The Company also declared a quarterly cash dividend to common shareholders of
During the fourth quarter, the Company entered into an agreement to acquire
Fourth Quarter 2022 and Current Highlights
Income Statement
- Net income of
$12.58 million for the quarter was an increase of$2.03 million compared to$10.56 million recorded in the same quarter of 2021. The increase is primarily attributable to an increase in net interest income of$5.39 million as well as a decrease in noninterest expense of$971 thousand . The positive increases to income were offset by an increase in the provision for credit losses of$4.26 million compared to the same quarter of 2021. - Annualized return on average assets was 1.59% for the fourth quarter and 1.45% for year-end 2022. Annualized return on average common equity was 11.99% for the fourth quarter and 11.04% for year-end 2022.
- Net interest margin for the fourth quarter was 4.34%, which was an 82 basis point increase from 3.52% reported for fourth quarter of 2021. The yield on earning assets increased 79 basis points, primarily driven by increased earnings on loans and securities.
- The cost of interest-bearing deposits declined 5 basis points to 0.08%, primarily driven by a decrease in the cost of time deposits and an increase in non-maturing deposits.
- Net interest income increased
$5.39 million compared to the same quarter of 2021. Interest and fees on loans increased$2.64 million from the same quarter of 2021 and is primarily attributable to loan demand and originations. Interest income from securities of$1.90 million was an increase of$1.54 million over the fourth quarter of 2021. Interest on deposits in banks also increased$981 thousand to$1.22 million for the fourth quarter as a result of the Federal Open Market Committee’s incremental 425 basis point rate increase in overnight rates throughout 2022 as compared to the overnight rates of 2021. - The provision for credit losses of
$3.42 million for the quarter was an increase of$4.26 million compared to the same quarter of 2021. The increase was largely attributable to the growth of the loan portfolio throughout 2022 and an economic forecast that projects higher unemployment rates and weaker macroeconomic trends. The fourth quarter and full year of 2021 included recoveries of pandemic-related provisioning. - Salaries and employee benefits for the fourth quarter decreased
$580 thousand , or 4.64%, over the same quarter in 2021, while increasing$2.94 million , or 6.65%, for the full year of 2022 compared with 2021. During the first quarter of 2022, the Company implemented annualized wage increases of approximately$2.5 million as part of its ongoing strategic initiative to enhanceHuman Capital Management , which included an increased minimum wage.
Balance Sheet and Asset Quality
- The Company’s loan portfolio increased by
$234.63 million , a growth rate of 10.83%, during of 2022. Loan demand and originations were strong in all categories, including construction, commercial real estate, residential mortgage, and consumer loans. - During the fourth quarter, the Company repurchased 55,210 of its common shares for
$1.89 million . The Company repurchased 706,117 common shares for$21.31 million during 2022. Share repurchases have been curtailed due to the announced acquisition of Surrey Bancorp. - Non-performing loans to total loans remained low at 0.70% of total loans and continues the declining trend experienced over the past four quarters. The Company experienced net charge-offs for the fourth quarter of 2022 of
$2.25 million , or 0.37% of annualized average loans, compared to net charge-offs of$1.17 million , or 0.22% of annualized average loans, for the same period in 2021. Net charge-offs for the year endedDecember 31, 2022 , were$3.87 million , or 0.23% of annualized average loans, compared to net charge-offs of$2.96 million , or 0.18% of annualized average loans, for the same period in 2021. - The allowance for credit losses to total loans was 1.27% at
December 31, 2022 . - Book value per share at
December 31, 2022 , was$26.01 , an increase of$0.67 from year-end 2021.
