Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - S&T BANCORP INC | stba-2017331divxex992.htm |
| 8-K - 8-K - S&T BANCORP INC | stba-2017331x8xk.htm |
S&T Earnings Release -1
CONTACT: Mark Kochvar Chief Financial Officer 724.465.4826 800 Philadelphia Street Indiana, PA 15701 mark.kochvar@stbank.net www.stbancorp.com |  | |
FOR IMMEDIATE RELEASE
S&T Bancorp, Inc. Announces First Quarter 2017 Results
Indiana, Pa. - April 20, 2017 - S&T Bancorp, Inc. (S&T) (NASDAQ: STBA), the holding company for S&T Bank with locations in Pennsylvania, Ohio and New York, announced today its first quarter 2017 earnings. First quarter earnings were $18.2 million, or $0.52 per diluted share, compared to fourth quarter of 2016 earnings of $17.7 million, or $0.51 per diluted share. First quarter of 2017 earnings increased 13% compared to the first quarter of 2016 earnings of $16.1 million, or $0.46 per diluted share.
First Quarter of 2017 Highlights:
• | Total portfolio loans increased $135 million, or 9.8% annualized, compared to the fourth quarter of 2016. |
• | S&T’s total assets increased to over $7 billion for the first time this quarter. |
• | Net interest margin (FTE) (Non-GAAP) improved 5 basis points to 3.50% and net interest income increased $1.4 million, or 2.7%, to $53.9 million compared to the fourth quarter of 2016. |
• | Return on average assets was 1.06% and return on average equity was 8.68%. |
“We are pleased to announce another quarter of solid earnings driven by strong loan growth,” said Todd Brice, president and chief executive officer of S&T. “Our ability to grow organically combined with recent increases in short term rates positively impacted our earnings with higher net interest income and expansion of our net interest margin.”
Net Interest Income
Net interest income increased $1.4 million, or 2.7%, to $53.9 million for the first quarter of 2017 compared to $52.5 million in the prior quarter. Net interest margin on a fully taxable equivalent basis (FTE) (Non-GAAP) increased 5 basis points to 3.50% compared to 3.45% in the prior quarter. The increases in short term interest rates in December of 2016 and March of 2017 positively impacted both net interest income and net interest margin. Loan rates increased 11 basis points to 4.18% compared to 4.07% in the prior quarter, while total interest-bearing liabilities increased only 4 basis points to 0.61% compared to 0.57%. Net interest income was also favorably impacted by an increase of $143 million, or 10.6% annualized, in average portfolio loans.
Asset Quality
Nonperforming loans and the provision for loan losses remained relatively unchanged in the first quarter of 2017 compared to the fourth quarter of 2016. Although net loan charge-offs decreased significantly by $4.5 million, this was partially offset by an increase in specific reserves of $2.5 million. Higher specific reserves led to an increase in the allowance for loan losses, which stood at 0.97% of total loans at March 31, 2017.
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S&T Earnings Release -2
Noninterest Income and Expense
Noninterest income remained relatively unchanged at $13.0 million for the first quarter of 2017 compared to $12.9 million for the fourth quarter of 2016. Insurance fees increased $0.4 million primarily due to annual profit sharing received from insurance carriers. Securities gains were $0.4 million compared to no gains in the prior quarter. These increases were offset by decreases of $0.3 million in debit and credit card fees and $0.2 million in service charges on deposit accounts mainly due to seasonality.
Noninterest expense increased $1.2 million to $36.8 million compared to $35.6 million for the fourth quarter of 2016. The increase is primarily due to higher salaries and employee benefits expense of $0.8 million related to annual merit increases and higher incentive costs. Furniture and equipment expense increased $0.3 million compared to the prior quarter mainly due to the timing of normal asset purchases. The efficiency ratio was 53.83% compared to 53.04% in the prior quarter and improved from 57.19% in the first quarter of 2016.
