West Virginia | 55-0619957 | ||||
(State or Other Jurisdiction of | (I.R.S. Employer | ||||
Incorporation or Organization) | Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) |
Title of each class |
Trading
symbol(s) |
Name of each exchange on which registered | ||||||||||||
Common Stock $2.50 Par Value | CHCO | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | ☐ | ||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|
News Release issued January 25, 2022
|
Dated: January 25, 2022 | City Holding Company | ||||
By: | /s/ David L. Bumgarner | ||||
David L. Bumgarner | |||||
Senior Vice President & Chief Financial Officer |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Earnings | ||||||||||||||||||||||||||
Net Interest Income (fully taxable equivalent) | $ | 40,956 | $ | 39,822 | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 156,906 | $ | 155,683 | ||||||||||||
Net Income available to common shareholders | 23,386 | 22,732 | 22,148 | 19,814 | 22,222 | 88,080 | 89,595 | |||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||
Earnings per share available to common shareholders: | ||||||||||||||||||||||||||
Basic | $ | 1.54 | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 5.67 | $ | 5.55 | ||||||||||||
Diluted | 1.54 | 1.47 | 1.41 | 1.25 | 1.40 | 5.66 | 5.55 | |||||||||||||||||||
Weighted average number of shares (in thousands): | ||||||||||||||||||||||||||
Basic | 15,026 | 15,279 | 15,573 | 15,656 | 15,708 | 15,381 | 15,975 | |||||||||||||||||||
Diluted | 15,056 | 15,302 | 15,594 | 15,687 | 15,733 | 15,407 | 15,995 | |||||||||||||||||||
Period-end number of shares (in thousands) | 15,062 | 15,192 | 15,527 | 15,724 | 15,768 | 15,062 | 15,768 | |||||||||||||||||||
Cash dividends declared | $ | 0.60 | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 0.58 | $ | 2.34 | $ | 2.29 | ||||||||||||
Book value per share (period-end) | 45.22 | 44.58 | 44.79 | 43.99 | 44.47 | 45.22 | 44.47 | |||||||||||||||||||
Tangible book value per share (period-end) | 37.44 | 36.85 | 37.20 | 36.47 | 36.94 | 37.44 | 36.94 | |||||||||||||||||||
Market data: | ||||||||||||||||||||||||||
High closing price | $ | 83.14 | $ | 79.99 | $ | 83.85 | $ | 87.41 | $ | 70.77 | $ | 87.41 | $ | 82.40 | ||||||||||||
Low closing price | 76.52 | 72.29 | 74.44 | 69.05 | 56.98 | 69.05 | 55.18 | |||||||||||||||||||
Period-end closing price | 81.79 | 77.91 | 75.24 | 81.78 | 69.55 | 81.79 | 69.55 | |||||||||||||||||||
Average daily volume (in
thousands) |
52 | 53 | 61 | 63 | 56 | 57 | 70 | |||||||||||||||||||
Treasury share activity: | ||||||||||||||||||||||||||
Treasury shares repurchased
(in thousands) |
131 | 337 | 217 | 75 | 81 | 760 | 573 | |||||||||||||||||||
Average treasury share repurchase price
|
$ | 78.93 | $ | 75.65 | $ | 78.75 | $ | 76.71 | $ | 60.32 | $ | 77.21 | $ | 63.68 | ||||||||||||
Key Ratios (percent) | ||||||||||||||||||||||||||
Return on average assets | 1.56 | % | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.49 | % | 1.66 | % | ||||||||||||
Return on average tangible equity | 16.7 | % | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 15.3 | % | 15.6 | % | ||||||||||||
Yield on interest earning assets | 3.08 | % | 3.04 | % | 3.00 | % | 3.17 | % | 3.32 | % | 3.07 | % | 3.64 | % | ||||||||||||
Cost of interest bearing liabilities | 0.19 | % | 0.22 | % | 0.27 | % | 0.37 | % | 0.47 | % | 0.26 | % | 0.66 | % | ||||||||||||
