Attached files
| file | filename |
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| 8-K - FORM 8-K - S&T BANCORP INC | d716660d8k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
April 29, 2014
S&T Bancorp, Inc. Announces First Quarter 2014
Results and Declares an Increased Dividend
Indiana, Pennsylvania – April 29, 2014 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its first quarter 2014 earnings. Net income increased 18% to $14.0 million with diluted earnings per share of $0.47 compared to the fourth quarter of 2013 net income of $11.9 million and diluted earnings per share of $0.40. Net income increased 14% compared to the first quarter of 2013 net income of $12.3 million and diluted earnings per share of $0.41.
First Quarter Highlights:
| • | Loan growth was strong with a $61.7 million, or 7.0% annualized, increase in portfolio loans compared to December 31, 2013. |
| • | Market expansion continues with the opening of a loan production office in central Ohio and the hiring of two community bankers in State College, Pennsylvania. |
| • | Asset quality was excellent with a net recovery for the first quarter of 2014 and a decrease in nonperforming assets. |
| • | Expenses remain well controlled due to various efficiency initiatives implemented in 2013. |
| • | S&T’s Board of Directors approved a 6.3% increase in the quarterly cash dividend to $0.17 per share, the second increase in the quarterly dividend over the past year. |
“Our financial performance this quarter is a continuation of the focused execution of our strategic initiatives by our team members. Solid organic loan growth, expense discipline and improvement in our asset quality metrics will continue to be a focus in 2014,” said Todd Brice, president and chief executive officer of S&T. “In addition, we are excited to
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S&T Earnings Release –2
S&T Bancorp, Inc. Announces First Quarter 2014
Results and Declares First Quarter Dividend
(continued)
announce our expansion into two key markets, Central Ohio and State College, Pennsylvania, where we have recruited bankers with long tenures and deep ties to these markets.”
Net Interest Income
Net interest income was relatively unchanged at $35.6 million compared to $35.7 million in the fourth quarter of 2013. Net interest income was impacted by two fewer days in the first quarter compared to the fourth quarter of 2013, however, this decrease was offset by strong loan growth and prepayment fees. Compared to the same period last year, loan growth has driven net interest income higher by 5.7%. Net interest margin (FTE) has been stable at 3.51% in the first quarter of 2014, 3.52% in the fourth quarter of 2013 and 3.49% in the first quarter of 2013.
Asset Quality
Asset quality remains excellent. Total nonperforming loans were 0.58% of total loans at March 31, 2014 compared to 0.63% of total loans at December 31, 2013. During the first quarter of 2014, there was a net recovery of $0.1 million compared to a net charge-off of $3.3 million in the fourth quarter of 2013. The provision for loan losses decreased to $0.3 million in the first quarter of 2014 compared to $1.6 million in the fourth quarter of 2013. The allowance for loan losses was $46.6 million, or 1.28% of total loans, compared to $46.3 million, or 1.30% of total loans, at December 31, 2013.
Noninterest Income and Expense
Noninterest income increased $0.1 million to $11.4 million compared to $11.3 million in the fourth quarter of 2013 due to higher wealth management and insurance fees offset by a decrease in mortgage banking. Wealth management fees increased $0.4 million, or 15.7%, from the prior quarter due to brokerage activity, fee schedule changes and higher assets under management. Insurance fees increased $0.6 million due to $0.4 million of
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S&T Earnings Release –3
S&T Bancorp, Inc. Announces First Quarter 2014
Results and Declares First Quarter Dividend
(continued)
annual profit sharing that we received from our insurance carriers, normal seasonal fluctuations with policy renewals and higher revenue related to our credit insurance products. Mortgage banking income decreased by $0.3 million compared to the prior quarter due to seasonal declines in volume.
