |
|
|
|
|
|
|
|
|
3.28 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest margin (2) |
|
|
|
|
|
|
|
3.87 |
% |
|
|
|
|
|
|
|
|
3.94 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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 |
||||||||||||||||||
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
||||||||||
|
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total stockholders' equity |
|
$ |
504,038 |
|
|
$ |
461,435 |
|
|
$ |
456,776 |
|
|
$ |
452,860 |
|
|
$ |
418,130 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Less: core deposit intangibles, net |
|
|
16,029 |
|
|
|
16,636 |
|
|
|
17,854 |
|
|
|
7,222 |
|
|
|
7,961 |
|
Less: mortgage servicing rights, net |
|
|
— |
|
|
|
25 |
|
|
|
50 |
|
|
|
75 |
|
|
|
100 |
|
Less: naming rights, net |
|
|
968 |
|
|
|
979 |
|
|
|
989 |
|
|
|
1,000 |
|
|
|
1,011 |
|
Tangible common equity |
|
$ |
433,940 |
|
|
$ |
390,694 |
|
|
$ |
384,782 |
|
|
$ |
391,462 |
|
|
$ |
355,957 |
|
Common shares outstanding at period end |
|
|
15,288,309 |
|
|
|
15,200,194 |
|
|
|
15,327,799 |
|
|
|
15,428,251 |
|
|
|
15,413,064 |
|
Diluted common shares outstanding at period end |
|
|
15,497,466 |
|
|
|
15,358,396 |
|
|
|
15,469,531 |
|
|
|
15,629,185 |
|
|
|
15,500,749 |
|
Book value per common share |
|
$ |
32.97 |
|
|
$ |
30.36 |
|
|
$ |
29.80 |
|
|
$ |
29.35 |
|
|
$ |
27.13 |
|
Tangible book value per common share |
|
$ |
28.38 |
|
|
$ |
25.70 |
|
|
$ |
25.10 |
|
|
$ |
25.37 |
|
|
$ |
23.09 |
|
Tangible book value per diluted common share |
|
$ |
28.00 |
|
|
$ |
25.44 |
|
|
$ |
24.87 |
|
|
$ |
25.05 |
|
|
$ |
22.96 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets |
|
$ |
5,355,233 |
|
|
$ |
5,245,517 |
|
|
$ |
5,239,036 |
|
|
$ |
5,034,592 |
|
|
$ |
4,945,267 |
|
Less: goodwill |
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
|
|
53,101 |
|
Less: core deposit intangibles, net |
|
|
16,029 |
|
|
|
16,636 |
|
|
|
17,854 |
|
|
|
7,222 |
|
|
|
7,961 |
|
Less: mortgage servicing rights, net |
|
|
— |
|
|
|
25 |
|
|
|
50 |
|
|
|
75 |
|
|
|
100 |
|
Less: naming rights, net |
|
|
968 |
|
|
|
979 |
|
|
|
989 |
|
|
|
1,000 |
|
|
|
1,011 |
|
Tangible assets |
|
$ |
5,285,135 |
|
|
$ |
5,174,776 |
|
|
$ |
5,167,042 |
|
|
$ |
4,973,194 |
|
|
$ |
4,883,094 |
|
Total stockholders' equity to total assets |
|
|
9.41 |
% |
|
|
8.80 |
% |
|
|
8.72 |
% |
|
|
8.99 |
% |
|
|
8.46 |
% |
Tangible common equity to tangible assets |
|
|
8.21 |
% |
|
|
7.55 |
% |
|
|
7.45 |
% |
|
|
7.87 |
% |
|
|
7.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total average stockholders' equity |
|
$ |
485,468 |
|
|
$ |
455,322 |
|
|
$ |
460,244 |
|
|
$ |
423,207 |
|
|
$ |
426,260 |
|
Less: average intangible assets |
|
|
70,824 |
|
|
|
71,423 |
|
|
|
62,203 |
|
|
|
61,756 |
|
|
|
62,635 |
|
Average tangible common equity |
|
$ |
414,644 |
|
|
$ |
383,899 |
|
|
$ |
398,041 |
|
|
$ |
361,451 |
|
|
$ |
363,625 |
|
Net income (loss) allocable to common stockholders |
|
$ |
19,851 |
|
|
$ |
11,716 |
|
|
$ |
14,068 |
|
|
$ |
(28,299 |
) |
|
$ |
12,341 |
|
Add: amortization of intangible assets |
|
|
1,148 |
|
|
|
1,254 |
|
|
|
935 |
|
|
|
775 |
|
|
|
835 |
|
Less: tax effect of intangible assets amortization |
|
|
241 |
|
|
|
263 |
|
|
|
196 |
|
|
|
163 |
|
|
|
175 |
|
Adjusted net income (loss) allocable to common
|
|
$ |
20,758 |
|
|
$ |
12,707 |
|
|
$ |
14,807 |
|
|
$ |
(27,687 |
) |
|
$ |
13,001 |
|
Return on total average stockholders' equity
|
|
|
16.27 |
% |
|
|
10.35 |
% |
|
|
12.29 |
% |
|
|
(26.53 |
)% |
|
|
11.49 |
% |
Return on average tangible common equity
|
|
|
19.92 |
% |
|
|
13.31 |
% |
|
|
14.96 |
% |
|
|
(30.39 |
)% |
|
|
14.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest expense |
|
$ |
30,328 |
|
|
$ |
38,871 |
|
|
$ |
37,152 |
|
|
$ |
34,998 |
|
|
$ |