Net Interest Margin | 2.94 | % | 2.89 | % | 2.81 | % | 2.91 | % | 2.99 | % | 2.89 | % | 3.16 | % | ||||||||||||
Non-interest income as a percent of total revenue | 30.2 | % | 31.1 | % | 31.0 | % | 30.4 | % | 30.7 | % | 30.8 | % | 34.8 | % | ||||||||||||
Efficiency Ratio | 48.3 | % | 50.0 | % | 52.8 | % | 54.3 | % | 51.0 | % | 51.3 | % | 51.3 | % | ||||||||||||
Price/Earnings Ratio (a) | 13.27 | 13.22 | 13.35 | 16.30 | 12.41 | 14.42 | 12.52 | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||||
Interest and fees on loans | $ | 35,277 | $ | 33,961 | $ | 33,114 | $ | 34,324 | $ | 35,685 | $ | 136,676 | $ | 150,498 | ||||||||||||
Interest on investment securities:
|
||||||||||||||||||||||||||
Taxable | 5,753 | 6,144 | 5,932 | 5,242 | 5,500 | 23,071 | 23,355 | |||||||||||||||||||
Tax-exempt | 1,226 | 1,257 | 1,291 | 1,253 | 1,254 | 5,027 | 3,914 | |||||||||||||||||||
Interest on deposits in depository institutions
|
217 | 196 | 162 | 118 | 60 | 693 | 492 | |||||||||||||||||||
Total Interest Income | 42,473 | 41,558 | 40,499 | 40,937 | 42,499 | 165,467 | 178,259 | |||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||||
Interest on deposits | 1,710 | 1,955 | 2,460 | 3,280 | 4,198 | 9,405 | 22,522 | |||||||||||||||||||
Interest on short-term borrowings
|
132 | 115 | 125 | 117 | 120 | 489 | 993 | |||||||||||||||||||
Interest on long-term debt | — | — | — | — | — | — | 100 | |||||||||||||||||||
Total Interest Expense | 1,842 | 2,070 | 2,585 | 3,397 | 4,318 | 9,894 | 23,615 | |||||||||||||||||||
Net Interest Income | 40,631 | 39,488 | 37,914 | 37,540 | 38,181 | 155,573 | 154,644 | |||||||||||||||||||
(Recovery of) provision for credit losses | — | (725) | (2,000) | (440) | 474 | (3,165) | 10,722 | |||||||||||||||||||
Net Interest Income After (Recovery of) Provision for Credit Losses | 40,631 | 40,213 | 39,914 | 37,980 | 37,707 | 158,738 | 143,922 | |||||||||||||||||||
Non-Interest Income | ||||||||||||||||||||||||||
Net gains on sale of investment securities | — | — | 29 | 283 | 6 | 312 | 62 | |||||||||||||||||||
Unrealized gains (losses) recognized on securities still held
|
52 | 93 | 410 | (51) | 835 | 504 | (863) | |||||||||||||||||||
Service charges | 7,057 | 6,706 | 5,895 | 5,881 | 6,771 | 25,539 | 25,733 | |||||||||||||||||||
Bankcard revenue | 6,762 | 6,791 | 7,221 | 6,213 | 5,991 | 26,987 | 23,059 | |||||||||||||||||||
Trust and investment management fee income
|
2,198 | 2,172 | 2,012 | 2,033 | 2,162 | 8,415 | 7,736 | |||||||||||||||||||
Bank owned life insurance | 748 | 747 | 940 | 1,460 | 813 | 3,895 | 4,424 | |||||||||||||||||||
Sale of VISA shares | — | — | — | — | — | — | 17,837 | |||||||||||||||||||
Other income | 799 | 1,438 | 941 | 811 | 1,143 | 3,989 | 4,692 | |||||||||||||||||||
Total Non-Interest Income | 17,616 | 17,947 | 17,448 | 16,630 | 17,721 | 69,641 | 82,680 | |||||||||||||||||||
Non-Interest Expense | ||||||||||||||||||||||||||
Salaries and employee benefits | 15,299 | 15,321 | 15,559 | 15,671 | 15,989 | 61,850 | 62,074 | |||||||||||||||||||
Occupancy related expense | 2,429 | 2,507 | 2,525 | 2,622 | 2,447 | 10,083 | 9,765 | |||||||||||||||||||
Equipment and software related expense
|
2,733 | 2,554 | 2,655 | 2,544 | 2,660 | 10,486 | 10,200 | |||||||||||||||||||
FDIC insurance expense | 400 | 396 | 382 | 405 | 363 | 1,583 | 884 | |||||||||||||||||||
Advertising | 582 | 804 | 824 | 881 | 538 | 3,091 | 2,776 |
Bankcard expenses | 1,576 | 1,549 | 1,746 | 1,584 | 1,443 | 6,455 | 5,893 | |||||||||||||||||||