Expenses remain well controlled as a result of various efficiency initiatives implemented during 2013. Adjusting for $1.1 million of one-time expenses in the first quarter of 2013, noninterest expense decreased by over 5% in the first quarter of 2014. Noninterest expense decreased $0.5 million to $28.9 million compared to $29.4 million in the fourth quarter of 2013. Professional services and legal fees decreased $0.4 million and marketing expense decreased $0.2 million compared to the prior quarter due to the timing of services and marketing campaigns.
Financial Condition
Total assets increased $173.8 million to $4.7 billion at March 31, 2014 compared to $4.5 billion at December 31, 2013. Loan growth was strong representing our seventh consecutive quarter of growth with an increase of $61.7 million, or 7.0% annualized, in total portfolio loans. Commercial loans grew $66.4 million, or 10.4% annualized, during the quarter, primarily due to growth in the commercial and industrial and construction portfolios. Total deposits increased $196.0 million compared to December 31, 2013 with growth coming primarily in core deposits. S&T’s risk-based capital ratios increased this quarter due to retained earnings growth outpacing loan growth. All capital ratios remain significantly above the well-capitalized thresholds of federal bank regulatory agencies.
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S&T Earnings Release –4
S&T Bancorp, Inc. Announces First Quarter 2014
Results and Declares First Quarter Dividend
(continued)
Dividend
The Board of Directors of S&T declared a $0.17 per share cash dividend at its regular meeting held April 28, 2014, representing a 6.3% increase over the prior quarter cash dividend of $0.16 per share and a 13.3% increase over the quarterly dividend a year ago. The dividend is payable May 29, 2014 to shareholders of record on May 15, 2014.
“The increase in the quarterly dividend is a reflection of the Board’s confidence in management’s ability to continue to produce solid earnings in the future while maintaining a strong capital position,” said Charles Urtin, chairman of the S&T Bancorp, Inc. Board of Directors. “Our focus remains on providing a competitive return to the shareholders of S&T Bancorp.”
Conference Call
S&T will host its first quarter 2014 earnings conference call live over the Internet at 1:00 p.m. Eastern Time on Tuesday, April 29, 2014. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “1st Quarter 2014 Conference Call” and follow the instructions.
Annual Meeting
S&T will hold its Annual Meeting on May 19, 2014, at 10:00 a.m. Eastern Time, at the S&T Training and Support Center, located at 355 North Fifth Street, Indiana, Pennsylvania 15701.
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T Bancorp, Inc. operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Centre, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties, as well as loan production offices in northeast and central Ohio. With assets of $4.7 billion, S&T Bancorp, Inc. stock trades on the NASDAQ Global Select Market under the symbol STBA. For more information, visit http://www.stbancorp.com.
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S&T Earnings Release –5
S&T Bancorp, Inc. Announces First Quarter 2014
Results and Declares First Quarter Dividend
(continued)
For more information:
Mark Kochvar
Chief Financial Officer
800 Philadelphia Street
Indiana, PA 15701
(724) 465-4826
mark.kochvar@stbank.net
www.stbancorp.com
This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors’ understanding of S&T’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP financial measures is presented in the attached selected financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.