Financial Condition
Total assets increased $0.2 billion to $7.1 billion at March 31, 2017 compared to $6.9 billion at December 31, 2016. Portfolio loans increased $135 million for the quarter driven by commercial loans which increased $137 million, or 12.7% annualized, with growth in commercial real estate and commercial and industrial categories. Total deposits increased $163 million with growth in noninterest-bearing demand, money market accounts and certificates of deposit. Risk-based capital ratios increased this quarter due to earnings retention outpacing risk weighted asset growth. All capital ratios remain above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared a $0.20 per share cash dividend at its regular meeting held April 17, 2017. This is an increase of 5.3% compared to a common stock dividend of $0.19 per share declared in the same period in the prior year. The dividend is payable May 18, 2017 to shareholders of record on May 4, 2017.
Conference Call
S&T will host its first quarter 2017 earnings conference call live over the Internet at 1:00 p.m. ET on Thursday, April 20, 2017. To access the webcast, go to S&T’s webpage at www.stbancorp.com and click on “Events & Presentations.” Select “1st Quarter 2017 Conference Call” and follow the instructions.
About S&T Bancorp, Inc. and S&T Bank
S&T Bancorp, Inc. is a $7.1 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 locations in Pennsylvania, Ohio and New York. For more information visit www.stbancorp.com or www.stbank.com.
This information contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, expenses, capital and liquidity levels and ratios, asset levels, asset quality, financial position, and other matters regarding or affecting S&T and its future business and operations. Forward looking statements are typically identified by words or phrases such as “will likely result,” “expect”, “anticipate,” “estimate,” “forecast,” “project,” “intend”, “ believe”, “assume”, “strategy”, “trend”, “plan”, “outlook”, “outcome”, “continue”, “remain”, “potential,” “opportunity”, “believe”, “comfortable”, “current”, “position”, “maintain”, “sustain”, “seek”, “achieve” and variations of such words and similar expressions, or future or conditional verbs such as will, would, should, could or may. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions
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S&T Earnings Release -3
could be incorrect. The matters discussed in these forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to: credit losses, cyber-security concerns; rapid technological developments and changes; sensitivity to the interest rate environment including a prolonged period of low interest rates, a rapid increase in interest rates or a change in the shape of the yield curve; a change in spreads on interest-earning assets and interest-bearing liabilities; regulatory supervision and oversight; legislation affecting the financial services industry as a whole, and S&T, in particular; the outcome of pending and future litigation and governmental proceedings; increasing price and product/service competition; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; managing our internal growth and acquisitions; the possibility that the anticipated benefits from acquisitions cannot be fully realized in a timely manner or at all, or that integrating the acquired operations will be more difficult, disruptive or costly than anticipated; containing costs and expenses; reliance on significant customer relationships; general economic or business conditions; deterioration of the housing market and reduced demand for mortgages; deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; re-emergence of turbulence in significant portions of the global financial and real estate markets that could impact our performance, both directly, by affecting our revenues and the value of our assets and liabilities, and indirectly, by affecting the economy generally and access to capital in the amounts, at the times and on the terms required to support our future businesses. Many of these factors, as well as other factors, are described in our filings with the SEC. Forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. We caution you not to unduly rely on forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. Any forward-looking statement speaks only as to the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.