Non-GAAP Financial Measures
In addition to financial statements prepared in accordance with
About
This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company’s
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
(Amounts in thousands, except share and per share data) | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||
Interest and fees on loans | $ | 27,873 | $ | 26,405 | $ | 25,651 | $ | 24,641 | $ | 25,236 | $ | 104,570 | $ | 102,832 | |||||||||||||||
Interest on securities | 1,900 | 1,785 | 1,551 | 750 | 362 | 5,986 | 1,737 | ||||||||||||||||||||||
Interest on deposits in banks | 1,215 | 1,532 | 768 | 248 | 234 | 3,763 | 741 | ||||||||||||||||||||||
Total interest income | 30,988 | 29,722 | 27,970 | 25,639 | 25,832 | 114,319 | 105,310 | ||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Interest on deposits | 366 | 380 | 422 | 486 | 600 | 1,654 | 2,835 | ||||||||||||||||||||||
Interest on borrowings | 1 | - | 1 | - | - | 2 | 1 | ||||||||||||||||||||||
Total interest expense | 367 | 380 | 423 | 486 | 600 | 1,656 | 2,836 | ||||||||||||||||||||||
Net interest income | 30,621 | 29,342 | 27,547 | 25,153 | 25,232 | 112,663 | 102,474 | ||||||||||||||||||||||
Provision for (recovery of) credit losses | 3,416 | 685 | 510 | 1,961 | (846 | ) | 6,572 | (8,471 | ) | ||||||||||||||||||||
Net interest income after provision | 27,205 | 28,657 | 27,037 | 23,192 | 26,078 | 106,091 | 110,945 | ||||||||||||||||||||||
Noninterest income | 9,184 | 9,950 | 8,854 | 9,194 | 9,215 | 37,182 | 34,301 | ||||||||||||||||||||||
Noninterest expense | 20,730 | 21,145 | 21,255 | 19,986 | 21,701 | 83,116 | 78,718 | ||||||||||||||||||||||
Income before income taxes | 15,659 | 17,462 | 14,636 | 12,400 | 13,592 | 60,157 | 66,528 | ||||||||||||||||||||||
Income tax expense | 3,076 | 4,111 | 3,423 | 2,885 | 3,037 | 13,495 | 15,360 | ||||||||||||||||||||||
Net income | $ | 12,583 | $ | 13,351 | $ | 11,213 | $ | 9,515 | $ | 10,555 | $ | 46,662 | $ | 51,168 | |||||||||||||||
Earnings per common share | |||||||||||||||||||||||||||||
Basic | $ | 0.78 | $ | 0.82 | $ | 0.67 | $ | 0.57 | $ | 0.62 | $ | 2.82 | $ | 2.95 | |||||||||||||||
Diluted | 0.77 | 0.81 | 0.67 | 0.56 | 0.62 | 2.82 | 2.94 | ||||||||||||||||||||||
Cash dividends per common share | |||||||||||||||||||||||||||||
Regular | 0.29 | 0.29 | 0.27 | 0.27 | 0.27 | 1.12 | 1.04 | ||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||||||||
Basic | 16,229,289 | 16,378,022 | 16,662,817 | 16,817,284 | 16,974,005 | 16,519,848 | 17,335,615 | ||||||||||||||||||||||
Diluted | 16,281,922 | 16,413,202 | 16,682,615 | 16,864,515 | 17,038,980 | 16,562,257 | 17,402,936 | ||||||||||||||||||||||
Performance ratios | |||||||||||||||||||||||||||||
Return on average assets | 1.59 | % | 1.63 | % | 1.38 | % | 1.20 | % | 1.32 | % | 1.45 | % | 1.63 | % | |||||||||||||||
Return on average common equity | 11.99 | % | 12.60 | % | 10.61 | % | 8.98 | % | 9.77 | % | 11.04 | % | 11.96 | % | |||||||||||||||
Return on average tangible common equity(1) | 17.75 | % | 18.51 | % | 15.56 | % | 13.10 | % | 14.28 | % | 16.17 | % | 17.53 | % | |||||||||||||||
(1) A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets |
CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited) | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
(Amounts in thousands) | 2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Noninterest income | ||||||||||||||||||||||
