Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - S&T BANCORP INC | d910752d8k.htm |
Exhibit 99.1
| CONTACT: | ||
| Mark Kochvar |
| |
| Chief Financial Officer | ||
| 724.465.4826 | ||
| 800 Philadelphia St. | ||
| Indiana, PA | ||
| mark.kochvar@stbank.net | ||
| www.stbancorp.com |
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces First Quarter 2015 Results and Declares First Quarter Dividend
Indiana, Pa. – April 21, 2015 – S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with branch locations in 16 southwestern and southcentral Pennsylvania counties, and loan production offices in northeast and central Ohio, and western New York, announced today its first quarter 2015 earnings. First quarter earnings were $12.8 million, or $0.41 per diluted share, compared to fourth quarter of 2014 earnings of $14.5 million, or $0.49 per diluted share, and first quarter of 2014 earnings of $14.0 million, or $0.47 per diluted share.
Highlights:
| • | The merger with Integrity Bancshares, Inc. (Integrity) closed on March 4, 2015. The first quarter results included $2.3 million, or $0.05 per diluted share, of merger related expenses. |
| • | S&T now has $6.0 billion in assets and a market cap of approximately $1.0 billion. |
| • | Net loan charge-offs to average loans remained low at 0.10% for the first quarter of 2015 compared to 0.05% for the fourth quarter of 2014. |
| • | S&T declared an $0.18 per share dividend compared to $0.17 in the same period a year ago. |
“We are pleased to have closed on our merger with Integrity during the first quarter,” said Todd Brice, president and chief executive officer of S&T. “This represents a significant milestone for our organization and begins our expansion efforts into southcentral Pennsylvania. It is exciting to see two organizations with such talented teams come together and work as one high-performing financial institution.”
Merger with Integrity Bancshares, Inc.
The merger between S&T and Integrity (merger) closed on March 4, 2015. Integrity Bank became a wholly-owned subsidiary of S&T, expanding S&T’s geographic footprint into southcentral Pennsylvania with eight branches in four counties. Integrity Bank will merge into S&T Bank in the second quarter of 2015. After the bank merger, S&T Bank intends to operate bank branches in the markets currently served by Integrity Bank using the name “Integrity Bank - a division of S&T Bank”. The merger was valued at $172 million and added approximately $789 million of loans and $722 million of deposits on March 4, 2015. Integrity’s results are included in S&T’s consolidated financial statements since March 4, 2015. Merger related expenses were approximately $2.3 million, or $0.05 per diluted share, for the first quarter of 2015.
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Net Interest Income
Net interest income increased $2.2 million to $40.3 million compared to $38.1 million for the fourth quarter of 2014. The increase in net interest income primarily related to the merger. Net interest margin on a fully taxable equivalent basis (FTE) increased 5 basis points to 3.48% compared to 3.43% in the fourth quarter of 2014. Net interest margin was positively impacted by a $0.3 million special dividend received from the Federal Home Loan Bank of Pittsburgh.
Asset Quality
Total nonperforming assets increased $6.8 million to $19.4 million, or 0.33% of total assets at March 31, 2015 compared to $12.6 million, or 0.25% of total assets at December 31, 2014. The increase was primarily due to the addition of $5.0 million of nonperforming loans at S&T Bank and $1.3 million of other real estate owned added from the merger. Net charge-offs for the first quarter of 2015 were $1.0 million compared to net charge-offs of $0.5 million in the fourth quarter of 2014. The provision for loan losses was $1.2 million for the first quarter of 2015 compared to $1.1 million for the fourth quarter of 2014. The allowance for loan losses for originated loans was $48.1 million, or 1.27% of total originated loans, compared to $47.9 million, or 1.27% of total originated loans, at December 31, 2014. Integrity acquired loans were recorded at fair value on the acquisition date and have no associated allowance for loan losses at March 31, 2015.
Noninterest Income and Expense
Noninterest income increased $0.9 million to $12.1 million compared to $11.2 million for the fourth quarter of 2014. The increase in noninterest income was primarily due to higher insurance fees and the merger. Insurance fees increased $0.5 million due to $0.4 million of annual profit sharing received from insurance carriers. Integrity added $0.4 million in fees, primarily in mortgage banking. Noninterest expense increased $3.9 million to $33.6 million compared to $29.7 million in the fourth quarter of 2014. The increase was mainly due to higher merger related expenses of $1.6 million and $1.4 million of operating expenses for Integrity.