34,244 |
|
Less: merger expense |
|
|
618 |
|
|
|
2,287 |
|
|
|
1,556 |
|
|
|
297 |
|
|
|
— |
|
Adjusted non-interest expense |
|
$ |
29,710 |
|
|
$ |
36,584 |
|
|
$ |
35,596 |
|
|
$ |
34,701 |
|
|
$ |
34,244 |
|
Net interest income |
|
$ |
46,031 |
|
|
$ |
46,476 |
|
|
$ |
44,182 |
|
|
$ |
39,467 |
|
|
$ |
41,012 |
|
Non-interest income |
|
|
9,317 |
|
|
|
8,958 |
|
|
|
11,731 |
|
|
|
(43,414 |
) |
|
|
8,735 |
|
Less: net gain on acquisition and branch sales |
|
|
831 |
|
|
|
60 |
|
|
|
1,240 |
|
|
|
— |
|
|
|
— |
|
Less: net gains (losses) from securities transactions |
|
|
206 |
|
|
|
(27 |
) |
|
|
43 |
|
|
|
(50,618 |
) |
|
|
(1 |
) |
Adjusted non-interest income |
|
$ |
8,280 |
|
|
$ |
8,925 |
|
|
$ |
10,448 |
|
|
$ |
7,204 |
|
|
$ |
8,736 |
|
Net interest income plus adjusted non-interest income |
|
$ |
54,311 |
|
|
$ |
55,401 |
|
|
$ |
54,630 |
|
|
$ |
46,671 |
|
|
$ |
49,748 |
|
Non-interest expense to
|
|
|
54.80 |
% |
|
|
70.12 |
% |
|
|
66.45 |
% |
|
|
(886.70 |
)% |
|
|
68.84 |
% |
Efficiency ratio |
|
|
54.70 |
% |
|
|
66.03 |
% |
|
|
65.16 |
% |
|
|
74.35 |
% |
|
|
68.83 |
% |
Net income (loss) allocable to common stockholders |
|
$ |
19,851 |
|
|
$ |
11,716 |
|
|
$ |
14,068 |
|
|
$ |
(28,299 |
) |
|
$ |
12,341 |
|
Add: income tax provision |
|
|
3,986 |
|
|
|
4,582 |
|
|
|
3,693 |
|
|
|
(11,357 |
) |
|
|
1,932 |
|
Add: provision (reversal) of credit losses |
|
|
1,183 |
|
|
|
265 |
|
|
|
1,000 |
|
|
|
711 |
|
|
|
1,230 |
|
Pre-tax, pre-provision income |
|
$ |
25,020 |
|
|
$ |
16,563 |
|
|
$ |
18,761 |
|
|
$ |
(38,945 |
) |
|
$ |
15,503 |
|
Total average assets |
|
$ |
5,205,017 |
|
|
$ |
5,196,259 |
|
|
$ |
5,152,915 |
|
|
$ |
4,892,712 |
|
|
$ |
5,046,179 |
|
Total average stockholders' equity |
|
$ |
485,468 |
|
|
$ |
455,322 |
|
|
$ |
460,244 |
|
|
$ |
423,207 |
|
|
$ |
426,620 |
|
Return on average assets (ROAA) annualized |
|
|
1.52 |
% |
|
|
0.91 |
% |
|
|
1.10 |
% |
|
|
(2.29 |
)% |
|
|
0.97 |
% |
Adjusted return on average assets |
|
|
1.91 |
% |
|
|
1.28 |
% |
|
|
1.46 |
% |
|
|
(3.16 |
)% |
|
|
1.22 |
% |
Adjusted return on average equity |
|
|
20.50 |
% |
|
|
14.63 |
% |
|
|
16.39 |
% |
|
|
(36.51 |
)% |
|
|
14.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) allocable to common stockholders |
|
$ |
19,851 |
|
|
$ |
11,716 |
|
|
$ |
14,068 |
|
|
$ |
(28,299 |
) |
|
$ |
12,341 |
|
Add: Day 1 -Provision |
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
Less: Gain (loss) from securities transactions |
|
|
206 |
|
|
|
(27 |
) |
|
|
43 |
|
|
|
(50,618 |
) |
|
|
(1 |
) |
Add: Merger expense |
|
|
618 |
|
|
|
2,287 |
|
|
|
1,556 |
|
|
|
297 |
|
|
|
— |
|
Adjusted non-core items |
|
|
412 |
|
|
|
2,314 |
|
|
|
2,513 |
|
|
|
50,915 |
|
|
|
1 |
|
Tax effected non-core items |
|
|
325 |
|
|
|
1,828 |
|
|
|
1,985 |
|
|
|
40,223 |
|
|
|
1 |
|
BOLI tax adjustment |
|
|
— |
|
|
|
1,730 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted operating net income |
|
$ |
20,176 |
|
|
$ |
15,274 |
|
|
$ |
16,053 |
|
|
$ |
11,924 |
|
|
$ |
12,342 |
|
GAAP earnings (loss) per diluted share |
|
$ |
1.28 |
|
|
$ |
0.76 |
|
|
$ |
0.90 |
|
|
$ |
(1.84 |
) |
|
$ |
0.80 |
|
Adjusted earnings (loss) per diluted share |
|
$ |
1.31 |
|
|
$ |
0.99 |
|
|
$ |
1.03 |
|
|
$ |
0.77 |
|
|
$ |
0.80 |
|
Total average assets |
|
$ |
5,205,017 |
|
|
$ |
5,196,258 |
|
|
$ |
5,152,915 |
|
|
$ |
4,892,712 |
|
|
$ |
5,046,179 |
|
Adjusted Operating ROAA |
|
|
1.54 |
% |
|
|
1.18 |
% |
|
|
1.25 |
% |
|
|
0.97 |
% |
|
|
0.97 |
% |
Weighted average diluted common shares |
|
|
15,451,545 |
|
|
|
15,377,980 |
|
|
|
15,569,225 |
|
|
|
15,417,200 |
|
|
|
15,507,172 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015781471/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
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