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| S&T Bancorp, Inc. | S&T Earnings Release –6 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2014 | 2013 | 2013 | ||||||||||
| (dollars in thousands, except per share data) | First Quarter |
Fourth Quarter |
First Quarter |
|||||||||
| INTEREST INCOME |
||||||||||||
| Loans, including fees |
$ | 35,649 | $ | 35,949 | $ | 35,045 | ||||||
| Investment Securities: |
||||||||||||
| Taxable |
1,983 | 1,847 | 1,863 | |||||||||
| Tax-exempt |
929 | 888 | 833 | |||||||||
| Dividends |
104 | 95 | 102 | |||||||||
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|
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| Total Interest Income |
38,665 | 38,779 | 37,843 | |||||||||
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|
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| INTEREST EXPENSE |
||||||||||||
| Deposits |
2,510 | 2,536 | 3,202 | |||||||||
| Borrowings and junior subordinated debt securities |
564 | 589 | 972 | |||||||||
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| Total Interest Expense |
3,074 | 3,125 | 4,174 | |||||||||
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| NET INTEREST INCOME |
35,591 | 35,654 | 33,669 | |||||||||
| Provision for loan losses |
289 | 1,562 | 2,307 | |||||||||
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| Net Interest Income After Provision for Loan Losses |
35,302 | 34,092 | 31,362 | |||||||||
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| NONINTEREST INCOME |
||||||||||||
| Securities gains, net |
1 | — | 2 | |||||||||
| Wealth management fees |
2,955 | 2,553 | 2,576 | |||||||||
| Service charges on deposit accounts |
2,509 | 2,744 | 2,448 | |||||||||
| Debit and credit card fees |
2,502 | 2,566 | 2,451 | |||||||||
| Insurance fees |
1,677 | 1,092 | 1,775 | |||||||||
| Mortgage banking |
132 | 465 | 482 | |||||||||
| Gain on sale of merchant card servicing business |
— | — | 3,093 | |||||||||
| Other |
1,640 | 1,892 | 1,979 | |||||||||
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| Total Noninterest Income |
11,416 | 11,312 | 14,806 | |||||||||
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| NONINTEREST EXPENSE |
||||||||||||
| Salaries and employee benefits |
15,376 | 15,201 | 16,067 | |||||||||
| Net occupancy |
2,230 | 1,986 | 2,169 | |||||||||
| Data processing |
2,095 | 2,083 | 2,664 | |||||||||
| Furniture and equipment |
1,271 | 1,260 | 1,308 | |||||||||
| Professional services and legal |
663 | 1,045 | 974 | |||||||||
| Other taxes |
631 | 790 | 999 | |||||||||
| FDIC insurance |
631 | 660 | 776 | |||||||||
| Marketing |
618 | 841 | 689 | |||||||||
| Other |
5,399 | 5,581 | 5,970 | |||||||||
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| Total Noninterest Expense |
28,914 | 29,447 | 31,616 | |||||||||
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| Income Before Taxes |
17,804 | 15,957 | 14,552 | |||||||||
| Provision for income taxes |
3,771 | 4,098 | 2,222 | |||||||||
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| Net Income |
$ | 14,033 | $ | 11,859 | $ | 12,330 | ||||||
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| Per Share Data: |
||||||||||||
| Shares outstanding at end of period |
29,718,126 | 29,737,725 | 29,724,721 | |||||||||
| Average shares outstanding - diluted |
29,698,047 | 29,691,844 | 29,674,406 | |||||||||
| Average shares outstanding - two-class method |
29,735,031 | 29,737,725 | 29,729,702 | |||||||||
| Diluted earnings per share (1) |
$ | 0.47 | $ | 0.40 | $ | 0.41 | ||||||
| Dividends declared per share |
$ | 0.16 | $ | 0.16 | $ | 0.15 | ||||||