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S&T Bancorp, Inc. | S&T Earnings Release - | 4 | |
Consolidated Selected Financial Data | |||
Unaudited | |||
2017 | 2016 | 2016 | |||||||
First | Fourth | First | |||||||
(dollars in thousands, except per share data) | Quarter | Quarter | Quarter | ||||||
INTEREST INCOME | |||||||||
Loans, including fees | $56,900 | $55,168 | $51,158 | ||||||
Investment securities: | |||||||||
Taxable | 2,848 | 2,636 | 2,553 | ||||||
Tax-exempt | 920 | 894 | 942 | ||||||
Dividends | 482 | 398 | 366 | ||||||
Total Interest Income | 61,150 | 59,096 | 55,019 | ||||||
INTEREST EXPENSE | |||||||||
Deposits | 5,379 | 5,289 | 4,254 | ||||||
Borrowings and junior subordinated debt securities | 1,893 | 1,349 | 1,128 | ||||||
Total Interest Expense | 7,272 | 6,638 | 5,382 | ||||||
NET INTEREST INCOME | 53,878 | 52,458 | 49,637 | ||||||
Provision for loan losses | 5,183 | 5,586 | 5,014 | ||||||
Net Interest Income After Provision for Loan Losses | 48,695 | 46,872 | 44,623 | ||||||
NONINTEREST INCOME | |||||||||
Securities gains (losses), net | 370 | — | — | ||||||
Service charges on deposit accounts | 3,014 | 3,240 | 2,999 | ||||||
Debit and credit card fees | 2,843 | 3,125 | 2,786 | ||||||
Wealth management fees | 2,403 | 2,509 | 2,752 | ||||||
Insurance fees | 1,464 | 1,066 | 1,774 | ||||||
Mortgage banking | 733 | 694 | 529 | ||||||
Gain on sale of credit card portfolio | — | — | 2,066 | ||||||
Other | 2,169 | 2,288 | 2,911 | ||||||
Total Noninterest Income | 12,996 | 12,922 | 15,817 | ||||||
NONINTEREST EXPENSE | |||||||||
Salaries and employee benefits | 20,541 | 19,787 | 20,902 | ||||||
Net occupancy | 2,815 | 2,644 | 2,950 | ||||||
Data processing | 2,251 | 2,083 | 2,111 | ||||||
Furniture and equipment | 2,047 | 1,710 | 1,929 | ||||||
FDIC insurance | 1,123 | 1,046 | 940 | ||||||
Professional services and legal | 1,043 | 1,177 | 947 | ||||||
Other taxes | 976 | 974 | 1,100 | ||||||
Marketing | 754 | 840 | 901 | ||||||
Other | 5,258 | 5,364 | 6,636 | ||||||
Total Noninterest Expense | 36,808 | 35,625 | 38,416 | ||||||
Income Before Taxes | 24,883 | 24,169 | 22,024 | ||||||
Provision for income taxes | 6,695 | 6,510 | 5,931 | ||||||
Net Income | $18,188 | $17,659 | $16,093 | ||||||
Per Share Data | |||||||||
Shares outstanding at end of period | 34,980,556 | 34,913,023 | 34,901,210 | ||||||
Average shares outstanding - diluted | 34,912,261 | 34,839,189 | 34,739,514 | ||||||
Diluted earnings per share | $0.52 | $0.51 | $0.46 | ||||||
Dividends declared per share | $0.20 | $0.20 | $0.19 | ||||||
Dividend yield (annualized) | 2.31 | % | 2.05 | % | 2.95 | % | |||
Dividends paid to net income | 38.27 | % | 39.41 | % | 41.02 | % | |||
Book value | $24.45 | $24.12 | $23.23 | ||||||
Tangible book value (1) | $16.02 | $15.67 | $14.76 | ||||||
Market value | $34.60 | $39.04 | $25.76 | ||||||
Profitability Ratios (annualized) | |||||||||
Return on average assets | 1.06 | % | 1.04 | % | 1.01 | % | |||
Return on average shareholders' equity | 8.68 | % | 8.36 | % | 8.06 | % | |||
Return on average tangible shareholders' equity (2) | 13.45 | % | 13.05 | % | 13.00 | % | |||
Efficiency ratio (FTE) (3) | 53.83 | % | 53.04 | % | 57.19 | % | |||