Financial Condition
Total assets increased $1.0 billion to $6.0 billion at March 31, 2015 compared to $5.0 billion at December 31, 2014. Total portfolio loans increased $815 million of which $789 million related to the merger. Excluding the merger, total loans grew $26.3 million from December 31, 2014. Total deposits increased $920 million which included $722 million related to the merger. Excluding the merger, total deposits grew $198 million from December 31, 2014. S&T’s capital ratios were impacted this quarter compared to the fourth quarter of 2014 due to the merger and new requirements under Basel III. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared an $0.18 per share cash dividend at its regular meeting held on April 20, 2015. The dividend is payable on May 21, 2015 to shareholders of record on May 7, 2015.
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Conference Call
S&T will host its first quarter 2015 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, April 21, 2015. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “1st Quarter 2015 Conference Call” and follow the instructions.
About S&T Bancorp, Inc. and S&T Bank:
S&T Bancorp, Inc. is a $6.0 billion bank holding company that is headquartered in Indiana, Pa. and trades on the NASDAQ Global Select Market under the symbol STBA. Its principal subsidiary, S&T Bank, was established in 1902 and operates in 16 counties across southwestern and southcentral Pennsylvania, with loan production offices in northeast and central Ohio, and western New York. For more information visit www.stbancorp.com or www.stbank.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 –4 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2015 | 2014 | 2014 | ||||||||||
| First | Fourth | First | ||||||||||
| (dollars in thousands, except per share data) | Quarter | Quarter | Quarter | |||||||||
| INTEREST INCOME |
||||||||||||
| Loans, including fees |
$ | 39,927 | $ | 37,797 | $ | 35,649 | ||||||
| Investment securities: |
||||||||||||
| Taxable |
2,383 | 2,353 | 1,900 | |||||||||
| Tax-exempt |
1,020 | 985 | 929 | |||||||||
| Dividends |
586 | 246 | 187 | |||||||||
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| Total Interest Income |
43,916 | 41,381 | 38,665 | |||||||||
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| INTEREST EXPENSE |
||||||||||||
| Deposits |
3,007 | 2,662 | 2,510 | |||||||||
| Borrowings and junior subordinated debt securities |
650 | 653 | 564 | |||||||||
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| Total Interest Expense |
3,657 | 3,315 | 3,074 | |||||||||
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| NET INTEREST INCOME |
40,259 | 38,066 | 35,591 | |||||||||
| Provision for loan losses |
1,207 | 1,106 | 289 | |||||||||
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| Net Interest Income After Provision for Loan Losses |
39,052 | 36,960 | 35,302 | |||||||||
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| NONINTEREST INCOME |
||||||||||||
| Securities gains, net |
— | — | 1 | |||||||||
| Wealth management fees |
2,923 | 2,795 | 2,955 | |||||||||
| Debit and credit card fees |
2,715 | 2,645 | 2,502 | |||||||||
| Service charges on deposit accounts |
2,583 | 2,677 | 2,509 | |||||||||
| Insurance fees |
1,651 | 1,132 | 1,677 | |||||||||
| Mortgage banking |
525 | 251 | 132 | |||||||||
| Other |
1,687 | 1,720 | 1,640 | |||||||||
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| Total Noninterest Income |
12,084 | 11,220 | 11,416 | |||||||||
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| NONINTEREST EXPENSE |
||||||||||||
| Salaries and employee benefits |
16,780 | 14,471 | 15,376 | |||||||||
| Net occupancy |
2,588 | 1,993 | 2,230 | |||||||||
| Data processing |
2,320 | 2,271 | 2,095 | |||||||||
| Furniture and equipment |
1,226 | 1,460 | 1,271 | |||||||||
| Other taxes |
842 | 543 | 631 | |||||||||
| Marketing |
816 | 981 | 618 | |||||||||