| Dividend yield (annualized) |
2.70 | % | 2.53 | % | 3.24 | % | ||||||
| Dividends paid to net income |
33.91 | % | 40.12 | % | 36.17 | % | ||||||
| Book value |
$ | 19.64 | $ | 19.21 | $ | 18.32 | ||||||
| Tangible book value (5) |
$ | 13.65 | $ | 13.22 | $ | 12.30 | ||||||
| Market value |
$ | 23.70 | $ | 25.31 | $ | 18.54 | ||||||
| Profitability Ratios (Annualized) |
||||||||||||
| Return on average assets |
1.23 | % | 1.03 | % | 1.12 | % | ||||||
| Return on average tangible assets (3) |
1.30 | % | 1.10 | % | 1.20 | % | ||||||
| Return on average shareholders’ equity |
9.83 | % | 8.40 | % | 9.25 | % | ||||||
| Return on average tangible shareholders’ equity (4) |
14.41 | % | 12.58 | % | 14.16 | % | ||||||
| Efficiency ratio (FTE) (2) |
59.83 | % | 61.04 | % | 63.68 | % | ||||||
| S&T Bancorp, Inc. | S&T Earnings Release –7 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2014 | 2013 | 2013 | ||||||||||
| (dollars in thousands) | First Quarter |
Fourth Quarter |
First Quarter |
|||||||||
| ASSETS |
||||||||||||
| Cash and due from banks, including interest-bearing deposits |
$ | 185,303 | $ | 108,356 | $ | 261,124 | ||||||
| Securities available-for-sale, at fair value |
551,896 | 509,425 | 469,418 | |||||||||
| Loans held for sale |
1,133 | 2,136 | 2,580 | |||||||||
| Commercial loans: |
||||||||||||
| Commercial real estate |
1,607,958 | 1,607,756 | 1,479,796 | |||||||||
| Commercial and industrial |
884,870 | 842,449 | 806,205 | |||||||||
| Commercial construction |
167,432 | 143,675 | 164,874 | |||||||||
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| Total Commercial Loans |
2,660,260 | 2,593,880 | 2,450,875 | |||||||||
| Consumer loans: |
||||||||||||
| Residential mortgage |
490,120 | 487,092 | 442,705 | |||||||||
| Home equity |
410,695 | 414,195 | 416,524 | |||||||||
| Installment and other consumer |
64,561 | 67,883 | 68,773 | |||||||||
| Consumer construction |
2,260 | 3,149 | 3,105 | |||||||||
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| Total Consumer Loans |
967,636 | 972,319 | 931,107 | |||||||||
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| Total portfolio loans |
3,627,896 | 3,566,199 | 3,381,982 | |||||||||
| Allowance for loan losses |
(46,616 | ) | (46,255 | ) | (45,936 | ) | ||||||
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| Total portfolio loans, net |
3,581,280 | 3,519,944 | 3,336,046 | |||||||||
| Goodwill |
175,820 | 175,820 | 175,820 | |||||||||
| Other assets |
211,555 | 217,509 | 234,875 | |||||||||
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| Total Assets |
$ | 4,706,987 | $ | 4,533,190 | $ | 4,479,863 | ||||||
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| LIABILITIES |
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| Deposits: |
||||||||||||
| Noninterest-bearing demand |
$ | 1,032,372 | $ | 992,779 | $ | 951,050 | ||||||
| Interest-bearing demand |
312,477 | 312,790 | 304,667 | |||||||||
| Money market |
360,414 | 281,403 | 326,489 | |||||||||
| Savings |
1,034,388 | 994,805 | 993,472 | |||||||||
| Certificates of deposit |
1,128,630 | 1,090,531 | 1,062,886 | |||||||||
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| Total Deposits |
3,868,281 | 3,672,308 | 3,638,564 | |||||||||
| Securities sold under repurchase agreements |
38,434 | 33,847 | 64,358 | |||||||||
| Short-term borrowings |
100,000 | 140,000 | 50,000 | |||||||||
| Long-term borrowings |
21,226 | 21,810 | 23,535 | |||||||||
| Junior subordinated debt securities |
45,619 | 45,619 | 90,619 | |||||||||
| Other liabilities |
49,776 | 48,300 | 68,173 | |||||||||
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| Total Liabilities |