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S&T Bancorp, Inc. | S&T Earnings Release - | 5 | |
Consolidated Selected Financial Data | |||
Unaudited | |||
2017 | 2016 | 2016 | |||||||
First | Fourth | First | |||||||
(dollars in thousands) | Quarter | Quarter | Quarter | ||||||
ASSETS | |||||||||
Cash and due from banks, including interest-bearing deposits | $104,705 | $139,486 | $121,669 | ||||||
Securities available-for-sale, at fair value | 713,198 | 693,487 | 677,221 | ||||||
Loans held for sale | 14,355 | 3,793 | 11,739 | ||||||
Commercial loans: | |||||||||
Commercial real estate | 2,614,724 | 2,498,476 | 2,260,231 | ||||||
Commercial and industrial | 1,422,297 | 1,401,035 | 1,334,119 | ||||||
Commercial construction | 455,211 | 455,884 | 379,293 | ||||||
Total Commercial Loans | 4,492,232 | 4,355,395 | 3,973,643 | ||||||
Consumer loans: | |||||||||
Residential mortgage | 700,610 | 701,982 | 650,544 | ||||||
Home equity | 479,402 | 482,284 | 467,671 | ||||||
Installment and other consumer | 70,219 | 65,852 | 76,189 | ||||||
Consumer construction | 4,363 | 5,906 | 8,701 | ||||||
Total Consumer Loans | 1,254,594 | 1,256,024 | 1,203,105 | ||||||
Total portfolio loans | 5,746,826 | 5,611,419 | 5,176,748 | ||||||
Allowance for loan losses | (55,816) | (52,775) | (50,347) | ||||||
Total portfolio loans, net | 5,691,010 | 5,558,644 | 5,126,401 | ||||||
Federal Home Loan Bank and other restricted stock, at cost | 29,739 | 31,817 | 23,337 | ||||||
Goodwill | 291,670 | 291,670 | 291,670 | ||||||
Other assets | 220,421 | 224,156 | 227,125 | ||||||
Total Assets | $7,065,098 | $6,943,053 | $6,479,162 | ||||||
LIABILITIES | |||||||||
Deposits: | |||||||||
Noninterest-bearing demand | $1,300,707 | $1,263,833 | $1,212,231 | ||||||
Interest-bearing demand | 631,652 | 638,300 | 619,617 | ||||||
Money market | 985,723 | 936,461 | 643,795 | ||||||
Savings | 1,032,864 | 1,050,131 | 1,047,871 | ||||||
Certificates of deposit | 1,484,379 | 1,383,652 | 1,494,411 | ||||||
Total Deposits | 5,435,325 | 5,272,377 | 5,017,925 | ||||||
Borrowings: | |||||||||
Securities sold under repurchase agreements | 46,987 | 50,832 | 60,025 | ||||||
Short-term borrowings | 610,000 | 660,000 | 355,000 | ||||||
Long-term borrowings | 14,118 | 14,713 | 116,468 | ||||||
Junior subordinated debt securities | 45,619 | 45,619 | 45,619 | ||||||
Total Borrowings | 716,724 | 771,164 | 577,112 | ||||||
Other liabilities | 57,869 | 57,556 | 73,324 | ||||||
Total Liabilities | 6,209,918 | 6,101,097 | 5,668,361 | ||||||
SHAREHOLDERS' EQUITY | |||||||||
Total Shareholders' Equity | 855,180 | 841,956 | 810,801 | ||||||
Total Liabilities and Shareholders' Equity | $7,065,098 | $6,943,053 | $6,479,162 | ||||||
Capitalization Ratios | |||||||||
Shareholders' equity / assets | 12.10 | % | 12.13 | % | 12.51 | % | |||
Tangible common equity / tangible assets (4) | 8.28 | % | 8.23 | % | 8.33 | % | |||
Tier 1 leverage ratio | 8.92 | % | 8.98 | % | 8.98 | % | |||
Common equity tier 1 capital | 10.16 | % | 10.04 | % | 9.74 | % | |||
Risk-based capital - tier 1 | 10.52 | % | 10.39 | % | 10.11 | % | |||
Risk-based capital - total | 12.02 | % | 11.86 | % | 11.57 | % | |||
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S&T Bancorp, Inc. | S&T Earnings Release - | 6 | |