| FDIC insurance |
695 | 618 | 631 | |||||||||
| Professional services and legal |
523 | 1,229 | 663 | |||||||||
| Merger related expenses |
2,301 | 689 | — | |||||||||
| Other |
5,530 | 5,465 | 5,399 | |||||||||
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| Total Noninterest Expense |
33,621 | 29,720 | 28,914 | |||||||||
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| Income Before Taxes |
17,515 | 18,460 | 17,804 | |||||||||
| Provision for income taxes |
4,680 | 3,963 | 3,771 | |||||||||
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| Net Income |
$ | 12,835 | $ | 14,497 | $ | 14,033 | ||||||
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| Per Share Data: |
||||||||||||
| Shares outstanding at end of period |
34,797,526 | 29,796,397 | 29,718,126 | |||||||||
| Average shares outstanding - diluted |
31,260,948 | 29,718,321 | 29,698,047 | |||||||||
| Average shares outstanding - two-class method |
31,343,849 | 29,796,397 | 29,735,031 | |||||||||
| Diluted earnings per share (1) |
$ | 0.41 | $ | 0.49 | $ | 0.47 | ||||||
| Dividends declared per share |
$ | 0.18 | $ | 0.18 | $ | 0.16 | ||||||
| Dividend yield (annualized) |
2.54 | % | 2.42 | % | 2.70 | % | ||||||
| Dividends paid to net income |
41.74 | % | 36.87 | % | 33.91 | % | ||||||
| Book value |
$ | 21.91 | $ | 20.42 | $ | 19.64 | ||||||
| Tangible book value (3) |
$ | 13.40 | $ | 14.46 | $ | 13.65 | ||||||
| Market value |
$ | 28.38 | $ | 29.81 | $ | 23.70 | ||||||
| Profitability Ratios (annualized) |
||||||||||||
| Return on average assets |
0.99 | % | 1.17 | % | 1.23 | % | ||||||
| Return on average tangible assets (4) |
1.05 | % | 1.22 | % | 1.30 | % | ||||||
| Return on average shareholders’ equity |
7.85 | % | 9.38 | % | 9.83 | % | ||||||
| Return on average tangible shareholders’ equity (5) |
11.80 | % | 13.35 | % | 14.41 | % | ||||||
| Efficiency ratio (FTE) (2) |
62.57 | % | 58.67 | % | 59.83 | % | ||||||
| S&T Bancorp, Inc. | S&T Earnings Release –5 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2015 | 2014 | 2014 | ||||||||||
| First | Fourth | First | ||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||
| ASSETS |
||||||||||||
| Cash and due from banks, including interest-bearing deposits |
$ | 124,737 | $ | 109,580 | $ | 185,303 | ||||||
| Securities available-for-sale, at fair value |
655,829 | 640,273 | 551,896 | |||||||||
| Loans held for sale |
6,126 | 2,970 | 1,133 | |||||||||
| Commercial loans: |
||||||||||||
| Commercial real estate |
2,152,413 | 1,682,236 | 1,607,958 | |||||||||
| Commercial and industrial |
1,211,053 | 994,138 | 884,870 | |||||||||
| Commercial construction |
286,166 | 216,148 | 167,432 | |||||||||
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| Total Commercial Loans |
3,649,632 | 2,892,522 | 2,660,260 | |||||||||
| Consumer loans: |
||||||||||||
| Residential mortgage |
521,506 | 489,586 | 490,120 | |||||||||
| Home equity |
442,396 | 418,563 | 410,695 | |||||||||
| Installment and other consumer |
65,754 | 65,567 | 64,561 | |||||||||
| Consumer construction |
4,410 | 2,508 | 2,260 | |||||||||
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| Total Consumer Loans |
1,034,066 | 976,224 | 967,636 | |||||||||
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| Total portfolio loans |
4,683,698 | 3,868,746 | 3,627,896 | |||||||||
| Allowance for loan losses |
(48,106 | ) | (47,911 | ) | (46,616 | ) | ||||||
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| Total portfolio loans, net |
4,635,592 | 3,820,835 | 3,581,280 | |||||||||
| Goodwill |
290,617 | 175,820 | 175,820 | |||||||||
| Other assets |
258,392 | 215,208 | 211,555 | |||||||||
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| Total Assets |
$ | 5,971,293 | $ | 4,964,686 | $ | 4,706,987 | ||||||
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| LIABILITIES |
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| Deposits: |
||||||||||||
| Noninterest-bearing demand |