Wealth management | $ | 958 | $ | 932 | $ | 993 | $ | 972 | $ | 940 | $ | 3,855 | $ | 3,853 | ||||||||
Service charges on deposits | 3,354 | 3,689 | 3,672 | 3,498 | 3,718 | 14,213 | 13,446 | |||||||||||||||
Other service charges and fees | 3,006 | 2,988 | 3,297 | 3,017 | 3,091 | 12,308 | 12,422 | |||||||||||||||
Net | - | - | - | - | - | - | (1,226 | ) | ||||||||||||||
Gain on divestiture | - | 1,658 | - | - | - | 1,658 | - | |||||||||||||||
Other operating income | 1,866 | 683 | 892 | 1,707 | 1,466 | 5,148 | 5,806 | |||||||||||||||
Total noninterest income | $ | 9,184 | $ | 9,950 | $ | 8,854 | $ | 9,194 | $ | 9,215 | $ | 37,182 | $ | 34,301 | ||||||||
Noninterest expense | ||||||||||||||||||||||
Salaries and employee benefits | $ | 11,913 | $ | 12,081 | $ | 11,518 | $ | 11,671 | $ | 12,493 | $ | 47,183 | $ | 44,239 | ||||||||
Occupancy expense | 1,196 | 1,188 | 1,165 | 1,269 | 1,368 | 4,818 | 4,913 | |||||||||||||||
Furniture and equipment expense | 1,413 | 1,478 | 1,496 | 1,614 | 1,418 | 6,001 | 5,627 | |||||||||||||||
Service fees | 1,905 | 1,635 | 2,563 | 1,503 | 1,946 | 7,606 | 6,324 | |||||||||||||||
Advertising and public relations | 574 | 718 | 577 | 540 | 589 | 2,409 | 2,076 | |||||||||||||||
Professional fees | 98 | 208 | 544 | 453 | 455 | 1,303 | 1,524 | |||||||||||||||
Amortization of intangibles | 364 | 365 | 360 | 357 | 364 | 1,446 | 1,446 | |||||||||||||||
330 | 321 | 257 | 218 | 213 | 1,126 | 832 | ||||||||||||||||
Merger expense | 596 | - | - | - | - | 596 | - | |||||||||||||||
Divestiture expense | - | 153 | - | - | - | 153 | - | |||||||||||||||
Other operating expense | 2,341 | 2,998 | 2,775 | 2,361 | 2,855 | 10,475 | 11,737 | |||||||||||||||
Total noninterest expense | $ | 20,730 | $ | 21,145 | $ | 21,255 | $ | 19,986 | $ | 21,701 | $ | 83,116 | $ | 78,718 |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited) | |||||||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||
2022 | 2022 | 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||||||||||
Net income | $ | 12,583 | $ | 13,351 | $ | 11,213 | $ | 9,515 | $ | 10,555 | $ | 46,662 | $ | 51,168 | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||||||||
Merger expense | 596 | - | - | - | - | 596 | - | ||||||||||||||||||||||
Divestiture expense | - | 153 | - | - | - | 153 | - | ||||||||||||||||||||||
Gain on divestiture | - | (1,658 | ) | - | - | - | (1,658 | ) | |||||||||||||||||||||
Other items(1) | (450 | ) | - | (92 | ) | - | - | (542 | ) | - | |||||||||||||||||||
Total adjustments | 146 | (1,505 | ) | (92 | ) | - | - | (1,451 | ) | - | |||||||||||||||||||
Tax effect | (29 | ) | (361 | ) | (22 | ) | - | - | (412 | ) | - | ||||||||||||||||||
Adjusted earnings, non-GAAP | $ | 12,758 | $ | 12,207 | $ | 11,143 | $ | 9,515 | $ | 10,555 | $ | 45,623 | $ | 51,168 | |||||||||||||||
Adjusted diluted earnings per common share, | |||||||||||||||||||||||||||||
non-GAAP | $ | 0.78 | $ | 0.74 | $ | 0.67 | $ | 0.56 | $ | 0.62 | $ | 2.75 | $ | 2.94 | |||||||||||||||
Performance ratios, non-GAAP | |||||||||||||||||||||||||||||
Adjusted return on average assets | 1.61 | % | 1.49 | % | 1.37 | % | 1.20 | % | 1.32 | % | 1.42 | % | 1.63 | % | |||||||||||||||
Adjusted return on average common equity | 12.16 | % | 11.52 | % | 10.55 | % | 8.98 | % | 9.77 | % | 10.80 | % | 11.96 | % | |||||||||||||||
Adjusted return on average tangible | |||||||||||||||||||||||||||||
common equity(2) | 17.93 | % | 16.92 | % | 15.46 | % | 13.10 | % | 14.28 | % | 15.84 | % | 17.53 | % | |||||||||||||||