Consolidated Selected Financial Data | |||
Unaudited | |||
2017 | 2016 | 2016 | ||||
First | Fourth | First | ||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||
Net Interest Margin (FTE) (QTD Averages) | ||||||
ASSETS | ||||||
Interest-bearing deposits with banks | $66,173 | 0.85% | $43,023 | 0.45% | $48,159 | 0.54% |
Securities available-for-sale, at fair value | 697,327 | 2.44% | 679,688 | 2.41% | 666,719 | 2.44% |
Loans held for sale | 2,211 | 4.44% | 8,959 | 4.33% | 27,485 | 7.32% |
Commercial real estate | 2,524,859 | 4.25% | 2,457,985 | 4.12% | 2,195,381 | 4.16% |
Commercial and industrial | 1,413,801 | 4.16% | 1,371,092 | 4.05% | 1,307,352 | 3.92% |
Commercial construction | 454,886 | 3.70% | 426,245 | 3.66% | 397,010 | 3.76% |
Total Commercial Loans | 4,393,546 | 4.16% | 4,255,322 | 4.06% | 3,899,743 | 4.04% |
Residential mortgage | 699,849 | 4.05% | 692,937 | 4.06% | 639,362 | 4.15% |
Home equity | 480,411 | 4.14% | 485,107 | 3.91% | 468,833 | 4.17% |
Installment and other consumer | 68,164 | 6.49% | 64,192 | 6.47% | 75,378 | 6.07% |
Consumer construction | 5,374 | 3.67% | 6,557 | 4.05% | 8,474 | 4.22% |
Total Consumer Loans | 1,253,798 | 4.22% | 1,248,793 | 4.13% | 1,192,047 | 4.28% |
Total portfolio loans | 5,647,344 | 4.18% | 5,504,115 | 4.07% | 5,091,790 | 4.09% |
Total loans | 5,649,555 | 4.18% | 5,513,074 | 4.07% | 5,119,275 | 4.11% |
Federal Home Loan Bank and other restricted stock | 32,690 | 4.68% | 26,149 | 4.56% | 22,592 | 4.72% |
Total Interest-earning Assets | 6,445,745 | 3.96% | 6,261,934 | 3.87% | 5,856,745 | 3.89% |
Noninterest-earning assets | 511,125 | 524,653 | 520,018 | |||
Total Assets | $6,956,870 | $6,786,587 | $6,376,763 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Interest-bearing demand | $633,232 | 0.18% | $655,894 | 0.18% | $626,493 | 0.14% |
Money market | 938,014 | 0.61% | 905,715 | 0.51% | 628,154 | 0.32% |
Savings | 1,041,647 | 0.21% | 1,033,297 | 0.20% | 1,061,117 | 0.18% |
Certificates of deposit | 1,403,796 | 0.91% | 1,424,606 | 0.92% | 1,425,140 | 0.86% |
Total interest-bearing deposits | 4,016,689 | 0.54% | 4,019,512 | 0.52% | 3,740,904 | 0.46% |
Securities sold under repurchase agreements | 48,896 | 0.01% | 42,570 | 0.01% | 64,303 | 0.01% |
Short-term borrowings | 671,784 | 0.84% | 500,890 | 0.68% | 329,389 | 0.62% |
Long-term borrowings | 14,362 | 2.91% | 14,957 | 2.85% | 116,705 | 0.95% |
Junior subordinated debt securities | 45,619 | 3.45% | 45,619 | 3.33% | 45,619 | 2.99% |
Total borrowings | 780,661 | 0.98% | 604,036 | 0.89% | 556,016 | 0.82% |
Total interest-bearing liabilities | 4,797,350 | 0.61% | 4,623,548 | 0.57% | 4,296,920 | 0.50% |
Noninterest-bearing liabilities | 1,309,401 | 1,322,415 | 1,277,019 | |||
Shareholders' equity | 850,119 | 840,624 | 802,824 | |||
Total Liabilities and Shareholders' Equity | $6,956,870 | $6,786,587 | $6,376,763 | |||
Net Interest Margin (5) | 3.50% | 3.45% | 3.53% | |||
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S&T Bancorp, Inc. | S&T Earnings Release - | 7 | |
Consolidated Selected Financial Data | |||
Unaudited | |||
2017 | 2016 | 2016 | ||||
First | Fourth | First | ||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||