4,123,336 | 3,961,884 | 3,935,249 | |||||||||
| SHAREHOLDERS’ EQUITY |
||||||||||||
| Total Shareholders’ Equity |
583,651 | 571,306 | 544,614 | |||||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 4,706,987 | $ | 4,533,190 | $ | 4,479,863 | ||||||
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| Capitalization Ratios |
||||||||||||
| Shareholders’ equity / assets |
12.40 | % | 12.60 | % | 12.16 | % | ||||||
| Tangible common equity / tangible assets (6) |
8.96 | % | 9.03 | % | 8.50 | % | ||||||
| Tier 1 leverage ratio |
9.79 | % | 9.75 | % | 9.42 | % | ||||||
| Risk-based capital - tier 1 |
12.43 | % | 12.37 | % | 12.20 | % | ||||||
| Risk-based capital - total |
14.41 | % | 14.36 | % | 15.60 | % | ||||||
| S&T Bancorp, Inc. | S&T Earnings Release –8 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2014 | 2013 | 2013 | ||||||||||||||||||||||
| (dollars in thousands) | First Quarter |
Fourth Quarter |
First Quarter |
|||||||||||||||||||||
| Net Interest Margin (FTE) (QTD Averages) |
||||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||
| Loans |
$ | 3,576,484 | 4.13 | % | $ | 3,537,426 | 4.12 | % | $ | 3,358,099 | 4.32 | % | ||||||||||||
| Interest-bearing deposits with banks |
147,890 | 0.23 | % | 113,662 | 0.28 | % | 210,628 | 0.23 | % | |||||||||||||||
| Taxable investment securities |
395,470 | 1.97 | % | 386,177 | 1.91 | % | 353,390 | 2.11 | % | |||||||||||||||
| Tax-exempt investment securities |
121,464 | 4.71 | % | 114,301 | 4.78 | % | 110,438 | 4.64 | % | |||||||||||||||
| Federal Home Loan Bank and other restricted stock |
13,391 | 2.70 | % | 14,021 | 1.41 | % | 14,420 | 0.52 | % | |||||||||||||||
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| Total Interest-earning Assets |
4,254,699 | 3.81 | % | 4,165,587 | 3.82 | % | 4,046,975 | 3.91 | % | |||||||||||||||
| Noninterest-earning assets |
377,462 | 385,448 | 401,396 | |||||||||||||||||||||
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| Total Assets |
$ | 4,632,161 | $ | 4,551,036 | $ | 4,448,371 | ||||||||||||||||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||||||
| Interest-bearing demand |
$ | 313,420 | 0.02 | % | $ | 313,942 | 0.02 | % | $ | 310,161 | 0.02 | % | ||||||||||||
| Money market |
350,314 | 0.15 | % | 290,159 | 0.13 | % | 338,246 | 0.15 | % | |||||||||||||||
| Savings |
1,014,205 | 0.16 | % | 1,009,515 | 0.15 | % | 973,822 | 0.21 | % | |||||||||||||||
| Certificates of deposit |
910,716 | 0.81 | % | 935,590 | 0.81 | % | 1,011,930 | 1.02 | % | |||||||||||||||
| CDARs and brokered deposits |
190,598 | 0.33 | % | 139,927 | 0.32 | % | 31,217 | 0.23 | % | |||||||||||||||
| Securities sold under repurchase agreements |
36,596 | 0.01 | % | 26,384 | 0.01 | % | 63,338 | 0.17 | % | |||||||||||||||
| Short-term borrowings |
127,778 | 0.31 | % | 146,957 | 0.30 | % | 61,111 | 0.22 | % | |||||||||||||||
| Long-term borrowings |
21,466 | 3.06 | % | 22,043 | 3.00 | % | 29,485 | 3.18 | % | |||||||||||||||
| Junior subordinated debt securities |
45,619 | 2.69 | % | 45,619 | 2.70 | % | 90,619 | 3.05 | % | |||||||||||||||
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| Total Interest-bearing Liabilities |
3,010,712 | 0.41 | % | 2,930,135 | 0.42 | % | 2,909,929 | 0.58 | % | |||||||||||||||
| Noninterest-bearing demand |
989,799 | 993,653 | 925,301 | |||||||||||||||||||||
| Other liabilities |
52,851 | 67,451 | 72,715 | |||||||||||||||||||||
| Shareholders’ equity |
578,799 | 559,797 | 540,426 | |||||||||||||||||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 4,632,161 | $ | 4,551,036 | $ | 4,448,371 | ||||||||||||||||||