(1) Includes other non-recurring income and expense items | |||||||||||||||||||||||||||||
(2) A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets |
AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited) | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
2022 | 2021 | ||||||||||||||||||
Average | Average Yield/ | Average | Average Yield/ | ||||||||||||||||
(Amounts in thousands) | Balance | Interest(1) | Rate(1) | Balance | Interest(1) | Rate(1) | |||||||||||||
Assets | |||||||||||||||||||
Earning assets | |||||||||||||||||||
Loans(2)(3) | $ | 2,383,161 | $ | 27,944 | 4.65 | % | $ | 2,163,613 | $ | 25,274 | 4.63 | % | |||||||
Securities available for sale | 299,488 | 1,942 | 2.57 | % | 76,556 | 418 | 2.17 | % | |||||||||||
Interest-bearing deposits | 130,363 | 1,218 | 3.71 | % | 613,377 | 237 | 0.15 | % | |||||||||||
Total earning assets | 2,813,012 | 31,104 | 4.39 | % | 2,853,546 | 25,929 | 3.60 | % | |||||||||||
Other assets | 326,043 | 328,866 | |||||||||||||||||
Total assets | $ | 3,139,055 | $ | 3,182,412 | |||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||
Demand deposits | $ | 666,517 | $ | 27 | 0.02 | % | $ | 668,335 | $ | 28 | 0.02 | % | |||||||
Savings deposits | 856,755 | 106 | 0.05 | % | 843,501 | 64 | 0.03 | % | |||||||||||
Time deposits | 293,520 | 232 | 0.31 | % | 362,869 | 509 | 0.56 | % | |||||||||||
Total interest-bearing deposits | 1,816,792 | 365 | 0.08 | % | 1,874,705 | 601 | 0.13 | % | |||||||||||
Borrowings | |||||||||||||||||||
Retail repurchase agreements | 2,473 | 1 | 0.07 | % | 1,236 | - | N/M | ||||||||||||
Total borrowings | 2,473 | 1 | 0.07 | % | 1,236 | - | N/M | ||||||||||||
Total interest-bearing liabilities | 1,819,265 | 366 | 0.08 | % | 1,875,941 | 601 | 0.13 | % | |||||||||||
Noninterest-bearing demand deposits | 864,537 | 838,920 | |||||||||||||||||
Other liabilities | 38,993 | 38,986 | |||||||||||||||||
Total liabilities | 2,722,795 | 2,753,847 | |||||||||||||||||
Stockholders' equity | 416,260 | 428,565 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,139,055 | $ | 3,182,412 | |||||||||||||||
Net interest income, FTE(1) | $ | 30,738 | $ | 25,328 | |||||||||||||||
Net interest rate spread | 4.31 | % | 3.47 | % | |||||||||||||||
Net interest margin, FTE(1) | 4.34 | % | 3.52 | % | |||||||||||||||
(1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%. | |||||||||||||||||||
(2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual. | |||||||||||||||||||
(3) Interest on loans includes non-cash and accelerated purchase accounting accretion of |
AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited) | |||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||
2022 | 2021 | ||||||||||||||||||
Average | Average Yield/ | Average | Average Yield/ | ||||||||||||||||
(Amounts in thousands) | Balance | Interest(1) | Rate(1) | Balance | Interest(1) | Rate(1) | |||||||||||||
Assets | |||||||||||||||||||
Earning assets | |||||||||||||||||||
Loans(2)(3) | $ | 2,298,503 | $ | 104,830 | 4.56 | % | $ | 2,153,099 | $ | 102,996 | 4.78 | % | |||||||
Securities available for sale | 256,221 | 6,172 | 2.41 | % | 81,049 | 2,008 | 2.48 | % | |||||||||||
Interest-bearing deposits | 330,785 | 3,767 | 1.14 | % | 570,040 | 745 | 0.13 | % | |||||||||||
Total earning assets | 2,885,509 | 114,769 | 3.98 | % | 2,804,188 | 105,749 | 3.77 | % | |||||||||||
Other assets | 328,635 | 330,640 | |||||||||||||||||