Postage, delivery, and statement mailings
|
590 | 573 | 568 | 592 | 546 | 2,323 | 2,268 | |||||||||||||||||||
Office supplies | 378 | 406 | 371 | 392 | 413 | 1,547 | 1,556 | |||||||||||||||||||
Legal and professional fees | 405 | 610 | 589 | 675 | 438 | 2,279 | 2,176 | |||||||||||||||||||
Telecommunications | 702 | 790 | 676 | 690 | 540 | 2,858 | 2,129 | |||||||||||||||||||
Repossessed asset (gains) losses, net of expenses | (29) | (108) | 1 | 79 | (68) | (57) | 245 | |||||||||||||||||||
Other expenses | 3,559 | 3,776 | 3,678 | 3,674 | 3,332 | 14,687 | 15,324 | |||||||||||||||||||
Total Non-Interest Expense | 28,624 | 29,178 | 29,574 | 29,809 | 28,641 | 117,185 | 115,290 | |||||||||||||||||||
Income Before Income Taxes | 29,623 | 28,982 | 27,788 | 24,801 | 26,787 | 111,194 | 111,312 | |||||||||||||||||||
Income tax expense | 6,237 | 6,250 | 5,640 | 4,987 | 4,565 | 23,114 | 21,717 | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 23,386 | $ | 22,732 | $ | 22,148 | $ | 19,814 | $ | 22,222 | $ | 88,080 | $ | 89,595 | ||||||||||||
Distributed earnings allocated to common shareholders | $ | 8,949 | $ | 8,726 | $ | 8,921 | $ | 9,037 | $ | 9,053 | $ | 34,901 | $ | 35,745 | ||||||||||||
Undistributed earnings allocated to common shareholders | 14,211 | 13,786 | 13,021 | 10,598 | 12,947 | 52,336 | 52,963 | |||||||||||||||||||
Net earnings allocated to common shareholders | $ | 23,160 | $ | 22,512 | $ | 21,942 | $ | 19,635 | $ | 22,000 | $ | 87,237 | $ | 88,708 | ||||||||||||
Average common shares outstanding | 15,026 | 15,279 | 15,573 | 15,656 | 15,708 | 15,381 | 15,975 | |||||||||||||||||||
Shares for diluted earnings per share | 15,056 | 15,302 | 15,594 | 15,687 | 15,733 | 15,407 | 15,995 | |||||||||||||||||||
Basic earnings per common share | $ | 1.54 | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 5.67 | $ | 5.55 | ||||||||||||
Diluted earnings per common share | $ | 1.54 | $ | 1.47 | $ | 1.41 | $ | 1.25 | $ | 1.40 | $ | 5.66 | $ | 5.55 | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 101,804 | $ | 103,841 | $ | 97,523 | $ | 97,709 | $ | 77,412 | |||||||
Interest-bearing deposits in depository institutions | 532,827 | 535,708 | 512,367 | 659,090 | 451,247 | ||||||||||||
Cash and cash equivalents | 634,631 | 639,549 | 609,890 | 756,799 | 528,659 | ||||||||||||
Investment securities available-for-sale, at fair value | 1,408,165 | 1,372,077 | 1,339,436 | 1,183,253 | 1,176,797 | ||||||||||||
Other securities | 25,531 | 25,497 | 25,793 | 29,174 | 29,364 | ||||||||||||
Total investment securities | 1,433,696 | 1,397,574 | 1,365,229 | 1,212,427 | 1,206,161 | ||||||||||||
Gross loans | 3,543,814 | 3,521,925 | 3,529,416 | 3,546,723 | 3,622,119 | ||||||||||||
Allowance for credit losses | (18,166) | (18,751) | (20,016) | (24,076) | (24,549) | ||||||||||||
Net loans | 3,525,648 | 3,503,174 | 3,509,400 | 3,522,647 | 3,597,570 | ||||||||||||
Bank owned life insurance | 120,978 | 120,238 | 119,491 | 118,976 | 118,243 | ||||||||||||
Premises and equipment, net | 74,071 | 75,156 | 76,263 | 76,529 | 76,925 | ||||||||||||
Accrued interest receivable | 15,627 | 16,224 | 15,967 | 16,231 | 15,793 | ||||||||||||
Net deferred tax assets | 63 | 90 | — | 1,395 | — | ||||||||||||
Intangible assets | 117,121 | 117,489 | 117,857 | 118,224 | 118,592 | ||||||||||||
Other assets | 81,860 | 82,419 | 89,958 | 71,142 | 96,697 | ||||||||||||