$ | 1,177,623 | $ | 1,083,919 | $ | 1,032,372 | ||||||
| Interest-bearing demand |
686,546 | 335,099 | 312,477 | |||||||||
| Money market |
617,609 | 376,612 | 360,414 | |||||||||
| Savings |
1,073,755 | 1,027,095 | 1,034,388 | |||||||||
| Certificates of deposit |
1,272,998 | 1,086,117 | 1,128,630 | |||||||||
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| Total Deposits |
4,828,531 | 3,908,842 | 3,868,281 | |||||||||
| Securities sold under repurchase agreements |
46,721 | 30,605 | 38,434 | |||||||||
| Short-term borrowings |
199,573 | 290,000 | 100,000 | |||||||||
| Long-term borrowings |
18,838 | 19,442 | 21,226 | |||||||||
| Junior subordinated debt securities |
50,619 | 45,619 | 45,619 | |||||||||
| Other liabilities |
64,753 | 61,789 | 49,776 | |||||||||
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| Total Liabilities |
5,209,035 | 4,356,297 | 4,123,336 | |||||||||
| SHAREHOLDERS’ EQUITY |
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| Total Shareholders’ Equity |
762,258 | 608,389 | 583,651 | |||||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 5,971,293 | $ | 4,964,686 | $ | 4,706,987 | ||||||
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| Capitalization Ratios |
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| Shareholders’ equity / assets |
12.77 | % | 12.25 | % | 12.40 | % | ||||||
| Tangible common equity / tangible assets (6) |
8.22 | % | 9.00 | % | 8.96 | % | ||||||
| Tier 1 leverage ratio |
10.06 | % | 9.80 | % | 9.79 | % | ||||||
| Common equity tier 1 capital |
9.82 | % | 11.81 | % | 11.86 | % | ||||||
| Risk-based capital - tier 1 |
10.22 | % | 12.34 | % | 12.43 | % | ||||||
| Risk-based capital - total |
11.86 | % | 14.27 | % | 14.41 | % | ||||||
| S&T Bancorp, Inc. | S&T Earnings Release –6 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2015 | 2014 | 2014 | ||||||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||||||
| (dollars in thousands) |
Quarter | Quarter | Quarter | |||||||||||||||||||||
| Net Interest Margin (FTE) (QTD Averages) |
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| ASSETS |
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| Loans |
$ | 4,122,631 | 4.01 | % | $ | 3,845,351 | 3.98 | % | $ | 3,576,484 | 4.13 | % | ||||||||||||
| Taxable investment securities |
504,867 | 1.97 | % | 488,257 | 1.99 | % | 395,470 | 1.98 | % | |||||||||||||||
| Tax-exempt investment securities |
142,194 | 4.41 | % | 134,355 | 4.51 | % | 121,464 | 4.71 | % | |||||||||||||||
| Federal Home Loan Bank and other restricted stock |
15,427 | 12.66 | % | 14,420 | 4.17 | % | 13,391 | 2.70 | % | |||||||||||||||
| Interest-bearing deposits with banks |
65,575 | 0.22 | % | 79,814 | 0.27 | % | 147,890 | 0.23 | % | |||||||||||||||
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| Total Interest-earning Assets |
4,850,694 | 3.78 | % | 4,562,197 | 3.72 | % | 4,254,699 | 3.82 | % | |||||||||||||||
| Noninterest-earning assets |
421,132 | 373,068 | 377,462 | |||||||||||||||||||||
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| Total Assets |
$ | 5,271,826 | $ | 4,935,265 | $ | 4,632,161 | ||||||||||||||||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Interest-bearing demand |
$ | 432,009 | 0.08 | % | $ | 335,479 | 0.02 | % | $ | 313,420 | 0.02 | % | ||||||||||||
| Money market |
362,939 | 0.18 | % | 299,732 | 0.17 | % | 350,314 | 0.15 | % | |||||||||||||||
| Savings |
1,052,347 | 0.16 | % | 1,048,359 | 0.16 | % | 1,014,205 | 0.16 | % | |||||||||||||||
| Certificates of deposit |
991,542 | 0.87 | % | 923,468 | 0.81 | % | 910,716 | 0.81 | % | |||||||||||||||
| CDARS and brokered deposits |
260,555 | 0.34 | % | 233,650 | 0.36 | % | 190,598 | 0.33 | % | |||||||||||||||
| Securities sold under repurchase agreements |
40,039 | 0.01 | % | 25,137 | 0.01 | % | 36,596 | 0.01 | % | |||||||||||||||
| Short-term borrowings |
236,440 | 0.32 | % | 249,185 | 0.32 | % | 127,778 | 0.31 | % | |||||||||||||||