Total assets | $ | 3,214,144 | $ | 3,134,828 | |||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||
Demand deposits | $ | 683,502 | $ | 112 | 0.02 | % | $ | 646,999 | $ | 127 | 0.02 | % | |||||||
Savings deposits | 880,171 | 306 | 0.03 | % | 816,845 | 281 | 0.03 | % | |||||||||||
Time deposits | 322,158 | 1,235 | 0.38 | % | 387,249 | 2,427 | 0.63 | % | |||||||||||
Total interest-bearing deposits | 1,885,831 | 1,653 | 0.09 | % | 1,851,093 | 2,835 | 0.15 | % | |||||||||||
Borrowings | |||||||||||||||||||
Retail repurchase agreements | 2,239 | 2 | 0.07 | % | 1,194 | 1 | 0.07 | % | |||||||||||
Total borrowings | 2,239 | 2 | 0.07 | % | 1,194 | 1 | 0.07 | % | |||||||||||
Total interest-bearing liabilities | 1,888,070 | 1,655 | 0.09 | % | 1,852,287 | 2,836 | 0.15 | % | |||||||||||
Noninterest-bearing demand deposits | 864,224 | 816,638 | |||||||||||||||||
Other liabilities | 39,363 | 38,151 | |||||||||||||||||
Total liabilities | 2,791,657 | 2,707,076 | |||||||||||||||||
Stockholders' equity | 422,487 | 427,752 | |||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,214,144 | $ | 3,134,828 | |||||||||||||||
Net interest income, FTE(1) | $ | 113,114 | $ | 102,913 | |||||||||||||||
Net interest rate spread | 3.89 | % | 3.62 | % | |||||||||||||||
Net interest margin, FTE(1) | 3.92 | % | 3.67 | % | |||||||||||||||
(1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%. | |||||||||||||||||||
(2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual. | |||||||||||||||||||
(3) Interest on loans includes non-cash and accelerated purchase accounting accretion of |
CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited) | |||||||||||||||||||||
(Amounts in thousands, except per share data) | 2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 170,846 | $ | 229,095 | $ | 398,242 | $ | 457,306 | $ | 677,439 | |||||||||||
Debt securities available for sale | 300,349 | 299,620 | 287,767 | 268,703 | 76,292 | ||||||||||||||||
Loans held for investment, net of unearned income | 2,400,197 | 2,362,733 | 2,299,798 | 2,244,296 | 2,165,569 | ||||||||||||||||
Allowance for credit losses | (30,556 | ) | (29,388 | ) | (29,749 | ) | (28,981 | ) | (27,858 | ) | |||||||||||
Loans held for investment, net | 2,369,641 | 2,333,345 | 2,270,049 | 2,215,315 | 2,137,711 | ||||||||||||||||
Premises and equipment, net | 47,340 | 47,891 | 49,752 | 50,912 | 52,284 | ||||||||||||||||
Other real estate owned | 703 | 559 | 579 | 848 | 1,015 | ||||||||||||||||
Interest receivable | 9,279 | 8,345 | 8,433 | 8,100 | 7,900 | ||||||||||||||||
129,565 | 129,565 | 129,565 | 129,565 | 129,565 | |||||||||||||||||
Other intangible assets | 4,176 | 4,541 | 4,905 | 5,266 | 5,622 | ||||||||||||||||
Other assets | 103,673 | 107,838 | 109,085 | 108,112 | 106,691 | ||||||||||||||||
Total assets | $ | 3,135,572 | $ | 3,160,799 | $ | 3,258,377 | $ | 3,244,127 | $ | 3,194,519 | |||||||||||
Liabilities | |||||||||||||||||||||
Deposits | |||||||||||||||||||||
Noninterest-bearing | $ | 872,168 | $ | 878,423 | $ | 877,962 | $ | 860,652 | $ | 842,783 | |||||||||||
Interest-bearing | 1,806,647 | 1,831,798 | 1,920,577 | 1,922,292 | 1,886,608 | ||||||||||||||||
Total deposits | 2,678,815 | 2,710,221 | 2,798,539 | 2,782,944 | 2,729,391 | ||||||||||||||||
Securities sold under agreements to repurchase | 1,874 | 1,958 | 2,635 | 2,488 | 1,536 | ||||||||||||||||
Interest, taxes, and other liabilities | 32,898 | 36,362 | 39,157 | 34,539 | 35,817 | ||||||||||||||||