Total Assets | $ | 6,003,695 | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | |||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $ | 1,373,125 | $ | 1,311,464 | $ | 1,279,932 | $ | 1,244,175 | $ | 1,176,990 | |||||||
Interest-bearing: | |||||||||||||||||
Demand deposits | 1,135,848 | 1,139,033 | 1,070,004 | 1,077,749 | 1,027,201 | ||||||||||||
Savings deposits | 1,347,448 | 1,332,910 | 1,301,219 | 1,265,038 | 1,188,003 | ||||||||||||
Time deposits | 1,068,915 | 1,104,069 | 1,153,391 | 1,209,873 | 1,260,022 | ||||||||||||
Total deposits | 4,925,336 | 4,887,476 | 4,804,546 | 4,796,835 | 4,652,216 | ||||||||||||
Short-term borrowings | |||||||||||||||||
Customer repurchase agreements | 312,458 | 296,642 | 311,316 | 316,003 | 295,956 | ||||||||||||
Net deferred tax liabilities | — | — | 2,310 | — | 3,202 | ||||||||||||
Other liabilities | 84,796 | 90,499 | 90,407 | 89,847 | 106,160 | ||||||||||||
Total Liabilities | 5,322,590 | 5,274,617 | 5,208,579 | 5,202,685 | 5,057,534 | ||||||||||||
Stockholders' Equity | |||||||||||||||||
Preferred stock | — | — | — | — | — | ||||||||||||
Common stock | 47,619 | 47,619 | 47,619 | 47,619 | 47,619 | ||||||||||||
Capital surplus | 170,942 | 170,300 | 169,674 | 170,526 | 171,304 | ||||||||||||
Retained earnings | 641,826 | 627,463 | 613,553 | 600,396 | 589,988 | ||||||||||||
Cost of common stock in treasury | (193,542) | (183,303) | (157,936) | (142,484) | (139,038) | ||||||||||||
Accumulated other comprehensive income: | |||||||||||||||||
Unrealized gain on securities available-for-sale
|
17,745 | 20,878 | 28,227 | 21,289 | 36,894 | ||||||||||||
Underfunded pension liability
|
(3,485) | (5,661) | (5,661) | (5,661) | (5,661) | ||||||||||||
Total Accumulated Other Comprehensive Income | 14,260 | 15,217 | 22,566 | 15,628 | 31,233 | ||||||||||||
Total Stockholders' Equity | 681,105 | 677,296 | 695,476 | 691,685 | 701,106 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,003,695 | $ | 5,951,913 | $ | 5,904,055 | $ | 5,894,370 | $ | 5,758,640 | |||||||
Regulatory Capital | |||||||||||||||||
Total CET 1 capital | $ | 555,532 | $ | 550,426 | $ | 561,317 | $ | 563,523 | $ | 557,641 | |||||||
Total tier 1 capital | 555,532 | 550,426 | 561,317 | 563,523 | 557,641 | ||||||||||||
Total risk-based capital | 570,336 | 565,712 | 577,543 | 582,816 | 577,292 | ||||||||||||
Total risk-weighted assets | 3,453,893 | 3,417,020 | 3,421,764 | 3,362,595 | 3,446,774 |
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||||
Commercial and industrial | $ | 346,184 | $ | 353,046 | $ | 358,583 | $ | 371,195 | $ | 372,989 | |||||||
1-4 Family | 107,873 | 108,913 | 108,079 | 108,131 | 109,812 | ||||||||||||
Hotels | 311,315 | 297,341 | 290,119 | 293,176 | 294,464 | ||||||||||||
Multi-family | 215,677 | 215,307 | 212,715 | 212,561 | 215,671 | ||||||||||||
Non Residential Non-Owner Occupied | 639,818 | 664,365 | 653,264 | 649,683 | 641,351 | ||||||||||||
Non Residential Owner Occupied | 204,233 | 205,579 | 209,100 | 199,130 | 213,484 | ||||||||||||
Commercial real estate (1)
|
1,478,916 | 1,491,505 | 1,473,277 | 1,462,681 | 1,474,782 | ||||||||||||
Residential real estate (2)
|
1,548,965 | 1,506,572 | 1,521,102 | 1,532,907 | 1,587,694 | ||||||||||||
Home equity | 122,345 | 124,806 | 127,608 | 130,009 | 136,469 | ||||||||||||
Consumer | 40,901 | 43,296 | 45,184 | 47,224 | 47,688 | ||||||||||||
DDA overdrafts | 6,503 | 2,700 | 3,662 | 2,707 | 2,497 | ||||||||||||