| Long-term borrowings |
19,086 | 3.01 | % | 19,685 | 2.96 | % | 21,466 | 3.06 | % | |||||||||||||||
| Junior subordinated debt securities |
47,175 | 2.77 | % | 45,619 | 2.67 | % | 45,619 | 2.69 | % | |||||||||||||||
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| Total Interest-bearing Liabilities |
3,442,132 | 0.43 | % | 3,180,314 | 0.41 | % | 3,010,712 | 0.41 | % | |||||||||||||||
| Noninterest-bearing demand |
1,101,795 | 1,091,638 | 989,799 | |||||||||||||||||||||
| Other liabilities |
64,643 | 50,033 | 52,851 | |||||||||||||||||||||
| Shareholders’ equity |
663,256 | 613,280 | 578,799 | |||||||||||||||||||||
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| Total Liabilities and Shareholders’ Equity |
$ | 5,271,826 | $ | 4,935,265 | $ | 4,632,161 | ||||||||||||||||||
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| Net Interest Margin (7) |
3.48 | % | 3.43 | % | 3.51 | % | ||||||||||||||||||
| S&T Bancorp, Inc. | S&T Earnings Release –7 | |
| Consolidated Selected Financial Data | ||
| Unaudited |
| 2015 | 2014 | 2014 | ||||||||||||||||||||||
| First | Fourth | First | ||||||||||||||||||||||
| (dollars in thousands) | Quarter | Quarter | Quarter | |||||||||||||||||||||
| Nonperforming Loans (NPL) |
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| Commercial loans: | % NPL | % NPL | % NPL | |||||||||||||||||||||
| Commercial real estate |
$ | 8,386 | 0.39 | % | $ | 4,434 | 0.26 | % | $ | 10,265 | 0.64 | % | ||||||||||||
| Commercial and industrial |
3,550 | 0.29 | % | 1,622 | 0.16 | % | 3,181 | 0.36 | % | |||||||||||||||
| Commercial construction |
1,973 | 0.69 | % | 1,974 | 0.91 | % | 1,976 | 1.18 | % | |||||||||||||||
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| Total Nonperforming Commercial Loans |
13,909 | 0.38 | % | 8,030 | 0.28 | % | 15,422 | 0.58 | % | |||||||||||||||
| Consumer loans: |
||||||||||||||||||||||||
| Residential mortgage |
2,226 | 0.43 | % | 2,336 | 0.48 | % | 2,948 | 0.60 | % | |||||||||||||||
| Home equity |
1,986 | 0.45 | % | 2,060 | 0.49 | % | 2,630 | 0.64 | % | |||||||||||||||
| Installment and other consumer |
13 | 0.02 | % | 31 | 0.05 | % | 22 | 0.03 | % | |||||||||||||||
| Consumer construction |
— | — | — | — | — | — | ||||||||||||||||||
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| Total Nonperforming Consumer Loans |
4,225 | 0.41 | % | 4,427 | 0.45 | % | 5,600 | 0.58 | % | |||||||||||||||
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| Total Nonperforming Loans |
$ | 18,134 | 0.39 | % | $ | 12,457 | 0.32 | % | $ | 21,022 | 0.58 | % | ||||||||||||
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| 2015 | 2014 | 2014 | ||||||||||
| First | Fourth | First | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| Asset Quality Data |
||||||||||||
| Nonperforming loans |
$ | 18,134 | $ | 12,457 | $ | 21,022 | ||||||
| Assets acquired through foreclosure or repossession |
1,294 | 166 | 343 | |||||||||
| Nonperforming assets |
19,428 | 12,623 | 21,365 | |||||||||
| Troubled debt restructurings (nonaccruing) |
9,916 | 5,436 | 9,269 | |||||||||
| Troubled debt restructurings (accruing) |
36,423 | 36,983 | 36,059 | |||||||||
| Total troubled debt restructurings |
46,339 | 42,419 | 45,328 | |||||||||
| Nonperforming loans / loans |
0.39 | % | 0.32 | % | 0.58 | % | ||||||
| Nonperforming assets / loans plus OREO |
0.41 | % | 0.33 | % | 0.59 | % | ||||||
| Allowance for loan losses / originated loans |
1.27 | % | 1.27 | % | 1.28 | % | ||||||
| Allowance for loan losses / total loans |
1.03 | % | 1.24 | % | 1.28 | % | ||||||
| Allowance for loan losses / nonperforming loans |
265 | % | 385 | % | 222 | % | ||||||
| Net loan charge-offs |
$ | 1,014 | $ | 511 | $ | (72 | ) | |||||
| Net loan charge-offs (recoveries)(annualized) / average loans |
0.10 | % | 0.05 | % | (0.01 | %) | ||||||
| S&T Bancorp, Inc. | S&T Earnings Release –8 | |
| 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. |