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| Net Interest Margin (7) |
3.51 | % | 3.52 | % | 3.49 | % | ||||||||||||||||||
| S&T Bancorp, Inc. | S&T Earnings Release –9 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2014 | 2013 | 2013 | ||||||||||||||||||||||
| (dollars in thousands) | First Quarter |
Fourth Quarter |
First Quarter |
|||||||||||||||||||||
| Nonperforming Loans (NPL) |
||||||||||||||||||||||||
| Commercial loans: | % NPL | % NPL | % NPL | |||||||||||||||||||||
| Commercial real estate |
$ | 10,265 | 0.64 | % | $ | 10,750 | 0.67 | % | $ | 25,836 | 1.75 | % | ||||||||||||
| Commercial and industrial |
3,181 | 0.36 | % | 3,296 | 0.39 | % | 5,380 | 0.67 | % | |||||||||||||||
| Commercial construction |
1,976 | 1.18 | % | 2,742 | 1.91 | % | 5,170 | 3.14 | % | |||||||||||||||
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| Total Nonperforming Commercial Loans |
15,422 | 0.58 | % | 16,788 | 0.65 | % | 36,386 | 1.48 | % | |||||||||||||||
| Consumer loans: |
||||||||||||||||||||||||
| Residential mortgage |
2,948 | 0.60 | % | 3,338 | 0.69 | % | 5,643 | 1.27 | % | |||||||||||||||
| Home equity |
2,630 | 0.64 | % | 2,291 | 0.55 | % | 4,022 | 0.97 | % | |||||||||||||||
| Installment and other consumer |
22 | 0.03 | % | 37 | 0.05 | % | 21 | 0.03 | % | |||||||||||||||
| Consumer construction |
— | — | — | — | 218 | 7.02 | % | |||||||||||||||||
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| Total Nonperforming Consumer Loans |
5,600 | 0.58 | % | 5,666 | 0.58 | % | 9,904 | 1.06 | % | |||||||||||||||
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| Total Nonperforming Loans |
$ | 21,022 | 0.58 | % | $ | 22,454 | 0.63 | % | $ | 46,290 | 1.37 | % | ||||||||||||
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| 2014 | 2013 | 2013 | ||||||||||
| First Quarter |
Fourth Quarter |
First Quarter |
||||||||||
| Asset Quality Data |
||||||||||||
| Nonperforming loans |
$ | 21,022 | $ | 22,454 | 46,290 | |||||||
| Assets acquired through foreclosure or repossession |
343 | 410 | 627 | |||||||||
| Nonperforming assets |
21,365 | 22,864 | 46,917 | |||||||||
| Troubled debt restructurings (nonaccruing) |
9,269 | 10,067 | 14,776 | |||||||||
| Troubled debt restructurings (accruing) |
36,059 | 39,229 | 41,423 | |||||||||
| Total troubled debt restructurings |
45,328 | 49,296 | 56,199 | |||||||||
| Nonperforming loans / loans |
0.58 | % | 0.63 | % | 1.37 | % | ||||||
| Nonperforming assets / loans plus OREO |
0.59 | % | 0.64 | % | 1.39 | % | ||||||
| Allowance for loan losses / loans |
1.28 | % | 1.30 | % | 1.36 | % | ||||||
| Allowance for loan losses / nonperforming loans |
222 | % | 206 | % | 99 | % | ||||||
| Net loan (recoveries) charge-offs |
(72 | ) | 3,290 | 2,855 | ||||||||
| Net loan (recoveries) charge-offs (annualized) / average loans |
(0.01 | %) | 0.37 | % | 0.34 | % | ||||||
| S&T Bancorp, Inc. | S&T Earnings Release –10 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
| (1) | Diluted earnings per share under the two-class method is determined on the net income reported on the income statement less earnings allocated to participating securities. |
| (2) | Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis. |
| 2014 | 2013 | 2013 | ||||||||||
| First Quarter |
Fourth Quarter |
First Quarter |
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|
(3) Return on Average Tangible Assets (non-GAAP) |
||||||||||||
| Net income (annualized) |
$ | 56,912 | $ | 47,049 | $ | 50,005 | ||||||
| Plus: amortization of intangibles net of tax (annualized) |
833 | 950 | 1,137 | |||||||||
|
|
|
|
|
|
|
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| Net income before amortization of intangibles (annualized) |