Gross Loans | $ | 3,543,814 | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | |||||||
Construction loans included in: | |||||||||||||||||
(1) - Commercial real estate loans | $ | 11,783 | $ | 19,360 | $ | 43,904 | $ | 39,101 | $ | 40,449 | |||||||
(2) - Residential real estate loans | 17,252 | 19,059 | 20,838 | 22,129 | 27,078 |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 18,751 | $ | 20,016 | $ | 24,076 | $ | 24,549 | $ | 24,867 | $ | 24,549 | $ | 11,589 | ||||||||||||
Charge-offs: | ||||||||||||||||||||||||||
Commercial and industrial | — | — | (211) | (34) | (9) | (245) | (843) | |||||||||||||||||||
Commercial real estate | (276) | (392) | (1,718) | (1) | (616) | (2,387) | (1,113) | |||||||||||||||||||
Residential real estate | (68) | (18) | (86) | (93) | (139) | (265) | (1,250) | |||||||||||||||||||
Home equity | (58) | (47) | (8) | (64) | (88) | (177) | (420) | |||||||||||||||||||
Consumer | (13) | (3) | (79) | (147) | (27) | (242) | (192) | |||||||||||||||||||
DDA overdrafts | (635) | (633) | (430) | (453) | (629) | (2,151) | (2,345) | |||||||||||||||||||
Total charge-offs | (1,050) | (1,093) | (2,532) | (792) | (1,508) | (5,467) | (6,163) | |||||||||||||||||||
Recoveries: | ||||||||||||||||||||||||||
Commercial and industrial | 31 | 69 | 25 | 46 | 74 | 171 | 91 | |||||||||||||||||||
Commercial real estate | 27 | 18 | 15 | 164 | 150 | 224 | 525 | |||||||||||||||||||
Residential real estate | 7 | 29 | 17 | 74 | 57 | 127 | 184 | |||||||||||||||||||
Home equity | 6 | 58 | 3 | 23 | 47 | 90 | 136 | |||||||||||||||||||
Consumer | 40 | 72 | 104 | 39 | 55 | 255 | 238 | |||||||||||||||||||
DDA overdrafts | 354 | 307 | 308 | 413 | 333 | 1,382 | 1,467 | |||||||||||||||||||
Total recoveries | 465 | 553 | 472 | 759 | 716 | 2,249 | 2,641 | |||||||||||||||||||
Net charge-offs | (585) | (540) | (2,060) | (33) | (792) | (3,218) | (3,522) | |||||||||||||||||||
(Recovery of) provision for credit losses | — | (725) | (2,000) | (440) | 474 | (3,165) | 10,722 | |||||||||||||||||||
Impact of adopting ASC 326 | — | — | — | — | — | — | 5,760 | |||||||||||||||||||
Balance at end of period | $ | 18,166 | $ | 18,751 | $ | 20,016 | $ | 24,076 | $ | 24,549 | $ | 18,166 | $ | 24,549 | ||||||||||||
Loans outstanding | $ | 3,543,814 | $ | 3,521,925 | $ | 3,529,416 | $ | 3,546,723 | $ | 3,622,119 | ||||||||||||||||
Allowance as a percent of loans outstanding | 0.51 | % | 0.53 | % | 0.57 | % | 0.68 | % | 0.68 | % | ||||||||||||||||
Allowance as a percent of non-performing loans | 290.1 | % | 243.1 | % | 199.3 | % | 194.5 | % | 200.7 | % | ||||||||||||||||
Average loans outstanding | $ | 3,522,272 | $ | 3,535,497 | $ | 3,541,165 | $ | 3,585,790 | $ | 3,635,673 | $ | 3,545,978 | $ | 3,641,610 | ||||||||||||
Net charge-offs (annualized) as a percent of average loans outstanding | 0.07 | % | 0.06 | % | 0.23 | % | — | % | 0.09 | % | 0.09 | % | 0.10 | % |
December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||||
Nonaccrual Loans | |||||||||||||||||
Residential real estate | $ | 2,809 | $ | 3,634 | $ | 2,482 | $ | 3,004 | $ | 2,968 | |||||||
Home equity | 40 | 67 | 81 | 88 | 95 | ||||||||||||
Commercial and industrial | 996 | 531 | 820 | 1,200 | 768 | ||||||||||||
Commercial real estate | 2,373 | 3,355 | 6,383 | 7,792 | 8,401 | ||||||||||||
Consumer | — | — | — | — | — | ||||||||||||
Total nonaccrual loans | 6,218 | 7,587 | 9,766 | 12,084 | 12,232 | ||||||||||||
