deposits 3,233,379 60,095 2.48 3,332,022 44,660 1.79
Short term
borrowings 304,607 11,000 4.81 145,509 5,608 5.14
Long term borrowings 88,304 3,098 4.68 88,382 3,043 4.59
--------- -------- --------- --------
Total borrowed funds 392,911 14,098 4.78 233,891 8,651 4.93
Total
interest-bearing
liabilities 3,626,290 74,193 2.73 3,565,913 53,311 1.99
NONINTEREST-BEARING
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Demand deposits -
noninterest
bearing $ 983,576 $1,075,493
Other liabilities 57,577 48,936
Stockholders' equity 400,315 368,627
--------- ---------
TOTAL LIABILITIES
AND STOCKHOLDERS'
EQUITY $5,067,758 $5,058,969
========= -------- ========= --------
Net interest income
and interest rate
spread $ 97,485 2.00% $ 107,095 2.43%
======== ==== ======== ====
Net interest margin 2.69% 2.95%
==== ====
(1) Interest and yields are calculated on a tax-equivalent basis where applicable.
(2) For 2024, adjustments of $227 thousand and $1.6 million, respectively, were made
to tax equate income on tax exempt loans and tax exempt securities. For 2023,
adjustments of $268 thousand and $1.9 million, respectively, were made to tax equate
income on tax exempt loans and tax exempt securities. These adjustments were based on
a marginal federal income tax rate of 21%, less disallowances.
Reconciliation
of Total Assets
to Tangible For the Nine Months
Assets For the Three Months Ended Ended
------------------------------------------------------------------------------ ------------------------------
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2024 2024 2024 2023 2023 2024 2023
--------- --------- --------- --------- --------- --------- ---------
Total Assets $5,236,503 $5,156,853 $5,080,010 $5,078,350 $4,971,163 $5,236,503 $4,971,163
Less Goodwill
and other
intangibles 188,340 188,970 189,599 190,288 191,326 188,340 191,326
--------- --------- --------- --------- --------- --------- ---------
Tangible Assets $5,048,163 $4,967,883 $4,890,411 $4,888,062 $4,779,837 $5,048,163 $4,779,837
========= ========= ========= ========= ========= ========= =========
Average Assets 5,134,062 5,044,516 5,023,966 4,980,314 5,058,969 5,067,758 5,058,969
Less average
Goodwill and
other
intangibles 188,755 189,382 190,040 191,108 191,804 189,391 192,709
--------- --------- --------- --------- --------- --------- ---------
Average
Tangible
Assets $4,945,307 $4,855,134 $4,833,926 $4,789,206 $4,867,165 $4,878,367 $4,866,260
========= ========= ========= ========= ========= ========= =========
Reconciliation
of Common
Stockholders'
Equity to
Tangible Common For the Nine Months
Equity For the Three Months Ended Ended
------------------------------------------------------------------------------ ------------------------------
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2024 2024 2024 2023 2023 2024 2023
--------- --------- --------- --------- --------- --------- ---------
Stockholders'
Equity $ 439,678 $ 396,694 $ 397,026 $ 404,415 $ 315,982 $ 439,678 $ 315,982
Less Goodwill
and other
intangibles 188,340 188,970 189,599 190,288 191,326 188,340 191,326
--------- --------- --------- --------- --------- --------- ---------
Tangible Common
Equity $ 251,338 $ 207,724 $ 207,427 $ 214,127 $ 124,656 $ 251,338 $ 124,656
========= ========= ========= ========= ========= ========= =========
Average
Stockholders'
Equity 417,327 387,881 395,549 324,332 367,600 400,315 368,627
Less average
Goodwill and
other
intangibles 188,755 189,382 190,040 191,108 191,804 189,391 192,709
--------- --------- --------- --------- --------- --------- ---------
Average
Tangible
Common Equity $ 228,572 $ 198,499 $ 205,509 $ 133,224 $ 175,796 $ 210,924 $ 175,918
========= ========= ========= ========= ========= ========= =========
Reconciliation
of Net Income,
Less Merger and For the Nine Months
Certain Items For the Three Months Ended Ended
------------------------------------------------------------------------------ ------------------------------
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2024 2024 2024 2023 2023 2024 2023
--------- --------- --------- --------- --------- --------- ---------
Net income $ 8,535 $ 11,783 $ 11,240 $ 14,577 $ 13,314 $ 31,558 $ 35,356
Acquisition
related costs
- after tax 0 0 0 358 234 0 4,037
Acquisition
related
provision -
after tax 0 0 0 0 0 0 6,077
Employee
severence -
after tax 0 0 0 798 0 0 0
Lawsuit
settlement
expense -
after tax 0 0 0 0 620 0 620
Net (gain) on
loan sale -
after tax 0 0 0 (723) 0 0 0
Net loss (gain)
on
asset/security
sales - after
tax (32) 407 1,675 171 604 2,050 527
--------- --------- --------- --------- --------- --------- ---------
Net income -
Adjusted $ 8,503 $ 12,190 $ 12,915 $ 15,181 $ 14,772 $ 33,608 $ 46,617
========= ========= ========= ========= ========= ========= =========
Diluted EPS
excluding
merger and
certain items $ 0.23 $ 0.33 $ 0.34 $ 0.41 $ 0.40 $ 0.90 $ 1.24
========= ========= ========= ========= ========= ========= =========
Return on
Average Assets
excluding
merger and
certain items
(Annualized) 0.66% 0.97% 1.03% 1.22% 1.17% 0.88% 1.23%
Return on
Average Equity
excluding
merger and
certain items
(Annualized) 8.15% 12.57% 13.06% 18.72% 16.07% 11.19% 16.86%
Return on
Average
Tangible
Equity
excluding
acquisition
costs and
certain items
(Annualized) 14.88% 24.56% 25.14% 45.58% 33.61% 21.24% 35.33%
Efficiency
ratio excluding For the Nine Months
certain items For the Three Months Ended Ended
------------------------------------------------------------------------------ ------------------------------
Sept. 30, June 30, March 31, Dec. 31, Sept. 30, Sept. 30, Sept. 30,
2024 2024 2024 2023 2023 2024 2023
--------- --------- --------- --------- --------- --------- ---------
Net interest
income, tax
(MORE TO FOLLOW) Dow Jones Newswires
October 23, 2024 08:00 ET (12:00 GMT)
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