57,745 | 47,999 | 51,142 | |||||||||
| Average total assets |
4,632,161 | 4,551,036 | 4,448,371 | |||||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(178,164 | ) | (178,380 | ) | (179,159 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Average tangible assets (non-GAAP) |
4,453,997 | 4,372,656 | 4,269,212 | |||||||||
|
|
|
|
|
|
|
|||||||
| Return on average tangible assets (non-GAAP) |
1.30 | % | 1.10 | % | 1.20 | % | ||||||
|
|
|
|
|
|
|
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|
(4) Return on Average Tangible Shareholders’ Equity (non-GAAP) |
||||||||||||
| Net income (annualized) |
$ | 56,912 | $ | 47,049 | $ | 50,005 | ||||||
| Plus: amortization of intangibles net of tax (annualized) |
833 | 950 | 1,137 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net income before amortization of intangibles (annualized) |
57,745 | $ | 47,999 | $ | 51,142 | |||||||
| Average total shareholders’ equity |
578,799 | 559,797 | 540,427 | |||||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(178,164 | ) | (178,380 | ) | (179,159 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Average tangible equity (non-GAAP) |
400,635 | 381,417 | 361,268 | |||||||||
|
|
|
|
|
|
|
|||||||
| Return on average tangible equity (non-GAAP) |
14.41 | % | 12.58 | % | 14.16 | % | ||||||
|
|
|
|
|
|
|
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|
(5) Tangible Book Value (non-GAAP) |
||||||||||||
| Total shareholders’ equity |
$ | 583,651 | $ | 571,306 | $ | 544,614 | ||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(178,059 | ) | (178,264 | ) | (179,018 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Tangible equity (non-GAAP) |
405,592 | 393,042 | 365,596 | |||||||||
| Common shares outstanding |
29,718 | 29,738 | 29,725 | |||||||||
|
|
|
|
|
|
|
|||||||
| Tangible book value at year end (non-GAAP) |
$ | 13.65 | $ | 13.22 | $ | 12.30 | ||||||
|
|
|
|
|
|
|
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|
(6) Tangible Common Equity / Tangible Assets (non-GAAP) |
||||||||||||
| Total shareholders’ equity |
$ | 583,651 | $ | 571,306 | $ | 544,614 | ||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(178,059 | ) | (178,264 | ) | (179,018 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Tangible equity (non-GAAP) |
405,592 | 393,042 | 365,596 | |||||||||
| Total assets |
4,706,987 | 4,533,190 | 4,479,863 | |||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(178,059 | ) | (178,264 | ) | (179,018 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Tangible assets (non-GAAP) |
4,528,928 | 4,354,926 | 4,300,845 | |||||||||
|
|
|
|
|
|
|
|||||||
| Tangible equity to tangible assets (non-GAAP) |
8.96 | % | 9.03 | % | 8.50 | % | ||||||
|
|
|
|
|
|
|
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|
(7) Net Interest Margin Rate (FTE) (non-GAAP) |
||||||||||||
| Interest income |
$ | 38,665 | $ | 38,779 | $ | 37,843 | ||||||
| Less: interest expense |
(3,074 | ) | (3,125 | ) | (4,174 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net interest income |
35,591 | 35,654 | 33,669 | |||||||||
| Plus: taxable equivalent adjustment |
1,323 | 1,280 | 1,172 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net interest income (FTE) (non-GAAP) |
36,914 | 36,934 | 34,841 | |||||||||
| Net interest income (FTE) (annualized) |
149,708 | 146,532 | 141,300 | |||||||||
| Average earning assets |
4,254,699 | 4,165,587 | 4,046,975 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net interest margin - (FTE) (non-GAAP) |
3.51 | % | 3.52 | % | 3.49 | % | ||||||
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