| 2015 | 2014 | 2014 | ||||||||||
| First | Fourth | First | ||||||||||
| Quarter | Quarter | Quarter | ||||||||||
| (3) Tangible Book Value (non-GAAP) |
||||||||||||
| Total shareholders’ equity |
$ | 762,258 | $ | 608,389 | $ | 583,651 | ||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(295,814 | ) | (177,530 | ) | (178,059 | ) | ||||||
|
|
|
|
|
|
|
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| Tangible common equity (non-GAAP) |
$ | 466,444 | $ | 430,859 | $ | 405,592 | ||||||
| Common shares outstanding |
34,798 | 29,796 | 29,718 | |||||||||
| Tangible book value (non-GAAP) |
$ | 13.40 | $ | 14.46 | $ | 13.65 | ||||||
| (4) Return on Average Tangible Assets (non-GAAP) |
||||||||||||
| Net income (annualized) |
$ | 52,054 | $ | 57,514 | $ | 56,912 | ||||||
| Plus: amortization of intangibles net of tax (annualized) |
917 | 659 | 833 | |||||||||
|
|
|
|
|
|
|
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| Net income before amortization of intangibles (annualized) |
52,971 | 58,173 | 57,745 | |||||||||
| Average total assets |
5,271,826 | 4,935,265 | 4,632,161 | |||||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(214,299 | ) | (177,619 | ) | (178,164 | ) | ||||||
|
|
|
|
|
|
|
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| Average tangible assets (non-GAAP) |
$ | 5,057,527 | $ | 4,757,646 | $ | 4,453,997 | ||||||
| Return on average tangible assets (non-GAAP) |
1.05 | % | 1.22 | % | 1.30 | % | ||||||
| (5) Return on Average Tangible Shareholders’ Equity (non-GAAP) |
||||||||||||
| Net income (annualized) |
$ | 52,054 | $ | 57,514 | $ | 56,912 | ||||||
| Plus: amortization of intangibles net of tax (annualized) |
917 | 659 | 833 | |||||||||
|
|
|
|
|
|
|
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| Net income before amortization of intangibles (annualized) |
52,971 | 58,173 | 57,745 | |||||||||
| Average total shareholders’ equity |
663,256 | 613,280 | 578,799 | |||||||||
| Less: average goodwill and other intangibles, net of deferred tax liability |
(214,299 | ) | (177,619 | ) | (178,164 | ) | ||||||
|
|
|
|
|
|
|
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| Average tangible equity (non-GAAP) |
$ | 448,957 | $ | 435,661 | $ | 400,635 | ||||||
| Return on average tangible equity (non-GAAP) |
11.80 | % | 13.35 | % | 14.41 | % | ||||||
| (6) Tangible Common Equity / Tangible Assets (non-GAAP) |
||||||||||||
| Total shareholders’ equity |
$ | 762,258 | $ | 608,389 | $ | 583,651 | ||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(295,814 | ) | (177,530 | ) | (178,059 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Tangible common equity (non-GAAP) |
466,444 | 430,859 | 405,592 | |||||||||
| Total assets |
5,971,293 | 4,964,686 | 4,706,987 | |||||||||
| Less: goodwill and other intangible assets, net of deferred tax liability |
(295,814 | ) | (177,530 | ) | (178,059 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Tangible assets (non-GAAP) |
$ | 5,675,479 | $ | 4,787,156 | $ | 4,528,928 | ||||||
| Tangible common equity to tangible assets (non-GAAP) |
8.22 | % | 9.00 | % | 8.96 | % | ||||||
| (7) Net Interest Margin Rate (FTE) (non-GAAP) |
||||||||||||
| Interest income |
$ | 43,916 | $ | 41,381 | $ | 38,665 | ||||||
| Less: interest expense |
(3,657 | ) | (3,315 | ) | (3,074 | ) | ||||||
|
|
|
|
|
|
|
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| Net interest income per consolidated statements of net income |
40,259 | 38,066 | 35,591 | |||||||||
| Plus: taxable equivalent adjustment |
1,392 | 1,371 | 1,323 | |||||||||
|
|
|
|
|
|
|
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| Net interest income (FTE) (non-GAAP) |
41,651 | 39,437 | 36,914 | |||||||||
| Net interest income (FTE) (annualized) |
168,918 | 156,462 | 149,707 | |||||||||
| Average earning assets |
$ | 4,850,694 | $ | 4,562,197 | $ | 4,254,699 | ||||||
| Net interest margin - (FTE) (non-GAAP) |
3.48 | % | 3.43 | % | 3.51 | % | ||||||