Accruing loans past due 90 days or more | 43 | 127 | 278 | 295 | — | ||||||||||||
Total non-performing loans | 6,261 | 7,714 | 10,044 | 12,379 | 12,232 | ||||||||||||
Other real estate owned | 1,319 | 1,335 | 1,309 | 1,625 | 1,650 | ||||||||||||
Total non-performing assets | $ | 7,580 | $ | 9,049 | $ | 11,353 | $ | 14,004 | $ | 13,882 | |||||||
Non-performing assets as a percent of loans and other real estate owned | 0.21 | % | 0.26 | % | 0.32 | % | 0.39 | % | 0.38 | % | |||||||
Past Due Loans | |||||||||||||||||
Residential real estate | $ | 5,321 | $ | 5,258 | $ | 5,453 | $ | 4,092 | $ | 5,993 | |||||||
Home equity | 618 | 688 | 523 | 449 | 575 | ||||||||||||
Commercial and industrial | 336 | 455 | 721 | 1,358 | 1,241 | ||||||||||||
Commercial real estate | 22 | 441 | 498 | 508 | 625 | ||||||||||||
Consumer | 60 | 35 | 12 | 10 | 113 | ||||||||||||
DDA overdrafts | 489 | 390 | 417 | 212 | 341 | ||||||||||||
Total past due loans | $ | 6,846 | $ | 7,267 | $ | 7,624 | $ | 6,629 | $ | 8,888 | |||||||
Total past due loans as a percent of loans outstanding | 0.19 | % | 0.21 | % | 0.22 | % | 0.19 | % | 0.25 | % | |||||||
Troubled Debt Restructurings ("TDRs") | |||||||||||||||||
Residential real estate | $ | 16,943 | $ | 16,910 | $ | 17,788 | $ | 18,572 | $ | 19,226 | |||||||
Home equity | 1,784 | 1,822 | 1,920 | 1,956 | 2,001 | ||||||||||||
Commercial and industrial | 414 | 430 | — | — | — | ||||||||||||
Commercial real estate | 1,914 | 1,937 | 3,076 | 4,615 | 4,638 | ||||||||||||
Consumer | 225 | 221 | 203 | 211 | 277 | ||||||||||||
Total TDRs | $ | 21,280 | $ | 21,320 | $ | 22,987 | $ | 25,354 | $ | 26,142 |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | Average | Yield/ | ||||||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Loan portfolio (1):
|
|||||||||||||||||||||||||||||
Residential real estate (2)
|
$ | 1,645,167 | $ | 15,692 | 3.78 | % | $ | 1,648,921 | $ | 15,813 | 3.80 | % | $ | 1,744,952 | $ | 17,623 | 4.02 | % | |||||||||||
Commercial, financial, and agriculture (2)
|
1,831,461 | 18,740 | 4.06 | % | 1,836,604 | 17,344 | 3.75 | % | 1,837,044 | 17,077 | 3.70 | % | |||||||||||||||||
Installment loans to individuals (2), (3)
|
45,644 | 691 | 6.01 | % | 49,972 | 714 | 5.67 | % | 53,677 | 800 | 5.93 | % | |||||||||||||||||
Previously securitized loans (4)
|
*** | 154 | *** | *** | 91 | *** | *** | 184 | *** | ||||||||||||||||||||
Total loans | 3,522,272 | 35,277 | 3.97 | % | 3,535,497 | 33,962 | 3.81 | % | 3,635,673 | 35,684 | 3.90 | % | |||||||||||||||||
Securities: | |||||||||||||||||||||||||||||
Taxable | 1,171,340 | 5,753 | 1.95 | % | 1,136,519 | 6,144 | 2.14 | % | 976,897 | 5,500 | 2.24 | % | |||||||||||||||||
Tax-exempt (5)
|
239,096 | 1,551 | 2.57 | % | 245,551 | 1,590 | 2.57 | % | 238,198 | 1,587 | 2.65 | % | |||||||||||||||||
Total securities | 1,410,436 | 7,304 | 2.05 | % | 1,382,070 | 7,734 | 2.22 | % | 1,215,095 | 7,087 | 2.32 | % | |||||||||||||||||
Deposits in depository institutions | 588,678 | 217 | 0.15 | % | 544,843 | 196 | 0.14 | % | 275,106 | 60 | 0.09 | % | |||||||||||||||||
Total interest-earning assets | 5,521,386 | 42,798 | 3.08 | % | 5,462,410 | 41,892 | 3.04 | % | 5,125,874 | 42,831 | 3.32 | % | |||||||||||||||||
Cash and due from banks | 98,111 | 101,058 | 73,900 | ||||||||||||||||||||||||||
Premises and equipment, net | 74,847 | 75,956 | 76,956 | ||||||||||||||||||||||||||
Goodwill and intangible assets | 117,349 | 117,719 | 118,855 | ||||||||||||||||||||||||||