Nonperforming Loans (NPL) | ||||||
Commercial loans: | % NPL | % NPL | % NPL | |||
Commercial real estate | $8,617 | 0.33% | $16,172 | 0.65% | $15,244 | 0.67% |
Commercial and industrial | 21,879 | 1.54% | 8,071 | 0.58% | 14,209 | 1.07% |
Commercial construction | 3,758 | 0.83% | 4,927 | 1.08% | 9,993 | 2.63% |
Total Nonperforming Commercial Loans | 34,254 | 0.76% | 29,170 | 0.67% | 39,446 | 0.99% |
Consumer loans: | ||||||
Residential mortgage | 8,218 | 1.17% | 9,918 | 1.41% | 9,012 | 1.39% |
Home equity | 3,484 | 0.73% | 3,439 | 0.71% | 3,267 | 0.70% |
Installment and other consumer | 36 | 0.05% | 108 | 0.16% | 109 | 0.14% |
Total Nonperforming Consumer Loans | 11,738 | 0.93% | 13,465 | 1.07% | 12,388 | 1.03% |
Total Nonperforming Loans | $45,992 | 0.80% | $42,635 | 0.76% | $51,834 | 1.00% |
2017 | 2016 | 2016 | ||||
First | Fourth | First | ||||
(dollars in thousands) | Quarter | Quarter | Quarter | |||
Loan Charge-offs | ||||||
Charge-offs | $2,942 | $6,938 | $3,628 | |||
Recoveries | (800) | (333) | (814) | |||
Net Loan Charge-offs | $2,142 | $6,605 | $2,814 | |||
Net Loan Charge-offs | ||||||
Commercial loans: | ||||||
Commercial real estate | $312 | $1,276 | ($307) | |||
Commercial and industrial | 528 | 3,433 | 2,491 | |||
Commercial construction | 388 | 768 | (2) | |||
Total Commercial Loan Charge-offs | 1,228 | 5,477 | 2,182 | |||
Consumer loans: | ||||||
Residential mortgage | 481 | 722 | 18 | |||
Home equity | 183 | 26 | 121 | |||
Installment and other consumer | 258 | 453 | 564 | |||
Consumer construction | (8) | (73) | (71) | |||
Total Consumer Loan Charge-offs | 914 | 1,128 | 632 | |||
Total Net Loan Charge-offs | $2,142 | $6,605 | $2,814 | |||
2017 | 2016 | 2016 | |||||||
First | Fourth | First | |||||||
Quarter | Quarter | Quarter | |||||||
Asset Quality Data | |||||||||
Nonperforming loans | $45,992 | $42,635 | $51,834 | ||||||
Assets acquired through foreclosure or repossession | 873 | 679 | 297 | ||||||
Nonperforming assets | 46,865 | 43,314 | 52,131 | ||||||
Troubled debt restructurings (nonperforming) | 10,324 | 11,598 | 9,291 | ||||||
Troubled debt restructurings (performing) | 13,086 | 13,423 | 22,761 | ||||||
Total troubled debt restructurings | 23,410 | 25,021 | 32,052 | ||||||
Nonperforming loans / loans | 0.80 | % | 0.76 | % | 1.00 | % | |||
Nonperforming assets / loans plus OREO | 0.81 | % | 0.77 | % | 1.00 | % | |||
Allowance for loan losses / total portfolio loans | 0.97 | % | 0.94 | % | 0.97 | % | |||
Allowance for loan losses / nonperforming loans | 121 | % | 124 | % | 97 | % | |||
Net loan charge-offs (recoveries) | $2,142 | $6,605 | $2,814 | ||||||
Net loan charge-offs (recoveries)(annualized) / average loans | 0.15 | % | 0.48 | % | 0.22 | % | |||
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S&T Bancorp, Inc. | S&T Earnings Release - | 8 | |
Consolidated Selected Financial Data | |||
Unaudited | |||
Definitions and Reconciliation of GAAP to Non-GAAP Financial Measures:
2017 | 2016 | 2016 | |||||||
First | Fourth | First | |||||||
Quarter | Quarter | Quarter | |||||||
(1) Tangible Book Value (non-GAAP) | |||||||||
Total shareholders' equity | $855,180 | $841,956 | $810,801 | ||||||
Less: goodwill and other intangible assets | (296,222) | (296,581) | (297,737) | ||||||