Total liabilities | 2,713,587 | - | 2,748,541 | - | 2,840,331 | - | 2,819,971 | - | 2,766,744 | ||||||||||||
Stockholders' equity | |||||||||||||||||||||
Common stock | 16,225 | 16,273 | 16,502 | 16,782 | 16,878 | ||||||||||||||||
Additional paid-in capital | 128,508 | 129,914 | 136,705 | 144,088 | 147,619 | ||||||||||||||||
Retained earnings | 292,971 | 285,096 | 276,499 | 269,798 | 264,824 | ||||||||||||||||
Accumulated other comprehensive loss | (15,719 | ) | (19,025 | ) | (11,660 | ) | (6,512 | ) | (1,546 | ) | |||||||||||
Total stockholders' equity | 421,985 | 412,258 | 418,046 | 424,156 | 427,775 | ||||||||||||||||
Total liabilities and stockholders' equity | $ | 3,135,572 | $ | 3,160,799 | $ | 3,258,377 | $ | 3,244,127 | $ | 3,194,519 | |||||||||||
Shares outstanding at period-end | 16,225,399 | 16,273,177 | 16,502,144 | 16,781,975 | 16,878,220 | ||||||||||||||||
Book value per common share | $ | 26.01 | $ | 25.33 | $ | 25.33 | $ | 25.27 | $ | 25.34 | |||||||||||
Tangible book value per common share(1) | 17.76 | 17.09 | 17.18 | 17.24 | 17.34 | ||||||||||||||||
(1) A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding |
SELECTED CREDIT QUALITY INFORMATION (Unaudited) | |||||||||||||||||||
(Amounts in thousands) | 2022 | 2022 | 2022 | 2022 | 2021 | ||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||
Beginning balance | $ | 29,388 | $ | 29,749 | $ | 28,981 | $ | 27,858 | $ | 29,877 | |||||||||
Provision for (recovery of) | |||||||||||||||||||
credit losses charged to operations | 3,416 | 685 | 510 | 1,961 | (846 | ) | |||||||||||||
Charge-offs | (2,873 | ) | (2,158 | ) | (1,469 | ) | (1,302 | ) | (1,887 | ) | |||||||||
Recoveries | 625 | 1,112 | 1,727 | 464 | 714 | ||||||||||||||
Net (charge-offs) recoveries | (2,248 | ) | (1,046 | ) | 258 | (838 | ) | (1,173 | ) | ||||||||||
Ending balance | $ | 30,556 | $ | 29,388 | $ | 29,749 | $ | 28,981 | $ | 27,858 | |||||||||
Nonperforming Assets | |||||||||||||||||||
Nonaccrual loans | $ | 15,208 | $ | 15,303 | $ | 17,826 | $ | 20,487 | $ | 20,768 | |||||||||
Accruing loans past due 90 days or more | 142 | 131 | 131 | - | 87 | ||||||||||||||
Troubled debt restructurings ("TDRs")(1) | 1,346 | 1,331 | 515 | 1,141 | 1,367 | ||||||||||||||
Total nonperforming loans | 16,696 | 16,765 | 18,472 | 21,628 | 22,222 | ||||||||||||||
OREO | 703 | 559 | 579 | 848 | 1,015 | ||||||||||||||
Total nonperforming assets | $ | 17,399 | $ | 17,324 | $ | 19,051 | $ | 22,476 | $ | 23,237 | |||||||||
Additional Information | |||||||||||||||||||
Total accruing TDRs(2) | $ | 7,112 | $ | 7,028 | $ | 8,313 | $ | 8,782 | $ | 8,652 | |||||||||
Asset Quality Ratios | |||||||||||||||||||
Nonperforming loans to total loans | 0.70 | % | 0.71 | % | 0.80 | % | 0.96 | % | 1.03 | % | |||||||||
Nonperforming assets to total assets | 0.55 | % | 0.55 | % | 0.58 | % | 0.69 | % | 0.73 | % | |||||||||
Allowance for credit losses to nonperforming loans | 183.01 | % | 175.29 | % | 161.05 | % | 134.00 | % | 125.36 | % | |||||||||
Allowance for credit losses to total loans | 1.27 | % | 1.24 | % | 1.29 | % | 1.29 | % | 1.29 | % | |||||||||
Annualized net charge-offs (recoveries) to average loans | 0.37 | % | 0.18 | % | -0.05 | % | 0.15 | % | 0.22 | % | |||||||||
(1) Accruing TDRs restructured within the past six months or nonperforming | |||||||||||||||||||
(2) Accruing total TDRs |
FOR MORE INFORMATION, CONTACT: |
(276) 326-9000 |
Source:
2023 GlobeNewswire, Inc., source