Other assets | 216,780 | 220,420 | 231,309 | ||||||||||||||||||||||||||
Less: Allowance for loan losses | (18,756) | (20,407) | (25,112) | ||||||||||||||||||||||||||
Total assets | $ | 6,009,717 | $ | 5,957,156 | $ | 5,601,782 | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,113,693 | $ | 131 | 0.05 | % | $ | 1,093,243 | $ | 127 | 0.05 | % | $ | 953,604 | $ | 171 | 0.07 | % | |||||||||||
Savings deposits | 1,338,747 | 173 | 0.05 | % | 1,315,462 | 169 | 0.05 | % | 1,148,717 | 225 | 0.08 | % | |||||||||||||||||
Time deposits (2)
|
1,087,280 | 1,406 | 0.51 | % | 1,126,553 | 1,659 | 0.58 | % | 1,278,698 | 3,801 | 1.18 | % | |||||||||||||||||
Short-term borrowings | 314,937 | 132 | 0.17 | % | 282,722 | 115 | 0.16 | % | 287,059 | 120 | 0.17 | % | |||||||||||||||||
Total interest-bearing liabilities | 3,854,657 | 1,842 | 0.19 | % | 3,817,980 | 2,070 | 0.22 | % | 3,668,078 | 4,317 | 0.47 | % | |||||||||||||||||
Noninterest-bearing demand deposits | 1,394,599 | 1,356,745 | 1,130,084 | ||||||||||||||||||||||||||
Other liabilities | 84,071 | 86,263 | 105,445 | ||||||||||||||||||||||||||
Stockholders' equity | 676,390 | 696,168 | 698,175 | ||||||||||||||||||||||||||
Total liabilities and | |||||||||||||||||||||||||||||
stockholders' equity | $ | 6,009,717 | $ | 5,957,156 | $ | 5,601,782 | |||||||||||||||||||||||
Net interest income | $ | 40,956 | $ | 39,822 | $ | 38,514 | |||||||||||||||||||||||
Net yield on earning assets | 2.94 | % | 2.89 | % | 2.99 | % | |||||||||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: | |||||||||||||||||||||||||||||
Loan fees, net | $ | 1,106 | $ | 1,120 | $ | 962 | |||||||||||||||||||||||
Twelve Months Ended | ||||||||||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||
Assets: | ||||||||||||||||||||
Loan portfolio (1):
|
||||||||||||||||||||
Residential real estate (2)
|
$ | 1,658,710 | $ | 64,492 | 3.89 | % | $ | 1,768,789 | $ | 74,452 | 4.21 | % | ||||||||
Commercial, financial, and agriculture (2)
|
1,838,560 | 68,784 | 3.74 | % | 1,816,658 | 72,128 | 3.97 | % | ||||||||||||
Installment loans to individuals (2), (3)
|
48,708 | 2,831 | 5.81 | % | 56,163 | 3,319 | 5.91 | % | ||||||||||||
Previously securitized loans (4)
|
*** | 568 | *** | *** | 599 | *** | ||||||||||||||
Total loans | 3,545,978 | 136,675 | 3.85 | % | 3,641,610 | 150,498 | 4.13 | % | ||||||||||||
Securities: | ||||||||||||||||||||
Taxable | 1,075,550 | 23,071 | 2.15 | % | 890,771 | 23,355 | 2.62 | % | ||||||||||||
Tax-exempt (5)
|
242,125 | 6,362 | 2.63 | % | 164,740 | 4,954 | 3.01 | % | ||||||||||||
Total securities | 1,317,675 | 29,433 | 2.23 | % | 1,055,511 | 28,309 | 2.68 | % | ||||||||||||
Deposits in depository institutions | 568,928 | 693 | 0.12 | % | 230,043 | 492 | 0.21 | % | ||||||||||||
Total interest-earning assets | 5,432,581 | 166,801 | 3.07 | % | 4,927,164 | 179,299 | 3.64 | % | ||||||||||||
Cash and due from banks | 92,847 | 76,173 | ||||||||||||||||||
Premises and equipment, net | 76,069 | 77,670 | ||||||||||||||||||
Goodwill and intangible assets | 117,899 | 119,471 | ||||||||||||||||||
Other assets | 216,493 | 221,864 | ||||||||||||||||||
Less: Allowance for loan losses | (21,922) | (22,770) | ||||||||||||||||||
Total assets | $ | 5,913,967 | $ | 5,399,572 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 1,071,628 | $ | 504 | 0.05 | % | $ | 912,306 | $ | 1,005 | 0.11 | % | ||||||||