Tax effect of other intangible assets | 1,593 | 1,719 | 2,123 | ||||||
Tangible common equity (non-GAAP) | $560,551 | $547,094 | $515,187 | ||||||
Common shares outstanding | 34,981 | 34,913 | 34,901 | ||||||
Tangible book value (non-GAAP) | $16.02 | $15.67 | $14.76 | ||||||
(2) Return on Average Tangible Shareholders' Equity (non-GAAP) | |||||||||
Net income (annualized) | $73,762 | $70,254 | $64,724 | ||||||
Plus: amortization of intangibles (annualized) | 1,453 | 1,480 | 1,843 | ||||||
Tax effect of amortization of intangibles (annualized) | (509) | (518) | (645) | ||||||
Net income before amortization of intangibles (annualized) | 74,706 | 71,216 | 65,922 | ||||||
Average total shareholders' equity | 850,119 | 840,624 | 802,824 | ||||||
Less: average goodwill and other intangible assets | (296,416) | (296,784) | (298,036) | ||||||
Tax effect of average goodwill and other intangible assets | 1,661 | 1,790 | 2,207 | ||||||
Average tangible equity (non-GAAP) | $555,364 | $545,630 | $506,995 | ||||||
Return on average tangible equity (non-GAAP) | 13.45 | % | 13.05 | % | 13.00 | % | |||
(3) Efficiency Ratio (non-GAAP) | |||||||||
Noninterest expense | $36,808 | $35,625 | 38,416 | ||||||
Net interest income per consolidated statements of net income | 53,878 | 52,458 | 49,637 | ||||||
Less: securities (gains) losses, net | (370) | — | — | ||||||
Plus: taxable equivalent adjustment | 1,871 | 1,789 | 1,722 | ||||||
Net interest income (FTE) (non-GAAP) | 55,379 | 54,247 | 51,359 | ||||||
Noninterest income | 12,996 | 12,922 | 15,817 | ||||||
Net interest income (FTE) (non-GAAP) plus noninterest income | 68,375 | 67,169 | 67,176 | ||||||
Efficiency ratio (non-GAAP) | 53.83 | % | 53.04 | % | 57.19 | % | |||
(4) Tangible Common Equity / Tangible Assets (non-GAAP) | |||||||||
Total shareholders' equity | $855,180 | $841,956 | $810,801 | ||||||
Less: goodwill and other intangible assets | (296,222) | (296,581) | (297,737) | ||||||
Tax effect of goodwill and other intangible assets | 1,593 | 1,719 | 2,123 | ||||||
Tangible common equity (non-GAAP) | 560,551 | 547,094 | 515,187 | ||||||
Total assets | 7,065,098 | 6,943,053 | 6,479,162 | ||||||
Less: goodwill and other intangible assets | (296,222) | (296,581) | (297,737) | ||||||
Tax effect of goodwill and other intangible assets | 1,593 | 1,719 | 2,123 | ||||||
Tangible assets (non-GAAP) | $6,770,469 | $6,648,191 | $6,183,548 | ||||||
Tangible common equity to tangible assets (non-GAAP) | 8.28 | % | 8.23 | % | 8.33 | % | |||
(5) Net Interest Margin Rate (FTE) (non-GAAP) | |||||||||
Interest income | $61,150 | $59,096 | $55,019 | ||||||
Less: interest expense | (7,272) | (6,638) | (5,382) | ||||||
Net interest income per consolidated statements of net income | 53,878 | 52,458 | 49,637 | ||||||
Plus: taxable equivalent adjustment | 1,871 | 1,789 | 1,722 | ||||||
Net interest income (FTE) (non-GAAP) | 55,749 | 54,247 | 51,359 | ||||||
Net interest income (FTE) (annualized) | 226,093 | 215,809 | 206,565 | ||||||
Average earning assets | $6,445,745 | $6,261,934 | $5,856,745 | ||||||
Net interest margin - (FTE) (non-GAAP) | 3.50 | % | 3.45 | % | 3.53 | % | |||
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