Savings deposits | 1,291,225 | 689 | 0.05 | % | 1,071,727 | 1,591 | 0.15 | % | ||||||||||||
Time deposits (2)
|
1,157,502 | 8,213 | 0.71 | % | 1,329,841 | 19,927 | 1.50 | % | ||||||||||||
Short-term borrowings | 298,413 | 489 | 0.16 | % | 253,456 | 993 | 0.39 | % | ||||||||||||
Long-term debt | — | — | — | % | 830 | 100 | 12.05 | % | ||||||||||||
Total interest-bearing liabilities | 3,818,768 | 9,895 | 0.26 | % | 3,568,160 | 23,616 | 0.66 | % | ||||||||||||
Noninterest-bearing demand deposits | 1,315,801 | 1,035,801 | ||||||||||||||||||
Other liabilities | 84,377 | 100,166 | ||||||||||||||||||
Stockholders' equity | 695,021 | 695,445 | ||||||||||||||||||
Total liabilities and | ||||||||||||||||||||
Stockholders' equity | $ | 5,913,967 | $ | 5,399,572 | ||||||||||||||||
Net interest income | $ | 156,906 | $ | 155,683 | ||||||||||||||||
Net yield on earning assets | 2.89 | % | 3.16 | % | ||||||||||||||||
(1) For purposes of this table, non-accruing loans have been included in average balances and the following amounts (in thousands) of net loan fees have been included in interest income: | ||||||||||||||||||||
Loan fees, net | $ | 3,550 | $ | 1,842 | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Interest Income/Margin | ||||||||||||||||||||||||||
Net interest income ("GAAP") | $ | 40,631 | $ | 39,488 | $ | 37,914 | $ | 37,540 | $ | 38,181 | $ | 155,573 | $ | 154,644 | ||||||||||||
Taxable equivalent adjustment | 325 | 334 | 343 | 331 | 333 | 1,333 | 1,039 | |||||||||||||||||||
Net interest income, fully taxable equivalent
|
$ | 40,956 | $ | 39,822 | $ | 38,257 | $ | 37,871 | $ | 38,514 | $ | 156,906 | $ | 155,683 | ||||||||||||
Average interest earning assets | $ | 5,521,386 | $ | 5,462,410 | $ | 5,459,564 | $ | 5,284,025 | $ | 5,125,874 | $ | 5,432,581 | $ | 4,927,164 | ||||||||||||
Net Interest Margin | 2.94 | % | 2.89 | % | 2.81 | % | 2.91 | % | 2.99 | % | 2.89 | % | 3.16 | % | ||||||||||||
Accretion related to fair value adjustments | (0.03) | % | (0.04) | % | (0.05) | % | (0.04) | % | (0.05) | % | (0.04) | % | (0.08) | % | ||||||||||||
Net Interest Margin (excluding accretion)
|
2.91 | % | 2.85 | % | 2.76 | % | 2.87 | % | 2.94 | % | 2.85 | % | 3.08 | % | ||||||||||||
Tangible Equity Ratio (period end) | ||||||||||||||||||||||||||
Equity to assets ("GAAP") | 11.34 | % | 11.37 | % | 11.78 | % | 11.74 | % | 12.18 | % | ||||||||||||||||
Effect of goodwill and other intangibles, net | (1.76) | % | (1.78) | % | (1.8) | % | (1.81) | % | (1.85) | % | ||||||||||||||||
Tangible common equity to tangible assets
|
9.58 | % | 9.59 | % | 9.98 | % | 9.93 | % | 10.33 | % | ||||||||||||||||
Return on Tangible Equity | ||||||||||||||||||||||||||
Return on tangible equity ("GAAP") | 16.7 | % | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 15.3 | % | 15.6 | % | ||||||||||||
Impact of sale of VISA shares | — | — | — | — | — | — | (2.4) | % | ||||||||||||||||||
Return on tangible equity, excluding sale of VISA shares | 16.7 | % | 15.7 | % | 15.2 | % | 13.5 | % | 15.3 | % | 15.3 | % | 13.2 | % | ||||||||||||
Return on Assets | ||||||||||||||||||||||||||
Return on assets ("GAAP") | 1.56 | % | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.49 | % | 1.66 | % | ||||||||||||
Impact of sale of VISA shares | — | — | — | — | — | — | (0.24) | % | ||||||||||||||||||
Return on assets, excluding sale of VISA shares | 1.56 | % | 1.53 | % | 1.49 | % | 1.38 | % | 1.59 | % | 1.49 | % | 1.41 | % |